Life Time Group (LTH) Q4 2025 earnings summary

Executive summary

• Achieved record revenue and Adjusted EBITDA for both Q4 and full year 2025, with strong performance from mature and new clubs, and robust member engagement and utilization levels.

• Total revenue grew 12.3% year-over-year to $745.1 million in Q4 and 14.3% to $2,995.3 million for 2025.

• Net income surged 230.6% to $123.0 million in Q4 and 139.2% to $373.7 million for the year, driven by higher member engagement, increased dues, and in-center revenue.

• Announced a $500 million share repurchase program, reflecting confidence in cash generation and business predictability.

Financial highlights

• Q4 revenue rose 12.3% year-over-year to $745.1 million; full year revenue up 14.3% to $2,995.3 million.

• Q4 net income was $123 million, up 231%, benefiting from $45.6 million in non-recurring items; Adjusted net income was $77.4 million, up 28.4%.

• Adjusted EBITDA for Q4 was $202.6 million (+14.5%); full year Adjusted EBITDA was $825.2 million (+21.9%).

• Adjusted EBITDA margin improved to 27.2% in Q4 and 27.5% for the year.

• Adjusted diluted EPS increased 51.6% to $1.44 for the year.

Outlook and guidance

• 2026 revenue guidance: $3,300–$3,330 million, up 10.7% at midpoint.

• Adjusted EBITDA guidance: $910–$925 million, up 11.2% at midpoint.

• Comparable center revenue growth expected at 6.3%-7.3%, with higher growth early in the year and a downward glide as the year progresses.

• Growth capital expenditures for 2026 projected at $875 million-$915 million, with over half allocated to clubs opening in 2027 and beyond.

• At least $300 million in sale-leasebacks planned for 2026 to recycle capital.