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Planet Fitness, Inc. Announces Second Quarter 2025 Results
System-wide same club sales increased 8.2%
Ended second quarter with total membership of approximately 20.8 million
Maintains 2025 full-year growth outlook

Hampton, NH, August 6, 2025 - Today, Planet Fitness, Inc. (NYSE: PLNT) reported financial results for its second quarter ended June 30, 2025.
Second Quarter Fiscal 2025 Highlights
•Total revenue increased from the prior year period by 13.3% to $340.9 million.
•System-wide same club sales increased 8.2%.
•System-wide sales increased to $1.4 billion from $1.2 billion in the prior year period.
•Net income attributable to Planet Fitness, Inc. was $58.0 million, or $0.69 per diluted share, compared to $48.6 million, or $0.56 per diluted share, in the prior year period.
•Net income increased $9.0 million to $58.3 million, compared to $49.3 million in the prior year period.
•Adjusted net income(1) increased $10.4 million to $72.6 million, or $0.86 per diluted share(1), compared to $62.2 million, or $0.71 per diluted share, in the prior year period.
•Adjusted EBITDA(1) increased $20.1 million to $147.6 million from $127.5 million in the prior year period.
•23 new Planet Fitness clubs were opened system-wide during the period, which included 20 franchisee-owned and 3 corporate-owned clubs, bringing system-wide total clubs to 2,762 as of June 30, 2025.
•Cash and marketable securities of $582.5 million, which includes cash and cash equivalents of $335.7 million, restricted cash of $56.5 million and marketable securities of $190.3 million as of June 30, 2025.
“Today marks the 10-year anniversary for Planet Fitness as a public company. Over the past decade, through a steadfast commitment to our mission and strategy, we’ve added nearly 14 million members, expanded our global footprint by more than 1,700 clubs, and established a presence in all 50 states and four additional countries. While we are proud of our accomplishments, we believe there is even greater opportunity ahead. As consumers increasingly prioritize health and well-being, Planet Fitness is well-positioned to meet this demand with our judgement-free, high-quality, and affordable fitness experience. Early momentum in programs like our High School Summer Pass – which is now in its fifth year and outpacing prior-year sign-ups and workouts – underscores our potential,” said Colleen Keating, Chief Executive Officer. “In the second quarter, we delivered strong financial performance and remain confident in our full-year outlook for 2025, even amid near-term economic variability. We recently signed a binding agreement to sell our eight corporate clubs in California to a franchisee in the market delivering on our commitment to recycle capital where appropriate and demonstrating our commitment to our asset-light model.”
Operating Results for the Second Quarter Ended June 30, 2025
For the second quarter of 2025, total revenue increased $39.9 million or 13.3% to $340.9 million from $300.9 million in the prior year period, including system-wide same club sales growth of 8.2%. By segment:
•Franchise segment revenue increased $11.9 million or 11.0% to $119.7 million from $107.8 million in the prior year period. Of the increase, $8.0 million was due to higher royalty revenue, of which $5.0 million was attributable to a franchise same club sales increase of 8.3%, $1.6 million was attributable to new clubs opened since April 1, 2024 before moving into the same club sales base and $1.4 million was from higher royalties on annual fees. Franchise segment revenue also includes $2.7 million of higher National Advertising Fund (“NAF”) revenue and $1.5 million of higher franchise and other fees;
•Corporate-owned clubs segment revenue increased $13.5 million or 10.8% to $139.0 million from $125.5 million in the prior year period. Of the increase, $8.1 million was attributable to corporate-owned clubs included in the same club sales base, of which $5.6 million was attributable to a same club sales increase of 7.0%, $0.8 million was attributable to higher annual fee revenue and $1.7 million was attributable to other fees. Additionally, $5.4 million was from new clubs opened since April 1, 2024 before moving into the same club sales base; and
1 Adjusted net income, Adjusted EBITDA and Adjusted net income per share, diluted are non-GAAP measures. For reconciliations of Adjusted EBITDA and Adjusted net income 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.


