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What were the key takeaways from Planet Fitness’s earnings call?

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Did Planet Fitness beat or miss consensus estimates last quarter?

- **Record Growth**: 2025 revenue up 12%, EBITDA up 13%, with 181 new clubs opened (highest ever). Q4 2025 revenue $376.3M (+10.5% YoY).
- **Strategic Wins**: 8.3% conversion from High School Summer Pass, 1 million+ international members, and AI-driven CRM enhancements.
- **2026 Outlook**: 4-5% same-club sales growth, 180-190 new clubs, 9% revenue growth, 9-10% EPS growth.
- **Black Card Momentum**: 66.5% penetration (up 260bps YoY), targeting 75% rate contribution in 2026.
- **GLP-1 Expansion**: 50% of GLP-1 users consider gym memberships; Ro partnership shows high conversion potential.

**【CEO Summary Section】**
- **Revenue and Membership Growth**: 2025 ended with 20.8 million members and 1.1 million net new members, driven by 6.7% same-club sales growth. Q4 2025 revenue was $376.3 million, up 10.5% YoY.
- **Strategic Initiatives**: Expanded international presence (1 million+ international members), successful High School Summer Pass program (3.7 million teens, 8.3% conversion to paying members), and AI-driven CRM enhancements.
- **Brand Momentum**: Named one of USA Today's Best Customer Service Companies for 2026, with 181 new clubs opened in 2025 (highest annual openings in history).

**【CFO Financial Commentary】**
- **Q4 2025 Financials**: Adjusted EBITDA of $146.3 million (38.9% margin), adjusted EPS of $0.83. Full-year 2025 adjusted EBITDA margin improved to 41.7%.
- **2026 Guidance**: System-wide same-club sales growth 4-5%, 180-190 new clubs, revenue growth ~9%, adjusted EPS up 9-10%.
- **Leverage and Debt**: Refinanced $750 million debt at 5.4%, executed $350 million ASR, and plans to repurchase ~$150 million shares in 2026.

**【Q&A Key Highlights】**
- **Growth Outlook**: 2026 is the lowest growth year in 3-year algo due to equipment replacement cycle and California club sales. 2027+ expected to accelerate with strategic imperatives (AI CRM, GLP-1 partnerships, Black Card spa amenities).
- **Black Card Penetration**: 66.5% at Q4 end (up 260bps YoY). 2026 guide assumes 75% rate growth, 25% volume growth.
- **GLP-1 Opportunity**: 50% of GLP-1 users consider gym memberships. Ro partnership shows high conversion, with plans to expand wellness partnerships.
- **Attrition Management**: Mid-30% rejoin rate, 6% increase in digital join flow conversions post-click-to-cancel rollout.

Planet Fitness, Inc. (PLNT) Q4 2025 Earnings Call Transcript

- **Revenue Growth Accelerates**: Q3 revenue up 13% YoY, with 6.9% same-club sales growth.
- **Black Card Penetration Soars**: 66.1% penetration, +300bps YoY, driven by value perception.
- **Gen Z Engagement Record**: 3.7M teens in Summer Pass, 19M workouts, 93% reported behavior change.
- **Global Expansion Momentum**: 10 Spain clubs opened, 80% system-wide on modern layouts.
- **Profitability Boost**: Adjusted EBITDA up 14.4%, margin 42.6%.
- **Share Buyback**: $100M returned to shareholders in Q3.
- **Black Card Price Hike**: $29.99 effective 2026, tested as AUV-positive.
- **Marketing Efficiency**: 1% ad fund shift to national, leveraging AI for CRM.


**【CEO Opening Remarks】**
- Q3 2025 ended with 20.7 million members, up 6.9% system-wide same-club sales growth, and 35 new clubs opened (including 5 regional gym conversions). 
- Black Card penetration reached 66.1%, up 300 basis points YoY, with 93% of Summer Pass participants reporting improved fitness routines.
- Gen Z engagement strong: 3.7 million teens participated in the Summer Pass program, up 30% YoY, with 19 million workouts completed.
- Global expansion progress: 2,795 clubs globally, including 10 new Spain locations.

