Planet Fitness (PLNT) Q1 2026 earnings summary

Executive summary

• Net new members grew by over 700,000 in Q1, reaching approximately 21.5 million globally, but member growth lagged expectations due to marketing misalignment, competitive pressures, weather disruptions, and macroeconomic uncertainty.

• System-wide same club sales grew 3.5% year-over-year, and total revenue rose 21.9% to $337.2 million, driven by growth across all segments.

• Net income attributable to shareholders was $51.6 million, a 23.2% increase from Q1 2025; adjusted net income was $59.4 million ($0.74 per diluted share).

• 15 new clubs opened in Q1, bringing the total to 2,909 as of March 31, 2026, with a focus on refining marketing to target fitness beginners and casual gym-goers.

• Strategic pause on Black Card price increase to prioritize member growth amid economic pressures.

Financial highlights

• System-wide sales reached $1.4 billion, up from $1.3 billion in the prior year period.

• Adjusted EBITDA was $139.9 million, up 19.6% year-over-year, with a margin of 41.5%.

• Net income was $52 million; adjusted net income was $59 million; adjusted EPS was $0.74.

• Franchisee adjusted EBITDA was $94.7 million (margin 70.4%), corporate club adjusted EBITDA was $46.5 million (margin 33.1%), and equipment adjusted EBITDA was $19.5 million (margin 31.3%).

• Cash, equivalents, and marketable securities totaled $652 million as of March 31, 2026.

Outlook and guidance

• 2026 guidance revised: system-wide same club sales growth now expected at ~1%, revenue growth at ~7%, adjusted EBITDA growth at ~6%.

• Adjusted net income projected to decrease ~2%, while adjusted EPS is expected to grow ~4%.

• 180–190 new clubs expected system-wide in 2026, with most openings and equipment placements weighted to the second half.

• Capital expenditures anticipated to rise 10–15%; depreciation and amortization up ~10%.

• Three-year algorithm outlook withdrawn due to revised member growth and pricing strategy.