Revenue rose 14.2% year over year to $893.5M in 2026Q3 with operating margin steady near 17.7%, suggesting incremental revenue is converting at a rate consistent with the existing cost base.
Life Time Group Holdings, Inc. (LTH) annual income statement — 7-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 |
|---|
| Sales/Revenue | 3.29B | 3B | 2.62B | 2.22B | 1.82B | 1.32B | 948.38M | 1.9B |
| Revenue Growth % | 13.04% | 14.28% | 18.24% | 21.62% | 38.28% | 38.98% | -50.1% | - |
| Cost of Goods Sold | 659.7M | 1.57B | 1.39B | 1.18B | 1.07B | 844.1M | 660.05M | 1.04B |
| COGS % of Revenue | - | 52.37% | 53.13% | 53.43% | 58.61% | 64.04% | 69.6% | 54.79% |
| Gross Profit | 2.63B | 1.43B | 1.23B | 1.03B | 754.35M | 473.95M | 288.33M | 859.24M |
| Gross Margin % | 79.97% | 47.63% | 46.87% | 46.57% | 41.39% | 35.96% | 30.4% | 45.21% |
| Gross Profit Growth % | - | 16.12% | 19.02% | 36.84% | 59.16% | 64.38% | -66.44% | - |
| Operating Expenses | 2.06B | 945.35M | 871.09M | 807.01M | 643.73M | 969.14M | 647.48M | 690.96M |
| OpEx % of Revenue | - | 31.56% | 33.24% | 36.41% | 35.32% | 73.53% | 68.27% | 36.36% |
| Selling, General & Admin | 343.96M | 583.78M | 525.99M | 476.25M | 460.12M | 694.93M | 336.15M | 393.65M |
| SG&A % of Revenue | - | 19.49% | 20.07% | 21.49% | 25.25% | 52.72% | 35.45% | 20.71% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 4M | 361.57M | 345.1M | 328.05M | 183.61M | 274.21M | 311.33M | 297.31M |
| Operating Income | 572.08M | 481.29M | 357.48M | 225.21M | 110.62M | -495.19M | -359.15M | 168.28M |
| Operating Margin % | 17.37% | 16.07% | 13.64% | 10.16% | 6.07% | -37.57% | -37.87% | 8.86% |
| Operating Income Growth % | - | 34.63% | 58.73% | 103.59% | 122.34% | -37.88% | -313.42% | - |
| EBITDA | 898.48M | 777.64M | 632.16M | 469.61M | 339.5M | -260.06M | -111.46M | 388.75M |
| EBITDA Margin % | 27.28% | 25.96% | 24.12% | 21.19% | 18.63% | -19.73% | -11.75% | 20.46% |
| EBITDA Growth % | 23.53% | 23.01% | 34.62% | 38.32% | 230.55% | -133.33% | -128.67% | - |
| D&A (Non-Cash Add-back) | 326.4M | 296.35M | 274.68M | 244.4M | 228.88M | 235.12M | 247.69M | 220.47M |
| EBIT | 617.52M | 493.5M | 356.86M | 225.59M | 110.92M | -495.2M | -359.34M | 168.28M |
| Net Interest Income | -47.8M | 0 | -148.09M | -130.8M | -113.54M | -224.52M | -128.39M | -128.96M |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 47.8M | 0 | 148.09M | 130.8M | 113.54M | 224.52M | 128.39M | 128.96M |
| Other Income/Expense | -2.35M | 12.21M | -148.72M | -130.42M | -113.24M | -224.53M | -128.58M | -128.15M |
| Pretax Income | 569.72M | 493.5M | 208.77M | 94.79M | -2.62M | -719.71M | -487.73M | 40.13M |
| Pretax Margin % | 17.3% | 16.48% | 7.97% | 4.28% | -0.14% | -54.6% | -51.43% | 2.11% |
| Income Tax | 150.77M | 119.83M | 52.53M | 18.73M | -825K | -140.34M | -127.54M | 10.08M |
| Effective Tax Rate % | 26.46% | 24.28% | 25.16% | 19.76% | 31.51% | 19.5% | 26.15% | 25.12% |
| Net Income | 418.95M | 373.67M | 156.24M | 76.06M | -1.79M | -579.37M | -360.19M | 30.02M |
| Net Margin % | 12.72% | 12.48% | 5.96% | 3.43% | -0.1% | -43.96% | -37.98% | 1.58% |
| Net Income Growth % | 45.55% | 139.16% | 105.41% | 4342.22% | 99.69% | -60.85% | -1299.64% | - |
| Net Income (Continuing) | 418.95M | 373.67M | 156.24M | 76.06M | -1.79M | -579.37M | -360.19M | 30.05M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 1.83 | 1.66 | 0.74 | 0.37 | -0.01 | -3.00 | -1.88 | 0.16 |
| EPS Growth % | 42.97% | 124.32% | 100% | - | 99.69% | -59.57% | -1275% | - |
| EPS (Basic) | - | 1.71 | 0.77 | 0.39 | -0.01 | -3.00 | -1.88 | 0.16 |
| Diluted Shares Outstanding | 229.06M | 225.5M | 211.16M | 204M | 193.57M | 193.06M | 191.48M | 191.48M |
| Basic Shares Outstanding | 224.06M | 218.03M | 201.64M | 195.67M | 193.57M | 193.06M | 191.48M | 191.48M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying LTH stock.
