Planet Fitness (PLNT) Financials

$64.34 +1.05 (+1.66%)

Closing price 03:59 PM Eastern

Extended Trading

$64.59 +0.25 (+0.39%)

As of 07:09 PM Eastern

Annual Income Statements for Planet Fitness

This table shows Planet Fitness' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	19	22	33	88	118	-15	43	99	138	172	219
Consolidated Net Income / (Loss)	38	71	56	103	135	-15	46	110	147	174	220
Net Income / (Loss) Continuing Operations	38	71	56	103	586	-15	46	110	147	174	220
Total Pre-Tax Income	47	90	429	132	173	-15	52	161	208	247	309
Total Operating Income	72	116	148	184	233	60	143	230	273	324	395
Total Gross Profit	217	256	301	410	1,461	336	486	760	881	985	1,094
Total Revenue	331	378	430	573	1,655	407	587	937	1,071	1,182	1,324
Operating Revenue	331	378	430	573	1,655	407	587	937	1,071	1,182	1,324
Total Cost of Revenue	113	122	129	163	194	71	101	177	190	197	230
Operating Cost of Revenue	113	122	129	163	194	71	101	177	190	197	230
Total Operating Expenses	145	140	153	226	717	276	343	529	608	660	699
Selling, General & Admin Expense	56	50	60	72	165	69	95	334	379	420	456
Marketing Expense	-	0.00	0.00	43	-	61	59	66	70	79	88
Depreciation Expense	32	32	32	35	44	54	63	124	149	160	156
Other Operating Expenses / (Income)	57	59	61	76	508	92	126	5.08	10	1.33	-0.39
Total Other Income / (Expense), net	-25	-26	282	-52	-120	-74	-91	-69	-65	-77	-86
Interest Expense	-	27	35	51	61	82	81	89	87	100	108
Interest & Investment Income	-25	0.02	0.05	4.68	7.05	2.94	0.88	5.01	18	23	23
Other Income / (Expense), net	-0.28	1.37	317	-6.18	-66	4.90	-11	15	3.51	-0.55	-0.45
Income Tax Expense	9.15	19	374	29	38	0.69	5.66	51	59	68	86
Other Gains / (Losses), net	-	-	-	-	0.00	0.00	-0.18	-0.47	-1.99	-4.04	-2.84
Net Income / (Loss) Attributable to Noncontrolling Interest	20	50	22	15	18	-0.21	3.35	11	8.72	2.20	1.16
Basic Earnings per Share	-	-	-	$1.01	$1.42	($0.19)	$0.51	$1.18	$1.63	$2.01	$2.62
Weighted Average Basic Shares Outstanding	168.30M	43.30M	78.91M	87.24M	82.98M	80.30M	83.30M	84.14M	84.90M	85.62M	83.52M
Diluted Earnings per Share	-	-	-	$1.00	$1.41	($0.19)	$0.51	$1.18	$1.62	$2.00	$2.62
Weighted Average Diluted Shares Outstanding	168.30M	43.30M	78.91M	87.67M	83.62M	80.30M	83.89M	84.54M	85.18M	85.83M	83.73M
Weighted Average Basic & Diluted Shares Outstanding	168.30M	43.30M	78.91M	87.24M	87.10M	86.55M	91.03M	89.44M	88.17M	84.67M	80.01M

This table shows Planet Fitness' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	41	39	35	34	49	42	47	42	58	59	60
Consolidated Net Income / (Loss)	44	41	37	35	49	42	48	42	58	59	61
Net Income / (Loss) Continuing Operations	44	41	37	35	49	42	48	42	58	59	61
Total Pre-Tax Income	60	55	58	50	70	60	67	59	84	88	78
Total Operating Income	77	72	71	66	87	81	90	79	102	107	106
Total Gross Profit	227	224	228	229	249	247	260	254	281	272	286
Total Revenue	286	278	285	248	301	292	340	277	341	330	376
Operating Revenue	286	278	285	248	301	292	340	277	341	330	376
Total Cost of Revenue	59	54	57	19	52	46	80	22	59	58	90
Operating Cost of Revenue	59	54	57	19	52	46	80	22	59	58	90
Total Operating Expenses	150	151	156	163	162	165	170	175	179	165	180
Selling, General & Admin Expense	33	96	222	104	102	104	255	116	113	110	117
Marketing Expense	18	18	18	20	20	20	19	22	23	21	21
Depreciation Expense	37	37	39	39	40	41	40	38	38	39	40
Other Operating Expenses / (Income)	63	-0.06	-122	0.48	-0.07	0.28	-144	-1.24	4.90	-5.73	1.68
Total Other Income / (Expense), net	-17	-17	-14	-15	-18	-22	-23	-20	-19	-19	-28
Interest Expense	21	22	22	21	25	27	27	26	26	26	30
Interest & Investment Income	4.16	4.25	5.40	5.46	5.62	5.61	6.43	5.81	5.69	5.94	5.56
Other Income / (Expense), net	0.37	0.15	2.88	0.65	1.04	-0.56	-1.68	0.28	1.94	1.07	-3.75
Income Tax Expense	16	13	20	14	19	17	19	16	25	28	17
Other Gains / (Losses), net	-0.07	-0.24	-1.41	-1.20	-1.22	-0.78	-0.84	-0.81	-0.63	-0.57	-0.84
Net Income / (Loss) Attributable to Noncontrolling Interest	3.05	2.19	1.42	0.66	0.67	0.39	0.48	0.21	0.28	0.35	0.32
Basic Earnings per Share	$0.49	$0.46	$0.41	$0.39	$0.56	$0.50	$0.56	$0.50	$0.69	$0.70	$0.73
Weighted Average Basic Shares Outstanding	84.62M	84.61M	84.90M	86.91M	86.81M	84.57M	85.62M	84.17M	83.86M	83.52M	83.52M
Diluted Earnings per Share	$0.48	$0.46	$0.41	$0.39	$0.56	$0.50	$0.55	$0.50	$0.69	$0.70	$0.73
Weighted Average Diluted Shares Outstanding	84.91M	84.89M	85.18M	87.22M	86.96M	84.73M	85.83M	84.40M	84.07M	83.72M	83.73M
Weighted Average Basic & Diluted Shares Outstanding	88.14M	88.15M	88.17M	88.18M	85.17M	84.59M	84.67M	84.19M	84.23M	83.30M	80.01M

