Revenue growth remains lumpy with a 21.9% peak in 2026Q1, while gross margins have eroded significantly from 54.4% in 2024Q1 to 38.9% in 2026Q1.
| 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 |
|---|
| Sales/Revenue | 1.38B | 1.32B | 1.18B | 1.07B | 936.77M | 587.02M | 406.62M | 688.8M | 572.9M | 429.94M | 378.24M | 330.54M | 279.78M | 211.01M |
| Revenue Growth % | 14.41% | 12.06% | 10.3% | 14.36% | 59.58% | 44.37% | -40.97% | 20.23% | 33.25% | 13.67% | 14.43% | 18.14% | 32.59% | - |
| Cost of Goods Sold | 795.4M | 230.31M | 566.64M | 513.74M | 462.74M | 271.15M | 220.01M | 330.71M | 280.27M | 189.92M | 182.44M | 170.98M | 149.78M | 123.05M |
| COGS % of Revenue | - | 17.39% | 47.95% | 47.95% | 49.4% | 46.19% | 54.11% | 48.01% | 48.92% | 44.17% | 48.23% | 51.73% | 53.54% | 58.31% |
| Gross Profit | 589.31M | 1.09B | 615.02M | 557.59M | 474.03M | 315.87M | 186.61M | 358.09M | 292.63M | 240.02M | 195.8M | 159.56M | 130M | 87.96M |
| Gross Margin % | 42.56% | 82.61% | 52.05% | 52.05% | 50.6% | 53.81% | 45.89% | 51.99% | 51.08% | 55.83% | 51.77% | 48.27% | 46.46% | 41.69% |
| Gross Profit Growth % | - | 77.85% | 10.3% | 17.63% | 50.07% | 69.27% | -47.89% | 22.37% | 21.92% | 22.58% | 22.71% | 22.74% | 47.78% | - |
| Operating Expenses | 178.72M | 699.16M | 290.82M | 284.72M | 243.96M | 172.48M | 126.85M | 125.01M | 108.58M | 92.48M | 80.14M | 87.46M | 68.46M | 51.93M |
| OpEx % of Revenue | - | 52.8% | 24.61% | 26.58% | 26.04% | 29.38% | 31.2% | 18.15% | 18.95% | 21.51% | 21.19% | 26.46% | 24.47% | 24.61% |
| Selling, General & Admin | 137.48M | 137.63M | 170.68M | 124.93M | 114.85M | 94.54M | 68.58M | 78.82M | 72.45M | 60.37M | 50.01M | 55.57M | 35.12M | 23.12M |
| SG&A % of Revenue | - | 10.39% | 14.44% | 11.66% | 12.26% | 16.11% | 16.87% | 11.44% | 12.65% | 14.04% | 13.22% | 16.81% | 12.55% | 10.96% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 561.52M | 120.14M | 159.79M | 129.1M | 77.94M | 58.27M | 46.19M | 36.14M | 32.11M | 30.13M | 31.89M | 33.34M | 28.81M |
| Operating Income | 410.6M | 394.68M | 324.2M | 272.86M | 230.08M | 143.4M | 59.76M | 233.08M | 184.04M | 147.54M | 115.66M | 72.1M | 61.54M | 36.04M |
| Operating Margin % | 29.65% | 29.81% | 27.44% | 25.47% | 24.56% | 24.43% | 14.7% | 33.84% | 32.13% | 34.32% | 30.58% | 21.81% | 22% | 17.08% |
| Operating Income Growth % | - | 21.74% | 18.81% | 18.6% | 60.45% | 139.95% | -74.36% | 26.65% | 24.75% | 27.56% | 60.41% | 17.16% | 70.76% | - |
| EBITDA | 568.35M | 550.46M | 484.54M | 422.28M | 354.1M | 206.19M | 113.59M | 277.67M | 219.68M | 179.63M | 147.56M | 104.74M | 94.38M | 65.09M |
| EBITDA Margin % | 41.04% | 41.57% | 41.01% | 39.42% | 37.8% | 35.13% | 27.94% | 40.31% | 38.35% | 41.78% | 39.01% | 31.69% | 33.73% | 30.85% |
| EBITDA Growth % | 14.4% | 13.6% | 14.75% | 19.25% | 71.73% | 81.52% | -59.09% | 26.4% | 22.29% | 21.74% | 40.88% | 10.97% | 45% | - |
| D&A (Non-Cash Add-back) | 157.75M | 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 |
| EBIT | 429.69M | 414.38M | 346.76M | 294.12M | 250.07M | 133.17M | 67.6M | 234.03M | 182.55M | 464.52M | 117.05M | 71.83M | 60.28M | 35.34M |