•Equipment segment revenue increased $14.5 million or 21.5% to $82.2 million from $67.7 million in the prior year period. Of the increase, $14.3 million was attributable to higher revenue from equipment sales to existing franchisee-owned clubs and $0.3 million was attributable to higher revenue from equipment sales to new franchisee-owned clubs. In the second quarter of 2025, we had equipment sales to 19 new franchisee-owned clubs compared to 18 in the prior year period.
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:
•Franchise Segment Adjusted EBITDA increased $9.0 million or 11.7% to $86.5 million. This increase was primarily attributable to higher franchise segment revenue of $11.9 million, as described above, partially offset by $2.7 million of higher NAF expense;
•Corporate-owned clubs Segment Adjusted EBITDA increased $7.0 million or 14.2% to $56.6 million. This increase was primarily attributable to $5.8 million from the corporate-owned same clubs sales increase of 7.0% and $1.5 million of lower selling, general and administrative expenses. This increase was partially offset by $1.0 million of lower Adjusted EBITDA from the eight clubs open and operating in Spain, all of which are yet to be included in the same club sales base.
•Equipment Segment Adjusted EBITDA increased $7.9 million or 42.3% to $26.4 million. This increase was primarily attributable to higher equipment sales to new and existing franchisee-owned clubs, as described above, and higher margin equipment sales related to an updated equipment mix as a result of the adoption of the franchise growth model.
Subsequent Event
On August 4, 2025, the Company signed a binding agreement to sell eight corporate-owned clubs located in California to a franchisee. The transaction is expected to close in the third quarter, subject to customary closing contingencies.
2025 Outlook
The Company continues to believe that between its tariff mitigation plans and the current tariff levels, its exposure is limited. This guidance does not include estimates or assumptions regarding the impact of tariffs beyond the existing regulations currently in place.
For the year ending December 31, 2025, the Company is narrowing and reiterating the following expectations:
•New equipment placements of approximately 130 to 140 in franchisee-owned locations
•System-wide new club openings of approximately 160 to 170 locations
•System-wide same club sales growth of approximately 6% (previously 5% to 6%)
The Company is reiterating the following growth expectations over its 2024 results:
•Revenue to increase in the 10% range
•Adjusted EBITDA to increase in the 10% range
•Adjusted net income to increase in the 8% to 9% range
•Adjusted net income per share, diluted to increase in the 11% to 12% range, based on adjusted diluted weighted-average shares outstanding of approximately 84.5 million, inclusive of the shares expected to be repurchased in 2025.
The Company continues to expect 2025 net interest expense to be approximately $86.0 million. It also continues to expect capital expenditures to increase approximately 20% driven by additional clubs in our corporate-owned portfolio and depreciation and amortization to remain flat compared to 2024.



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, 2025. 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, 2025, 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 August 6, 2025 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 centers in the world by number of members and locations. As of June 30, 2025, Planet Fitness had approximately 20.8 million members and 2,762 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®. More than 90% of Planet Fitness clubs are owned and operated by independent business men and women.


Investor Contact:
Stacey Caravella
investor@planetfitness.com
603-750-4674
Media Contacts:
McCall Gosselin, Planet Fitness
mccall.gosselin@pfhq.com
603-957-4650

ICR, Inc.
PFCorpPR@icrinc.com
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 “2025 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, the impact of tariffs 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 indebtedness 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 quarterly report on Form 10-Q for the quarter ended June 30, 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
Condensed Consolidated Statements of Operations
(Unaudited)
Three Months Ended June 30,Six Months Ended June 30,
(in thousands, except per share amounts)2025202420252024
Revenue:
Franchise$96,877 $87,676 $190,117 $171,910 
National advertising fund revenue22,781 20,114 44,721 39,900 
Franchise segment
119,658 107,790 234,838 211,810 
Corporate-owned clubs138,989 125,466 272,658 247,844 
Equipment82,232 67,685 110,045 89,304 
Total revenue340,879 300,941 617,541 548,958 
Operating costs and expenses:
Cost of revenue59,423 51,934 81,908 70,927 
Club operations77,437 70,152 159,117 144,505 
Selling, general and administrative35,511 31,613 69,818 60,806 
National advertising fund expense22,777 20,112 44,721 39,904 
Depreciation and amortization38,429 39,817 76,710 79,197 
Other losses (gains), net4,900 (66)3,663 418 
Total operating costs and expenses238,477 213,562 435,937 395,757 
Income from operations102,402 87,379 181,604 153,201 
Other income (expense), net:
Interest income5,690 5,616 11,502 11,077 
Interest expense(26,181)(24,533)(52,378)(45,966)
Other income, net1,942 1,043 2,225 1,690 
Total other expense, net(18,549)(17,874)(38,651)(33,199)
Income before income taxes83,853 69,505 142,953 120,002 
Provision for income taxes24,930 18,977 41,146 33,301 
Losses from equity-method investments, net of tax(628)(1,216)(1,433)(2,416)
Net income58,295 49,312 100,374 84,285 
Less: net income attributable to non-controlling interests276 672 488 1,336 
Net income attributable to Planet Fitness, Inc.$58,019 $48,640 $99,886 $82,949 
Net income per share of Class A common stock:
Basic$0.69 $0.56 $1.19 $0.95 
Diluted$0.69 $0.56 $1.19 $0.95 
Weighted-average shares of Class A common stock outstanding:
Basic83,861 86,809 84,015 86,859 
Diluted84,065 86,955 84,233 87,083 