This table details how cash moves in and out of Planet Fitness' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	-12	8.94	72	208	159	37	88	-131	-150	28	62
Net Cash From Operating Activities	82	109	131	184	204	31	189	240	330	344	418
Net Cash From Continuing Operating Activities	82	109	131	184	204	31	189	240	330	344	418
Net Income / (Loss) Continuing Operations	38	71	56	103	135	-15	46	110	147	174	220
Consolidated Net Income / (Loss)	38	71	56	103	135	-15	46	110	147	174	220
Depreciation Expense	32	32	32	35	44	54	63	124	149	160	156
Amortization Expense	2.10	2.73	3.69	4.95	5.69	6.41	6.35	5.51	2.22	2.06	4.03
Non-Cash Adjustments To Reconcile Net Income	2.72	4.95	-314	40	7.16	-1.98	44	-2.36	12	26	35
Changes in Operating Assets and Liabilities, net	6.55	-1.62	354	0.87	12	-12	30	2.57	20	-19	3.63
Net Cash From Investing Activities	-19	-15	-37	-86	-111	-52	-91	-507	-340	-209	-160
Net Cash From Continuing Investing Activities	-19	-15	-37	-86	-111	-52	-91	-507	-340	-209	-160
Purchase of Property, Plant & Equipment	-19	-15	-38	-41	-58	-53	-54	-100	-136	-155	-164
Purchase of Investments	-	-	-	-	0.00	0.00	-35	-2.45	-203	-155	-156
Divestitures	-	-	-	-	-	0.00	0.00	21	0.00	0.00	22
Sale and/or Maturity of Investments	-	-	-	-	-	-	0.00	0.00	80	104	142
Other Investing Activities, net	-	-	-	-	-	-	-	0.00	-81	-1.90	-3.56
Net Cash From Financing Activities	-74	-85	-22	110	64	58	-10	136	-141	-105	-198
Net Cash From Continuing Financing Activities	-74	-85	-22	110	64	58	-10	136	-141	-105	-198
Repayment of Debt	-17	-11	-8.49	-740	-23	-18	-18	-741	-21	-621	-445
Repurchase of Preferred Equity	-	-	-	-	-	-	-	0.00	0.00	-1.03	-2.55
Repurchase of Common Equity	-	-1.58	0.00	-342	-458	0.00	0.00	-94	-125	-300	-500
Payment of Dividends	-176	-303	-13	-9.26	-7.68	-2.06	-0.75	-4.63	-4.61	-4.79	-1.51
Issuance of Debt	120	230	0.00	1,200	550	75	0.00	975	0.00	800	750
Issuance of Common Equity	157	0.14	0.48	1.21	2.86	2.57	8.19	0.93	9.16	22	1.85
Other Financing Activities, net	-158	0.00	-0.37	0.00	-0.09	-0.17	-0.18	-0.27	-0.19	-0.10	-0.15
Effect of Exchange Rate Changes	-0.12	-	-	-	0.69	0.30	0.01	-0.81	0.78	-2.61	2.12
Cash Interest Paid	23	24	31	39	54	76	75	81	81	91	100

This table details how cash moves in and out of Planet Fitness' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025
Net Change in Cash & Equivalents	-224	57	-33	26	-53	72	-17	51	-8.32	-6.77	27
Net Cash From Operating Activities	59	110	63	90	78	127	49	134	44	131	109
Net Cash From Continuing Operating Activities	59	110	63	90	78	127	49	134	44	131	109
Net Income / (Loss) Continuing Operations	44	41	37	35	49	42	48	42	58	59	61
Consolidated Net Income / (Loss)	44	41	37	35	49	42	48	42	58	59	61
Depreciation Expense	37	37	39	39	40	41	40	38	38	39	40
Amortization Expense	0.43	0.10	0.33	0.48	0.28	0.57	0.73	0.83	0.98	1.06	1.16
Non-Cash Adjustments To Reconcile Net Income	2.23	7.51	-3.95	7.75	4.72	13	0.82	7.00	15	1.21	11
Changes in Operating Assets and Liabilities, net	-24	23	-8.97	7.16	-16	30	-40	46	-69	31	-4.18
Net Cash From Investing Activities	-178	-47	-92	-39	-52	-58	-60	-28	-43	-35	-54
Net Cash From Continuing Investing Activities	-178	-47	-92	-39	-52	-58	-60	-28	-43	-35	-54
Purchase of Property, Plant & Equipment	-22	-39	-51	-26	-38	-49	-42	-23	-36	-55	-50
Purchase of Investments	-130	-45	-66	-35	-39	-43	-40	-42	-40	-36	-38
Sale and/or Maturity of Investments	-	38	43	23	25	33	23	37	35	34	35
Other Investing Activities, net	-	-	-	0.00	-	-	-	0.54	-2.70	0.16	-1.56
Net Cash From Financing Activities	-106	-5.51	-5.03	-25	-79	2.15	-3.45	-55	-11	-103	-29
Net Cash From Continuing Financing Activities	-106	-5.51	-5.03	-25	-79	2.15	-3.45	-55	-11	-103	-29
Repayment of Debt	-5.19	-5.19	-5.19	-5.19	-606	-3.63	-5.63	-5.63	-5.63	-5.63	-428
Repurchase of Common Equity	-100	-	-	-20	-280	-	-	-50	-2.08	-98	-350
Payment of Dividends	-2.63	-0.48	-0.39	-0.22	-1.51	-1.61	-1.45	-0.35	-0.98	-0.19	0.01
Issuance of Debt	-	-	-	-	-	-	-	-	-	-	750
Issuance of Common Equity	1.62	0.20	0.59	0.45	9.36	7.41	4.65	0.66	0.52	0.30	0.37
Other Financing Activities, net	-0.05	-0.05	-0.04	-0.04	-0.04	-0.03	0.00	-0.03	-0.02	-0.04	-0.06
Effect of Exchange Rate Changes	0.53	-0.50	0.54	-0.32	-0.86	0.72	-2.16	0.35	1.31	0.34	0.12
Cash Interest Paid	20	20	20	20	21	13	37	25	25	25	25

This table presents Planet Fitness' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	699	1,001	1,096	1,353	1,717	1,850	2,016	2,855	2,970	3,070	3,103
Total Current Assets	73	91	177	389	540	567	662	556	472	588	658
Cash & Equivalents	31	40	113	289	436	439	546	410	276	293	346
Restricted Cash	1.96	3.07	-	31	43	76	58	63	46	57	66
Short-Term Investments	-	-	-	-	-	-	-	0.00	75	114	107
Accounts Receivable	30	38	47	52	51	33	41	61	53	94	105
Inventories, net	4.56	1.80	2.69	5.12	0.88	0.47	1.16	5.27	4.68	6.15	7.58
Prepaid Expenses	5.15	3.59	3.93	4.95	8.03	12	13	11	14	21	25
Current Deferred & Refundable Income Taxes	-	4.69	-	6.82	0.95	5.46	3.67	5.47	3.31	2.62	2.96
Plant, Property, & Equipment, net	56	61	83	114	145	0.00	174	349	390	424	467
Total Noncurrent Assets	570	849	835	851	1,032	1,283	1,180	1,950	2,107	2,058	1,978
Long-Term Investments	-	-	-	-	-	-	-	0.00	51	66	88
Goodwill	177	177	177	200	228	228	229	703	718	721	712
Intangible Assets	274	254	236	234	234	217	201	417	373	323	286
Noncurrent Deferred & Refundable Income Taxes	117	410	411	415	412	511	539	455	504	470	407
Other Noncurrent Operating Assets	2.14	7.73	12	1.83	158	327	211	376	462	478	484
Total Liabilities & Shareholders' Equity	699	1,001	1,096	1,353	1,717	1,850	2,016	2,855	2,970	3,070	3,103
Total Liabilities	700	1,216	1,235	1,736	2,425	2,555	2,659	3,066	3,089	3,285	3,587
Total Current Liabilities	66	83	111	131	145	112	177	245	251	282	312
Short-Term Debt	5.10	7.19	7.19	12	18	18	18	21	21	23	24
Accounts Payable	24	29	29	30	21	19	28	21	24	33	40
Accrued Expenses	14	19	19	32	32	22	52	67	66	68	75
Customer Deposits	-	-	-	-	3.01	0.80	6.04	8.44	4.51	1.85	10
Current Deferred Revenue	20	20	18	23	28	27	28	54	60	62	59
Current Deferred & Payable Income Tax Liabilities	3.02	8.07	31	25	26	0.00	20	32	41	56	56
Other Current Liabilities	0.21	0.37	0.47	8.34	18	25	25	42	35	40	49
Total Noncurrent Liabilities	634	1,133	1,131	1,605	2,279	2,444	2,482	2,822	2,837	3,003	3,274
Long-Term Debt	480	702	697	1,160	1,688	1,751	1,740	1,978	1,963	2,148	2,458
Capital Lease Obligations	-	-	-	-	153	168	-	342	382	405	419
Noncurrent Deferred Revenue	17	13	6.13	10	34	33	33	33	32	32	30
Noncurrent Deferred & Payable Income Tax Liabilities	-	1.24	1.63	2.30	1.12	0.88	0.00	1.47	1.64	1.39	1.18
Other Noncurrent Operating Liabilities	138	416	426	432	403	491	709	467	459	416	366
Commitments & Contingencies	0.00	0.00	-	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	-1.08	-215	-146	-383	-708	-706	-643	-212	-119	-215	-483
Total Preferred & Common Equity	-15	-131	-129	-375	-706	-706	-645	-199	-116	-215	-483
Total Common Equity	-15	-131	-129	-375	-706	-706	-645	-199	-116	-215	-483
Common Stock	0.35	34	12	20	30	46	63	505	576	609	623
Retained Earnings	-14	-164	-140	-394	-737	-752	-709	-704	-691	-822	-1,107
Accumulated Other Comprehensive Income / (Loss)	-1.71	-1.17	-0.65	0.09	0.30	0.03	0.01	-0.45	0.17	-2.35	1.31
Noncontrolling Interest	14	-84	-17	-8.22	-1.30	0.20	2.51	-13	-3.34	0.01	-0.60

