Planet Fitness, Inc.PLNT
Planet Fitness, Inc. Segments Disclosure
Segments
The Company has three reportable segments: (i) Franchise; (ii) Corporate-owned clubs; and (iii) Equipment.
The Company’s operations are organized and managed by type of products and services and segment information is reported accordingly. The Company’s Chief Operating Decision Maker (the “CODM”) is its Chief Executive Officer. The CODM reviews financial performance and allocates resources by reportable segment. There have been no operating segments aggregated to arrive at the Company’s reportable segments. Revenues for all operating segments include only transactions with unaffiliated customers and include no intersegment revenues. The accounting policies of the reportable segments are the same as those described in Note 2.
The Franchise segment includes operations related to the Company’s franchising business in the United States, Puerto Rico, Canada, Panama, Mexico and Australia. The Company records all revenues and expenses of the NAFs within the franchise segment. The Corporate-owned clubs segment includes operations with respect to all Corporate-owned clubs throughout the United States, Canada, and Spain. The Equipment segment includes the sale of equipment to franchisee-owned clubs.
The CODM evaluates the performance of the Company’s reportable segments based on revenue and Segment Adjusted EBITDA. Segment Adjusted EBITDA is defined as earnings before interest, taxes, depreciation, and amortization, adjusted for the impact of certain non-cash and other items that the CODM does not consider in her evaluation of ongoing performance of the segment’s core operations. The CODM utilizes Segment Adjusted EBITDA when making decisions about allocating resources to the segments as well to assess the performance for each segment by comparing the results of each segment and in the compensation of certain employees. No asset information has been provided for these reportable segments as the CODM does not regularly review asset information by reportable segment.
The following table summarizes total revenue and total Segment Adjusted EBITDA for the Company’s reportable segments.
| Years Ended December 31, | |||||||||||||||||
| (in thousands) | 2025 | 2024 | 2023 | ||||||||||||||
| Revenue | |||||||||||||||||
| Franchise | $ | 467,958 | $ | 423,247 | $ | 387,929 | |||||||||||
| Corporate-owned clubs | 546,097 | 502,287 | 449,296 | ||||||||||||||
| Equipment | 310,089 | 256,120 | 234,101 | ||||||||||||||
| Total revenue | $ | 1,324,144 | $ | 1,181,654 | $ | 1,071,326 | |||||||||||
| Segment Adjusted EBITDA | |||||||||||||||||
| Franchise | $ | 336,592 | $ | 301,122 | $ | 273,008 | |||||||||||
| Corporate-owned clubs | 206,347 | 188,751 | 173,322 | ||||||||||||||
| Equipment | 94,478 | 71,778 | 56,362 | ||||||||||||||
| Segment Adjusted EBITDA | $ | 637,417 | $ | 561,651 | $ | 502,692 | |||||||||||
The following tables summarize the significant expense categories and amounts for each of the Company’s reportable segments and align with the segment level information that is regularly provided to the CODM:
| Franchise Segment | Years Ended December 31, | ||||||||||||||||
| (in thousands) | 2025 | 2024 | 2023 | ||||||||||||||
Selling, general and administrative | $ | 34,394 | $ | 32,514 | $ | 35,654 | |||||||||||
| National advertising fund expense | 87,580 | 79,009 | 70,095 | ||||||||||||||
| Cost of revenue | 10,242 | 9,892 | 9,493 | ||||||||||||||
Other segment expenses (income), net(1) | (850) | 710 | (320) | ||||||||||||||
| Total | $ | 131,366 | $ | 122,125 | $ | 114,921 | |||||||||||
(1) Other segment expenses (income), net for the franchise segment includes other (gains) losses, net, and other income (expense), net.