For fiscal year 2025, Life Time Group Holdings, Inc. (LTH) reported total revenue of $3.00B. This represents a 57.6% increase compared to $1.90B in 2019.
Life Time Group Holdings, Inc. (LTH) is profitable, generating $373.7M in net income for the fiscal year ending 2025 with a net profit margin of 12.5%.
Life Time Group Holdings, Inc. (LTH) reported an operating income of $481.3M, resulting in an operating profit margin of 16.1%. This margin reflects the operational efficiency of the business before interest and taxes.
Life Time Group Holdings, Inc. (LTH) generated $1.43B in gross profit for the year, representing a gross profit margin of 47.6%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Gross margin reclassification distortion
Metrics are mathematically derived from official filings.
Revenue Growth Re-Accelerating Through 2026
Based on reported quarterly figures, LTH revenue grew 14.2% year over year to $893.5M in 2026Q3, with 2026Q2 at 13.7%, suggesting top-line momentum has held through the mid-2020s and not faded.
The sequential build from $706.0M in 2025Q1 to $893.5M in 2026Q3 points to durable demand across the center base rather than a one-time catch-up after 2024's post-recovery period. Growth appears to be driven by membership and in-center spend, though the reported figures do not separate volume from pricing. Investors should monitor whether growth holds near the low-teens as the newer center cohort matures, since the expansion pipeline may be carrying an increasing share of the growth rate.
Gross Margin Shift Reflects Reporting Reclassification
Reported gross margin jumped from roughly 47% in 2025Q3 to 89.2% in 2026Q3, a shift that appears to reflect a change in how cost of revenue is classified rather than a proven operating improvement.
COGS fell from $414.3M in 2025Q3 to $96.1M in 2026Q3 while SG&A rose modestly, a pattern consistent with a reclassification of facility and labor costs into operating lines. Because operating margin stayed in a 17% range across the same period, the underlying profitability appears broadly stable despite the headline gross margin change. Analysts should avoid comparing gross margin across these periods without a reconciled cost basis.
Operating Income Scaling With Revenue
Operating income rose from $108.4M in 2025Q2 to $158.0M in 2026Q3 while operating margin held near 17%, suggesting incremental revenue is converting at a rate consistent with the existing cost base.
Operating income growth roughly tracking revenue growth indicates the fixed-cost base is being absorbed by new volume rather than expanding faster. SG&A remained near $60M to $66M per quarter in 2026 against revenue growth of over $100M per quarter, which points to reasonable overhead discipline. The operating margin ceiling near 17% may suggest limited near-term operating leverage unless facility-level costs decline relative to revenue.
Net Income Growth Outpacing Operating Gains
Net income increased to $106.5M in 2026Q3 from $37.2M in 2024Q4, and diluted EPS rose to $0.46 from $0.17, a trajectory that appears to reflect both operating recovery and a lower interest and tax burden.
The gap between operating income and net income narrowed substantially over the period, suggesting reduced interest drag or favorable tax effects rather than purely operating gains. Stock-based compensation of $15.8M in 2026Q3 is modest relative to net income, which may indicate limited dilution pressure on reported earnings. Investors should verify the tax and interest components before treating the full net income increase as recurring.
Margin Figures May Overstate Structural Improvement
The jump in gross margin and the sharp EPS increase may not reflect durable profitability, since a reporting change and a low 2024 base could both be amplifying the reported trend.
A strong bear reading would argue the 2024 earnings base was depressed, inflating recent EPS growth percentages, and that the gross margin change is cosmetic. Operating margin in the mid-to-high teens is not clearly expanding, which could support the view that growth is volume-driven rather than structural. Investors should monitor whether operating margin moves meaningfully above 18% before concluding the earnings base has shifted.