Planet Fitness, Inc. Announces Fourth Quarter and Year-End 2025 Results
Full-year system-wide same club sales increase of 6.7%
Net membership growth of 1.1 million in 2025
Opened 181 new Planet Fitness clubs in 2025
HAMPTON, N.H., Feb. 24, 2026 /PRNewswire/ -- Today, Planet Fitness, Inc. (NYSE: PLNT) reported financial results for its fourth quarter and year ended December 31, 2025.
Fourth Quarter Fiscal 2025 Highlights
Fiscal Year 2025 Highlights
"We're pleased with our strong performance in 2025 that was the result of our unwavering focus on our four strategic imperatives. We ended the year with approximately 20.8 million members, and a global footprint of nearly 2,900 clubs, reinforcing the quality of our member experience and our core conviction that anyone can get a great workout at Planet Fitness for an incredible value. Adding approximately 1.1 million net new members in 2025—the first full-year of our 50 percent price increase for new Classic Card members—highlights the incredible demand for our brand," said Colleen Keating, Chief Executive Officer. "The progress we made on both our topline and new club growth is evidence of our powerful scale and reach. Our scale provides a foundation to introduce our brand to even more people looking to improve their mental and physical health globally. I'd like to thank our franchisees and team members for their passion and commitment that helped drive this strong performance."
Operating Results for the Fourth Quarter Ended December 31, 2025
For the fourth quarter of 2025, total revenue increased $35.8 million or 10.5% to $376.3 million from $340.5 million in the prior year period. By segment:
Segment Adjusted EBITDA represents our Adjusted EBITDA broken out by the Company's reportable segments. Adjusted EBITDA is defined as net income before interest, taxes, depreciation and amortization, adjusted for the impact of certain non-cash and other items that we do not consider in our evaluation of ongoing performance of the Company's core operations, see "Non-GAAP Financial Measures" accompanying this press release.
Segment Adjusted EBITDA was as follows:
Operating Results for the Fiscal Year Ended December 31, 2025
For the fiscal year ended December 31, 2025, total revenue increased $142.5 million or 12.1% to $1.3 billion from $1.2 billion in the prior year period. By segment:
Segment Adjusted EBITDA was as follows:
(1)
Adjusted net income, Adjusted net income per share, diluted and Adjusted EBITDA are non-GAAP measures. For reconciliations of Adjusted net income and Adjusted EBITDA to U.S. GAAP ("GAAP") net income and a computation of Adjusted net income per share, diluted, see "Non-GAAP Financial Measures" accompanying this press release.
2026 Outlook
For the year ending December 31, 2026, the Company expects the following:
The following are 2026 growth expectations over its 2025 results:
The Company also expects 2026 net interest expense to be approximately $114.0 million. It also expects capital expenditures to increase approximately 10% to 15% driven by additional clubs in our corporate-owned portfolio and depreciation and amortization to increase approximately 10% compared to 2025.
Presentation of Financial Measures
Planet Fitness, Inc. (the "Company") was formed in March 2015 for the purpose of facilitating the initial public offering (the "IPO") and related recapitalization transactions that occurred in August 2015, and in order to carry on the business of Pla-Fit Holdings, LLC ("Pla-Fit Holdings") and its subsidiaries. As the sole managing member of Pla-Fit Holdings, the Company operates and controls all of the business and affairs of Pla-Fit Holdings, and through Pla-Fit Holdings, conducts its business. As a result, the Company consolidates Pla-Fit Holdings' financial results and reports a non-controlling interest related to the portion of Pla-Fit Holdings not owned by the Company.
The financial information presented in this press release includes non-GAAP financial measures such as Adjusted EBITDA, Adjusted net income and Adjusted net income per share, diluted, to provide measures that we believe are useful to investors in evaluating the Company's performance. These non-GAAP financial measures are supplemental measures of the Company's performance that are neither required by, nor presented in accordance with GAAP. These financial measures should not be considered in isolation or as substitutes for GAAP financial measures such as net income or any other performance measures derived in accordance with GAAP. In addition, in the future, the Company may incur expenses or charges such as those added back to calculate Adjusted EBITDA, Adjusted net income and Adjusted net income per share, diluted. The Company's presentation of Adjusted EBITDA, Adjusted net income and Adjusted net income per share, diluted, should not be construed as an inference that the Company's future results will be unaffected by similar amounts or other unusual or nonrecurring items. See the tables at the end of this press release for a reconciliation of Adjusted EBITDA, Adjusted net income, and Adjusted net income per share, diluted, to their most directly comparable GAAP financial measure.
