Planet Fitness, Inc 10-Q for FY2026 Q3

Planet Fitness, Inc. (PLNT)

10-Q 2026-11-05 For: 2026-09-30

Added on November 05, 2026

About this 10-Q

Planet Fitness, Inc filed this 10-Q on November 5, 2026, covering the quarter ended September 30, 2026 (FY2026 Q3).

Headline figures

Quarter ended September 30, 2026, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $359.98M; up 9.0% from $330.35M a year earlier
Net income: $52M; down 11.6% from net income of $58.83M a year earlier

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Delaware						38-3942097
(State or Other Jurisdiction of Incorporation or Organization)						(I.R.S. Employer Identification No.)


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Class A common stock, $0.0001 Par Value	PLNT	New York Stock Exchange


(in thousands, except per share amounts)	September 30, 2026		December 31, 2025
Assets
Current assets:
Cash and cash equivalents	$	310,185	$	345,652
Restricted cash	72,815		66,304
Short-term marketable securities	90,290		106,761
Accounts receivable, net of allowances for uncollectible amounts of $4 and $428 as of September 30, 2026 and December 31, 2025, respectively	73,581		70,431
Inventory	8,104		7,581
Restricted assets - national advertising fund	622		—
Prepaid expenses	22,968		24,605
Other receivables	24,062		34,094
Income tax receivable and prepayments	1,747		2,958
Total current assets	604,374		658,386
Long-term marketable securities	41,754		88,263
Investments, net of allowance for expected credit losses of $25,984 and $24,424 as of September 30, 2026 and December 31, 2025, respectively	56,000		69,700
Property and equipment, net of accumulated depreciation of $524,245 and $453,852, as of September 30, 2026 and December 31, 2025, respectively	516,724		466,747
Right-of-use assets, net	492,953		409,320
Intangible assets, net	262,350		286,409
Goodwill	712,300		712,450
Deferred income taxes	368,161		406,724
Other assets, net	43,246		5,396
Total assets	$	3,097,862	$	3,103,395
Liabilities and stockholders’ deficit
Current liabilities:
Current maturities of long-term debt	$	25,750	$	23,875
Borrowings under Variable Funding Notes	75,000		—
Accounts payable	36,581		39,683
Accrued expenses	77,332		75,371
Equipment deposits	23,021		10,165
Restricted liabilities - national advertising fund	183		—
Deferred revenue, current	68,745		58,593
Payable pursuant to tax benefit arrangements, current	38,442		55,518
Other current liabilities	50,385		49,285
Total current liabilities	395,439		312,490
Long-term debt, net of current maturities	2,443,244		2,458,379
Lease liabilities, net of current portion	509,583		419,120
Deferred revenue, net of current portion	30,690		29,657
Deferred tax liabilities	451		1,177
Payable pursuant to tax benefit arrangements, net of current portion	323,484		360,273
Other liabilities	5,662		5,677
Total noncurrent liabilities	3,313,114		3,274,283
Commitments and contingencies (Note 12)
Stockholders’ equity (deficit):
Class A common stock, $0.0001 par value, 300,000 shares authorized, 74,249 and 80,446 shares issued and outstanding as of September 30, 2026 and December 31, 2025, respectively	7		8
Class B common stock, $0.0001 par value, 100,000 shares authorized, 266 and 316 shares issued and outstanding as of September 30, 2026 and December 31, 2025, respectively	—		—
Additional paid in capital	633,466		623,333
Accumulated other comprehensive (loss) income	(1,654)		1,311
Accumulated deficit	(1,240,714)		(1,107,429)
Total stockholders’ deficit attributable to Planet Fitness, Inc.	(608,895)		(482,777)
Non-controlling interests	(1,796)		(601)
Total stockholders’ deficit	(610,691)		(483,378)
Total liabilities and stockholders’ deficit	$	3,097,862	$	3,103,395


