PLANET FITNESS, INC., 10-K filed on 2/25/2025
Annual Report
v3.25.0.1
Cover Page - USD ($)
$ in Billions
 12 Months Ended
Dec. 31, 2024
Feb. 18, 2025
Jun. 30, 2024
Document Information [Line Items]      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Dec. 31, 2024    
Current Fiscal Year End Date --12-31    
Document Transition Report false    
Entity File Number 001-37534    
Entity Registrant Name PLANET FITNESS, INC.    
Entity Incorporation, State or Country Code DE    
Entity Tax Identification Number 38-3942097    
Entity Address, Address Line One 4 Liberty Lane West    
Entity Address, City or Town Hampton    
Entity Address, State or Province NH    
Entity Address, Postal Zip Code 03842    
City Area Code 603    
Local Phone Number 750-0001    
Title of 12(b) Security Class A common stock, $0.0001 Par Value    
Trading Symbol PLNT    
Security Exchange Name NYSE    
Entity Well-known Seasoned Issuer Yes    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Large Accelerated Filer    
Entity Small Business false    
Entity Emerging Growth Company false    
ICFR Auditor Attestation Flag true    
Document Financial Statement Error Correction false    
Entity Shell Company false    
Entity Public Float     $ 6.2
Documents Incorporated by Reference
Portions of the Definitive Proxy Statement for the registrant’s 2024 Annual Meeting of Stockholders to be held May 6, 2025, are incorporated by reference into Part III, Items 10-14 of this Annual Report on Form 10-K.
    