The non-GAAP financial measures used in our full-year outlook will differ from net income and net income per share, diluted, determined in accordance with GAAP in ways similar to those described in the reconciliations at the end of this press release. We do not provide guidance for net income or net income per share, diluted, determined in accordance with GAAP or a reconciliation of guidance for Adjusted net income and Adjusted net income per share, diluted, to the most directly comparable GAAP measure because we are not able to predict with reasonable certainty the amount or nature of all items that will be included in our net income and net income per share, diluted, for the year ending December 31, 2026. These items are uncertain, depend on many factors and could have a material impact on our net income and net income per share, diluted, for the year ending December 31, 2026, and therefore cannot be made available without unreasonable effort.
Same club sales refers to year-over-year sales comparisons for the same club sales base of both corporate-owned and franchisee-owned clubs, which is calculated for a given period by including only sales from clubs that had sales in the comparable months of both years. We define the same club sales base to include those clubs that have been open and for which monthly membership dues have been billed for longer than 12 months. We measure same club sales based solely upon monthly dues billed to members of our corporate-owned and franchisee-owned clubs.
Investor Conference Call
The Company will hold a conference call at 8:00AM (ET) on February 24, 2026 to discuss the news announced in this press release. A live webcast of the conference call will be accessible at www.planetfitness.com via the "Investor Relations" link. The webcast will be archived on the website for one year.
About Planet Fitness
Founded in 1992 in Dover, NH, Planet Fitness is one of the largest and fastest-growing franchisors and operators of fitness clubs in the world by number of members and locations. As of December 31, 2025, Planet Fitness had approximately 20.8 million members and 2,896 clubs in all 50 states, the District of Columbia, Puerto Rico, Canada, Panama, Mexico, Australia and Spain. The Company's mission is to enhance people's lives by providing a high-quality fitness experience in a welcoming, non-intimidating environment, which we call the Judgement Free Zone®. Approximately 90% of Planet Fitness clubs are owned and operated by independent business owners.
Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of the federal securities laws, which involve risks and uncertainties. Forward-looking statements include the Company's statements with respect to expected future performance presented under the heading "2026 Outlook," those attributed to the Company's Chief Executive Officer in this press release, the Company's expected membership growth and club growth, share repurchases and the timing thereof, ability to deliver future shareholder value, and other statements, estimates and projections that do not relate solely to historical facts. Forward-looking statements can be identified by words such as "anticipate," "believe," "envision," "estimate," "expect," "intend," "may," "might," "goal," "plan," "prospect," "predict," "project," "target," "potential," "assumption," "will," "would," "could," "should," "continue," "ongoing," "contemplate," "future," "strategy" and similar references to future periods, although not all forward-looking statements include these identifying words. Forward-looking statements are not assurances of future performance. Instead, they are based only on the Company's current beliefs, expectations and assumptions regarding the future of the business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of the Company's control. Actual results and financial condition may differ materially from those indicated in the forward-looking statements. Important factors that could cause our actual results to differ materially include competition in the fitness industry, the Company's and franchisees' ability to attract and retain members, the Company's and franchisees' ability to identify and secure suitable sites for new franchise clubs, changes in consumer demand, changes in equipment costs, the Company's ability to expand into new markets domestically and internationally, operating costs for the Company and franchisees generally, availability and cost of capital for franchisees, acquisition activity, developments and changes in laws and regulations, our substantial increased indebtedness as a result of our refinancing and securitization transactions and our ability to incur additional indebtedness or refinance that indebtedness in the future, our future financial performance and our ability to pay principal and interest on our indebtedness, our corporate structure and tax receivable agreements, failures, interruptions or security breaches of the Company's information systems or technology, general economic conditions and the other factors described in the Company's annual report on Form 10-K for the year ended December 31, 2024 and, once available, the Company's annual report on Form 10-K for the year ended December 31, 2025, as well as the Company's other filings with the Securities and Exchange Commission. In light of the significant risks and uncertainties inherent in forward-looking statements, investors should not place undue reliance on forward-looking statements, which reflect the Company's views only as of the date of this press release. Except as required by law, neither the Company nor any of its affiliates or representatives undertake any obligation to provide additional information or to correct or update any information set forth in this release, whether as a result of new information, future developments or otherwise.