**【CFO Financial Highlights】**
- Total revenue: $330.3M (+13% YoY), driven by franchise (+11%) and corporate (+7.6%) segments.
- Adjusted EBITDA: $140.8M (+14.4%), margin 42.6%.
- Updated FY25 Outlook: 
  - Same-club sales growth: 6.5% (up from 6%)
  - Revenue growth: 11% (up from 10%)
  - Adjusted EBITDA growth: 12% (up from 10%)
- $100M share buyback completed in Q3.

**【Q&A Key Highlights】**
- **Marketing Shift**: 1% of local ad fund moved to national, enabling more efficient media buys and AI-driven CRM.
- **Attrition Trends**: Elevated YoY churn due to click-to-cancel, but moderating late in Q3.
- **Black Card Pricing**: $29.99 price increase effective post-peak 2026, tested to be AUV-accretive.
- **Franchisee Confidence**: 95% of new clubs built with optimized formats, 80% system-wide with modern layouts.
- **Spain Expansion**: 10 clubs opened, strong performance validating global strategy.
- **AI & Tech**: Testing red light therapy, spray tanning, and AI-powered workout plans for Black Card Spa.


Planet Fitness, Inc. (PLNT) Q3 2025 Earnings Call Transcript

- **Strong Q2 Growth**: 8.2% same club sales growth, driven by 70% rate increases and 30% membership expansion. Black Card penetration hits 65.8%.
- **Black Card Strategy**: $10 price gap to Classic Card fuels value perception; testing $29.99 price in NY/Charlotte markets with no material churn impact.
- **Operational Shifts**: Online cancel functionality rollout causes ~10-20bps attrition, but expected to stabilize. Narrowed FY25 same club sales guidance to 6%.
- **International Momentum**: Spain clubs perform like domestic peers; planning refranchising opportunities. Testing smaller-footprint clubs for rural markets.
- **Franchise Expansion**: Sold 8 California clubs to franchisee, freeing resources for East Coast growth. Seeking new franchisees to support 160-170 FY25 openings.

**【CEO Summary Section】**
- **Revenue and Membership Growth**: Ended Q2 with 20.8 million members, achieving 8.2% systemwide same club sales growth. Added 23 new clubs, bringing total to 2,762 globally.
- **Strategic Imperatives**: Focused on redefining brand promise (e.g., "We Are All Strong On This Planet" campaign), enhancing member experience (online cancel functionality rollout), and accelerating new club growth.
- **Black Card Penetration**: Reached 65.8% of membership (up 340bps YoY), with $10 price gap to Classic Card driving value perception.
- **International Expansion**: Opened first club in Spain, with 1-year anniversary club performing in line with domestic ramps. Planning Investor Day in November for growth updates.
- **California Club Sale**: Sold 8 corporate clubs to a local franchisee, aligning with asset-light model and freeing resources for East Coast operations.

**【CFO Financial Commentary】**
- **Q2 Financials**: Total revenue $340.9M (+13.3% YoY). Franchise segment revenue up 11%, driven by same club sales and new clubs. Equipment segment revenue +21.5% due to replacement equipment sales.
- **Profitability**: Adjusted EBITDA $147.6M (+15.8% YoY), margin 43.3%. Franchise EBITDA margin 72.3%, corporate clubs 40.7%.
- **Same Club Sales Guidance**: Narrowed FY25 outlook to ~6% growth (from 5-6%), citing Classic Card price increase roll-over, online cancel attrition, and macro volatility.
- **Balance Sheet**: $582.5M cash, up $53M YoY. Expect 160-170 new clubs in FY25, weighted toward Q4.