This table presents Planet Fitness' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025
Total Assets	2,846	2,906	2,848	2,945	2,993	2,974	3,048	3,092	3,119	3,058
Total Current Assets	540	589	505	540	521	494	556	604	637	626
Cash & Equivalents	404	460	236	309	302	247	299	344	336	329
Restricted Cash	64	76	72	46	64	60	68	73	66	56
Short-Term Investments	-	-	118	108	93	103	109	110	107	114
Accounts Receivable	48	27	56	45	36	57	57	57	98	86
Inventories, net	4.22	5.00	6.85	7.54	4.96	5.20	4.86	1.97	4.35	6.98
Prepaid Expenses	14	17	12	18	19	16	14	17	19	23
Other Current Assets	-	-	-	-	-	5.79	4.77	-	7.79	9.65
Plant, Property, & Equipment, net	333	344	347	367	0.00	0.00	422	419	430	448
Total Noncurrent Assets	1,973	1,972	1,996	2,038	2,472	2,480	2,070	2,069	2,051	1,984
Long-Term Investments	-	-	2.50	10	45	50	56	76	83	78
Goodwill	700	703	718	718	719	719	719	721	721	711
Intangible Assets	428	404	398	385	360	347	334	314	305	296
Noncurrent Deferred & Refundable Income Taxes	471	495	483	493	500	491	481	459	443	416
Other Noncurrent Operating Assets	374	371	395	432	848	874	480	499	499	484
Total Liabilities & Shareholders' Equity	2,846	2,906	2,848	2,945	2,993	2,974	3,048	3,092	3,119	3,058
Total Liabilities	3,094	3,064	3,064	3,110	3,092	3,294	3,315	3,312	3,277	3,253
Total Current Liabilities	258	250	274	273	247	272	286	287	310	300
Short-Term Debt	21	21	21	21	21	21	23	23	23	23
Accounts Payable	22	17	29	28	21	30	32	26	49	48
Accrued Expenses	54	47	45	56	44	57	67	62	58	61
Customer Deposits	32	13	12	14	7.59	5.14	10	2.49	7.86	11
Current Deferred Revenue	56	73	72	64	77	76	68	81	77	65
Current Deferred & Payable Income Tax Liabilities	31	32	41	38	41	49	49	56	55	50
Other Current Liabilities	41	47	54	51	35	35	39	39	41	40
Total Noncurrent Liabilities	2,836	2,814	2,790	2,837	2,846	3,022	3,029	3,024	2,967	2,952
Long-Term Debt	1,982	1,974	1,970	1,967	1,959	2,157	2,152	2,144	2,139	2,135
Capital Lease Obligations	342	336	347	380	390	401	409	433	433	418
Noncurrent Deferred Revenue	33	33	33	33	34	34	34	31	31	30
Noncurrent Deferred & Payable Income Tax Liabilities	0.97	1.46	1.40	1.40	1.67	1.60	1.57	1.32	1.25	0.62
Other Noncurrent Operating Liabilities	478	469	438	456	461	428	433	415	363	369
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	-248	-159	-216	-165	-99	-320	-267	-220	-158	-194
Total Preferred & Common Equity	-204	-151	-202	-157	-96	-318	-266	-220	-159	-195
Total Common Equity	-204	-151	-202	-157	-96	-318	-266	-220	-159	-195
Common Stock	534	555	564	570	581	594	603	612	615	619
Retained Earnings	-737	-706	-766	-727	-677	-911	-869	-831	-775	-815
Accumulated Other Comprehensive Income / (Loss)	-0.63	-0.37	-0.33	-0.68	-0.44	-1.10	0.22	-1.35	1.01	1.12
Noncontrolling Interest	-44	-7.47	-14	-7.85	-2.82	-2.17	-0.98	0.03	0.41	0.41