Planet Fitness, Inc. and subsidiaries
Consolidated Statements of Operations
(Unaudited)
Three Months Ended December 31,
Years Ended December 31,
(in thousands, except per share amounts)
2025
2024
2025
2024
Revenue:
Franchise
$ 98,609
$ 89,537
$ 380,971
$ 344,320
National advertising fund revenue
20,836
19,485
86,987
78,927
Franchise segment
119,445
109,022
467,958
423,247
Corporate-owned clubs
135,606
126,311
546,097
502,287
Equipment
121,207
105,117
310,089
256,120
Total revenue
376,258
340,450
1,324,144
1,181,654
Operating costs and expenses:
Cost of revenue
90,245
80,494
230,308
197,122
Club operations
79,636
74,388
318,545
290,507
Selling, general and administrative
37,291
35,693
137,634
129,146
National advertising fund expense
21,430
19,385
87,580
79,009
Depreciation and amortization
39,967
40,116
155,785
160,346
Other loss (gain), net
1,684
628
(385)
1,326
Total operating costs and expenses
270,253
250,704
929,467
857,456
Income from operations
106,005
89,746
394,677
324,198
Other income (expense), net:
Interest income
5,561
6,428
22,999
23,115
Interest expense
(29,524)
(27,468)
(108,244)
(100,037)
Other expense, net
(3,746)
(1,680)
(454)
(548)
Total other expense, net
(27,709)
(22,720)
(85,699)
(77,470)
Income before income taxes
78,296
67,026
308,978
246,728
Provision for income taxes
16,754
18,619
85,874
68,443
Losses from equity-method investments, net of tax
(835)
(844)
(2,840)
(4,042)
Net income
60,707
47,563
220,264
174,243
Less net income attributable to non-controlling interests
318
479
1,160
2,201
Net income attributable to Planet Fitness, Inc.
$ 60,389
$ 47,084
$ 219,104
$ 172,042
Net income per share of Class A common stock:
Basic
$ 0.73
$ 0.56
$ 2.62
$ 2.01
Diluted
$ 0.73
$ 0.56
$ 2.62
$ 2.00
Weighted-average shares of Class A common stock
outstanding:
Basic
82,544
84,224
83,519
85,621
Diluted
82,853
84,442
83,726
85,827
Planet Fitness, Inc. and subsidiaries
Consolidated Balance Sheets
(Unaudited)
(in thousands, except per share amounts)
December 31, 2025
December 31, 2024
Assets
Current assets:
Cash and cash equivalents
$ 345,652
$ 293,150
Restricted cash
66,304
56,524
Short-term marketable securities
106,761
114,163
Accounts receivable, net of allowances for uncollectible amounts of $428 and $30 as of
December 31, 2025 and 2024, respectively
70,431
77,145
Inventory
7,581
6,146
Prepaid expenses
24,605
21,499
Other receivables
34,094
16,776
Income tax receivable
2,958
2,616
Total current assets
658,386
588,019
Long-term marketable securities
88,263
65,668
Investments, net of allowance for expected credit losses of $24,424 and $18,834 as of
December 31, 2025 and 2024, respectively
69,700
75,650
Property and equipment, net of accumulated depreciation of $453,852 and $370,118, as of
December 31, 2025 and 2024, respectively
466,747
423,991
Right-of-use assets, net
409,320
395,174
Intangible assets, net
286,409
323,318
Goodwill
712,450
720,633
Deferred income taxes
406,724
470,197
Other assets, net
5,396
7,058
Total assets
$ 3,103,395
$ 3,069,708
Liabilities and stockholders' deficit
Current liabilities:
Current maturities of long-term debt
$ 23,875
$ 22,500
Accounts payable
39,683
32,887
Accrued expenses
75,371
67,895
Equipment deposits
10,165
1,851
Deferred revenue, current
58,593
62,111
Payable pursuant to tax benefit arrangements, current
55,518
55,556
Other current liabilities
49,285
39,695
Total current liabilities
312,490
282,495
Long-term debt, net of current maturities
2,458,379
2,148,029
Lease liabilities, net of current portion
419,120
405,324
Deferred revenue, net of current portion
29,657
31,990
Deferred tax liabilities
1,177
1,386
Payable pursuant to tax benefit arrangements, net of current portion
360,273
411,360
Other liabilities
5,677
4,497
Total noncurrent liabilities
3,274,283
3,002,586
Stockholders' equity (deficit):
Class A common stock, $.0001 par value, 300,000 shares authorized, 80,446 and 84,323 shares
issued and outstanding as of December 31, 2025 and 2024, respectively
8
9
Class B common stock, $.0001 par value, 100,000 shares authorized, 316 and 342 shares issued
and outstanding as of December 31, 2025 and 2024, respectively
—
—
Additional paid in capital
623,333
609,115
Accumulated other comprehensive income (loss)
1,311
(2,348)
Accumulated deficit
(1,107,429)
(822,156)
Total stockholders' deficit attributable to Planet Fitness, Inc.
