Revenue growth decelerated to 7.1% in 2026Q2, but gross margin surged to 82.3% from 38.9% in 2026Q1, driving operating margin to 33.9% and EPS growth of 26.1% to $0.87.
Planet Fitness, Inc. (PLNT) annual income statement — 13-year revenue, gross profit & net income history
| 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 | 1.44B | 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 % | 11.67% | 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 | 601.55M | 636.43M | 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 | - | 48.06% | 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 | 837.14M | 687.71M | 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 % | 58.19% | 51.94% | 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 % | - | 11.82% | 10.3% | 17.63% | 50.07% | 69.27% | -47.89% | 22.37% | 21.92% | 22.58% | 22.71% | 22.74% | 47.78% | - |
| Operating Expenses | 407.17M | 293.03M | 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 | - | 22.13% | 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 | 172.6M | 137.63M | 129.15M | 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% | 10.93% | 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 | 4M | 155.4M | 161.67M | 159.79M | 129.1M | 77.94M | 58.27M | 46.19M | 36.14M | 32.11M | 30.13M | 31.89M | 33.34M | 28.81M |
| Operating Income | 429.97M | 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 % | 29.89% | 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 | 591.9M | 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 % | 41.14% | 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 % | 10.77% | 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) | 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 |
| EBIT | 447.34M | 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 | -108.37M | -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 | 21.66M | 23M | 23.11M | 17.74M | 5M | 878K | 2.94M | 7.05M | 4.68M | 0 | 0 | 0 | 377K | 0 |
| Interest Expense | 130.03M | 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 | -112.66M | -88.54M | -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 | 317.31M | 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 % | 22.06% | 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 | 84.56M | 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 % | 26.65% | 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 | 231.03M | 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 % | 16.06% | 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 % | 12.26% | 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) | 232.75M | 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 | -1.8M | -601K | 7K | -3.34M | -12.55M | 2.51M | 196K | -1.3M | -8.21M | -17.45M | -84M | 14.3M | 6.23M | 6.2M |
| EPS (Diluted) | 3.09 | 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 % | 20.41% | 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 | 74.74M | 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 | 74.66M | 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% |
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 $687.7M in gross profit for the year, representing a gross profit margin of 51.9%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Revenue mix volatility
Metrics are mathematically derived from official filings.
Revenue Momentum Accelerates
Planet Fitness reported 7.1% revenue growth in 2026Q2, a sharp deceleration from 21.9% in 2026Q1, yet the two-quarter average suggests sustained mid-teens expansion, per company filings.
The 2026Q2 revenue of $365.2M marks a sequential increase of 8.3% from 2026Q1, indicating strong seasonal demand. However, the year-over-year growth rate dropped from 21.9% to 7.1%, likely due to a high comparison base from the prior year's exceptional performance. Investors should monitor whether this deceleration is a temporary normalization or a sign of maturing growth.
Gross Margin Volatility Raises Questions
Gross margin swung from 38.9% in 2026Q1 to 82.3% in 2026Q2, a dramatic 43.4 percentage point shift, as reported in the latest quarterly statement, suggesting a fundamental change in revenue composition.
The gross margin spike in 2026Q2 is anomalous compared to the 38-54% range seen in prior quarters. This could indicate a one-time benefit, such as a change in revenue recognition or a shift toward higher-margin franchise royalties. Without further disclosure, the sustainability of this margin level is uncertain, and analysts should treat it with caution.
Operating Leverage Evident in 2026
Operating income grew 24.8% year-over-year in 2026Q2 to $123.8M, outpacing revenue growth of 7.1%, demonstrating strong operating leverage, based on the company's income statement.
The operating margin expanded to 33.9% in 2026Q2 from 30.0% in 2025Q2, driven by a 43.4% increase in gross profit while SG&A remained relatively flat at $34.4M. This suggests that the company is scaling efficiently, with fixed costs spread over a larger revenue base. However, the sustainability of this leverage depends on maintaining revenue growth and controlling overhead.
EPS Growth Outpaces Net Income
Diluted EPS rose 26.1% year-over-year in 2026Q2 to $0.87, while net income grew only 15.7%, indicating share buybacks or other factors boosting per-share metrics, as per financial statements.
The discrepancy between EPS growth and net income growth suggests a reduction in diluted shares outstanding, likely from buybacks. Additionally, stock-based compensation was $6.3M in 2026Q2, up from $3.5M in 2025Q2, which could dilute shareholders if not offset by repurchases. Investors should assess the quality of earnings, as SBC is a non-cash expense that still impacts shareholder value.
COGS Fluctuations Drive Profitability
Cost of goods sold as a percentage of revenue fell to 17.7% in 2026Q2 from 46.8% in 2025Q2, a dramatic shift that appears to be a mix change rather than cost discipline, per reported figures.
The COGS line has been highly volatile, ranging from $64.5M to $231.3M over the past ten quarters. This volatility suggests that the company's revenue streams have varying cost structures, possibly with a higher proportion of high-margin franchise revenue in 2026Q2. Management's expense discipline is evident in SG&A, which has remained stable around $34M, but the COGS swings warrant deeper investigation into the underlying business mix.
2026Q2 Marks a Margin Inflection
The 2026Q2 gross margin of 82.3% is a structural outlier versus the 38-54% range of prior quarters, signaling a potential inflection in the business model, as disclosed in the latest earnings report.
This quarter's gross margin is nearly double the historical average, which could indicate a one-time event or a permanent shift toward a more asset-light model. If sustainable, this would significantly enhance profitability and cash flow generation. However, given the lack of segment detail, investors should await management's explanation before adjusting their valuation models.
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.
Short-sellers could argue that the 2026Q2 gross margin is a one-time anomaly, possibly from a favorable revenue mix or accounting change, and that normalized margins are closer to 50%. Additionally, the sharp deceleration in revenue growth from 21.9% to 7.1% may indicate market saturation or increased competition, which could pressure both top-line growth and margins. If the high-margin mix reverts, operating leverage could reverse, leading to margin compression and EPS disappointment.