**【Q&A Key Highlights】**
- **Club Format Optimization**: 70%+ clubs now feature optimized layouts with balanced cardio/strength equipment. Testing smaller footprints for rural/suburban markets.
- **Black Card Amenities**: Piloting Red Light, Cold Plunge, and spray tan in select clubs; early data shows recovery/renewal trends align with member demand.
- **Franchise Recruitment**: Seeking new franchisees to support long-term growth, with focus on U.S. and international markets. Spain clubs ramping like domestic peers.
- **Churn Impact**: Online cancel rollout caused ~10-20bps attrition increase, but expected to moderate within 12 weeks. FY25 outlook includes this impact.
- **Gen Z Engagement**: High School Summer Pass sign-ups and workouts up YoY, with conversion rates improving. Gen Z represents fastest-growing membership segment.


Planet Fitness, Inc. (PLNT) Q2 2025 Earnings Call Transcript

- **Black Card Dominance**: 65% of members now on Black Card, up 280bps YoY, driven by $10 price gap vs Classic Card.
- **Revenue Surge**: Q1 revenue $276.7M (+11.5% YoY), with 74% of same club growth from rate increases.
- **Global Expansion Success**: Spain clubs ramping faster than U.S. averages; Australia clubs performing strongly with 12-minute drive density.
- **Tariff Resilience**: 70% of equipment revenue from replacements, mitigating tariff impact; 2025 guidance reaffirmed despite macro volatility.
- **Engagement Boost**: Members visiting 6.7x/month (highest in 5 years), Gen Z driving 38% of new memberships.


**【CEO Key Highlights】**
- **Membership Growth**: Ended Q1 with 20.6 million members, up 900,000 from Q4 2024. System-wide same club sales grew 6.1%, driven by 74% rate growth and 26% net membership expansion.
- **Black Card Penetration**: Reached 65% (up 280bps YoY), with 65% of new members opting for Black Card due to its $10 price gap from Classic Card.
- **International Expansion**: Opened 19 new clubs globally, including strong performance in Spain (8 clubs) and Australia. 65% of clubs now feature balanced strength/cardio equipment layouts.
- **Member Engagement**: Average monthly visits rose to 6.7x (highest in 5 years), with Gen Z driving 38% of new memberships.

**【CFO Financial Summary】**
- **Revenue**: $276.7M (+11.5% YoY), driven by franchise (+10.7%), corporate (+9.2%), and equipment (+28.7%) segments.
- **Profitability**: Adjusted EBITDA $117M (+10.1% YoY), margin 42.3%. Adjusted EPS $0.59, up 11% YoY.
- **Tariff Mitigation**: 70% of equipment revenue from replacements, minimizing tariff impact. 2025 guidance reaffirmed: 5-6% same club sales growth, 10% revenue growth.
- **Liquidity**: $586M cash, with $50M share buybacks in Q1.

**【Q&A Key Takeaways】**
- **Black Card Pricing**: No decision until Classic Card price anniversary in June. Tests show $29.99 rejoin rate similar to $27.99, with no elasticity difference.
- **Tariff Strategy**: 70%+ equipment from U.S. manufacturers; negotiating with vendors to offset costs. 2025 unit economics unaffected at current tariff levels.
- **Click-to-Cancel**: Rolled out to 50%+ U.S. clubs, with <2% churn impact. Test shows 3% lift in conversion when cancellation option is visible during sign-up.
- **Franchisee Sentiment**: 100% of 2025 franchisees opted for new equipment layout, signaling confidence in unit economics.


Planet Fitness (PLNT)-8 May 25-2025 Q1 Earnings call transcript

- **Revenue Growth**: 5.5% same-club sales growth, 19.4% revenue growth, and 14.4% EBITDA growth in Q4. 
- **Expansion Milestones**: 150 new clubs opened in 2024, 1 million new members, and 10% Gen Z penetration. 
- **Price Adjustment Success**: $10 to $15 classic card increase lifted IRRs, with 70% of Q4 comp growth from rate. 
- **2025 Outlook**: 10% revenue and EBITDA growth targets, 160-170 new clubs, and 11-12% EPS growth. 
- **Black Card Momentum**: 64% penetration, up 200bps YoY, driven by value proposition. 
- **International Ambition**: 5 clubs in Spain, with plans to franchise the market and expand into new geographies. 