Planet Fitness, Inc. and subsidiaries
Condensed Consolidated Balance Sheets
(Unaudited)
(in thousands, except per share amounts)June 30, 2025December 31, 2024
Assets
Current assets:
Cash and cash equivalents$335,723 $293,150 
Restricted cash56,452 56,524 
Short-term marketable securities106,998 114,163 
Accounts receivable, net of allowances for uncollectible amounts of $32 and $30 as of June 30, 2025 and December 31, 2024, respectively
72,847 77,145 
Inventory4,347 6,146 
Restricted assets - national advertising fund9,071 — 
Prepaid expenses19,202 21,499 
Other receivables24,954 16,776 
Income tax receivable and prepayments7,788 2,616 
Total current assets637,382 588,019 
Long-term marketable securities
83,327 65,668 
Investments, net of allowance for expected credit losses of $23,437 and $18,834 as of June 30, 2025 and December 31, 2024, respectively70,896 75,650 
Property and equipment, net of accumulated depreciation of $425,101 and $370,118, as of June 30, 2025 and December 31, 2024, respectively
430,387 423,991 
Right-of-use assets, net417,573 395,174 
Intangible assets, net304,961 323,318 
Goodwill721,118 720,633 
Deferred income taxes443,082 470,197 
Other assets, net10,426 7,058 
Total assets$3,119,152 $3,069,708 
Liabilities and stockholders’ deficit
Current liabilities:
Current maturities of long-term debt$22,500 $22,500 
Accounts payable49,128 32,887 
Accrued expenses57,768 67,895 
Equipment deposits7,860 1,851 
Deferred revenue, current77,309 62,111 
Payable pursuant to tax benefit arrangements, current55,044 55,556 
Other current liabilities40,581 39,695 
Total current liabilities310,190 282,495 
Long-term debt, net of current maturities2,139,418 2,148,029 
Lease liabilities, net of current portion432,950 405,324 
Deferred revenue, net of current portion30,752 31,990 
Deferred tax liabilities1,250 1,386 
Payable pursuant to tax benefit arrangements, net of current portion358,569 411,360 
Other liabilities4,304 4,497 
Total noncurrent liabilities2,967,243 3,002,586 
Stockholders’ equity (deficit):
Class A common stock, $0.0001 par value, 300,000 shares authorized, 83,907 and 84,323 shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively
9 9 
Class B common stock, $0.0001 par value, 100,000 shares authorized, 316 and 342 shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively
— — 
Accumulated other comprehensive income (loss)1,010 (2,348)
Additional paid in capital615,040 609,115 
Accumulated deficit(774,753)(822,156)
Total stockholders’ deficit attributable to Planet Fitness, Inc.(158,694)(215,380)
Non-controlling interests413 7 
Total stockholders’ deficit(158,281)(215,373)
Total liabilities and stockholders’ deficit$3,119,152 $3,069,708 

Planet Fitness, Inc. and subsidiaries
Condensed Consolidated Statements of Cash Flows
(Unaudited)

