Planet Fitness Q2 2025: Analyzing Contradictions in Black Card Strategy, Member Engagement, and Pricing Impact

Black Card penetration and pricing strategy, equipment strategy and member engagement, impact of click-to-cancel on churn, and classic card price increase impact are the key contradictions discussed in Planet Fitness's latest 2025Q2 earnings call.



Revenue and Membership Growth:
- Planet Fitness reported revenue of $340.9 million for Q2 2025, up 13.3% from the previous year.
- The growth was driven by an 8.2% system-wide same-club sales increase and an increase in membership, which reached approximately 20.8 million members.

Member Engagement and Usage:
- The company saw an increase in member utilization, with the average number of member visits per club rising to the mid- to high-6s.
- This trend is attributed to Gen Z being the fastest-growing segment of membership and increased participation in initiatives like the High School Summer Pass.

Format Optimization and Equipment Strategy:
- More than 70% of clubs have implemented the new format with a balanced mix of cardio and strength equipment.
- The company is responding to member preferences by increasing the availability of specific equipment like stair climbers and optimizing floor space for functional training.

Pricing Strategy and Black Card Penetration:
- Black Card penetration increased to 65.8%, up 340 basis points from the previous year.
- The strong penetration is attributed to the value proposition of the Black Card, although the company is evaluating a potential price increase.