Planet Fitness Stock Price, News & Analysis

Planet Fitness, Inc. (NYSE: PLNT) is a franchisor and operator of fitness centers. According to company disclosures, it is one of the largest and fastest-growing franchisors and operators of fitness centers in the world by number of members and locations. Planet Fitness focuses on providing a high-quality fitness experience in a welcoming, non-intimidating environment that it calls the Judgement Free Zone®.

The company was founded in 1992 in Dover, New Hampshire. Its Class A common stock trades on the New York Stock Exchange under the symbol PLNT. Planet Fitness operates through a network of corporate-owned and franchisee-owned clubs, with the majority of locations owned and operated by independent business men and women. Company statements note that more than 90% of Planet Fitness clubs are owned and operated by independent franchisees.

Business model and segments

Planet Fitness describes itself as a franchisor and operator of fitness centers. In its segment reporting, the company identifies three reportable segments:

• Franchise – activities related to its franchising business.
• Corporate-owned clubs – operations of company-operated fitness centers.
• Equipment – sale of equipment to franchisee-owned clubs.

In earlier descriptions, Planet Fitness indicated that its franchise segment includes operations related to its franchising business in the United States, Puerto Rico, Canada, Panama, Mexico and Australia, while the corporate-owned stores segment includes operations for corporate-owned stores in the United States and Canada, and the equipment segment includes the sale of equipment to franchisee-owned stores in the U.S. More recent company press releases state that Planet Fitness clubs operate in all 50 U.S. states, the District of Columbia, Puerto Rico, Canada, Panama, Mexico, Australia and Spain.

Scale and geographic footprint

Company news releases report that as of December 31, 2025, Planet Fitness had approximately 20.8 million members and 2,896 clubs. Earlier in 2025, the company reported approximately 20.7 million members and 2,795 clubs as of September 30, 2025, and 2,762 clubs as of June 30, 2025. These figures illustrate the scale of the Planet Fitness system and its ongoing club expansion.

Planet Fitness states that it has clubs in all 50 U.S. states and the District of Columbia, as well as in Puerto Rico, Canada, Panama, Mexico, Australia and Spain. The company characterizes itself as one of the largest and fastest-growing franchisors and operators of fitness centers in the world by number of members and locations.

Franchise-centered system

Planet Fitness emphasizes the role of franchisees in its system. Company disclosures consistently note that approximately or more than 90% of Planet Fitness clubs are owned and operated by independent business men and women. These franchisees operate clubs under the Planet Fitness brand and participate in system-wide programs, including advertising funds referenced in company communications.

In its discussion of operating metrics for 2025, Planet Fitness highlighted that franchisees increased strength equipment in their clubs and that the company reached an agreement with franchisees to shift a portion of contributions from local advertising funds to the national advertising fund for 2026. These elements reflect the company’s franchise-focused structure and its coordination with franchise owners on marketing and club operations.

Corporate-owned clubs and equipment activities

Alongside franchised locations, Planet Fitness operates corporate-owned clubs. In its third quarter 2025 results, the company reported revenue and Segment Adjusted EBITDA for the corporate-owned clubs segment and noted the opening of new corporate-owned clubs in that period. Corporate-owned clubs contribute to Planet Fitness’s system-wide club count and membership base.

The equipment segment involves sales of equipment to franchisee-owned clubs. In its third quarter 2025 results, Planet Fitness described equipment segment revenue and Segment Adjusted EBITDA, noting higher revenue from equipment sales to existing and new franchisee-owned clubs, and identifying the number of new franchisee-owned clubs that received equipment in the period.

Mission and member experience

Across multiple press releases, Planet Fitness states that its mission is to enhance people’s lives by providing a high-quality fitness experience in a welcoming, non-intimidating environment, referred to as the Judgement Free Zone®. The company’s communications emphasize a focus on member experience, including references to enhancing the member experience to foster brand loyalty and connection, and to refining club floorplans and amenities to support franchisee economics.