This table displays calculated financial ratios and metrics derived from Planet Fitness' official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	18.14%	14.43%	13.67%	33.25%	188.92%	-75.43%	44.37%	59.58%	14.36%	10.30%	12.06%
EBITDA Growth	12.34%	42.59%	230.48%	-56.38%	-0.44%	-42.47%	61.27%	85.96%	14.26%	13.56%	13.99%
EBIT Growth	19.16%	62.94%	296.87%	-61.70%	-6.07%	-61.30%	104.59%	85.24%	12.78%	17.11%	21.81%
NOPAT Growth	-2.51%	57.62%	-79.15%	653.66%	26.52%	-77.05%	205.45%	23.72%	23.94%	19.56%	21.65%
Net Income Growth	2.24%	86.85%	-21.96%	85.54%	31.26%	-111.23%	403.35%	139.49%	33.12%	18.50%	26.41%
EPS Growth	0.00%	0.00%	0.00%	0.00%	41.00%	-113.48%	368.42%	131.37%	37.29%	23.46%	31.00%
Operating Cash Flow Growth	2.84%	33.25%	20.40%	40.74%	10.80%	-84.76%	507.90%	26.90%	37.49%	4.12%	21.68%
Free Cash Flow Firm Growth	122.39%	-5.09%	-68.16%	299.67%	-117.18%	89.18%	15,513.17%	-397.33%	105.50%	271.38%	51.26%
Invested Capital Growth	-7.75%	0.12%	-2.19%	6.38%	43.09%	6.55%	-28.57%	224.21%	8.55%	1.82%	-1.09%
Revenue Q/Q Growth	0.00%	2.88%	4.27%	7.57%	146.44%	-71.58%	34.88%	-0.46%	0.36%	4.92%	2.78%
EBITDA Q/Q Growth	0.00%	4.75%	178.82%	-58.67%	-16.72%	46.73%	0.51%	15.57%	1.99%	3.23%	2.68%
EBIT Q/Q Growth	0.00%	5.66%	225.20%	-63.70%	-21.78%	137.87%	-0.46%	15.63%	1.42%	4.46%	3.73%
NOPAT Q/Q Growth	0.00%	8.37%	-81.00%	394.53%	1.43%	-34.20%	27.39%	7.80%	0.41%	8.28%	6.78%
Net Income Q/Q Growth	0.00%	7.08%	-27.53%	37.16%	4.21%	-262.28%	-6.86%	37.37%	0.29%	6.61%	6.35%
EPS Q/Q Growth	0.00%	0.00%	0.00%	0.00%	0.00%	-337.50%	-7.27%	42.17%	0.00%	7.53%	7.38%
Operating Cash Flow Q/Q Growth	-6.03%	7.92%	3.90%	1.39%	5.72%	-37.04%	3.58%	4.34%	4.28%	-3.97%	16.72%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	-60.72%	147.86%	-112.68%	77.49%	153.93%	-2.39%	-42.68%	26.45%	23.71%
Invested Capital Q/Q Growth	0.00%	1.93%	-5.98%	3.92%	41.63%	30.74%	-1.10%	1.77%	4.05%	2.57%	0.30%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	65.66%	67.66%	69.93%	71.61%	88.25%	82.55%	82.80%	81.08%	82.26%	83.32%	82.61%
EBITDA Margin	32.10%	39.99%	116.28%	38.07%	13.12%	30.72%	34.32%	39.99%	39.95%	41.13%	41.84%
Operating Margin	21.81%	30.58%	34.32%	32.13%	14.08%	14.70%	24.43%	24.56%	25.47%	27.44%	29.81%
EBIT Margin	21.73%	30.94%	108.03%	31.05%	10.09%	15.90%	22.54%	26.16%	25.80%	27.39%	29.77%
Profit (Net Income) Margin	11.54%	18.84%	12.93%	18.01%	8.18%	-3.74%	7.86%	11.79%	13.72%	14.75%	16.63%
Tax Burden Percent	80.65%	79.24%	12.96%	78.27%	78.19%	104.73%	88.76%	68.42%	70.85%	70.62%	71.29%
Interest Burden Percent	65.82%	76.82%	92.40%	74.10%	103.66%	-22.45%	39.28%	65.88%	75.09%	76.23%	78.38%
Effective Tax Rate	19.35%	20.76%	87.04%	21.73%	21.81%	0.00%	10.89%	31.29%	28.19%	27.74%	27.79%
Return on Invested Capital (ROIC)	12.39%	20.34%	4.29%	31.65%	31.96%	6.03%	20.84%	14.59%	11.34%	12.91%	15.65%
ROIC Less NNEP Spread (ROIC-NNEP)	7.31%	16.68%	10.11%	25.97%	27.76%	1.96%	14.50%	11.43%	8.76%	9.88%	12.67%
Return on Net Nonoperating Assets (RNNOA)	38.22%	-86.36%	-35.10%	-70.66%	-56.79%	-3.88%	-27.68%	-40.44%	-100.31%	-117.13%	-78.70%
Return on Equity (ROE)	50.61%	-66.02%	-30.81%	-39.01%	-24.83%	2.15%	-6.84%	-25.86%	-88.96%	-104.22%	-63.05%
Cash Return on Invested Capital (CROIC)	20.45%	20.21%	6.50%	25.47%	-3.49%	-0.31%	54.17%	-91.12%	3.14%	11.11%	16.75%
Operating Return on Assets (OROA)	11.04%	13.76%	44.29%	14.52%	10.88%	3.63%	6.84%	10.06%	9.49%	10.72%	12.77%
Return on Assets (ROA)	5.86%	8.38%	5.30%	8.42%	8.82%	-0.85%	2.39%	4.54%	5.05%	5.77%	7.14%
Return on Common Equity (ROCE)	43.71%	-44.71%	-22.15%	-37.12%	-24.62%	2.15%	-6.85%	-25.55%	-84.69%	-103.18%	-62.99%
Return on Equity Simple (ROE_SIMPLE)	-247.92%	-54.49%	-43.21%	-27.54%	-19.17%	2.15%	-7.15%	-55.50%	-127.14%	-80.90%	0.00%
Net Operating Profit after Tax (NOPAT)	58	92	19	144	182	42	128	158	196	234	285
NOPAT Margin	17.59%	24.23%	4.45%	25.14%	11.01%	10.29%	21.77%	16.88%	18.29%	19.83%	21.52%
Net Nonoperating Expense Percent (NNEP)	5.08%	3.65%	-5.82%	5.68%	4.20%	4.07%	6.34%	3.15%	2.58%	3.03%	2.98%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	7.42%	8.72%	9.92%	11.79%
Cost of Revenue to Revenue	34.34%	32.34%	30.07%	28.39%	11.75%	17.45%	17.20%	18.92%	17.74%	16.68%	17.39%
SG&A Expenses to Revenue	16.81%	13.22%	14.04%	12.65%	9.96%	16.87%	16.11%	35.68%	35.33%	35.51%	34.45%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	43.85%	37.08%	35.62%	39.48%	43.32%	67.85%	58.37%	56.52%	56.79%	55.88%	52.80%
Earnings before Interest and Taxes (EBIT)	72	117	464	178	167	65	132	245	276	324	394
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	106	151	500	218	217	125	201	375	428	486	554
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	4.10	5.24	7.92	9.14	4.08	16.52	13.36	7.53	6.01	7.08	6.82
Price to Earnings (P/E)	73.25	92.16	102.77	59.48	57.33	0.00	183.40	71.00	46.52	48.61	41.24
Dividend Yield	0.00%	13.83%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	1.37%	1.09%	0.97%	1.68%	1.74%	0.00%	0.55%	1.41%	2.15%	2.06%	2.42%
Enterprise Value to Invested Capital (EV/IC)	4.05	5.68	9.02	12.96	12.10	11.38	17.62	5.38	4.64	5.69	6.26
Enterprise Value to Revenue (EV/Rev)	5.51	6.78	9.26	10.61	4.91	20.01	15.33	9.51	7.79	8.81	8.56
Enterprise Value to EBITDA (EV/EBITDA)	17.18	16.94	7.96	27.88	37.43	65.15	44.68	23.79	19.51	21.42	20.45
Enterprise Value to EBIT (EV/EBIT)	25.37	21.90	8.57	34.18	48.64	125.85	68.04	36.37	30.21	32.16	28.74
Enterprise Value to NOPAT (EV/NOPAT)	31.34	27.97	208.21	42.20	44.58	194.54	70.44	56.38	42.61	44.44	39.75
Enterprise Value to Operating Cash Flow (EV/OCF)	22.31	23.55	30.37	32.97	39.77	261.35	47.55	37.11	25.28	30.27	27.08
Enterprise Value to Free Cash Flow (EV/FCFF)	18.98	28.14	137.20	52.44	0.00	0.00	27.10	0.00	153.79	51.64	37.15
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	-448.96	-3.30	-4.82	-3.06	-2.63	-2.74	-2.73	-11.06	-19.88	-11.96	-6.00
Long-Term Debt to Equity	-444.24	-3.27	-4.77	-3.03	-2.60	-2.72	-2.71	-10.97	-19.70	-11.86	-5.95
Financial Leverage	5.23	-5.18	-3.47	-2.72	-2.05	-1.98	-1.91	-3.54	-11.45	-11.85	-6.21
Leverage Ratio	8.64	-7.88	-5.81	-4.63	-2.82	-2.52	-2.87	-5.70	-17.62	-18.06	-8.83
Compound Leverage Factor	5.68	-6.05	-5.37	-3.43	-2.92	0.57	-1.13	-3.76	-13.23	-13.77	-6.92
