PLANET FITNESS, INC., 10-K filed on 2/25/2026
Annual Report
v3.25.4
Cover Page - USD ($)
$ in Billions
 12 Months Ended
Dec. 31, 2025
Feb. 20, 2026
Jun. 30, 2025
Document Information [Line Items]      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Dec. 31, 2025    
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     $ 9.1
Documents Incorporated by Reference
Portions of the Definitive Proxy Statement for the registrant’s 2025 Annual Meeting of Stockholders to be held May 5, 2026, 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 2025    
Document Fiscal Period Focus FY    
Entity Central Index Key 0001637207    
Class A common stock      
Document Information [Line Items]      
Entity Common Stock, Shares Outstanding   79,697,889  
Class B common stock      
Document Information [Line Items]      
Entity Common Stock, Shares Outstanding   316,128  
v3.25.4
Audit Information
 12 Months Ended
Dec. 31, 2025
Audit Information [Abstract]  
Auditor Name KPMG LLP
Auditor Location Boston, Massachusetts
Auditor Firm ID 185
v3.25.4
Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 345,652 $ 293,150
Restricted cash 66,304 56,524
Short-term marketable securities 106,761 114,163
Accounts receivable, net of allowances for uncollectible amounts of $428 and $30 as of December 31, 2025 and 2024, respectively 70,431 77,145
Inventory 7,581 6,146
Prepaid expenses 24,605 21,499
Other receivables 34,094 16,776
Income tax receivable 2,958 2,616
Total current assets 658,386 588,019
Long-term marketable securities 88,263 65,668
Investments, net of allowance for expected credit losses of $24,424 and $18,834 as of December 31, 2025 and 2024, respectively 69,700 75,650
Property and equipment, net of accumulated depreciation of $453,852 and $370,118, as of December 31, 2025 and 2024, respectively 466,747 423,991
Right-of-use assets, net 409,320 395,174
Intangible assets, net 286,409 323,318
Goodwill 712,450 720,633
Deferred income taxes 406,724 470,197
Other assets, net 5,396 7,058
Total assets 3,103,395 3,069,708
Current liabilities:    
Current maturities of long-term debt 23,875 22,500
Accounts payable 39,683 32,887
Accrued expenses 75,371 67,895
Equipment deposits 10,165 1,851
Deferred revenue, current 58,593 62,111
Payable pursuant to tax benefit arrangements, current 55,518 55,556
Other current liabilities 49,285 39,695
Total current liabilities 312,490 282,495
Long-term debt, net of current maturities 2,458,379 2,148,029
Lease liabilities, net of current portion 419,120 405,324
Deferred revenue, net of current portion 29,657 31,990
Deferred tax liabilities 1,177 1,386
Payable pursuant to tax benefit arrangements, net of current portion 360,273 411,360
Other liabilities 5,677 4,497
Total noncurrent liabilities 3,274,283 3,002,586
Commitments and contingencies (Note 17)
Stockholders’ equity (deficit):    
Additional paid in capital 623,333 609,115
Accumulated other comprehensive income (loss) 1,311 (2,348)
Accumulated deficit (1,107,429) (822,156)
Total stockholders’ deficit attributable to Planet Fitness, Inc. (482,777) (215,380)
Non-controlling interests (601) 7
Total stockholders’ deficit (483,378) (215,373)
Total liabilities and stockholders’ deficit 3,103,395 3,069,708
Class A common stock    
Stockholders’ equity (deficit):    
Common stock, value 8 9
Class B common stock    
Stockholders’ equity (deficit):    
Common stock, value $ 0 $ 0
v3.25.4
Consolidated Balance Sheets (Parenthetical) - USD ($)
shares in Thousands, $ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Current assets:    
Accounts receivable, allowance for bad debts $ 428 $ 30
Allowance for expected credit loss 24,424 18,834
Accumulated depreciation $ 453,852 $ 370,118
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) 80,446 84,323
Common stock, shares outstanding (in shares) 80,446 84,323
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) 316 342
Common stock, shares outstanding (in shares) 316 342
v3.25.4
Consolidated Statements of Operations - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Revenue:      
Total revenue $ 1,324,144 $ 1,181,654 $ 1,071,326
Operating costs and expenses:      
Cost of revenue 230,308 197,122 190,026
Club operations 318,545 290,507 253,619
Selling, general and administrative 137,634 129,146 124,930
National advertising fund expense 87,580 79,009 70,095
Depreciation and amortization 155,785 160,346 149,413
Other (gain) loss, net (385) 1,326 10,379
Total operating costs and expenses 929,467 857,456 798,462
Income from operations 394,677 324,198 272,864
Other income (expense), net:      
Interest income 22,999 23,115 17,741
Interest expense (108,244) (100,037) (86,576)
Other (expense) income, net (454) (548) 3,512
Total other expense, net (85,699) (77,470) (65,323)
Income before income taxes 308,978 246,728 207,541
Provision for income taxes 85,874 68,443 58,512
Losses from equity-method investments, net of tax (2,840) (4,042) (1,994)
Net income 220,264 174,243 147,035
Less net income attributable to non-controlling interests 1,160 2,201 8,722
Net income attributable to Planet Fitness, Inc. $ 219,104 $ 172,042 $ 138,313
Class A common stock      
Net income per share of Class A common stock:      
Basic (in usd per share) $ 2.62 $ 2.01 $ 1.63
Diluted (in usd per share) $ 2.62 $ 2.00 $ 1.62
Weighted-average shares of Class A common stock outstanding:      
Basic (in shares) 83,518,664 85,621,282 84,896,397
Diluted (in shares) 83,725,825 85,827,437 85,184,918
Franchise      
Revenue:      
Total revenue $ 380,971 $ 344,320 $ 317,917
National advertising fund revenue      
Revenue:      
Total revenue 86,987 78,927 70,012
Corporate-owned clubs      
Revenue:      
Total revenue 546,097 502,287 449,296
Equipment      
Revenue:      
Total revenue $ 310,089 $ 256,120 $ 234,101
v3.25.4
Consolidated Statements of Comprehensive Income - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Statement of Comprehensive Income [Abstract]      
Net income including non-controlling interests $ 220,264 $ 174,243 $ 147,035
Other comprehensive income (loss), net      
Foreign currency translation adjustments 3,405 (2,312) 179
Unrealized gain (loss) on marketable securities, net of tax 254 (208) 441
Total other comprehensive income (loss), net 3,659 (2,520) 620
Total comprehensive income including non-controlling interests 223,923 171,723 147,655
Less: total comprehensive income attributable to non-controlling interests 1,160 2,201 8,722
Total comprehensive income attributable to Planet Fitness, Inc. $ 222,763 $ 169,522 $ 138,933
v3.25.4
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities:      
Net income $ 220,264 $ 174,243 $ 147,035
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 155,785 160,346 149,413
Equity-based compensation 12,333 8,913 7,906
Deferred tax expense 63,876 55,689 51,189
Amortization of deferred financing costs 5,362 5,362 5,492
Loss on extinguishment of debt 1,731 2,285 0
Accretion of marketable securities discount (1,337) (3,307) (3,273)
Losses from equity-method investments, net of tax 2,840 4,042 1,994
Dividends accrued on held-to-maturity investment (2,337) (2,180) (2,066)
Credit loss on held-to-maturity investment 5,590 1,145 2,732
Loss (gain) on re-measurement of tax benefit arrangement liability 2,431 1,300 (1,964)
Gain on sale of corporate-owned clubs (6,443) 0 0
Gain on insurance proceeds (1,461) (1,441) 0
Other 154 2,050 (284)
Changes in operating assets and liabilities, net of acquisitions:      
Accounts receivable 7,226 (36,459) 4,761
Inventory (1,377) (1,484) 599
Other assets and other current assets (15,927) (11,785) 929
Accounts payable and accrued expenses 6,932 17,312 (975)
Other liabilities and other current liabilities 18 (519) (8,106)
Income taxes 498 407 2,183
Payments pursuant to tax benefit arrangements (54,288) (44,946) (34,797)
Equipment deposits 8,293 (2,653) (3,937)
Deferred revenue (3,327) 2,775 3,942
Leases 11,585 12,778 7,481
Net cash provided by operating activities 418,421 343,873 330,254
Cash flows from investing activities:      
Additions to property and equipment (163,670) (155,061) (135,986)
Insurance proceeds for property and equipment 2,053 848 0
Payment of consideration for acquired clubs (3,082) 0 (43,264)
Proceeds from sale of corporate-owned clubs 21,626 0 0
Purchases of marketable securities (156,141) (155,423) (203,285)
Maturities of marketable securities 141,577 103,672 80,490
Issuance of note receivable, related party (2,639) (2,145) 0
Other investments 112 (602) (37,946)
Net cash used in investing activities (160,164) (208,711) (339,991)
Cash flows from financing activities:      
Proceeds from issuance of long-term debt 750,000 800,000 0
Repayment of long-term debt (431,562) (608,688) (20,749)
Payment of deferred financing and other debt-related costs (13,806) (12,055) 0
Repurchase and retirement of Class A common stock (500,373) (300,205) (125,030)
Proceeds from issuance of Class A common stock 1,852 21,875 9,160
Principal payments on capital lease obligations (149) (98) (193)
Payment of share repurchase excise tax (2,549) (1,032) 0
Distributions to members of Pla-Fit Holdings (1,508) (4,792) (4,605)
Net cash used in financing activities (198,095) (104,995) (141,417)
Effects of exchange rate changes on cash and cash equivalents 2,120 (2,614) 776
Net increase (decrease) in cash, cash equivalents and restricted cash 62,282 27,553 (150,378)
Cash, cash equivalents and restricted cash, beginning of period 349,674 322,121 472,499
Cash, cash equivalents and restricted cash, end of period 411,956 349,674 322,121
Supplemental cash flow information:      
Cash paid for interest 100,247 90,853 81,184
Non-cash investing activities:      
Purchases of property and equipment included in accounts payable and accrued expenses 18,399 11,423 18,639
Fair value of clubs exchanged for equity-method investment $ 0 $ 0 $ 17,000
v3.25.4
Consolidated Statements of Changes in Equity - USD ($)
shares in Thousands, $ 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, 2022       83,430 6,146        
Beginning 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 Class A common stock (in shares)       (1,699)          
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)       4,749 (4,749)        
Exchanges of Class B common stock and other adjustments 0     $ 1 $ (1)   (12,572)   12,572
Issuance of shares under equity-based compensation plans, net of shares withheld to cover payroll taxes (in shares)       280          
Issuance of shares under equity-based compensation plans, net of shares withheld to cover payroll taxes 9,034           9,034    
Tax benefit arrangement liability and deferred taxes arising from exchanges of Class B common stock 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 1,397        
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 Class A common stock (in shares)       (4,073)          
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 (1,055)        
Exchanges of Class B common stock and other adjustments 0           (7,294)   7,294
Issuance of shares under equity-based compensation plans, net of shares withheld to cover payroll taxes (in shares)       581          
Issuance of shares under equity-based compensation plans, net of shares withheld to cover payroll taxes 21,865           21,865    
Tax benefit arrangement liability and deferred taxes arising from exchanges of Class B common stock 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   84,323 342 84,323 342        
Ending balance at Dec. 31, 2024 (215,373)     $ 9 $ 0 (2,348) 609,115 (822,156) 7
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Net income 220,264             219,104 1,160
Equity-based compensation expense 12,333           12,333    
Repurchase and retirement of Class A common stock (in shares)       (4,051)          
Repurchase and retirement of Class A common stock (504,378)     $ (1)     323 (504,377) (323)
Exchanges of Class B common stock and other adjustments (in shares)       26 (26)        
Exchanges of Class B common stock and other adjustments 0           (63)   63
Issuance of shares under equity-based compensation plans, net of shares withheld to cover payroll taxes (in shares)       148          
Issuance of shares under equity-based compensation plans, net of shares withheld to cover payroll taxes 1,608           1,608    
Tax benefit arrangement liability and deferred taxes arising from exchanges of Class B common stock 17           17    
Distributions paid to members of Pla-Fit Holdings (1,508)               (1,508)
Other comprehensive income (loss) 3,659         3,659      
Ending balance (in shares) at Dec. 31, 2025   80,446 316 80,446 316        
Ending balance at Dec. 31, 2025 $ (483,378)     $ 8 $ 0 $ 1,311 $ 623,333 $ (1,107,429) $ (601)
v3.25.4
Business organization
 12 Months Ended
Dec. 31, 2025
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 20.8 million members and 2,896 franchisee-owned and corporate-owned 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, 2025.
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, 2025, 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.
v3.25.4
Summary of significant accounting policies
 12 Months Ended
Dec. 31, 2025
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 the legal entities of our franchisee-owned clubs and certain other entities. The Company is not deemed to be the primary beneficiary of the legal entities of our franchisee-owned clubs, 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. See Note 3 for further information related to the NAF.
(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”) within statutory limits. The Company maintains balances in excess of the statutory 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. The Company had one customer who represented 15% as of December 31, 2025 and another customer who represented 12% as of December 31, 2024, 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,
202520242023
Vendor A72%74%72%
Vendor B15%16%21%
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,
202520242023
Vendor A41%34%38%
Vendor B25%23%24%
Vendor C
*13%18%
* 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, 2025, the Company had restricted cash held by the Trustee of $66.3 million. 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, corporate-owned clubs revenue and equipment 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 NAF and the Canadian Advertising Fund (“CAF” and collectively with the NAF, the “NAFs”, the contributions to which we refer as “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 the NAFs, 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.
Membership 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 corresponding 12-month 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 U.S., 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 $8.1 million, $7.6 million and $7.0 million, for the years ended December 31, 2025, 2024 and 2023, 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 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 9 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 $47.7 million, $43.1 million and $39.6 million for the years ended December 31, 2025, 2024 and 2023, 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 $2.0 million, $0.3 million and $2.5 million for the years ended December 31, 2025, 2024 and 2023, 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, 2025 the Company has recorded a liability of $415.8 million 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 and Note 10 for long-term debt held at carrying value on the consolidated balance sheet.
(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. 2023-09, 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 Company adopted the new guidance beginning for fiscal year 2025. See Note 16 for the Company’s disclosures in accordance with this new guidance.
