Operating cash flow consistently exceeds net income, with OCF/NI at 2.88x in 2026Q2, and free cash flow reached $126.0M, though capital expenditures averaged 12.7% of revenue and buybacks totaled over $1.0B in eight quarters.
Planet Fitness, Inc. (PLNT) cash flow statement — 13-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 |
|---|
| Cash from Operations | 412.95M | 418.42M | 343.87M | 330.25M | 240.21M | 189.29M | 31.14M | 204.31M | 184.4M | 131.02M | 108.82M | 81.66M | 79.41M | 66.94M |
| Operating CF Margin % | - | 31.6% | 29.1% | 30.83% | 25.64% | 32.25% | 7.66% | 29.66% | 32.19% | 30.47% | 28.77% | 24.71% | 28.38% | 31.73% |
| Operating CF Growth % | 120.59% | 21.68% | 4.12% | 37.49% | 26.9% | 507.9% | -84.76% | 10.8% | 40.74% | 20.4% | 33.25% | 2.84% | 18.62% | - |
| Net Income | 231.03M | 219.1M | 174.24M | 147.03M | 110.46M | 46.12M | -15.2M | 135.41M | 103.16M | 55.6M | 71.25M | 38.13M | 37.3M | 25.8M |
| Depreciation & Amortization | 161.93M | 155.78M | 160.35M | 149.41M | 124.02M | 62.8M | 53.83M | 44.58M | 35.63M | 32.09M | 31.89M | 32.64M | 32.84M | 29.05M |
| Stock-Based Compensation | 12.71M | 12.33M | 8.91M | 7.91M | 8.07M | 8.8M | 4.78M | 4.83M | 5.48M | 2.53M | 1.73M | 4.88M | 0 | 0 |
| Deferred Taxes | 45.96M | 63.88M | 56.99M | 49.23M | 34.79M | 13.27M | 1.26M | 27.59M | 28.7M | 55.07M | 15.68M | 3.59M | -63K | -1.43M |
| Other Non-Cash Items | 3.44M | 7.69M | -36.99M | -30.2M | -15.97M | 22.15M | -20.83M | 6.72M | 10.56M | 4.61M | 5.49M | 2.02M | 5.61M | 1.59M |
| Working Capital Changes | -43.25M | -40.37M | -19.63M | 6.88M | -21.15M | 36.14M | 7.3M | -14.82M | 866K | -18.89M | -17.22M | 416K | 3.73M | 11.93M |
| Change in Receivables | -3.04M | 7.23M | -36.46M | 4.76M | -19.18M | -10.8M | 23.61M | -895K | -1.92M | -10.48M | -7.75M | -414K | -3.63M | -3.1M |
| Change in Inventory | -1.01M | -1.38M | -1.48M | 599K | -4.11M | -681K | 404K | 4.24M | -2.43M | -890K | 2.75M | -1.54M | -769K | -1.75M |
| Change in Payables | 2.29M | 6.93M | 0 | 0 | 0 | 30.93M | -10.94M | -6.27M | 14.51M | 4.21M | 7.43M | 263K | 5.04M | 13.46M |
| Cash from Investing | -137.42M | -160.16M | -208.71M | -339.99M | -506.57M | -90.92M | -52.28M | -110.69M | -86.42M | -37.04M | -14.69M | -19.16M | -54.36M | -7.14M |
| Capital Expenditures | -199.04M | -163.67M | -155.06M | -135.99M | -100.06M | -54.07M | -52.56M | -110.8M | -86.61M | -37.72M | -15.38M | -19.49M | -55.29M | -7.29M |
| CapEx % of Revenue | 13.83% | 12.36% | 13.12% | 12.69% | 10.68% | 9.21% | 12.93% | 16.09% | 15.12% | 8.77% | 4.07% | 5.9% | 19.76% | 3.45% |
| Acquisitions | 0 | 0 | 0 | -43.26M | -404.12M | -1.89M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 2.02M | 18.07M | -749K | 99K | 60K | 46K | 282K | -52.8M | -45.56M | 680K | 683K | 327K | -37.71M | 150K |
| Cash from Financing | -277.49M | -198.09M | -105M | -141.42M | 135.72M | -10.25M | 57.85M | 64.35M | 109.92M | -21.7M | -85.18M | -74.24M | -12.95M | -37.99M |
| Debt Issued (Net) | 379.01M | 304.48M | 191.21M | -20.94M | 249.92M | -17.68M | 57.34M | 537.91M | 487.48M | -7.21M | 224.33M | 104.82M | 203.04M | -17.36M |
| Equity Issued (Net) | -651.4M | -498.52M | -278.33M | -115.87M | -93.39M | 8.19M | 2.57M | -455.3M | -341.17M | 480K | -1.45M | 0 | 0 | 0 |
| Dividends Paid | -281K | -1.51M | -4.79M | -4.61M | -4.63M | -750K | -2.06M | -7.68M | -9.26M | -13.33M | -302.85M | -176.49M | -205.83M | -24.02M |
| Share Repurchases | -652.78M | -500.37M | -300.2M | -125.03M | -94.31M | 0 | 0 | -458.17M | -342.38M | 0 | -1.58M | -156.95M | 0 | 0 |
| Other Financing | -4.82M | -2.55M | -13.09M | 0 | -16.18M | 0 | 0 | -10.58M | -27.13M | -1.64M | -5.22M | -159.52M | -10.16M | 3.38M |
| Net Change in Cash | -2.41M | 62.28M | 27.55M | -150.38M | -131.44M | 88.14M | 37.01M | 158.66M | 207.06M | 72.69M | 8.96M | -11.86M | 12.02M | 21.81M |
| Free Cash Flow | 213.91M | 254.75M | 188.81M | 194.27M | 140.15M | 135.22M | -21.42M | 93.51M | 97.79M | 93.3M | 93.44M | 62.17M | 24.12M | 59.66M |
| FCF Margin % | 14.87% | 19.24% | 15.98% | 18.13% | 14.96% | 23.03% | -5.27% | 13.58% | 17.07% | 21.7% | 24.7% | 18.81% | 8.62% | 28.27% |
| FCF Growth % | 5.47% | 34.92% | -2.81% | 38.61% | 3.65% | 731.2% | -122.91% | -4.38% | 4.81% | -0.15% | 50.29% | 157.81% | -59.57% | - |
| FCF per Share | 2.86 | 3.04 | 2.20 | 2.28 | 1.66 | 1.61 | -0.27 | 1.12 | 1.12 | 1.18 | 2.16 | 1.70 | 0.68 | 1.69 |
| FCF Conversion (FCF/Net Income) | 0.93x | 1.91x | 2.00x | 2.39x | 2.42x | 4.43x | -2.08x | 1.74x | 2.09x | 3.95x | 5.06x | 4.41x | 2.16x | 2.63x |
| Interest Paid | 66.3M | 100.25M | 90.85M | 81.18M | 80.96M | 74.87M | 75.63M | 53.71M | 38.62M | 31.42M | 24.3M | 23.22M | 20.76M | 7.64M |
| Taxes Paid | 16.13M | 0 | 12.07M | 5.26M | 3.63M | 1.85M | 0 | 10M | 5.02M | 3.72M | 7.04M | 2.83M | 1.6M | 1.83M |
Quick answers to the most common questions about buying PLNT stock.