| Net Interest Income | -92.17M | -85.25M | -76.92M | -68.83M | -83.62M | -80.33M | -79.18M | -53.8M | -46.06M | -35.28M | -27.13M | -24.55M | -21.8M | -8.91M |
| Interest Income | 22.85M | 23M | 23.11M | 17.74M | 5M | 878K | 2.94M | 7.05M | 4.68M | 0 | 0 | 0 | 377K | 0 |
| Interest Expense | 115.01M | 108.24M | 100.04M | 86.58M | 88.63M | 81.21M | 82.12M | 60.85M | 50.75M | 35.28M | 27.13M | 24.55M | 22.18M | 8.91M |
| Other Income/Expense | -91.65M | -88.15M | -81.51M | -67.32M | -69.11M | -91.44M | -74.28M | -59.91M | -52.24M | 281.64M | -25.75M | -24.82M | -23.06M | -9.61M |
| Pretax Income | 318.95M | 306.14M | 242.69M | 205.55M | 160.97M | 51.78M | -14.52M | 173.18M | 131.8M | 429.18M | 89.91M | 47.28M | 38.48M | 26.43M |
| Pretax Margin % | 23.03% | 23.12% | 20.54% | 19.19% | 17.18% | 8.82% | -3.57% | 25.14% | 23.01% | 99.82% | 23.77% | 14.3% | 13.75% | 12.53% |
| Income Tax | 88.97M | 85.87M | 68.44M | 58.51M | 50.52M | 5.66M | 687K | 37.76M | 28.64M | 373.58M | 18.66M | 9.15M | 1.18M | 633K |
| Effective Tax Rate % | 27.89% | 28.05% | 28.2% | 28.47% | 31.38% | 10.93% | -4.73% | 21.81% | 21.73% | 87.04% | 20.76% | 19.35% | 3.07% | 2.39% |
| Net Income | 228.79M | 219.1M | 172.04M | 138.31M | 99.4M | 42.77M | -14.99M | 117.69M | 88.02M | 33.15M | 21.5M | 18.52M | 36.81M | 25.44M |
| Net Margin % | 16.52% | 16.55% | 14.56% | 12.91% | 10.61% | 7.29% | -3.69% | 17.09% | 15.36% | 7.71% | 5.68% | 5.6% | 13.16% | 12.06% |
| Net Income Growth % | 27.39% | 27.35% | 24.39% | 39.15% | 132.39% | 385.33% | -112.74% | 33.71% | 165.56% | 54.17% | 16.1% | -49.69% | 44.7% | - |
| Net Income (Continuing) | 229.98M | 220.26M | 174.24M | 147.03M | 110.46M | 46.12M | -15.2M | 135.41M | 103.16M | 55.6M | 71.25M | 38.13M | 37.3M | 25.8M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | -572K | -601K | 7K | -3.34M | -12.55M | 2.51M | 196K | -1.3M | -8.21M | -17.45M | -84M | 14.3M | 6.23M | 6.2M |
| EPS (Diluted) | 2.87 | 2.62 | 2.00 | 1.62 | 1.18 | 0.51 | -0.19 | 1.41 | 1.00 | 0.42 | 0.50 | 0.51 | 1.04 | 0.72 |
| EPS Growth % | 30.66% | 31% | 23.46% | 37.29% | 131.37% | 368.42% | -113.48% | 41% | 138.1% | -16% | -1.96% | -50.96% | 44.44% | - |
| EPS (Basic) | - | 2.62 | 2.01 | 1.63 | 1.18 | 0.51 | -0.19 | 1.42 | 1.01 | 0.42 | 0.50 | 0.51 | 1.04 | 0.72 |
| Diluted Shares Outstanding | 79.79M | 83.73M | 85.83M | 85.18M | 84.54M | 83.89M | 80.3M | 83.62M | 87.67M | 78.97M | 43.3M | 36.6M | 35.23M | 35.23M |
| Basic Shares Outstanding | 79.58M | 83.52M | 85.62M | 84.9M | 84.14M | 83.3M | 80.3M | 82.98M | 87.24M | 78.91M | 43.3M | 36.24M | 35.23M | 35.23M |
| Dividend Payout Ratio | - | 0.69% | 2.79% | 3.33% | 4.66% | 1.75% | - | 6.52% | 10.52% | 40.22% | 1408.6% | 953.05% | 559.2% | 94.41% |
Franchisee capital expenditure constraints
As reported in recent financial statements, Planet Fitness experienced significant revenue fluctuations, with growth peaking at 21.9% in 2026Q1 before moderating, suggesting that the company's reliance on equipment refresh cycles and unit expansion creates a lumpy top-line trajectory that warrants careful investor scrutiny.