Amendment Flag false    
Document Fiscal Year Focus 2024    
Document Fiscal Period Focus FY    
Entity Central Index Key 0001637207    
Class A common stock      
Document Information [Line Items]      
Entity Common Stock, Shares Outstanding   84,330,138  
Class B common stock      
Document Information [Line Items]      
Entity Common Stock, Shares Outstanding   341,841  
v3.25.0.1
Audit Information
 12 Months Ended
Dec. 31, 2024
Audit Information [Abstract]  
Auditor Name KPMG LLP
Auditor Location Boston, Massachusetts
Auditor Firm ID 185
v3.25.0.1
Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Current assets:    
Cash and cash equivalents $ 293,150 $ 275,842
Restricted cash 56,524 46,279
Short-term marketable securities 114,163 74,901
Accounts receivable, net of allowances for uncollectible amounts of $30 and $0 as of December 31, 2024 and 2023, respectively 77,145 41,890
Inventory 6,146 4,677
Prepaid expenses 21,499 13,842
Other receivables 16,776 11,072
Income tax receivable 2,616 3,314
Total current assets 588,019 471,817
Long-term marketable securities 65,668 50,886
Investments, net of allowance for expected credit losses of $18,834 and $17,689 as of December 31, 2024 and 2023, respectively 75,650 77,507
Property and equipment, net of accumulated depreciation of $370,118 and $322,958, as of December 31, 2024 and 2023, respectively 423,991 390,405
Right-of-use assets, net 395,174 381,010
Intangible assets, net 323,318 372,507
Goodwill 720,633 717,502
Deferred income taxes 470,197 504,188
Other assets, net 7,058 3,871
Total assets 3,069,708 2,969,693
Current liabilities:    
Current maturities of long-term debt 22,500 20,750
Accounts payable 32,887 23,788
Accrued expenses 67,895 66,299
Equipment deposits 1,851 4,506
Deferred revenue, current 62,111 59,591
Payable pursuant to tax benefit arrangements, current 55,556 41,294
Other current liabilities 39,695 35,101
Total current liabilities 282,495 251,329
Long-term debt, net of current maturities 2,148,029 1,962,874
Lease liabilities, net of current portion 405,324 381,589
Deferred revenue, net of current portion 31,990 32,047
Deferred tax liabilities 1,386 1,644
Payable pursuant to tax benefit arrangements, net of current portion 411,360 454,368
Other liabilities 4,497 4,833
Total noncurrent liabilities 3,002,586 2,837,355
Commitments and contingencies (Note 17)
Stockholders’ equity (deficit):    
Accumulated other comprehensive (loss) income (2,348) 172
Additional paid in capital 609,115 575,631
Accumulated deficit (822,156) (691,461)
Total stockholders’ deficit attributable to Planet Fitness, Inc. (215,380) (115,649)
Non-controlling interests 7 (3,342)
Total stockholders’ deficit (215,373) (118,991)
Total liabilities and stockholders’ deficit 3,069,708 2,969,693
Class A common stock    
Stockholders’ equity (deficit):    
Common stock, value 9 9
Class B common stock    
Stockholders’ equity (deficit):    
Common stock, value $ 0 $ 0
v3.25.0.1
Consolidated Balance Sheets (Parenthetical) - USD ($)
shares in Thousands, $ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Current assets:    
Accounts receivable, allowance for bad debts $ 30 $ 0
Allowance for expected credit loss 18,834 17,689
Accumulated depreciation $ 370,118 $ 322,958
Class A common stock    
Stockholders’ equity (deficit):    
Common stock, par value (in usd per share) $ 0.0001 $ 0.0001
Common stock, shares authorized (in shares) 300,000 300,000
Common stock, shares issued (in shares) 84,323 86,760
Common stock, shares outstanding (in shares) 84,323 86,760
Class B common stock    
Stockholders’ equity (deficit):    
Common stock, par value (in usd per share) $ 0.0001 $ 0.0001
Common stock, shares authorized (in shares) 100,000 100,000
Common stock, shares issued (in shares) 342 1,397
Common stock, shares outstanding (in shares) 342 1,397
v3.25.0.1
Consolidated Statements of Operations - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Revenue:      
Total revenue $ 1,181,654 $ 1,071,326 $ 936,772
Operating costs and expenses:      
Cost of revenue 197,122 190,026 177,200
Club operations 290,507 253,619 219,422
Selling, general and administrative 129,146 124,930 114,853
National advertising fund expense 79,009 70,095 66,116
Depreciation and amortization 160,346 149,413 124,022
Other losses, net 1,326 10,379 5,081
Total operating costs and expenses 857,456 798,462 706,694
Income from operations 324,198 272,864 230,078
Other income (expense), net:      
Interest income 23,115 17,741 5,005
Interest expense (100,037) (86,576) (88,628)
Other (expense) income, net (548) 3,512 14,983
Total other expense, net (77,470) (65,323) (68,640)
Income before income taxes 246,728 207,541 161,438
Provision for income taxes 68,443 58,512 50,515
Losses from equity-method investments, net of tax (4,042) (1,994) (467)
Net income 174,243 147,035 110,456
Less net income attributable to non-controlling interests 2,201 8,722 11,054
Net income attributable to Planet Fitness, Inc. $ 172,042 $ 138,313 $ 99,402
Class A common stock      
Net income per share of Class A common stock:      
Basic (in usd per share) $ 2.01 $ 1.63 $ 1.18
Diluted (in usd per share) $ 2.00 $ 1.62 $ 1.18
Weighted-average shares of Class A common stock outstanding:      
Basic (in shares) 85,621,282 84,896,397 84,136,819
Diluted (in shares) 85,827,437 85,184,918 84,544,098
Franchise      
Revenue:      
Total revenue $ 344,320 $ 317,917 $ 271,559
National advertising fund revenue      
Revenue:      
Total revenue 78,927 70,012 58,075
Corporate-owned clubs      
Revenue:      
Total revenue 502,287 449,296 379,393
Equipment      
Revenue:      
Total revenue $ 256,120 $ 234,101 $ 227,745
v3.25.0.1
Consolidated Statements of Comprehensive Income - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Statement of Comprehensive Income [Abstract]      
Net income including non-controlling interests $ 174,243 $ 147,035 $ 110,456
Other comprehensive income (loss), net:      
Foreign currency translation adjustments (2,312) 179 (460)
Change in unrealized (loss) gain on marketable securities, net of tax (208) 441 0
Total other comprehensive income (loss), net (2,520) 620 (460)
Total comprehensive income including non-controlling interests 171,723 147,655 109,996
Less: total comprehensive income attributable to non-controlling interests 2,201 8,722 11,054
Total comprehensive income attributable to Planet Fitness, Inc. $ 169,522 $ 138,933 $ 98,942
v3.25.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities:      
Net income $ 174,243 $ 147,035 $ 110,456
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 160,346 149,413 124,022
Amortization of deferred financing costs 5,362 5,492 5,514
Loss on extinguishment of debt 2,285 0 1,583
Accretion of marketable securities discount (3,307) (3,273) 0
Losses from equity-method investments, net of tax 4,042 1,994 467
Dividends accrued on held-to-maturity investment (2,180) (2,066) (1,876)
Credit loss (gain) on held-to-maturity investment 1,145 2,732 (2,505)
Deferred tax expense 55,689 51,189 48,618
Loss (gain) on re-measurement of tax benefit arrangement liability 1,300 (1,964) (13,831)
(Gain) loss on disposal of property and equipment (671) 61 (60)
Equity-based compensation 8,913 7,906 8,068
Other 1,280 (345) 158
Changes in operating assets and liabilities, net of acquisitions:      
Accounts receivable (36,459) 4,761 (19,177)
Inventory (1,484) 599 (4,112)
Other assets and other current assets (11,785) 929 (5,152)
Accounts payable and accrued expenses 17,312 (975) (14,721)
Other liabilities and other current liabilities (519) (8,106) 8,636
Income taxes 407 2,183 (1,672)
Payments pursuant to tax benefit arrangements (44,946) (34,797) (19,253)
Equipment deposits (2,653) (3,937) 2,457
Deferred revenue 2,775 3,942 9,404
Leases 12,778 7,481 3,183
Net cash provided by operating activities 343,873 330,254 240,207
Cash flows from investing activities:      
Additions to property and equipment (155,061) (135,986) (100,057)
Acquisitions of franchisees 0 (43,264) (424,940)
Proceeds from sale of property and equipment and insurance proceeds 1,396 99 60
Proceeds from sale of corporate-owned clubs 0 0 20,820
Purchases of marketable securities (155,423) (203,285) 0
Maturities of marketable securities 103,672 80,490 0
Issuance of note receivable, related party (2,145) 0 0
Other investments (1,150) (38,045) (2,449)
Net cash used in investing activities (208,711) (339,991) (506,566)
Cash flows from financing activities:      
Proceeds from issuance of long-term debt 800,000 0 900,000
Proceeds from issuance of Variable Funding Notes 0 0 75,000
Proceeds from issuance of Class A common stock 21,875 9,160 925
Principal payments on capital lease obligations (98) (193) (268)
Repayment of long-term debt and variable funding notes (608,688) (20,749) (724,813)
Payment of deferred financing and other debt-related costs (12,055) 0 (16,176)
Repurchase and retirement of Class A common stock (300,205) (125,030) (94,315)
Payment of share repurchase excise tax (1,032) 0 0
Distributions to members of Pla-Fit Holdings (4,792) (4,605) (4,628)
Net cash (used in) provided by financing activities (104,995) (141,417) 135,725
Effects of exchange rate changes on cash and cash equivalents (2,614) 776 (808)
Net increase (decrease) in cash, cash equivalents and restricted cash 27,553 (150,378) (131,442)
Cash, cash equivalents and restricted cash, beginning of period 322,121 472,499 603,941
Cash, cash equivalents and restricted cash, end of period 349,674 322,121 472,499
Supplemental cash flow information:      
Cash paid for interest 90,853 81,184 80,961
Net cash paid for income taxes 12,072 5,258 3,625
Non-cash investing activities:      
Purchases of property and equipment included in accounts payable and accrued expenses 11,423 18,639 13,936
Fair value of clubs exchanged for equity-method investment 0 17,000 0
Fair value of common stock issued as consideration for acquisition $ 0 $ 0 $ 393,730
v3.25.0.1
Consolidated Statements of Changes in Equity - USD ($)
$ in Thousands
Total
Class A common stock
Class B common stock
Common Stock
Class A common stock
Common Stock
Class B common stock
Accumulated other comprehensive income (loss)
Additional paid-in capital
Accumulated deficit
Non-controlling interests
Beginning balance (in shares) at Dec. 31, 2021       83,804,000 3,056,000        
Beginning balance at Dec. 31, 2021 $ (642,845)     $ 8 $ 1 $ 12 $ 63,428 $ (708,804) $ 2,510
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Net income 110,456             99,402 11,054
Equity-based compensation expense 8,068           8,068    
Repurchase and retirement of common stock (in shares)       (1,529,000)          
Repurchase and retirement of Class A common stock (94,315)           6,426 (94,315) (6,426)
Exchanges of Class B common stock and other adjustments (in shares)   548,175   548,000 (548,000)        
Exchanges of Class B common stock and other adjustments 0           22,533   (22,533)
Exercise of stock options, vesting of restricted share units and ESPP share purchase (in shares)       90,000          
Exercise of stock options, vesting of restricted share units and ESPP share purchase 1,039           1,039    
Issuance of common stock for acquisition (in shares)       517,000 3,638,000        
Issuance of common stock for acquisition 393,730           385,324   8,406
Deferred taxes arising from exchanges of Class B common stock and other adjustments 18,326           18,326    
Non-cash adjustments to VIEs (932)               (932)
Distributions paid to members of Pla-Fit Holdings (4,628)               (4,628)
Other comprehensive income (loss) (460)         (460)      
Ending balance (in shares) at Dec. 31, 2022       83,430,000 6,146,000        
Ending balance at Dec. 31, 2022 (211,561)     $ 8 $ 1 (448) 505,144 (703,717) (12,549)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Net income 147,035             138,313 8,722
Equity-based compensation expense 7,906           7,906    
Repurchase and retirement of common stock (in shares)       (1,699,000)          
Repurchase and retirement of Class A common stock (126,079)           3,117 (126,079) (3,117)
Exchanges of Class B common stock and other adjustments (in shares)   4,748,555   4,749,000 (4,749,000)        
Exchanges of Class B common stock and other adjustments 0     $ 1 $ (1)   (12,572)   12,572
Exercise of stock options, vesting of restricted share units and ESPP share purchase (in shares)       280,000          
Exercise of stock options, vesting of restricted share units and ESPP share purchase 9,034           9,034    
Deferred taxes arising from exchanges of Class B common stock and other adjustments 63,002           63,002    
Non-cash adjustments to VIEs (389)               (389)
Deconsolidation of VIEs (3,954)             22 (3,976)
Distributions paid to members of Pla-Fit Holdings (4,605)               (4,605)
Other comprehensive income (loss) 620         620      
Ending balance (in shares) at Dec. 31, 2023   86,760,000 1,397,000 86,760,000 1,397,000        
Ending balance at Dec. 31, 2023 (118,991)     $ 9 $ 0 172 575,631 (691,461) (3,342)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Net income 174,243             172,042 2,201
Equity-based compensation expense 8,913           8,913    
Repurchase and retirement of common stock (in shares)       (4,073,000)          
Repurchase and retirement of Class A common stock (302,737)           2,364 (302,737) (2,364)
Exchanges of Class B common stock and other adjustments (in shares)   1,055,326   1,055,000 (1,055,000)        
Exchanges of Class B common stock and other adjustments 0           (7,294)   7,294
Exercise of stock options, vesting of restricted share units and ESPP share purchase (in shares)       581,000          
Exercise of stock options, vesting of restricted share units and ESPP share purchase 21,865           21,865    
Deferred taxes arising from exchanges of Class B common stock and other adjustments 6,936           6,936    
Distributions paid to members of Pla-Fit Holdings (4,792)               (4,792)
Issuance of subsidiary stock to non-controlling interest 1,710           700   1,010
Other comprehensive income (loss) (2,520)         (2,520)      
Ending balance (in shares) at Dec. 31, 2024   84,323,000 342,000 84,323,000 342,000        
Ending balance at Dec. 31, 2024 $ (215,373)     $ 9 $ 0 $ (2,348) $ 609,115 $ (822,156) $ 7
v3.25.0.1
Business organization
 12 Months Ended
Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Business organization Business organization
Planet Fitness, Inc. (the “Company”), through its subsidiaries, is a franchisor and operator of fitness centers, with approximately 19.7 million members and 2,722 owned and franchised locations (referred to as clubs) in all 50 states, the District of Columbia, Puerto Rico, Canada, Panama, Mexico, Australia and Spain as of December 31, 2024.
The Company serves as the reporting entity for its various subsidiaries that operate three distinct lines of business:
•Licensing and selling franchises under the Planet Fitness trade name;
•Owning and operating fitness centers under the Planet Fitness trade name; and
•Selling fitness-related equipment to franchisee-owned clubs.
In 2012 investment funds affiliated with TSG Consumer Partners, LLC (“TSG”), purchased interests in Pla-Fit Holdings.
The Company was formed as a Delaware corporation on March 16, 2015 for the purpose of facilitating an initial public offering (“IPO”) and related transactions in order to carry on the business of Pla-Fit Holdings, LLC and its subsidiaries (“Pla-Fit Holdings”). As of August 5, 2015, in connection with the recapitalization transactions, the Company became the sole managing member and holder of 100% of the voting power of Pla-Fit Holdings. Pla-Fit Holdings owns 100% of Planet Intermediate, LLC which has no operations but is the 100% owner of Planet Fitness Holdings, LLC, a franchisor and operator of fitness centers. With respect to the Company, Pla-Fit Holdings and Planet Intermediate, LLC, each entity owns nothing other than the respective entity below it in the corporate structure and each entity has no other material operations.
The Company is a holding company whose principal asset is a controlling equity interest in the membership units (“Holdings Units”) in Pla-Fit Holdings. 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 Holdings Units not owned by the Company.
As of December 31, 2024, the Company held 100% of the voting interest, and approximately 99.6% of the economic interest in Pla-Fit Holdings and the owners of Holdings Units other than the Company (the “Continuing LLC Owners”) held the remaining 0.4% economic interest in Pla-Fit Holdings. As future exchanges of Holdings Units occur, the economic interest in Pla-Fit Holdings held by Planet Fitness, Inc. will increase.
v3.25.0.1
Summary of significant accounting policies
 12 Months Ended
Dec. 31, 2024
Accounting Policies [Abstract]  
Summary of significant accounting policies Summary of significant accounting policies
(a) Basis of presentation and consolidation
The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). All significant intercompany balances and transactions have been eliminated in consolidation.
As discussed in Note 1, Planet Fitness, Inc. consolidates Pla-Fit Holdings. The Company also consolidates entities in which it has a controlling financial interest, the usual condition of which is ownership of a majority voting interest. The Company also considers for consolidation certain interests where the controlling financial interest may be achieved through arrangements that do not involve voting interests. Such an entity, known as a variable interest entity (“VIE”), is required to be consolidated by its primary beneficiary. The primary beneficiary of a VIE is considered to possess the power to direct the activities of the VIE that most significantly impact its economic performance and has the obligation to absorb losses or the rights to receive benefits from the VIE that are significant to it. The principal entities in which the Company possesses a variable interest include franchise entities and certain other entities. The Company is not deemed to be the primary beneficiary for Planet Fitness franchise entities. Therefore, these entities are not consolidated.
Planet Fitness NAF, LLC (the “national advertising fund” or “NAF”) is an advertising fund and is considered a VIE. The results of the NAF are consolidated within these financial statements based on the determination that the Company is the primary beneficiary of the NAF. On behalf of the Company, the NAF along with the Canadian Advertising Fund (“CAF” and collectively with the NAF, the “NAFs”) collect 2% annually of gross monthly and annual membership dues from franchisees, in accordance with the provisions of the franchise agreements, and uses the amounts received to increase sales and further enhance the public reputation of the Planet Fitness brand. See Note 3 for further information related to the NAFs.
(b) Use of estimates
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Although these estimates are based on management’s knowledge of current events and actions it may undertake in the future, they may ultimately differ from actual results. Significant areas where estimates and judgments are relied upon by management in the preparation of the consolidated financial statements include revenue recognition, valuation of equity-based compensation awards, valuation of assets and liabilities acquired in business combinations, the evaluation of the recoverability of goodwill and long-lived assets, including intangible assets, equity method investments, allowance for expected credit losses, the present value of lease liabilities, income taxes, including deferred tax assets and liabilities, and the liability for the Company’s tax benefit arrangements.
(c) Concentrations
Financial instruments that potentially subject the Company to concentration risk consist of cash and cash equivalents and marketable securities. All of the Company’s cash and cash equivalents, restricted cash, and marketable securities are maintained by major financial institutions, of which cash deposits are insured by the Federal Deposit Insurance Corporation (“FDIC”) up to $250. The Company maintains balances in excess of these limits, but does not believe that such deposits with its banks are subject to any unusual risk.
The credit risk associated with trade receivables is mitigated due to the large number of customers, generally franchisees, and their broad dispersion over many different geographic areas. The Company does not have any concentrations greater than 10% with respect to revenues. As of December 31, 2024, the Company had one customer who represented 12% of total accounts receivable. As of December 31, 2023, no customers represented more than 10% of total accounts receivable.
The Company purchases equipment, both for corporate-owned clubs and for sales to franchisee-owned clubs from various equipment vendors. The percentages of equipment purchases from vendors that represent 10% or more of total equipment purchases was as follows:
Years Ended December 31,
202420232022
Vendor A74%72%71%
Vendor B16%21%22%
The Company, including the NAFs, uses various vendors for advertising services. The percentages of advertising purchases from vendors that represent 10% or more of total advertising purchases was as follows:
Years Ended December 31,
202420232022
Vendor A34%38%*
Vendor B23%24%*
Vendor C
13%18%*
Vendor D
**77%
* Represents less than 10% of advertising purchases for the period.
(d) Cash, cash equivalents and restricted cash
The Company considers all highly liquid investments purchased with an original maturity of 90 days or less to be cash equivalents.
In accordance with the Company’s securitized financing facility, certain cash accounts have been established in the name of Citibank, N.A. (the “Trustee”). The Company holds restricted cash which primarily represents cash collections held by the Trustee, which includes interest, principal, and commitment fee reserves. As of December 31, 2024, the Company had restricted cash held by the Trustee of $56,524. Restricted cash has been combined with cash and cash equivalents when reconciling the beginning and end of period balances in the consolidated statements of cash flows.
(e) Revenue from contracts with customers
The Company’s revenues are comprised of franchise revenue, equipment revenue, and corporate-owned clubs revenue and are accounted for under ASC 606 - Revenue From Contracts With Customers, net of applicable sales tax.
Franchise revenue
Franchise revenues consist primarily of royalties, contributions to the NAFs (“NAF revenue”), franchise fees and upfront fees from area development agreements (“ADAs”), transfer fees, equipment placement revenue, membership join fees, and other fees. 
The Company’s primary performance obligation under the franchise license is granting certain rights to use the Company’s intellectual property, and all other services the Company provides under the ADA and franchise agreement are highly interrelated and not distinct within the contract, and therefore accounted for as a single performance obligation, which is satisfied by granting certain rights to use intellectual property over the term of each franchise agreement.
Royalties and franchisee contributions to national advertising funds, are calculated as a percentage of franchise monthly dues and annual fees over the term of the franchise agreement. Under the franchise agreements, advertising contributions paid by franchisees must be spent on advertising, marketing and related activities. Franchise fees are payable by the franchisee upon signing a new franchise agreement or successor franchise agreement, and transfer fees are paid to the Company when one franchisee transfers a franchise agreement to a different franchisee. Franchise royalties, as well as contributions to the NAFs, represent sales-based royalties that are related entirely to the performance obligation under the franchise agreement and are recognized as franchise sales occur.
Franchise fees, as well as transfer fees, are recognized as revenue on a straight-line basis over the term of the respective franchise agreement. ADAs generally consist of an obligation to grant geographic exclusive area development rights. These development rights are not distinct from franchise agreements, so upfront fees paid by franchisees for exclusive development rights are deferred and apportioned to each franchise agreement signed by the franchisee. The pro-rata amount apportioned to each franchise agreement is accounted for on a straight-line basis over the respective franchise agreement.
The Company is generally responsible for assembly and placement of equipment it sells to U.S., Canada, and Mexico based franchisee-owned clubs. Placement revenue is recognized upon completion and acceptance of the services at the franchise location.
Join fees are paid to the Company by franchisees for processing new membership transactions when a new member signs up for a membership to a franchisee-owned club. These fees are recognized as revenue as each transaction occurs.
The Company recognizes revenue from its PF Perks program, which are fees and commissions paid to the Company by certain brands and third-party retail partners for special discounts, promotions and offers to be made available to our members through our mobile application and website.
Corporate-owned clubs revenue
The following revenues are generated from clubs owned and operated by the Company.
Membership dues revenue
Customers are offered multiple membership choices varying in length. Membership dues are earned and recognized over the membership term on a straight-line basis.
Enrollment fee revenue
Enrollment fees are charged to new members at the commencement of their membership. The Company recognizes enrollment fees ratably over the estimated duration of the membership life, which is generally two years.
Annual membership fee revenue
Annual membership fees are annual fees charged to members in addition to monthly membership dues. The Company recognizes annual membership fees ratably over the 12-month membership period or as long as there is a service obligation to the member.
Other fees
The Company collects certain other fees from members in connection with their membership, including fees associated with certain member payments, which are recognized upon collection.
Retail sales
The Company sells Planet Fitness branded apparel, food, beverages, and other accessories. The revenue for these items is recognized at the point of sale.
Equipment revenue
The Company sells and delivers equipment purchased from third-party equipment manufacturers to U.S., Canada, and Mexico based franchisee-owned clubs. Revenue is recognized upon transfer of control of ordered items, generally upon delivery to the customer, which is when the customer obtains physical possession of the goods, legal title is transferred, the customer has all risks and rewards of ownership and an obligation to pay for the goods is created. Franchisees are charged for all freight costs incurred for the delivery of equipment. Freight revenue is recorded within equipment revenue and freight costs are recorded within cost of revenue. In most instances, the Company recognizes equipment revenue on a gross basis as management has determined the Company to be the principal in these transactions. Management determined the Company to be the principal in the transaction because the Company controls the equipment prior to delivery to the final customer as evidenced by its pricing discretion over the goods, inventory transfer of title and risk of loss while the inventory is in transit, and having the primary responsibility to fulfill the customer order and direct the third-party vendor.
(f) Deferred revenue
Franchise deferred revenue results from franchise fees and ADA fees paid by franchisees, as well as transfer fees, which are generally recognized on a straight-line basis over the term of the underlying franchise agreement. Deferred revenue is also recognized in the Corporate-owned clubs segment for cash received from members for enrollment fees, membership dues and annual fees for the portion not yet earned based on the membership period. Equipment deposits made at the time of ordering equipment are also deferred until the revenue recognition criteria are met.
(g) Cost of revenue
Cost of revenue consists primarily of direct costs associated with equipment sales, including freight costs, to new and existing franchisee-owned clubs in the United States, Canada and Mexico and the cost of retail merchandise sold in corporate-owned clubs. Rebates from equipment vendors where the Company has recognized the related equipment revenue and costs are recorded as a reduction to the cost of revenue.
(h) Club operations
Club operations consists of the direct costs associated with our corporate-owned clubs, primarily payroll, rent, utilities, supplies, maintenance, insurance, and local and national advertising.
(i) Selling, general and administrative
Selling, general and administrative expenses are primarily associated with administrative, corporate-owned club and franchisee support functions related to our existing business as well as growth and development activities. These costs primarily consist of payroll, information technology, marketing, legal, accounting, consulting and insurance related expenses. These expenses include internal costs related to equipment placement and assembly services of $7,596, $6,961 and $6,069, for the years ended December 31, 2024, 2023 and 2022, respectively.
(j) Accounts receivable
Accounts receivable is primarily comprised of amounts owed to the Company resulting from equipment and placement revenue. The Company evaluates its accounts receivable on an ongoing basis and may establish an allowance for uncollectible amounts based on collections and current credit conditions. Accounts are written off as uncollectible when it is determined that further collection efforts will be unsuccessful. Historically, the Company has not had a significant amount of write-offs.
(k) Inventory
The Company has inventory at period ends when the Company has title and risk of loss in advance of sale to its franchisees.
(l) Leases and asset retirement obligations
Leases
The Company leases space to operate corporate-owned clubs, equipment, office, and warehouse space. The Company currently leases the corporate headquarters, corporate-owned club headquarters and all but one of the corporate-owned clubs. Leases with an initial term of 12 months or less are not recorded on the balance sheet; the Company recognizes lease expense for these leases on a straight-line basis over the lease term. The Company accounts for fixed lease and non-lease components together as a single, combined lease component. Variable lease costs, which may include common area maintenance, insurance, and taxes are not included in the lease liability and are expensed in the period incurred.
Corporate-owned club leases generally have original lease terms of 10 to 12 years, and typically include one or more renewal options, with renewal option terms that can generally extend the lease term from three to 10 years or more. The exercise of lease renewal options is at the Company’s sole discretion. The Company includes renewal options in the expected lease term when they are reasonably certain to be exercised.
At the inception of each lease, the Company determines its appropriate classification as an operating or financing lease. The majority of the Company’s leases are operating leases. Operating lease assets and liabilities are recognized at the lease commencement date. Operating lease liabilities represent the present value of lease payments not yet paid, reduced by expected reimbursements from landlords. Operating lease right of use (“ROU”) assets represent the right to use an underlying asset and are based upon the operating lease liabilities adjusted for prepayments, initial direct costs and lease incentives. To determine the present value of lease payments not yet paid, the Company estimates incremental secured borrowing rates corresponding to the maturities of the leases based upon interpolated rates using the Company’s Notes. All ROU assets are periodically reviewed for impairment in accordance with standards that apply to long-lived assets.
The Company has an immaterial amount of non-real estate leases that are accounted for as finance leases under ASC 842 - Leases.
Leases typically contain rent escalations over the lease term. The Company recognizes expense for these leases on a straight-line basis over the lease term. Additionally, tenant incentives used to fund leasehold improvements reduce the ROU asset related to the lease. These tenant incentives are amortized as reduction of rent expense over the lease term.
The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants.
Asset retirement obligations
In accordance with ASC Topic 410, Asset Retirement and Environmental Obligations, the Company establishes assets and liabilities for the present value of estimated future costs to return certain leased facilities to their original condition. Such assets are depreciated on a straight-line basis over the lease period into operating expense, and the recorded liabilities are accreted to the future value of the estimated restoration costs.
(m) Property and equipment
Property and equipment is recorded at cost, or fair value when acquired as part of a business combination, and depreciated using the straight-line method over its related estimated useful life. Upon sale or retirement, the asset cost and related accumulated depreciation are removed from the respective accounts, and any related gain or loss is reflected in the consolidated statements of operations. Ordinary maintenance and repair costs are expensed as incurred. The estimated useful lives of the Company’s property and equipment by class of asset, other than construction in progress, are as follows:
Buildings and building improvements
20 to 40 years
Information technology and systems
3 to 5 years
Fitness equipment
5 to 7 years
Furniture and fixtures
5 years
Vehicles
5 years
Leasehold improvementsShorter of useful life of asset or lease term
(n) Advertising expenses
The Company expenses advertising costs as incurred. Advertising expenses for corporate-owned clubs are included within club operations and totaled $43,137, $39,642 and $31,462 for the years ended December 31, 2024, 2023 and 2022, respectively. In addition to expenses incurred by our NAFs (“NAF expense”), advertising related to the franchise segment is included within
selling, general and administrative expenses and totaled $330, $2,514 and $3,103 for the years ended December 31, 2024, 2023 and 2022, respectively. See Note 3 for discussion of the NAFs.
(o) Goodwill, long-lived assets, and other intangible assets
Goodwill and other intangible assets that arise from acquisitions are recorded in accordance with ASC Topic 805, Business Combinations and ASC Topic 350, Intangibles—Goodwill and Other. In accordance with this guidance, specifically identified intangible assets must be recorded as a separate asset from goodwill if either of the following two criteria is met: (1) the intangible asset acquired arises from contractual or other legal rights; or (2) the intangible asset is separable. Intangibles are typically trade and brand names, customer relationships, and reacquired franchise rights. Transactions are evaluated to determine whether any gain or loss on reacquired franchise rights, based on their fair value, should be recognized separately from identified intangibles. Goodwill is the excess of the purchase price over the fair value of identifiable net assets acquired in a business combination.
Goodwill and indefinite-lived intangible assets are not amortized, but are reviewed annually for impairment or more frequently if impairment indicators arise. Separable intangible assets that are not deemed to have an indefinite life are amortized over their estimated useful lives on either a straight-line or accelerated basis as deemed appropriate, and are reviewed for impairment when events or circumstances suggest that the assets may not be recoverable.
The Company performs its annual impairment assessment of goodwill and indefinite lived intangible assets on December 1 of each year. For goodwill, the annual impairment assessment begins with a qualitative assessment, where qualitative factors and their impact on critical inputs are assessed to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying value. If the Company determines that a reporting unit has an indication of impairment based on the qualitative assessment, it is required to perform a quantitative assessment.
For indefinite lived intangible assets, the annual impairment assessment consists of comparing the carrying value of the asset to its estimated fair value. To the extent that the carrying value exceeds the fair value of the asset, an impairment is recorded to reduce the carrying value to its fair value. The Company is also permitted to make a qualitative assessment of whether it is more likely than not an indefinite lived intangible asset’s fair value is less than its carrying value prior to applying the quantitative assessment. If based on the Company’s qualitative assessment it is not more likely than not that the carrying value of the asset is less than its fair value, then a quantitative assessment is not required.
During the periods presented, the Company did not need to proceed beyond the qualitative analysis for its goodwill or indefinite lived intangible assets, and determined that no impairment charges were required.
The Company applies the provisions of ASC Topic 360, Property, Plant and Equipment, which requires that long-lived assets, including amortizable intangible assets and ROU assets, be reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If circumstances require a long-lived asset or asset group to be tested for impairment, then assets are required to be grouped and evaluated at the lowest level for which there are identifiable cash flows that are largely independent of the cash flows of other groups of assets. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset or asset group to the undiscounted future net cash flows expected to be generated by the asset or asset group. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets. Assets to be disposed of are reported at the lower of the carrying amount or fair value less costs to sell. There were no long-lived assets that were impaired during any of the periods presented.
(p) Income taxes