Debt to Total Capital	100.22%	143.43%	126.21%	148.49%	161.53%	157.32%	157.66%	109.94%	105.30%	109.12%	119.99%
Short-Term Debt to Total Capital	1.05%	1.45%	1.29%	1.52%	1.52%	1.42%	1.57%	0.97%	0.92%	0.95%	0.99%
Long-Term Debt to Total Capital	99.17%	141.98%	124.92%	146.97%	160.01%	155.90%	156.09%	108.96%	104.37%	108.17%	119.00%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	2.96%	-16.99%	-3.13%	-1.04%	-0.11%	0.02%	0.23%	-0.59%	-0.15%	0.00%	-0.02%
Common Equity to Total Capital	-3.18%	-26.45%	-23.08%	-47.45%	-61.42%	-57.33%	-57.88%	-9.35%	-5.15%	-9.12%	-19.97%
Debt to EBITDA	4.57	4.69	1.41	5.37	8.56	15.51	8.73	6.25	5.53	5.30	5.24
Net Debt to EBITDA	4.26	4.40	1.18	3.91	6.35	11.38	5.73	4.99	4.48	4.21	4.14
Long-Term Debt to EBITDA	4.52	4.64	1.39	5.32	8.48	15.37	8.64	6.19	5.48	5.25	5.19
Debt to NOPAT	8.34	7.74	36.82	8.14	10.19	46.30	13.76	14.81	12.07	11.00	10.18
Net Debt to NOPAT	7.76	7.26	30.90	5.91	7.57	33.97	9.03	11.82	9.79	8.74	8.05
Long-Term Debt to NOPAT	8.25	7.66	36.44	8.05	10.10	45.88	13.62	14.68	11.97	10.90	10.10
Altman Z-Score	1.96	1.52	3.34	2.49	2.63	1.64	2.08	1.78	1.68	2.00	1.99
Noncontrolling Interest Sharing Ratio	13.63%	32.28%	28.11%	4.85%	0.87%	0.08%	-0.20%	1.18%	4.81%	1.00%	0.09%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.10	1.10	1.59	2.96	3.71	5.07	3.75	2.27	1.88	2.08	2.11
Quick Ratio	0.92	0.94	1.44	2.59	3.35	4.22	3.32	1.93	1.61	1.77	1.78
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	96	91	29	116	-20	-2.16	332	-988	54	202	305
Operating Cash Flow to CapEx	426.19%	740.55%	353.71%	453.47%	353.60%	59.56%	350.35%	240.21%	243.04%	223.78%	255.65%
Free Cash Flow to Firm to Interest Expense	0.00	3.36	0.82	2.28	-0.33	-0.03	4.09	-11.14	0.63	2.02	2.82
Operating Cash Flow to Interest Expense	0.00	4.01	3.71	3.63	3.36	0.38	2.33	2.71	3.81	3.44	3.87
Operating Cash Flow Less CapEx to Interest Expense	0.00	3.47	2.66	2.83	2.41	-0.26	1.67	1.58	2.25	1.90	2.35
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.51	0.44	0.41	0.47	1.08	0.23	0.30	0.38	0.37	0.39	0.43
Accounts Receivable Turnover	13.15	11.20	10.18	11.65	32.14	9.60	15.87	18.37	18.77	16.09	13.35
Inventory Turnover	29.99	38.47	57.53	41.63	64.83	105.12	124.07	55.19	38.22	36.43	33.56
Fixed Asset Turnover	6.25	6.44	5.95	5.80	12.74	0.00	0.00	3.59	2.90	2.90	2.97
Accounts Payable Turnover	4.48	4.66	4.52	5.51	7.52	3.49	4.27	7.31	8.57	6.96	6.35
Days Sales Outstanding (DSO)	27.75	32.58	35.87	31.33	11.36	38.01	23.00	19.87	19.45	22.69	27.35
Days Inventory Outstanding (DIO)	12.17	9.49	6.34	8.77	5.63	3.47	2.94	6.61	9.55	10.02	10.88
Days Payable Outstanding (DPO)	81.51	78.27	80.69	66.29	48.52	104.57	85.44	49.92	42.61	52.47	57.51
Cash Conversion Cycle (CCC)	-41.59	-36.20	-38.48	-26.19	-31.53	-63.08	-59.50	-23.44	-13.61	-19.77	-19.28
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	450	451	441	469	671	715	511	1,657	1,798	1,831	1,811
Invested Capital Turnover	0.70	0.84	0.96	1.26	2.90	0.59	0.96	0.86	0.62	0.65	0.73
Increase / (Decrease) in Invested Capital	-38	0.56	-9.89	28	202	44	-204	1,146	142	33	-20
Enterprise Value (EV)	1,822	2,563	3,980	6,079	8,126	8,138	9,001	8,913	8,349	10,410	11,329
Market Capitalization	1,356	1,981	3,406	5,235	6,748	6,717	7,845	7,057	6,435	8,364	9,035
Book Value per Share	($0.16)	($1.33)	($1.31)	($3.84)	($7.82)	($8.16)	($7.45)	($2.22)	($1.31)	($2.55)	($5.80)
Tangible Book Value per Share	($4.72)	($5.70)	($5.50)	($8.28)	($12.93)	($13.30)	($12.41)	($14.72)	($13.68)	($14.89)	($17.79)
Total Capital	484	494	558	789	1,150	1,231	1,115	2,129	2,246	2,360	2,418
Total Debt	485	709	704	1,172	1,858	1,937	1,758	2,341	2,365	2,576	2,901
Total Long-Term Debt	480	702	697	1,160	1,840	1,919	1,740	2,320	2,344	2,553	2,877
Net Debt	451	666	591	852	1,379	1,421	1,154	1,868	1,917	2,046	2,294
Capital Expenditures (CapEx)	19	15	37	41	58	52	54	100	136	154	164
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-22	-28	-40	-51	-67	-43	-101	-141	-156	-136	-149
Debt-free Net Working Capital (DFNWC)	12	15	73	269	412	472	503	332	241	328	370
Net Working Capital (NWC)	6.69	7.95	66	257	395	455	486	311	220	306	346
Net Nonoperating Expense (NNE)	20	20	-36	41	47	57	82	48	49	60	65
Net Nonoperating Obligations (NNO)	451	666	587	852	1,379	1,421	1,154	1,868	1,917	2,046	2,294
Total Depreciation and Amortization (D&A)	34	34	35	40	50	60	69	130	152	162	160
Debt-free, Cash-free Net Working Capital to Revenue	-6.53%	-7.49%	-9.34%	-8.90%	-4.03%	-10.67%	-17.14%	-15.02%	-14.54%	-11.49%	-11.25%
Debt-free Net Working Capital to Revenue	3.57%	4.00%	16.96%	46.98%	24.90%	116.18%	85.74%	35.41%	22.52%	27.76%	27.93%
Net Working Capital to Revenue	2.02%	2.10%	15.29%	44.88%	23.84%	111.88%	82.76%	33.20%	20.58%	25.86%	26.12%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	$0.00	$0.00	$1.42	($0.19)	$0.51	$1.18	$1.63	$2.01	$2.62
Adjusted Weighted Average Basic Shares Outstanding	98.71M	98.50M	98.38M	93.04M	82.98M	80.30M	83.30M	84.14M	84.90M	85.62M	83.52M
Adjusted Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$1.41	($0.19)	$0.51	$1.18	$1.62	$2.00	$2.62
Adjusted Weighted Average Diluted Shares Outstanding	98.71M	98.50M	98.38M	93.04M	83.62M	80.30M	83.89M	84.54M	85.18M	85.83M	83.73M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	98.71M	98.50M	98.38M	93.04M	87.10M	86.55M	91.03M	89.44M	88.17M	84.67M	80.01M
Normalized Net Operating Profit after Tax (NOPAT)	58	92	103	144	182	42	128	158	196	234	285
Normalized NOPAT Margin	17.59%	24.23%	24.02%	25.14%	11.01%	10.29%	21.77%	16.88%	18.29%	19.83%	21.52%
Pre Tax Income Margin	14.30%	23.77%	99.82%	23.01%	10.46%	-3.57%	8.85%	17.23%	19.37%	20.88%	23.33%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	4.31	13.14	3.51	2.75	0.79	1.63	2.77	3.19	3.24	3.64
NOPAT to Interest Expense	0.00	3.38	0.54	2.84	3.00	0.51	1.57	1.78	2.26	2.34	2.63
EBIT Less CapEx to Interest Expense	0.00	3.77	12.10	2.70	1.80	0.15	0.96	1.64	1.62	1.70	2.13
NOPAT Less CapEx to Interest Expense	0.00	2.84	-0.51	2.04	2.05	-0.13	0.91	0.66	0.69	0.81	1.12
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	462.85%	425.07%	23.98%	8.97%	5.67%	-13.52%	1.63%	4.19%	3.13%	2.75%	0.68%
Augmented Payout Ratio	462.85%	427.29%	23.98%	340.86%	344.02%	-13.52%	1.63%	89.58%	88.17%	175.04%	227.85%