The inconsistency in quarterly revenue growth suggests that the underlying business model is sensitive to the timing of equipment sales and new store openings. Investors should monitor whether the recent deceleration in growth reflects market saturation or merely the cyclical nature of the franchise equipment replacement schedule.
Based on reported figures, the company's gross margin contracted from 54.4% in 2024Q1 to 38.9% by 2026Q1, indicating that rising costs or shifts in the revenue mix toward lower-margin segments may be eroding the structural profitability previously afforded by the asset-light franchise model.
This significant margin compression suggests that the company may be facing increased operational costs within its corporate-owned stores or higher equipment-related expenses. The decline appears to challenge the long-term sustainability of the high-margin royalty stream if the corporate segment continues to weigh on consolidated performance.
According to quarterly filings, operating income growth has failed to consistently outpace revenue expansion, with operating margins hovering near 29% despite significant top-line volatility, suggesting that the company's ability to scale SG&A efficiently is currently constrained by ongoing operational investments and potential inflationary pressures.
The lack of clear operating leverage implies that the company is not yet capturing the full benefits of its scale. Investors should investigate whether the persistent SG&A spend is necessary for member acquisition or if it represents a structural inefficiency that could limit future earnings growth.
While the company maintains a resilient brand, the recent decline in net margins to 15.3% in 2026Q1, as noted in official filings, suggests that the market's assumption of a 'sticky' and low-cost membership base may be overly optimistic in the face of shifting consumer discretionary spending.
Short-term margin volatility and the potential for member churn in a higher-price environment could undermine the valuation premium typically assigned to this business. The reliance on passive, non-attending members remains a hidden risk that could lead to significant earnings disappointment if digital fitness alternatives gain further traction.
Quick answers to the most common questions about buying PLNT stock.
For fiscal year 2025, Planet Fitness, Inc. (PLNT) reported total revenue of $1.32B. This represents a 527.5% increase compared to $211.0M in 2013.
Planet Fitness, Inc. (PLNT) is profitable, generating $219.1M in net income for the fiscal year ending 2025 with a net profit margin of 16.5%.
Planet Fitness, Inc. (PLNT) reported an operating income of $394.7M, resulting in an operating profit margin of 29.8%. This margin reflects the operational efficiency of the business before interest and taxes.
Planet Fitness, Inc. (PLNT) generated $1.09B in gross profit for the year, representing a gross profit margin of 82.6%. This demonstrates the company's core pricing power and production efficiency.