(482,777)
(215,380)
Non-controlling interests
(601)
7
Total stockholders' deficit
(483,378)
(215,373)
Total liabilities and stockholders' deficit
$ 3,103,395
$ 3,069,708
Planet Fitness, Inc. and subsidiaries
Consolidated Statements of Cash Flows
(Unaudited)
Years Ended December 31,
(in thousands)
2025
2024
Cash flows from operating activities:
Net income
$ 220,264
$ 174,243
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization
155,785
160,346
Equity-based compensation
12,333
8,913
Deferred tax expense
63,876
55,689
Amortization of deferred financing costs
5,362
5,362
Loss on extinguishment of debt
1,731
2,285
Accretion of marketable securities discount
(1,337)
(3,307)
Losses from equity-method investments, net of tax
2,840
4,042
Dividends accrued on held-to-maturity investment
(2,337)
(2,180)
Credit loss on held-to-maturity investment
5,590
1,145
Loss on re-measurement of tax benefit arrangement liability
2,431
1,300
Gain on sale of corporate-owned clubs
(6,443)
—
Gain on insurance proceeds
(1,461)
(1,441)
Other
154
2,050
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable
7,226
(36,459)
Inventory
(1,377)
(1,484)
Other assets and other current assets
(15,927)
(11,785)
Accounts payable and accrued expenses
6,932
17,312
Other liabilities and other current liabilities
18
(519)
Income taxes
498
407
Payments pursuant to tax benefit arrangements
(54,288)
(44,946)
Equipment deposits
8,293
(2,653)
Deferred revenue
(3,327)
2,775
Leases
11,585
12,778
Net cash provided by operating activities
418,421
343,873
Cash flows from investing activities:
Additions to property and equipment
(163,670)
(155,061)
Insurance proceeds for property and equipment
2,053
848
Payment of consideration for acquired clubs
(3,082)
—
Proceeds from sale of corporate-owned clubs
21,626
—
Purchases of marketable securities
(156,141)
(155,423)
Maturities of marketable securities
141,577
103,672
Issuance of note receivable, related party
(2,639)
(2,145)
Other investments
112
(602)
Net cash used in investing activities
(160,164)
(208,711)
Cash flows from financing activities:
Proceeds from issuance of long-term debt
750,000
800,000
Repayment of long-term debt
(431,562)
(608,688)
Payment of deferred financing and other debt-related costs
(13,806)
(12,055)
Repurchase and retirement of Class A common stock
(500,373)
(300,205)
Proceeds from issuance of Class A common stock
1,852
21,875
Principal payments on capital lease obligations
(149)
(98)
Payment of share repurchase excise tax
(2,549)
(1,032)
Distributions to members of Pla-Fit Holdings
(1,508)
(4,792)
Net cash used in financing activities
(198,095)
(104,995)
Effects of exchange rate changes on cash and cash equivalents
2,120
(2,614)
Net increase in cash, cash equivalents and restricted cash
62,282
27,553
Cash, cash equivalents and restricted cash, beginning of period
349,674
322,121
Cash, cash equivalents and restricted cash, end of period
$ 411,956
$ 349,674
Supplemental cash flow information:
Cash paid for interest
$ 100,247
$ 90,853
Non-cash investing activities:
Purchases of property and equipment included in accounts payable and accrued expenses
$ 18,399
$ 11,423
Planet Fitness, Inc. and subsidiaries
Non-GAAP Financial Measures
(Unaudited)
To supplement its consolidated financial statements, which are prepared and presented in accordance with GAAP, the Company uses the following non-GAAP financial measures: Adjusted EBITDA, Adjusted net income and Adjusted net income per share, diluted (collectively, the "non-GAAP financial measures"). The Company believes that these non-GAAP financial measures, when used in conjunction with GAAP financial measures, are useful to investors in evaluating our operating performance. These non-GAAP financial measures presented in this release are supplemental measures of the Company's performance that are neither required by, nor presented in accordance with GAAP. These financial measures should not be considered in isolation or as substitutes for GAAP financial measures such as net income or any other performance measures derived in accordance with GAAP. In addition, in the future, the Company may incur expenses or charges such as those added back to calculate Adjusted EBITDA, Adjusted net income and Adjusted net income per share, diluted. The Company's presentation of Adjusted EBITDA, Adjusted net income, and Adjusted net income per share, diluted, should not be construed as an inference that the Company's future results will be unaffected by unusual or nonrecurring items.