Planet Fitness, Inc. (PLNT) generated $418.4M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Planet Fitness, Inc. (PLNT) generated $254.8M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Planet Fitness, Inc. (PLNT) spent $163.7M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Planet Fitness, Inc. (PLNT) returned $1.5M to shareholders via cash dividends and spent $500.4M on share repurchases. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
Revenue mix volatility
Metrics are mathematically derived from official filings.
Cash Conversion Remains Strong
Planet Fitness's operating cash flow consistently exceeds net income, with OCF/NI averaging 2.2x over the last four quarters, indicating high earnings quality, as per recent financial statements.
The persistent gap between operating cash flow and net income is largely attributable to non-cash depreciation and amortization, which averaged $40M per quarter, and favorable working capital swings. This suggests that reported earnings are backed by actual cash generation, though the 2025Q2 dip to 0.76x OCF/NI warrants monitoring as it may indicate temporary timing issues.
FCF Volatility Masks Underlying Strength
Free cash flow swung from $7.0M in 2024Q4 to $126.0M in 2026Q2, with FCF margins ranging from 2.1% to 39.5%, reflecting seasonal and investment timing, as reported in quarterly filings.
The erratic FCF pattern is driven by uneven capital expenditure and working capital changes, but the trailing twelve-month FCF margin of approximately 24% indicates robust cash generation. The 2026Q2 FCF of $126M is the highest in the series, supported by strong operating cash flow and moderate capex, suggesting the company is in a position to fund growth and shareholder returns.
Capital Intensity Reflects Expansion
Capital expenditures averaged 12.7% of revenue over the past year, with quarterly peaks in Q3 and Q4, indicating ongoing investment in new locations and equipment, based on reported figures.
The capex-to-revenue ratio has been relatively stable, ranging from 7.6% to 18.5%, with higher spending in the second half of the year, likely aligning with new store openings and renovations. This level of capital intensity is typical for a growth-oriented fitness chain, and the consistent D&A of around $40M per quarter suggests a steady asset base that requires replacement.
Working Capital Swings Drive Cash Flow
Working capital changes have been volatile, ranging from -$44.4M to +$40.4M over the last eight quarters, significantly impacting quarterly operating cash flow, as per company disclosures.
The large swings in working capital, particularly in receivables and deferred revenue, appear to be seasonal, with Q1 typically showing positive contributions and Q4 negative. This pattern suggests that the company's cash flow is sensitive to timing of membership billings and collections, but the overall trend does not indicate a deterioration in efficiency.
Aggressive Buybacks Offset Modest Dividends
Planet Fitness allocated over $1.0 billion to share repurchases in the last eight quarters, while dividends remained minimal, indicating a strong preference for buybacks, as reported in cash flow statements.
The company has consistently returned capital to shareholders through buybacks, with notable repurchases in 2026Q2 ($251.3M) and 2025Q4 ($350.3M), which may be funded by strong operating cash flow and existing cash reserves. This aggressive buyback activity, combined with minimal dividends, suggests management is confident in the company's cash generation and seeks to enhance shareholder value through EPS accretion.
Cumulative Cash Exceeds Earnings
Over the last two years, cumulative operating cash flow of $1.1 billion surpassed net income of $509 million, a gap of $591 million, indicating strong cash generation, based on reported quarterly data.
The substantial cumulative gap between operating cash flow and net income is primarily due to non-cash depreciation and amortization, which totaled over $400 million in the same period. This divergence underscores the quality of Planet Fitness's earnings, as the company's cash generation is robust and not reliant on aggressive accruals, though investors should note that this gap may narrow if growth capex accelerates.
What Could Invalidate the Base Case
The 2026Q2 gross margin spike to 82.3% may be unsustainable, as prior quarters ranged 38-54%, and revenue growth decelerated to 7.1%, per reported data.
The dramatic shift in gross margin suggests a fundamental change in revenue composition, possibly from one-time items or mix changes, which could reverse. If the margin normalizes and revenue growth continues to decelerate, the strong cash flow metrics may not persist, and the aggressive buyback program could strain liquidity if operating cash flow weakens.