The FASB issued ASU No. 2024-03, Disaggregation of Income Statement Expenses, in November 2024. The standard requires disaggregated disclosures in the notes to the consolidated financial statements of certain expense categories that are included in expense line items on the face of the income statement. The new standard is effective for fiscal years beginning after December 15, 2026 on a prospective basis with the option to apply it retrospectively, and for interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating the impact of adoption on our financial disclosures.
The FASB issued ASU No. 2025-06, Targeted Improvements to the Accounting for Internal-Use Software, in September 2025. The standard modernizes the capitalization criteria for internal-use software, eliminating references to project stages and instead requiring that projects meet completion probability criteria before costs can be capitalized. The new standard is effective for fiscal years beginning after December 15, 2027 and can be applied using a prospective, retrospective, or modified transition approach. Early adoption is permitted as of the beginning of an annual reporting period. The Company is currently evaluating the impact of adoption on our consolidated financial statements and disclosures.
v3.25.4
National advertising fund
 12 Months Ended
Dec. 31, 2025
Related Party Transactions [Abstract]  
National advertising fund National advertising fund
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. Additionally, the Company established the CAF for the creation and development of marketing, advertising, and related programs and materials for all Planet Fitness clubs located in Canada. 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 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 $6.6 million, $5.9 million and
$3.7 million for the years ended December 31, 2025, 2024 and 2023, 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,
(in thousands)20252024
Assets
Cash & cash equivalents$7,502 $10,951 
Other current assets2,193 2,727 
Total current assets$9,695 $13,678 
Liabilities
Accounts payable$1,929 $2,078 
Accrued expenses and other current liabilities6,921 7,488 
Total current liabilities$8,850 $9,566 
v3.25.4
Acquisitions
 12 Months Ended
Dec. 31, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Acquisitions Acquisitions
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 $26.3 million. As a result of the transaction, the Company incurred a loss on unfavorable reacquired franchise rights of $0.1 million, which is included in other losses, net on the consolidated statement of operations. The loss incurred reduced the net purchase price to $26.2 million. 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:
(in thousands)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:
(in thousands)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.
v3.25.4
Sale of corporate-owned clubs
 12 Months Ended
Dec. 31, 2025
Discontinued Operations and Disposal Groups [Abstract]  
Sale of corporate-owned clubs Sale of corporate-owned clubs
On August 19, 2025, the Company sold 8 corporate-owned clubs located in California to a franchisee for $21.6 million. The net value of assets derecognized in connection with the sale amounted to $15.2 million, which included goodwill of $10.5 million, intangible assets of $0.2 million, and net tangible assets of $4.4 million. The transaction resulted in a gain on sale of corporate-owned clubs of $6.4 million during the year ended December 31, 2025, which was included in other (gain) loss, net on the consolidated statements of operations.
v3.25.4
Property and equipment
 12 Months Ended
Dec. 31, 2025
Property, Plant and Equipment [Abstract]  
Property and equipment Property and equipment
Property and equipment consists of the following: 
As of December 31,
(in thousands)20252024
Land$431 $431 
Equipment208,134 178,261 
Leasehold improvements457,680 395,353 
Buildings and improvements3,482 3,482 
Furniture & fixtures100,448 84,365 
Information technology and systems assets139,481 121,845 
Other2,727 2,206 
Construction in progress8,216 8,166 
Total property and equipment
$920,599 $794,109 
Accumulated depreciation(453,852)(370,118)
Total property and equipment, net
$466,747 $423,991 
The Company recorded depreciation expense of $119.0 million, $111.1 million and $97.9 million for the years ended December 31, 2025, 2024 and 2023, respectively.
v3.25.4
Investments
 12 Months Ended
Dec. 31, 2025
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 available-for-sale investments in marketable securities as of December 31, 2025 and 2024. As of December 31, 2025, the marketable securities had maturity dates ranging from less than one month to approximately 23 months. Realized gains and losses were insignificant for the years ended December 31, 2025 and 2024.
December 31, 2025
(in thousands)Amortized CostUnrealized Gains (Losses), Net
Fair Value(1)
Level 1Level 2
Cash equivalents
Money market funds$407 $— $407 $407 $— 
Total cash equivalents407 — 407 407 — 
Short-term marketable securities
Corporate debt securities99,371 205 99,576 — 99,576 
Commercial paper7,185 — 7,185 — 7,185 
Total short-term marketable securities106,556 205 106,761 — 106,761 
Long-term marketable securities
Corporate debt securities88,078 185 88,263 — 88,263 
Total long-term marketable securities88,078 185 88,263 — 88,263 
Total cash equivalents and marketable securities$195,041 $390 $195,431 $407 $195,024 
December 31, 2024
(in thousands)Amortized CostUnrealized Gains (Losses), Net
Fair Value(1)
Level 1Level 2
Cash equivalents
Money market funds$236 $— $236 $236 $— 
Commercial paper
3,996 — 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
Corporate debt securities98,915 181 99,096 — 99,096 
Commercial paper9,082 10 9,092 — 9,092 
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 
(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, 2025.
Held-to-maturity debt security
The Company has a debt security investment that consists of redeemable preferred shares with a contractual maturity in 2026, however, due to certain subordination clauses in the preferred share agreement, repayment obligations are subordinated to other instruments that mature in 2030. 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 and loss-given-default 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, and forward-looking financial forecasts. Based upon its analysis, the Company recorded a credit loss expense of $5.6 million, $1.1 million and $2.7 million during the years ended December 31, 2025, 2024, and 2023, respectively, on the adjustment of its allowance for credit losses within other income (expense), 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 $34.9 million and $32.5 million as of December 31, 2025 and 2024, respectively. The amortized cost, net of the allowance for expected credit losses, approximates fair value. The Company recognized dividend income of $2.3 million, $2.2 million and $2.1 million during the years ended December 31, 2025, 2024 and 2023, 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,
(in thousands)20252024
Beginning allowance for expected credit losses$18,834 $17,689 
Loss on adjustment of allowance for credit losses on held-to-maturity investment
5,590 1,145 
Write-offs, net of recoveries— — 
Ending allowance for expected credit losses$24,424 $18,834 
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, 2025 and 2024, the Company determined that no impairment of its equity method investments existed.
As of December 31, 2025 and 2024, the Company held a 22.0% and 21.8% ownership interest, respectively, 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 $12.5 million and $13.0 million, respectively. The difference between the carrying amount of the Company’s investment and the underlying amount of equity in net assets of the investment was $4.5 million and $5.4 million as of December 31, 2025 and 2024, respectively. This basis difference is 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 $0.6 million, $1.4 million and $1.0 million for the years ended December 31, 2025, 2024 and 2023, respectively, which included the amortization of basis difference of $0.3 million.
As of December 31, 2025 and 2024, 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 $46.8 million and $49.0 million, respectively. The difference between the carrying amount of the Company’s investment and the underlying amount of equity in net assets of the investment was $16.5 million and $21.7 million as of December 31, 2025 and 2024, respectively. This basis difference is 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 $2.2 million, $2.6 million and $1.0 million for the years ended December 31, 2025, 2024, and 2023, respectively, which included the amortization of basis difference of $0.7 million, $0.7 million and $0.2 million.
v3.25.4
Leases
 12 Months Ended
Dec. 31, 2025
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:
(in thousands)As of December 31,
LeasesBalance Sheet Classification20252024
Assets
OperatingRight of use asset, net$409,320 $395,174 
FinanceProperty and equipment, net 964 85 
Total lease assets$410,284 $395,259 
Liabilities
Current:
OperatingOther current liabilities$44,397 $37,031 
FinanceOther current liabilities203 70 
Noncurrent:
OperatingLease liabilities, net of current portion419,120 405,324 
FinanceOther liabilities773 20 
Total lease liabilities$464,493 $442,445 
Weighted-average remaining lease term - operating leases7.8 years7.7 years
Weighted-average discount rate - operating leases5.9%5.6%

The components of lease cost were as follows:
Years Ended December 31,
(in thousands)202520242023
Operating lease cost$78,003 $71,278 $64,187 
Variable lease cost28,618 27,716 22,718 
Total lease cost$106,621 $98,994 $86,905 

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,
(in thousands)202520242023
Cash paid, net, for lease liabilities$66,228 $58,231 $56,145 
Operating lease ROU assets obtained in exchange for operating lease liabilities, excluding Acquisitions$83,553 $63,475 $67,242 
Acquisition-related operating lease ROU assets obtained in exchange for operating lease liabilities
$— $— $5,424 
Maturities of lease liabilities as of December 31, 2025 were as follows:
(in thousands)Amount
2026$87,028 
202777,363 
202882,838 
202979,080 
203069,718 
Thereafter203,263 
Total lease payments$599,290 
Less: imputed interest(134,797)
Present value of future minimum lease liabilities
$464,493 
As of December 31, 2025, operating lease payments exclude approximately $33.6 million 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:
(in thousands)As of December 31,
LeasesBalance Sheet Classification20252024
Assets
OperatingRight of use asset, net$409,320 $395,174 
FinanceProperty and equipment, net 964 85 
Total lease assets$410,284 $395,259 
Liabilities
Current:
OperatingOther current liabilities$44,397 $37,031 
FinanceOther current liabilities203 70 
Noncurrent:
OperatingLease liabilities, net of current portion419,120 405,324 
FinanceOther liabilities773 20 
Total lease liabilities$464,493 $442,445 
Weighted-average remaining lease term - operating leases7.8 years7.7 years
Weighted-average discount rate - operating leases5.9%5.6%

The components of lease cost were as follows:
Years Ended December 31,
(in thousands)202520242023
Operating lease cost$78,003 $71,278 $64,187 
Variable lease cost28,618 27,716 22,718 
Total lease cost$106,621 $98,994 $86,905 

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,
(in thousands)202520242023
Cash paid, net, for lease liabilities$66,228 $58,231 $56,145 
Operating lease ROU assets obtained in exchange for operating lease liabilities, excluding Acquisitions$83,553 $63,475 $67,242 
Acquisition-related operating lease ROU assets obtained in exchange for operating lease liabilities
$— $— $5,424 
Maturities of lease liabilities as of December 31, 2025 were as follows:
(in thousands)Amount
2026$87,028 
202777,363 
202882,838 
202979,080 
203069,718 
Thereafter203,263 
Total lease payments$599,290 
Less: imputed interest(134,797)
Present value of future minimum lease liabilities
$464,493 
As of December 31, 2025, operating lease payments exclude approximately $33.6 million of legally binding minimum lease payments for leases signed but not yet commenced.
v3.25.4
Goodwill and intangible assets
 12 Months Ended
Dec. 31, 2025
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:
(in thousands)FranchiseCorporate-owned ClubsEquipment
Amount
Goodwill at December 31, 2024
$16,938 $611,029 $92,666 $720,633 
Acquisitions
— 1,878 — 1,878 
Sale of corporate-owned clubs— (10,546)— (10,546)
Foreign currency translation
— 485 — 485 
Goodwill at December 31, 2025
$16,938 $602,846 $92,666 $712,450 

In December 2025, the Company’s operating entity in Spain completed an immaterial acquisition of two clubs. The acquisition resulted in the addition of $1.9 million 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, 2025December 31, 2024
(in thousands)Gross
carrying
amount		Accumulated
amortization		Net carrying
Amount		Gross
carrying
amount		Accumulated
amortization		Net carrying
Amount
Finite-lived intangible assets:
Customer relationships$199,043 $(186,199)$12,844 $199,043 $(183,046)$15,997 
Reacquired franchise rights274,708 (147,547)127,161 274,708 (113,987)160,721 
Total finite-lived intangible assets473,751 (333,746)140,005 473,751 (297,033)176,718 
Indefinite-lived intangible assets:
Trade and brand names146,404 — 146,404 146,600 — 146,600 
Total intangible assets$620,155 $(333,746)$286,409 $620,351 $(297,033)$323,318 
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 $36.8 million, $49.2 million, and $51.5 million for the years ended December 31, 2025, 2024 and 2023, respectively. The anticipated annual amortization expense to be recognized in future years as of December 31, 2025 is as follows:
(in thousands)Amount
2026$32,079 
202727,956 
202827,300 
202923,675 
203017,920 
Thereafter11,075 
Total$140,005 
v3.25.4
Long-term debt
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Long-term debt Long-term debt
Long-term debt consists of the following:
As of December 31,
(in thousands)20252024
2019-1 Class A-2 notes517,000 522,500 
2022-1 Class A-2-I notes— 413,312 
2022-1 Class A-2-II notes457,188 461,938 
2024-1 Class A-2-I notes419,688 423,938 
2024-1 Class A-2-II notes370,312 374,062 
2025-1 Class A-2-I notes400,000 — 
2025-1 Class A-2-II notes350,000 — 
Total debt, excluding deferred financing costs2,514,188 2,195,750 
Deferred financing costs, net of accumulated amortization(31,934)(25,221)
Total debt, net
2,482,254 2,170,529 
Current portion of long-term debt23,875 22,500 
Long-term debt, net of current portion$2,458,379 $2,148,029 
Future annual principal payments of long-term debt as of December 31, 2025 are as follows:
(in thousands)Amount
2026$23,875 
202725,750 
202825,750 
2029923,438 
2030397,000 
Thereafter1,118,375 
Total$2,514,188 
The carrying value and estimated fair value of long-term debt were as follows:
December 31, 2025December 31, 2024
(in thousands)Carrying value
Estimated fair value(1)
Carrying value
Estimated fair value(1)
Long-term debt$2,514,188 $2,486,700 $2,195,750 $2,082,034 
(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.
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 $625.0 million.
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 $550.0 million. 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 Class A-2-I Notes and an issuance of Series 2022-1 3.251% Fixed Rate Senior Secured Notes, Class A-2-I (the “2022 Class A-2-I Notes”) with an initial principal amount of $425.0 million and Series 2022-1 4.008% Fixed Rate Senior Secured Notes, Class A-2-II (the “2022 Class A-2-II Notes” and together with the 2022 Class A-2-I Notes, the “2022 Notes”) with an initial principal amount of $475.0 million (the “2022 Notes”), and also entered into a revolving financing facility that allows for the issuance of up to $75.0 million in Variable Funding Notes (the “2022 Variable Funding Notes”) and certain Letters of Credit (the issuance of such notes, the “Series 2022-1 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 (the “2024 Class A-2-I Notes”) with an initial principal amount of $425.0 million and Series 2024-1 6.237% Fixed Rate Senior Secured Notes, Class A-2-II (the “2024 Class A-2-II Notes” and together with the 2024 Class A-2-I Notes, the “2024 Notes”) with an initial principal amount of $375.0 million. The 2024 Notes were issued under the 2018 Indenture and a related supplemental indenture dated June 12, 2024 (together, the “2024 Indenture” and the issuance of such notes, the “Series 2024-1 Issuance”).