Adjusted EBITDA and Segment Adjusted EBITDA
We refer to Adjusted EBITDA as we use this measure to evaluate our operating performance and we believe this measure is useful to investors in evaluating our performance. We define Adjusted EBITDA as net income before interest, taxes, depreciation and amortization, adjusted for the impact of certain non-cash and other items that we do not consider in our evaluation of ongoing performance of the Company's core operations. We believe that Adjusted EBITDA is an appropriate measure of operating performance because it eliminates the impact of other items that we believe reduce the comparability of our underlying core business performance from period to period and is therefore useful to our investors. Our Board of Directors uses Adjusted EBITDA as a key metric to assess the performance of management. Our Chief Operating Decision Maker also uses Segment Adjusted EBITDA, which is Adjusted EBITDA specific to each of our three reportable segments, to assess the financial performance of and allocate resources to our segments in accordance with ASC 280, Segment Reporting. Corporate overhead costs not directly attributable to any individual segment are not allocated to the three segments and are included in Corporate and Other Adjusted EBITDA within Adjusted EBITDA.
A reconciliation of net income, the most directly comparable GAAP measure, to Adjusted EBITDA is set forth below.
Three Months Ended December 31,
Years Ended December 31,
(in thousands)
2025
2024
2025
2024
Net income
$ 60,707
$ 47,563
$ 220,264
$ 174,243
Interest income
(5,561)
(6,428)
(22,999)
(23,115)
Interest expense
29,524
27,468
108,244
100,037
Provision for income taxes
16,754
18,619
85,874
68,443
Depreciation and amortization
39,967
40,116
155,785
160,346
EBITDA
141,391
127,338
547,168
479,954
Severance costs (1)
—
—
649
1,602
Executive transition costs (2)
384
1,227
3,239
4,200
Loss on adjustment of allowance for credit losses on
held-to-maturity investment
501
297
5,590
1,146
Dividend income on held-to-maturity investment
(604)
(562)
(2,337)
(2,180)
Insurance recovery (3)
—
—
(1,636)
—
Lease closure expenses, net (4)
—
—
1,328
—
Tax benefit arrangement remeasurement (5)
4,200
2,074
2,431
1,300
Gain on sale of corporate-owned clubs (6)
—
—
(6,443)
—
Amortization of basis difference of equity-method
investments (7)
240
240
960
949
Other (8)
152
211
695
739
Adjusted EBITDA
$ 146,264
$ 130,825
$ 551,644
$ 487,710
(1) Represents severance related expenses recorded in connection with a reduction in force.
(2) Represents certain expenses recorded in connection with the departure of the former Chief Executive Officer, including costs associated with the search for, and stock-based compensation associated with certain equity awards granted to, the Company's Chief Executive Officer and retention payments for certain key employees through the Chief Executive Officer transition.
(3) Represents insurance recoveries, net of costs incurred.
(4) Represents lease termination costs, impairment charges, and loss on disposal of property and equipment from the closure of our Florida Corporate Support Center located in Orlando, Florida.
(5) Represents a loss related to the adjustment of our tax benefit arrangements primarily due to changes in our deferred state tax rate.
(6) Represents a gain on the sale of eight corporate-owned clubs to a franchisee.
(7) Represents the Company's pro-rata portion of the basis difference related to intangible asset amortization expense in its equity method investees, which is included within losses from equity-method investments, net of tax on our consolidated statements of operations.
(8) Represents certain other gains and charges that we do not believe reflect our underlying business performance.