The Company accounts for income taxes using the asset and liability method. Deferred income taxes are recognized for the expected future tax consequences attributable to temporary differences between the carrying amount of the existing tax assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted tax rates expected to be applied in the years in which temporary differences are expected to be recovered or settled. The principal items giving rise to temporary differences are the use of accelerated depreciation and certain basis differences resulting from acquisitions and the recapitalization transactions. Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be realized.
Planet Fitness, Inc. is the sole managing member of Pla-Fit Holdings, which is treated as a partnership for U.S. federal and most applicable state and local income tax purposes. As a partnership, Pla-Fit Holdings is not subject to U.S. federal and certain state and local income taxes. Any taxable income or loss generated by Pla-Fit Holdings is passed through to and included in the taxable income or loss of its members, including Planet Fitness, Inc. following the recapitalization transactions, on a pro rata
basis. Planet Fitness, Inc. is subject to U.S. federal income taxes, in addition to state and local income taxes with respect to the allocable share of any taxable income of Pla-Fit Holdings. The Company is also subject to taxes in certain foreign jurisdictions.
The Company recognizes the effect of income tax positions only if those positions are more likely than not to be sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs (see Note 16).
(q) Tax benefit arrangements
The Company’s acquisition of Holdings Units in connection with the IPO and certain future and past exchanges of Holdings Units for shares of the Company’s Class A common stock (or cash at the option of the Company) are expected to produce and have produced favorable tax attributes. In connection with the IPO, the Company entered into two tax receivable agreements, pursuant to which the Company is required to make payments to certain current or former holders of equity interests or their successors-in-interest (“TRA Holders”). Under the first of those agreements, the Company generally is required to pay to certain existing and previous equity owners of Pla-Fit Holdings, LLC 85% of the applicable tax savings, if any, in U.S. federal and state income tax that the Company is deemed to realize as a result of certain tax attributes of their Holdings Units sold to the Company (or exchanged in a taxable sale) and that are created as a result of (i) the exchanges of their Holdings Units for shares of Class A common stock and (ii) tax benefits attributable to payments made under the tax receivable agreement (including imputed interest). Under the second tax receivable agreement, the Company generally is required to pay 85% of the amount of tax savings, if any, that the Company is deemed to realize as a result of tax attributes of certain equity interests previously held by affiliates of TSG that resulted from TSG’s purchase of interests in our 2012 acquisition, and certain other tax benefits. Under both agreements, the Company generally retains the remaining 15% benefit of the applicable tax savings.
Based on current projections, the Company anticipates having sufficient taxable income to utilize these tax attributes and receive corresponding tax deductions in future periods. Accordingly, as of December 31, 2024 the Company has recorded a liability of $466,916 payable to the TRA Holders under the tax benefit obligations, representing approximately 85% of the calculated expected tax savings based on the original basis adjustments the Company anticipates being able to utilize in future years. Changes in the liability resulting from historical changes under these tax benefit arrangements may occur based on changes in anticipated future taxable income, changes in applicable tax rates or other changes in tax attributes that may occur and impact the expected future tax benefits to be received by the Company. Changes in the projected liability under these tax benefit arrangements are and will be recorded as a component of other income (expense) each period. The projection of future taxable income involves significant judgment. Actual taxable income may differ from estimates, which could significantly impact the liability under the tax benefit arrangements and the Company’s consolidated results of operations. 
(r) Fair value
ASC 820, Fair Value Measurements and Disclosures, establishes a three-level valuation hierarchy for disclosure of fair value measurements. The valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. Categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The three levels are defined as follows:
Level 1—Inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.
Level 2—Inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.
Level 3—Inputs to the valuation methodology are unobservable and significant to the fair value measurement.
Certain of the Company’s financial instruments, including cash and cash equivalents, restricted cash, accounts receivable, accounts payable, accrued expenses and other current liabilities are carried at cost, which approximates their fair value because of their short-term nature. See Note 7 for investments that are measured at fair value on a recurring basis.
The carrying value and estimated fair value of long-term debt were as follows:
December 31, 2024December 31, 2023
Carrying value
Estimated fair value(1)
Carrying value
Estimated fair value(1)
Long-term debt(1)
$2,195,750 $2,082,034 $2,004,438 $1,829,286 
(1) The estimated fair value of the Company’s fixed rate long-term debt is estimated primarily based on current bid prices for the long-term debt. Judgment is required to develop these estimates. As such, the fair value of long-term debt is classified within Level 2, as defined under U.S. GAAP.
(s) Investments
The Company’s investments consist of available-for-sale and held-to-maturity investments in debt securities and equity method investments.
Available-for-sale marketable debt securities
Marketable debt securities primarily consist of commercial paper, corporate debt securities, U.S. treasury securities, and U.S. government agency securities. We classify our marketable debt securities as available-for-sale at the time of purchase and reevaluate such classification at each balance sheet date. We may sell these securities at any time for use in current operations even if they have not yet reached maturity. The Company invests in a diversified portfolio of marketable debt securities and limits the concentration of its investment in any particular security. Securities with maturities greater than three months, but less than one year, are included in short-term marketable securities and securities with maturities greater than one year are included in long-term marketable securities on the consolidated balance sheets, respectively. All marketable debt securities classified as available-for-sale are reported at fair value.
If the estimated fair value of an available-for-sale debt security is below its amortized cost basis, then the Company evaluates the security for impairment. The Company considers its intent to sell the security or whether it is more likely than not that it will be required to sell the security before recovery of its amortized basis. If either of these criteria are met, the debt security’s amortized cost basis is written down to fair value through other income (expense), net in the consolidated statements of operations. If neither of these criteria are met, the Company evaluates whether unrealized losses have resulted from a credit loss or other factors. The factors considered in determining whether a credit loss exists can include the extent to which fair value is less than the amortized cost basis, changes to the rating of the security by a rating agency, any adverse conditions specifically related to the security, as well as other factors. An impairment relating to credit losses is recorded through an allowance for credit losses reported in other income (expense), net in the consolidated statements of operations. The allowance is limited by the amount that the fair value of the debt security is below its amortized cost basis. When a credit loss exists, the Company compares the present value of cash flows expected to be collected from the debt security with the amortized cost basis of the security to determine what allowance amount, if any, should be recorded. Unrealized gains or losses not resulting from credit losses or impairment are recorded through accumulated other comprehensive income (loss). Realized gains and losses from the sale of marketable securities are determined based on the specific identification method and are reported in other income (expense), net in the consolidated statements of operations. Interest income from marketable securities is recognized as earned within the consolidated statement of operations. The accretion of marketable debt security discounts to maturity is recognized within interest income.
Held-to-maturity debt securities
Held-to-maturity debt securities are financial instruments for which the Company has the intent and ability to hold to maturity and are reported at amortized cost. The Company reserves for expected credit losses on held-to-maturity debt securities through the allowance for expected credit losses. The Company utilizes a probability-of-default (“PD”) and loss-given-default (“LGD”) methodology to calculate the allowance for expected credit losses. The allowance for expected credit losses estimate reflects a lifetime loss estimate and is based on historical loss information for assets with similar risk characteristics, adjusted for management’s expectations. Adjustments for management’s expectations may be based on factors such as investee earnings performance, recent financing rounds at reduced valuations, potential refinancing events, changes in the regulatory, economic or technological environment of an investee or doubt about an investee’s ability to continue as a going concern. An increase or a decrease in the allowance for expected credit losses is recorded through other gain (loss) as a credit loss expense or a reversal thereof. The allowance for expected credit losses is presented as a deduction from the amortized cost. A held-to-maturity debt security is written off when deemed uncollectible.
Equity method investments
The Company accounts for investments under the equity method if it holds less than 50% of the voting stock, has the ability to exercise significant influence, and the entity is not a VIE in which the Company is the primary beneficiary. These investments are recorded initially at cost as a non-current asset on the consolidated balance sheets. The Company records its interest in the net earnings of its equity method investees along with adjustments for unrealized profits or losses on intra-entity transactions and amortization of basis differences, within losses from equity-method investments, net of tax in the consolidated statements of operations. Basis differences represent differences between the cost of the investment and the underlying equity in net assets of the investment and are amortized into losses from equity method investments over the useful lives of the underlying assets that gave rise to them. Equity method goodwill is not amortized or tested for impairment; instead the equity method investment is tested for impairment. The Company records its interest in the net earnings of its equity method investments based on the most recently available financial statements of the investees.
The Company evaluates its equity method investments for impairment whenever an event or change in circumstances occurs that may have a significant adverse impact on the fair value of the investment. If a loss in value has occurred and is deemed to be other than temporary, an impairment loss is recorded in the period the impairment occurs in the consolidated statements of operations. The Company did not record any impairment charges on any of its equity method investments during any periods presented.
(t) Equity-based compensation
The Company has an equity-based compensation plan under which employees and directors provide services to the Company and receive equity instruments as consideration from the Company. The compensation expense is determined based on the fair value of the award as of the grant date. Compensation expense is recognized over the vesting period, which is the period over which all of the specified vesting conditions are satisfied. For awards with graded vesting, the fair value of each tranche is recognized over its respective vesting period. For awards with performance targets, the Company recognizes compensation expense ratably over the required service period based on its estimate of the number of shares that will vest upon achieving the measurement criteria. The Company accounts for forfeitures as they occur by reversing compensation cost for unvested awards when the award is forfeited. See Note 14 for further information.
(u) Business combinations
The Company accounts for business combinations using the purchase method of accounting which results in the assets acquired and liabilities assumed being recorded at fair value.
The valuation methodologies used are based on the nature of the asset or liability. The significant assets and liabilities measured at fair value include property and equipment, intangible assets, and favorable and unfavorable leases. For the 2012 Acquisition, intangible assets consisted of trade and brand names, member relationships, franchisee relationships related to both the franchise and equipment segments, non-compete agreements, order backlog and favorable and unfavorable leases. For other acquisitions, which consist of acquisitions of clubs from franchisees, intangible assets generally consist of member relationships, re-acquired franchise rights, and favorable and unfavorable leases.
The Company uses a variety of information sources to determine the estimated fair values of acquired assets and liabilities, including third-party valuation experts. The fair value of trade and brand names is estimated using the relief from royalty method, an income approach to valuation, which includes projecting future system-wide sales and other estimates. Membership relationships and franchisee relationships are valued based on an estimate of future revenues and costs related to the respective contracts over the remaining expected lives. The Company’s valuation includes assumptions related to the projected attrition and renewal rates on those existing franchise and membership arrangements being valued. Re-acquired franchise rights are valued using an excess earnings approach. The valuation of re-acquired franchise rights is determined using a multi-period excess earnings method under the income approach. For re-acquired franchise rights with terms that are either favorable or unfavorable to the terms included in current franchise agreements, a gain or charge is recorded at the time of the acquisition to the extent of the favorability or unfavorability, respectively. Favorable and unfavorable operating leases are recorded based on differences between contractual rents under the respective lease agreements and prevailing market rents at the lease acquisition date, and are recorded as a component of the ROU asset. Real and personal property asset valuation is determined using the replacement cost approach.
The Company considers its trade and brand name intangible assets to have an indefinite useful life, and, therefore, these assets are not amortized but rather are tested for impairment annually as discussed above. Finite-lived intangible assets, such as re-acquired franchise rights and member relationships are subject to amortization over the assets’ estimated useful lives based on
the pattern in which the economic benefits are expected to be received, which may be straight-line or an accelerated method. Favorable and unfavorable operating leases are amortized into rental expense over the lease term of the respective leases using the straight-line method.
(v) Guarantees
The Company, as a guarantor, is required to recognize, at inception of the guaranty, a liability for the fair value of the obligation undertaken in issuing the guarantee. See Note 17 for further discussion of such obligations guaranteed.
(w) Contingencies
The Company records estimated future losses related to contingencies when such amounts are probable and estimable. The Company includes estimated legal fees related to such contingencies as part of the accrual for estimated future losses.
(x) Non-controlling interests
Non-controlling interests represent third-party interests in certain of the Company’s subsidiaries. Allocation of net income or loss is generally based upon relative ownership interests held by equity owners in each subsidiary or based upon contractual arrangements. If such contractual arrangements are substantive and provide for a disproportionate allocation of economic returns among equity holders, the Company uses the hypothetical liquidation at book value (“HLBV”) method to allocate net income or loss of the subsidiary. The HLBV method is a balance sheet focused approach which measures each party’s capital account at each balance sheet date to determine the amount that the Company would receive if the subsidiary were to hypothetically liquidate its net assets at their carrying values determined in accordance with GAAP and distribute such hypothetical proceeds based on the liquidation rights and priorities defined in the contractual arrangement. Under the HLBV method, net income or losses of the subsidiary are attributed based on the change in each party’s capital account between the beginning and the end of the reporting period, after adjusting for capital contributions and distributions. The proportion of net income or losses attributed to non-controlling interests under the HLBV method is subject to change as the net assets in the subsidiary change.
(y) Reclassification
Certain amounts have been reclassified to conform to current year presentation.
(z) Recent accounting pronouncements
The FASB issued ASU No. 2023-07, Improvements to Reportable Segment Disclosures, in November 2023. The standard expands reportable segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the Chief Operating Decision Maker (“CODM”) and included within each reported measure of segment profit or loss, an amount and description of its composition for other segment items, and interim disclosures of a reportable segment’s profit or loss and assets. The Company adopted the new guidance beginning for fiscal year 2024. See Note 19 for the Company’s disclosures in accordance with this new guidance.
The FASB issued ASU No. 2023-09, Improvements to Income Tax Disclosures, in December 2023. The standard requires disaggregated information about a reporting entity's effective tax rate reconciliation as well as information on income taxes paid. The standard is intended to benefit investors by providing more detailed income tax disclosures that would be useful in making capital allocation decisions and applies to all entities subject to income taxes. The new standard is effective for annual periods beginning after December 15, 2024. The Company is currently evaluating the impact of adoption on our financial disclosures.
The FASB issued ASU No. 2024-03, Disaggregation of Income Statement Expenses, in November 2024. The standard requires more detailed information about the types of expenses included in certain expense captions presented on the consolidated statements of operations. Additionally, this amendment requires the disclosure of a qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively and the disclosure of the total amount of selling expenses. The new standard is effective for annual periods beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. The Company is currently evaluating the impact of adoption on our financial disclosures.
v3.25.0.1
National advertising fund
 12 Months Ended
Dec. 31, 2024
Related Party Transactions [Abstract]  
National advertising fund National advertising fund
On July 26, 2011, the Company established the NAF for the creation and development of marketing, advertising, and related programs and materials for all Planet Fitness clubs located in the United States. On behalf of the NAFs, the Company collects approximately 2% annually of gross monthly and annual membership dues, from franchisees, in accordance with the provisions of the franchise agreements, which is reflected as NAF revenue on the consolidated statements of operations. The Company also contributes 2% annually of gross monthly and annual membership dues from clubs owned by the Company to the NAFs, which are reflected in club operations expense in the consolidated statements of operations. The use of amounts received by the NAFs are restricted to advertising, product development, public relations, merchandising, and administrative expenses and programs to increase sales and further enhance the public reputation of the Planet Fitness brand. The Company consolidates and reports all assets and liabilities held by the NAFs within the consolidated financial statements. Amounts received or receivable by the NAFs, which are restricted in their use, are recorded within current assets and current liabilities on the consolidated balance sheets. The Company provides administrative services to the NAFs and charges the NAFs a fee for providing those services. These services include accounting, information technology, data processing, product development, legal and administrative support, and other operating expenses, which amounted to $5,927, $3,746 and $2,437 for the years ended December 31, 2024, 2023 and 2022, respectively. Fees paid to the Company by the NAFs are reflected as expense in the NAF expense caption on the consolidated statement of operations, and reflected as a corresponding reduction in general and administrative expenses in the consolidated statements of operations.
Assets and liabilities of the NAFs, which are restricted in their use, included in the Consolidated Balance Sheets were as follows:
As of December 31,
20242023
Assets
Cash & cash equivalents$10,951 $12,288 
Other current assets2,727 2,487 
Total current assets$13,678 $14,775 
Liabilities
Accounts payable$2,078 $2,977 
Accrued expenses and other current liabilities7,488 4,012 
Total current liabilities$9,566 $6,989 
v3.25.0.1
Acquisitions
 12 Months Ended
Dec. 31, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]  
Acquisitions Acquisitions
Sunshine Fitness Acquisition
On February 10, 2022, the Company and Pla-Fit Holdings (together with the Company, the “Buyers”), acquired 100% of the equity interests (the “Sunshine Acquisition”) of Sunshine Fitness Growth Holdings, LLC, a Delaware limited liability company and Planet Fitness franchisee (“Sunshine Fitness”). The Company acquired 114 clubs in Alabama, Florida, Georgia, North Carolina, and South Carolina from Sunshine Fitness. The purchase price of the acquisition was $824,587 consisting of $430,857 in cash consideration, and $393,730 of equity consideration, including 517,348 shares of Class A Common Stock, par value $0.0001, of the Company and 3,637,678 membership units of Pla-Fit Holdings, LLC, together with shares of Class B Common Stock, par value $0.0001, of the Company, valued based on the closing trading price of the Company’s Class A common stock on the acquisition date. As a result of the transaction, the Company incurred a loss on unfavorable reacquired franchise rights of $1,160, which has been reflected in other (gains) losses, net in the consolidated statement of operations. The loss reduced the net purchase price to $823,427. In connection with the acquisition, the Company recorded a gain of $2,059 related to the settlement of preexisting contracts with Sunshine Fitness within other (gains) losses, net on the consolidated statement of operations. The acquired clubs are included in the corporate-owned clubs segment.
The allocation of the purchase consideration was as follows:
Amount
Cash and cash equivalents$5,917 
Other current assets757 
Property and equipment153,092 
Right of use assets162,827 
Other long-term assets1,830 
Intangible assets259,430 
Goodwill488,544 
Deferred income taxes, net(54,737)
Deferred revenue(16,973)
Other current liabilities(13,720)
Lease liabilities(162,327)
Other long-term liabilities(1,213)
Total
$823,427 
The fair values assigned to tangible and intangible assets acquired and liabilities assumed are based on management’s estimates and assumptions, which include Level 3 unobservable inputs, and are determined using generally accepted valuation techniques. The excess of purchase consideration over the fair value of other assets acquired and liabilities assumed was recorded as goodwill. The resulting goodwill is primarily attributable to increased expansion for market opportunities, the expansion of club membership and synergies from the integration of the clubs into the broader corporate-owned club portfolio. Approximately $175,600 of the goodwill recorded is expected to be amortizable and deductible for tax purposes, the majority of which is deductible over 15 years.
The following table sets forth the components of identifiable intangible assets acquired in the Sunshine Acquisition and their estimated useful lives in years as of the date of the acquisition:
Fair valueUseful life
Reacquired franchise rights (1)
$233,070 11.3
Customer relationships (2)
24,920 8.0
Reacquired area development rights (3)
1,440 5.0
Total intangible assets subject to amortization$259,430 
(1) Reacquired franchise rights represent the fair value of the reacquired franchise agreements using the income approach, specifically, the multi-period excess earnings method.
(2) Customer relationships represent the fair value of the existing contractual customer relationships using the income approach, specifically, the multi-period excess earnings method.
(3) Reacquired area development rights represent the fair value of the undeveloped area development agreement rights using the cost approach.
The fair value of the identified intangible assets subject to amortization will be amortized over the assets’ estimated useful lives based on the pattern in which the economic benefits are expected to be received.
Revenues and income before taxes of Sunshine Fitness included in the Company’s consolidated statement of operations from the acquisition date of February 10, 2022 to December 31, 2022 are as follows:
Amount
Total revenues$180,841 
Income before taxes$17,478 
Florida Acquisition
On April 16, 2023, the Company purchased from one of its franchisees a majority of the assets associated with four franchisee clubs operating in Florida (the “Florida Acquisition”) for cash consideration of $26,264. As a result of the transaction, the Company incurred a loss on unfavorable reacquired franchise rights of $110, which is included in other losses, net on the consolidated statement of operations. The loss incurred reduced the net purchase price to $26,154. The Company financed the purchase through cash on hand. The acquired clubs are included in the Corporate-owned clubs segment.
The allocation of the purchase consideration was as follows:
Amount
Property and equipment$3,851 
Right of use assets5,424 
Other long-term assets95 
Intangible assets6,880 
Goodwill14,812 
Deferred revenue(687)
Other current liabilities(17)
Lease liabilities(4,204)
Total
$26,154 
The goodwill created through the purchase is attributable to the assumed future value of the cash flows from the clubs acquired. The goodwill is amortizable and deductible for tax purposes over 15 years.
The following table sets forth the components of identifiable intangible assets acquired in the Florida Acquisition and their estimated useful lives in years as of the date of the acquisition:
Fair valueUseful life
Reacquired franchise rights (1)
$6,650 6.8
Customer relationships (2)
230 6.0
Total intangible assets subject to amortization$6,880 
(1) Reacquired franchise rights represent the fair value of the reacquired franchise agreements using the income approach, specifically, the multi-period excess earnings method.
(2) Customer relationships represent the fair value of the existing contractual customer relationships using the income approach, specifically, the multi-period excess earnings method.
The acquisition did not have a material effect on the results of operations of the Company.
v3.25.0.1
Sale of corporate-owned clubs
 12 Months Ended
Dec. 31, 2024
Discontinued Operations and Disposal Groups [Abstract]  
Sale of corporate-owned clubs Sale of corporate-owned clubs
On August 31, 2022, the Company sold 6 corporate-owned clubs located in Colorado to a franchisee for $20,820. The net value of assets derecognized in connection with the sale amounted to $19,496, which included goodwill of $14,423, intangible assets of $2,629, and net tangible assets of $2,444, which resulted in a gain on sale of corporate-owned clubs of $1,324.
v3.25.0.1
Property and equipment
 12 Months Ended
Dec. 31, 2024
Property, Plant and Equipment [Abstract]  
Property and equipment Property and equipment
Property and equipment consists of the following: 
As of December 31,
 20242023
Land$431 $1,341 
Equipment178,261 176,524 
Leasehold improvements395,353 342,725 
Buildings and improvements3,482 2,572 
Furniture & fixtures84,365 73,872 
Information technology and systems assets121,845 99,734 
Other2,206 3,065 
Construction in progress8,166 13,530 
Total property and equipment
$794,109 $713,363 
Accumulated depreciation(370,118)(322,958)
Total property and equipment, net
$423,991 $390,405 
The Company recorded depreciation expense of $111,113, $97,931 and $83,310 for the years ended December 31, 2024, 2023 and 2022, respectively.
v3.25.0.1
Investments
 12 Months Ended
Dec. 31, 2024
Investments, Debt and Equity Securities [Abstract]  
Investments Investments
Marketable securities
The following tables summarize the amortized cost, net unrealized gains and losses, fair value, and the level in the fair value hierarchy of the Company’s investments in available-for-sale marketable securities as of December 31, 2024 and 2023. As of December 31, 2024, the marketable securities had maturity dates ranging from approximately one month to 24 months. Realized gains and losses were insignificant for the years ended December 31, 2024 and 2023.
December 31, 2024
Amortized CostUnrealized Gains (Losses), Net
Fair Value(1)
Level 1Level 2
Cash equivalents
Money market funds$236 $— $236 $236 $— 
Commercial paper3,996 — 3,996 — 3,996 
U.S. treasury securities2,650 — 2,650 — 2,650 
Total cash equivalents6,882 — 6,882 236 6,646 
Short-term marketable securities
Commercial paper9,082 10 9,092 — 9,092 
Corporate debt securities98,915 181 99,096 — 99,096 
U.S. treasury securities1,999 — 1,999 — 1,999 
U.S. government agency securities3,971 5 3,976 — 3,976 
Total short-term marketable securities113,967 196 114,163 — 114,163 
Long-term marketable securities
Corporate debt securities62,728 (55)62,673 — 62,673 
U.S. government agency securities3,000 (5)2,995 — 2,995 
Total long-term marketable securities65,728 (60)65,668 — 65,668 
Total cash equivalents and marketable securities$186,577 $136 $186,713 $236 $186,477 
December 31, 2023
Amortized CostUnrealized Gains (Losses), Net
Fair Value(1)
Level 1Level 2
Cash equivalents
Money market funds$761 $— $761 $761 $— 
U.S. treasury securities2,997 1 2,998 — 2,998 
Total cash equivalents3,758 1 3,759 761 2,998 
Short-term marketable securities
Commercial paper37,063 24 37,087 — 37,087 
Corporate debt securities34,632 (38)34,594 — 34,594 
U.S. government agency securities3,210 10 3,220 — 3,220 
Total short-term marketable securities74,905 (4)74,901 — 74,901 
Long-term marketable securities
Corporate debt securities47,388 328 47,716 — 47,716 
U.S. government agency securities3,151 19 3,170 — 3,170 
Total long-term marketable securities50,539 347 50,886 — 50,886 
Total cash equivalents and marketable securities
$129,202 $344 $129,546 $761 $128,785 
(1) Fair values were determined using market prices obtained from third-party pricing sources.
For marketable securities with unrealized loss positions, the Company does not intend to sell these securities and it is more likely than not that the Company will hold these securities until maturity or a recovery of the cost basis and they are therefore all categorized as available for sale. No allowance for credit losses was recorded for these securities as of December 31, 2024.
Held-to-maturity debt security
The Company has a debt security investment that consists of redeemable preferred shares with an original contractual maturity in 2026. The investment is classified as held-to-maturity and measured at amortized cost within investments in the consolidated balance sheets. The Company reviews its held-to-maturity securities for expected credit losses under ASC Topic 326, Financial Instruments – Credit Losses, on an ongoing basis.
The Company utilizes probability-of-default (“PD”) and loss-given-default (“LGD”) methodologies to estimate the allowance for expected credit losses using historical lifetime loss information for assets with similar risk characteristics, adjusted for management’s expectations. Adjustments for management’s expectations were based on the investee’s recent financial results, current financial position, and forward-looking financial forecasts. Based upon its analysis, the Company recorded a credit loss expense of $1,145, a credit loss expense of $2,732, and a gain on the reversal of credit loss allowance of $2,505 during the years ended December 31, 2024, 2023, and 2022, respectively, on the adjustment of its allowance for credit losses within other (gains) losses, net on the consolidated statements of operations.
The amortized cost of the Company’s held-to-maturity debt security investment, which includes accrued dividends, was $32,523 and $30,343 as of December 31, 2024 and 2023, respectively. The amortized cost, net of the allowance for expected credit losses, approximates fair value. The Company recognized dividend income of $2,180, $2,066 and $1,876 during the years ended December 31, 2024, 2023 and 2022, respectively, within other income (expense), net on the consolidated statements of operations.
A rollforward of the Company’s allowance for expected credit losses on its held-to-maturity investment is as follows:
Years Ended December 31,
20242023
Beginning allowance for expected credit losses$17,689 $14,957 
Loss on adjustment of allowance for credit losses on held-to-maturity investment
1,145 2,732 
Write-offs, net of recoveries— — 
Ending allowance for expected credit losses$18,834 $17,689 
Equity method investments
For the following investments, the Company recorded its proportionate share of the investees’ earnings, prepared in accordance with U.S. GAAP on a one-month lag, with adjustments to eliminate unrealized profits on intra-entity sales, if any, and the amortization of basis differences, within losses from equity-method investments, net of tax on the consolidated statements of operations. As of December 31, 2024 and 2023, the Company determined that no impairment of its equity method investments existed.
As of December 31, 2024 and 2023, the Company held a 21.8% ownership in Bravo Fit Holdings Pty Ltd, a franchisee of the Company and club operator in Australia, which is deemed to be a related party, for a total investment carrying value of $12,961 and $13,220, respectively. During the years ended December 31, 2024 and 2023, the Company invested an additional $1,150 and $2,449, respectively, in Bravo Fit Holdings Pty Ltd, maintaining its ownership of 21.8%. The difference between the carrying amount of the Company’s investment and the underlying amount of equity in net assets of the investment was $5,374 and $6,812 as of December 31, 2024 and 2023, respectively. This basis difference is primarily attributable to intangible assets, which are being amortized on a straight-line basis over a weighted-average life of 9 years, and equity method goodwill. The Company’s proportionate share of the losses in accordance with the equity method was $1,409, $1,031 and $467 for the years ended December 31, 2024, 2023 and 2022, respectively, which included the amortization of basis differences of $264, $261 and $0, respectively.
As of December 31, 2024 and 2023, the Company held a 33.2% ownership interest in Planet Fitmex, LLC, a franchisee of the Company and club operator in Mexico, which is deemed to be a related party, for a total investment carrying value of $49,000 and $51,633, respectively. During the year ended December 31, 2023, the Company invested $35,596 in cash and received $17,000 worth of equity interests, which was for the contribution of five clubs that were acquired from a franchisee in October 2023 in connection with a legal settlement (see Note 17), in Planet Fitmex, LLC. The difference between the carrying amount of the Company’s investment and the underlying amount of equity in net assets of the investment was $21,702 and $17,458 as of December 31, 2024 and 2023, respectively. This basis difference is primarily attributable to intangible assets, which are being amortized on a straight-line basis over a weighted-average life of 9 years, and equity method goodwill. The Company’s proportionate share of the losses in accordance with the equity method was $2,633 and $963 for the years ended December 31, 2024 and 2023, respectively, which included the amortization of basis differences of $685 and $177.
v3.25.0.1
Leases
 12 Months Ended
Dec. 31, 2024
Leases [Abstract]  
Leases Leases
The right-of-use assets and lease liabilities for operating and finance leases, including their classification in the consolidated balance sheets, were as follows:
As of December 31,
LeasesBalance Sheet Classification20242023
Assets
OperatingRight of use asset, net$395,174 $381,010 
FinanceProperty and equipment, net 85 179 
Total lease assets$395,259 $381,189 
Liabilities
Current:
OperatingOther current liabilities$37,031 $33,849 
FinanceOther current liabilities70 125 
Noncurrent:
OperatingLease liabilities, net of current portion405,324 381,589 
FinanceOther liabilities20 63 
Total lease liabilities$442,445 $415,626 
Weighted-average remaining lease term - operating leases7.7 years8.0 years
Weighted-average discount rate - operating leases5.6%5.4%

The components of lease cost were as follows:
Years Ended December 31,
202420232022
Operating lease cost$71,278 $64,187 $56,319 
Variable lease cost27,716 22,718 20,327 
Total lease cost$98,994 $86,905 $76,646 

The Company’s costs related to short-term leases, those with a duration between one and 12 months, were immaterial.