This table displays calculated financial ratios and metrics derived from Planet Fitness' official financial filings.

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	27.63%	13.57%	1.36%	11.61%	5.05%	5.29%	19.42%	11.55%	13.27%	13.04%	10.52%
EBITDA Growth	29.02%	9.38%	7.94%	18.61%	12.18%	11.10%	13.35%	11.54%	11.85%	21.27%	11.23%
EBIT Growth	40.07%	8.70%	5.48%	27.17%	14.28%	11.30%	18.63%	19.58%	18.01%	34.01%	16.12%
NOPAT Growth	38.04%	33.26%	2.38%	24.95%	11.97%	7.55%	37.61%	21.89%	13.28%	24.10%	28.55%
Net Income Growth	76.22%	34.71%	1.18%	41.20%	11.62%	2.59%	29.38%	20.32%	18.22%	39.60%	27.63%
EPS Growth	84.62%	43.75%	0.00%	44.44%	16.67%	8.70%	34.15%	28.21%	23.21%	40.00%	32.73%
Operating Cash Flow Growth	13.72%	36.71%	27.23%	-8.35%	31.63%	15.70%	-22.43%	49.25%	-43.79%	3.69%	121.98%
Free Cash Flow Firm Growth	103.10%	95.72%	91.40%	-231.36%	-225.78%	104.01%	134.01%	157.03%	161.26%	2,757.96%	221.20%
Invested Capital Growth	1.41%	6.17%	8.55%	7.97%	6.22%	3.29%	1.82%	0.56%	2.58%	1.14%	-1.09%
Revenue Q/Q Growth	28.91%	-3.11%	2.72%	-13.00%	21.34%	-2.89%	16.49%	-18.74%	23.21%	-3.09%	13.90%
EBITDA Q/Q Growth	27.81%	-3.92%	3.31%	-6.51%	20.87%	-4.84%	5.41%	-8.00%	21.21%	3.17%	-3.32%
EBIT Q/Q Growth	48.03%	-6.30%	2.40%	-10.46%	33.03%	-8.74%	9.14%	-9.74%	31.28%	3.63%	-5.43%
NOPAT Q/Q Growth	50.34%	-3.68%	-13.79%	0.10%	34.72%	-7.49%	10.30%	-11.33%	25.21%	1.35%	14.25%
Net Income Q/Q Growth	78.37%	-6.46%	-11.04%	-4.87%	41.00%	-14.03%	12.19%	-11.53%	38.54%	1.52%	2.58%
EPS Q/Q Growth	77.78%	-4.17%	-10.87%	-4.88%	43.59%	-10.71%	10.00%	-9.09%	38.00%	1.45%	4.29%
Operating Cash Flow Q/Q Growth	-39.31%	84.43%	-42.21%	41.68%	-12.83%	62.11%	-61.25%	172.59%	-67.17%	199.01%	-17.04%
Free Cash Flow Firm Q/Q Growth	-47.58%	-237.72%	-106.45%	11.87%	49.80%	104.40%	1,649.07%	47.77%	-46.07%	105.05%	96.57%
Invested Capital Q/Q Growth	3.50%	2.06%	4.05%	-1.76%	1.82%	-0.75%	2.57%	-2.97%	3.85%	-2.14%	0.30%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	79.24%	80.63%	79.84%	92.34%	82.74%	84.36%	76.36%	91.87%	82.57%	82.40%	76.02%
EBITDA Margin	39.99%	39.66%	39.89%	42.87%	42.71%	41.85%	37.86%	42.87%	42.17%	44.89%	38.11%
Operating Margin	26.88%	26.07%	25.03%	26.54%	29.04%	27.80%	26.36%	28.63%	30.04%	32.41%	28.17%
EBIT Margin	27.01%	26.12%	26.04%	26.80%	29.38%	27.61%	25.87%	28.73%	30.61%	32.73%	27.18%
Profit (Net Income) Margin	15.42%	14.89%	12.90%	14.10%	16.39%	14.51%	13.97%	15.21%	17.10%	17.92%	16.13%
Tax Burden Percent	73.55%	75.08%	63.57%	69.26%	70.95%	71.01%	70.96%	71.20%	69.52%	67.46%	77.54%
Interest Burden Percent	77.63%	75.92%	77.90%	75.97%	78.61%	73.98%	76.11%	74.35%	80.36%	81.13%	76.57%
Effective Tax Rate	26.33%	24.48%	33.99%	28.37%	27.30%	27.68%	27.78%	27.44%	29.73%	31.89%	21.40%
Return on Invested Capital (ROIC)	12.18%	12.52%	10.25%	12.26%	13.44%	12.89%	12.40%	14.19%	14.49%	15.84%	16.10%
ROIC Less NNEP Spread (ROIC-NNEP)	11.52%	11.82%	9.70%	11.59%	12.73%	12.06%	11.53%	13.39%	13.82%	15.16%	15.06%
Return on Net Nonoperating Assets (RNNOA)	-98.61%	-107.84%	-111.09%	-164.62%	-95.72%	-110.15%	-136.64%	-162.12%	-119.17%	-133.15%	-93.56%
Return on Equity (ROE)	-86.43%	-95.31%	-100.84%	-152.36%	-82.28%	-97.26%	-124.24%	-147.93%	-104.68%	-117.31%	-77.46%
Cash Return on Invested Capital (CROIC)	9.40%	5.64%	3.14%	4.40%	6.12%	9.08%	11.11%	13.24%	11.34%	13.73%	16.75%
Operating Return on Assets (OROA)	9.75%	9.63%	9.58%	9.97%	11.22%	10.38%	10.12%	11.43%	12.56%	13.81%	11.66%
Return on Assets (ROA)	5.57%	5.49%	4.74%	5.25%	6.26%	5.45%	5.47%	6.05%	7.02%	7.56%	6.92%
Return on Common Equity (ROCE)	-75.23%	-83.24%	-95.99%	-146.28%	-79.80%	-95.27%	-123.00%	-146.64%	-104.30%	-117.16%	-77.39%
Return on Equity Simple (ROE_SIMPLE)	-67.32%	-93.33%	0.00%	-163.09%	-51.11%	-61.41%	0.00%	-82.47%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	57	55	47	47	64	59	65	57	72	73	83
NOPAT Margin	19.80%	19.69%	16.52%	19.01%	21.11%	20.11%	19.04%	20.77%	21.11%	22.08%	22.14%
Net Nonoperating Expense Percent (NNEP)	0.66%	0.71%	0.55%	0.67%	0.71%	0.83%	0.87%	0.80%	0.66%	0.68%	1.04%
Return On Investment Capital (ROIC_SIMPLE)	-	-	2.10%	-	-	-	2.75%	2.42%	2.95%	3.06%	3.45%
Cost of Revenue to Revenue	20.76%	19.37%	20.16%	7.66%	17.26%	15.64%	23.64%	8.13%	17.43%	17.60%	23.98%
SG&A Expenses to Revenue	11.40%	34.74%	77.77%	11.77%	10.50%	35.68%	74.78%	41.92%	33.13%	33.39%	31.08%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	52.36%	54.57%	54.81%	65.80%	53.71%	56.56%	50.00%	63.25%	52.53%	49.98%	47.84%
Earnings before Interest and Taxes (EBIT)	77	72	74	66	88	81	88	79	104	108	102
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	115	110	114	106	129	122	129	119	144	148	143
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	5.82	4.06	6.01	5.03	5.84	6.14	7.08	6.76	7.34	6.79	6.82
Price to Earnings (P/E)	48.34	31.72	46.52	36.83	41.22	43.15	48.61	45.55	48.58	42.49	41.24
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	2.07%	3.15%	2.15%	2.71%	2.43%	2.32%	2.06%	2.20%	2.06%	2.35%	2.42%
Enterprise Value to Invested Capital (EV/IC)	4.67	3.60	4.64	4.18	4.78	5.02	5.69	5.73	6.06	5.95	6.26
Enterprise Value to Revenue (EV/Rev)	7.65	5.83	7.79	6.73	7.74	7.96	8.81	8.41	8.95	8.34	8.56
Enterprise Value to EBITDA (EV/EBITDA)	19.28	14.82	19.51	16.61	18.76	19.05	21.42	20.42	21.78	19.91	20.45
Enterprise Value to EBIT (EV/EBIT)	29.66	22.82	30.21	25.42	28.53	28.95	32.16	30.23	31.72	28.26	28.74
Enterprise Value to NOPAT (EV/NOPAT)	43.58	31.88	42.61	35.96	40.55	41.45	44.44	41.61	44.23	40.25	39.75
Enterprise Value to Operating Cash Flow (EV/OCF)	27.54	19.64	25.28	22.93	25.25	25.05	30.27	26.22	31.61	29.96	27.08
Enterprise Value to Free Cash Flow (EV/FCFF)	50.06	65.68	153.79	98.57	80.53	56.25	51.64	43.37	54.16	43.57	37.15
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	-10.83	-14.35	-19.88	-23.89	-8.06	-9.67	-11.96	-11.82	-16.39	-13.25	-6.00
Long-Term Debt to Equity	-10.73	-14.23	-19.70	-23.68	-8.00	-9.59	-11.86	-11.72	-16.25	-13.13	-5.95
Financial Leverage	-8.56	-9.13	-11.45	-14.20	-7.52	-9.13	-11.85	-12.10	-8.62	-8.78	-6.21
Leverage Ratio	-12.88	-14.02	-17.62	-22.88	-10.87	-13.87	-18.06	-19.07	-12.74	-13.23	-8.83
Compound Leverage Factor	-10.00	-10.64	-13.73	-17.38	-8.54	-10.26	-13.75	-14.18	-10.24	-10.74	-6.76