A reconciliation of Segment Adjusted EBITDA to Adjusted EBITDA is set forth below.
Three Months Ended December 31,
Years Ended December 31,
(in thousands)
2025
2024
2025
2024
Adjusted EBITDA
Franchise segment
$ 82,858
$ 74,744
$ 336,592
$ 301,122
Corporate-owned clubs segment
50,163
46,397
206,347
188,751
Equipment segment
36,877
29,918
94,478
71,778
Segment Adjusted EBITDA
169,898
151,059
637,417
561,651
Corporate and other Adjusted EBITDA (1)
(23,634)
(20,234)
(85,773)
(73,941)
Adjusted EBITDA (2)
$ 146,264
$ 130,825
$ 551,644
$ 487,710
(1) Corporate and other Adjusted EBITDA includes adjusted corporate overhead costs, such as payroll and related benefit costs and professional services that are not directly attributable to any individual segment and thus are unallocated.
(2) Segment Adjusted EBITDA plus the Adjusted EBITDA of corporate and other is equal to Adjusted EBITDA. Adjusted EBITDA is a metric that is not presented in accordance with GAAP. Refer to "—Non-GAAP Financial Measures" for a definition of Adjusted EBITDA and a reconciliation of Adjusted EBITDA to net income, the most directly comparable GAAP measure.
Adjusted Net Income and Adjusted Net Income per Diluted Share
Our presentation of Adjusted net income assumes that all net income is attributable to Planet Fitness, Inc., which assumes the full exchange of all outstanding Holdings Units for shares of Class A common stock of Planet Fitness, Inc., adjusted for certain non-cash and other items that we do not believe directly reflect our core operations. Adjusted net income per share, diluted, is calculated by dividing Adjusted net income by the total weighted-average shares of Class A common stock outstanding plus any dilutive options and restricted stock units as calculated in accordance with GAAP and assuming the full exchange of all outstanding Holdings Units and corresponding Class B common stock as of the beginning of each period presented. Adjusted net income and Adjusted net income per share, diluted, are supplemental measures of operating performance that do not represent and should not be considered alternatives to net income and earnings per share, as calculated in accordance with GAAP. We believe Adjusted net income and Adjusted net income per share, diluted, supplement GAAP measures and enable us to more effectively evaluate our performance period-over-period.
A reconciliation of net income, the most directly comparable GAAP measure, to Adjusted net income, and the computation of Adjusted net income per share, diluted, are set forth below.
Three Months Ended December 31,
Years Ended December 31,
(in thousands, except per share amounts)
2025
2024
2025
2024
Net income
$ 60,707
$ 47,563
$ 220,264
$ 174,243
Provision for income taxes
16,754
18,619
85,874
68,443
Severance costs (1)
—
—
649
1,602
Executive transition costs (2)
384
1,227
3,239
4,200
Loss on adjustment of allowance for credit losses on
held-to-maturity investment
501
297
5,590
1,146
Dividend income on held-to-maturity investment
(604)
(562)
(2,337)
(2,180)
Insurance recovery (3)
—
—
(1,636)
—
Lease closure expenses, net (4)
—
—
1,328
—
Tax benefit arrangement remeasurement (5)
4,200
2,074
2,431
1,300
Gain on sale of corporate-owned clubs (6)
—
—
(6,443)
—
Amortization of basis difference of equity-method
investments (7)
240
240
960
949
Other (8)
152
211
695
739
Loss on extinguishment of debt (9)
1,731
—
1,731
2,285
Purchase accounting amortization (10)
9,179
10,918
36,713
49,190
Adjusted income before income taxes
93,244
80,587
349,058
301,917
Adjusted income taxes (11)
24,243
20,863
90,755
78,163
Adjusted net income
$ 69,001
$ 59,724
$ 258,303
$ 223,754
Adjusted net income per share, diluted
$ 0.83
$ 0.70
$ 3.07
$ 2.59
Adjusted weighted-average shares outstanding, diluted (12)
83,169
84,845
84,052
86,537
(1) Represents severance related expenses recorded in connection with a reduction in force.
(2) Represents certain expenses recorded in connection with the departure of the former Chief Executive Officer, including costs associated with the search for, and stock-based compensation associated with certain equity awards granted to, the Company's Chief Executive Officer and retention payments for certain key employees through the Chief Executive Officer transition.
(3) Represents insurance recoveries, net of costs incurred.