Supplemental disclosures of cash flow information related to leases were as follows:
Years Ended December 31,
202420232022
Cash paid, net, for lease liabilities$58,231 $56,145 $44,928 
Operating lease ROU assets obtained in exchange for operating lease liabilities, excluding Acquisitions$63,475 $67,242 $37,928 
Acquisition-related operating lease ROU assets obtained in exchange for operating lease liabilities
$— $5,424 $162,827 
Maturities of lease liabilities as of December 31, 2024 were as follows:
Amount
2025$60,171 
202678,663 
202778,409 
202875,518 
202967,643 
Thereafter194,690 
Total lease payments$555,094 
Less: imputed interest(112,649)
Present value of future minimum lease liabilities
$442,445 
As of December 31, 2024, operating lease payments exclude approximately $44,521 of legally binding minimum lease payments for leases signed but not yet commenced.
Leases Leases
The right-of-use assets and lease liabilities for operating and finance leases, including their classification in the consolidated balance sheets, were as follows:
As of December 31,
LeasesBalance Sheet Classification20242023
Assets
OperatingRight of use asset, net$395,174 $381,010 
FinanceProperty and equipment, net 85 179 
Total lease assets$395,259 $381,189 
Liabilities
Current:
OperatingOther current liabilities$37,031 $33,849 
FinanceOther current liabilities70 125 
Noncurrent:
OperatingLease liabilities, net of current portion405,324 381,589 
FinanceOther liabilities20 63 
Total lease liabilities$442,445 $415,626 
Weighted-average remaining lease term - operating leases7.7 years8.0 years
Weighted-average discount rate - operating leases5.6%5.4%

The components of lease cost were as follows:
Years Ended December 31,
202420232022
Operating lease cost$71,278 $64,187 $56,319 
Variable lease cost27,716 22,718 20,327 
Total lease cost$98,994 $86,905 $76,646 

The Company’s costs related to short-term leases, those with a duration between one and 12 months, were immaterial.

Supplemental disclosures of cash flow information related to leases were as follows:
Years Ended December 31,
202420232022
Cash paid, net, for lease liabilities$58,231 $56,145 $44,928 
Operating lease ROU assets obtained in exchange for operating lease liabilities, excluding Acquisitions$63,475 $67,242 $37,928 
Acquisition-related operating lease ROU assets obtained in exchange for operating lease liabilities
$— $5,424 $162,827 
Maturities of lease liabilities as of December 31, 2024 were as follows:
Amount
2025$60,171 
202678,663 
202778,409 
202875,518 
202967,643 
Thereafter194,690 
Total lease payments$555,094 
Less: imputed interest(112,649)
Present value of future minimum lease liabilities
$442,445 
As of December 31, 2024, operating lease payments exclude approximately $44,521 of legally binding minimum lease payments for leases signed but not yet commenced.
v3.25.0.1
Goodwill and intangible assets
 12 Months Ended
Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and intangible assets Goodwill and intangible assets
Changes in the carrying amount of goodwill by reportable segment were as follows:
FranchiseCorporate-owned ClubsEquipment
Amount
Goodwill at December 31, 2023
$16,938 $607,898 $92,666 $717,502 
Acquisitions
— 3,191 — 3,191 
Foreign currency translation
— (60)— (60)
Goodwill at December 31, 2024
$16,938 $611,029 $92,666 $720,633 
The Company completed an immaterial acquisition of an operating entity in Spain during the first quarter of fiscal 2024, which resulted in the addition of $1,572 in the carrying value of goodwill. During the year ended December 31, 2024, the Company issued stock of the subsidiary holding the operating entity in Spain to a third-party investor which resulted in the creation of a non-controlling interest of such subsidiary holding company and the subsidiary operating entity. The Company intends to operate corporate-owned clubs through this entity.
In December 2024, the Company’s operating entity in Spain completed an immaterial acquisition of three clubs. The acquisition resulted in the addition of $1,619 in the carrying value of goodwill, which is based on the Company’s preliminary allocation of the purchase consideration and may be subject to change within the measurement period.
A summary of intangible assets is as follows:
December 31, 2024December 31, 2023
Gross
carrying
amount		Accumulated
amortization		Net carrying
Amount		Gross
carrying
amount		Accumulated
amortization		Net carrying
Amount
Finite-lived intangible assets:
Customer relationships$199,043 $(183,046)$15,997 $199,043 $(169,155)$29,888 
Reacquired franchise rights274,708 (113,987)160,721 274,708 (78,689)196,019 
Total finite-lived intangible assets473,751 (297,033)176,718 473,751 (247,844)225,907 
Indefinite-lived intangible assets:
Trade and brand names146,600 — 146,600 146,600 — 146,600 
Total intangible assets$620,351 $(297,033)$323,318 $620,351 $(247,844)$372,507 
Our customer relationships and reacquired franchise rights are amortized over a weighted-average amortization period of 10.6 and 10.7 years, respectively.
Amortization expense related to the finite-lived intangible assets totaled $49,233, $51,482, and $40,294 for the years ended December 31, 2024, 2023 and 2022, respectively. The anticipated annual amortization expense to be recognized in future years as of December 31, 2024 is as follows:
 Amount
2025$36,713 
202632,079 
202727,956 
202827,300 
202923,675 
Thereafter28,995 
Total$176,718 
v3.25.0.1
Long-term debt
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Long-term debt Long-term debt
Long-term debt consists of the following:
As of December 31,
 20242023
2018-1 Class A-2-II notes$— $592,187 
2019-1 Class A-2 notes522,500 528,000 
2022-1 Class A-2-I notes413,312 417,563 
2022-1 Class A-2-II notes461,938 466,688 
2024-1 Class A-2-I notes423,938 — 
2024-1 Class A-2-II notes374,062 — 
Total debt, excluding deferred financing costs2,195,750 2,004,438 
Deferred financing costs, net of accumulated amortization(25,221)(20,814)
Total debt, net
2,170,529 1,983,624 
Current portion of long-term debt22,500 20,750 
Long-term debt, net of current portion$2,148,029 $1,962,874 
Future annual principal payments of long-term debt as of December 31, 2024 are as follows:
 Amount
2025$22,500 
2026427,312 
202718,250 
202818,250 
2029915,938 
Thereafter793,500 
Total$2,195,750 
On August 1, 2018, Planet Fitness Master Issuer LLC (the “Master Issuer”), a limited-purpose, bankruptcy remote, wholly-owned indirect subsidiary of Pla-Fit Holdings, LLC, entered into a base indenture and a related supplemental indenture (collectively, the “2018 Indenture”) under which the Master Issuer may issue multiple series of notes. On the same date, the Master Issuer issued Series 2018-1 4.262% Fixed Rate Senior Secured Notes, Class A-2-I (the “2018 Class A-2-I Notes”) with an initial principal amount of $575,000 and Series 2018-1 4.666% Fixed Rate Senior Secured Notes, Class A-2-II (the “2018 Class A-2-II Notes” and, together with the 2018 Class A-2-I Notes, the “2018 Notes”) with an initial principal amount of $625,000. In connection with the issuance of the 2018 Notes, the Master Issuer also entered into a revolving financing facility that allows for the incurrence of up to $75,000 in revolving loans and/or Letters of Credit under the Master Issuer’s Series 2018-1 Variable Funding Senior Notes, Class A-1 (the “2018 Variable Funding Notes”). The Company fully drew down on the 2018 Variable Funding Notes on March 20, 2020. On December 3, 2019, the Master Issuer issued Series 2019-1 3.858% Fixed Rate Senior Secured Notes, Class A-2 (the “2019 Notes”) with an initial principal amount of $550,000. The 2019 Notes were issued under the 2018 Indenture and a related supplemental indenture dated December 3, 2019 (together, the “2019
Indenture”). On February 10, 2022, the Company completed a prepayment in full of its 2018-1 Class A-2-I Notes and an issuance of Series 2022-1 3.251% Fixed Rate Senior Secured Notes, Class A-2-I with an initial principal amount of $425,000 and Series 2022-1 4.008% Fixed Rate Senior Secured Notes, Class A-2-II with an initial principal amount of $475,000 (the “2022 Notes”), and also entered into a new revolving financing facility that allows for the issuance of up to $75,000 in Variable Funding Notes (“2022 Variable Funding Notes”) and certain Letters of Credit (the issuance of such notes, the “Series 2022-I Issuance”). The 2022 Notes were issued under the 2018 Indenture and a related supplemental indenture dated February 10, 2022 (together, the “2022 Indenture”). On June 12, 2024, the Company completed a prepayment in full of its 2018 Class A-2-II Notes and an issuance of Series 2024-1 5.765% Fixed Rate Senior Secured Notes, Class A-2-I with an initial principal amount of $425,000 and Series 2024-1 6.237% Fixed Rate Senior Secured Notes, Class A-2-II with an initial principal amount of $375,000 (the “2024 Notes” and, together with the 2018 Notes, 2019 Notes and 2022 Notes, the “Notes”). The 2024 Notes were issued under the 2018 Indenture and a related supplemental indenture dated June 12, 2024 (together, with the 2019 Indenture and 2022 Indenture, the “Indenture”). Together, the Notes and the 2022 Variable Funding Notes will be referred to as the “Securitized Senior Notes”. On February 10, 2022, the Company borrowed the full amount of the $75,000 2022 Variable Funding Notes and used such proceeds to repay the outstanding principal amount (together with all accrued and unpaid interest thereon) of the 2018 Variable Funding Notes in full. On May 9, 2022, the Company repaid in full its $75,000 of borrowings under the 2022 Variable Funding Notes using cash on hand.
The Notes were issued in securitization transactions pursuant to which most of the Company’s domestic revenue-generating assets, consisting principally of franchise-related agreements, certain corporate-owned club assets, equipment supply agreements and intellectual property and license agreements for the use of intellectual property, were assigned to the Master Issuer and certain other limited-purpose, bankruptcy remote, wholly-owned indirect subsidiaries of the Company that act as guarantors of the outstanding Securitized Senior Notes and that have pledged substantially all of their assets to secure the Securitized Senior Notes.
Interest and principal payments on the outstanding Notes are payable on a quarterly basis. The requirement to make such quarterly principal payments on the Notes is subject to certain financial conditions set forth in the Indenture. The legal final maturity date of the 2019 Notes is in December 2049, but it is anticipated that, unless earlier prepaid to the extent permitted under the Indenture, the 2019 Notes will be repaid in or prior to December 2029 (the “2019 Notes Anticipated Repayment Date”). The legal final maturity date of the 2022 Notes is in February 2052, but it is anticipated that, unless earlier prepaid to the extent permitted under the Indenture, the 2022 Class A-2-I Notes will be repaid in or prior to December 2026 and the 2022 Class A-2-II Notes will be repaid in or prior to December 2031 (together, the “2022 Notes Anticipated Repayment Dates”). The legal final maturity date of the 2024 Notes is in June 2054, but it is anticipated that, unless earlier prepaid to the extent permitted under the Indenture, the 2024 Class A-2-I Notes will be repaid in or prior to June 2029 and the 2024 Class A-2-II Notes will be repaid in or prior to June 2034 (together, the “2024 Notes Anticipated Repayment Dates” and together with the 2019 Notes Anticipated Repayment Date and the 2022 Notes Anticipated Repayment Dates, the “Anticipated Repayment Dates”). If the Master Issuer has not repaid or refinanced the outstanding Notes prior to the respective Anticipated Repayment Dates, additional interest will accrue pursuant to the Indenture.
As noted above, the Company borrowed the full $75,000 in 2022 Variable Funding Notes on February 10, 2022, which was repaid in full using cash on hand on May 9, 2022. If outstanding, the 2022 Variable Funding Notes will accrue interest at a variable interest rate based on (i) the prime rate, (ii) overnight federal funds rates, (iii) the secured overnight financing rate for U.S. Dollars, or (iv) with respect to advances made by conduit investors, the weighted average cost of, or related to, the issuance of commercial paper allocated to fund or maintain such advances, in each case plus any applicable margin and as specified in the 2022 Variable Funding Notes. There is a commitment fee on the unused portion of the 2022 Variable Funding Notes of 0.5% based on utilization. It is anticipated that the principal and interest on the 2022 Variable Funding Notes, if any, will be repaid in full on or prior to December 2026, subject to two additional one-year extension options. Following the anticipated repayment date (and any extensions thereof), additional interest will accrue on the 2022 Variable Funding Notes equal to 5.0% per year.
In connection with the issuance of the 2018 Notes, 2019 Notes, 2022 Notes, and 2024 Notes, the Company incurred debt issuance costs of $27,133, $10,577, $16,193, and $12,055, respectively. The debt issuance costs are being amortized to interest expense through the Anticipated Repayment Dates of the Notes utilizing the effective interest rate method. As a result of the repayment of the 2018 Class A-2-I and A-2-II Notes prior to the Anticipated Repayment Date during the years ended December 31, 2024 and 2022, the Company recorded a loss on early extinguishment of debt of $2,285 and $1,583, respectively, within interest expense on the consolidated statements of operations, consisting of the write-off of remaining unamortized deferred financing costs related to the issuance of the 2018 Class A-2-I and A-2-II Notes.
The outstanding Securitized Senior Notes are subject to covenants and restrictions customary for transactions of this type,
including (i) that the Master Issuer maintains specified reserve accounts to be used to make required payments in respect of the Securitized Senior Notes, (ii) provisions relating to optional and mandatory prepayments and the related payment of specified amounts, including specified make-whole payments in the case of the Notes under certain circumstances, (iii) certain indemnification payments in the event, among other things, the assets pledged as collateral for the Securitized Senior Notes are in stated ways defective or ineffective, (iv) a cap on non-securitized indebtedness of $50,000 (provided that the Company may incur non-securitized indebtedness in excess of such amount, subject to the leverage ratio cap described below, under certain conditions, including if the relevant lenders execute a non-disturbance agreement that acknowledges the bankruptcy-remote status of the Master Issuer and its subsidiaries and of their respective assets), (v) a leverage ratio cap incurrence test on the Company of 7.0x (calculated without regard for any indebtedness subject to the $50,000 cap) and (vi) covenants relating to recordkeeping, access to information and similar matters.
Pursuant to a parent company support agreement, the Company has agreed to cause its subsidiary to perform each of its obligations (including any indemnity obligations) and duties under the Management Agreement and under the contribution agreements entered into in connection with the securitized financing facility, in each case as and when due. To the extent that such subsidiary has not performed any such obligation or duty within the prescribed time frame after such obligation or duty was required to be performed, the Company has agreed to either (i) perform such obligation or duty or (ii) cause such obligations or duties to be performed on the Company’s behalf.
The outstanding Securitized Senior Notes are also subject to customary rapid amortization events provided for in the Indenture, including events tied to failure to maintain stated debt service coverage ratios, certain manager termination events, an event of default, and the failure to repay or refinance the Notes on the applicable scheduled Anticipated Repayment Dates. The outstanding Securitized Senior Notes are also subject to certain customary events of default, including events relating to non-payment of required interest, principal, or other amounts due on or with respect to the Securitized Senior Notes, failure to comply with covenants within certain time frames, certain bankruptcy events, breaches of specified representations and warranties, failure of security interests to be effective, and certain judgments.
In accordance with the Indenture, certain cash accounts have been established with the Indenture trustee (the “Trustee”) for the benefit of the trustee and the noteholders, and are restricted in their use. The Company holds restricted cash which primarily represents cash collections held by the Trustee, interest, principal, and commitment fee reserves held by the Trustee related to the Securitized Senior Notes. As of December 31, 2024, the Company had restricted cash held by the Trustee of $56,524.
v3.25.0.1
Revenue from contract with customers
 12 Months Ended
Dec. 31, 2024
Revenue from Contract with Customer [Abstract]  
Revenue from contract with customers Revenue from contracts with customers
Contract liabilities consist primarily of deferred revenue resulting from initial and renewal franchise fees and ADA fees paid by franchisees, as well as transfer fees, which are generally recognized on a straight-line basis over the term of the underlying franchise agreement. Also included are corporate-owned club enrollment fees, annual fees and monthly fees as well as deferred equipment rebates relating to our equipment business. The Company classifies these contract liabilities as deferred revenue in our consolidated balance sheets.
The following table reflects the change in contract liabilities between December 31, 2023 and December 31, 2024:
Amount
Balance at December 31, 2023
$91,638 
Revenue recognized that was included in the contract liability at the beginning of the year(59,904)
Increase, excluding amounts recognized as revenue during the period62,367 
Balance at December 31, 2024
$94,101 

The following table illustrates estimated revenues expected to be recognized in the future related to performance obligations that are unsatisfied, or partially unsatisfied, as of December 31, 2024. The Company has elected to exclude short term contracts, sales and usage based royalties and any other variable consideration recognized on an “as invoiced” basis.
Contract liabilities to be recognized in:Amount
2025$62,111 
20264,596 
20273,600 
20283,299 
20292,876 
Thereafter17,619 
Total$94,101 
The summary set forth below represents the balances in deferred revenue:
As of December 31,
 20242023
Prepaid membership fees$17,224 $15,983 
Enrollment fees3,348 4,222 
Equipment discount3,235 3,296 
Annual membership fees34,956 32,233 
Area development and franchise fees35,338 35,904 
Total deferred revenue94,101 91,638 
Long-term portion of deferred revenue31,990 32,047 
Current portion of deferred revenue$62,111 $59,591 
Equipment deposits received in advance of delivery as of December 31, 2024 were $1,851 and are expected to be recognized as revenue in the next 12 months.
v3.25.0.1
Related party transactions
 12 Months Ended
Dec. 31, 2024
Related Party Transactions [Abstract]  
Related party transactions Related party transactions
Activity with franchisees considered to be related parties is summarized below.
 
Years Ended December 31,
 202420232022
Franchise revenue - former interim CEO$4,448 $3,909 $3,208 
Franchise revenue - other
3,723 2,204 866 
Equipment revenue - former interim CEO2,326 3,640 1,909 
Equipment revenue - other
11,478 3,655 — 
Total revenue from related parties$21,975 $13,408 $5,983 
Associated with the equipment revenue above, the Company had $6,198 and $2,916 of accounts receivable attributable to related parties as of December 31, 2024 and 2023.
Additionally, the Company had deferred ADA and franchise agreement revenue from related parties of $577 and $719 as of December 31, 2024 and 2023, respectively, of which $134 and $142 is from a franchisee in which the Company’s former interim CEO has a financial interest.
As of December 31, 2024 and 2023, the Company had $88,099 and $98,494, respectively, payable to related parties pursuant to tax benefit arrangements, see Note 16.
In November 2024, the Company issued a promissory note of up to $10,000 to a franchisee. Amounts borrowed under the promissory note accrue interest at SOFR plus 4% and must be repaid no later than December 31, 2026. As of December 31, 2024, $2,148 was issued and outstanding on the promissory note.
The Company provides administrative services to the NAFs and typically charges the NAFs a fee for providing those services. The services provided, which include accounting, information technology, data processing, product development, legal and administrative support, and other operating expenses, amounted to $5,927, $3,746 and $2,437 for the years ended December 31, 2024, 2023 and 2022, respectively.
A member of the Company’s board of directors, who is also the Company’s former interim CEO and a franchisee, holds an approximate 10.5% ownership of a company that sells amenity tracking compliance software to Planet Fitness clubs to which the Company made payments of approximately $376, $390, and $272 during the years ended December 31, 2024, 2023 and 2022, respectively. As of December 31, 2024 and 2023, the software was being utilized at 245 and 220 corporate-owned clubs, respectively, and approximately 765 and 730 franchise clubs, respectively.
For the years ended December 31, 2023 and 2022, the Company incurred approximately $487 and $378, respectively, which is included within selling, general and administrative expense on the consolidated statements of operations, for corporate travel to a third-party company which is affiliated with our former Chief Executive Officer.
v3.25.0.1
Stockholders’ equity
 12 Months Ended
Dec. 31, 2024
Equity [Abstract]  
Stockholders’ equity Stockholders’ equity
Pursuant to the exchange agreement between the Company and the Continuing LLC Owners, the Continuing LLC Owners (or certain permitted transferees thereof) have the right, from time to time and subject to the terms of the exchange agreement, to exchange their Holdings Units, along with a corresponding number of shares of Class B common stock, for shares of Class A common stock (or cash at the option of the Company) on a one-for-one basis, subject to customary conversion rate adjustments for stock splits, stock dividends, reclassifications and similar transactions. In connection with any exchange of Holdings Units for shares of Class A common stock by a Continuing LLC Owner, the number of Holdings Units held by the Company is correspondingly increased as it acquires the exchanged Holdings Units, and a corresponding number of shares of Class B common stock are canceled.
During the year ended December 31, 2022, the Company issued 517,348 shares of Class A Common Stock, of the Company and 3,637,678 membership units of Pla-Fit Holdings, LLC, together with shares of Class B Common Stock as consideration in conjunction with the Sunshine Acquisition. See Note 4.
Other Exchanges
During the years ended December 31, 2024, 2023 and 2022, respectively, certain Continuing LLC Owners have exercised their exchange right and exchanged 1,055,326, 4,748,555 and 548,175 Holdings Units, respectively, for 1,055,326, 4,748,555 and 548,175 newly-issued shares of Class A common stock, respectively. Simultaneously, and in connection with these exchanges, 1,055,326, 4,748,555 and 548,175 shares of Class B common stock were surrendered by the Continuing LLC Owners that exercised their exchange rights and canceled during the years ended December 31, 2024, 2023 and 2022, respectively. Additionally, in connection with these exchanges, Planet Fitness, Inc. received 1,055,326, 4,748,555 and 548,175 Holdings Units, during the years ended December 31, 2024, 2023 and 2022, respectively, increasing its total ownership in Pla-Fit Holdings. Future exchanges of Holdings Units by the Continuing LLC Owners will result in a change in ownership and reduce the amount recorded as non-controlling interest and increase additional paid-in capital on our consolidated balance sheets.
As a result of the recapitalization transactions, the IPO, completion of our secondary offerings, and other exchanges and equity activity, as of December 31, 2024:
•the public investors collectively owned 84,322,552 shares of our Class A common stock, representing 99.6% of the voting power in the Company and, through the Company, 99.6% of the economic interest in Pla-Fit Holdings; and
•the Continuing LLC Owners collectively hold 341,841 Holdings Units, representing 0.4% of the economic interest in Pla-Fit Holdings and 341,841 shares of our Class B common stock, representing 0.4% of the voting power in the Company;
Share repurchase programs
2019 share repurchase program
On November 5, 2019, the Company’s board of directors approved a share repurchase program of up to $500,000. During the year ended December 31, 2022, the Company purchased 1,528,720 shares of Class A common stock for a total cost of $94,315. All purchased shares were retired.
2022 share repurchase program
On November 4, 2022, the Company’s board of directors approved a share repurchase program of up to $500,000, which replaced the $500.0 million 2019 share repurchase program. During the year ended December 31, 2023, the Company purchased 1,698,753 shares of Class A common stock for a total cost of $125,030. A share repurchase excise tax of $1,048 was also incurred as a result of new legislation that went into effect beginning in 2023. All repurchased shares were retired.
On June 12, 2024, the Company entered into a $280,000 accelerated share repurchase agreement (the “ASR Agreement”) with Citibank, N.A. (the “Bank”). Pursuant to the terms of the ASR Agreement, on June 14, 2024, the Company paid the Bank $280,000 in cash and received 3,090,507 shares of the Company’s Class A common stock, which were retired, and the Company recorded an increase to accumulated deficit of $224,000, representing 80% of the total ASR Agreement value based on the closing price of the Company’s Class A common stock on the commencement date of the transaction. Final settlement of the ASR Agreement occurred on September 16, 2024. At final settlement, the Bank delivered 668,432 additional shares of the Company’s Class A common stock, which were retired by the Company. The final number of shares repurchased was determined based on the volume-weighted average stock price of the Company’s Class A common stock of $76.88 during the term of the transaction, less a discount and subject to adjustments pursuant to the terms and conditions of the ASR Agreement. The ASR Agreement had been evaluated as an unsettled forward contract indexed to our Class A common stock, with $56,000 classified as an increase to accumulated deficit at the original date of payment.
Additionally, the Company repurchased and retired 313,834 shares of Class A common stock for a total cost of $20,005 during the year ended December 31, 2024. A share repurchase excise tax of $2,549 was recorded in connection with the Company’s share repurchases during the year ended December 31, 2024.
2024 share repurchase program
On June 13, 2024, the Company’s board of directors approved a share repurchase program of up to $500,000 (the “2024 Share Repurchase Program”) to replace the 2022 share repurchase program contingent upon the completion of the ASR Agreement. The new share repurchase program became effective on September 16, 2024 upon the completion of the ASR Agreement. As of December 31, 2024, there is $500,000 remaining under the 2024 Share Repurchase Program.
The timing of purchases and amount of stock repurchased will be subject to the Company’s discretion and will depend on market and business conditions, the Company’s general working capital needs, stock price, applicable legal requirements and other factors. Our ability to repurchase shares at any particular time is also subject to the terms of the Indenture governing the Securitized Senior Notes. Purchases may be effected through one or more open market transactions, privately negotiated transactions, transactions structured through investment banking institutions, or a combination of the foregoing.
Dividends
The Company did not declare or pay any dividends during the years ended December 31, 2024, 2023 or 2022.
Preferred stock
The Company had 50,000,000 preferred stock shares authorized and none issued or outstanding for the years ended December 31, 2024 or 2023.
v3.25.0.1
Equity-based compensation
 12 Months Ended
Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Equity-based compensation Equity-based compensation
Equity-based compensation
The following table summarizes equity-based compensation expense by award type:
Years Ended December 31,
202420232022
Stock options
$138 $1,004 $2,947 
RSUs
6,954 5,699 4,202 
PSUs
1,405 795 540 
ESPP
416 408 377 
Total(1)
$8,913 $7,906 $8,066 
(1) Equity-based compensation was recorded to selling, general and administrative expense in the consolidated statements of operations related to stock options, RSUs, PSUs and ESPP.
2015 Omnibus Incentive Plan
In August 2015, the Company adopted the 2015 Omnibus Incentive Plan (the “2015 Plan”) under which the Company may grant options and other equity-based awards to purchase up to 7,896,800 shares to employees, directors and officers.
Stock Options
Generally, stock options awarded vest annually, on a tranche by tranche basis, over a period of four years with a maximum contractual term of 10 years.
The fair value of stock option awards granted were determined on the grant date using the Black-Scholes valuation model based on the following assumptions:
 Year Ended December 31,
 2022
Expected term (years)(1)
0.25 - 6.25
Expected volatility(2)
28.0% - 55.5%
Risk-free interest rate(3)
0.65% - 4.20%
Dividend yield(4)
—%
(1) Expected term represents the estimated period of time until an award is exercised and was determined using the simplified method.
(2) Expected volatility is based on the historical volatility of a selected peer group over a period equivalent to the expected term.
(3) The risk-free rate is an interpolation of yields on U.S. Treasury securities with maturities equivalent to the expected term.
(4) Based on an assumed a dividend yield of zero at the time of grant.