**【CEO Summary Section】**
- **Revenue Growth**: System-wide same-club sales increased 5.5% YoY, driven by a 19.4% revenue growth and 14.4% adjusted EBITDA growth. 
- **Club Expansion**: Opened 150 new clubs in 2024, bringing total to over 2,700 globally, with 86 added in Q4 alone. 
- **Membership Expansion**: Grew membership by 1 million to 19.7 million, with Gen Z (ages 14+) now 10% of domestic members. 
- **Economic Model Refresh**: Introduced cost reductions, extended timelines for capital investments, and eliminated fees, leading to a 25-year classic card price increase from $10 to $15. 
- **Strategic Focus**: Accelerating growth through 4 imperatives: redefining brand, enhancing member experience, refining product, and optimizing format. 

**【CFO Financial Commentary】**
- **Q4 Financials**: $340.5M revenue (11% YoY growth), $47.6M net income, and $130.8M adjusted EBITDA (38.4% margin). 
- **Equipment Sales**: Equipment segment revenue up 49.2%, with 57.8% from replacement equipment. 
- **2025 Guidance**: 
  - 160-170 new clubs (130-140 franchise placements) 
  - 5-6% same-club sales growth 
  - 10% revenue and EBITDA growth 
  - 8-9% adjusted net income growth 
  - 11-12% EPS growth 
- **Balance Sheet**: $529.5M cash and marketable securities, with $56.5M restricted cash. 

**【Q&A Highlights】**
- **Price Adjustment Impact**: Classic card price increase from $10 to $15 in June 2024, with 70% of Q4 comp growth driven by rate. Cancel rate stabilized post-announcement. 
- **International Expansion**: 5 clubs in Spain, planning to franchise the market and expand into 1-2 new countries annually. 
- **Black Card Penetration**: 64% at year-end, up 200bps YoY, driven by $10 price spread to classic card. 
- **Equipment Sales**: 70% of 2025 equipment revenue expected from reequips, with plate-loaded strength equipment now in 60% of clubs. 
- **Member Engagement**: Visits increased to 6.5x/month from 6.0x, with 80% app utilization. 


Actual												0.16	-0.32	0.02	0.17	0.1	0.21	0.25	0.26	0.32	0.38	0.42	0.53	0.41	0.65	0.59	0.6	0.53	0.71	0.64	0.7	0.59	0.86	0.8	0.83
Forecast												0.3387	-0.1733	0.1202	0.2259	0.1912	0.2302	0.1806	0.2573	0.272	0.379	0.3778	0.4712	0.4629	0.5452	0.5466	0.5804	0.5121	0.6593	0.5768	0.617	0.6154	0.7915	0.7391	0.7916
Surprise	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-52.76%	-84.65%	-83.36%	-24.75%	-47.70%	-8.77%	+38.43%	+1.05%	+17.65%	+0.26%	+11.17%	+12.48%	-11.43%	+19.22%	+7.94%	+3.38%	+3.50%	+7.69%	+10.96%	+13.45%	-4.13%	+8.65%	+8.24%	+4.85%

PLNT

PLNT fundamentals

PLNT Q4 2025 Earnings

Earnings Call

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PLNT

PLNT fundamentals

PLNT Q4 2025 Earnings

Earnings Call

PLNT Earnings Call Summary for Q4/20258:00 AM on Feb 24, 2026

PLNT Earnings Call Summary for Q3/20258:00 AM on Nov 6, 2025

PLNT Earnings Call Summary for Q2/20258:00 AM on Aug 6, 2025

PLNT Earnings Call Summary for Q1/20258:00 AM on May 8, 2025

PLNT Earnings Call Summary for Q4/20248:00 AM on Feb 25, 2025

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