Debt to Total Capital	110.18%	107.49%	105.30%	104.37%	114.16%	111.53%	109.12%	109.24%	106.50%	108.16%	119.99%
Short-Term Debt to Total Capital	0.98%	0.94%	0.92%	0.91%	0.91%	0.97%	0.95%	0.95%	0.92%	0.95%	0.99%
Long-Term Debt to Total Capital	109.20%	106.55%	104.37%	103.46%	113.25%	110.56%	108.17%	108.29%	105.57%	107.22%	119.00%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	-0.66%	-0.36%	-0.15%	-0.12%	-0.10%	-0.04%	0.00%	0.00%	0.02%	0.02%	-0.02%
Common Equity to Total Capital	-9.52%	-7.13%	-5.15%	-4.25%	-14.06%	-11.49%	-9.12%	-9.24%	-6.51%	-8.18%	-19.97%
Debt to EBITDA	5.70	5.64	5.53	5.33	5.62	5.49	5.30	5.22	5.05	4.77	5.24
Net Debt to EBITDA	4.65	4.51	4.48	4.20	4.62	4.36	4.21	4.01	3.90	3.70	4.14
Long-Term Debt to EBITDA	5.65	5.59	5.48	5.28	5.58	5.44	5.25	5.17	5.01	4.73	5.19
Debt to NOPAT	12.88	12.13	12.07	11.54	12.15	11.94	11.00	10.63	10.26	9.65	10.18
Net Debt to NOPAT	10.52	9.70	9.79	9.08	9.98	9.49	8.74	8.16	7.92	7.48	8.05
Long-Term Debt to NOPAT	12.77	12.03	11.97	11.44	12.05	11.84	10.90	10.54	10.17	9.56	10.10
Altman Z-Score	1.35	1.04	1.46	1.30	1.31	1.42	1.75	1.70	1.97	1.91	1.68
Noncontrolling Interest Sharing Ratio	12.95%	12.66%	4.81%	3.99%	3.02%	2.04%	1.00%	0.87%	0.37%	0.12%	0.09%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.84	1.98	1.88	2.11	1.81	1.94	2.08	2.10	2.05	2.08	2.11
Quick Ratio	1.49	1.70	1.61	1.75	1.50	1.62	1.77	1.78	1.74	1.76	1.78
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	33	-46	-95	-83	-42	1.84	32	48	26	53	103
Operating Cash Flow to CapEx	268.31%	277.49%	123.57%	341.04%	205.65%	260.77%	119.06%	580.90%	123.00%	240.01%	217.72%
Free Cash Flow to Firm to Interest Expense	1.55	-2.11	-4.34	-3.89	-1.70	0.07	1.17	1.81	0.98	1.99	3.50
Operating Cash Flow to Interest Expense	2.77	5.05	2.90	4.19	3.19	4.77	1.79	5.11	1.68	4.99	3.69
Operating Cash Flow Less CapEx to Interest Expense	1.74	3.23	0.55	2.96	1.64	2.94	0.29	4.23	0.31	2.91	2.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.36	0.37	0.37	0.37	0.38	0.38	0.39	0.40	0.41	0.42	0.43
Accounts Receivable Turnover	20.51	22.83	18.77	34.46	19.67	22.11	16.09	25.80	16.18	18.03	13.35
Inventory Turnover	40.65	35.09	38.22	38.10	30.22	28.09	36.43	57.87	43.60	37.26	33.56
Fixed Asset Turnover	3.04	3.05	2.90	0.00	0.00	2.86	2.90	0.00	0.00	2.96	2.97
Accounts Payable Turnover	7.77	8.16	8.57	10.11	6.15	5.78	6.96	8.66	5.28	5.52	6.35
Days Sales Outstanding (DSO)	17.80	15.99	19.45	10.59	18.55	16.51	22.69	14.15	22.56	20.24	27.35
Days Inventory Outstanding (DIO)	8.98	10.40	9.55	9.58	12.08	12.99	10.02	6.31	8.37	9.80	10.88
Days Payable Outstanding (DPO)	46.98	44.74	42.61	36.10	59.31	63.12	52.47	42.13	69.15	66.08	57.51
Cash Conversion Cycle (CCC)	-20.21	-18.35	-13.61	-15.93	-28.67	-33.62	-19.77	-21.68	-38.23	-36.04	-19.28
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	1,693	1,728	1,798	1,767	1,799	1,785	1,831	1,777	1,845	1,806	1,811
Invested Capital Turnover	0.62	0.64	0.62	0.64	0.64	0.64	0.65	0.68	0.69	0.72	0.73
Increase / (Decrease) in Invested Capital	23	100	142	130	105	57	33	9.95	46	20	-20
Enterprise Value (EV)	7,910	6,220	8,349	7,385	8,605	8,969	10,410	10,177	11,185	10,741	11,329
Market Capitalization	6,015	4,335	6,435	5,522	6,489	6,917	8,364	8,180	9,181	8,743	9,035
Book Value per Share	($2.26)	($1.78)	($1.31)	($1.09)	($3.60)	($3.12)	($2.55)	($2.60)	($1.88)	($2.31)	($5.80)
Tangible Book Value per Share	($14.78)	($14.30)	($13.68)	($13.33)	($15.69)	($15.49)	($14.89)	($14.82)	($14.07)	($14.26)	($17.79)
Total Capital	2,122	2,202	2,246	2,271	2,259	2,316	2,360	2,380	2,437	2,381	2,418
Total Debt	2,338	2,367	2,365	2,370	2,578	2,583	2,576	2,599	2,595	2,575	2,901
Total Long-Term Debt	2,317	2,346	2,344	2,349	2,558	2,561	2,553	2,577	2,572	2,553	2,877
Net Debt	1,909	1,893	1,917	1,866	2,119	2,052	2,046	1,996	2,003	1,997	2,294
Capital Expenditures (CapEx)	22	39	51	26	38	49	41	23	36	55	50
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-175	-176	-156	-164	-168	-183	-136	-188	-159	-152	-149
Debt-free Net Working Capital (DFNWC)	252	288	241	295	242	293	328	339	350	348	370
Net Working Capital (NWC)	231	267	220	274	222	270	306	316	327	325	346
Net Nonoperating Expense (NNE)	13	13	10	12	14	16	17	15	14	14	23
Net Nonoperating Obligations (NNO)	1,909	1,893	1,917	1,866	2,119	2,052	2,046	1,996	2,003	2,000	2,294
Total Depreciation and Amortization (D&A)	37	38	39	40	40	42	41	39	39	40	41
Debt-free, Cash-free Net Working Capital to Revenue	-16.89%	-16.47%	-14.54%	-14.96%	-15.11%	-16.24%	-11.49%	-15.55%	-12.68%	-11.80%	-11.25%
Debt-free Net Working Capital to Revenue	24.33%	26.98%	22.52%	26.89%	21.79%	25.98%	27.76%	27.98%	27.97%	26.99%	27.93%
Net Working Capital to Revenue	22.33%	25.04%	20.58%	25.00%	19.95%	23.99%	25.86%	26.12%	26.17%	25.24%	26.12%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.49	$0.46	$0.41	$0.39	$0.56	$0.50	$0.56	$0.50	$0.69	$0.70	$0.73
Adjusted Weighted Average Basic Shares Outstanding	84.62M	84.61M	84.90M	86.91M	86.81M	84.57M	85.62M	84.17M	83.86M	83.52M	83.52M
Adjusted Diluted Earnings per Share	$0.48	$0.46	$0.41	$0.39	$0.56	$0.50	$0.55	$0.50	$0.69	$0.70	$0.73
Adjusted Weighted Average Diluted Shares Outstanding	84.91M	84.89M	85.18M	87.22M	86.96M	84.73M	85.83M	84.40M	84.07M	83.72M	83.73M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	88.14M	88.15M	88.17M	88.18M	85.17M	84.59M	84.67M	84.19M	84.23M	83.30M	80.01M
Normalized Net Operating Profit after Tax (NOPAT)	57	55	47	47	64	59	65	57	72	73	83
Normalized NOPAT Margin	19.80%	19.69%	16.52%	19.01%	21.11%	20.11%	19.04%	20.77%	21.11%	22.08%	22.14%
Pre Tax Income Margin	20.97%	19.83%	20.29%	20.36%	23.10%	20.43%	19.69%	21.36%	24.60%	26.56%	20.81%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	3.60	3.34	3.40	3.10	3.60	3.03	3.21	3.03	3.99	4.11	3.46
NOPAT to Interest Expense	2.64	2.52	2.16	2.20	2.59	2.21	2.36	2.19	2.75	2.77	2.82
EBIT Less CapEx to Interest Expense	2.57	1.52	1.05	1.87	2.05	1.21	1.70	2.15	2.62	2.03	1.77
NOPAT Less CapEx to Interest Expense	1.61	0.70	-0.19	0.97	1.04	0.38	0.86	1.31	1.38	0.69	1.13
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	4.66%	4.02%	3.13%	2.36%	1.60%	2.28%	2.75%	2.71%	2.31%	1.43%	0.68%
Augmented Payout Ratio	133.41%	89.31%	88.17%	78.70%	186.49%	185.96%	175.04%	184.80%	29.67%	73.87%	227.85%

