- Strong Financial Growth: Q4 revenue rose 12% YoY to $376.3M, adjusted EBITDA grew 13% to $146.3M, and adjusted diluted EPS increased 19%.
- Member and Club Expansion: Ended 2025 with 20.8 million members and 2,900+ clubs globally, adding 1.1 million net new members and opening 181 new clubs in 2025.
- International Momentum: Surpassed 1 million international members and 200 clubs in 2025, with a 4-5% same-store sales growth projected for 2026.
- Strategic Tech Investments: Launched AI-driven tools like predictive churn models and expanded mobile app usage, which remains the top health & fitness app download.
- Capital Allocation and Guidance: 2026 guidance includes 180–190 new club openings, 9% revenue growth, 10% adjusted EBITDA growth, and 10–15% CapEx increase to support relocations and remodels.
Member Growth and New Club Openings
The company ended 2025 with approximately 20.8 million members and nearly 2,900 clubs globally. Planet Fitness added 1.1 million net new members in 2025, with 181 new club openings during the year. The company's international expansion remains a key growth pillar, with over 1 million members and 200 clubs internationally in 2025. The strong member growth was driven by effective marketing efforts, including the "We Are All Strong" campaign, and the company's investment in AI-enabled technology to improve member retention.
Guidance and Outlook
Planet Fitness expects 4-5% system-wide same-store sales growth in 2026, with 180-190 new club openings. Total revenue is expected to grow 9%, with adjusted EBITDA increasing 10%. Adjusted diluted EPS is expected to rise 9-10%. The company's guidance is based on its continued focus on its strategic imperatives and its expectation of driving strong member growth through the balance of the year. As Jay Stasz discussed, the company is committed to its 3-year growth algorithm, despite a lower growth year due to the reequipped cycle and the sale of California clubs.
Valuation and Metrics
With a P/E Ratio of 31.49 and an EV/EBITDA of 12.5, the market is pricing in a certain level of growth for Planet Fitness. The company's ROIC of 10.12% indicates a relatively healthy return on invested capital. As the company continues to drive growth through unit openings and member acquisition, it remains to be seen whether it can meet or exceed market expectations. Analysts estimate next year's revenue growth at 11.8%, which is slightly higher than the company's guided growth rate.
Operational Highlights
The company is continuing to innovate and improve its member experience, including the rollout of online member management and a partnership with a GLP-1 provider to offer discounts and a complementary health and wellness program to its members. The company has seen high conversion rates and is pleased with the early results, indicating a compelling market opportunity. With a large addressable market of 50-60 million active adults in the US, Planet Fitness remains well-positioned for long-term growth.