Six Months Ended June 30,
(in thousands)20252024
Cash flows from operating activities:
Net income$100,374 $84,285 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization76,710 79,197 
Equity-based compensation expense6,138 2,847 
Deferred tax expense27,619 26,761 
Amortization of deferred financing costs2,639 2,634 
Loss on extinguishment of debt— 2,285 
Accretion of marketable securities discount(837)(1,879)
Losses from equity-method investments, net of tax1,433 2,416 
Dividends accrued on held-to-maturity investment(1,139)(1,065)
Credit loss on held-to-maturity investment4,603 557 
Gain on re-measurement of tax benefit arrangement liability(1,294)(1,349)
Gain on insurance proceeds(1,460)— 
Other210 1,300 
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable4,747 380 
Inventory1,799 (544)
Other assets and other current assets(5,400)(6,313)
Restricted assets - national advertising fund(9,023)(12,268)
Accounts payable and accrued expenses1,317 (3,302)
Other liabilities and other current liabilities(427)(699)
Income taxes(4,753)(2,632)
Payments pursuant to tax benefit arrangements(52,740)(28,786)
Equipment deposits6,009 632 
Deferred revenue13,770 18,653 
Leases7,599 4,838 
Net cash provided by operating activities177,894 167,948 
Cash flows from investing activities:
Additions to property and equipment(58,801)(64,345)
Insurance proceeds for property and equipment2,053 — 
Payment of deferred consideration for acquired clubs(1,539)— 
Purchases of marketable securities(81,958)(73,930)
Maturities of marketable securities71,954 47,839 
Issuance of note receivable, related party(2,639)— 
Other investing activity(32)— 
Net cash used in investing activities(70,962)(90,436)
Cash flows from financing activities:
Proceeds from issuance of long-term debt— 800,000 
Repayment of long-term debt(11,250)(599,437)
Payment of deferred financing and other debt-related costs— (12,055)
Proceeds from issuance of Class A common stock1,177 9,808 
Repurchase and retirement of Class A common stock(52,085)(300,205)
Principal payments on capital lease obligations(51)(72)
Payment of share repurchase excise tax(2,549)— 
Distributions paid to members of Pla-Fit Holdings(1,331)(1,732)
Net cash used in financing activities(66,089)(103,693)
Effects of exchange rate changes on cash and cash equivalents1,658 (1,179)
Net increase (decrease) in cash, cash equivalents and restricted cash42,501 (27,360)
Cash, cash equivalents and restricted cash, beginning of period349,674 322,121 
Cash, cash equivalents and restricted cash, end of period$392,175 $294,761 
Supplemental cash flow information:
Cash paid for interest$50,067 $40,814 
Net cash paid for income taxes$18,285 $9,168 
Non-cash investing activities:
Non-cash additions to property and equipment included in accounts payable and accrued expenses$16,667 $18,645 

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.


Planet Fitness, Inc. and subsidiaries
Non-GAAP Financial Measures
(Unaudited)

A reconciliation of net income, the most directly comparable GAAP measure, to Adjusted EBITDA is set forth below.
Three Months Ended June 30,Six Months Ended June 30,
(in thousands)2025202420252024
Net income$58,295 $49,312 $100,374 $84,285 
Interest income(5,690)(5,616)(11,502)(11,077)
Interest expense26,181 24,533 52,378 45,966 
Provision for income taxes24,930 18,977 41,146 33,301 
Depreciation and amortization38,429 39,817 76,710 79,197 
EBITDA142,145 127,023 259,106 231,672 
Severance costs(1)
52 — 649 1,602 
Executive transition costs(2)
1,406 1,348 2,447 1,631 
Loss on adjustment of allowance for credit losses on held-to-maturity investment4,311 82 4,603 557 
Dividend income on held-to-maturity investment(578)(537)(1,139)(1,065)
Insurance recovery(3)
— — (1,636)— 
Lease closure expenses, net(4)
1,067 — 1,067 — 
Tax benefit arrangement remeasurement(5)
(1,210)(987)(1,294)(1,349)
Amortization of basis difference of equity-method investments(6)
240 240 480 469 
Other(7)
176 334 331 297 
Adjusted EBITDA$147,609 $127,503 $264,614 $233,814 
(1) Represents severance related expenses recorded in connection with a reduction in force during the six months ended June 30, 2025 and 2024.
(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 new 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 gains related to the adjustment of our tax benefit arrangements primarily due to changes in our deferred state tax rate.
(6) 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 condensed consolidated statements of operations.
(7) 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 June 30,Six Months Ended June 30,
(in thousands)2025202420252024
Adjusted EBITDA  
Franchise segment$86,502 $77,454 $171,367 $153,592 
Corporate-owned clubs segment56,598 49,565 102,447 91,963 
Equipment segment26,435 18,575 33,877 23,373 
Segment Adjusted EBITDA169,535 145,594 307,691 268,928 
Corporate and other Adjusted EBITDA(1)
(21,926)(18,091)(43,077)(35,114)
Adjusted EBITDA(2)
$147,609 $127,503 $264,614 $233,814 
(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.