The following summarizes stock option activity for the year ended December 31, 2024: 
 Stock OptionsWeighted average
exercise price		Weighted average remaining contractual term (years)Aggregate intrinsic value
Outstanding at January 1, 2024
609,972 $46.00 
Granted— $— 
Exercised(483,651)$43.08 $13,246 
Forfeited(37,729)$77.46 
Outstanding at December 31, 2024
88,592 $52.64 4.5$4,095 
Vested or expected to vest at December 31, 2024
88,592 $52.64 4.5$4,095 
Exercisable at December 31, 2024
67,318 $44.18 3.8$3,681 
The weighted-average grant-date fair value per share of stock options granted was $29.31 during the year ended December 31, 2022. The aggregate intrinsic value of options exercised was $8,776 and $435 for the years ended December 31, 2023 and 2022, respectively. As of December 31, 2024, total unrecognized compensation expense related to unvested stock options was $118, which is expected to be recognized over a weighted-average period of 1.0 year.
Restricted stock units
Restricted Class A stock units (“RSUs”) granted to members of the Board of Directors vest on the first anniversary of the grant date, provided that the recipient continues to serve on the Board of Directors through the vesting dates. RSUs are also granted to certain employees of the Company and generally vest annually, on a tranche by tranche basis, over a period of three to four years. RSU awards are valued using the intrinsic value method. 
 Restricted stock unitsWeighted average
fair value
Unvested outstanding at January 1, 2024
132,756 $76.62 
Granted157,941 $68.85 
Vested(78,454)$75.92 
Forfeited(9,919)$75.85 
Unvested outstanding at December 31, 2024
202,324 $70.65 
The weighted-average grant-date fair value per share of RSUs granted was $75.71 and $82.42 for the years ended December 31, 2023 and 2022, respectively. The total fair value of RSUs vested was $5,956, $3,997, and $4,333 for the years ended December 31, 2024, 2023, and 2022, respectively. As of December 31, 2024, total unrecognized compensation expense related to unvested RSUs was $6,593, which is expected to be recognized over a weighted-average period of 1.2 years.
Performance share units
Class A performance share units (“PSUs”) are subject to both a service condition and a set of performance metrics that adjusts the quantity of awards earned from zero up to 200% of the original target quantity depending upon the Company’s results at the end of a one or three year performance period against the performance metrics. These awards cliff-vest three years from the date of grant, and the Company recognizes compensation expense ratably over the required service period based on its estimate of the number of shares will vest upon achieving the measurement criteria. If there is a change in the estimate of the number of shares that are probable of vesting, the Company will cumulatively adjust compensation expense in the period that the change in estimate is made.
 Performance share unitsWeighted average
fair value
Unvested outstanding at January 1, 2024
48,388 $77.02 
Granted64,835 $66.99 
Vested— $— 
Forfeited(14,100)$75.21 
Unvested outstanding at December 31, 2024
99,123 $70.66 
Expected to vest at December 31, 2024
99,123 $70.66 
The weighted-average grant-date fair value per share of PSUs granted was $75.28 and $90.21 for the years ended December 31, 2023 and 2022, respectively. As of December 31, 2024, total unrecognized compensation expense related to unvested PSUs was $4,264, which is expected to be recognized over a weighted average period of 2.1 years.
2018 Employee stock purchase plan
The 2018 Employee Stock Purchase Plan (the “ESPP”), as adopted by the Board of Directors in March 2018, allows eligible employees to purchase shares of the Company’s Class A common stock at a discount through payroll deductions of up to 10% of their eligible compensation, subject to any plan limitations. The ESPP provides for six-month offering periods, and at the end of each offering period, employees are able to purchase shares at 85% of the lower of the fair market value of the Company’s Class A common stock on the first trading day of the offering period or on the last day of the offering period. As of December 31, 2024, a total of 1,000,000 shares of common stock were authorized for the issuance of equity awards under the ESPP. During the year ended December 31, 2024, employees purchased 17,099 shares under the ESPP.
v3.25.0.1
Earnings per share
 12 Months Ended
Dec. 31, 2024
Earnings Per Share [Abstract]  
Earnings per share Earnings per share
Basic earnings per share of Class A common stock is computed by dividing net income or loss attributable to Planet Fitness, Inc. by the weighted-average number of shares of Class A common stock outstanding. Diluted earnings per share of Class A common stock is computed by dividing net income attributable to Planet Fitness, Inc. by the weighted-average number of shares of Class A common stock outstanding adjusted to give effect to potentially dilutive securities.
Shares of the Company’s Class B common stock do not share in the earnings or losses attributable to Planet Fitness, Inc. and are therefore not participating securities. As such, separate presentation of basic and diluted earnings per share of Class B common stock under the two-class method has not been presented. Shares of the Company’s Class B common stock are, however, considered potentially dilutive shares of Class A common stock because shares of Class B common stock, together with the related Holdings Units, are exchangeable into shares of Class A common stock on a one-for-one basis.
The following table sets forth reconciliations of the numerators and denominators used to compute basic and diluted earnings per share of Class A common stock:
Years Ended December 31,
202420232022
Numerator
Net income
$174,243 $147,035 $110,456 
Less: net income attributable to non-controlling interests
2,201 8,722 11,054 
Net income attributable to Planet Fitness, Inc. - basic & diluted
$172,042 $138,313 $99,402 
Denominator
Weighted-average shares of Class A common stock outstanding - basic85,621,282 84,896,397 84,136,819 
Effect of dilutive securities:
Stock options101,671 232,630 351,200 
Restricted stock units63,913 44,785 54,864 
Performance stock units40,571 11,106 1,215 
Weighted-average shares of Class A common stock outstanding - diluted85,827,437 85,184,918 84,544,098 
Earnings per share of Class A common stock - basic
$2.01 $1.63 $1.18 
Earnings per share of Class A common stock - diluted
$2.00 $1.62 $1.18 
The number of weighted-average common stock equivalents excluded from the computation of diluted net income per share because either the effect would have been anti-dilutive were as follows:
Years Ended December 31,
202420232022
Class B common stock
709,0673,735,1095,867,367
Stock options5,014248,647244,660
Restricted stock units1,8914,25111,963
Performance stock units2,3141,2761,066
Total
718,2863,989,2836,125,056
v3.25.0.1
Income taxes
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Income taxes Income taxes
Income before the provision for income taxes as shown in the accompanying consolidated statements of operations is as follows:
 
 Years Ended December 31,
 202420232022
Domestic$249,145 $205,890 $158,345 
Foreign(2,417)1,651 3,093 
Total income before the provision for income taxes
$246,728 $207,541 $161,438 
 
The provision for income taxes consists of the following:
 Years Ended December 31,
 202420232022
Current:
Federal$4,752 $2,338 $— 
State6,743 3,853 842 
Foreign1,259 1,132 1,055 
Total current tax expense
12,754 7,323 1,897 
Deferred:
Federal47,338 41,010 27,401 
State8,516 10,136 21,049 
Foreign(165)43 168 
Total deferred tax expense55,689 51,189 48,618 
Provision for income taxes$68,443 $58,512 $50,515 
The Company is the sole managing member of Pla-Fit Holdings, which is treated as a partnership for U.S. federal and certain state and local income taxes. As a partnership, Pla-Fit Holdings is not subject to U.S. federal and certain state and local income taxes. Any taxable income or loss generated by Pla-Fit Holdings is passed through to and included in the taxable income or loss of its members, including the Company, on a pro rata basis. Planet Fitness, Inc. is subject to U.S. federal income taxes, in addition to state and local income taxes with respect to our allocable share of any taxable income of Pla-Fit Holdings. The Company is also subject to taxes in certain foreign jurisdictions.
A reconciliation of the U.S. statutory income tax rate to the Company’s effective tax rate is as follows:
 Years Ended December 31,
 202420232022
U.S. statutory tax rate21.0 %21.0 %21.0 %
State and local taxes, net of federal benefit4.6 %4.2 %4.0 %
State rate change impact on deferred taxes(0.3)%1.4 %8.6 %
Tax benefit arrangement liability adjustment0.1 %(0.2)%(1.8)%
Foreign tax rate differential0.1 %0.1 %0.2 %
Withholding taxes and other1.4 %0.8 %0.3 %
Colorado club sale— %— %0.9 %
Change in valuation allowance0.5 %0.3 %(0.4)%
Equity-based compensation(0.1)%(0.1)%(0.2)%
Non-deductible executive compensation
0.6 %1.6 %— %
Income attributable to non-controlling interests(0.2)%(0.9)%(1.3)%
Effective tax rate27.7 %28.2 %31.3 %
Deferred income taxes are provided for the effects of temporary differences between the tax basis of an asset or liability and its reported amount in the accompanying consolidated balance sheets. These temporary differences result in taxable or deductible amounts in future years. Details of the Company’s deferred tax assets and liabilities are summarized as follows: 
 As of December 31,
 20242023
Deferred tax assets:
Deferred revenue$6,814 $4,773 
Goodwill and intangible assets452,587 473,088 
Net operating loss22,825 42,631 
Lease liabilities113,194 106,848 
Equity-based compensation2,557 2,442 
Equity method investment
3,486 3,562 
Allowance for current expected credit loss4,769 4,427 
Other3,293 3,311 
Deferred tax assets609,525 641,082 
Valuation allowance(6,579)(4,940)
Deferred tax assets, net of valuation allowance602,946 636,142 
Deferred tax liabilities:
Property and equipment(37,133)(39,086)
Right of use assets(97,002)(94,512)
Total deferred tax liabilities(134,135)(133,598)
Total deferred tax assets and liabilities$468,811 $502,544 
Reported as:
Deferred income taxes - non-current assets$470,197 $504,188 
Deferred income taxes - non-current liabilities(1,386)(1,644)
Total deferred tax assets and liabilities$468,811 $502,544 
As of December 31, 2024, we had a net deferred tax asset of $468,811, primarily resulting from tax attributes generated from past exchanges and sales of Holdings Units which will reduce taxable income in future periods. Substantially all of our deferred tax assets are deemed to be more likely than not to be realized. In assessing the need for a valuation allowance, we consider, among other things, our recent history of generating positive income before taxes, projections of future taxable income and ongoing prudent and feasible tax planning strategies. For the years ended December 31, 2024 and 2023, the Company has continued to provide a valuation allowance of $6,579 and $4,940, respectively, against the portion of its deferred tax assets that the Company does not have sufficient positive evidence to support its recoverability.
As of December 31, 2024, the Company had federal net operating loss carryforwards of $87,237, with an indefinite lived carryforward. These losses were generated in 2020 and 2021. The Company also has $57,643 of state net operating loss carryforwards of which $55,222 have various expirations from 2025 to 2041 and $2,422 are indefinite.
The following table presents a reconciliation of the beginning and ending balances of the liability for unrecognized tax benefits, excluding interest and penalties, which is included within other liabilities on our consolidated balance sheets:
 As of December 31,
 20242023
Balance at beginning of year$273 $328 
Increase related to current year tax positions59 — 
Decrease related to prior year tax positions(35)(55)
Balance at end of year$297 $273 
The Company and its subsidiaries file U.S. federal income tax returns, as well as tax returns in various state and foreign jurisdictions. Generally, the tax years 2021 through 2024 remain open to examination by the tax authorities in these jurisdictions.
Tax benefit arrangements
The Company recorded other expense of $1,300 and other income of $1,964 and $13,831 in the years ended December 31, 2024, 2023 and 2022, respectively, reflecting a change in the tax benefit obligation attributable to a change in the expected tax benefits. In each year, the remeasurement was primarily due to various state tax legislation changes enacted in the year and in 2022 was also due to the Sunshine Acquisition which resulted in a change in the amount of income apportioned to various states in future periods and accordingly resulted in a decrease to the tax benefit arrangement liability.
In connection with the exchanges that occurred during 2024 and 2023, 1,055,326 and 4,748,555 Holdings Units, respectively, were redeemed by the Continuing LLC Owners for newly-issued shares of Class A common stock, resulting in an increase in the tax basis of the net assets of Pla-Fit Holdings. As a result of the change in Planet Fitness, Inc.’s ownership percentage of Pla-Fit Holdings that occurred in conjunction with the exchanges and issuance of Holdings Units, we recorded a decrease to our net deferred tax assets of $1,083 and $5,316, during the years ended December 31, 2024 and 2023, respectively. As a result of these exchanges and other activity, during the years ended December 31, 2024 and 2023 we also recognized deferred tax assets in the amount of $22,918 and $106,313, respectively, and corresponding tax benefit arrangement liabilities of $14,899 and $37,995, respectively, representing approximately 85% of the tax benefits due to the TRA Holders for shares exchanged that were subject to tax benefit arrangements. The offset to the entries recorded in connection with exchanges in each year was to stockholders’ equity.
The tax benefit obligation was $466,916 and $495,662 as of December 31, 2024 and 2023, respectively.
Projected future payments under the tax benefit arrangements are as follows:
 Amount
2025$55,556 
202655,824 
202739,975 
202842,506 
202944,252 
Thereafter228,803 
Total$466,916 
v3.25.0.1
Commitments and contingencies
 12 Months Ended
Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]  
Commitments and contingencies Commitments and contingencies
(a) Legal matters
From time to time, and in the ordinary course of business, the Company is subject to various claims, charges, and litigation, such as employment-related claims and slip and fall cases.
On May 27, 2022, the Company and other defendants, including a former officer of the Company who is a related party, received a final judgment after appeal to the joint and several judgment against them in a civil action brought by a former employee. In connection with the 2012 acquisition of Pla-Fit Holdings on November 8, 2012, the sellers are obligated to indemnify the Company related to this specific matter. The Company has incurred legal costs on behalf of the defendants in the case, which include a related party. These costs have historically not been material. During the fourth quarter of 2022, the Company and other defendants, as applicable, paid the final judgment in full, of which the Company paid $3,414. During 2022, the Company recorded an increase to its indemnification receivable of $1,189, and recorded a corresponding reserve against the indemnification receivable of $1,189 through other gain (loss) on the statement of operations.
Mexico Acquisition
On March 19, 2020, a franchisee in Mexico exercised a put option that requires the Company to acquire their franchisee-owned clubs in Mexico. In February 2023, the Company and the franchisee agreed on a summary of terms for a settlement agreement (“Preliminary Settlement Agreement”), which included the Company’s acquisition of the franchisee-owned clubs and a release of all claims by all parties. In connection with the Preliminary Settlement Agreement, the Company recorded a legal settlement reserve of $8,550 as of December 31, 2022, inclusive of estimated future legal fees, through other loss on the statement of operations. The Company revised its estimate of the legal settlement and recorded an increase to the liability of $6,250 during 2023. On October 20, 2023, the Company finalized its settlement with the franchisee in Mexico for $31,619, which included the acquisition by the Company of five clubs in Mexico and the settlement of all claims.
In conjunction with the finalization of the settlement with the franchisee in Mexico, the Company entered into an agreement to sell the five clubs to Planet Fitmex, LLC. As a result, the business met the discontinued operations reporting criteria and “held
for sale” accounting criteria as of the acquisition date of October 20, 2023. On December 28, 2023, the Company completed the sale of the five clubs to Planet Fitmex, LLC in exchange for an equity interest in Planet Fitmex, LLC valued at $17,000.
For the year ended December 31, 2023, the operating results, comprehensive income and cash flows associated with discontinued operations was not material and thus were not presented separately in the consolidated statements of operations, consolidated statements of comprehensive income, or consolidated statements of cash flows, respectively. As of December 31, 2023, there were no assets held for sale nor liabilities held for sale on the consolidated balance sheets as a result of the sale of the five clubs to Planet Fitmex. The sale of the five clubs did not result in any significant gain or loss recorded in the consolidated statements of operations for the year ended December 31, 2023.
The Company is not currently aware of any other legal proceedings or claims that it believes will have, individually or in the aggregate, a material adverse effect on the Company’s financial position or result of operations.
(b) Purchase commitments
As of December 31, 2024, the Company had advertising purchase commitments of approximately $68,803, including commitments made by the NAFs. In addition, the Company had open purchase orders of approximately $15,591 primarily related to equipment to be sold to franchisees.
(c) Guarantees
The Company historically guaranteed lease agreements for certain franchisees and in 2019, in connection with a real estate partnership, the Company began guaranteeing certain leases of its franchisees up to a maximum period of 10 years, with earlier expiration dates if certain conditions are met. The Company’s maximum obligation, as a result of its guarantees of leases, is approximately $4,487 and $5,215 as of December 31, 2024 and 2023, respectively, and would only require payment upon default by the primary obligor. The Company has determined the fair value of these guarantees at inception is not material, and as of December 31, 2024 and 2023, no accrual has been recorded for the Company’s potential obligation under its guaranty arrangement.
v3.25.0.1
Retirement plan
 12 Months Ended
Dec. 31, 2024
Retirement Benefits [Abstract]  
Retirement plan Retirement plan
The Company maintains a 401(k) deferred tax savings plan (the Plan) for eligible employees. The Plan provides for the Company to make an employer matching contribution currently equal to 100% of employee deferrals up to a maximum of 4% of each eligible participating employees’ wages. Total employer matching contributions expensed in the consolidated statements of operations were approximately $1,501, $1,370, and $1,123 for the years ended December 31, 2024, 2023 and 2022, respectively.
v3.25.0.1
Segments
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Segments 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 tables summarize total revenue and total Segment Adjusted EBITDA for the Company’s reportable segments.
 Years Ended December 31,
 202420232022
Franchise$423,247 $387,929 $329,634 
Corporate-owned clubs502,287 449,296 379,393 
Equipment256,120 234,101 227,745 
Total revenue$1,181,654 $1,071,326 $936,772 
Franchise revenue includes revenue generated from equipment placement services of $20,876, $19,798 and $17,125 for the years ended December 31, 2024, 2023 and 2022, respectively.
 Years Ended December 31,
 202420232022
Franchise$301,122 $273,008 $223,596 
Corporate-owned clubs188,751 173,322 142,478 
Equipment71,778 56,362 59,083 
Segment Adjusted EBITDA
$561,651 $502,692 $425,157 
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:
 Years Ended December 31,
Franchise Segment202420232022
Selling, general and administrative
$32,514 $35,654 $34,374 
National advertising fund expense79,009 70,095 66,116 
Cost of revenue9,892 9,493 5,868 
Other segment expenses (income), net(1)
710 (320)(319)
Total$122,125 $114,921 $106,038 
(1) Other segment expenses (income), net for the franchise segment includes other (gains) losses, net, and other income (expense), net.
 Years Ended December 31,
Corporate-owned Clubs Segment202420232022
Club compensation and payroll(1)
$86,837 $75,222 $66,490 
Rent & occupancy(1)
116,578 102,399 90,073 
Marketing(1)
42,806 39,642 31,440 
Operational and other(1)
41,990 35,718 30,984 
Selling, general and administrative15,429 16,294 13,539 
Other segment expenses, net(2)
9,895 6,699 4,390 
Total$313,536 $275,974 $236,915 
(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, other income (expense), net, and all operating expenses associated with our operations in Spain.
 Years Ended December 31,
Equipment Segment202420232022
Cost of revenue
$181,545 $174,846 $166,927 
Other segment expenses, net(1)
2,797 2,893 1,735 
Total$184,342 $177,739 $168,662 
(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 $131,797, $112,186 and $84,077 for the years ended December 31, 2024, 2023 and 2022, 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,
 202420232022
Segment Adjusted EBITDA
Franchise$301,122 $273,008 $223,596 
Corporate-owned clubs188,751 173,322 142,478 
Equipment71,778 56,362 59,083 
Segment Adjusted EBITDA
561,651 502,692 425,157 
Depreciation and amortization(160,346)(149,413)(124,022)
Interest income23,115 17,741 5,005 
Interest expense(100,037)(86,576)(88,628)
Losses from equity-method investments, net of tax4,042 1,994 467 
Corporate and other unallocated expenses, net(1)
(81,697)(78,897)(56,541)
Income before income taxes$246,728 $207,541 $161,438 
(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,
 202420232022
United States$1,141,550 $1,042,784 $908,706 
Rest of world40,104 28,542 28,066 
Total revenue$1,181,654 $1,071,326 $936,772 

The following table summarizes geographic information about the Company’s long-lived assets, net, excluding goodwill and other intangible assets:
As of December 31,
 20242023
United States$882,022 $835,486 
Rest of world21,414 3,609 
Total long-lived assets, net$903,436 $839,095 
v3.25.0.1
Corporate-owned and franchisee-owned clubs
 12 Months Ended
Dec. 31, 2024
Franchisors [Abstract]  
Corporate-owned and franchisee-owned clubs Corporate-owned and franchisee-owned clubs
The following table shows changes in our franchisee-owned and corporate-owned clubs:
 