On December 15, 2025, the Company completed a prepayment in full of its 2022-1 Class A-2-I Notes and an issuance of Series 2025-1 5.274% Fixed Rate Senior Secured Notes, Class A-2-I (the “2025 Class A-2-I Notes”) with an initial principal amount of $400.0 million and Series 2025-1 5.649% Fixed Rate Senior Secured Notes, Class A-2-II (the “2025 Class A-2-II Notes” and together with the 2025 Class A-2-I Notes, the “2025 Notes” and, together with the 2018 Notes, 2019 Notes, 2022 Notes, and 2024 Notes, the “Notes”) with an initial principal amount of $350.0 million, and also entered into a new revolving financing facility that allows for the issuance of up to $75.0 million in Variable Funding Notes (the “2025 Variable Funding Notes”) and certain Letters of Credit (the issuance of such notes, the “Series 2025-1 Issuance”). The 2025 Notes were issued under the 2018 Indenture and a related supplemental indenture dated December 15, 2025 (together, with the 2019 Indenture, 2022 Indenture, and the 2024 Indenture, the “Indenture”). Together, the Notes, the 2022 Variable Funding Notes and the 2025 Variable Funding Notes will be referred to as the “Securitized Senior Notes”.
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-II Notes will be repaid in or prior to December 2031 (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”).The legal final maturity date of the 2025 Notes is in December 2055, but it is anticipated that, unless earlier prepaid to the extent permitted under the Indenture, the 2025 Class A-2-I Notes will be repaid in or prior to December 2030 and the 2025 Class A-2-II Notes will be repaid in or prior to December 2032 (together, the “2025 Notes Anticipated Repayment Dates” and together with the 2019 Notes Anticipated Repayment Date, the 2022 Notes Anticipated Repayment Dates and the 2024 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.
If outstanding, the 2022 Variable Funding Notes and 2025 Variable Funding Notes will each 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 applicable Variable Funding Notes. There is a commitment fee on the unused portion of each series of Variable Funding Notes of 0.5% based on utilization. It is anticipated that the principal and interest on the 2022 Variable Funding Notes and 2025 Variable Funding Notes, if any, will be repaid in full on or prior to December 2026 and December 2028, respectively, in each case subject to two additional one-year extension options. Following the applicable anticipated repayment date (and any extensions thereof), additional interest will accrue on each series of Variable Funding Notes equal to 5.0% per year.
In connection with the issuance of the 2019 Notes, 2022 Notes, 2024 Notes, and 2025 Notes, the Company incurred debt issuance costs of $10.6 million, $16.2 million, $12.1 million, and $13.8 million, 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 2022 Class A-2-I Notes and 2018 Class A-2-II Notes prior to their respective Anticipated Repayment Dates, the Company recorded a loss on early extinguishment of debt of $1.7 million and $2.3 million during the years ended December 31, 2025 and 2024, respectively, within interest expense on the consolidated statements of operations, consisting of the write-off of remaining unamortized deferred financing costs of the respective 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 $50.0 million (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 $50.0 million 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, 2025, the Company had restricted cash held by the Trustee of $66.3 million.
v3.25.4
Revenue from contract with customers
 12 Months Ended
Dec. 31, 2025
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 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, 2024 and December 31, 2025:
(in thousands)
Amount
Balance at December 31, 2024
$94,101 
Revenue recognized that was included in the contract liability at the beginning of the year(62,752)
Increase, excluding amounts recognized as revenue during the period56,901 
Balance at December 31, 2025
$88,250 

The following table illustrates estimated revenues expected to be recognized in the future related to performance obligations from contract liabilities that are unsatisfied, or partially unsatisfied, as of December 31, 2025. 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.
(in thousands)Amount
2026$58,593 
20274,481 
20283,388 
20293,026 
20302,694 
Thereafter16,068 
Total$88,250 
The summary set forth below represents the balances in deferred revenue:
As of December 31,
(in thousands)20252024
Prepaid membership fees$17,319 $17,224 
Enrollment fees3,294 3,348 
Equipment discount262 3,235 
Annual membership fees34,577 34,956 
Area development and franchise fees32,798 35,338 
Total deferred revenue88,250 94,101 
Long-term portion of deferred revenue29,657 31,990 
Current portion of deferred revenue$58,593 $62,111 
Equipment deposits received in advance of delivery as of December 31, 2025 were $10.2 million and are expected to be recognized as revenue in the next 12 months.
v3.25.4
Related party transactions
 12 Months Ended
Dec. 31, 2025
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,
(in thousands)202520242023
Franchise revenue
$9,140 $8,171 $6,113 
Equipment revenue
3,221 13,804 7,295 
Total revenue from related parties$12,361 $21,975 $13,408 
The Company had $5.4 million and $6.2 million of receivables attributable to related parties as of December 31, 2025 and 2024, respectively, which are included in accounts receivables, net on the consolidated balance sheets.
Additionally, the Company had deferred ADA and franchise agreement revenue from related parties of $0.8 million and $0.6 million as of December 31, 2025 and 2024, respectively.
As of December 31, 2025 and 2024, the Company had $83.9 million and $88.1 million, 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 $10.0 million 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, 2025 and 2024, $5.1 million and $2.1 million, respectively, was issued and outstanding on the promissory note. During the year ended December 31, 2025, interest receivable accrued on the outstanding promissory note was $0.3 million. An immaterial amount of interest receivable was accrued during the year ended December 31, 2024. The outstanding amount of the promissory note is included in other receivables in 2025 and other assets, net in 2024 on the consolidated balance sheets.
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 $6.6 million, $5.9 million and $3.7 million for the years ended December 31, 2025, 2024 and 2023, 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 $0.5 million, $0.4 million, and $0.4 million during the years ended December 31, 2025, 2024 and 2023, respectively. As of December 31, 2025 and 2024, the software was being utilized at 280 and 245 corporate-owned clubs, respectively, and approximately 912 and 765 franchise clubs, respectively.
For the year ended December 31, 2023, the Company incurred approximately $0.5 million, 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.
v3.25.4
Stockholders’ equity
 12 Months Ended
Dec. 31, 2025
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.
Other Exchanges
During the years ended December 31, 2025, 2024 and 2023, respectively, certain Continuing LLC Owners have exercised their exchange right and exchanged 25,713, 1,055,326 and 4,748,555 Holdings Units, respectively, for an equal number of newly-issued shares of Class A common stock. Simultaneously, and in connection with these exchanges, an identical number of shares of Class B common stock were surrendered by the Continuing LLC Owners and canceled and the Company received a corresponding number of Holdings Units, 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, 2025:
•the public investors collectively owned 80,445,965 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 316,128 Holdings Units, representing 0.4% of the economic interest in Pla-Fit Holdings and 316,128 shares of our Class B common stock, representing 0.4% of the voting power in the Company;
Share repurchase programs
2022 share repurchase program
On November 4, 2022, the Company’s board of directors approved a share repurchase program of up to $500.0 million, which replaced the 2019 share repurchase program. During the year ended December 31, 2023, the Company repurchased and retired 1,698,753 shares of Class A common stock for a total cost of $125.0 million. A share repurchase excise tax of $1.0 million was also incurred as a result of new legislation that went into effect beginning in 2023.
On June 12, 2024, the Company entered into a $280.0 million accelerated share repurchase agreement (the “2024 ASR Agreement”) with Citibank, N.A. (the “Bank”). Pursuant to the terms of the 2024 ASR Agreement, on June 14, 2024, the Company paid the Bank $280.0 million 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 $224.0 million, representing 80% of the total 2024 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 2024 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 2024 ASR Agreement. The 2024 ASR Agreement had been evaluated as an unsettled forward contract indexed to our Class A common stock, with $56.0 million 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 $20.0 million during the year ended December 31, 2024. A share repurchase excise tax of $2.5 million 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 $500.0 million (the “2024 Share Repurchase Program”) to replace the 2022 share repurchase program, contingent upon the completion of the 2024 ASR Agreement. The 2024 Share Repurchase Program became effective on September 16, 2024 upon the completion of the 2024 ASR Agreement.
On December 12, 2025, the Company entered into a $350.0 million accelerated share repurchase agreement (the “2025 ASR Agreement”) with Citibank, N.A. Pursuant to the terms of the 2025 ASR Agreement, on December 16, 2025, the Company paid the Bank $350.0 million in cash and received 2,548,234 shares of the Company’s Class A common stock, which were retired, and the Company recorded an increase to accumulated deficit of $280.0 million, representing 80% of the total 2025 ASR Agreement value based on the closing price of the Company’s Class A common stock on the commencement date of the transaction. The remaining 20% of the total 2025 ASR Agreement value has been evaluated as an unsettled forward contract indexed to our Class A common stock, with $70.0 million classified as an increase to accumulated deficit. The 2025 ASR Agreement contains provisions customary for agreements of this type, including provisions for adjustments to the transaction terms, the circumstances generally under which the 2025 ASR Agreement may be accelerated, extended or terminated early by the Bank and various acknowledgments, representations and warranties made by the parties to one another.
Subsequent to the year ended December 31, 2025, final settlement of the 2025 ASR Agreement occurred on January 12, 2026 where the Bank delivered and the Company retired an additional 754,644 shares of the Company’s Class A common stock. 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 $108.76 during the term of the transaction, less a discount and subject to adjustments pursuant to the terms and conditions of the 2025 ASR Agreement.
Additionally, the Company repurchased and retired 1,502,411 shares of Class A common stock for a total cost of $150.0 million during the year ended December 31, 2025. A share repurchase excise tax of $4.2 million was recorded in connection with the Company’s share repurchases during the year ended December 31, 2025.
2025 share repurchase program
On December 15, 2025, the Company’s board of directors approved a share repurchase program of up to $500.0 million (the “2025 Share Repurchase Program”) to replace the 2024 share repurchase program, contingent upon the completion of the 2025 ASR Agreement. The 2025 Share Repurchase Program became effective on January 12, 2026 upon the completion of the 2025 ASR Agreement.
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, 2025, 2024 or 2023.
Preferred stock
The Company had 50,000,000 preferred stock shares authorized and none issued or outstanding for the years ended December 31, 2025 or 2024.
v3.25.4
Equity-based compensation
 12 Months Ended
Dec. 31, 2025
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,
(in thousands)202520242023
RSUs
$8,786 $6,954 $5,699 
PSUs
3,064 1,405 795 
Stock options
11 138 1,004 
ESPP
472 416 408 
Total(1)
$12,333 $8,913 $7,906 
(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.
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 in an amount up to 7,896,800 shares to employees, directors and officers.
In May 2025, the Company adopted the 2025 Omnibus Incentive Plan (the “2025 Plan”) under which the Company may grant options and other equity-based awards in an amount up to 5,681,700 shares to employees, directors and officers. In connection with the adoption of the 2025 Plan, the 2015 Plan was terminated and the remaining unallocated share reserve was cancelled, and no new awards will be granted under the 2015 Plan.
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, 2025
202,324 $70.65 
Granted80,697 $97.30 
Vested(116,254)$72.66 
Forfeited(9,006)$76.72 
Unvested outstanding at December 31, 2025
157,761 $82.46 
The weighted-average grant-date fair value per share of RSUs granted was $68.85 and $75.71 for the years ended December 31, 2024 and 2023, respectively. The total fair value of RSUs vested was $8,447, $5,956, and $3,997 for the years ended December
31, 2025, 2024, and 2023, respectively. As of December 31, 2025, total unrecognized compensation expense related to unvested RSUs was $4,968, which is expected to be recognized over a weighted-average period of 1.3 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, 2025
99,123 $70.66 
Granted65,564 $96.62 
Vested(8,437)$82.39 
Forfeited(17,289)$74.67 
Unvested outstanding at December 31, 2025
138,961 $81.70 
Expected to vest at December 31, 2025
141,986 $82.10 
The weighted-average grant-date fair value per share of PSUs granted was $66.99 and $75.28 for the years ended December 31, 2024 and 2023, respectively. As of December 31, 2025, total unrecognized compensation expense related to unvested PSUs was $6,547, which is expected to be recognized over a weighted average period of 1.9 years.
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 following summarizes stock option activity for the year ended December 31, 2025: 
 Stock OptionsWeighted average
exercise price		Weighted average remaining contractual term (years)
Aggregate intrinsic value
(in thousands)
Outstanding at January 1, 2025
88,592 $52.64 
Granted— $— 
Exercised(10,986)$62.95 $431 
Forfeited(4,243)$78.25 
Outstanding at December 31, 2025
73,363 $49.62 3.0$4,317 
Vested or expected to vest at December 31, 2025
73,363 $49.62 3.0$4,317 
Exercisable at December 31, 2025
69,724 $48.06 2.9$4,212 
The aggregate intrinsic value of options exercised was $13,246 and $8,776 for the years ended December 31, 2024 and 2023, respectively. As of December 31, 2025, the total unrecognized compensation expense related to unvested stock options was immaterial and is expected to be fully recognized during 2026.
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, 2025, 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, 2025, employees purchased 14,528 shares under the ESPP.
v3.25.4
Earnings per share
 12 Months Ended
Dec. 31, 2025
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,
(in thousands, except share and per share amounts)
202520242023
Numerator
Net income
$220,264 $174,243 $147,035 
Less: net income attributable to non-controlling interests
1,160 2,201 8,722 
Net income attributable to Planet Fitness, Inc. - basic & diluted
$219,104 $172,042 $138,313 
Denominator
Weighted-average shares of Class A common stock outstanding - basic83,518,664 85,621,282 84,896,397 
Effect of dilutive securities:
Stock options39,967 101,671 232,630 
Restricted stock units103,103 63,913 44,785 
Performance stock units64,091 40,571 11,106 
Weighted-average shares of Class A common stock outstanding - diluted83,725,825 85,827,437 85,184,918 
Earnings per share of Class A common stock - basic
$2.62 $2.01 $1.63 
Earnings per share of Class A common stock - diluted
$2.62 $2.00 $1.62 
The number of weighted-average common stock equivalents excluded from the computation of diluted net income per share because the effect would have been anti-dilutive were as follows:
Years Ended December 31,
202520242023
Class B common stock
326,625709,0673,735,109
Stock options6015,014248,647
Restricted stock units1861,8914,251
Performance stock units7062,3141,276
Total
328,118718,2863,989,283
v3.25.4
Income taxes
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Income taxes Income taxes
The Company adopted ASU No. 2023‑09, Improvements to Income Tax Disclosures, effective for the fiscal year ended December 31, 2025. In accordance with the transition guidance, the Company applied the amendments prospectively. As a result, the disclosures required by ASU 2023‑09 are presented for fiscal year 2025 only and prior periods have not been restated.
