Planet Fitness, Inc. Leases Disclosure
| (in thousands) | As of December 31, | |||||||||||||||||||
| Leases | Balance Sheet Classification | 2025 | 2024 | |||||||||||||||||
| Assets | ||||||||||||||||||||
| Operating | Right of use asset, net | $ | 409,320 | $ | 395,174 | |||||||||||||||
| Finance | 964 | 85 | ||||||||||||||||||
| Total lease assets | $ | 410,284 | $ | 395,259 | ||||||||||||||||
| Liabilities | ||||||||||||||||||||
| Current: | ||||||||||||||||||||
| Operating | $ | 44,397 | $ | 37,031 | ||||||||||||||||
| Finance | 203 | 70 | ||||||||||||||||||
| Noncurrent: | ||||||||||||||||||||
| Operating | Lease liabilities, net of current portion | 419,120 | 405,324 | |||||||||||||||||
| Finance | 773 | 20 | ||||||||||||||||||
| Total lease liabilities | $ | 464,493 | $ | 442,445 | ||||||||||||||||
| Weighted-average remaining lease term - operating leases | 7.8 years | 7.7 years | ||||||||||||||||||
| Weighted-average discount rate - operating leases | 5.9% | 5.6% | ||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||
| (in thousands) | 2025 | 2024 | 2023 | |||||||||||||||||
| Operating lease cost | $ | 78,003 | $ | 71,278 | $ | 64,187 | ||||||||||||||
| Variable lease cost | 28,618 | 27,716 | 22,718 | |||||||||||||||||
| Total lease cost | $ | 106,621 | $ | 98,994 | $ | 86,905 | ||||||||||||||
Years Ended December 31, | ||||||||||||||||||||
| (in thousands) | 2025 | 2024 | 2023 | |||||||||||||||||
| Cash paid, net, for lease liabilities | $ | 66,228 | $ | 58,231 | $ | 56,145 | ||||||||||||||
| Operating lease ROU assets obtained in exchange for operating lease liabilities, excluding Acquisitions | $ | 83,553 | $ | 63,475 | $ | 67,242 | ||||||||||||||
Acquisition-related operating lease ROU assets obtained in exchange for operating lease liabilities | $ | — | $ | — | $ | 5,424 | ||||||||||||||
| (in thousands) | Amount | ||||
| 2026 | $ | 87,028 | |||
| 2027 | 77,363 | ||||
| 2028 | 82,838 | ||||
| 2029 | 79,080 | ||||
| 2030 | 69,718 | ||||
| Thereafter | 203,263 | ||||
| Total lease payments | $ | 599,290 | |||
| Less: imputed interest | (134,797) | ||||
Present value of future minimum lease liabilities | $ | 464,493 | |||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 25, 2026 | Showing above |
| 2024 | Feb 25, 2025 | |
| 2023 | Feb 29, 2024 | |
| 2022 | Mar 1, 2023 | |
| 2021 | Mar 1, 2022 | |
| 2020 | Mar 1, 2021 | |
| 2019 | Feb 28, 2020 | |
About Leases Disclosures
Lease disclosures under ASC 842 provide a comprehensive view of a company's leased asset portfolio, including the split between operating and finance leases, discount rates used to present-value future payments, and the maturity schedule of lease obligations. This section reveals a significant source of off-balance-sheet commitments that were largely hidden before the current standard.
Key signals: the weighted-average discount rate affects the size of recorded lease liabilities — a higher rate reduces the reported obligation, so compare the chosen rate against the company's incremental borrowing rate. The operating versus finance lease mix affects both EBITDA and operating income presentation. Watch the maturity table for concentration risk: large payment cliffs in specific years may create cash flow pressure. Variable lease payments excluded from the liability measurement represent real obligations that do not appear on the balance sheet. Compare total lease costs against prior-year operating lease expense to assess the true economic burden.