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands, except per share amounts)	2026		2025		2026		2025
Revenue:
Franchise	$	97,829	$	92,245	$	302,934	$	282,362
National advertising fund revenue	31,816		21,430		96,956		66,151
Corporate-owned clubs	142,713		137,833		427,197		410,491
Equipment	87,619		78,837		235,349		188,882
Total revenue	359,977		330,345		1,062,436		947,886
Operating costs and expenses:
Cost of revenue	65,370		58,155		175,206		140,063
Club operations	84,339		79,792		254,231		238,909
Selling, general and administrative	34,939		30,525		103,495		100,343
National advertising fund expense	31,816		21,429		96,956		66,150
Depreciation and amortization	41,571		39,108		121,965		115,818
Other losses (gains), net	458		(5,732)		(13,383)		(2,069)
Total operating costs and expenses	258,493		223,277		738,470		659,214
Income from operations	101,484		107,068		323,966		288,672
Other income (expense), net:
Interest income	5,170		5,936		16,103		17,438
Interest expense	(34,140)		(26,342)		(100,508)		(78,720)
Other income, net	315		1,067		1,376		3,292
Total other (expense), net	(28,655)		(19,339)		(83,029)		(57,990)
Income before income taxes	72,829		87,729		240,937		230,682
Provision for income taxes	19,981		27,974		67,803		69,120
Loss from equity-method investments, net of tax	(601)		(572)		(1,687)		(2,005)
Net income	52,247		59,183		171,447		159,557
Less: net income attributable to non-controlling interests	246		354		810		842
Net income attributable to Planet Fitness, Inc.	$	52,001	$	58,829	$	170,637	$	158,715
Net income per share of Class A common stock:
Basic	$	0.70	$	0.70	$	2.21	$	1.89
Diluted	$	0.70	$	0.70	$	2.21	$	1.89
Weighted-average shares of Class A common stock outstanding:
Basic	74,655		83,517		77,069		83,847
Diluted	74,741		83,717		77,212		84,055


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2026		2025		2026		2025
Net income including non-controlling interests	$	52,247	$	59,183	$	171,447	$	159,557
Other comprehensive (loss) income, net
Foreign currency translation adjustments	(490)		(59)		(1,953)		3,187
Unrealized (loss) gain on marketable securities, net of tax	(328)		170		(1,012)		282
Total other comprehensive (loss) income, net	(818)		111		(2,965)		3,469
Total comprehensive income including non-controlling interests	51,429		59,294		168,482		163,026
Less: total comprehensive income attributable to non-controlling interests	246		354		810		842
Total comprehensive income attributable to Planet Fitness, Inc.	$	51,183	$	58,940	$	167,672	$	162,184


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


	Class A common stock			Class B common stock			Additional paid- in capital		Accumulated other comprehensive income (loss)		Accumulated deficit		Non-controlling interests		Total (deficit) equity
(In thousands)	Shares	Amount		Shares	Amount
Balance at December 31, 2025	80,446	$	8	316	$	—	$	623,333	$	1,311	$	(1,107,429)	$	(601)	$	(483,378)
Net income	—	—		—	—		—		—		170,637		810		171,447
Equity-based compensation expense	—	—		—	—		9,510		—		—		—		9,510
Repurchase and retirement of Class A common stock	(6,362)	(1)		—	—		1,620		—		(303,922)		(1,620)		(303,923)
Exchanges of Class B common stock	50	—		(50)	—		(285)		—		—		285		—
Issuance of shares under equity-based compensation plans	115	—		—	—		(840)		—		—		—		(840)
Tax benefit arrangement liability and deferred taxes arising from exchanges of Class B common stock	—	—		—	—		128		—		—		—		128
Distributions paid to members of Pla-Fit Holdings	—	—		—	—		—		—		—		(670)		(670)
Other comprehensive loss	—	—		—	—		—		(2,965)		—		—		(2,965)
Balance at September 30, 2026	74,249	$	7	266	$	—	$	633,466	$	(1,654)	$	(1,240,714)	$	(1,796)	$	(610,691)


(in thousands)	Amortized Cost		Unrealized Losses, Net		Fair Value(1)		Level 1		Level 2
September 30, 2026
Cash equivalents
Money market funds	$	3,470	$	—	$	3,470	$	3,470	$	—


Total cash equivalents	3,470		—		3,470		3,470		—
Short-term marketable securities
Corporate debt securities	89,533		(237)		89,296		—		89,296
Commercial paper	995		(1)		994		—		994


Total short-term marketable securities	90,528		(238)		90,290		—		90,290
Long-term marketable securities
Corporate debt securities	40,388		(356)		40,032		—		40,032


U.S. government agency securities	1,750		(28)		1,722		—		1,722
Total long-term marketable securities	42,138		(384)		41,754		—		41,754
Total cash equivalents and marketable securities	$	136,136	$	(622)	$	135,514	$	3,470	$	132,044