Years Ended December 31,
 202420232022
Franchisee-owned clubs:
Clubs operated at beginning of period2,319 2,176 2,142 
New clubs opened129 147 144 
Clubs acquired from the Company— 5 6 
Clubs debranded, sold or consolidated(1)
(3)(9)(116)
Clubs operated at end of period2,445 2,319 2,176 
Corporate-owned clubs:
Clubs operated at beginning of period256 234 112 
New clubs opened21 18 14 
Clubs sold to franchisees— (5)(6)
Clubs acquired from franchisees— 9 114 
Clubs operated at end of period277 256 234 
Total clubs:
Clubs operated at beginning of period2,575 2,410 2,254 
New clubs opened150 165 158 
Clubs debranded, sold or consolidated(1)
(3)— (2)
Clubs operated at end of period2,722 2,575 2,410 
(1) The term “debrand” refers to a franchisee-owned club whose right to use the Planet Fitness brand and marks has been terminated in accordance with the franchise agreement. We retain the right to prevent debranded clubs from continuing to operate as fitness centers. The term “consolidated” refers to the combination of a franchisee’s club with another club located in close proximity with our prior approval. This often coincides with an enlargement, re-equipment and/or refurbishment of the remaining club.
v3.25.0.1
Valuation and Qualifying Accounts
 12 Months Ended
Dec. 31, 2024
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]  
Valuation and Qualifying Accounts Schedule II – Valuation and Qualifying Accounts
Allowance For Uncollectible Amounts:
(in thousands)Balance at Beginning of PeriodProvision for (recovery of) doubtful accounts, netWrite-offs and otherBalance at End of Period
December 31, 2024$— $43 $13 $30 
December 31, 2023$— $— $— $— 
December 31, 2022$— $— $— $— 
Allowance For Credit Losses On Held To Maturity Investment:
(in thousands)Balance at Beginning of Period(Gain) loss on adjustment of allowance for credit losses on held-to-maturity investmentWrite-offs and otherBalance at End of Period
December 31, 2024$17,689 $1,145 $— $18,834 
December 31, 2023$14,957 $2,732 $— $17,689 
December 31, 2022$17,462 $(2,505)$— $14,957 
Valuation Allowance On Deferred Tax Assets:
(in thousands)Balance at Beginning of Period(Benefit) provision of allowanceUtilization of allowanceBalance at End of Period
December 31, 2024$4,940 $1,639 $— $6,579 
December 31, 2023$4,037 $903 $— $4,940 
December 31, 2022$4,630 $(593)$— $4,037 
v3.25.0.1
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Pay vs Performance Disclosure      
Net income (loss) attributable to Planet Fitness, Inc. $ 172,042 $ 138,313 $ 99,402
v3.25.0.1
Insider Trading Arrangements
 3 Months Ended
Dec. 31, 2024
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.0.1
Insider Trading Policies and Procedures
 12 Months Ended
Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true
v3.25.0.1
Cybersecurity Risk Management and Strategy Disclosure
 12 Months Ended
Dec. 31, 2024
Cybersecurity Risk Management, Strategy, and Governance [Line Items]  
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]
Risk management and strategy
Planet Fitness recognizes the importance of developing, implementing, and maintaining cybersecurity measures designed to safeguard our information systems and protect the confidentiality, integrity, and availability of our data.
Managing Material Risks & Integrated Risk Management
Planet Fitness has strategically integrated cybersecurity risk management into our broader risk management framework to promote a company-wide culture of cybersecurity risk management. Our risk management team works closely with our information technology (“IT”) department to evaluate and address cybersecurity risks in alignment with our business objectives and operational needs. These risks are captured and prioritized in a risk register.
Engaging Third-parties on Risk Management
Recognizing the complexity and evolving nature of cybersecurity threats, Planet Fitness engages with a range of external experts, including cybersecurity assessors, consultants, legal advisors and auditors in evaluating and testing our risk management systems. Our collaboration with these third-parties includes regular audits, threat assessments, and consultation on security enhancements.
Oversee Third-party Risk
Because we are aware of the risks associated with third-party service providers, Planet Fitness implements processes to oversee and manage these risks. We conduct security assessments of third-party providers before engagement and maintain ongoing monitoring to oversee compliance with our cybersecurity standards.
Monitor Cybersecurity Incidents
The Vice President of IT Security and Sr. Director of Security implement and oversees processes for the monitoring of our information systems. This includes the deployment of security measures and system audits to identify potential vulnerabilities. In the event of a cybersecurity incident, we have implemented an incident response plan, which includes actions to mitigate the impact and long-term strategies for remediation and prevention of future incidents.
Risks from Cybersecurity Threats
As of the date of this report, we have not experienced a cybersecurity incident that resulted in a material effect on our business strategy, results of operations, or financial condition, but we cannot provide assurance that we will not be materially affected in the future by such risks or any future material incidents. For more information, see Item 1A. Risk Factors.
Cybersecurity Risk Management Processes Integrated [Flag] true
Cybersecurity Risk Management Processes Integrated [Text Block]
Managing Material Risks & Integrated Risk Management
Planet Fitness has strategically integrated cybersecurity risk management into our broader risk management framework to promote a company-wide culture of cybersecurity risk management. Our risk management team works closely with our information technology (“IT”) department to evaluate and address cybersecurity risks in alignment with our business objectives and operational needs. These risks are captured and prioritized in a risk register.
Cybersecurity Risk Management Third Party Engaged [Flag] true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] false
Cybersecurity Risk Board of Directors Oversight [Text Block]
The Board of Directors emphasizes and supports the management of risks associated with cybersecurity threats. The Board maintains a collaborative relationship with IT leadership to promote effective governance in managing risks associated with cybersecurity threats because we recognize the significance of these threats to our operational integrity and stakeholder confidence.
Board of Directors Oversight
The Audit Committee is central to the Board’s oversight of cybersecurity risks and bears the primary responsibility for this domain. The Audit Committee is composed of board members with diverse expertise including, risk management, technology, and finance.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block] The Audit Committee is central to the Board’s oversight of cybersecurity risks and bears the primary responsibility for this domain. The Audit Committee is composed of board members with diverse expertise including, risk management, technology, and finance.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]
The Vice President of IT Security and the Chief Information Officer (“CIO”) play a pivotal role in informing the Audit Committee on cybersecurity risks. These individuals have over two decades of professional experience in various roles across multiple industries involving managing information security, developing cybersecurity strategy, implementing effective information and cybersecurity programs and managing multiple industry and regulatory compliance environments. Both individuals previously held positions similar to their current roles at other large publicly traded organizations, including global retail e-commerce and mobile-commerce brands. They provide comprehensive briefings to the Audit Committee on a regular basis, with a minimum frequency of once per year. These briefings encompass a broad range of topics, including:
• Current cybersecurity landscape and emerging threats;
•Status of ongoing cybersecurity initiatives and strategies;
•Incident reports and learnings from any cybersecurity events; and
•Compliance with regulatory requirements and industry standards.
In addition to our scheduled meetings, the Audit Committee, CIO and CEO maintain an ongoing dialogue regarding emerging or potential cybersecurity risks. The Audit Committee conducts a review at least annually of our cybersecurity posture and the effectiveness of our risk management strategies. This review helps in identifying areas for improvement and ensuring the alignment of cybersecurity efforts with the overall risk management framework.
Cybersecurity Risk Role of Management [Text Block]
Management’s Role Managing Risk
The Vice President of IT Security and the Chief Information Officer (“CIO”) play a pivotal role in informing the Audit Committee on cybersecurity risks. These individuals have over two decades of professional experience in various roles across multiple industries involving managing information security, developing cybersecurity strategy, implementing effective information and cybersecurity programs and managing multiple industry and regulatory compliance environments. Both individuals previously held positions similar to their current roles at other large publicly traded organizations, including global retail e-commerce and mobile-commerce brands. They provide comprehensive briefings to the Audit Committee on a regular basis, with a minimum frequency of once per year. These briefings encompass a broad range of topics, including:
• Current cybersecurity landscape and emerging threats;
•Status of ongoing cybersecurity initiatives and strategies;
•Incident reports and learnings from any cybersecurity events; and
•Compliance with regulatory requirements and industry standards.
In addition to our scheduled meetings, the Audit Committee, CIO and CEO maintain an ongoing dialogue regarding emerging or potential cybersecurity risks. The Audit Committee conducts a review at least annually of our cybersecurity posture and the effectiveness of our risk management strategies. This review helps in identifying areas for improvement and ensuring the alignment of cybersecurity efforts with the overall risk management framework.
Reporting to Board of Directors
The Vice President of IT Security, in his capacity, regularly informs the CIO, Chief Financial Officer (“CFO”) and other executive team leaders of aspects related to cybersecurity risks and incidents. Furthermore, significant cybersecurity matters, and strategic risk management decisions are escalated to the Board of Directors where appropriate.
Cybersecurity Risk Management Positions or Committees Responsible [Text Block] The Vice President of IT Security and the Chief Information Officer (“CIO”) play a pivotal role in informing the Audit Committee on cybersecurity risks.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block] These individuals have over two decades of professional experience in various roles across multiple industries involving managing information security, developing cybersecurity strategy, implementing effective information and cybersecurity programs and managing multiple industry and regulatory compliance environments. Both individuals previously held positions similar to their current roles at other large publicly traded organizations, including global retail e-commerce and mobile-commerce brands.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]
The Vice President of IT Security and the Chief Information Officer (“CIO”) play a pivotal role in informing the Audit Committee on cybersecurity risks. These individuals have over two decades of professional experience in various roles across multiple industries involving managing information security, developing cybersecurity strategy, implementing effective information and cybersecurity programs and managing multiple industry and regulatory compliance environments. Both individuals previously held positions similar to their current roles at other large publicly traded organizations, including global retail e-commerce and mobile-commerce brands. They provide comprehensive briefings to the Audit Committee on a regular basis, with a minimum frequency of once per year. These briefings encompass a broad range of topics, including:
• Current cybersecurity landscape and emerging threats;
•Status of ongoing cybersecurity initiatives and strategies;
•Incident reports and learnings from any cybersecurity events; and
•Compliance with regulatory requirements and industry standards.
In addition to our scheduled meetings, the Audit Committee, CIO and CEO maintain an ongoing dialogue regarding emerging or potential cybersecurity risks. The Audit Committee conducts a review at least annually of our cybersecurity posture and the effectiveness of our risk management strategies. This review helps in identifying areas for improvement and ensuring the alignment of cybersecurity efforts with the overall risk management framework.
Reporting to Board of Directors
The Vice President of IT Security, in his capacity, regularly informs the CIO, Chief Financial Officer (“CFO”) and other executive team leaders of aspects related to cybersecurity risks and incidents. Furthermore, significant cybersecurity matters, and strategic risk management decisions are escalated to the Board of Directors where appropriate.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] true
v3.25.0.1
Summary of significant accounting policies (Policies)
 12 Months Ended
Dec. 31, 2024
Accounting Policies [Abstract]  
Basis of presentation and consolidation Basis of presentation and consolidation
The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). All significant intercompany balances and transactions have been eliminated in consolidation.
As discussed in Note 1, Planet Fitness, Inc. consolidates Pla-Fit Holdings. The Company also consolidates entities in which it has a controlling financial interest, the usual condition of which is ownership of a majority voting interest. The Company also considers for consolidation certain interests where the controlling financial interest may be achieved through arrangements that do not involve voting interests. Such an entity, known as a variable interest entity (“VIE”), is required to be consolidated by its primary beneficiary. The primary beneficiary of a VIE is considered to possess the power to direct the activities of the VIE that most significantly impact its economic performance and has the obligation to absorb losses or the rights to receive benefits from the VIE that are significant to it. The principal entities in which the Company possesses a variable interest include franchise entities and certain other entities. The Company is not deemed to be the primary beneficiary for Planet Fitness franchise entities. Therefore, these entities are not consolidated.
Planet Fitness NAF, LLC (the “national advertising fund” or “NAF”) is an advertising fund and is considered a VIE. The results of the NAF are consolidated within these financial statements based on the determination that the Company is the primary beneficiary of the NAF. On behalf of the Company, the NAF along with the Canadian Advertising Fund (“CAF” and collectively with the NAF, the “NAFs”) collect 2% annually of gross monthly and annual membership dues from franchisees, in accordance with the provisions of the franchise agreements, and uses the amounts received to increase sales and further enhance the public reputation of the Planet Fitness brand. See Note 3 for further information related to the NAFs.
Use of estimates Use of estimates
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Although these estimates are based on management’s knowledge of current events and actions it may undertake in the future, they may ultimately differ from actual results. Significant areas where estimates and judgments are relied upon by management in the preparation of the consolidated financial statements include revenue recognition, valuation of equity-based compensation awards, valuation of assets and liabilities acquired in business combinations, the evaluation of the recoverability of goodwill and long-lived assets, including intangible assets, equity method investments, allowance for expected credit losses, the present value of lease liabilities, income taxes, including deferred tax assets and liabilities, and the liability for the Company’s tax benefit arrangements.
Concentrations Concentrations
Financial instruments that potentially subject the Company to concentration risk consist of cash and cash equivalents and marketable securities. All of the Company’s cash and cash equivalents, restricted cash, and marketable securities are maintained by major financial institutions, of which cash deposits are insured by the Federal Deposit Insurance Corporation (“FDIC”) up to $250. The Company maintains balances in excess of these limits, but does not believe that such deposits with its banks are subject to any unusual risk.
The credit risk associated with trade receivables is mitigated due to the large number of customers, generally franchisees, and their broad dispersion over many different geographic areas. The Company does not have any concentrations greater than 10% with respect to revenues. As of December 31, 2024, the Company had one customer who represented 12% of total accounts receivable. As of December 31, 2023, no customers represented more than 10% of total accounts receivable.
Cash, cash equivalents and restricted cash Cash, cash equivalents and restricted cashThe Company considers all highly liquid investments purchased with an original maturity of 90 days or less to be cash equivalents.
Revenue from contracts with customers and Deferred revenue Revenue from contracts with customers
The Company’s revenues are comprised of franchise revenue, equipment revenue, and corporate-owned clubs revenue and are accounted for under ASC 606 - Revenue From Contracts With Customers, net of applicable sales tax.
Franchise revenue
Franchise revenues consist primarily of royalties, contributions to the NAFs (“NAF revenue”), franchise fees and upfront fees from area development agreements (“ADAs”), transfer fees, equipment placement revenue, membership join fees, and other fees. 
The Company’s primary performance obligation under the franchise license is granting certain rights to use the Company’s intellectual property, and all other services the Company provides under the ADA and franchise agreement are highly interrelated and not distinct within the contract, and therefore accounted for as a single performance obligation, which is satisfied by granting certain rights to use intellectual property over the term of each franchise agreement.
Royalties and franchisee contributions to national advertising funds, are calculated as a percentage of franchise monthly dues and annual fees over the term of the franchise agreement. Under the franchise agreements, advertising contributions paid by franchisees must be spent on advertising, marketing and related activities. Franchise fees are payable by the franchisee upon signing a new franchise agreement or successor franchise agreement, and transfer fees are paid to the Company when one franchisee transfers a franchise agreement to a different franchisee. Franchise royalties, as well as contributions to the NAFs, represent sales-based royalties that are related entirely to the performance obligation under the franchise agreement and are recognized as franchise sales occur.
Franchise fees, as well as transfer fees, are recognized as revenue on a straight-line basis over the term of the respective franchise agreement. ADAs generally consist of an obligation to grant geographic exclusive area development rights. These development rights are not distinct from franchise agreements, so upfront fees paid by franchisees for exclusive development rights are deferred and apportioned to each franchise agreement signed by the franchisee. The pro-rata amount apportioned to each franchise agreement is accounted for on a straight-line basis over the respective franchise agreement.
The Company is generally responsible for assembly and placement of equipment it sells to U.S., Canada, and Mexico based franchisee-owned clubs. Placement revenue is recognized upon completion and acceptance of the services at the franchise location.
Join fees are paid to the Company by franchisees for processing new membership transactions when a new member signs up for a membership to a franchisee-owned club. These fees are recognized as revenue as each transaction occurs.
The Company recognizes revenue from its PF Perks program, which are fees and commissions paid to the Company by certain brands and third-party retail partners for special discounts, promotions and offers to be made available to our members through our mobile application and website.
Corporate-owned clubs revenue
The following revenues are generated from clubs owned and operated by the Company.
Membership dues revenue
Customers are offered multiple membership choices varying in length. Membership dues are earned and recognized over the membership term on a straight-line basis.
Enrollment fee revenue
Enrollment fees are charged to new members at the commencement of their membership. The Company recognizes enrollment fees ratably over the estimated duration of the membership life, which is generally two years.
Annual membership fee revenue
Annual membership fees are annual fees charged to members in addition to monthly membership dues. The Company recognizes annual membership fees ratably over the 12-month membership period or as long as there is a service obligation to the member.
Other fees
The Company collects certain other fees from members in connection with their membership, including fees associated with certain member payments, which are recognized upon collection.
Retail sales
The Company sells Planet Fitness branded apparel, food, beverages, and other accessories. The revenue for these items is recognized at the point of sale.
Equipment revenue
The Company sells and delivers equipment purchased from third-party equipment manufacturers to U.S., Canada, and Mexico based franchisee-owned clubs. Revenue is recognized upon transfer of control of ordered items, generally upon delivery to the customer, which is when the customer obtains physical possession of the goods, legal title is transferred, the customer has all risks and rewards of ownership and an obligation to pay for the goods is created. Franchisees are charged for all freight costs incurred for the delivery of equipment. Freight revenue is recorded within equipment revenue and freight costs are recorded within cost of revenue. In most instances, the Company recognizes equipment revenue on a gross basis as management has determined the Company to be the principal in these transactions. Management determined the Company to be the principal in the transaction because the Company controls the equipment prior to delivery to the final customer as evidenced by its pricing discretion over the goods, inventory transfer of title and risk of loss while the inventory is in transit, and having the primary responsibility to fulfill the customer order and direct the third-party vendor.
Deferred revenue
Franchise deferred revenue results from franchise fees and ADA fees paid by franchisees, as well as transfer fees, which are generally recognized on a straight-line basis over the term of the underlying franchise agreement. Deferred revenue is also recognized in the Corporate-owned clubs segment for cash received from members for enrollment fees, membership dues and annual fees for the portion not yet earned based on the membership period. Equipment deposits made at the time of ordering equipment are also deferred until the revenue recognition criteria are met.
Cost of revenue Cost of revenue
Cost of revenue consists primarily of direct costs associated with equipment sales, including freight costs, to new and existing franchisee-owned clubs in the United States, Canada and Mexico and the cost of retail merchandise sold in corporate-owned clubs. Rebates from equipment vendors where the Company has recognized the related equipment revenue and costs are recorded as a reduction to the cost of revenue.
Club operations Club operations
Club operations consists of the direct costs associated with our corporate-owned clubs, primarily payroll, rent, utilities, supplies, maintenance, insurance, and local and national advertising.
Selling, general and administrative Selling, general and administrativeSelling, general and administrative expenses are primarily associated with administrative, corporate-owned club and franchisee support functions related to our existing business as well as growth and development activities. These costs primarily consist of payroll, information technology, marketing, legal, accounting, consulting and insurance related expenses.
Accounts receivable Accounts receivable
Accounts receivable is primarily comprised of amounts owed to the Company resulting from equipment and placement revenue. The Company evaluates its accounts receivable on an ongoing basis and may establish an allowance for uncollectible amounts based on collections and current credit conditions. Accounts are written off as uncollectible when it is determined that further collection efforts will be unsuccessful. Historically, the Company has not had a significant amount of write-offs.
Inventory Inventory
The Company has inventory at period ends when the Company has title and risk of loss in advance of sale to its franchisees.
Leases and asset retirement obligations Leases and asset retirement obligations
Leases
The Company leases space to operate corporate-owned clubs, equipment, office, and warehouse space. The Company currently leases the corporate headquarters, corporate-owned club headquarters and all but one of the corporate-owned clubs. Leases with an initial term of 12 months or less are not recorded on the balance sheet; the Company recognizes lease expense for these leases on a straight-line basis over the lease term. The Company accounts for fixed lease and non-lease components together as a single, combined lease component. Variable lease costs, which may include common area maintenance, insurance, and taxes are not included in the lease liability and are expensed in the period incurred.
Corporate-owned club leases generally have original lease terms of 10 to 12 years, and typically include one or more renewal options, with renewal option terms that can generally extend the lease term from three to 10 years or more. The exercise of lease renewal options is at the Company’s sole discretion. The Company includes renewal options in the expected lease term when they are reasonably certain to be exercised.
At the inception of each lease, the Company determines its appropriate classification as an operating or financing lease. The majority of the Company’s leases are operating leases. Operating lease assets and liabilities are recognized at the lease commencement date. Operating lease liabilities represent the present value of lease payments not yet paid, reduced by expected reimbursements from landlords. Operating lease right of use (“ROU”) assets represent the right to use an underlying asset and are based upon the operating lease liabilities adjusted for prepayments, initial direct costs and lease incentives. To determine the present value of lease payments not yet paid, the Company estimates incremental secured borrowing rates corresponding to the maturities of the leases based upon interpolated rates using the Company’s Notes. All ROU assets are periodically reviewed for impairment in accordance with standards that apply to long-lived assets.
The Company has an immaterial amount of non-real estate leases that are accounted for as finance leases under ASC 842 - Leases.
Leases typically contain rent escalations over the lease term. The Company recognizes expense for these leases on a straight-line basis over the lease term. Additionally, tenant incentives used to fund leasehold improvements reduce the ROU asset related to the lease. These tenant incentives are amortized as reduction of rent expense over the lease term.
The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants.
Asset retirement obligations
In accordance with ASC Topic 410, Asset Retirement and Environmental Obligations, the Company establishes assets and liabilities for the present value of estimated future costs to return certain leased facilities to their original condition. Such assets are depreciated on a straight-line basis over the lease period into operating expense, and the recorded liabilities are accreted to the future value of the estimated restoration costs.
Property and equipment Property and equipmentProperty and equipment is recorded at cost, or fair value when acquired as part of a business combination, and depreciated using the straight-line method over its related estimated useful life. Upon sale or retirement, the asset cost and related accumulated depreciation are removed from the respective accounts, and any related gain or loss is reflected in the consolidated statements of operations. Ordinary maintenance and repair costs are expensed as incurred.
Advertising expenses Advertising expenses
The Company expenses advertising costs as incurred. Advertising expenses for corporate-owned clubs are included within club operations and totaled $43,137, $39,642 and $31,462 for the years ended December 31, 2024, 2023 and 2022, respectively. In addition to expenses incurred by our NAFs (“NAF expense”), advertising related to the franchise segment is included within
selling, general and administrative expenses and totaled $330, $2,514 and $3,103 for the years ended December 31, 2024, 2023 and 2022, respectively. See Note 3 for discussion of the NAFs.
Goodwill, long-lived assets, and other intangible assets Goodwill, long-lived assets, and other intangible assets
Goodwill and other intangible assets that arise from acquisitions are recorded in accordance with ASC Topic 805, Business Combinations and ASC Topic 350, Intangibles—Goodwill and Other. In accordance with this guidance, specifically identified intangible assets must be recorded as a separate asset from goodwill if either of the following two criteria is met: (1) the intangible asset acquired arises from contractual or other legal rights; or (2) the intangible asset is separable. Intangibles are typically trade and brand names, customer relationships, and reacquired franchise rights. Transactions are evaluated to determine whether any gain or loss on reacquired franchise rights, based on their fair value, should be recognized separately from identified intangibles. Goodwill is the excess of the purchase price over the fair value of identifiable net assets acquired in a business combination.
Goodwill and indefinite-lived intangible assets are not amortized, but are reviewed annually for impairment or more frequently if impairment indicators arise. Separable intangible assets that are not deemed to have an indefinite life are amortized over their estimated useful lives on either a straight-line or accelerated basis as deemed appropriate, and are reviewed for impairment when events or circumstances suggest that the assets may not be recoverable.
The Company performs its annual impairment assessment of goodwill and indefinite lived intangible assets on December 1 of each year. For goodwill, the annual impairment assessment begins with a qualitative assessment, where qualitative factors and their impact on critical inputs are assessed to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying value. If the Company determines that a reporting unit has an indication of impairment based on the qualitative assessment, it is required to perform a quantitative assessment.
For indefinite lived intangible assets, the annual impairment assessment consists of comparing the carrying value of the asset to its estimated fair value. To the extent that the carrying value exceeds the fair value of the asset, an impairment is recorded to reduce the carrying value to its fair value. The Company is also permitted to make a qualitative assessment of whether it is more likely than not an indefinite lived intangible asset’s fair value is less than its carrying value prior to applying the quantitative assessment. If based on the Company’s qualitative assessment it is not more likely than not that the carrying value of the asset is less than its fair value, then a quantitative assessment is not required.
During the periods presented, the Company did not need to proceed beyond the qualitative analysis for its goodwill or indefinite lived intangible assets, and determined that no impairment charges were required.
The Company applies the provisions of ASC Topic 360, Property, Plant and Equipment, which requires that long-lived assets, including amortizable intangible assets and ROU assets, be reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If circumstances require a long-lived asset or asset group to be tested for impairment, then assets are required to be grouped and evaluated at the lowest level for which there are identifiable cash flows that are largely independent of the cash flows of other groups of assets. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset or asset group to the undiscounted future net cash flows expected to be generated by the asset or asset group. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets. Assets to be disposed of are reported at the lower of the carrying amount or fair value less costs to sell. There were no long-lived assets that were impaired during any of the periods presented.
Income taxes Income taxes
The Company accounts for income taxes using the asset and liability method. Deferred income taxes are recognized for the expected future tax consequences attributable to temporary differences between the carrying amount of the existing tax assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted tax rates expected to be applied in the years in which temporary differences are expected to be recovered or settled. The principal items giving rise to temporary differences are the use of accelerated depreciation and certain basis differences resulting from acquisitions and the recapitalization transactions. Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be realized.
Planet Fitness, Inc. is the sole managing member of Pla-Fit Holdings, which is treated as a partnership for U.S. federal and most applicable state and local income tax purposes. As a partnership, Pla-Fit Holdings is not subject to U.S. federal and certain state and local income taxes. Any taxable income or loss generated by Pla-Fit Holdings is passed through to and included in the taxable income or loss of its members, including Planet Fitness, Inc. following the recapitalization transactions, on a pro rata
basis. Planet Fitness, Inc. is subject to U.S. federal income taxes, in addition to state and local income taxes with respect to the allocable share of any taxable income of Pla-Fit Holdings. The Company is also subject to taxes in certain foreign jurisdictions.
The Company recognizes the effect of income tax positions only if those positions are more likely than not to be sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs (see Note 16).
Tax benefit arrangements Tax benefit arrangements
The Company’s acquisition of Holdings Units in connection with the IPO and certain future and past exchanges of Holdings Units for shares of the Company’s Class A common stock (or cash at the option of the Company) are expected to produce and have produced favorable tax attributes. In connection with the IPO, the Company entered into two tax receivable agreements, pursuant to which the Company is required to make payments to certain current or former holders of equity interests or their successors-in-interest (“TRA Holders”). Under the first of those agreements, the Company generally is required to pay to certain existing and previous equity owners of Pla-Fit Holdings, LLC 85% of the applicable tax savings, if any, in U.S. federal and state income tax that the Company is deemed to realize as a result of certain tax attributes of their Holdings Units sold to the Company (or exchanged in a taxable sale) and that are created as a result of (i) the exchanges of their Holdings Units for shares of Class A common stock and (ii) tax benefits attributable to payments made under the tax receivable agreement (including imputed interest). Under the second tax receivable agreement, the Company generally is required to pay 85% of the amount of tax savings, if any, that the Company is deemed to realize as a result of tax attributes of certain equity interests previously held by affiliates of TSG that resulted from TSG’s purchase of interests in our 2012 acquisition, and certain other tax benefits. Under both agreements, the Company generally retains the remaining 15% benefit of the applicable tax savings.
Based on current projections, the Company anticipates having sufficient taxable income to utilize these tax attributes and receive corresponding tax deductions in future periods. Accordingly, as of December 31, 2024 the Company has recorded a liability of $466,916 payable to the TRA Holders under the tax benefit obligations, representing approximately 85% of the calculated expected tax savings based on the original basis adjustments the Company anticipates being able to utilize in future years. Changes in the liability resulting from historical changes under these tax benefit arrangements may occur based on changes in anticipated future taxable income, changes in applicable tax rates or other changes in tax attributes that may occur and impact the expected future tax benefits to be received by the Company. Changes in the projected liability under these tax benefit arrangements are and will be recorded as a component of other income (expense) each period. The projection of future taxable income involves significant judgment. Actual taxable income may differ from estimates, which could significantly impact the liability under the tax benefit arrangements and the Company’s consolidated results of operations.
Fair value Fair value
ASC 820, Fair Value Measurements and Disclosures, establishes a three-level valuation hierarchy for disclosure of fair value measurements. The valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. Categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The three levels are defined as follows:
Level 1—Inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.
Level 2—Inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.
Level 3—Inputs to the valuation methodology are unobservable and significant to the fair value measurement.
Investments Investments
The Company’s investments consist of available-for-sale and held-to-maturity investments in debt securities and equity method investments.
Available-for-sale marketable debt securities
Marketable debt securities primarily consist of commercial paper, corporate debt securities, U.S. treasury securities, and U.S. government agency securities. We classify our marketable debt securities as available-for-sale at the time of purchase and reevaluate such classification at each balance sheet date. We may sell these securities at any time for use in current operations even if they have not yet reached maturity. The Company invests in a diversified portfolio of marketable debt securities and limits the concentration of its investment in any particular security. Securities with maturities greater than three months, but less than one year, are included in short-term marketable securities and securities with maturities greater than one year are included in long-term marketable securities on the consolidated balance sheets, respectively. All marketable debt securities classified as available-for-sale are reported at fair value.
If the estimated fair value of an available-for-sale debt security is below its amortized cost basis, then the Company evaluates the security for impairment. The Company considers its intent to sell the security or whether it is more likely than not that it will be required to sell the security before recovery of its amortized basis. If either of these criteria are met, the debt security’s amortized cost basis is written down to fair value through other income (expense), net in the consolidated statements of operations. If neither of these criteria are met, the Company evaluates whether unrealized losses have resulted from a credit loss or other factors. The factors considered in determining whether a credit loss exists can include the extent to which fair value is less than the amortized cost basis, changes to the rating of the security by a rating agency, any adverse conditions specifically related to the security, as well as other factors. An impairment relating to credit losses is recorded through an allowance for credit losses reported in other income (expense), net in the consolidated statements of operations. The allowance is limited by the amount that the fair value of the debt security is below its amortized cost basis. When a credit loss exists, the Company compares the present value of cash flows expected to be collected from the debt security with the amortized cost basis of the security to determine what allowance amount, if any, should be recorded. Unrealized gains or losses not resulting from credit losses or impairment are recorded through accumulated other comprehensive income (loss). Realized gains and losses from the sale of marketable securities are determined based on the specific identification method and are reported in other income (expense), net in the consolidated statements of operations. Interest income from marketable securities is recognized as earned within the consolidated statement of operations. The accretion of marketable debt security discounts to maturity is recognized within interest income.
Held-to-maturity debt securities
Held-to-maturity debt securities are financial instruments for which the Company has the intent and ability to hold to maturity and are reported at amortized cost. The Company reserves for expected credit losses on held-to-maturity debt securities through the allowance for expected credit losses. The Company utilizes a probability-of-default (“PD”) and loss-given-default (“LGD”) methodology to calculate the allowance for expected credit losses. The allowance for expected credit losses estimate reflects a lifetime loss estimate and is based on historical loss information for assets with similar risk characteristics, adjusted for management’s expectations. Adjustments for management’s expectations may be based on factors such as investee earnings performance, recent financing rounds at reduced valuations, potential refinancing events, changes in the regulatory, economic or technological environment of an investee or doubt about an investee’s ability to continue as a going concern. An increase or a decrease in the allowance for expected credit losses is recorded through other gain (loss) as a credit loss expense or a reversal thereof. The allowance for expected credit losses is presented as a deduction from the amortized cost. A held-to-maturity debt security is written off when deemed uncollectible.
Equity method investments
The Company accounts for investments under the equity method if it holds less than 50% of the voting stock, has the ability to exercise significant influence, and the entity is not a VIE in which the Company is the primary beneficiary. These investments are recorded initially at cost as a non-current asset on the consolidated balance sheets. The Company records its interest in the net earnings of its equity method investees along with adjustments for unrealized profits or losses on intra-entity transactions and amortization of basis differences, within losses from equity-method investments, net of tax in the consolidated statements of operations. Basis differences represent differences between the cost of the investment and the underlying equity in net assets of the investment and are amortized into losses from equity method investments over the useful lives of the underlying assets that gave rise to them. Equity method goodwill is not amortized or tested for impairment; instead the equity method investment is tested for impairment. The Company records its interest in the net earnings of its equity method investments based on the most recently available financial statements of the investees.
The Company evaluates its equity method investments for impairment whenever an event or change in circumstances occurs that may have a significant adverse impact on the fair value of the investment. If a loss in value has occurred and is deemed to be other than temporary, an impairment loss is recorded in the period the impairment occurs in the consolidated statements of operations. The Company did not record any impairment charges on any of its equity method investments during any periods presented.
Held-to-maturity debt security
The Company has a debt security investment that consists of redeemable preferred shares with an original contractual maturity in 2026. The investment is classified as held-to-maturity and measured at amortized cost within investments in the consolidated balance sheets. The Company reviews its held-to-maturity securities for expected credit losses under ASC Topic 326, Financial Instruments – Credit Losses, on an ongoing basis.
The Company utilizes probability-of-default (“PD”) and loss-given-default (“LGD”) methodologies to estimate the allowance for expected credit losses using historical lifetime loss information for assets with similar risk characteristics, adjusted for management’s expectations. Adjustments for management’s expectations were based on the investee’s recent financial results, current financial position, and forward-looking financial forecasts.
Equity-based compensation Equity-based compensation
The Company has an equity-based compensation plan under which employees and directors provide services to the Company and receive equity instruments as consideration from the Company. The compensation expense is determined based on the fair value of the award as of the grant date. Compensation expense is recognized over the vesting period, which is the period over which all of the specified vesting conditions are satisfied. For awards with graded vesting, the fair value of each tranche is recognized over its respective vesting period. For awards with performance targets, the Company recognizes compensation expense ratably over the required service period based on its estimate of the number of shares that will vest upon achieving the measurement criteria. The Company accounts for forfeitures as they occur by reversing compensation cost for unvested awards when the award is forfeited. See Note 14 for further information.
Business combinations Business combinations
The Company accounts for business combinations using the purchase method of accounting which results in the assets acquired and liabilities assumed being recorded at fair value.
The valuation methodologies used are based on the nature of the asset or liability. The significant assets and liabilities measured at fair value include property and equipment, intangible assets, and favorable and unfavorable leases. For the 2012 Acquisition, intangible assets consisted of trade and brand names, member relationships, franchisee relationships related to both the franchise and equipment segments, non-compete agreements, order backlog and favorable and unfavorable leases. For other acquisitions, which consist of acquisitions of clubs from franchisees, intangible assets generally consist of member relationships, re-acquired franchise rights, and favorable and unfavorable leases.
The Company uses a variety of information sources to determine the estimated fair values of acquired assets and liabilities, including third-party valuation experts. The fair value of trade and brand names is estimated using the relief from royalty method, an income approach to valuation, which includes projecting future system-wide sales and other estimates. Membership relationships and franchisee relationships are valued based on an estimate of future revenues and costs related to the respective contracts over the remaining expected lives. The Company’s valuation includes assumptions related to the projected attrition and renewal rates on those existing franchise and membership arrangements being valued. Re-acquired franchise rights are valued using an excess earnings approach. The valuation of re-acquired franchise rights is determined using a multi-period excess earnings method under the income approach. For re-acquired franchise rights with terms that are either favorable or unfavorable to the terms included in current franchise agreements, a gain or charge is recorded at the time of the acquisition to the extent of the favorability or unfavorability, respectively. Favorable and unfavorable operating leases are recorded based on differences between contractual rents under the respective lease agreements and prevailing market rents at the lease acquisition date, and are recorded as a component of the ROU asset. Real and personal property asset valuation is determined using the replacement cost approach.
The Company considers its trade and brand name intangible assets to have an indefinite useful life, and, therefore, these assets are not amortized but rather are tested for impairment annually as discussed above. Finite-lived intangible assets, such as re-acquired franchise rights and member relationships are subject to amortization over the assets’ estimated useful lives based on
the pattern in which the economic benefits are expected to be received, which may be straight-line or an accelerated method. Favorable and unfavorable operating leases are amortized into rental expense over the lease term of the respective leases using the straight-line method.
Guarantees Guarantees
The Company, as a guarantor, is required to recognize, at inception of the guaranty, a liability for the fair value of the obligation undertaken in issuing the guarantee. See Note 17 for further discussion of such obligations guaranteed.
Contingencies Contingencies
The Company records estimated future losses related to contingencies when such amounts are probable and estimable. The Company includes estimated legal fees related to such contingencies as part of the accrual for estimated future losses.
Non-controlling interests Non-controlling interests
Non-controlling interests represent third-party interests in certain of the Company’s subsidiaries. Allocation of net income or loss is generally based upon relative ownership interests held by equity owners in each subsidiary or based upon contractual arrangements. If such contractual arrangements are substantive and provide for a disproportionate allocation of economic returns among equity holders, the Company uses the hypothetical liquidation at book value (“HLBV”) method to allocate net income or loss of the subsidiary. The HLBV method is a balance sheet focused approach which measures each party’s capital account at each balance sheet date to determine the amount that the Company would receive if the subsidiary were to hypothetically liquidate its net assets at their carrying values determined in accordance with GAAP and distribute such hypothetical proceeds based on the liquidation rights and priorities defined in the contractual arrangement. Under the HLBV method, net income or losses of the subsidiary are attributed based on the change in each party’s capital account between the beginning and the end of the reporting period, after adjusting for capital contributions and distributions. The proportion of net income or losses attributed to non-controlling interests under the HLBV method is subject to change as the net assets in the subsidiary change.
Reclassification Reclassification
Certain amounts have been reclassified to conform to current year presentation.
Recent accounting pronouncements Recent accounting pronouncements
The FASB issued ASU No. 2023-07, Improvements to Reportable Segment Disclosures, in November 2023. The standard expands reportable segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the Chief Operating Decision Maker (“CODM”) and included within each reported measure of segment profit or loss, an amount and description of its composition for other segment items, and interim disclosures of a reportable segment’s profit or loss and assets. The Company adopted the new guidance beginning for fiscal year 2024. See Note 19 for the Company’s disclosures in accordance with this new guidance.
The FASB issued ASU No. 2023-09, Improvements to Income Tax Disclosures, in December 2023. The standard requires disaggregated information about a reporting entity's effective tax rate reconciliation as well as information on income taxes paid. The standard is intended to benefit investors by providing more detailed income tax disclosures that would be useful in making capital allocation decisions and applies to all entities subject to income taxes. The new standard is effective for annual periods beginning after December 15, 2024. The Company is currently evaluating the impact of adoption on our financial disclosures.
The FASB issued ASU No. 2024-03, Disaggregation of Income Statement Expenses, in November 2024. The standard requires more detailed information about the types of expenses included in certain expense captions presented on the consolidated statements of operations. Additionally, this amendment requires the disclosure of a qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively and the disclosure of the total amount of selling expenses. The new standard is effective for annual periods beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. The Company is currently evaluating the impact of adoption on our financial disclosures.
v3.25.0.1
Summary of significant accounting policies (Tables)
 12 Months Ended
Dec. 31, 2024
Accounting Policies [Abstract]  
Schedule of Vendor Purchases The percentages of equipment purchases from vendors that represent 10% or more of total equipment purchases was as follows:
Years Ended December 31,
202420232022
Vendor A74%72%71%
Vendor B16%21%22%
The percentages of advertising purchases from vendors that represent 10% or more of total advertising purchases was as follows:
Years Ended December 31,
202420232022
Vendor A34%38%*
Vendor B23%24%*
Vendor C
13%18%*
Vendor D
**77%
* Represents less than 10% of advertising purchases for the period.
Schedule of Estimated Useful Lives of Property and Equipment The estimated useful lives of the Company’s property and equipment by class of asset, other than construction in progress, are as follows:
Buildings and building improvements
20 to 40 years
Information technology and systems
3 to 5 years
Fitness equipment
5 to 7 years
Furniture and fixtures
5 years
Vehicles
5 years
Leasehold improvementsShorter of useful life of asset or lease term
Property and equipment consists of the following: 
As of December 31,
 20242023
Land$431 $1,341 
Equipment178,261 176,524 
Leasehold improvements395,353 342,725 
Buildings and improvements3,482 2,572 
Furniture & fixtures84,365 73,872 
Information technology and systems assets121,845 99,734 
Other2,206 3,065 
Construction in progress8,166 13,530 
Total property and equipment
$794,109 $713,363 
Accumulated depreciation(370,118)(322,958)
Total property and equipment, net
$423,991 $390,405 
Schedule of Carrying Value and Estimated Fair Value of Long-term Debt
The carrying value and estimated fair value of long-term debt were as follows:
December 31, 2024December 31, 2023
Carrying value
Estimated fair value(1)
Carrying value
Estimated fair value(1)
Long-term debt(1)
$2,195,750 $2,082,034 $2,004,438 $1,829,286 
(1) The estimated fair value of the Company’s fixed rate long-term debt is estimated primarily based on current bid prices for the long-term debt. Judgment is required to develop these estimates. As such, the fair value of long-term debt is classified within Level 2, as defined under U.S. GAAP.
v3.25.0.1
National advertising fund (Tables)
 12 Months Ended
Dec. 31, 2024
Related Party Transactions [Abstract]  
Schedule of Assets And Liabilities of NAF
Assets and liabilities of the NAFs, which are restricted in their use, included in the Consolidated Balance Sheets were as follows:
As of December 31,
20242023
Assets
Cash & cash equivalents$10,951 $12,288 
Other current assets2,727 2,487 
Total current assets$13,678 $14,775 
Liabilities
Accounts payable$2,078 $2,977 
Accrued expenses and other current liabilities7,488 4,012 
Total current liabilities$9,566 $6,989 
v3.25.0.1
Acquisitions (Tables)
 12 Months Ended
Dec. 31, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]  
Schedule of Purchase Consideration Allocation
The allocation of the purchase consideration was as follows:
Amount
Cash and cash equivalents$5,917 
Other current assets757 
Property and equipment153,092 
Right of use assets162,827 
Other long-term assets1,830 
Intangible assets259,430 
Goodwill488,544 
Deferred income taxes, net(54,737)
Deferred revenue(16,973)
Other current liabilities(13,720)
Lease liabilities(162,327)
Other long-term liabilities(1,213)
Total
$823,427 
The allocation of the purchase consideration was as follows:
Amount
Property and equipment$3,851 
Right of use assets5,424 
Other long-term assets95 
Intangible assets6,880 
Goodwill14,812 
Deferred revenue(687)
Other current liabilities(17)
Lease liabilities(4,204)
Total
$26,154 
Schedule of Components of Identifiable Intangible Assets Acquired
The following table sets forth the components of identifiable intangible assets acquired in the Sunshine Acquisition and their estimated useful lives in years as of the date of the acquisition:
Fair valueUseful life
Reacquired franchise rights (1)
$233,070 11.3
Customer relationships (2)
24,920 8.0
Reacquired area development rights (3)
1,440 5.0
Total intangible assets subject to amortization$259,430 
(1) Reacquired franchise rights represent the fair value of the reacquired franchise agreements using the income approach, specifically, the multi-period excess earnings method.
(2) Customer relationships represent the fair value of the existing contractual customer relationships using the income approach, specifically, the multi-period excess earnings method.
(3) Reacquired area development rights represent the fair value of the undeveloped area development agreement rights using the cost approach.
The following table sets forth the components of identifiable intangible assets acquired in the Florida Acquisition and their estimated useful lives in years as of the date of the acquisition:
Fair valueUseful life
Reacquired franchise rights (1)
$6,650 6.8
Customer relationships (2)
230 6.0
Total intangible assets subject to amortization$6,880 
Schedule of Revenues and Income Before Taxes
Revenues and income before taxes of Sunshine Fitness included in the Company’s consolidated statement of operations from the acquisition date of February 10, 2022 to December 31, 2022 are as follows:
Amount
Total revenues$180,841 
Income before taxes$17,478 
v3.25.0.1
Property and equipment (Tables)
 12 Months Ended
Dec. 31, 2024
Property, Plant and Equipment [Abstract]  
Schedule of Property and Equipment The estimated useful lives of the Company’s property and equipment by class of asset, other than construction in progress, are as follows:
Buildings and building improvements
20 to 40 years
Information technology and systems
3 to 5 years
Fitness equipment
5 to 7 years
Furniture and fixtures
5 years
Vehicles
5 years
Leasehold improvementsShorter of useful life of asset or lease term
Property and equipment consists of the following: 
As of December 31,
 20242023
Land$431 $1,341 
Equipment178,261 176,524 
Leasehold improvements395,353 342,725 
Buildings and improvements3,482 2,572 
Furniture & fixtures84,365 73,872 
Information technology and systems assets121,845 99,734 
Other2,206 3,065 
Construction in progress8,166 13,530 
Total property and equipment
$794,109 $713,363 
Accumulated depreciation(370,118)(322,958)
Total property and equipment, net
$423,991 $390,405 
v3.25.0.1
Investments (Tables)
 12 Months Ended
Dec. 31, 2024
Investments, Debt and Equity Securities [Abstract]  
Schedule of Amortized Cost, Gross Unrealized Gains (Losses), and Fair Value of Cash Equivalents and Marketable Securities
The following tables summarize the amortized cost, net unrealized gains and losses, fair value, and the level in the fair value hierarchy of the Company’s investments in available-for-sale marketable securities as of December 31, 2024 and 2023. As of December 31, 2024, the marketable securities had maturity dates ranging from approximately one month to 24 months. Realized gains and losses were insignificant for the years ended December 31, 2024 and 2023.
December 31, 2024
Amortized CostUnrealized Gains (Losses), Net
Fair Value(1)
Level 1Level 2
Cash equivalents
Money market funds$236 $— $236 $236 $— 
Commercial paper3,996 — 3,996 — 3,996 
U.S. treasury securities2,650 — 2,650 — 2,650 
Total cash equivalents6,882 — 6,882 236 6,646 
Short-term marketable securities
Commercial paper9,082 10 9,092 — 9,092 
Corporate debt securities98,915 181 99,096 — 99,096 
U.S. treasury securities1,999 — 1,999 — 1,999 
U.S. government agency securities3,971 5 3,976 — 3,976 
Total short-term marketable securities113,967 196 114,163 — 114,163 
Long-term marketable securities
Corporate debt securities62,728 (55)62,673 — 62,673 
U.S. government agency securities3,000 (5)2,995 — 2,995 
Total long-term marketable securities65,728 (60)65,668 — 65,668 
Total cash equivalents and marketable securities$186,577 $136 $186,713 $236 $186,477 
December 31, 2023
Amortized CostUnrealized Gains (Losses), Net
Fair Value(1)
Level 1Level 2
Cash equivalents
Money market funds$761 $— $761 $761 $— 
U.S. treasury securities2,997 1 2,998 — 2,998 
Total cash equivalents3,758 1 3,759 761 2,998 
Short-term marketable securities
Commercial paper37,063 24 37,087 — 37,087 
Corporate debt securities34,632 (38)34,594 — 34,594 
U.S. government agency securities3,210 10 3,220 — 3,220 
Total short-term marketable securities74,905 (4)74,901 — 74,901 
Long-term marketable securities
Corporate debt securities47,388 328 47,716 — 47,716 
U.S. government agency securities3,151 19 3,170 — 3,170 
Total long-term marketable securities50,539 347 50,886 — 50,886 
Total cash equivalents and marketable securities
$129,202 $344 $129,546 $761 $128,785 
(1) Fair values were determined using market prices obtained from third-party pricing sources.
Schedule of Rollforward of Allowance for Expected Credit Losses on Held-to-maturity Investments
A rollforward of the Company’s allowance for expected credit losses on its held-to-maturity investment is as follows:
Years Ended December 31,
20242023
Beginning allowance for expected credit losses$17,689 $14,957 
Loss on adjustment of allowance for credit losses on held-to-maturity investment
1,145 2,732 
Write-offs, net of recoveries— — 
Ending allowance for expected credit losses$18,834 $17,689 
v3.25.0.1
Leases (Tables)
 12 Months Ended
Dec. 31, 2024
Leases [Abstract]  
Schedule of Balance Sheet Classification of Lease Assets and Liabilities
As of December 31,
LeasesBalance Sheet Classification20242023
Assets
OperatingRight of use asset, net$395,174 $381,010 
FinanceProperty and equipment, net 85 179 
Total lease assets$395,259 $381,189 
Liabilities
Current:
OperatingOther current liabilities$37,031 $33,849 
FinanceOther current liabilities70 125 
Noncurrent:
OperatingLease liabilities, net of current portion405,324 381,589 
FinanceOther liabilities20 63 
Total lease liabilities$442,445 $415,626 
Weighted-average remaining lease term - operating leases7.7 years8.0 years
Weighted-average discount rate - operating leases5.6%5.4%
Schedule of Components of Lease Cost
The components of lease cost were as follows:
Years Ended December 31,
202420232022
Operating lease cost$71,278 $64,187 $56,319 
Variable lease cost27,716 22,718 20,327 
Total lease cost$98,994 $86,905 $76,646 
Supplemental disclosures of cash flow information related to leases were as follows:
Years Ended December 31,
202420232022
Cash paid, net, for lease liabilities$58,231 $56,145 $44,928 
Operating lease ROU assets obtained in exchange for operating lease liabilities, excluding Acquisitions$63,475 $67,242 $37,928 
Acquisition-related operating lease ROU assets obtained in exchange for operating lease liabilities
$— $5,424 $162,827 
Schedule of Supplemental Disclosures of Cash Flow Information Related to Leases
The components of lease cost were as follows:
Years Ended December 31,
202420232022
Operating lease cost$71,278 $64,187 $56,319 
Variable lease cost27,716 22,718 20,327 
Total lease cost$98,994 $86,905 $76,646 
Supplemental disclosures of cash flow information related to leases were as follows:
Years Ended December 31,
202420232022
Cash paid, net, for lease liabilities$58,231 $56,145 $44,928 
Operating lease ROU assets obtained in exchange for operating lease liabilities, excluding Acquisitions$63,475 $67,242 $37,928 
Acquisition-related operating lease ROU assets obtained in exchange for operating lease liabilities
$— $5,424 $162,827 
Schedule of Maturities of Lease Liabilities
Maturities of lease liabilities as of December 31, 2024 were as follows:
Amount
2025$60,171 
202678,663 
202778,409 
202875,518 
202967,643 
Thereafter194,690 
Total lease payments$555,094 
Less: imputed interest(112,649)
Present value of future minimum lease liabilities
$442,445 
Schedule of Maturities of Lease Liabilities
Maturities of lease liabilities as of December 31, 2024 were as follows:
Amount
2025$60,171 
202678,663 
202778,409 
202875,518 
202967,643 
Thereafter194,690 
Total lease payments$555,094 
Less: imputed interest(112,649)
Present value of future minimum lease liabilities
$442,445 
v3.25.0.1
Goodwill and intangible assets (Tables)
 12 Months Ended
Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Goodwill
Changes in the carrying amount of goodwill by reportable segment were as follows:
FranchiseCorporate-owned ClubsEquipment
Amount
Goodwill at December 31, 2023
$16,938 $607,898 $92,666 $717,502 
Acquisitions
— 3,191 — 3,191 
Foreign currency translation
— (60)— (60)
Goodwill at December 31, 2024
$16,938 $611,029 $92,666 $720,633 
Schedule of Intangible Assets
A summary of intangible assets is as follows:
December 31, 2024December 31, 2023
Gross
carrying
amount		Accumulated
amortization		Net carrying
Amount		Gross
carrying
amount		Accumulated
amortization		Net carrying
Amount
Finite-lived intangible assets:
Customer relationships$199,043 $(183,046)$15,997 $199,043 $(169,155)$29,888 
Reacquired franchise rights274,708 (113,987)160,721 274,708 (78,689)196,019 
Total finite-lived intangible assets473,751 (297,033)176,718 473,751 (247,844)225,907 
Indefinite-lived intangible assets:
Trade and brand names146,600 — 146,600 146,600 — 146,600 
Total intangible assets$620,351 $(297,033)$323,318 $620,351 $(247,844)$372,507 
Schedule of Amortization expenses The anticipated annual amortization expense to be recognized in future years as of December 31, 2024 is as follows:
 Amount
2025$36,713 
202632,079 
202727,956 
202827,300 
202923,675 
Thereafter28,995 
Total$176,718 
v3.25.0.1
Long-term debt (Tables)
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Schedule of Long-term Debt
Long-term debt consists of the following:
As of December 31,
 20242023
2018-1 Class A-2-II notes$— $592,187 
2019-1 Class A-2 notes522,500 528,000 
2022-1 Class A-2-I notes413,312 417,563 
2022-1 Class A-2-II notes461,938 466,688 
2024-1 Class A-2-I notes423,938 — 
2024-1 Class A-2-II notes374,062 — 
Total debt, excluding deferred financing costs2,195,750 2,004,438 
Deferred financing costs, net of accumulated amortization(25,221)(20,814)
Total debt, net
2,170,529 1,983,624 
Current portion of long-term debt22,500 20,750 
Long-term debt, net of current portion$2,148,029 $1,962,874 
Schedule of Future Annual Payments of Long-term Debt
Future annual principal payments of long-term debt as of December 31, 2024 are as follows:
 Amount
2025$22,500 
2026427,312 
202718,250 
202818,250 
2029915,938 
Thereafter793,500 
Total$2,195,750 
v3.25.0.1
Revenue from contract with customers (Tables)
 12 Months Ended
Dec. 31, 2024
Revenue from Contract with Customer [Abstract]  
Schedule of Contract Liabilities and Deferred Revenue
The following table reflects the change in contract liabilities between December 31, 2023 and December 31, 2024:
Amount
Balance at December 31, 2023
$91,638 
Revenue recognized that was included in the contract liability at the beginning of the year(59,904)
Increase, excluding amounts recognized as revenue during the period62,367 
Balance at December 31, 2024
$94,101 
The summary set forth below represents the balances in deferred revenue:
As of December 31,
 20242023
Prepaid membership fees$17,224 $15,983 
Enrollment fees3,348 4,222 
Equipment discount3,235 3,296 
Annual membership fees34,956 32,233 
Area development and franchise fees35,338 35,904 
Total deferred revenue94,101 91,638 
Long-term portion of deferred revenue31,990 32,047 
Current portion of deferred revenue$62,111 $59,591 
Schedule of Remaining Performance Obligation The Company has elected to exclude short term contracts, sales and usage based royalties and any other variable consideration recognized on an “as invoiced” basis.
Contract liabilities to be recognized in:Amount
2025$62,111 
20264,596 
20273,600 
20283,299 
20292,876 
Thereafter17,619 
Total$94,101 
v3.25.0.1
Related party transactions (Tables)
 12 Months Ended
Dec. 31, 2024
Related Party Transactions [Abstract]  
Schedule of Related Party Transactions
Activity with franchisees considered to be related parties is summarized below.
 
