PLNT · Planet Fitness, Inc.

Planet Fitness reported Q1 2026 results that exceeded expectations on top and bottom lines, with total revenue rising 21.9% to $337.2 million, driven by strong franchise segment revenue (up 16.7% to $134.5 million) and equipment segment revenue (up 123.4% to $62.1 million). System-wide same club sales increased 3.5%. Adjusted EBITDA grew 19.6% to $139.9 million, and adjusted net income rose 18.8% to $59.4 million. However, management noted that net member growth faced internal and external headwinds during the peak sign-up period, leading to a slower start to 2026. As a result, the company is sharpening marketing to capture demand and has paused the planned national Black Card price increase pending a broader pricing review. Consequently, the company lowered its full-year 2026 guidance: system-wide same club sales growth is now expected to be approximately 1% (down from 4-5%), revenue growth approximately 7% (from ~9%), adjusted EBITDA growth approximately 6% (from ~10%), and adjusted net income is expected to decrease approximately 2% (from an increase of 4-5%). The company also updated its adjusted diluted weighted-average share count to approximately 79.0 million, reflecting share repurchases. Despite near-term headwinds, management expressed confidence in long-term secular tailwinds for the fitness industry and Planet Fitness's leadership position. The company opened 15 new franchisee-owned clubs in Q1, bringing the total to 2,909, and repurchased 613,725 shares for $50 million.