(in thousands)	Amortized Cost		Unrealized Gains, Net		Fair Value(1)		Level 1		Level 2
December 31, 2025
Cash equivalents
Money market funds	$	407	$	—	$	407	$	407	$	—


Total cash equivalents	407		—		407		407		—
Short-term marketable securities
Corporate debt securities	99,371		205		99,576		—		99,576
Commercial paper	7,185		—		7,185		—		7,185


Total short-term marketable securities	106,556		205		106,761		—		106,761
Long-term marketable securities
Corporate debt securities	88,078		185		88,263		—		88,263



Total long-term marketable securities	88,078		185		88,263		—		88,263
Total cash equivalents and marketable securities	$	195,041	$	390	$	195,431	$	407	$	195,024


(in thousands)	Amount
Remainder of 2026	$	8,020
2027	27,956
2028	27,300
2029	23,675
2030	17,920
Thereafter	11,075
Total	$	115,946


(in thousands) Leases	Balance Sheet Classification	September 30, 2026		December 31, 2025
Assets
Operating	Right of use asset, net	$	492,953	$	409,320
Finance	Property and equipment, net	800		964
Total lease assets		$	493,753	$	410,284

Liabilities
Current:
Operating	Other current liabilities	$	46,163	$	44,397
Finance	Other current liabilities	200		203
Noncurrent:
Operating	Lease liabilities, net of current portion	509,583		419,120
Finance	Other liabilities	627		773
Total lease liabilities		$	556,573	$	464,493

Weighted-average remaining lease term - operating leases		8.2 years		7.8 years
Weighted-average discount rate - operating leases		6.0%		5.9%


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands, except share and per share amounts)	2026		2025		2026		2025
Numerator
Net income	$	52,247	$	59,183	$	171,447	$	159,557
Less: net income attributable to non-controlling interests	246		354		810		842
Net income attributable to Planet Fitness, Inc.	$	52,001	$	58,829	$	170,637	$	158,715
Denominator
Weighted-average shares of Class A common stock outstanding - basic	74,654,654		83,517,094		77,068,659		83,847,130
Effect of dilutive securities:
Stock options	18,278		40,840		23,105		40,596
Restricted stock units	30,550		94,795		68,294		105,977
Performance stock units	37,791		64,566		51,994		61,386
Weighted-average shares of Class A common stock outstanding - diluted	74,741,273		83,717,295		77,212,052		84,055,089
Earnings per share of Class A common stock - basic	$	0.70	$	0.70	$	2.21	$	1.89
Earnings per share of Class A common stock - diluted	$	0.70	$	0.70	$	2.21	$	1.89


Franchise Segment	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2026		2025		2026		2025
Selling, general and administrative	$	8,679	$	8,199	$	26,229	$	24,183
National advertising fund expense	31,816		21,429		96,956		66,150
Cost of revenue	2,284		1,858		6,161		5,120
Other segment expenses (income), net⁽¹⁾	48		(178)		(2,732)		(674)
Total	$	42,827	$	31,308	$	126,614	$	94,779


Corporate-owned Clubs Segment	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2026		2025		2026		2025
Club compensation and payroll(1)	$	26,640	$	24,685	$	78,737	$	73,378
Rent & occupancy(1)	36,426		32,335		101,548		95,070
Marketing(1)	10,347		11,844		39,444		36,615
Operational and other(1)	10,926		10,927		34,501		33,846
Selling, general and administrative	3,067		2,641		10,085		10,241
Other segment expenses, net⁽²⁾	1,790		1,664		5,399		5,157
Total	$	89,196	$	84,096	$	269,714	$	254,307


	Nine Months Ended September 30,
(in thousands)	2026		2025
Cash flows from operating activities:
Net income	$	171,447	$	159,557
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	121,965		115,818
Equity-based compensation expense	9,510		9,132
Deferred tax expense	37,789		54,408
Amortization of deferred financing costs	4,333		3,975

Accretion of marketable securities discount	(217)		(1,109)
Losses from equity-method investments, net of tax	1,687		2,005
Dividends accrued on held-to-maturity investment	(1,857)		(1,733)
Credit loss on held-to-maturity investment	1,560		5,089
Gain on re-measurement of tax benefit arrangement liability	(142)		(1,769)

Gain on sale of corporate-owned clubs	—		(6,443)
Gain on sale of equity-method investment	(12,541)		—
Gain on insurance proceeds	—		(1,461)