| Corporate-owned Clubs Segment | Years Ended December 31, | ||||||||||||||||
| (in thousands) | 2025 | 2024 | 2023 | ||||||||||||||
Rent & occupancy(1) | $ | 127,079 | $ | 117,392 | $ | 102,399 | |||||||||||
Club compensation and payroll(1) | 97,758 | 87,212 | 75,222 | ||||||||||||||
Marketing(1) | 47,730 | 43,137 | 39,642 | ||||||||||||||
Operational and other(1) | 45,978 | 42,128 | 35,718 | ||||||||||||||
| Selling, general and administrative | 14,117 | 18,027 | 16,891 | ||||||||||||||
Other segment expenses, net(2) | 7,088 | 5,640 | 6,102 | ||||||||||||||
| Total | $ | 339,750 | $ | 313,536 | $ | 275,974 | |||||||||||
(1) Club compensation and payroll, rent and occupancy, marketing, and operational and other are included within club operations expense in the consolidated statements of operations. Operational and other primarily consists of repairs and maintenance expense, transaction fees, club supplies, personal property tax expense and other expenses incurred in the operation of each corporate-owned club.
(2) Other segment expenses, net for the corporate-owned clubs segment includes cost of revenue, other (gains) losses, net, and other income (expense), net.
| Equipment Segment | Years Ended December 31, | ||||||||||||||||
| (in thousands) | 2025 | 2024 | 2023 | ||||||||||||||
Cost of revenue | $ | 213,476 | $ | 181,545 | $ | 174,846 | |||||||||||
Other segment expenses, net(1) | 2,135 | 2,797 | 2,893 | ||||||||||||||
| Total | $ | 215,611 | $ | 184,342 | $ | 177,739 | |||||||||||
(1) Other segment expenses, net for the equipment segment includes selling, general, and administrative expenses, other (gains) losses, net, and other income (expense), net.
Capital expenditures for the corporate-owned clubs segment were $147.4 million, $131.8 million and $112.2 million for the years ended December 31, 2025, 2024 and 2023, respectively. The CODM does not review capital expenditures related to the franchise or equipment segments.
The following table reconciles total Segment Adjusted EBITDA to consolidated income before taxes:
| Years Ended December 31, | |||||||||||||||||
| (in thousands) | 2025 | 2024 | 2023 | ||||||||||||||
| Segment Adjusted EBITDA | |||||||||||||||||
| Franchise | $ | 336,592 | $ | 301,122 | $ | 273,008 | |||||||||||
| Corporate-owned clubs | 206,347 | 188,751 | 173,322 | ||||||||||||||
| Equipment | 94,478 | 71,778 | 56,362 | ||||||||||||||
Segment Adjusted EBITDA | 637,417 | 561,651 | 502,692 | ||||||||||||||
| Depreciation and amortization | (155,785) | (160,346) | (149,413) | ||||||||||||||
| Interest income | 22,999 | 23,115 | 17,741 | ||||||||||||||
| Interest expense | (108,244) | (100,037) | (86,576) | ||||||||||||||
| Losses from equity-method investments, net of tax | 2,840 | 4,042 | 1,994 | ||||||||||||||
Corporate and other unallocated expenses, net(1) | (90,249) | (81,697) | (78,897) | ||||||||||||||
| Income before income taxes | $ | 308,978 | $ | 246,728 | $ | 207,541 | |||||||||||
(1) Corporate and other unallocated expenses, net includes 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 and certain other gains and charges that the CODM does not consider in her evaluation of the Company’s reportable segments.
The following table summarizes geographic information about the Company’s revenue, based on customer location:
| Years Ended December 31, | |||||||||||||||||
| (in thousands) | 2025 | 2024 | 2023 | ||||||||||||||
| United States | $ | 1,284,622 | $ | 1,141,550 | $ | 1,042,784 | |||||||||||
| Rest of world | 39,522 | 40,104 | 28,542 | ||||||||||||||
| Total revenue | $ | 1,324,144 | $ | 1,181,654 | $ | 1,071,326 | |||||||||||
The following table summarizes geographic information about the Company’s long-lived assets, net, excluding goodwill and other intangible assets:
| As of December 31, | |||||||||||
| (in thousands) | 2025 | 2024 | |||||||||
| United States | $ | 913,906 | $ | 882,022 | |||||||
| Rest of world | 65,609 | 21,414 | |||||||||
| Total long-lived assets, net | $ | 979,515 | $ | 903,436 | |||||||
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 | |
| 2018 | Mar 1, 2019 | |
| 2017 | Mar 1, 2018 | |
| 2016 | Mar 6, 2017 | |
| 2015 | Mar 4, 2016 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.