What Happened to Planet Fitness?

Planet Fitness, a prominent name in the fitness industry, has maintained a trajectory of steady expansion and financial strength over the past few years, solidifying its position as a leader in the high-value, low-price gym segment. The company's strategy revolves around accessible fitness, a welcoming environment, and a robust franchise model, which has fueled its growth both domestically and internationally.

In 2024, Planet Fitness reported solid results despite some initial headwinds, including a shift in consumer focus and a national advertising campaign that didn't resonate as broadly as anticipated. For Q1 2024, total revenue increased by 11.6% to $248.0 million, with system-wide same-store sales growing by 6.2%. The company ended Q1 2024 with approximately 19.6 million members and opened 25 new clubs. By the end of 2024, Planet Fitness had opened 150 new clubs, bringing its global club count to 2,722, and reported a full-year revenue increase of 10.3% to $1.2 billion.

The momentum continued into 2025, with Planet Fitness consistently exceeding financial expectations and accelerating its club openings. Q1 2025 saw total revenue rise by 11.5% to $276.7 million, and 19 new clubs were opened. By Q2 2025, total revenue grew 13.3% to $340.9 million, with system-wide same-club sales increasing by 8.2%, and total membership reached approximately 20.8 million. The company opened 181 new clubs system-wide in 2025, including a record 104 in Q4, bringing the total to 2,896 clubs by year-end. This aggressive expansion was supported by strong financial performance, with full-year 2025 adjusted net income increasing by $34.5 million to $258.3 million.

As of 2026, Planet Fitness shows no signs of slowing down. In February 2026, the company announced plans to open 180 to 190 new locations throughout the year, focusing on spaces previously occupied by struggling retailers and targeting new demographics, including users of GLP-1 weight loss drugs. International expansion is also a key focus, with a new franchise agreement signed in February 2026 to bolster its presence in northern Mexico, specifically in Tijuana and Mexicali, adding to its existing 47 locations in the country.

The most recent financial report for Q1 2026, released on May 7, 2026, highlighted continued robust growth. Total revenue increased by 21.9% to $337.2 million, and adjusted net income rose to $59.4 million, or $0.74 per diluted share, surpassing analyst expectations. The company opened 15 new clubs, bringing the system-wide total to 2,909 as of March 31, 2026. Furthermore, a significant franchisee in Oregon announced a $30 million expansion plan in June 2026, including six new locations and upgrades to four existing ones, underscoring ongoing confidence in the brand's growth potential. Despite a slight revision in its 2026 guidance for system-wide same-club sales growth to approximately 1% and revenue growth to 7%, the company remains optimistic about its long-term strategy and industry leadership.