Years Ended December 31,
 202420232022
Franchise revenue - former interim CEO$4,448 $3,909 $3,208 
Franchise revenue - other
3,723 2,204 866 
Equipment revenue - former interim CEO2,326 3,640 1,909 
Equipment revenue - other
11,478 3,655 — 
Total revenue from related parties$21,975 $13,408 $5,983 
v3.25.0.1
Equity-based compensation (Tables)
 12 Months Ended
Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Schedule of Equity-based Compensation Expense
The following table summarizes equity-based compensation expense by award type:
Years Ended December 31,
202420232022
Stock options
$138 $1,004 $2,947 
RSUs
6,954 5,699 4,202 
PSUs
1,405 795 540 
ESPP
416 408 377 
Total(1)
$8,913 $7,906 $8,066 
(1) Equity-based compensation was recorded to selling, general and administrative expense in the consolidated statements of operations related to stock options, RSUs, PSUs and ESPP.
Schedule of Fair Value of Stock Option Awards Determined on Grant Date
The fair value of stock option awards granted were determined on the grant date using the Black-Scholes valuation model based on the following assumptions:
 Year Ended December 31,
 2022
Expected term (years)(1)
0.25 - 6.25
Expected volatility(2)
28.0% - 55.5%
Risk-free interest rate(3)
0.65% - 4.20%
Dividend yield(4)
—%
(1) Expected term represents the estimated period of time until an award is exercised and was determined using the simplified method.
(2) Expected volatility is based on the historical volatility of a selected peer group over a period equivalent to the expected term.
(3) The risk-free rate is an interpolation of yields on U.S. Treasury securities with maturities equivalent to the expected term.
(4) Based on an assumed a dividend yield of zero at the time of grant.
Schedule of Stock Option Activity
The following summarizes stock option activity for the year ended December 31, 2024: 
 Stock OptionsWeighted average
exercise price		Weighted average remaining contractual term (years)Aggregate intrinsic value
Outstanding at January 1, 2024
609,972 $46.00 
Granted— $— 
Exercised(483,651)$43.08 $13,246 
Forfeited(37,729)$77.46 
Outstanding at December 31, 2024
88,592 $52.64 4.5$4,095 
Vested or expected to vest at December 31, 2024
88,592 $52.64 4.5$4,095 
Exercisable at December 31, 2024
67,318 $44.18 3.8$3,681 
Schedule of Restricted Stock Units Activity
 Restricted stock unitsWeighted average
fair value
Unvested outstanding at January 1, 2024
132,756 $76.62 
Granted157,941 $68.85 
Vested(78,454)$75.92 
Forfeited(9,919)$75.85 
Unvested outstanding at December 31, 2024
202,324 $70.65 
 Performance share unitsWeighted average
fair value
Unvested outstanding at January 1, 2024
48,388 $77.02 
Granted64,835 $66.99 
Vested— $— 
Forfeited(14,100)$75.21 
Unvested outstanding at December 31, 2024
99,123 $70.66 
Expected to vest at December 31, 2024
99,123 $70.66 
v3.25.0.1
Earnings per share (Tables)
 12 Months Ended
Dec. 31, 2024
Earnings Per Share [Abstract]  
Schedule of Reconciliation of Numerators and Denominators Used to Compute Basic and Diluted Earnings per Share
The following table sets forth reconciliations of the numerators and denominators used to compute basic and diluted earnings per share of Class A common stock:
Years Ended December 31,
202420232022
Numerator
Net income
$174,243 $147,035 $110,456 
Less: net income attributable to non-controlling interests
2,201 8,722 11,054 
Net income attributable to Planet Fitness, Inc. - basic & diluted
$172,042 $138,313 $99,402 
Denominator
Weighted-average shares of Class A common stock outstanding - basic85,621,282 84,896,397 84,136,819 
Effect of dilutive securities:
Stock options101,671 232,630 351,200 
Restricted stock units63,913 44,785 54,864 
Performance stock units40,571 11,106 1,215 
Weighted-average shares of Class A common stock outstanding - diluted85,827,437 85,184,918 84,544,098 
Earnings per share of Class A common stock - basic
$2.01 $1.63 $1.18 
Earnings per share of Class A common stock - diluted
$2.00 $1.62 $1.18 
Schedule Of Common Stock Equivalents Excluded From The Computation Of Diluted Net Income Per Share
The number of weighted-average common stock equivalents excluded from the computation of diluted net income per share because either the effect would have been anti-dilutive were as follows:
Years Ended December 31,
202420232022
Class B common stock
709,0673,735,1095,867,367
Stock options5,014248,647244,660
Restricted stock units1,8914,25111,963
Performance stock units2,3141,2761,066
Total
718,2863,989,2836,125,056
v3.25.0.1
Income taxes (Tables)
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Schedule of Income (Loss) Before Provision for Income Taxes
Income before the provision for income taxes as shown in the accompanying consolidated statements of operations is as follows:
 
 Years Ended December 31,
 202420232022
Domestic$249,145 $205,890 $158,345 
Foreign(2,417)1,651 3,093 
Total income before the provision for income taxes
$246,728 $207,541 $161,438 
Schedule of Provision (Benefit) for Income Taxes
The provision for income taxes consists of the following:
 Years Ended December 31,
 202420232022
Current:
Federal$4,752 $2,338 $— 
State6,743 3,853 842 
Foreign1,259 1,132 1,055 
Total current tax expense
12,754 7,323 1,897 
Deferred:
Federal47,338 41,010 27,401 
State8,516 10,136 21,049 
Foreign(165)43 168 
Total deferred tax expense55,689 51,189 48,618 
Provision for income taxes$68,443 $58,512 $50,515 
Schedule of Reconciliation of U.S. Statutory Income Tax Rate to Company's Effective Tax Rate
A reconciliation of the U.S. statutory income tax rate to the Company’s effective tax rate is as follows:
 Years Ended December 31,
 202420232022
U.S. statutory tax rate21.0 %21.0 %21.0 %
State and local taxes, net of federal benefit4.6 %4.2 %4.0 %
State rate change impact on deferred taxes(0.3)%1.4 %8.6 %
Tax benefit arrangement liability adjustment0.1 %(0.2)%(1.8)%
Foreign tax rate differential0.1 %0.1 %0.2 %
Withholding taxes and other1.4 %0.8 %0.3 %
Colorado club sale— %— %0.9 %
Change in valuation allowance0.5 %0.3 %(0.4)%
Equity-based compensation(0.1)%(0.1)%(0.2)%
Non-deductible executive compensation
0.6 %1.6 %— %
Income attributable to non-controlling interests(0.2)%(0.9)%(1.3)%
Effective tax rate27.7 %28.2 %31.3 %
Schedule of Deferred Tax Assets and Liabilities Details of the Company’s deferred tax assets and liabilities are summarized as follows: 
 As of December 31,
 20242023
Deferred tax assets:
Deferred revenue$6,814 $4,773 
Goodwill and intangible assets452,587 473,088 
Net operating loss22,825 42,631 
Lease liabilities113,194 106,848 
Equity-based compensation2,557 2,442 
Equity method investment
3,486 3,562 
Allowance for current expected credit loss4,769 4,427 
Other3,293 3,311 
Deferred tax assets609,525 641,082 
Valuation allowance(6,579)(4,940)
Deferred tax assets, net of valuation allowance602,946 636,142 
Deferred tax liabilities:
Property and equipment(37,133)(39,086)
Right of use assets(97,002)(94,512)
Total deferred tax liabilities(134,135)(133,598)
Total deferred tax assets and liabilities$468,811 $502,544 
Reported as:
Deferred income taxes - non-current assets$470,197 $504,188 
Deferred income taxes - non-current liabilities(1,386)(1,644)
Total deferred tax assets and liabilities$468,811 $502,544 
Schedule Of Changes In Unrecognized Tax Benefits
The following table presents a reconciliation of the beginning and ending balances of the liability for unrecognized tax benefits, excluding interest and penalties, which is included within other liabilities on our consolidated balance sheets:
 As of December 31,
 20242023
Balance at beginning of year$273 $328 
Increase related to current year tax positions59 — 
Decrease related to prior year tax positions(35)(55)
Balance at end of year$297 $273 
Schedule of Future Payments Under Tax Benefit Arrangements
Projected future payments under the tax benefit arrangements are as follows:
 Amount
2025$55,556 
202655,824 
202739,975 
202842,506 
202944,252 
Thereafter228,803 
Total$466,916 
v3.25.0.1
Segments (Tables)
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Schedule of Financial Information for the Company's Reportable Segments
The following tables summarize total revenue and total Segment Adjusted EBITDA for the Company’s reportable segments.
 Years Ended December 31,
 202420232022
Franchise$423,247 $387,929 $329,634 
Corporate-owned clubs502,287 449,296 379,393 
Equipment256,120 234,101 227,745 
Total revenue$1,181,654 $1,071,326 $936,772 
 Years Ended December 31,
 202420232022
Franchise$301,122 $273,008 $223,596 
Corporate-owned clubs188,751 173,322 142,478 
Equipment71,778 56,362 59,083 
Segment Adjusted EBITDA
$561,651 $502,692 $425,157 
Schedule of Significant Expense Categories
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:
 Years Ended December 31,
Franchise Segment202420232022
Selling, general and administrative
$32,514 $35,654 $34,374 
National advertising fund expense79,009 70,095 66,116 
Cost of revenue9,892 9,493 5,868 
Other segment expenses (income), net(1)
710 (320)(319)
Total$122,125 $114,921 $106,038 
(1) Other segment expenses (income), net for the franchise segment includes other (gains) losses, net, and other income (expense), net.
 Years Ended December 31,
Corporate-owned Clubs Segment202420232022
Club compensation and payroll(1)
$86,837 $75,222 $66,490 
Rent & occupancy(1)
116,578 102,399 90,073 
Marketing(1)
42,806 39,642 31,440 
Operational and other(1)
41,990 35,718 30,984 
Selling, general and administrative15,429 16,294 13,539 
Other segment expenses, net(2)
9,895 6,699 4,390 
Total$313,536 $275,974 $236,915 
(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, other income (expense), net, and all operating expenses associated with our operations in Spain.
 Years Ended December 31,
Equipment Segment202420232022
Cost of revenue
$181,545 $174,846 $166,927 
Other segment expenses, net(1)
2,797 2,893 1,735 
Total$184,342 $177,739 $168,662 
(1) Other segment expenses, net for the equipment segment includes selling, general, and administrative expenses, other (gains) losses, net, and other income (expense), net.
Schedule of Reconciliation of Total Segment Adjusted EBITDA to Income Before Taxes
The following table reconciles total Segment Adjusted EBITDA to consolidated income before taxes:
 Years Ended December 31,
 202420232022
Segment Adjusted EBITDA
Franchise$301,122 $273,008 $223,596 
Corporate-owned clubs188,751 173,322 142,478 
Equipment71,778 56,362 59,083 
Segment Adjusted EBITDA
561,651 502,692 425,157 
Depreciation and amortization(160,346)(149,413)(124,022)
Interest income23,115 17,741 5,005 
Interest expense(100,037)(86,576)(88,628)
Losses from equity-method investments, net of tax4,042 1,994 467 
Corporate and other unallocated expenses, net(1)
(81,697)(78,897)(56,541)
Income before income taxes$246,728 $207,541 $161,438 
(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.
Schedule of Geographical Revenue & Long- Lived Assets
The following table summarizes geographic information about the Company’s revenue, based on customer location:
 Years Ended December 31,
 202420232022
United States$1,141,550 $1,042,784 $908,706 
Rest of world40,104 28,542 28,066 
Total revenue$1,181,654 $1,071,326 $936,772 

The following table summarizes geographic information about the Company’s long-lived assets, net, excluding goodwill and other intangible assets:
As of December 31,
 20242023
United States$882,022 $835,486 
Rest of world21,414 3,609 
Total long-lived assets, net$903,436 $839,095 
v3.25.0.1
Corporate-owned and franchisee-owned clubs (Tables)
 12 Months Ended
Dec. 31, 2024
Franchisors [Abstract]  
Schedule of Changes in Corporate-owned and Franchisee-owned Clubs
The following table shows changes in our franchisee-owned and corporate-owned clubs:
 