Income before the provision for income taxes as shown in the accompanying consolidated statements of operations is as follows:
 Years Ended December 31,
(in thousands)202520242023
Domestic$318,968 $249,145 $205,890 
Foreign(9,990)(2,417)1,651 
Total income before the provision for income taxes
$308,978 $246,728 $207,541 
The provision for income taxes consists of the following:
 Years Ended December 31,
(in thousands)202520242023
Current:
Federal$7,143 $4,752 $2,338 
State13,386 6,743 3,853 
Foreign1,469 1,259 1,132 
Total current tax expense
21,998 12,754 7,323 
Deferred:
Federal63,631 47,338 41,010 
State299 8,516 10,136 
Foreign(54)(165)43 
Total deferred tax expense63,876 55,689 51,189 
Provision for income taxes$85,874 $68,443 $58,512 
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.
The following table provides a reconciliation of the U.S. statutory income tax rate to the Company’s provision for income taxes and respective effective tax rate disaggregated by required category for the year ended December 31, 2025 in accordance with ASU 2023‑09.
 
Year Ended December 31,
 2025
(in thousands)AmountTax Rate %
U.S. federal statutory income tax rate$65,067 21.0 %
Domestic federal:
Nontaxable or non-deductible items2,887 0.9 %
Change in valuation allowance1,432 0.5 %
Effect of cross-border tax laws(262)(0.1)%
Other reconciling items453 0.2 %
Domestic state and local taxes, net of federal benefit12,056 3.9 %
Foreign tax effects:
Spain:
Change in valuation allowance2,520 0.8 %
Other foreign jurisdictions1,537 0.5 %
Worldwide changes in unrecognized tax benefits183 0.1 %
Effective tax rate$85,874 27.8 %
The majority of the Company's domestic state and local income taxes impacting the effective tax rate in the table above relates to New York, Florida, California and New Hampshire.
A reconciliation of the U.S. statutory income tax rate to the Company’s effective tax rate is as follows:
 Years Ended December 31,
 20242023
U.S. statutory tax rate21.0 %21.0 %
State and local taxes, net of federal benefit4.6 %4.2 %
State rate change impact on deferred taxes(0.3)%1.4 %
Tax benefit arrangement liability adjustment0.1 %(0.2)%
Foreign tax rate differential0.1 %0.1 %
Withholding taxes and other1.4 %0.8 %
Change in valuation allowance0.5 %0.3 %
Equity-based compensation(0.1)%(0.1)%
Non-deductible executive compensation
0.6 %1.6 %
Income attributable to non-controlling interests(0.2)%(0.9)%
Effective tax rate27.7 %28.2 %
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,
(in thousands)20252024
Deferred tax assets:
Deferred revenue$7,332 $6,814 
Goodwill and intangible assets404,531 452,587 
Net operating loss8,295 22,825 
Lease liabilities114,475 113,194 
Equity-based compensation1,490 2,557 
Equity method investment
3,553 3,486 
Allowance for current expected credit loss6,259 4,769 
Other4,839 3,293 
Deferred tax assets550,774 609,525 
Valuation allowance(10,380)(6,579)
Deferred tax assets, net of valuation allowance540,394 602,946 
Deferred tax liabilities:
Property and equipment(37,024)(37,133)
Right of use assets(97,823)(97,002)
Total deferred tax liabilities(134,847)(134,135)
Total deferred tax assets and liabilities$405,547 $468,811 
Reported as:
Deferred income taxes - non-current assets$406,724 $470,197 
Deferred income taxes - non-current liabilities(1,177)(1,386)
Total deferred tax assets and liabilities$405,547 $468,811 
As of December 31, 2025, we had a net deferred tax asset of $405.5 million, primarily resulting from tax attributes generated from past exchanges 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, 2025 and 2024, the Company has continued to provide a valuation allowance of $10.4 million and $6.6 million, 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, 2025, the Company had federal net operating loss carryforwards of $7.5 million, with an indefinite lived carryforward. These losses were generated in 2020 and 2021. The Company also has $50.2 million of state net operating loss carryforwards of which $49.1 million have various expirations from 2026 to 2041 and $1.1 million 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,
(in thousands)20252024
Balance at beginning of year$297 $273 
Increase related to current year tax positions162 59 
Decrease related to prior year tax positions— (35)
Balance at end of year$459 $297 
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 2022 through 2025 remain open to examination by the tax authorities in these jurisdictions.
The following table provides details of cash paid for income taxes, net of refunds received, disaggregated by federal, state and foreign jurisdictions for the year ended December 31, 2025 in accordance with ASU 2023‑09. Significant individual jurisdictions are disclosed separately, while all others are aggregated.
 
For the Year Ended December 31,
(in thousands)2025
U.S. Federal$9,140 
U.S. State & Local
California1,510 
Florida1,415 
New Hampshire1,236 
Other U.S. state and local jurisdictions5,594 
Total U.S. State & Local9,755 
Foreign2,555 
Net cash paid for income taxes$21,450 
The Company paid cash of $12.1 million and $5.3 million for income taxes, net of refunds received, during the years ended December 31, 2024 and 2023, respectively.
Tax benefit arrangements
The Company recorded other expense of $2.4 million and $1.3 million and other income of $2.0 million in the years ended December 31, 2025, 2024 and 2023, 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.
Certain existing holders of Holdings Units exercised their exchange rights and exchanged Holdings Units 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 these exchanges and other activity, the Company recognized deferred tax assets and tax benefit arrangement liabilities, each recorded with offsets to additional paid-in-capital within stockholders’ deficit, as summarized below:
Years Ended December 31,
(in thousands, except share amounts)20252024
Holding units exchanged25,713 1,055,326 
Net deferred tax assets$749 $21,835 
Tax benefit arrangement liabilities(1)
$732 $14,899 
(1) Represents approximately 85% of the tax benefit generated by TRA Holders who exchanged shares and participate in the tax benefit arrangements.
The tax benefit obligation was $415.8 million and $466.9 million as of December 31, 2025 and 2024, respectively.
Projected future payments under the tax benefit arrangements are as follows:
(in thousands)Amount
2026$55,518 
202741,498 
202842,612 
202944,442 
203047,103 
Thereafter184,618 
Total$415,791 
v3.25.4
Commitments and contingencies
 12 Months Ended
Dec. 31, 2025
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.
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 $8.6 million 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 $6.3 million during 2023. On October 20, 2023, the Company finalized its settlement with the franchisee in Mexico for $31.6 million, 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 $17.0 million.
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, 2025, the Company had advertising purchase commitments of approximately $77.0 million, including commitments made by the NAFs. In addition, the Company had open purchase orders of approximately $28.4 million 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 $3.7 million and $4.5 million as of December 31, 2025 and 2024, 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, 2025 and 2024, no accrual has been recorded for the Company’s potential obligation under its guaranty arrangement.
v3.25.4
Retirement plan
 12 Months Ended
Dec. 31, 2025
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 $1.6 million, $1.5 million, and $1.4 million for the years ended December 31, 2025, 2024 and 2023, respectively.
v3.25.4
Segments
 12 Months Ended
Dec. 31, 2025
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 table summarizes total revenue and total Segment Adjusted EBITDA for the Company’s reportable segments.
 Years Ended December 31,
(in thousands)202520242023
Revenue
Franchise$467,958 $423,247 $387,929 
Corporate-owned clubs546,097 502,287 449,296 
Equipment310,089 256,120 234,101 
Total revenue$1,324,144 $1,181,654 $1,071,326 
Segment Adjusted EBITDA
Franchise$336,592 $301,122 $273,008 
Corporate-owned clubs206,347 188,751 173,322 
Equipment94,478 71,778 56,362 
Segment Adjusted EBITDA$637,417 $561,651 $502,692 
The following tables summarize the significant expense categories and amounts for each of the Company’s reportable segments and align with the segment level information that is regularly provided to the CODM:
Franchise SegmentYears Ended December 31,
(in thousands)202520242023
Selling, general and administrative
$34,394 $32,514 $35,654 
National advertising fund expense87,580 79,009 70,095 
Cost of revenue10,242 9,892 9,493 
Other segment expenses (income), net(1)
(850)710 (320)
Total$131,366 $122,125 $114,921 
(1) Other segment expenses (income), net for the franchise segment includes other (gains) losses, net, and other income (expense), net.
Corporate-owned Clubs SegmentYears Ended December 31,
(in thousands)202520242023
Rent & occupancy(1)
$127,079 $117,392 $102,399 
Club compensation and payroll(1)
97,758 87,212 75,222 
Marketing(1)
47,730 43,137 39,642 
Operational and other(1)
45,978 42,128 35,718 
Selling, general and administrative14,117 18,027 16,891 
Other segment expenses, net(2)
7,088 5,640 6,102 
Total$339,750 $313,536 $275,974 
(1) Club compensation and payroll, rent and occupancy, marketing, and operational and other are included within club operations expense in the consolidated statements of operations. Operational and other primarily consists of repairs and maintenance expense, transaction fees, club supplies, personal property tax expense and other expenses incurred in the operation of each corporate-owned club.
(2) Other segment expenses, net for the corporate-owned clubs segment includes cost of revenue, other (gains) losses, net, and other income (expense), net.
Equipment SegmentYears Ended December 31,
(in thousands)202520242023
Cost of revenue
$213,476 $181,545 $174,846 
Other segment expenses, net(1)
2,135 2,797 2,893 
Total$215,611 $184,342 $177,739 
(1) Other segment expenses, net for the equipment segment includes selling, general, and administrative expenses, other (gains) losses, net, and other income (expense), net.
Capital expenditures for the corporate-owned clubs segment were $147.4 million, $131.8 million and $112.2 million for the years ended December 31, 2025, 2024 and 2023, respectively. The CODM does not review capital expenditures related to the franchise or equipment segments.
The following table reconciles total Segment Adjusted EBITDA to consolidated income before taxes:
 Years Ended December 31,
(in thousands)202520242023
Segment Adjusted EBITDA
Franchise$336,592 $301,122 $273,008 
Corporate-owned clubs206,347 188,751 173,322 
Equipment94,478 71,778 56,362 
Segment Adjusted EBITDA
637,417 561,651 502,692 
Depreciation and amortization(155,785)(160,346)(149,413)
Interest income22,999 23,115 17,741 
Interest expense(108,244)(100,037)(86,576)
Losses from equity-method investments, net of tax2,840 4,042 1,994 
Corporate and other unallocated expenses, net(1)
(90,249)(81,697)(78,897)
Income before income taxes$308,978 $246,728 $207,541 
(1) Corporate and other unallocated expenses, net includes corporate overhead costs, such as payroll and related benefit costs and professional services that are not directly attributable to any individual segment and thus are unallocated and certain other gains and charges that the CODM does not consider in her evaluation of the Company’s reportable segments.

The following table summarizes geographic information about the Company’s revenue, based on customer location:
 Years Ended December 31,
(in thousands)202520242023
United States$1,284,622 $1,141,550 $1,042,784 
Rest of world39,522 40,104 28,542 
Total revenue$1,324,144 $1,181,654 $1,071,326 

The following table summarizes geographic information about the Company’s long-lived assets, net, excluding goodwill and other intangible assets:
As of December 31,
(in thousands)20252024
United States$913,906 $882,022 
Rest of world65,609 21,414 
Total long-lived assets, net$979,515 $903,436 
v3.25.4
Corporate-owned and franchisee-owned clubs
 12 Months Ended
Dec. 31, 2025
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,
 202520242023
Franchisee-owned clubs:
Clubs operated at beginning of period2,445 2,319 2,176 
New clubs opened or acquired
158 129 147 
Clubs refranchised(1)
8 — 5 
Clubs debranded, sold or consolidated(2)
(7)(3)(9)
Clubs operated at end of period2,604 2,445 2,319 
Corporate-owned clubs:
Clubs operated at beginning of period277 256 234 
New clubs opened or acquired
23 21 18 
Clubs refranchised(1)
(8)— (5)
Clubs acquired from franchisees— — 9 
Clubs operated at end of period292 277 256 
Total clubs:
Clubs operated at beginning of period2,722 2,575 2,410 
New clubs opened181 150 165 
Clubs debranded, sold or consolidated(2)
(7)(3)— 
Clubs operated at end of period2,896 2,722 2,575 
(1) The term “refranchised” refers to corporate-owned clubs which were sold to an existing franchisee group.
(2) 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.
v3.25.4
Valuation and Qualifying Accounts
 12 Months Ended
Dec. 31, 2025
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, 2025$30 $857 $459 $428 
December 31, 2024$— $43 $13 $30 
December 31, 2023$— $— $— $— 
Allowance For Credit Losses On Held To Maturity Investment:
(in thousands)Balance at Beginning of PeriodLoss on adjustment of allowance for credit losses on held-to-maturity investmentWrite-offs and otherBalance at End of Period
December 31, 2025$18,834 $5,590 $— $24,424 
December 31, 2024$17,689 $1,145 $— $18,834 
December 31, 2023$14,957 $2,732 $— $17,689 
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, 2025$6,579 $3,801 $— $10,380 
December 31, 2024$4,940 $1,639 $— $6,579 
December 31, 2023$4,037 $903 $— $4,940 
v3.25.4
Insider Trading Arrangements
 3 Months Ended
Dec. 31, 2025
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
v3.25.4
Insider Trading Policies and Procedures
 12 Months Ended
Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true
v3.25.4
Cybersecurity Risk Management and Strategy Disclosure
 12 Months Ended
Dec. 31, 2025
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 informed by industry standards and best practices 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 Senior Director of Information 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 informed by industry standards and best practices 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, Senior Director of Information Security and 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, Senior Director of Information Security and 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 and Senior Director of Information Security 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 [Flag] true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block] The Vice President of IT Security, Senior Director of Information Security and 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, Senior Director of Information Security and 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 and Senior Director of Information Security 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
v3.25.4
Summary of significant accounting policies (Policies)
 12 Months Ended
Dec. 31, 2025
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 the legal entities of our franchisee-owned clubs and certain other entities. The Company is not deemed to be the primary beneficiary of the legal entities of our franchisee-owned clubs, 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. See Note 3 for further information related to the NAF.