(4) Represents lease termination costs, impairment charges, and loss on disposal of property and equipment from the closure of our Florida Corporate Support Center located in Orlando, Florida.
(5) Represents a loss related to the adjustment of our tax benefit arrangements primarily due to changes in our deferred state tax rate.
(6) Represents a gain on the sale of eight corporate-owned clubs to a franchisee.
(7) Represents the Company's pro-rata portion of the basis difference related to intangible asset amortization expense in its equity method investees, which is included within losses from equity-method investments, net of tax on our consolidated statements of operations.
(8) Represents certain other gains and charges that we do not believe reflect our underlying business performance.
(9) Represents a loss on extinguishment of debt as a result of the repayment of the 2022-1 Class A-2-I notes prior to the anticipated repayment date.
(10) Includes $1.3 million and $10.6 million for the three months and year ended December 31, 2024 of amortization for intangible assets recorded in connection with investment funds affiliated with TSG Consumer Partners, LLC, purchasing interests in Pla-Fit Holdings in 2012 (the "2012 Acquisition"), other than favorable leases. During the fourth quarter of 2024, the intangible assets recorded in connection with the 2012 Acquisition became fully amortized. Also includes $9.2 million and $9.6 million for the three months ended December 31, 2025 and 2024, respectively, and $36.7 million and $38.6 million for the years ended December 31, 2025 and 2024, respectively, of amortization for intangible assets created in connection with historical acquisitions of franchisee-owned clubs. The adjustment represents the amount of actual non-cash amortization expense recorded, in accordance with GAAP, in each period.
(11) Represents corporate income taxes at an assumed effective tax rate of 26.0% for both the three months and year ended December 31, 2025 and 25.9% for both the three months and year ended December 31, 2024, respectively, applied to adjusted income before income taxes.
(12) Assumes the full exchange of all outstanding Holdings Units and corresponding shares of Class B common stock for shares of Class A common stock of Planet Fitness, Inc.
A reconciliation of net income per share, diluted, to Adjusted net income per share, diluted is set forth below:
Three Months Ended December 31, 2025
Three Months Ended December 31, 2024
(in thousands, except per share
amounts)
Net income
Weighted
Average Shares
Net income per
share, diluted
Net income
Weighted
Average Shares
Net income per
share, diluted
Net income attributable to Planet
Fitness, Inc. (1)
$ 60,389
82,853
$ 0.73
$ 47,084
84,442
$ 0.56
Net income attributable to non-
controlling interests (2)
318
316
479
403
Net income
60,707
47,563
Adjustments to arrive at adjusted
income before income taxes (3)
32,537
33,024
Adjusted income before income
taxes
93,244
80,587
Adjusted income taxes (4)
24,243
20,863
Adjusted net income
$ 69,001
83,169
$ 0.83
$ 59,724
84,845
$ 0.70
Year Ended December 31, 2025
Year Ended December 31, 2024
(in thousands, except per share
amounts)
Net income
Weighted
Average Shares
Net income per
share, diluted
Net income
Weighted
Average Shares
Net income per
share, diluted
Net income attributable to Planet
Fitness, Inc. (1)
$ 219,104
83,726
$ 2.62
$ 172,042
85,827
$ 2.00
Net income attributable to non-
controlling interests (2)
1,160
327
2,201
709
Net income
220,264
174,243
Adjustments to arrive at adjusted
income before income taxes (3)
128,794
127,674
Adjusted income before income
taxes
349,058
301,917
Adjusted income taxes (4)
90,755
78,163
Adjusted net income
$ 258,303
84,052
$ 3.07
$ 223,754
86,537
$ 2.59
(1) Represents net income attributable to Planet Fitness, Inc. and the associated weighted average shares of Class A common stock outstanding.
(2) Represents net income attributable to non-controlling interests and the assumed exchange of all outstanding Holdings Units and corresponding shares of Class B common stock for shares of Class A common stock of Planet Fitness, Inc. as of the beginning of the period presented.
(3) Represents the total impact of all adjustments identified in the adjusted net income table above to arrive at adjusted income before income taxes.
(4) Represents corporate income taxes at an assumed effective tax rate of 26.0% for both the three months and year ended December 31, 2025 and 25.9% both the three months and year ended December 31, 2024, respectively, applied to adjusted income before income taxes.
SOURCE Planet Fitness, Inc.