In a year-end 2025 metrics announcement, Planet Fitness highlighted initiatives such as franchisees proactively increasing strength equipment in clubs to enhance the member experience and signing up a record number of participants in its High School Summer Pass Program, which the company linked to resonating with younger consumers. These examples illustrate how Planet Fitness connects its mission with specific programs and operational decisions.

Growth, system-wide performance and strategy

Planet Fitness regularly reports system-wide same club sales metrics and system-wide club openings. For full year 2025, the company reported system-wide same club sales growth of 6.7% and the opening of 181 new Planet Fitness clubs, including 23 corporate-owned locations, bringing system-wide total clubs to 2,896 as of December 31, 2025. For the third quarter of 2025, Planet Fitness reported system-wide same club sales growth of 6.9% and 35 new club openings system-wide in that quarter.

At its 2025 Investor Day, Planet Fitness described four strategic imperatives: evolving and modernizing the brand while staying aligned with its core values, enhancing the member experience, refining club floorplans and amenities to enhance franchise returns, and accelerating new club growth globally by driving topline growth and optimizing club formats. The company also referenced long-term growth targets for revenue, system-wide same club sales, new club unit growth, Adjusted EBITDA and Adjusted net income per share, expressed as compound annual growth rates off of 2025, while noting that these are non-GAAP measures and forward-looking statements.

Capital structure and financing activities

Planet Fitness uses securitized financing facilities and share repurchase programs as part of its capital structure. In December 2025, the company announced that certain subsidiaries intended to complete a refinancing transaction involving issuance of a new series of securitized notes and repayment of existing notes. Subsequent press releases and Form 8-K filings reported that Planet Fitness Master Issuer LLC priced and then issued Series 2025-1 Class A-2 Fixed Rate Senior Secured Notes in two tranches, and entered into a variable funding note facility in addition to an existing facility.

According to the company’s December 15, 2025 Form 8-K, substantially all of Planet Fitness’s revenue-generating assets in the United States are held by the Master Issuer and certain other limited-purpose, bankruptcy remote subsidiaries that guarantee the notes and have pledged substantially all of their assets to secure the securitized notes. The securitized assets include franchise-related agreements, certain corporate-owned store assets, equipment supply agreements and intellectual property and license agreements for the use of intellectual property.

Planet Fitness has also disclosed share repurchase authorizations. In December 2025, the company announced a $350 million accelerated share repurchase agreement under a previously announced share repurchase program, and a new share repurchase program of up to $500 million to be effective upon completion of the accelerated share repurchase agreement, subject to various factors and legal requirements. The company has stated that proceeds from its securitized financing facilities may be used for general corporate purposes, which may include funding share repurchases.

Reporting and regulatory profile

Planet Fitness, Inc. is incorporated in Delaware and files reports with the U.S. Securities and Exchange Commission. Its Class A common stock, with a par value of $0.0001 per share, is registered under Section 12(b) of the Securities Exchange Act of 1934 and listed on the New York Stock Exchange under the trading symbol PLNT, as reflected in multiple Form 8-K filings.

The company uses non-GAAP financial measures such as Adjusted EBITDA, Adjusted net income and Adjusted net income per share, diluted, in its communications, and provides reconciliations to the most directly comparable GAAP measures in its SEC filings and press releases. Planet Fitness also defines and discloses metrics such as system-wide same club sales, system-wide sales and system-wide club counts in its investor communications.

Position within the fitness sector

In its public statements, Planet Fitness characterizes itself as having evolved from an industry challenger to a clear leader in the fitness sector and as having an industry-leading position. It also notes that it was ranked #22, and the highest-ranking fitness brand, on a Franchise Times Top 400 list, which the company cites as illustrating the strength of the brand and the dedication of its team members and franchisees.

These descriptions, combined with the company’s reported member base, club count and global footprint, provide context for how Planet Fitness presents its role within the broader fitness industry.

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