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”) within statutory limits. The Company maintains balances in excess of the statutory 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. The Company had one customer who represented 15% as of December 31, 2025 and another customer who represented 12% as of December 31, 2024, 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, corporate-owned clubs revenue and equipment 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 NAF and the Canadian Advertising Fund (“CAF” and collectively with the NAF, the “NAFs”, the contributions to which we refer as “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 the NAFs, 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.
Membership 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 corresponding 12-month 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 U.S., 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 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 $47.7 million, $43.1 million and $39.6 million for the years ended December 31, 2025, 2024 and 2023, 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 $2.0 million, $0.3 million and $2.5 million for the years ended December 31, 2025, 2024 and 2023, 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, 2025 the Company has recorded a liability of $415.8 million 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 a contractual maturity in 2026, however, due to certain subordination clauses in the preferred share agreement, repayment obligations are subordinated to other instruments that mature in 2030. 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 and loss-given-default 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, 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. 2023-09, 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 Company adopted the new guidance beginning for fiscal year 2025. See Note 16 for the Company’s disclosures in accordance with this new guidance.
The FASB issued ASU No. 2024-03, Disaggregation of Income Statement Expenses, in November 2024. The standard requires disaggregated disclosures in the notes to the consolidated financial statements of certain expense categories that are included in expense line items on the face of the income statement. The new standard is effective for fiscal years beginning after December 15, 2026 on a prospective basis with the option to apply it retrospectively, and for interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating the impact of adoption on our financial disclosures.
The FASB issued ASU No. 2025-06, Targeted Improvements to the Accounting for Internal-Use Software, in September 2025. The standard modernizes the capitalization criteria for internal-use software, eliminating references to project stages and instead requiring that projects meet completion probability criteria before costs can be capitalized. The new standard is effective for fiscal years beginning after December 15, 2027 and can be applied using a prospective, retrospective, or modified transition approach. Early adoption is permitted as of the beginning of an annual reporting period. The Company is currently evaluating the impact of adoption on our consolidated financial statements and disclosures.
v3.25.4
Summary of significant accounting policies (Tables)
 12 Months Ended
Dec. 31, 2025
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,
202520242023
Vendor A72%74%72%
Vendor B15%16%21%
The percentages of advertising purchases from vendors that represent 10% or more of total advertising purchases was as follows:
Years Ended December 31,
202520242023
Vendor A41%34%38%
Vendor B25%23%24%
Vendor C
*13%18%
* 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 9 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,
(in thousands)20252024
Land$431 $431 
Equipment208,134 178,261 
Leasehold improvements457,680 395,353 
Buildings and improvements3,482 3,482 
Furniture & fixtures100,448 84,365 
Information technology and systems assets139,481 121,845 
Other2,727 2,206 
Construction in progress8,216 8,166 
Total property and equipment
$920,599 $794,109 
Accumulated depreciation(453,852)(370,118)
Total property and equipment, net
$466,747 $423,991 
v3.25.4
National advertising fund (Tables)
 12 Months Ended
Dec. 31, 2025
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,
(in thousands)20252024
Assets
Cash & cash equivalents$7,502 $10,951 
Other current assets2,193 2,727 
Total current assets$9,695 $13,678 
Liabilities
Accounts payable$1,929 $2,078 
Accrued expenses and other current liabilities6,921 7,488 
Total current liabilities$8,850 $9,566 
v3.25.4
Acquisitions (Tables)
 12 Months Ended
Dec. 31, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Schedule of Purchase Consideration Allocation
The allocation of the purchase consideration was as follows:
(in thousands)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 Florida Acquisition and their estimated useful lives in years as of the date of the acquisition:
(in thousands)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 
v3.25.4
Property and equipment (Tables)
 12 Months Ended
Dec. 31, 2025
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 9 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,
(in thousands)20252024
Land$431 $431 
Equipment208,134 178,261 
Leasehold improvements457,680 395,353 
Buildings and improvements3,482 3,482 
Furniture & fixtures100,448 84,365 
Information technology and systems assets139,481 121,845 
Other2,727 2,206 
Construction in progress8,216 8,166 
Total property and equipment
$920,599 $794,109 
Accumulated depreciation(453,852)(370,118)
Total property and equipment, net
$466,747 $423,991 
v3.25.4
Investments (Tables)
 12 Months Ended
Dec. 31, 2025
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 available-for-sale investments in marketable securities as of December 31, 2025 and 2024. As of December 31, 2025, the marketable securities had maturity dates ranging from less than one month to approximately 23 months. Realized gains and losses were insignificant for the years ended December 31, 2025 and 2024.
December 31, 2025
(in thousands)Amortized CostUnrealized Gains (Losses), Net
Fair Value(1)
Level 1Level 2
Cash equivalents
Money market funds$407 $— $407 $407 $— 
Total cash equivalents407 — 407 407 — 
Short-term marketable securities
Corporate debt securities99,371 205 99,576 — 99,576 
Commercial paper7,185 — 7,185 — 7,185 
Total short-term marketable securities106,556 205 106,761 — 106,761 
Long-term marketable securities
Corporate debt securities88,078 185 88,263 — 88,263 
Total long-term marketable securities88,078 185 88,263 — 88,263 
Total cash equivalents and marketable securities$195,041 $390 $195,431 $407 $195,024 
December 31, 2024
(in thousands)Amortized CostUnrealized Gains (Losses), Net
Fair Value(1)
Level 1Level 2
Cash equivalents
Money market funds$236 $— $236 $236 $— 
Commercial paper
3,996 — 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
Corporate debt securities98,915 181 99,096 — 99,096 
Commercial paper9,082 10 9,092 — 9,092 
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 
(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,
(in thousands)20252024
Beginning allowance for expected credit losses$18,834 $17,689 
Loss on adjustment of allowance for credit losses on held-to-maturity investment
5,590 1,145 
Write-offs, net of recoveries— — 
Ending allowance for expected credit losses$24,424 $18,834 
v3.25.4
Leases (Tables)
 12 Months Ended
Dec. 31, 2025
Leases [Abstract]  
Schedule of Balance Sheet Classification of Lease Assets and Liabilities
(in thousands)As of December 31,
LeasesBalance Sheet Classification20252024
Assets
OperatingRight of use asset, net$409,320 $395,174 
FinanceProperty and equipment, net 964 85 
Total lease assets$410,284 $395,259 
Liabilities
Current:
OperatingOther current liabilities$44,397 $37,031 
FinanceOther current liabilities203 70 
Noncurrent:
OperatingLease liabilities, net of current portion419,120 405,324 
FinanceOther liabilities773 20 
Total lease liabilities$464,493 $442,445 
Weighted-average remaining lease term - operating leases7.8 years7.7 years
Weighted-average discount rate - operating leases5.9%5.6%
Schedule of Components of Lease Cost
The components of lease cost were as follows:
Years Ended December 31,
(in thousands)202520242023
Operating lease cost$78,003 $71,278 $64,187 
Variable lease cost28,618 27,716 22,718 
Total lease cost$106,621 $98,994 $86,905 
Supplemental disclosures of cash flow information related to leases were as follows:
Years Ended December 31,
(in thousands)202520242023
Cash paid, net, for lease liabilities$66,228 $58,231 $56,145 
Operating lease ROU assets obtained in exchange for operating lease liabilities, excluding Acquisitions$83,553 $63,475 $67,242 
Acquisition-related operating lease ROU assets obtained in exchange for operating lease liabilities
$— $— $5,424 
Schedule of Supplemental Disclosures of Cash Flow Information Related to Leases
The components of lease cost were as follows:
Years Ended December 31,
(in thousands)202520242023
Operating lease cost$78,003 $71,278 $64,187 
Variable lease cost28,618 27,716 22,718 
Total lease cost$106,621 $98,994 $86,905 
Supplemental disclosures of cash flow information related to leases were as follows:
Years Ended December 31,
(in thousands)202520242023
Cash paid, net, for lease liabilities$66,228 $58,231 $56,145 
Operating lease ROU assets obtained in exchange for operating lease liabilities, excluding Acquisitions$83,553 $63,475 $67,242 
Acquisition-related operating lease ROU assets obtained in exchange for operating lease liabilities
$— $— $5,424 
Schedule of Maturities of Lease Liabilities
Maturities of lease liabilities as of December 31, 2025 were as follows:
(in thousands)Amount
2026$87,028 
202777,363 
202882,838 
202979,080 
203069,718 
Thereafter203,263 
Total lease payments$599,290 
Less: imputed interest(134,797)
Present value of future minimum lease liabilities
$464,493 
Schedule of Maturities of Lease Liabilities
Maturities of lease liabilities as of December 31, 2025 were as follows:
(in thousands)Amount
2026$87,028 
202777,363 
202882,838 
202979,080 
203069,718 
Thereafter203,263 
Total lease payments$599,290 
Less: imputed interest(134,797)
Present value of future minimum lease liabilities
$464,493 
v3.25.4
Goodwill and intangible assets (Tables)
 12 Months Ended
Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Goodwill
Changes in the carrying amount of goodwill by reportable segment were as follows:
(in thousands)FranchiseCorporate-owned ClubsEquipment
Amount
Goodwill at December 31, 2024
$16,938 $611,029 $92,666 $720,633 
Acquisitions
— 1,878 — 1,878 
Sale of corporate-owned clubs— (10,546)— (10,546)
Foreign currency translation
— 485 — 485 
Goodwill at December 31, 2025
$16,938 $602,846 $92,666 $712,450 
Schedule of Intangible Assets
A summary of intangible assets is as follows:
December 31, 2025December 31, 2024
(in thousands)Gross
carrying
amount		Accumulated
amortization		Net carrying
Amount		Gross
carrying
amount		Accumulated
amortization		Net carrying
Amount
Finite-lived intangible assets:
Customer relationships$199,043 $(186,199)$12,844 $199,043 $(183,046)$15,997 
Reacquired franchise rights274,708 (147,547)127,161 274,708 (113,987)160,721 
Total finite-lived intangible assets473,751 (333,746)140,005 473,751 (297,033)176,718 
Indefinite-lived intangible assets:
Trade and brand names146,404 — 146,404 146,600 — 146,600 
Total intangible assets$620,155 $(333,746)$286,409 $620,351 $(297,033)$323,318 
Schedule of Amortization expenses The anticipated annual amortization expense to be recognized in future years as of December 31, 2025 is as follows:
(in thousands)Amount
2026$32,079 
202727,956 
202827,300 
202923,675 
203017,920 
Thereafter11,075 
Total$140,005 
v3.25.4
Long-term debt (Tables)
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Schedule of Long-term Debt
Long-term debt consists of the following:
As of December 31,
(in thousands)20252024
2019-1 Class A-2 notes517,000 522,500 
2022-1 Class A-2-I notes— 413,312 
2022-1 Class A-2-II notes457,188 461,938 
2024-1 Class A-2-I notes419,688 423,938 
2024-1 Class A-2-II notes370,312 374,062 
2025-1 Class A-2-I notes400,000 — 
2025-1 Class A-2-II notes350,000 — 
Total debt, excluding deferred financing costs2,514,188 2,195,750 
Deferred financing costs, net of accumulated amortization(31,934)(25,221)
Total debt, net
2,482,254 2,170,529 
Current portion of long-term debt23,875 22,500 
Long-term debt, net of current portion$2,458,379 $2,148,029 
Schedule of Future Annual Payments of Long-term Debt
Future annual principal payments of long-term debt as of December 31, 2025 are as follows:
(in thousands)Amount
2026$23,875 
202725,750 
202825,750 
2029923,438 
2030397,000 
Thereafter1,118,375 
Total$2,514,188 
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments
The carrying value and estimated fair value of long-term debt were as follows:
December 31, 2025December 31, 2024
(in thousands)Carrying value
Estimated fair value(1)
Carrying value
Estimated fair value(1)
Long-term debt$2,514,188 $2,486,700 $2,195,750 $2,082,034 
(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.
v3.25.4
Revenue from contract with customers (Tables)
 12 Months Ended
Dec. 31, 2025
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, 2024 and December 31, 2025:
(in thousands)
Amount
Balance at December 31, 2024
$94,101 
Revenue recognized that was included in the contract liability at the beginning of the year(62,752)
Increase, excluding amounts recognized as revenue during the period56,901 
Balance at December 31, 2025
$88,250 
The summary set forth below represents the balances in deferred revenue:
As of December 31,
(in thousands)20252024
Prepaid membership fees$17,319 $17,224 
Enrollment fees3,294 3,348 
Equipment discount262 3,235 
Annual membership fees34,577 34,956 
Area development and franchise fees32,798 35,338 
Total deferred revenue88,250 94,101 
Long-term portion of deferred revenue29,657 31,990 
Current portion of deferred revenue$58,593 $62,111 
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.
(in thousands)Amount
2026$58,593 
20274,481 
20283,388 
20293,026 
20302,694 
Thereafter16,068 
Total$88,250 
v3.25.4
Related party transactions (Tables)
 12 Months Ended
Dec. 31, 2025
Related Party Transactions [Abstract]  
Schedule of Related Party Transactions
Activity with franchisees considered to be related parties is summarized below.