Years Ended December 31,
 202420232022
Franchisee-owned clubs:
Clubs operated at beginning of period2,319 2,176 2,142 
New clubs opened129 147 144 
Clubs acquired from the Company— 5 6 
Clubs debranded, sold or consolidated(1)
(3)(9)(116)
Clubs operated at end of period2,445 2,319 2,176 
Corporate-owned clubs:
Clubs operated at beginning of period256 234 112 
New clubs opened21 18 14 
Clubs sold to franchisees— (5)(6)
Clubs acquired from franchisees— 9 114 
Clubs operated at end of period277 256 234 
Total clubs:
Clubs operated at beginning of period2,575 2,410 2,254 
New clubs opened150 165 158 
Clubs debranded, sold or consolidated(1)
(3)— (2)
Clubs operated at end of period2,722 2,575 2,410 
(1) The term “debrand” refers to a franchisee-owned club whose right to use the Planet Fitness brand and marks has been terminated in accordance with the franchise agreement. We retain the right to prevent debranded clubs from continuing to operate as fitness centers. The term “consolidated” refers to the combination of a franchisee’s club with another club located in close proximity with our prior approval. This often coincides with an enlargement, re-equipment and/or refurbishment of the remaining club.
v3.25.0.1
Business organization (Details)
member in Millions
 12 Months Ended
Dec. 31, 2024
store
segment
state
member
Dec. 31, 2023
store
Dec. 31, 2022
store
Dec. 31, 2021
store
Aug. 05, 2015
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]          
Number of members | member 19.7        
Number of owned and franchised locations | store 2,722 2,575 2,410 2,254  
Number of states in which entity operates | state 50        
Number of reportable segments | segment 3        
Pla-Fit Holdings, LLC          
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]          
Percentage of voting power (in percentage) 100.00%       100.00%
Percentage of ownership (in percentage) 99.60%        
Economic interest 0.40%        
Planet Intermediate, LLC | Pla-Fit Holdings, LLC          
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]          
Percentage of ownership (in percentage)         100.00%
Planet Fitness Holdings, LLC | Planet Intermediate, LLC          
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]          
Percentage of ownership (in percentage)         100.00%
v3.25.0.1
Summary of significant accounting policies - Additional Information (Details)
 12 Months Ended
Dec. 31, 2024
USD ($)
extension
agreement
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Significant Accounting Policies [Line Items]      
Restricted cash $ 56,524,000 $ 46,279,000  
Fee recognition period Enrollment fee revenueEnrollment fees are charged to new members at the commencement of their membership. The Company recognizes enrollment fees ratably over the estimated duration of the membership life, which is generally two years.Annual membership fee revenueAnnual membership fees are annual fees charged to members in addition to monthly membership dues. The Company recognizes annual membership fees ratably over the 12-month membership period or as long as there is a service obligation to the member.Other feesThe Company collects certain other fees from members in connection with their membership, including fees associated with certain member payments, which are recognized upon collection.    
Selling, general and administrative $ 129,146,000 124,930,000 $ 114,853,000
Renewal options (or more) | extension 1    
National advertising fund expense $ 43,137,000 39,642,000 31,462,000
Impairment charges $ 0 0 0
Number of tax receivable agreements | agreement 2    
Applicable tax savings (in percentage) 85.00%    
Percentage of remaining tax savings (in percentage) 15.00%    
Accounts payable $ 32,887,000 23,788,000  
TRA Holders      
Significant Accounting Policies [Line Items]      
Accounts payable $ 466,916,000    
Minimum      
Significant Accounting Policies [Line Items]      
Remaining lease term (in years) 10 years    
Renewal term (in years) 3 years    
Maximum      
Significant Accounting Policies [Line Items]      
Remaining lease term (in years) 12 years    
Renewal term (in years) 10 years    
Placement Services      
Significant Accounting Policies [Line Items]      
Selling, general and administrative $ 7,596,000 6,961,000 6,069,000
Accounts Receivable | Customer concentration | One Customer      
Significant Accounting Policies [Line Items]      
Percentage of accounts receivable 12.00%    
VIE      
Significant Accounting Policies [Line Items]      
National advertising fund expense $ 330,000 2,514,000 $ 3,103,000
Accounts payable $ 2,078,000 $ 2,977,000  
Franchisee-owned clubs: | VIE      
Significant Accounting Policies [Line Items]      
Percentage of franchise membership billing revenue 2.00%    
v3.25.0.1
Summary of significant accounting policies - Schedule of Vendor Purchases (Details) - Vendor
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Equipment purchases | Vendor A      
Property, Plant and Equipment [Line Items]      
Percentage of purchases 74.00% 72.00% 71.00%
Equipment purchases | Vendor B      
Property, Plant and Equipment [Line Items]      
Percentage of purchases 16.00% 21.00% 22.00%
Advertising services | Vendor A      
Property, Plant and Equipment [Line Items]      
Percentage of purchases 34.00% 38.00%  
Advertising services | Vendor B      
Property, Plant and Equipment [Line Items]      
Percentage of purchases 23.00% 24.00%  
Advertising services | Vendor C      
Property, Plant and Equipment [Line Items]      
Percentage of purchases 13.00% 18.00%  
Advertising services | Vendor D      
Property, Plant and Equipment [Line Items]      
Percentage of purchases     77.00%
v3.25.0.1
Summary of significant accounting policies - Schedule of Estimated Useful Lives of Property and Equipment (Details)
Dec. 31, 2024
Buildings and building improvements | Minimum  
Property, Plant and Equipment [Line Items]  
Estimated useful lives 20 years
Buildings and building improvements | Maximum  
Property, Plant and Equipment [Line Items]  
Estimated useful lives 40 years
Information technology and systems | Minimum  
Property, Plant and Equipment [Line Items]  
Estimated useful lives 3 years
Information technology and systems | Maximum  
Property, Plant and Equipment [Line Items]  
Estimated useful lives 5 years
Fitness equipment | Minimum  
Property, Plant and Equipment [Line Items]  
Estimated useful lives 5 years
Fitness equipment | Maximum  
Property, Plant and Equipment [Line Items]  
Estimated useful lives 7 years
Furniture and fixtures  
Property, Plant and Equipment [Line Items]  
Estimated useful lives 5 years
Vehicles  
Property, Plant and Equipment [Line Items]  
Estimated useful lives 5 years
v3.25.0.1
Summary of significant accounting policies - Schedule of Carrying Value and Estimated Fair Value of Long-term Debt (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Carrying value    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Long-term debt $ 2,195,750 $ 2,004,438
Estimated fair value    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Long-term debt $ 2,082,034 $ 1,829,286
v3.25.0.1
National advertising fund - Additional Information (Details) - NAF - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Related Party Transaction [Line Items]      
General and administrative expense $ 5,927 $ 3,746 $ 2,437
Franchisee-owned clubs:      
Related Party Transaction [Line Items]      
Percentage of franchise membership billing revenue 2.00%    
Corporate-owned clubs:      
Related Party Transaction [Line Items]      
Percentage of franchise membership billing revenue 2.00%    
v3.25.0.1
National advertising fund - Schedule of Assets And Liabilities of NAF (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Assets    
Cash & cash equivalents $ 293,150 $ 275,842
Total current assets 588,019 471,817
Liabilities    
Accounts payable 32,887 23,788
Total current liabilities 282,495 251,329
NAF    
Assets    
Cash & cash equivalents 10,951 12,288
Other current assets 2,727 2,487
Total current assets 13,678 14,775
Liabilities    
Accounts payable 2,078 2,977
Accrued expenses and other current liabilities 7,488 4,012
Total current liabilities $ 9,566 $ 6,989
v3.25.0.1
Acquisitions - Narrative (Details)
$ / shares in Units, $ in Thousands
 12 Months Ended
Apr. 16, 2023
USD ($)
store
Feb. 10, 2022
USD ($)
store
$ / shares
shares
Dec. 31, 2022
store
shares
Dec. 31, 2024
store
$ / shares
Dec. 31, 2023
store
$ / shares
Dec. 31, 2021
store
Business Acquisition [Line Items]            
Number of owned and franchised locations | store     2,410 2,722 2,575 2,254
Franchisee-owned clubs:            
Business Acquisition [Line Items]            
Number of owned and franchised locations | store     2,176 2,445 2,319 2,142
Class A common stock            
Business Acquisition [Line Items]            
Common stock, par value (in usd per share) | $ / shares       $ 0.0001 $ 0.0001  
Class B common stock            
Business Acquisition [Line Items]            
Common stock, par value (in usd per share) | $ / shares   $ 0.0001   $ 0.0001 $ 0.0001  
Sunshine Fitness            
Business Acquisition [Line Items]            
Equity interest acquired   100.00%        
Number of owned and franchised locations | store   114        
Aggregate consideration   $ 824,587        
Acquisition, gross cash payments   430,857        
Loss on unfavorable reacquired franchise rights   1,160        
Adjusted net assets acquired   823,427        
Gain on settlement   2,059        
Goodwill and expected tax deductible amount   175,600        
Sunshine Fitness | Class A common stock            
Business Acquisition [Line Items]            
Business combination   $ 393,730        
Equity consideration (in share) | shares   517,348 517,348      
Common stock, par value (in usd per share) | $ / shares   $ 0.0001        
Sunshine Fitness | Holdings Units            
Business Acquisition [Line Items]            
Equity consideration (in share) | shares   3,637,678 3,637,678      
Florida Acquisition            
Business Acquisition [Line Items]            
Aggregate consideration $ 26,264          
Loss on unfavorable reacquired franchise rights 110          
Net purchase price $ 26,154          
Florida Acquisition | Franchisee-owned clubs:            
Business Acquisition [Line Items]            
Number of owned and franchised locations | store 4          
v3.25.0.1
Acquisitions - Schedule of Purchase Consideration (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Apr. 16, 2023
Feb. 10, 2022
Business Acquisition [Line Items]        
Goodwill $ 720,633 $ 717,502    
Sunshine Fitness        
Business Acquisition [Line Items]        
Cash and cash equivalents       $ 5,917
Other current assets       757
Property and equipment       153,092
Right of use assets       162,827
Other long-term assets       1,830
Intangible assets       259,430
Goodwill       488,544
Deferred income taxes, net       (54,737)
Deferred revenue       (16,973)
Other current liabilities       (13,720)
Lease liabilities       (162,327)
Other long-term liabilities       (1,213)
Net assets acquired       $ 823,427
Florida Acquisition        
Business Acquisition [Line Items]        
Property and equipment     $ 3,851  
Right of use assets     5,424  
Other long-term assets     95  
Intangible assets     6,880  
Goodwill     14,812  
Deferred revenue     (687)  
Other current liabilities     (17)  
Lease liabilities     (4,204)  
Net assets acquired     $ 26,154  
v3.25.0.1
Acquisitions - Schedule of Components of Identifiable Intangible Assets Acquired (Details) - USD ($)
$ in Thousands
Apr. 16, 2023
Feb. 10, 2022
Sunshine Fitness    
Business Acquisition [Line Items]    
Fair value   $ 259,430
Sunshine Fitness | Reacquired franchise rights    
Business Acquisition [Line Items]    
Fair value   $ 233,070
Useful life   11 years 3 months 18 days
Sunshine Fitness | Customer relationships    
Business Acquisition [Line Items]    
Fair value   $ 24,920
Useful life   8 years
Sunshine Fitness | Reacquired area development rights    
Business Acquisition [Line Items]    
Fair value   $ 1,440
Useful life   5 years
Florida Acquisition    
Business Acquisition [Line Items]    
Fair value $ 6,880  
Florida Acquisition | Reacquired franchise rights    
Business Acquisition [Line Items]    
Fair value $ 6,650  
Useful life 6 years 9 months 18 days  
Florida Acquisition | Customer relationships    
Business Acquisition [Line Items]    
Fair value $ 230  
Useful life 6 years  
v3.25.0.1
Acquisitions - Schedule of Revenues and Income Before Taxes (Details) - Sunshine Fitness
$ in Thousands
 12 Months Ended
Dec. 31, 2022
USD ($)
Business Acquisition [Line Items]  
Total revenues $ 180,841
Income before taxes $ 17,478
v3.25.0.1
Sale of corporate-owned clubs (Details)
$ in Thousands
 12 Months Ended
Aug. 31, 2022
USD ($)
store
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]        
Proceeds from sale of corporate-owned clubs   $ 0 $ 0 $ 20,820
Sale | Six Colorado Stores        
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]        
Number of stores sold | store 6      
Proceeds from sale of corporate-owned clubs $ 20,820      
Net value of assets sold 19,496      
Goodwill 14,423      
Intangible assets 2,629      
Net tangible assets 2,444      
Gain on sale of corporate-owned clubs $ 1,324      
v3.25.0.1
Property and equipment - Schedule of Property and Equipment (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Property, Plant and Equipment [Line Items]    
Property and equipment, gross $ 794,109 $ 713,363
Accumulated depreciation (370,118) (322,958)
Total property and equipment, net 423,991 390,405
Land    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross 431 1,341
Equipment    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross 178,261 176,524
Leasehold improvements    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross 395,353 342,725
Buildings and improvements    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross 3,482 2,572
Furniture & fixtures    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross 84,365 73,872
Information technology and systems assets    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross 121,845 99,734
Other    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross 2,206 3,065
Construction in progress    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross $ 8,166 $ 13,530
v3.25.0.1
Property and equipment - Additional Information (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Property, Plant and Equipment [Abstract]      
Depreciation expense $ 111,113 $ 97,931 $ 83,310
v3.25.0.1
Investments - Narrative (Details)
 1 Months Ended 12 Months Ended
Oct. 31, 2023
store
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Schedule of Equity Method Investments [Line Items]        
Allowance for credit losses   $ 0    
Credit loss (gain) on held-to-maturity investment   1,145,000 $ 2,732,000 $ (2,505,000)
Amortized cost of held-to-maturity debt security investments   32,523,000 30,343,000  
Dividends accrued on held-to-maturity investment   2,180,000 2,066,000 1,876,000
Losses from equity-method investments, net of tax   $ 4,042,000 $ 1,994,000 467,000
Minimum        
Schedule of Equity Method Investments [Line Items]        
Maturity dates   1 month    
Maximum        
Schedule of Equity Method Investments [Line Items]        
Maturity dates   24 months    
Bravo Fit Holdings Pty Ltd        
Schedule of Equity Method Investments [Line Items]        
Ownership percentage   21.80% 21.80%  
Total investment   $ 12,961,000 $ 13,220,000  
Payment to acquire equity method investment   1,150,000 2,449,000  
Underlying equity in net assets   $ 5,374,000 6,812,000  
Useful life   9 years    
Losses from equity-method investments, net of tax   $ 1,409,000 1,031,000 467,000
Basis difference amortization   $ 264,000 $ 261,000 $ 0
Planet Fitmex, LLC        
Schedule of Equity Method Investments [Line Items]        
Ownership percentage   33.20% 33.20%  
Total investment   $ 49,000,000 $ 51,633,000  
Payment to acquire equity method investment     35,596,000  
Underlying equity in net assets   $ 21,702,000 17,458,000  
Useful life   9 years    
Losses from equity-method investments, net of tax   $ 2,633,000 963,000  
Basis difference amortization   $ 685,000 177,000  
Contributed stores | store 5      
Equity interests acquired     $ 17,000,000  
v3.25.0.1
Investments - Schedule of Amortized Cost, Gross Unrealized Gains (Losses), and Fair Value of Cash Equivalents and Marketable Securities (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Schedule of Equity Method Investments [Line Items]    
Amortized Cost $ 186,577 $ 129,202
Unrealized Gains (Losses), Net 136 344
Fair Value 186,713 129,546
Level 1    
Schedule of Equity Method Investments [Line Items]    
Fair Value 236 761
Level 2    
Schedule of Equity Method Investments [Line Items]    
Fair Value 186,477 128,785
Cash equivalents    
Schedule of Equity Method Investments [Line Items]    
Amortized Cost 6,882 3,758
Unrealized Gains (Losses), Net 0 1
Fair Value 6,882 3,759
Cash equivalents | Level 1    
Schedule of Equity Method Investments [Line Items]    
Fair Value 236 761
Cash equivalents | Level 2    
Schedule of Equity Method Investments [Line Items]    
Fair Value 6,646 2,998
Cash equivalents | Money market funds    
Schedule of Equity Method Investments [Line Items]    
Amortized Cost 236 761
Unrealized Gains (Losses), Net 0 0
Fair Value 236 761
Cash equivalents | Money market funds | Level 1    
Schedule of Equity Method Investments [Line Items]    
Fair Value 236 761
Cash equivalents | Money market funds | Level 2    
Schedule of Equity Method Investments [Line Items]    
Fair Value 0 0
Cash equivalents | Commercial paper    
Schedule of Equity Method Investments [Line Items]    
Amortized Cost 3,996  
Unrealized Gains (Losses), Net 0  
Fair Value 3,996  
Cash equivalents | Commercial paper | Level 1    
Schedule of Equity Method Investments [Line Items]    
Fair Value 0  
Cash equivalents | Commercial paper | Level 2    
Schedule of Equity Method Investments [Line Items]    
Fair Value 3,996  
Cash equivalents | U.S. treasury securities    
Schedule of Equity Method Investments [Line Items]    
Amortized Cost 2,650 2,997
Unrealized Gains (Losses), Net 0 1
Fair Value 2,650 2,998
Cash equivalents | U.S. treasury securities | Level 1    
Schedule of Equity Method Investments [Line Items]    
Fair Value 0 0
Cash equivalents | U.S. treasury securities | Level 2    
Schedule of Equity Method Investments [Line Items]    
Fair Value 2,650 2,998
Short-term marketable securities    
Schedule of Equity Method Investments [Line Items]    
Amortized Cost 113,967 74,905
Unrealized Gains (Losses), Net 196 (4)
Fair Value 114,163 74,901
Short-term marketable securities | Level 1    
Schedule of Equity Method Investments [Line Items]    
Fair Value 0 0
Short-term marketable securities | Level 2    
Schedule of Equity Method Investments [Line Items]    
Fair Value 114,163 74,901
Short-term marketable securities | Commercial paper    
Schedule of Equity Method Investments [Line Items]    
Amortized Cost 9,082 37,063
Unrealized Gains (Losses), Net 10 24
Fair Value 9,092 37,087
Short-term marketable securities | Commercial paper | Level 1    
Schedule of Equity Method Investments [Line Items]    
Fair Value 0 0
Short-term marketable securities | Commercial paper | Level 2    
Schedule of Equity Method Investments [Line Items]    
Fair Value 9,092 37,087
Short-term marketable securities | Corporate debt securities    
Schedule of Equity Method Investments [Line Items]    
Amortized Cost 98,915 34,632
Unrealized Gains (Losses), Net 181 (38)
Fair Value 99,096 34,594
Short-term marketable securities | Corporate debt securities | Level 1    
Schedule of Equity Method Investments [Line Items]    
Fair Value 0 0
Short-term marketable securities | Corporate debt securities | Level 2    
Schedule of Equity Method Investments [Line Items]    
Fair Value 99,096 34,594
Short-term marketable securities | U.S. treasury securities    
Schedule of Equity Method Investments [Line Items]    
Amortized Cost 1,999  
Unrealized Gains (Losses), Net 0  
Fair Value 1,999  
Short-term marketable securities | U.S. treasury securities | Level 1    
Schedule of Equity Method Investments [Line Items]    
Fair Value 0  
Short-term marketable securities | U.S. treasury securities | Level 2    
Schedule of Equity Method Investments [Line Items]    
Fair Value 1,999  
Short-term marketable securities | U.S. government agency securities    
Schedule of Equity Method Investments [Line Items]    
Amortized Cost 3,971 3,210
Unrealized Gains (Losses), Net 5 10
Fair Value 3,976 3,220
Short-term marketable securities | U.S. government agency securities | Level 1    
Schedule of Equity Method Investments [Line Items]    
Fair Value 0 0
Short-term marketable securities | U.S. government agency securities | Level 2    
Schedule of Equity Method Investments [Line Items]    
Fair Value 3,976 3,220
Long-term marketable securities    
Schedule of Equity Method Investments [Line Items]    
Amortized Cost 65,728 50,539
Unrealized Gains (Losses), Net (60) 347
Fair Value 65,668 50,886
Long-term marketable securities | Level 1    
Schedule of Equity Method Investments [Line Items]    
Fair Value 0 0
Long-term marketable securities | Level 2    
Schedule of Equity Method Investments [Line Items]    
Fair Value 65,668 50,886
Long-term marketable securities | Corporate debt securities    
Schedule of Equity Method Investments [Line Items]    
Amortized Cost 62,728 47,388
Unrealized Gains (Losses), Net (55) 328
Fair Value 62,673 47,716
Long-term marketable securities | Corporate debt securities | Level 1    
Schedule of Equity Method Investments [Line Items]    
Fair Value 0 0
Long-term marketable securities | Corporate debt securities | Level 2    
Schedule of Equity Method Investments [Line Items]    
Fair Value 62,673 47,716
Long-term marketable securities | U.S. government agency securities    
Schedule of Equity Method Investments [Line Items]    
Amortized Cost 3,000 3,151
Unrealized Gains (Losses), Net (5) 19
Fair Value 2,995 3,170
Long-term marketable securities | U.S. government agency securities | Level 1    
Schedule of Equity Method Investments [Line Items]    
Fair Value 0 0
Long-term marketable securities | U.S. government agency securities | Level 2    
Schedule of Equity Method Investments [Line Items]    
Fair Value $ 2,995 $ 3,170
v3.25.0.1
Investments - Schedule of Rollforward of Allowance for Expected Credit Losses on Held-to-maturity Investments (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Roll Forward]      
Beginning allowance for expected credit losses $ 17,689 $ 14,957  
Loss on adjustment of allowance for credit losses on held-to-maturity investment 1,145 2,732 $ (2,505)
Write-offs, net of recoveries 0 0  
Ending allowance for expected credit losses $ 18,834 $ 17,689 $ 14,957
v3.25.0.1
Leases - Schedule of Balance Sheet Classification of Lease Assets and Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Assets    
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] Property and equipment, net of accumulated depreciation of $370,118 and $322,958, as of December 31, 2024 and 2023, respectively Property and equipment, net of accumulated depreciation of $370,118 and $322,958, as of December 31, 2024 and 2023, respectively
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] Other current liabilities Other current liabilities
Operating $ 395,174 $ 381,010
Finance 85 179
Total lease assets $ 395,259 $ 381,189
Liabilities [Abstract]    
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] Other current liabilities Other current liabilities
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] Other liabilities Other liabilities
Current operating lease liabilities $ 37,031 $ 33,849
Current finance lease liabilities 70 125
Noncurrent operating lease liabilities 405,324 381,589
Noncurrent finance lease liabilities 20 63
Total lease liabilities $ 442,445 $ 415,626
Weighted-average remaining lease term - operating leases 7 years 8 months 12 days 8 years
Weighted-average discount rate - operating leases 5.60% 5.40%
v3.25.0.1
Leases - Schedule of Components of Lease Cost (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Leases [Abstract]      
Operating lease cost $ 71,278 $ 64,187 $ 56,319
Variable lease cost 27,716 22,718 20,327
Total lease cost $ 98,994 $ 86,905 $ 76,646
v3.25.0.1
Leases - Schedule of Supplemental Disclosures of Cash Flow Information (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Leases [Abstract]      
Cash paid, net, for lease liabilities $ 58,231 $ 56,145 $ 44,928
Operating lease ROU assets obtained in exchange for operating lease liabilities, excluding Acquisitions 63,475 67,242 37,928
Acquisition-related operating lease ROU assets obtained in exchange for operating lease liabilities $ 0 $ 5,424 $ 162,827
v3.25.0.1
Leases - Schedule of Maturities of Lease Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Leases [Abstract]    
2025 $ 60,171  
2026 78,663  
2027 78,409  
2028 75,518  
2029 67,643  
Thereafter 194,690  
Total lease payments 555,094  
Less: imputed interest (112,649)  
Present value of future minimum lease liabilities $ 442,445 $ 415,626
v3.25.0.1
Leases - Additional Information (Details)
$ in Thousands
Dec. 31, 2024
USD ($)
Leases [Abstract]  
Lease payments for leases signed but not yet commenced $ 44,521
v3.25.0.1
Goodwill and intangible assets - Schedule of Goodwill (Details) - USD ($)
$ in Thousands
 1 Months Ended 3 Months Ended 12 Months Ended
Dec. 31, 2024
Mar. 31, 2024
Dec. 31, 2024
Goodwill [Roll Forward]      
Beginning balance   $ 717,502 $ 717,502
Acquisitions $ 1,619 1,572 3,191
Foreign currency translation     (60)
Ending balance 720,633   720,633
Franchise      
Goodwill [Roll Forward]      
Beginning balance   16,938 16,938
Acquisitions     0
Foreign currency translation     0
Ending balance 16,938   16,938
Corporate-owned clubs      
Goodwill [Roll Forward]      
Beginning balance   607,898 607,898
Acquisitions     3,191
Foreign currency translation     (60)
Ending balance 611,029   611,029
Equipment      
Goodwill [Roll Forward]      
Beginning balance   $ 92,666 92,666
Acquisitions     0
Foreign currency translation     0
Ending balance $ 92,666   $ 92,666
v3.25.0.1
Goodwill and intangible assets - Additional Information (Details)
$ in Thousands
 1 Months Ended 3 Months Ended 12 Months Ended
Dec. 31, 2024
USD ($)
store
Mar. 31, 2024
USD ($)
Dec. 31, 2024
USD ($)
store
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Finite-Lived Intangible Assets [Line Items]          
Acquisitions $ 1,619 $ 1,572 $ 3,191    
Clubs acquired | store 3   3    
Amortization of intangible assets     $ 49,233 $ 51,482 $ 40,294
Customer relationships          
Finite-Lived Intangible Assets [Line Items]          
Weighted-average amortization period 10 years 7 months 6 days   10 years 7 months 6 days    
Reacquired franchise rights          
Finite-Lived Intangible Assets [Line Items]          
Weighted-average amortization period 10 years 8 months 12 days   10 years 8 months 12 days    
v3.25.0.1
Goodwill and intangible assets - Schedule of Intangible Assets (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Finite-Lived Intangible Assets, Net [Abstract]    
Gross carrying amount $ 473,751 $ 473,751
Accumulated amortization (297,033) (247,844)
Net carrying Amount 176,718 225,907
Intangible Assets, Net (Including Goodwill) [Abstract]    
Total intangible assets 620,351 620,351
Net carrying Amount 323,318 372,507
Trade and brand names    
Intangible Assets, Net (Including Goodwill) [Abstract]    
Indefinite-lived intangible assets 146,600 146,600
Customer relationships    
Finite-Lived Intangible Assets, Net [Abstract]    
Gross carrying amount 199,043 199,043
Accumulated amortization (183,046) (169,155)
Net carrying Amount 15,997 29,888
Reacquired franchise rights    
Finite-Lived Intangible Assets, Net [Abstract]    
Gross carrying amount 274,708 274,708
Accumulated amortization (113,987) (78,689)
Net carrying Amount $ 160,721 $ 196,019
v3.25.0.1
Goodwill and intangible assets - Schedule of Amortization expenses (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]    
2025 $ 36,713  
2026 32,079  
2027 27,956  
2028 27,300  
2029 23,675  
Thereafter 28,995  
Net carrying Amount $ 176,718 $ 225,907
v3.25.0.1
Long-term debt - Schedule of Long-term Debt (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Debt Instrument [Line Items]    
Total debt, excluding deferred financing costs $ 2,195,750 $ 2,004,438
Deferred financing costs, net of accumulated amortization (25,221) (20,814)
Total debt, net 2,170,529 1,983,624
Current portion of long-term debt 22,500 20,750
Long-term debt, net of current portion 2,148,029 1,962,874
Senior Notes | 2018-1 Class A-2-II notes    
Debt Instrument [Line Items]    
Total debt, excluding deferred financing costs 0 592,187
Senior Notes | 2019-1 Class A-2 notes    
Debt Instrument [Line Items]    
Total debt, excluding deferred financing costs 522,500 528,000
Senior Notes | 2022-1 Class A-2-I notes    
Debt Instrument [Line Items]    
Total debt, excluding deferred financing costs 413,312 417,563
Senior Notes | 2022-1 Class A-2-II notes    
Debt Instrument [Line Items]    
Total debt, excluding deferred financing costs 461,938 466,688
Senior Notes | 2024-1 Class A-2-I notes    
Debt Instrument [Line Items]    
Total debt, excluding deferred financing costs 423,938 0
Senior Notes | 2024-1 Class A-2-II notes    
Debt Instrument [Line Items]    
Total debt, excluding deferred financing costs $ 374,062 $ 0
v3.25.0.1
Long-term debt - Schedule of Future Annual Payments of Long-term Debt (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Debt Disclosure [Abstract]    
2025 $ 22,500  
2026 427,312  
2027 18,250  
2028 18,250  
2029 915,938  
Thereafter 793,500  
Total $ 2,195,750 $ 2,004,438
v3.25.0.1
Long-term debt - Additional Information (Details)
 12 Months Ended
May 09, 2022
USD ($)
Feb. 10, 2022
USD ($)
extension
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Jun. 12, 2024
USD ($)
Dec. 03, 2019
USD ($)
Aug. 01, 2018
USD ($)
Debt Instrument [Line Items]                
Proceeds from issuance of Variable Funding Notes     $ 0 $ 0 $ 75,000,000      
Debt issuance costs   $ 16,193,000       $ 12,055,000 $ 10,577,000 $ 27,133,000
Loss on extinguishment of debt     2,285,000 0 1,583,000      
Restricted cash     56,524,000 $ 46,279,000        
Senior Notes                
Debt Instrument [Line Items]                
Loss on extinguishment of debt     1,583,000   $ 2,285,000      
2018-1 Class A-2-I | Senior Notes                
Debt Instrument [Line Items]                
Interest rate               4.262%
Principal amount               $ 575,000,000
2018-1 Class A-2-II notes | Senior Notes                
Debt Instrument [Line Items]                
Interest rate           5.765%   4.666%
Principal amount               $ 625,000,000
Variable Funding Note Facility | Revolving Credit Facility                
Debt Instrument [Line Items]                
Maximum borrowing capacity               $ 75,000,000
2019-1 Class A-2 notes | Senior Notes                
Debt Instrument [Line Items]                
Interest rate             3.858%  
Principal amount             $ 550,000,000  
3.251% Fixed Rate Class A-2-I Senior Secured Notes | Senior Notes                
Debt Instrument [Line Items]                
Interest rate   3.251%            
Principal amount   $ 425,000            
4.008% Fixed Rate Class A-2-II Senior Secured Notes | Senior Notes                
Debt Instrument [Line Items]                
Interest rate   4.008%            
Principal amount   $ 475,000            
2022 Variable Funding Notes | Revolving Credit Facility                
Debt Instrument [Line Items]                
Maximum borrowing capacity   75,000            
Proceeds from issuance of Variable Funding Notes   $ 75,000            
Repayment of long-term debt and Variable Funding Notes $ 75,000              
Commitment fee percentage   0.50%            
Number of additional extensions | extension   2            
Term of extension (in years)   1 year            
Interest rate during period   5.00%            
2024-1 Class A-2-I notes | Senior Notes                
Debt Instrument [Line Items]                
Interest rate           6.237%    
Principal amount           $ 425,000    
2024-1 Class A-2-II notes | Senior Notes                
Debt Instrument [Line Items]                
Principal amount           $ 375,000    
Securitized Senior Notes | Securitized Senior Notes                
Debt Instrument [Line Items]                
Cap on non-securitized indebtedness     $ 50,000,000          
Leverage ratio cap     7.0          
v3.25.0.1
Revenue from contract with customers - Schedule of Contract Liabilities (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
USD ($)
Amount  
Beginning Balance $ 91,638
Revenue recognized that was included in the contract liability at the beginning of the year (59,904)
Increase, excluding amounts recognized as revenue during the period 62,367
Ending Balance $ 94,101
v3.25.0.1
Revenue from contract with customers - Schedule of Remaining Performance Obligation (Details)
$ in Thousands
Dec. 31, 2024
USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Remaining performance obligation $ 94,101
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Remaining performance obligation $ 62,111
Remaining performance obligation, expected timing of satisfaction 1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Remaining performance obligation $ 4,596
Remaining performance obligation, expected timing of satisfaction 1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Remaining performance obligation $ 3,600
Remaining performance obligation, expected timing of satisfaction 1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Remaining performance obligation $ 3,299
Remaining performance obligation, expected timing of satisfaction 1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2029-01-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Remaining performance obligation $ 2,876
Remaining performance obligation, expected timing of satisfaction 1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2030-01-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Remaining performance obligation $ 17,619
Remaining performance obligation, expected timing of satisfaction
v3.25.0.1
Revenue from contract with customers - Schedule of Deferred Revenue (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Disaggregation of Revenue [Line Items]    
Total deferred revenue $ 94,101 $ 91,638
Long-term portion of deferred revenue 31,990 32,047
Deferred revenue, current 62,111 59,591
Prepaid membership fees    
Disaggregation of Revenue [Line Items]    
Total deferred revenue 17,224 15,983
Enrollment fees    
Disaggregation of Revenue [Line Items]    
Total deferred revenue 3,348 4,222
Equipment discount    
Disaggregation of Revenue [Line Items]    
Total deferred revenue 3,235 3,296
Annual membership fees    
Disaggregation of Revenue [Line Items]    
Total deferred revenue 34,956 32,233
Area development and franchise fees    
Disaggregation of Revenue [Line Items]    
Total deferred revenue $ 35,338 $ 35,904
v3.25.0.1
Revenue from contract with customers - Narrative (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
USD ($)
Revenue from Contract with Customer [Abstract]  
Equipment deposits $ 1,851
Deferred revenue expected recognition period (in months) 12 months
v3.25.0.1
Related party transactions - Schedule of Related Party Transactions (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Related Party Transaction [Line Items]      
Total revenue $ 1,181,654 $ 1,071,326 $ 936,772
Related party      
Related Party Transaction [Line Items]      
Total revenue 21,975 13,408 5,983
Related party | Franchise revenue      
Related Party Transaction [Line Items]      
Total revenue 3,723 2,204 866
Related party | Franchise revenue | CEO      
Related Party Transaction [Line Items]      
Total revenue 4,448 3,909 3,208
Related party | Equipment      
Related Party Transaction [Line Items]      
Total revenue 11,478 3,655 0
Related party | Equipment | CEO      
Related Party Transaction [Line Items]      
Total revenue $ 2,326 $ 3,640 $ 1,909
v3.25.0.1
Related party transactions - Additional Information (Details)
$ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2024
USD ($)
store
Dec. 31, 2024
USD ($)
store
Dec. 31, 2023
USD ($)
store
Dec. 31, 2022
USD ($)
store
Nov. 30, 2024
USD ($)
Dec. 31, 2021
store
Related Party Transaction [Line Items]            
Accounts receivable $ 77,145 $ 77,145 $ 41,890      
Deferred revenue 94,101 94,101 91,638      
Accounts payable $ 32,887 32,887 23,788      
Total revenue   $ 1,181,654 $ 1,071,326 $ 936,772    
Number of stores | store 2,722 2,722 2,575 2,410   2,254
Selling, general and administrative   $ 129,146 $ 124,930 $ 114,853    
Franchisee-owned clubs:            
Related Party Transaction [Line Items]            
Number of stores | store 2,445 2,445 2,319 2,176   2,142
Corporate-owned clubs:            
Related Party Transaction [Line Items]            
Number of stores | store 277 277 256 234   112
Equipment            
Related Party Transaction [Line Items]            
Total revenue   $ 256,120 $ 234,101 $ 227,745    
Amenity tracking compliance software | Director and Interim CEO | Franchisee-owned clubs:            
Related Party Transaction [Line Items]            
Number of stores | store 765 765 730      
Amenity tracking compliance software | Director and Interim CEO | Corporate-owned clubs:            
Related Party Transaction [Line Items]            
Number of stores | store 245 245 220      
Related party            
Related Party Transaction [Line Items]            
Total revenue   $ 21,975 $ 13,408 5,983    
Related party | Administrative Service            
Related Party Transaction [Line Items]            
Total revenue $ 5,927   3,746 2,437    
Related party | Equipment            
Related Party Transaction [Line Items]            
Accounts receivable 6,198 6,198 2,916      
Total revenue   11,478 3,655 0    
Related party | Equipment | Director and Interim CEO            
Related Party Transaction [Line Items]            
Total revenue   2,326 3,640 1,909    
Related party | Deferred ADA and franchise agreement revenue            
Related Party Transaction [Line Items]            
Deferred revenue 577 577 719      
Related party | Deferred ADA and franchise agreement revenue | Director and Interim CEO            
Related Party Transaction [Line Items]            
Deferred revenue 134 134 142      
Related party | Tax benefit arrangements            
Related Party Transaction [Line Items]            
Accounts payable $ 88,099 88,099 98,494      
Related party | Amenity tracking compliance software | Director and Interim CEO            
Related Party Transaction [Line Items]            
Purchases from related party   $ 376 390 272    
Related party | Amenity tracking compliance software | Director and Interim CEO | Amenity Tracking Compliance Software Company            
Related Party Transaction [Line Items]            
Ownership percentage 10.50% 10.50%        
Affiliated entity            
Related Party Transaction [Line Items]            
Promissory note (up to)         $ 10,000  
Interest rate         0.04  
Promissory note outstanding         $ 2,148  
Affiliated entity | Corporate travel            
Related Party Transaction [Line Items]            
Selling, general and administrative     $ 487 $ 378    
v3.25.0.1
Stockholders’ equity (Details) - USD ($)
 12 Months Ended
Sep. 16, 2024
Jun. 14, 2024
Jun. 12, 2024
Feb. 10, 2022
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Jun. 13, 2024
Nov. 04, 2022
Nov. 03, 2022
Nov. 05, 2019
Class of Stock [Line Items]                      
Repurchase and retirement of common stock         $ 302,737,000 $ 126,079,000 $ 94,315,000        
Preferred stock shares authorized (in shares)         50,000,000 50,000,000          
Preferred stock shares issued (in shares)         0 0          
Preferred stock shares outstanding (in shares)         0 0          
2019 Share Repurchase Program                      
Class of Stock [Line Items]                      
Share repurchase program, authorized amount                   $ 500,000,000 $ 500,000
2022 Share Repurchase Program                      
Class of Stock [Line Items]                      
Share repurchase program, authorized amount                 $ 500,000    
Share repurchase excise tax         $ 2,549,000 $ 1,048,000          
Accelerated Share Repurchase Agreement                      
Class of Stock [Line Items]                      
Share repurchase program, authorized amount     $ 280,000                
Accelerated Share Repurchases, Settlement (Payment) or Receipt   $ 280,000                  
Increase to accumulated deficit     $ 56,000                
2024 Share Repurchase Program                      
Class of Stock [Line Items]                      
Share repurchase program, authorized amount               $ 500,000      
Remaining authorized amount         $ 500,000,000            
Pla-Fit Holdings, LLC                      
Class of Stock [Line Items]                      
Stock received during period (in shares)         1,055,326 4,748,555 548,175        
Economic interest         0.40%            
Investor | Secondary Offering And Exchange | Pla-Fit Holdings, LLC                      
Class of Stock [Line Items]                      
Percentage of economic interest         99.60%            
Continuing LLC Owners | Secondary Offering And Exchange                      
Class of Stock [Line Items]                      
Number of units held by owners (in shares)         341,841            
Continuing LLC Owners | Secondary Offering And Exchange | Pla-Fit Holdings, LLC                      
Class of Stock [Line Items]                      
Percentage of economic interest         0.40%            
Holdings Units                      
Class of Stock [Line Items]                      
Shares exchanged for Class A common stock         1            
Number of shares exchanged (in shares)         1,055,326 4,748,555 548,175        
Holdings Units | Sunshine Fitness                      
Class of Stock [Line Items]                      
Equity consideration (in share)       3,637,678     3,637,678        
Class B common stock                      
Class of Stock [Line Items]                      
Shares exchanged for Class A common stock         1            
Number of shares exchanged (in shares)         1,055,326 4,748,555 548,175        
Class B common stock | Continuing LLC Owners | Secondary Offering And Exchange                      
Class of Stock [Line Items]                      
Number of units held by owners (in shares)         341,841            
Class B common stock | Continuing LLC Owners | Secondary Offering And Exchange | Pla-Fit Holdings, LLC | Continuing LLC Owners                      
Class of Stock [Line Items]                      
Economic interest         0.40%            
Class A common stock                      
Class of Stock [Line Items]                      
Exchanges of Class A common stock, shares (in shares)         1,055,326 4,748,555 548,175        
Class A common stock | Sunshine Fitness                      
Class of Stock [Line Items]                      
Equity consideration (in share)       517,348     517,348        
Class A common stock | 2019 Share Repurchase Program                      
Class of Stock [Line Items]                      
Stock repurchased (in shares)             1,528,720        
Repurchase and retirement of common stock             $ 94,315,000        
Class A common stock | 2022 Share Repurchase Program                      
Class of Stock [Line Items]                      
Stock repurchased (in shares)         313,834   1,698,753        
Repurchase and retirement of common stock         $ 20,005,000   $ 125,030,000        
Class A common stock | Accelerated Share Repurchase Agreement                      
Class of Stock [Line Items]                      
Stock repurchased (in shares) 668,432 3,090,507                  
Repurchase and retirement of common stock   $ 224,000                  
Percent of total ASR Agreement value   80.00%                  
Weighted average cost per share (in usd per share)     $ 76.88                
Class A common stock | Continuing LLC Owners                      
Class of Stock [Line Items]                      
Number of shares exchanged (in shares)         1,055,326 4,748,555          
Class A common stock | Investor | Secondary Offering And Exchange                      
Class of Stock [Line Items]                      
Number of units held by owners (in shares)         84,322,552            
Class A common stock | Investor | Secondary Offering And Exchange | Pla-Fit Holdings, LLC | Common Stockholders                      
Class of Stock [Line Items]                      
Economic interest         99.60%            
v3.25.0.1
Equity-based compensation - Schedule of Equity-based Compensation Expense (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]      
Equity-based compensation $ 8,913 $ 7,906 $ 8,066
Stock options      
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]      
Equity-based compensation 138 1,004 2,947
RSUs      
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]      
Equity-based compensation 6,954 5,699 4,202
PSUs      
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]      
Equity-based compensation 1,405 795 540
ESPP      
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]      
Equity-based compensation $ 416 $ 408 $ 377
v3.25.0.1
Equity-based compensation - Additional Information (Details) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Aug. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Options and awards authorized (in shares)       7,896,800
Weighted-average grant date fair value of stock options granted (in usd per share)     $ 29.31  
Exercised $ 13,246 $ 8,776 $ 435  
Total unrecognized compensation expense related to unvested stock options. $ 118      
Stock options        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Contractual term 10 years      
Stock options, expected recognition, weighted-average period (in years) 1 year      
Stock options | Minimum        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Share based compensation, vest equally over a period (in years) 4 years      
RSUs        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Stock options, expected recognition, weighted-average period (in years) 1 year 2 months 12 days      
Total fair value vested $ 5,956 $ 3,997 $ 4,333  
Unrecognized compensation expense related to unvested RSUs, including an estimate for pre-vesting forfeitures $ 6,593      
Granted (in usd per share) $ 68.85 $ 75.71 $ 82.42  
RSUs | Minimum        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Share based compensation, vest equally over a period (in years) 3 years      
RSUs | Maximum        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Share based compensation, vest equally over a period (in years) 4 years      
PSUs        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Share based compensation, vest equally over a period (in years) 3 years      
Stock options, expected recognition, weighted-average period (in years) 2 years 1 month 6 days      
Unrecognized compensation expense related to unvested RSUs, including an estimate for pre-vesting forfeitures $ 4,264      
Granted (in usd per share) $ 66.99 $ 75.28 $ 90.21  
PSUs | Minimum        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Adjustment of quantity of awards earned for performance metrics, percent 0.00%      
Share based compensation, performance period (in years) 1 year      
PSUs | Maximum        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Adjustment of quantity of awards earned for performance metrics, percent 200.00%      
Share based compensation, performance period (in years) 3 years      
ESPP        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Payroll deduction for ESPP, percent 10.00%      
ESPP offering period (in months) 6 months      
ESPP purchase discount, percent 85.00%      
Number of shares of common stock authorized and available for issuance under the ESPP (in shares) 1,000,000      
Shares purchased (in shares) 17,099      
v3.25.0.1
Equity-based compensation - Schedule of Fair Value of Stock Option Awards Determined on Grant Date Using Black-Scholes Valuation Model (Details)
 12 Months Ended
Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Expected volatility, Minimum (percentage) 28.00%
Expected volatility, Maximum (percentage) 55.50%
Risk-free interest rate, Minimum (percentage) 0.65%
Risk-free interest rate, Maximum (percentage) 4.20%
Dividend yield (percentage) 0.00%
Minimum  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Expected term (years) 3 months
Maximum  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Expected term (years) 6 years 3 months
v3.25.0.1
Equity-based compensation - Schedule of Stock Option Activity (Details) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Stock Options      
Outstanding at beginning of period (in shares) 609,972    
Granted (in shares) 0    
Exercised (in shares) (483,651)    
Forfeited (in shares) (37,729)    
Outstanding at end of period (in shares) 88,592 609,972  
Vested or expected to vest (in shares) 88,592    
Exercisable (in shares) 67,318    
Weighted average fair value      
Outstanding at beginning of period (usd per share) $ 46.00    
Granted (usd per share) 0    
Exercised (usd per share) 43.08    
Forfeited (usd per share) 77.46    
Outstanding at end of period (usd per share) 52.64 $ 46.00  
Vested or expected to vest (usd per share) 52.64    
Exercisable (usd per share) $ 44.18    
Weighted average remaining contractual term (years)      
Outstanding 4 years 6 months    
Vested or expected to vest 4 years 6 months    
Exercisable 3 years 9 months 18 days    
Aggregate intrinsic value      
Exercised $ 13,246 $ 8,776 $ 435
Outstanding 4,095    
Vested or expected to vest 4,095    
Exercisable $ 3,681    
v3.25.0.1
Equity-based compensation - Schedule of Restricted Stock Units Activity and Performance Share Units Activity (Details) - $ / shares
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
RSUs      
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]      
Unvested outstanding at beginning of period (in shares) 132,756    
Granted (in shares) 157,941    
Vested (in shares) (78,454)    
Forfeited (in shares) (9,919)    
Unvested outstanding at end of period (in shares) 202,324 132,756  
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]      
Unvested outstanding at beginning of period (in usd per share) $ 76.62    
Granted (in usd per share) 68.85 $ 75.71 $ 82.42
Vested (usd per share) 75.92    
Forfeited (in usd per share) 75.85    
Unvested outstanding at end of period (in usd per share) $ 70.65 $ 76.62  
PSUs      
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]      
Unvested outstanding at beginning of period (in shares) 48,388    
Granted (in shares) 64,835    
Vested (in shares) 0    
Forfeited (in shares) (14,100)    
Unvested outstanding at end of period (in shares) 99,123 48,388  
Expected to vest (in shares) 99,123    
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]      
Unvested outstanding at beginning of period (in usd per share) $ 77.02    
Granted (in usd per share) 66.99 $ 75.28 $ 90.21
Vested (usd per share) 0    
Forfeited (in usd per share) 75.21    
Unvested outstanding at end of period (in usd per share) 70.66 $ 77.02  
Expected to vest (usd per share) $ 70.66    
v3.25.0.1
Earnings per share - Additional Information (Details)
 12 Months Ended
Dec. 31, 2024
shares
Holdings Units  
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]  
Shares exchanged for Class A common stock 1
Class B common stock  
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]  
Shares exchanged for Class A common stock 1
v3.25.0.1
Earnings per share - Schedule of Reconciliation of Numerators and Denominators Used to Compute Basic and Diluted Earnings per Share (Details) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Numerator      
Net income $ 174,243 $ 147,035 $ 110,456
Less: net income attributable to non-controlling interests 2,201 8,722 11,054
Net income (loss) attributable to Planet Fitness, Inc. - basic 172,042 138,313 99,402
Net income (loss) attributable to Planet Fitness, Inc. - diluted $ 172,042 $ 138,313 $ 99,402
Stock options      
Effect of dilutive securities:      
Weighted-average shares outstanding adjustment (shares) 101,671 232,630 351,200
Restricted stock units      
Effect of dilutive securities:      
Weighted-average shares outstanding adjustment (shares) 63,913 44,785 54,864
Performance stock units      
Effect of dilutive securities:      
Weighted-average shares outstanding adjustment (shares) 40,571 11,106 1,215
Class A common stock      
Denominator      
Weighted-average shares of Class A common stock outstanding - basic (in shares) 85,621,282 84,896,397 84,136,819
Effect of dilutive securities:      
Weighted-average shares of Class A common stock outstanding - diluted (in shares) 85,827,437 85,184,918 84,544,098
Earnings (loss) per share of Class A common stock - basic (in usd per share) $ 2.01 $ 1.63 $ 1.18
Earnings (loss) per share of Class A common stock - diluted (in usd per share) $ 2.00 $ 1.62 $ 1.18
v3.25.0.1
Earnings per share - Schedule of Common Stock Equivalents Excluded From The Computation Of Diluted Net Income Per Share (Details) - shares
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Total 718,286 3,989,283 6,125,056
Class B common stock      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Total 709,067 3,735,109 5,867,367
Stock options      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Total 5,014 248,647 244,660
Restricted stock units      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Total 1,891 4,251 11,963
Performance stock units      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Total 2,314 1,276 1,066
v3.25.0.1
Income taxes - Schedule of Income (Loss) Before Provision for Income Taxes (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Income Tax Disclosure [Abstract]      
Domestic $ 249,145 $ 205,890 $ 158,345
Foreign (2,417) 1,651 3,093
Income before income taxes $ 246,728 $ 207,541 $ 161,438
v3.25.0.1
Income taxes - Schedule of Provision (Benefit) for Income Taxes Expenses (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Current:      
Federal $ 4,752 $ 2,338 $ 0
State 6,743 3,853 842
Foreign 1,259 1,132 1,055
Total current tax expense 12,754 7,323 1,897
Deferred:      
Federal 47,338 41,010 27,401
State 8,516 10,136 21,049
Foreign (165) 43 168
Total deferred tax expense 55,689 51,189 48,618
Provision for income taxes $ 68,443 $ 58,512 $ 50,515
v3.25.0.1
Income taxes - Schedule of Reconciliation of U.S. Statutory Income Tax Rate to Company's Effective Tax Rate (Details)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Income Tax Disclosure [Abstract]      
U.S. statutory tax rate 21.00% 21.00% 21.00%
State and local taxes, net of federal benefit 4.60% 4.20% 4.00%
State rate change impact on deferred taxes (0.30%) 1.40% 8.60%
Tax benefit arrangement liability adjustment 0.10% (0.20%) (1.80%)
Foreign tax rate differential 0.10% 0.10% 0.20%
Withholding taxes and other 1.40% 0.80% 0.30%
Colorado club sale 0.00% 0.00% 0.90%
Change in valuation allowance 0.50% 0.30% (0.40%)
Equity-based compensation (0.10%) (0.10%) (0.20%)
Non-deductible executive compensation 0.60% 1.60% 0.00%
Income attributable to non-controlling interests (0.20%) (0.90%) (1.30%)
Effective tax rate 27.70% 28.20% 31.30%
v3.25.0.1
Income taxes - Additional information (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Tax Credit Carryforward [Line Items]      
Net deferred tax asset $ 468,811 $ 502,544  
Valuation allowance 6,579 4,940  
Other income (expense) reflecting change in tax benefit obligation (1,300) 1,964 $ 13,831
Deferred tax asset 609,525 641,082  
Deferred tax liability $ 134,135 133,598  
Applicable tax savings (in percentage) 85.00%    
Tax benefit obligation $ 466,916 495,662  
Continuing LLC Owners      
Tax Credit Carryforward [Line Items]      
Decrease in deferred tax assets (1,083) (5,316)  
Deferred tax asset 22,918 106,313  
Deferred tax liability $ 14,899 $ 37,995  
Continuing LLC Owners | Class A common stock      
Tax Credit Carryforward [Line Items]      
Number of shares exchanged (in shares) 1,055,326 4,748,555  
Domestic Tax Jurisdiction      
Tax Credit Carryforward [Line Items]      
Net operating loss carryforwards $ 87,237    
State and Local Jurisdiction      
Tax Credit Carryforward [Line Items]      
Net operating loss carryforwards 57,643    
Net operating loss carryforwards various expirations 55,222    
Indefinite net operating loss carryforwards $ 2,422    
v3.25.0.1
Income taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Deferred tax assets:    
Deferred revenue $ 6,814 $ 4,773
Goodwill and intangible assets 452,587 473,088
Net operating loss 22,825 42,631
Lease liabilities 113,194 106,848
Equity-based compensation 2,557 2,442
Equity method investment 3,486 3,562
Allowance for current expected credit loss 4,769 4,427
Other 3,293 3,311
Deferred tax assets 609,525 641,082
Valuation allowance (6,579) (4,940)
Deferred tax assets, net of valuation allowance 602,946 636,142
Deferred tax liabilities:    
Property and equipment (37,133) (39,086)
Right of use assets (97,002) (94,512)
Total deferred tax liabilities (134,135) (133,598)
Total deferred tax assets and liabilities 468,811 502,544
Reported as:    
Deferred income taxes - non-current assets 470,197 504,188
Deferred income taxes - non-current liabilities (1,386) (1,644)
Total deferred tax assets and liabilities $ 468,811 $ 502,544
v3.25.0.1
Income taxes - Schedule Of Changes In Unrecognized Tax Benefits (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Unrecognized Tax Benefits [Roll Forward]    
Balance at beginning of year $ 273 $ 328
Increase related to current year tax positions 59 0
Decrease related to prior year tax positions (35) (55)
Balance at end of year $ 297 $ 273
v3.25.0.1
Income taxes - Schedule of Future Payments Under Tax Benefit Arrangements (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Income Tax Disclosure [Abstract]    
2025 $ 55,556  
2026 55,824  
2027 39,975  
2028 42,506  
2029 44,252  
Thereafter 228,803  
Total $ 466,916 $ 495,662
v3.25.0.1
Commitments and contingencies (Details)
 3 Months Ended 12 Months Ended
Dec. 28, 2023
USD ($)
store
Oct. 20, 2023
USD ($)
store
Dec. 31, 2022
USD ($)
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Commitment And Contingencies [Line Items]            
Guarantor obligations, maximum period       10 years    
Maximum obligation of guarantees of leases and debt       $ 4,487,000 $ 5,215,000  
Accrued potential obligation recorded under guaranty arrangement       0 0  
Advertising purchase commitments            
Commitment And Contingencies [Line Items]            
Purchase commitments       68,803,000    
Open purchase orders            
Commitment And Contingencies [Line Items]            
Purchase commitments       $ 15,591,000    
Civil Action Brought By Former Employee | Final judgement            
Commitment And Contingencies [Line Items]            
Paid     $ 3,414,000      
Indemnification receivable increase           $ 1,189,000
Loss contingency reserve           1,189,000
Mexico Acquisition | Planet Fitmex, LLC            
Commitment And Contingencies [Line Items]            
Loss contingency reserve         $ 6,250,000  
Legal settlement reserve     $ 8,550,000     $ 8,550,000
Settlement   $ 31,619,000        
Clubs acquired from the Company | store   5        
Mexico Acquisition | Planet Fitmex, LLC | Held for sale            
Commitment And Contingencies [Line Items]            
Stores sold | store   5        
Mexico Acquisition | Planet Fitmex, LLC | Sale            
Commitment And Contingencies [Line Items]            
Stores sold | store 5          
Consideration in exchange for an equity interest $ 17,000,000          
v3.25.0.1
Retirement plan (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Retirement Benefits [Abstract]      
Percentage of employer matching contribution 100.00%    
Maximum percentage of employee contribution 4.00%    
Total employer matching contributions expense $ 1,501 $ 1,370 $ 1,123
v3.25.0.1
Segments - Additional Information (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
USD ($)
segment
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Segment Reporting Information [Line Items]      
Number of reportable segments | segment 3    
Total revenue $ 1,181,654 $ 1,071,326 $ 936,772
Rest of world      
Segment Reporting Information [Line Items]      
Total revenue 40,104 28,542 28,066
Franchise      
Segment Reporting Information [Line Items]      
Total revenue 423,247 387,929 329,634
Franchise | Placement Services      
Segment Reporting Information [Line Items]      
Total revenue 20,876 19,798 17,125
Corporate-owned clubs      
Segment Reporting Information [Line Items]      
Total revenue 502,287 449,296 379,393
Capital expenditures $ 131,797 $ 112,186 $ 84,077
v3.25.0.1
Segments - Schedule of Financial Information for the Company's Reportable Segments (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Segment Reporting Information [Line Items]      
Total revenue $ 1,181,654 $ 1,071,326 $ 936,772
Segment Adjusted EBITDA 561,651 502,692 425,157
Franchise      
Segment Reporting Information [Line Items]      
Total revenue 423,247 387,929 329,634
Franchise | Placement Services      
Segment Reporting Information [Line Items]      
Total revenue 20,876 19,798 17,125
Corporate-owned clubs      
Segment Reporting Information [Line Items]      
Total revenue 502,287 449,296 379,393
Equipment      
Segment Reporting Information [Line Items]      
Total revenue $ 256,120 $ 234,101 $ 227,745
v3.25.0.1
Segments- Schedule of Significant Expense Categories (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Segment Reporting, Other Significant Reconciling Item [Line Items]      
Selling, general and administrative $ 129,146 $ 124,930 $ 114,853
National advertising fund expense 79,009 70,095 66,116
Cost of revenue 197,122 190,026 177,200
Total 857,456 798,462 706,694
Franchise      
Segment Reporting, Other Significant Reconciling Item [Line Items]      
Selling, general and administrative 32,514 35,654 34,374
National advertising fund expense 79,009 70,095 66,116
Cost of revenue 9,892 9,493 5,868
Other segment expenses (income), net 710 (320) (319)
Total 122,125 114,921 106,038
Corporate-owned clubs      
Segment Reporting, Other Significant Reconciling Item [Line Items]      
Selling, general and administrative 15,429 16,294 13,539
Other segment expenses (income), net 9,895 6,699 4,390
Total 313,536 275,974 236,915
Club compensation and payroll 86,837 75,222 66,490
Rent & occupancy 116,578 102,399 90,073
Marketing 42,806 39,642 31,440
Operational and other 41,990 35,718 30,984
Total 131,797 112,186 84,077
Equipment      
Segment Reporting, Other Significant Reconciling Item [Line Items]      
Cost of revenue 181,545 174,846 166,927
Other segment expenses (income), net 2,797 2,893 1,735
Total $ 184,342 $ 177,739 $ 168,662
v3.25.0.1
Segments - Schedule of Reconciliation of Total Segment Adjusted EBITDA to Income Before Taxes (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]      
Segment Adjusted EBITDA $ 561,651 $ 502,692 $ 425,157
Depreciation and amortization (160,346) (149,413) (124,022)
Interest income 23,115 17,741 5,005
Interest expense (100,037) (86,576) (88,628)
Losses from equity-method investments, net of tax 4,042 1,994 467
Income before income taxes 246,728 207,541 161,438
Operating segments      
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]      
Segment Adjusted EBITDA 561,651 502,692 425,157
Corporate and other      
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]      
Depreciation and amortization (160,346) (149,413) (124,022)
Interest income 23,115 17,741 5,005
Interest expense (100,037) (86,576) (88,628)
Losses from equity-method investments, net of tax 4,042 1,994 467
Corporate and other unallocated expenses, net (81,697) (78,897) (56,541)
Franchise | Operating segments      
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]      
Segment Adjusted EBITDA 301,122 273,008 223,596
Corporate-owned clubs | Operating segments      
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]      
Segment Adjusted EBITDA 188,751 173,322 142,478
Equipment | Operating segments      
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]      
Segment Adjusted EBITDA $ 71,778 $ 56,362 $ 59,083
v3.25.0.1
Segments - Schedule Of Geographical Revenue & Long- Lived Assets (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Revenues from External Customers and Long-Lived Assets [Line Items]      
Total revenue $ 1,181,654 $ 1,071,326 $ 936,772
Total long-lived assets, net 903,436 839,095  
United States      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Total revenue 1,141,550 1,042,784 908,706
Total long-lived assets, net 882,022 835,486  
Rest of world      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Total revenue 40,104 28,542 $ 28,066
Total long-lived assets, net $ 21,414 $ 3,609  
v3.25.0.1
Corporate-owned and franchisee-owned clubs - Schedule of Changes in Corporate-owned and Franchisee-owned Stores (Details) - store
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Number of Clubs [Roll Forward]      
Clubs operated at beginning of period 2,575 2,410 2,254
New clubs opened 150 165 158
Clubs debranded, sold or consolidated (3) 0 (2)
Clubs operated at end of period 2,722 2,575 2,410
Franchisee-owned clubs:      
Number of Clubs [Roll Forward]      
Clubs operated at beginning of period 2,319 2,176 2,142
New clubs opened 129 147 144
Clubs acquired from the Company 0 5 6
Clubs debranded, sold or consolidated (3) (9) (116)
Clubs operated at end of period 2,445 2,319 2,176
Corporate-owned clubs:      
Number of Clubs [Roll Forward]      
Clubs operated at beginning of period 256 234 112
New clubs opened 21 18 14
Clubs sold to franchisees 0 (5) (6)
Clubs acquired from franchisees 0 9 114
Clubs operated at end of period 277 256 234
v3.25.0.1
Valuation and Qualifying Accounts (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
SEC Schedule, 12-09, Allowance, Credit Loss      
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]      
Balance at Beginning of Period $ 0 $ 0 $ 0
Provision for (recovery of) doubtful accounts, net 43 0 0
Write-offs and other 13 0 0
Balance at End of Period 30 0 0
SEC Schedule, 12-09, Allowance, Loss on Finance Receivable      
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]      
Balance at Beginning of Period 17,689 14,957 17,462
Provision for (recovery of) doubtful accounts, net 1,145 2,732 (2,505)
Write-offs and other 0 0 0
Balance at End of Period 18,834 17,689 14,957
SEC Schedule, 12-09, Valuation Allowance, Deferred Tax Asset      
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]      
Balance at Beginning of Period 4,940 4,037 4,630
Provision for (recovery of) doubtful accounts, net 1,639 903 (593)
Write-offs and other 0 0 0
Balance at End of Period $ 6,579 $ 4,940 $ 4,037