Planet Fitness, Inc. and subsidiaries
Non-GAAP Financial Measures
(Unaudited)


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 June 30,Six Months Ended June 30,
(in thousands, except per share amounts)2025202420252024
Net income$58,295 $49,312 $100,374 $84,285 
Provision for income taxes24,930 18,977 41,146 33,301 
Severance costs(1)
52 — 649 1,602 
Executive transition costs(2)
1,406 1,348 2,447 1,631 
Loss on adjustment of allowance for credit losses on held-to-maturity investment4,311 82 4,603 557 
Dividend income on held-to-maturity investment(578)(537)(1,139)(1,065)
Insurance recovery(3)
— — (1,636)— 
Lease closure expenses, net(4)
1,067 — 1,067 — 
Tax benefit arrangement remeasurement(5)
(1,210)(987)(1,294)(1,349)
Amortization of basis difference of equity-method investments(6)
240 240 480 469 
Loss on extinguishment of debt(7)
— 2,285 — 2,285 
Other(8)
176 334 331 297 
Purchase accounting amortization(9)
9,178 12,758 18,356 25,515 
Adjusted income before income taxes97,867 83,812 165,384 147,528 
Adjusted income taxes(10)
25,299 21,645 42,752 38,101 
Adjusted net income$72,568 $62,167 $122,632 $109,427 
Adjusted net income per share, diluted$0.86 $0.71 $1.45 $1.24 
Adjusted weighted-average shares outstanding, diluted(11)
84,398 87,685 84,570 88,036 
(1) Represents severance related expenses recorded in connection with a reduction in force during the six months ended June 30, 2025 and 2024.
(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 new 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 gains related to the adjustment of our tax benefit arrangements primarily due to changes in our deferred state tax rate.
(6) 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 condensed consolidated statements of operations.
(7) Represents the write-off of deferred financing costs associated with the repayment of the 2018-1 Class A-2-II notes prior to the anticipated repayment date.
(8) Represents certain other gains and charges that we do not believe reflect our underlying business performance.

Planet Fitness, Inc. and subsidiaries
Non-GAAP Financial Measures
(Unaudited)

(9) Includes $3.1 million and $6.2 million for the three and six months ended June 30, 2024, respectively, of amortization for intangible assets recorded in connection with investment funds affiliated with TSG Consumer Products, 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 $9.7 million for the three months ended June 30, 2025 and 2024, respectively, and $18.4 million and $19.3 million for the six months ended June 30, 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.
(10) Represents corporate income taxes at an assumed effective tax rate of 25.9% for both the three and six months ended June 30, 2025 and 25.8% for both the three and six months ended June 30, 2024 applied to adjusted income before income taxes.
(11) 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 June 30, 2025Three Months Ended June 30, 2024
(in thousands, except per share amounts)Net incomeWeighted Average SharesNet income per share, dilutedNet incomeWeighted Average SharesNet income per share, diluted
Net income attributable to Planet Fitness, Inc.(1)
$58,019 84,065 $0.69 $48,640 86,955 $0.56 
Net income attributable to non-controlling interests(2)
276 333 672 730 
Net income58,295 49,312 
Adjustments to arrive at adjusted income before income taxes(3)
39,572 34,500 
Adjusted income before income taxes97,867 83,812 
Adjusted income taxes(4)
25,299 21,645 
Adjusted net income$72,568 84,398 $0.86 $62,167 87,685 $0.71 
Six Months Ended June 30, 2025Six Months Ended June 30, 2024
(in thousands, except per share amounts)Net incomeWeighted Average SharesNet income per share, dilutedNet incomeWeighted Average SharesNet income per share, diluted
Net income attributable to Planet Fitness, Inc.(1)
$99,886 84,233 $1.19 $82,949 87,083 $0.95 
Net income attributable to non-controlling interests(2)
488 337 1,336 953 
Net income100,374 84,285 
Adjustments to arrive at adjusted income before income taxes(3)
65,010 63,243 
Adjusted income before income taxes165,384 147,528 
Adjusted income taxes(4)
42,752 38,101 
Adjusted net income$122,632 84,570 $1.45 $109,427 88,036 $1.24 
(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 25.9% for both the three and six months ended June 30, 2025 and 25.8% for both the three and six months ended June 30, 2024 applied to adjusted income before income taxes.