 
Years Ended December 31,
(in thousands)202520242023
Franchise revenue
$9,140 $8,171 $6,113 
Equipment revenue
3,221 13,804 7,295 
Total revenue from related parties$12,361 $21,975 $13,408 
v3.25.4
Equity-based compensation (Tables)
 12 Months Ended
Dec. 31, 2025
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,
(in thousands)202520242023
RSUs
$8,786 $6,954 $5,699 
PSUs
3,064 1,405 795 
Stock options
11 138 1,004 
ESPP
472 416 408 
Total(1)
$12,333 $8,913 $7,906 
(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 Restricted Stock Units Activity
 Restricted stock unitsWeighted average
fair value
Unvested outstanding at January 1, 2025
202,324 $70.65 
Granted80,697 $97.30 
Vested(116,254)$72.66 
Forfeited(9,006)$76.72 
Unvested outstanding at December 31, 2025
157,761 $82.46 
 Performance share unitsWeighted average
fair value
Unvested outstanding at January 1, 2025
99,123 $70.66 
Granted65,564 $96.62 
Vested(8,437)$82.39 
Forfeited(17,289)$74.67 
Unvested outstanding at December 31, 2025
138,961 $81.70 
Expected to vest at December 31, 2025
141,986 $82.10 
Schedule of Stock Option Activity
The following summarizes stock option activity for the year ended December 31, 2025: 
 Stock OptionsWeighted average
exercise price		Weighted average remaining contractual term (years)
Aggregate intrinsic value
(in thousands)
Outstanding at January 1, 2025
88,592 $52.64 
Granted— $— 
Exercised(10,986)$62.95 $431 
Forfeited(4,243)$78.25 
Outstanding at December 31, 2025
73,363 $49.62 3.0$4,317 
Vested or expected to vest at December 31, 2025
73,363 $49.62 3.0$4,317 
Exercisable at December 31, 2025
69,724 $48.06 2.9$4,212 
v3.25.4
Earnings per share (Tables)
 12 Months Ended
Dec. 31, 2025
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,
(in thousands, except share and per share amounts)
202520242023
Numerator
Net income
$220,264 $174,243 $147,035 
Less: net income attributable to non-controlling interests
1,160 2,201 8,722 
Net income attributable to Planet Fitness, Inc. - basic & diluted
$219,104 $172,042 $138,313 
Denominator
Weighted-average shares of Class A common stock outstanding - basic83,518,664 85,621,282 84,896,397 
Effect of dilutive securities:
Stock options39,967 101,671 232,630 
Restricted stock units103,103 63,913 44,785 
Performance stock units64,091 40,571 11,106 
Weighted-average shares of Class A common stock outstanding - diluted83,725,825 85,827,437 85,184,918 
Earnings per share of Class A common stock - basic
$2.62 $2.01 $1.63 
Earnings per share of Class A common stock - diluted
$2.62 $2.00 $1.62 
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 the effect would have been anti-dilutive were as follows:
Years Ended December 31,
202520242023
Class B common stock
326,625709,0673,735,109
Stock options6015,014248,647
Restricted stock units1861,8914,251
Performance stock units7062,3141,276
Total
328,118718,2863,989,283
v3.25.4
Income taxes (Tables)
 12 Months Ended
Dec. 31, 2025
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,
(in thousands)202520242023
Domestic$318,968 $249,145 $205,890 
Foreign(9,990)(2,417)1,651 
Total income before the provision for income taxes
$308,978 $246,728 $207,541 
Schedule of Provision (Benefit) for Income Taxes
The provision for income taxes consists of the following:
 Years Ended December 31,
(in thousands)202520242023
Current:
Federal$7,143 $4,752 $2,338 
State13,386 6,743 3,853 
Foreign1,469 1,259 1,132 
Total current tax expense
21,998 12,754 7,323 
Deferred:
Federal63,631 47,338 41,010 
State299 8,516 10,136 
Foreign(54)(165)43 
Total deferred tax expense63,876 55,689 51,189 
Provision for income taxes$85,874 $68,443 $58,512 
Schedule of Reconciliation of U.S. Statutory Income Tax Rate to Company's Effective Tax Rate
The following table provides a reconciliation of the U.S. statutory income tax rate to the Company’s provision for income taxes and respective effective tax rate disaggregated by required category for the year ended December 31, 2025 in accordance with ASU 2023‑09.
 
Year Ended December 31,
 2025
(in thousands)AmountTax Rate %
U.S. federal statutory income tax rate$65,067 21.0 %
Domestic federal:
Nontaxable or non-deductible items2,887 0.9 %
Change in valuation allowance1,432 0.5 %
Effect of cross-border tax laws(262)(0.1)%
Other reconciling items453 0.2 %
Domestic state and local taxes, net of federal benefit12,056 3.9 %
Foreign tax effects:
Spain:
Change in valuation allowance2,520 0.8 %
Other foreign jurisdictions1,537 0.5 %
Worldwide changes in unrecognized tax benefits183 0.1 %
Effective tax rate$85,874 27.8 %
A reconciliation of the U.S. statutory income tax rate to the Company’s effective tax rate is as follows:
 Years Ended December 31,
 20242023
U.S. statutory tax rate21.0 %21.0 %
State and local taxes, net of federal benefit4.6 %4.2 %
State rate change impact on deferred taxes(0.3)%1.4 %
Tax benefit arrangement liability adjustment0.1 %(0.2)%
Foreign tax rate differential0.1 %0.1 %
Withholding taxes and other1.4 %0.8 %
Change in valuation allowance0.5 %0.3 %
Equity-based compensation(0.1)%(0.1)%
Non-deductible executive compensation
0.6 %1.6 %
Income attributable to non-controlling interests(0.2)%(0.9)%
Effective tax rate27.7 %28.2 %
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,
(in thousands)20252024
Deferred tax assets:
Deferred revenue$7,332 $6,814 
Goodwill and intangible assets404,531 452,587 
Net operating loss8,295 22,825 
Lease liabilities114,475 113,194 
Equity-based compensation1,490 2,557 
Equity method investment
3,553 3,486 
Allowance for current expected credit loss6,259 4,769 
Other4,839 3,293 
Deferred tax assets550,774 609,525 
Valuation allowance(10,380)(6,579)
Deferred tax assets, net of valuation allowance540,394 602,946 
Deferred tax liabilities:
Property and equipment(37,024)(37,133)
Right of use assets(97,823)(97,002)
Total deferred tax liabilities(134,847)(134,135)
Total deferred tax assets and liabilities$405,547 $468,811 
Reported as:
Deferred income taxes - non-current assets$406,724 $470,197 
Deferred income taxes - non-current liabilities(1,177)(1,386)
Total deferred tax assets and liabilities$405,547 $468,811 
As a result of these exchanges and other activity, the Company recognized deferred tax assets and tax benefit arrangement liabilities, each recorded with offsets to additional paid-in-capital within stockholders’ deficit, as summarized below:
Years Ended December 31,
(in thousands, except share amounts)20252024
Holding units exchanged25,713 1,055,326 
Net deferred tax assets$749 $21,835 
Tax benefit arrangement liabilities(1)
$732 $14,899 
(1) Represents approximately 85% of the tax benefit generated by TRA Holders who exchanged shares and participate in the tax benefit arrangements.
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,
(in thousands)20252024
Balance at beginning of year$297 $273 
Increase related to current year tax positions162 59 
Decrease related to prior year tax positions— (35)
Balance at end of year$459 $297 
Schedule of Cash Paid for Income Taxes, Net of Refunds Received
The following table provides details of cash paid for income taxes, net of refunds received, disaggregated by federal, state and foreign jurisdictions for the year ended December 31, 2025 in accordance with ASU 2023‑09. Significant individual jurisdictions are disclosed separately, while all others are aggregated.
 
For the Year Ended December 31,
(in thousands)2025
U.S. Federal$9,140 
U.S. State & Local
California1,510 
Florida1,415 
New Hampshire1,236 
Other U.S. state and local jurisdictions5,594 
Total U.S. State & Local9,755 
Foreign2,555 
Net cash paid for income taxes$21,450 
Schedule of Future Payments Under Tax Benefit Arrangements
Projected future payments under the tax benefit arrangements are as follows:
(in thousands)Amount
2026$55,518 
202741,498 
202842,612 
202944,442 
203047,103 
Thereafter184,618 
Total$415,791 
v3.25.4
Segments (Tables)
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Schedule of Financial Information for the Company's Reportable Segments
The following table summarizes total revenue and total Segment Adjusted EBITDA for the Company’s reportable segments.
 Years Ended December 31,
(in thousands)202520242023
Revenue
Franchise$467,958 $423,247 $387,929 
Corporate-owned clubs546,097 502,287 449,296 
Equipment310,089 256,120 234,101 
Total revenue$1,324,144 $1,181,654 $1,071,326 
Segment Adjusted EBITDA
Franchise$336,592 $301,122 $273,008 
Corporate-owned clubs206,347 188,751 173,322 
Equipment94,478 71,778 56,362 
Segment Adjusted EBITDA$637,417 $561,651 $502,692 
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:
Franchise SegmentYears Ended December 31,
(in thousands)202520242023
Selling, general and administrative
$34,394 $32,514 $35,654 
National advertising fund expense87,580 79,009 70,095 
Cost of revenue10,242 9,892 9,493 
Other segment expenses (income), net(1)
(850)710 (320)
Total$131,366 $122,125 $114,921 
(1) Other segment expenses (income), net for the franchise segment includes other (gains) losses, net, and other income (expense), net.
Corporate-owned Clubs SegmentYears Ended December 31,
(in thousands)202520242023
Rent & occupancy(1)
$127,079 $117,392 $102,399 
Club compensation and payroll(1)
97,758 87,212 75,222 
Marketing(1)
47,730 43,137 39,642 
Operational and other(1)
45,978 42,128 35,718 
Selling, general and administrative14,117 18,027 16,891 
Other segment expenses, net(2)
7,088 5,640 6,102 
Total$339,750 $313,536 $275,974 
(1) Club compensation and payroll, rent and occupancy, marketing, and operational and other are included within club operations expense in the consolidated statements of operations. Operational and other primarily consists of repairs and maintenance expense, transaction fees, club supplies, personal property tax expense and other expenses incurred in the operation of each corporate-owned club.
(2) Other segment expenses, net for the corporate-owned clubs segment includes cost of revenue, other (gains) losses, net, and other income (expense), net.
Equipment SegmentYears Ended December 31,
(in thousands)202520242023
Cost of revenue
$213,476 $181,545 $174,846 
Other segment expenses, net(1)
2,135 2,797 2,893 
Total$215,611 $184,342 $177,739 
(1) Other segment expenses, net for the equipment segment includes selling, general, and administrative expenses, other (gains) losses, net, and other income (expense), net.
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,
(in thousands)202520242023
Segment Adjusted EBITDA
Franchise$336,592 $301,122 $273,008 
Corporate-owned clubs206,347 188,751 173,322 
Equipment94,478 71,778 56,362 
Segment Adjusted EBITDA
637,417 561,651 502,692 
Depreciation and amortization(155,785)(160,346)(149,413)
Interest income22,999 23,115 17,741 
Interest expense(108,244)(100,037)(86,576)
Losses from equity-method investments, net of tax2,840 4,042 1,994 
Corporate and other unallocated expenses, net(1)
(90,249)(81,697)(78,897)
Income before income taxes$308,978 $246,728 $207,541 
(1) Corporate and other unallocated expenses, net includes corporate overhead costs, such as payroll and related benefit costs and professional services that are not directly attributable to any individual segment and thus are unallocated and certain other gains and charges that the CODM does not consider in her evaluation of the Company’s reportable segments.
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,
(in thousands)202520242023
United States$1,284,622 $1,141,550 $1,042,784 
Rest of world39,522 40,104 28,542 
Total revenue$1,324,144 $1,181,654 $1,071,326 

The following table summarizes geographic information about the Company’s long-lived assets, net, excluding goodwill and other intangible assets:
As of December 31,
(in thousands)20252024
United States$913,906 $882,022 
Rest of world65,609 21,414 
Total long-lived assets, net$979,515 $903,436 
v3.25.4
Corporate-owned and franchisee-owned clubs (Tables)
 12 Months Ended
Dec. 31, 2025
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,
 202520242023
Franchisee-owned clubs:
Clubs operated at beginning of period2,445 2,319 2,176 
New clubs opened or acquired
158 129 147 
Clubs refranchised(1)
8 — 5 
Clubs debranded, sold or consolidated(2)
(7)(3)(9)
Clubs operated at end of period2,604 2,445 2,319 
Corporate-owned clubs:
Clubs operated at beginning of period277 256 234 
New clubs opened or acquired
23 21 18 
Clubs refranchised(1)
(8)— (5)
Clubs acquired from franchisees— — 9 
Clubs operated at end of period292 277 256 
Total clubs:
Clubs operated at beginning of period2,722 2,575 2,410 
New clubs opened181 150 165 
Clubs debranded, sold or consolidated(2)
(7)(3)— 
Clubs operated at end of period2,896 2,722 2,575 
(1) The term “refranchised” refers to corporate-owned clubs which were sold to an existing franchisee group.