Financials Breakdown Chart

Key Financial Trends

Planet Fitness (PLNT) has shown a pattern of rising revenue and improving profitability in recent quarters, supported by solid operating cash flow. Below is a concise four-year view focused on the last four annual cycles across income statements, cash flow statements, and balance sheets.

Strong revenue growth and improving gross profitability - Operating revenue rose from about $281.3 million in Q4 2022 to $376.3 million in Q4 2025, a multi-year increase. Total gross profit climbed from roughly $207.5 million in Q4 2022 to about $286.0 million in Q4 2025, keeping gross margin in the mid-70s percentage range (roughly 75–76%).
Rising net income and EPS - Net income attributable to common shareholders increased to $60.39 million in Q4 2025, up from about $33.6–47.1 million in prior periods, with diluted EPS at $0.73 in Q4 2025 versus $0.56 in Q4 2024 and $0.41 in earlier quarters.
Robust operating cash flow - Net cash from continuing operating activities was about $131.5 million in Q3 2025 and remained strong at $109.1 million in Q4 2025, up from roughly $49.1 million in Q4 2024, signaling solid cash generation from core operations.
Healthy near-term liquidity and asset base - As of Q3 2025, cash & equivalents were about $329.0 million, with total assets around $3.06 billion, indicating solid liquidity and a sizable asset base to support ongoing operations.
Strategic debt financing indicates liquidity access - Planet Fitness executed a debt issuance of $750 million in Q4 2025, reflecting access to capital to fund growth opportunities, even as financing cash flows can be cash outflows for other uses.

Investing and financing cash flows show ongoing cash deployment - Net cash from investing activities remained negative in 2025 quarters (for example, -$54.12 million in Q4 2025 and -$35.08 million in Q3 2025), highlighting continued capital investments and asset purchases as part of growth strategy.
Leverage and capital structure remain elevated - Long-term debt around $2.13–$2.16 billion and total liabilities near $3.25 billion (e.g., Q3 2025) indicate a higher leverage baseline that investors may watch in light of restatements and equity dynamics.

Significant leverage risk - Total liabilities around $3.25 billion and long-term debt near $2.13 billion (Q3 2025) suggest substantial leverage, which could pressure cash flows if margins compress or interest costs rise.
Cash used in investing and financing activities - Recurrent investing outflows (PPE and investments) and financing outflows (share repurchases/dividends) have weighed on cash reserves in multiple quarters (e.g., net cash from financing activities around -$103.5 million in Q3 2025 and -$28.5 million in Q4 2025).

05/05/26 07:23 PM ETAI Generated. May Contain Errors.

Frequently Asked Questions About Planet Fitness' Financials

When does Planet Fitness' fiscal year end?

According to the most recent income statement we have on file, Planet Fitness' financial year ends in December. Their financial year 2025 ended on December 31, 2025.

How has Planet Fitness' net income changed over the last 10 years?

Planet Fitness' net income appears to be on an upward trend, with a most recent value of $220.26 million in 2025, rising from $38.13 million in 2015. The previous period was $174.24 million in 2024. View Planet Fitness' forecast to see where analysts expect Planet Fitness to go next.

What is Planet Fitness' operating income?

Planet Fitness' total operating income in 2025 was $394.68 million, based on the following breakdown:

Total Gross Profit: $1.09 billion
Total Operating Expenses: $699.16 million

How has Planet Fitness' revenue changed over the last 10 years?

Over the last 10 years, Planet Fitness' total revenue changed from $330.54 million in 2015 to $1.32 billion in 2025, a change of 300.6%.

How much debt does Planet Fitness have?

Planet Fitness' total liabilities were at $3.59 billion at the end of 2025, a 9.2% increase from 2024, and a 412.2% increase since 2015.

How much cash does Planet Fitness have?

In the past 10 years, Planet Fitness' cash and equivalents has ranged from $31.43 million in 2015 to $545.91 million in 2021, and is currently $345.65 million as of their latest financial filing in 2025.

How has Planet Fitness' book value per share changed over the last 10 years?

Over the last 10 years, Planet Fitness' book value per share changed from -0.16 in 2015 to -5.80 in 2025, a change of 3,617.6%.

Related Companies

Financial statements for NYSE:PLNT last updated on 2/26/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Planet Fitness (PLNT) Financials

Financials Breakdown Chart

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Planet Fitness (PLNT) Financials

Annual Income Statements for Planet Fitness

Quarterly Income Statements for Planet Fitness

Annual Cash Flow Statements for Planet Fitness

Quarterly Cash Flow Statements for Planet Fitness

Annual Balance Sheets for Planet Fitness

Quarterly Balance Sheets for Planet Fitness

Annual Metrics And Ratios for Planet Fitness

Quarterly Metrics And Ratios for Planet Fitness

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Key Financial Trends

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