Planet Fitness, Inc. — Third Quarter 2026 Earnings Summary

Financial Performance:

• Total revenue increased 9.0% year-over-year to $360.0 million for the quarter ended September 30, 2026, compared to $330.3 million in the prior year period.
• Net income attributable to Planet Fitness, Inc. was $52.0 million ($0.70 per diluted share), compared to $58.8 million ($0.70 per diluted share) in the prior year period.
• Net income decreased $6.9 million to $52.2 million from $59.2 million in the prior year period.
• Adjusted net income decreased $5.1 million to $61.9 million ($0.83 per diluted share) from $67.0 million ($0.80 per diluted share) in the prior year period.
• Adjusted EBITDA increased $5.4 million to $146.2 million from $140.8 million in the prior year period.
• System-wide same club sales increased 1.5%.
• System-wide sales increased $53.4 million to $1.3 billion.
• Cash and marketable securities totaled $515.0 million as of September 30, 2026, consisting of $310.2 million in cash and cash equivalents, $72.8 million in restricted cash, and $132.0 million in marketable securities.
• Long-term debt was $2,443.2 million as of September 30, 2026, down from $2,458.4 million as of December 31, 2025.
• Deferred revenue (current and non-current) totaled $99.4 million as of September 30, 2026, compared to $88.3 million as of December 31, 2025.

Guidance and Future Outlook:

• Updated full-year 2026 system-wide same club sales growth guidance to approximately 1.5% to 2% (previously approximately 1%).
• Updated full-year 2026 revenue growth guidance to approximately 8% (previously 7%).
• Updated full-year 2026 Adjusted EBITDA growth guidance to approximately 6.5% (previously 6%).
• Updated full-year 2026 new equipment placements guidance to approximately 135 to 140 in franchisee-owned locations (previously 150 to 160).
• Updated full-year 2026 system-wide new club openings guidance to approximately 190 to 195 locations, including the acquisition of Be-Fit (previously 180 to 190).
• Updated full-year 2026 capital expenditures growth guidance to approximately 15% (previously 10% to 15%).
• Updated full-year 2026 depreciation and amortization growth guidance to approximately 7% (previously 10%).
• Reiterated full-year 2026 Adjusted net income per share, diluted growth guidance of approximately 6%, based on adjusted diluted weighted-average shares outstanding of approximately 77.0 million.
• Reiterated full-year 2026 net interest expense guidance of approximately $115.0 million.
• Reiterated full-year 2026 Adjusted net income decrease guidance of approximately 3%.
• The acquisition of Be-Fit is expected to be accretive to earnings in 2027.

Business Segments and Product Lines:

• Franchise segment revenue increased 14.0% to $129.6 million, driven by a $10.4 million increase in National Advertising Fund (NAF) revenue due to a rate increase from 2% to 3% and a $3.9 million increase in royalty revenue.
• Corporate-owned clubs segment revenue increased 3.5% to $142.7 million, driven by new clubs and same club sales growth, partially offset by revenue from the sale of eight California clubs.
• Equipment segment revenue increased 11.1% to $87.6 million, primarily due to higher sales to existing franchisee-owned clubs.
• Franchise Segment Adjusted EBITDA increased 5.4% to $86.8 million.
• Corporate-owned clubs Segment Adjusted EBITDA decreased 0.4% to $53.5 million.
• Equipment Segment Adjusted EBITDA increased 7.7% to $25.5 million.
• 33 new Planet Fitness clubs opened system-wide during the quarter (25 franchisee-owned, 8 corporate-owned), bringing the total to 2,962 clubs.
• Equipment sales were made to 21 new franchisee-owned clubs in the quarter, compared to 27 in the same period last year.

Market and Competitive Landscape:

• Entered the Portugal market in Q4 2026 with the acquisition of Be-Fit, a platform with 25 clubs and approximately 80,000 members, marking entry into a sixth international market and second in Europe.
• Planet Fitness operates approximately 21.5 million members across 2,962 clubs in all 50 U.S. states, the District of Columbia, Puerto Rico, Canada, Panama, Mexico, Australia, and Spain.
• Approximately 90% of Planet Fitness clubs are owned and operated by independent business owners.

Risks and Challenges:

• Forward-looking statements note risks including competition in the fitness industry, ability to attract and retain members, securing suitable sites, changes in consumer demand, equipment costs, and expansion into new markets.
• Risks include operating costs for the Company and franchisees, availability and cost of capital for franchisees, acquisition and divestiture activity, legal and regulatory developments, and substantial indebtedness.
• Risks include potential failures, interruptions, or security breaches of information systems and the ability to successfully integrate the Be-Fit acquisition.
• Actual results may differ from forward-looking statements due to factors such as general economic conditions and the Company's corporate structure and tax receivable agreements.

Management Commentary and Tone:

• CEO Colleen Keating stated the company delivered same club sales growth ahead of expectations and achieved adjusted EBITDA margins of approximately 41%.
• Management expressed confidence in initiatives designed to accelerate member growth, reinforce affordability, and generate long-term value.
• Management described being "energized" by international expansion opportunities, specifically the Be-Fit acquisition, citing potential to drive efficiencies and future growth by converting units to the Planet Fitness brand.
• Management intends to operate Be-Fit clubs while working with existing management to support integration and identify expansion opportunities in Portugal, with plans to eventually refranchise the business.

Other Key Points:

• Repurchased and retired approximately 1.0 million shares of Class A common stock for $50.0 million during the quarter.
• Board of Directors authorized a new $500 million share repurchase program (2026 Share Repurchase Program) to replace the existing 2025 program.
• Announced a strategic review of refranchising opportunities for domestic corporate-owned clubs, with proceeds intended to further capital allocation strategies.
• The Be-Fit acquisition aggregate purchase price was approximately €102.5 million ($114.8 million), comprising €100 million ($112.0 million) paid in cash at closing and up to €2.5 million ($2.8 million) in contingent cash consideration.
• Conference call held on November 5, 2026, at 8:00 AM (ET) to discuss results.