(2) 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.
v3.25.4
Business organization (Details)
member in Millions
 12 Months Ended
Dec. 31, 2025
segment
member
store
state
Dec. 31, 2024
store
Dec. 31, 2023
store
Dec. 31, 2022
store
Aug. 05, 2015
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]          
Number of members | member 20.8        
Number of owned and franchised locations | store 2,896 2,722 2,575 2,410  
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%
v3.25.4
Summary of significant accounting policies - Additional Information (Details)
 12 Months Ended
Dec. 31, 2025
USD ($)
agreement
extension
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Significant Accounting Policies [Line Items]      
Restricted cash $ 66,304,000 $ 56,524,000  
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 corresponding 12-month 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 $ 137,634,000 129,146,000 $ 124,930,000
Renewal options (or more) | extension 1    
National advertising fund expense $ 47,700,000 43,100,000 39,600,000
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 $ 39,683,000 32,887,000  
TRA Holders      
Significant Accounting Policies [Line Items]      
Accounts payable $ 415,800,000    
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 $ 8,100,000 $ 7,600,000 7,000,000.0
Accounts Receivable | Customer concentration | One Customer      
Significant Accounting Policies [Line Items]      
Percentage of accounts receivable 15.00% 12.00%  
VIE      
Significant Accounting Policies [Line Items]      
National advertising fund expense $ 2,000,000.0 $ 300,000 $ 2,500,000
Accounts payable $ 1,929,000 $ 2,078,000  
v3.25.4
Summary of significant accounting policies - Schedule of Vendor Purchases (Details) - Vendor
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Equipment purchases | Vendor A      
Property, Plant and Equipment [Line Items]      
Percentage of purchases 72.00% 74.00% 72.00%
Equipment purchases | Vendor B      
Property, Plant and Equipment [Line Items]      
Percentage of purchases 15.00% 16.00% 21.00%
Advertising services | Vendor A      
Property, Plant and Equipment [Line Items]      
Percentage of purchases 41.00% 34.00% 38.00%
Advertising services | Vendor B      
Property, Plant and Equipment [Line Items]      
Percentage of purchases 25.00% 23.00% 24.00%
Advertising services | Vendor C      
Property, Plant and Equipment [Line Items]      
Percentage of purchases   13.00% 18.00%
v3.25.4
Summary of significant accounting policies - Schedule of Estimated Useful Lives of Property and Equipment (Details)
Dec. 31, 2025
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 9 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
v3.25.4
National advertising fund - Additional Information (Details) - NAF - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Related Party Transaction [Line Items]      
General and administrative expense $ 6.6 $ 5.9 $ 3.7
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%    
v3.25.4
National advertising fund - Schedule of Assets And Liabilities of NAF (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Assets    
Cash & cash equivalents $ 345,652 $ 293,150
Total current assets 658,386 588,019
Liabilities    
Accounts payable 39,683 32,887
Total current liabilities 312,490 282,495
NAF    
Assets    
Cash & cash equivalents 7,502 10,951
Other current assets 2,193 2,727
Total current assets 9,695 13,678
Liabilities    
Accounts payable 1,929 2,078
Accrued expenses and other current liabilities 6,921 7,488
Total current liabilities $ 8,850 $ 9,566
v3.25.4
Acquisitions - Narrative (Details)
$ in Millions
Apr. 16, 2023
USD ($)
store
Dec. 31, 2025
store
Dec. 31, 2024
store
Dec. 31, 2023
store
Dec. 31, 2022
store
Business Combination [Line Items]          
Number of owned and franchised locations | store   2,896 2,722 2,575 2,410
Franchisee-owned clubs:          
Business Combination [Line Items]          
Number of owned and franchised locations | store   2,604 2,445 2,319 2,176
Florida Acquisition          
Business Combination [Line Items]          
Aggregate consideration | $ $ 26.3        
Loss on unfavorable reacquired franchise rights | $ 0.1        
Net purchase price | $ $ 26.2        
Florida Acquisition | Franchisee-owned clubs:          
Business Combination [Line Items]          
Number of owned and franchised locations | store 4        
v3.25.4
Acquisitions - Schedule of Purchase Consideration (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Apr. 16, 2023
Business Combination [Line Items]      
Goodwill $ 712,450 $ 720,633  
Florida Acquisition      
Business Combination [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)
Total     $ 26,154
v3.25.4
Acquisitions - Schedule of Components of Identifiable Intangible Assets Acquired (Details) - Florida Acquisition
$ in Thousands
Apr. 16, 2023
USD ($)
Business Combination [Line Items]  
Business Combination, Recognized Asset Acquired, Identifiable Intangible Asset, Finite-Lived $ 6,880
Reacquired franchise rights  
Business Combination [Line Items]  
Business Combination, Recognized Asset Acquired, Identifiable Intangible Asset, Finite-Lived $ 6,650
Useful life 6 years 9 months 18 days
Customer relationships  
Business Combination [Line Items]  
Business Combination, Recognized Asset Acquired, Identifiable Intangible Asset, Finite-Lived $ 230
Useful life 6 years
v3.25.4
Sale of corporate-owned clubs (Details)
$ in Thousands
 12 Months Ended
Aug. 19, 2025
USD ($)
store
Dec. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]        
Proceeds from sale of corporate-owned clubs   $ 21,626 $ 0 $ 0
Gain on sale of corporate-owned clubs   6,443 $ 0 $ 0
Sale | Eight California Stores        
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]        
Number of stores sold | store 8      
Proceeds from sale of corporate-owned clubs $ 21,600      
Net value of assets sold 15,200      
Goodwill 10,500      
Intangible assets 200      
Net tangible assets $ 4,400      
Gain on sale of corporate-owned clubs   $ 6,400    
v3.25.4
Property and equipment - Schedule of Property and Equipment (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Property, Plant and Equipment [Line Items]    
Property and equipment, gross $ 920,599 $ 794,109
Accumulated depreciation (453,852) (370,118)
Total property and equipment, net 466,747 423,991
Land    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross 431 431
Equipment    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross 208,134 178,261
Leasehold improvements    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross 457,680 395,353
Buildings and improvements    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross 3,482 3,482
Furniture & fixtures    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross 100,448 84,365
Information technology and systems assets    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross 139,481 121,845
Other    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross 2,727 2,206
Construction in progress    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross $ 8,216 $ 8,166
v3.25.4
Property and equipment - Additional Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Property, Plant and Equipment [Abstract]      
Depreciation expense $ 119.0 $ 111.1 $ 97.9
v3.25.4
Investments - Narrative (Details) - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Schedule of Equity Method Investments [Line Items]      
Allowance for credit losses $ 0    
Credit loss on held-to-maturity investment 5,590,000 $ 1,145,000 $ 2,732,000
Amortized cost of held-to-maturity debt security investments 34,900,000 32,500,000  
Dividends accrued on held-to-maturity investment 2,300,000 2,200,000 2,100,000
Losses from equity-method investments, net of tax $ 2,840,000 $ 4,042,000 1,994,000
Bravo Fit Holdings Pty Ltd      
Schedule of Equity Method Investments [Line Items]      
Ownership percentage 22.00% 21.80%  
Total investment $ 12,500,000 $ 13,000,000.0  
Underlying equity in net assets $ 4,500,000 5,400,000  
Useful life 9 years    
Losses from equity-method investments, net of tax $ 600,000 1,400,000 1,000,000.0
Basis difference amortization $ 300,000 $ 300,000 300,000
Planet Fitmex, LLC      
Schedule of Equity Method Investments [Line Items]      
Ownership percentage 33.20% 33.20%  
Total investment $ 46,800,000 $ 49,000,000.0  
Underlying equity in net assets $ 16,500,000 21,700,000  
Useful life 9 years    
Losses from equity-method investments, net of tax $ 2,200,000 2,600,000 1,000,000.0
Basis difference amortization $ 700,000 $ 700,000 $ (200,000)
Minimum      
Schedule of Equity Method Investments [Line Items]      
Maturity dates 1 month    
Maximum      
Schedule of Equity Method Investments [Line Items]      
Maturity dates 23 months    
v3.25.4
Investments - Schedule of Amortized Cost, Gross Unrealized Gains (Losses), and Fair Value of Cash Equivalents and Marketable Securities (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Schedule of Equity Method Investments [Line Items]    
Amortized Cost $ 195,041 $ 186,577
Unrealized Gains (Losses), Net 390 136
Fair Value 195,431 186,713
Level 1    
Schedule of Equity Method Investments [Line Items]    
Fair Value 407 236
Level 2    
Schedule of Equity Method Investments [Line Items]    
Fair Value 195,024 186,477
Total short-term marketable securities    
Schedule of Equity Method Investments [Line Items]    
Amortized Cost 106,556 113,967
Unrealized Gains (Losses), Net 205 196
Fair Value 106,761 114,163
Total short-term marketable securities | Level 1    
Schedule of Equity Method Investments [Line Items]    
Fair Value 0 0
Total short-term marketable securities | Level 2    
Schedule of Equity Method Investments [Line Items]    
Fair Value 106,761 114,163
Corporate debt securities    
Schedule of Equity Method Investments [Line Items]    
Amortized Cost 99,371 98,915
Unrealized Gains (Losses), Net 205 181
Fair Value 99,576 99,096
Corporate debt securities | Level 1    
Schedule of Equity Method Investments [Line Items]    
Fair Value 0 0
Corporate debt securities | Level 2    
Schedule of Equity Method Investments [Line Items]    
Fair Value 99,576 99,096
Commercial paper    
Schedule of Equity Method Investments [Line Items]    
Amortized Cost 7,185 9,082
Unrealized Gains (Losses), Net 0 10
Fair Value 7,185 9,092
Commercial paper | Level 1    
Schedule of Equity Method Investments [Line Items]    
Fair Value 0 0
Commercial paper | Level 2    
Schedule of Equity Method Investments [Line Items]    
Fair Value 7,185 9,092
U.S. treasury securities    
Schedule of Equity Method Investments [Line Items]    
Amortized Cost   1,999
Unrealized Gains (Losses), Net   0
Fair Value   1,999
U.S. treasury securities | Level 1    
Schedule of Equity Method Investments [Line Items]    
Fair Value   0
U.S. treasury securities | Level 2    
Schedule of Equity Method Investments [Line Items]    
Fair Value   1,999
U.S. government agency securities    
Schedule of Equity Method Investments [Line Items]    
Amortized Cost   3,971
Unrealized Gains (Losses), Net   5
Fair Value   3,976
U.S. government agency securities | Level 1    
Schedule of Equity Method Investments [Line Items]    
Fair Value   0
U.S. government agency securities | Level 2    
Schedule of Equity Method Investments [Line Items]    
Fair Value   3,976
Total long-term marketable securities    
Schedule of Equity Method Investments [Line Items]    
Amortized Cost 88,078 65,728
Unrealized Gains (Losses), Net 185 (60)
Fair Value 88,263 65,668
Total long-term marketable securities | Level 1    
Schedule of Equity Method Investments [Line Items]    
Fair Value 0 0
Total long-term marketable securities | Level 2    
Schedule of Equity Method Investments [Line Items]    
Fair Value 88,263 65,668
U.S. government agency securities    
Schedule of Equity Method Investments [Line Items]    
Amortized Cost   3,000
Unrealized Gains (Losses), Net   (5)
Fair Value   2,995
U.S. government agency securities | Level 1    
Schedule of Equity Method Investments [Line Items]    
Fair Value   0
U.S. government agency securities | Level 2    
Schedule of Equity Method Investments [Line Items]    
Fair Value   2,995
Corporate debt securities    
Schedule of Equity Method Investments [Line Items]    
Amortized Cost 88,078 62,728
Unrealized Gains (Losses), Net 185 (55)
Fair Value 88,263 62,673
Corporate debt securities | Level 1    
Schedule of Equity Method Investments [Line Items]    
Fair Value 0 0
Corporate debt securities | Level 2    
Schedule of Equity Method Investments [Line Items]    
Fair Value 88,263 62,673
Total cash equivalents    
Schedule of Equity Method Investments [Line Items]    
Cash equivalents 407 6,882
Total cash equivalents | Level 1    
Schedule of Equity Method Investments [Line Items]    
Cash equivalents 407 236
Total cash equivalents | Level 2    
Schedule of Equity Method Investments [Line Items]    
Cash equivalents 0 6,646
Money market funds    
Schedule of Equity Method Investments [Line Items]    
Cash equivalents 407 236
Money market funds | Level 1    
Schedule of Equity Method Investments [Line Items]    
Cash equivalents 407 236
Money market funds | Level 2    
Schedule of Equity Method Investments [Line Items]    
Cash equivalents $ 0 0
Commercial paper    
Schedule of Equity Method Investments [Line Items]    
Cash equivalents   3,996
Commercial paper | Level 1    
Schedule of Equity Method Investments [Line Items]    
Cash equivalents   0
Commercial paper | Level 2    
Schedule of Equity Method Investments [Line Items]    
Cash equivalents   3,996
U.S. treasury securities    
Schedule of Equity Method Investments [Line Items]    
Cash equivalents   2,650
U.S. treasury securities | Level 1    
Schedule of Equity Method Investments [Line Items]    
Cash equivalents   0
U.S. treasury securities | Level 2    
Schedule of Equity Method Investments [Line Items]    
Cash equivalents   $ 2,650
v3.25.4
Investments - Schedule of Rollforward of Allowance for Expected Credit Losses on Held-to-maturity Investments (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Roll Forward]      
Beginning allowance for expected credit losses $ 18,834 $ 17,689  
Loss on adjustment of allowance for credit losses on held-to-maturity investment 5,590 1,145 $ 2,732
Write-offs, net of recoveries 0 0  
Ending allowance for expected credit losses $ 24,424 $ 18,834 $ 17,689
v3.25.4
Leases - Schedule of Balance Sheet Classification of Lease Assets and Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Assets    
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] Property and equipment, net of accumulated depreciation of $453,852 and $370,118, as of December 31, 2025 and 2024, respectively Property and equipment, net of accumulated depreciation of $453,852 and $370,118, as of December 31, 2025 and 2024, respectively
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] Other current liabilities Other current liabilities
Operating $ 409,320 $ 395,174
Finance 964 85
Total lease assets $ 410,284 $ 395,259
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 $ 44,397 $ 37,031
Current finance lease liabilities 203 70
Noncurrent operating lease liabilities 419,120 405,324
Noncurrent finance lease liabilities 773 20
Total lease liabilities $ 464,493 $ 442,445
Weighted-average remaining lease term - operating leases 7 years 9 months 18 days 7 years 8 months 12 days
Weighted-average discount rate - operating leases 5.90% 5.60%
v3.25.4
Leases - Schedule of Components of Lease Cost (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Leases [Abstract]      
Operating lease cost $ 78,003 $ 71,278 $ 64,187
Variable lease cost 28,618 27,716 22,718
Total lease cost $ 106,621 $ 98,994 $ 86,905
v3.25.4
Leases - Schedule of Supplemental Disclosures of Cash Flow Information (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Leases [Abstract]      
Cash paid, net, for lease liabilities $ 66,228 $ 58,231 $ 56,145
Operating lease ROU assets obtained in exchange for operating lease liabilities, excluding Acquisitions 83,553 63,475 67,242
Acquisition-related operating lease ROU assets obtained in exchange for operating lease liabilities $ 0 $ 0 $ 5,424
v3.25.4