Other	(1,648)		(150)
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable	(2,782)		7,484
Inventory	(467)		(836)
Other assets and other current assets	1,197		1,581
Restricted assets - national advertising fund	(434)		2,613
Accounts payable and accrued expenses	(8,374)		(3,728)
Other liabilities and other current liabilities	148		327
Income taxes	4,274		(5,119)
Payments pursuant to tax benefit arrangements	(54,424)		(52,778)
Equipment deposits	12,900		9,324
Deferred revenue	11,285		3,862
Leases	8,680		9,312
Net cash provided by operating activities	303,889		309,361
Cash flows from investing activities:
Additions to property and equipment	(148,943)		(113,577)
Insurance proceeds for property and equipment	—		2,053
Payment of deferred consideration for acquired clubs	—		(1,524)


	September 30, 2026						December 31, 2025
(in thousands)	Gross carrying amount		Accumulated amortization		Net carrying Amount		Gross carrying amount		Accumulated amortization		Net carrying Amount
Finite-lived intangible assets:
Customer relationships	$	199,043	$	(188,564)	$	10,479	$	199,043	$	(186,199)	$	12,844
Reacquired franchise rights	274,708		(169,241)		105,467		274,708		(147,547)		127,161
Total finite-lived intangible assets	473,751		(357,805)		115,946		473,751		(333,746)		140,005
Indefinite-lived intangible assets:
Trade and brand names	146,404		—		146,404		146,404		—		146,404
Total intangible assets	$	620,155	$	(357,805)	$	262,350	$	620,155	$	(333,746)	$	286,409


(in thousands)	September 30, 2026		December 31, 2025
2019-1 Class A-2 notes	$	512,875	$	517,000
2022-1 Class A-2-II notes	453,625		457,188
2024-1 Class A-2-I notes	416,500		419,688
2024-1 Class A-2-II notes	367,500		370,312
2025-1 Class A-2-I notes	398,000		400,000
2025-1 Class A-2-II notes	348,250		350,000
Total long-term debt, excluding deferred financing costs	2,496,750		2,514,188
Deferred financing costs, net of accumulated amortization	(27,756)		(31,934)
Total long-term debt, net	2,468,994		2,482,254
Current portion of long-term debt	25,750		23,875
Long-term debt, net of current maturities	$	2,443,244	$	2,458,379


Equipment Segment	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2026		2025		2026		2025
Cost of revenue	$	61,211	$	54,547	$	163,936	$	129,851
Other segment expenses, net⁽¹⁾	861		565		2,073		1,429
Total	$	62,072	$	55,112	$	166,009	$	131,280


	Three Months Ended September 30, 2026					Three Months Ended September 30, 2025
(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)	$	52,001	74,741	$	0.70	$	58,829	83,717	$	0.70
Net income attributable to non-controlling interests(2)	246		305			354		316
Net income	52,247					59,183
Adjustments to arrive at adjusted income before income taxes(3)	31,434					31,247
Adjusted income before income taxes	83,681					90,430
Adjusted income taxes(4)	21,757					23,421
Adjusted net income	$	61,924	75,046	$	0.83	$	67,009	84,033	$	0.80


	Nine Months Ended September 30, 2026					Nine Months Ended September 30, 2025
(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)	$	170,637	77,212	$	2.21	$	158,715	84,055	$	1.89
Net income attributable to non-controlling interests(2)	810		312			842		330
Net income	171,447					159,557
Adjustments to arrive at adjusted income before income taxes(3)	85,065					96,257
Adjusted income before income taxes	256,512					255,814
Adjusted income taxes(4)	66,693					66,256
Adjusted net income	$	189,819	77,524	$	2.45	$	189,558	84,385	$	2.25


	Issuer Purchases of Equity Securities
Month Ending	Total Number of Shares Purchased	Average Price Paid Per Share(1)		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs	Approximate Dollar Value of Shares that May Yet be Purchased Under the Plans or Programs(2)
7/31/2026	—	—		—	$	249,973,513
8/31/2026	1,028,217	48.63		1,028,217	$	199,973,567
9/30/2026	—	—		—	$	199,973,567
Total	1,028,217	$	48.63	1,028,217


/s/ Colleen Keating
Colleen Keating
Chief Executive Officer
(Principal Executive Officer)


/s/ Sudhanshu Priyadarshi
Sudhanshu Priyadarshi
Chief Financial Officer
(Principal Financial Officer)