Leases - Schedule of Maturities of Lease Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Leases [Abstract]    
2026 $ 87,028  
2027 77,363  
2028 82,838  
2029 79,080  
2030 69,718  
Thereafter 203,263  
Total lease payments 599,290  
Less: imputed interest (134,797)  
Present value of future minimum lease liabilities $ 464,493 $ 442,445
v3.25.4
Leases - Additional Information (Details)
$ in Millions
Dec. 31, 2025
USD ($)
Leases [Abstract]  
Lease payments for leases signed but not yet commenced $ 33.6
v3.25.4
Goodwill and intangible assets - Schedule of Goodwill (Details) - USD ($)
$ in Thousands
 1 Months Ended 12 Months Ended
Dec. 31, 2025
Dec. 31, 2025
Goodwill [Roll Forward]    
Beginning balance   $ 720,633
Acquisitions $ 1,900 1,878
Sale of corporate-owned clubs   (10,546)
Foreign currency translation   485
Ending balance 712,450 712,450
Franchise    
Goodwill [Roll Forward]    
Beginning balance   16,938
Acquisitions   0
Sale of corporate-owned clubs   0
Foreign currency translation   0
Ending balance 16,938 16,938
Corporate-owned clubs    
Goodwill [Roll Forward]    
Beginning balance   611,029
Acquisitions   1,878
Sale of corporate-owned clubs   (10,546)
Foreign currency translation   485
Ending balance 602,846 602,846
Equipment    
Goodwill [Roll Forward]    
Beginning balance   92,666
Acquisitions   0
Sale of corporate-owned clubs   0
Foreign currency translation   0
Ending balance $ 92,666 $ 92,666
v3.25.4
Goodwill and intangible assets - Additional Information (Details)
$ in Thousands
 1 Months Ended 12 Months Ended
Dec. 31, 2025
USD ($)
store
Dec. 31, 2025
USD ($)
store
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Finite-Lived Intangible Assets [Line Items]        
Clubs acquired | store 2 2    
Acquisitions $ 1,900 $ 1,878    
Amortization of intangible assets   $ 36,800 $ 49,200 $ 51,500
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    
v3.25.4
Goodwill and intangible assets - Schedule of Intangible Assets (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Finite-Lived Intangible Assets, Net [Abstract]    
Gross carrying amount $ 473,751 $ 473,751
Accumulated amortization (333,746) (297,033)
Net carrying Amount 140,005 176,718
Intangible Assets, Net (Including Goodwill) [Abstract]    
Total intangible assets 620,155 620,351
Net carrying Amount 286,409 323,318
Trade and brand names    
Intangible Assets, Net (Including Goodwill) [Abstract]    
Indefinite-lived intangible assets 146,404 146,600
Customer relationships    
Finite-Lived Intangible Assets, Net [Abstract]    
Gross carrying amount 199,043 199,043
Accumulated amortization (186,199) (183,046)
Net carrying Amount 12,844 15,997
Reacquired franchise rights    
Finite-Lived Intangible Assets, Net [Abstract]    
Gross carrying amount 274,708 274,708
Accumulated amortization (147,547) (113,987)
Net carrying Amount $ 127,161 $ 160,721
v3.25.4
Goodwill and intangible assets - Schedule of Amortization expenses (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]    
2026 $ 32,079  
2027 27,956  
2028 27,300  
2029 23,675  
2030 17,920  
Thereafter 11,075  
Net carrying Amount $ 140,005 $ 176,718
v3.25.4
Long-term debt - Schedule of Long-term Debt (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Debt Instrument [Line Items]    
Total debt, excluding deferred financing costs $ 2,514,188 $ 2,195,750
Deferred financing costs, net of accumulated amortization (31,934) (25,221)
Total debt, net 2,482,254 2,170,529
Current portion of long-term debt 23,875 22,500
Long-term debt, net of current portion 2,458,379 2,148,029
Senior Notes | 2019-1 Class A-2 notes    
Debt Instrument [Line Items]    
Total debt, excluding deferred financing costs 517,000 522,500
Senior Notes | 2022-1 Class A-2-I notes    
Debt Instrument [Line Items]    
Total debt, excluding deferred financing costs 0 413,312
Senior Notes | 2022-1 Class A-2-II notes    
Debt Instrument [Line Items]    
Total debt, excluding deferred financing costs 457,188 461,938
Senior Notes | 2024-1 Class A-2-I notes    
Debt Instrument [Line Items]    
Total debt, excluding deferred financing costs 419,688 423,938
Senior Notes | 2024-1 Class A-2-II notes    
Debt Instrument [Line Items]    
Total debt, excluding deferred financing costs 370,312 374,062
Senior Notes | 2025-1 Class A-2-I notes    
Debt Instrument [Line Items]    
Total debt, excluding deferred financing costs 400,000 0
Senior Notes | 2025-1 Class A-2-II notes    
Debt Instrument [Line Items]    
Total debt, excluding deferred financing costs $ 350,000 $ 0
v3.25.4
Long-term debt - Schedule of Future Annual Payments of Long-term Debt (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Debt Disclosure [Abstract]    
2026 $ 23,875  
2027 25,750  
2028 25,750  
2029 923,438  
2030 397,000  
Thereafter 1,118,375  
Total $ 2,514,188 $ 2,195,750
v3.25.4
Long-term debt - Schedule of Carrying Value and Estimated Fair Value of Long-term Debt (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Carrying value    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Long-term debt $ 2,514,188 $ 2,195,750
Estimated fair value    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Long-term debt $ 2,486,700 $ 2,082,034
v3.25.4
Long-term debt - Additional Information (Details)
 12 Months Ended
Dec. 15, 2025
USD ($)
extension
Feb. 10, 2022
USD ($)
extension
Dec. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Jun. 12, 2024
USD ($)
Dec. 03, 2019
USD ($)
Aug. 01, 2018
USD ($)
Debt Instrument [Line Items]                
Debt issuance costs $ 13,800,000 $ 16,200,000       $ 12,100,000 $ 10,600,000  
Loss on extinguishment of debt     $ 1,731,000 $ 2,285,000 $ 0      
Restricted cash     66,304,000 56,524,000        
Senior Notes                
Debt Instrument [Line Items]                
Loss on extinguishment of debt     1,700,000 $ 2,300,000        
2018-1 Class A-2-I | Senior Notes                
Debt Instrument [Line Items]                
Interest rate               4.262%
Principal amount               $ 575,000,000
Fixed Rate Senior Secured Notes, Class A-2-II | Senior Notes                
Debt Instrument [Line Items]                
Interest rate               4.666%
Principal amount               $ 625,000,000.0
2019-1 Class A-2 notes | Senior Notes                
Debt Instrument [Line Items]                
Interest rate             3.858%  
Principal amount             $ 550,000,000.0  
3.251% Fixed Rate Class A-2-I Senior Secured Notes | Senior Notes                
Debt Instrument [Line Items]                
Interest rate   3.251%            
Principal amount   $ 425,000,000.0            
4.008% Fixed Rate Class A-2-II Senior Secured Notes | Senior Notes                
Debt Instrument [Line Items]                
Interest rate   4.008%            
Principal amount   $ 475,000,000.0            
2022 Variable Funding Notes | Revolving Credit Facility                
Debt Instrument [Line Items]                
Maximum borrowing capacity   $ 75,000,000.0            
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           5.765%    
Principal amount           $ 425,000,000.0    
2024-1 Class A-2-II notes | Senior Notes                
Debt Instrument [Line Items]                
Interest rate           6.237%    
Principal amount           $ 375,000,000.0    
2025-1 Class A-2-I notes | Senior Notes                
Debt Instrument [Line Items]                
Interest rate 5.274%              
Principal amount $ 400,000,000.0              
2025-1 Class A-2-II notes | Senior Notes                
Debt Instrument [Line Items]                
Interest rate 5.649%              
Principal amount $ 350,000,000.0              
2025 Variable Funding Notes | Revolving Credit Facility                
Debt Instrument [Line Items]                
Maximum borrowing capacity $ 75,000,000.0              
Commitment fee percentage 0.50%              
Number of additional extensions | extension 2              
Term of extension (in years) 1 year              
Interest rate during period 5.00%              
Securitized Senior Notes | Securitized Senior Notes                
Debt Instrument [Line Items]                
Cap on non-securitized indebtedness     $ 50,000,000.0          
Leverage ratio cap     7.0          
v3.25.4
Revenue from contract with customers - Schedule of Contract Liabilities (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
USD ($)
Amount  
Beginning Balance $ 94,101
Revenue recognized that was included in the contract liability at the beginning of the year (62,752)
Increase, excluding amounts recognized as revenue during the period 56,901
Ending Balance $ 88,250
v3.25.4
Revenue from contract with customers - Schedule of Remaining Performance Obligation (Details)
$ in Thousands
Dec. 31, 2025
USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Remaining performance obligation $ 88,250
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 $ 58,593
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 $ 4,481
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 $ 3,388
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 $ 3,026
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 $ 2,694
Remaining performance obligation, expected timing of satisfaction 1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2031-01-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Remaining performance obligation $ 16,068
Remaining performance obligation, expected timing of satisfaction
v3.25.4
Revenue from contract with customers - Schedule of Deferred Revenue (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Disaggregation of Revenue [Line Items]    
Total deferred revenue $ 88,250 $ 94,101
Long-term portion of deferred revenue 29,657 31,990
Deferred revenue, current 58,593 62,111
Prepaid membership fees    
Disaggregation of Revenue [Line Items]    
Total deferred revenue 17,319 17,224
Enrollment fees    
Disaggregation of Revenue [Line Items]    
Total deferred revenue 3,294 3,348
Equipment discount    
Disaggregation of Revenue [Line Items]    
Total deferred revenue 262 3,235
Annual membership fees    
Disaggregation of Revenue [Line Items]    
Total deferred revenue 34,577 34,956
Area development and franchise fees    
Disaggregation of Revenue [Line Items]    
Total deferred revenue $ 32,798 $ 35,338
v3.25.4
Revenue from contract with customers - Narrative (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2025
USD ($)
Revenue from Contract with Customer [Abstract]  
Equipment deposits $ 10.2
Deferred revenue expected recognition period (in months) 12 months
v3.25.4
Related party transactions - Schedule of Related Party Transactions (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Related Party Transaction [Line Items]      
Total revenue from related parties $ 1,324,144 $ 1,181,654 $ 1,071,326
Related party      
Related Party Transaction [Line Items]      
Total revenue from related parties 12,361 21,975 13,408
Related party | Franchise revenue      
Related Party Transaction [Line Items]      
Total revenue from related parties 9,140 8,171 6,113
Related party | Equipment revenue      
Related Party Transaction [Line Items]      
Total revenue from related parties $ 3,221 $ 13,804 $ 7,295
v3.25.4
Related party transactions - Additional Information (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
USD ($)
store
Dec. 31, 2024
USD ($)
store
Dec. 31, 2023
USD ($)
store
Nov. 30, 2024
USD ($)
Dec. 31, 2022
store
Related Party Transaction [Line Items]          
Accounts receivable $ 70,431 $ 77,145      
Deferred revenue 88,250 94,101      
Accounts payable 39,683 32,887      
Total revenue $ 1,324,144 $ 1,181,654 $ 1,071,326    
Number of owned and franchised locations | store 2,896 2,722 2,575   2,410
Selling, general and administrative $ 137,634 $ 129,146 $ 124,930    
Corporate-owned clubs:          
Related Party Transaction [Line Items]          
Number of owned and franchised locations | store 292 277 256   234
Franchisee-owned clubs:          
Related Party Transaction [Line Items]          
Number of owned and franchised locations | store 2,604 2,445 2,319   2,176
Related party          
Related Party Transaction [Line Items]          
Accounts receivable $ 5,400 $ 6,200      
Total revenue 12,361 21,975 $ 13,408    
Related party | Administrative Service          
Related Party Transaction [Line Items]          
Total revenue 6,600 5,900 3,700    
Affiliated entity          
Related Party Transaction [Line Items]          
Promissory note (up to)       $ 10,000  
Interest rate(in percentage)       0.04  
Promissory note issued and outstanding 5,100 2,100      
Interest receivable accrued 300 0      
Deferred ADA and franchise agreement revenue | Related party          
Related Party Transaction [Line Items]          
Deferred revenue 800 600      
Tax benefit arrangements | Related party          
Related Party Transaction [Line Items]          
Accounts payable $ 83,900 $ 88,100      
Amenity tracking compliance software | Chief Executive Officer | Corporate-owned clubs:          
Related Party Transaction [Line Items]          
Number of owned and franchised locations | store 280 245      
Amenity tracking compliance software | Chief Executive Officer | Franchisee-owned clubs:          
Related Party Transaction [Line Items]          
Number of owned and franchised locations | store 912 765      
Amenity tracking compliance software | Related party | Chief Executive Officer          
Related Party Transaction [Line Items]          
Purchases from related party $ 500 $ 400 400    
Amenity tracking compliance software | Related party | Amenity Tracking Compliance Software Company | Chief Executive Officer          
Related Party Transaction [Line Items]          
Ownership percentage 10.50%        
Corporate travel | Affiliated entity          
Related Party Transaction [Line Items]          
Selling, general and administrative     $ 500    
v3.25.4
Stockholders’ equity (Details) - USD ($)
 12 Months Ended
Jan. 12, 2026
Dec. 16, 2025
Sep. 16, 2024
Jun. 14, 2024
Jun. 12, 2024
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 15, 2025
Dec. 12, 2025
Jun. 13, 2024
Nov. 04, 2022
Class of Stock [Line Items]                        
Repurchase and retirement of common stock           $ 504,378,000 $ 302,737,000 $ 126,079,000        
Preferred stock shares authorized (in shares)           50,000,000 50,000,000          
Preferred stock shares outstanding (in shares)           0 0          
Preferred stock shares issued (in shares)           0 0          
2022 Share Repurchase Program                        
Class of Stock [Line Items]                        
Share repurchase program, authorized amount                       $ 500,000,000.0
Share repurchase excise tax               $ 1,000,000.0        
2024 Accelerated Share Repurchase Agreement                        
Class of Stock [Line Items]                        
Share repurchase program, authorized amount         $ 280,000,000.0              
Accelerated Share Repurchases, Settlement (Payment) or Receipt       $ 280,000,000.0                
Increase to accumulated deficit         $ 56,000,000.0              
Repurchase excise tax             $ 2,500,000          
2024 Share Repurchase Program                        
Class of Stock [Line Items]                        
Share repurchase program, authorized amount                     $ 500,000,000.0  
Repurchase excise tax           $ 4,200,000            
2025 Accelerated Share Repurchase Agreement                        
Class of Stock [Line Items]                        
Share repurchase program, authorized amount                   $ 350,000,000.0    
Accelerated Share Repurchases, Settlement (Payment) or Receipt   $ 350,000,000.0                    
2025 Share Repurchase Program                        
Class of Stock [Line Items]                        
Share repurchase program, authorized amount                 $ 500,000,000.0      
Continuing LLC Owners | Secondary Offering And Exchange                        
Class of Stock [Line Items]                        
Number of units held by owners (in shares)           316,128            
Pla-Fit Holdings, LLC                        
Class of Stock [Line Items]                        
Economic interest           0.40%            
Pla-Fit Holdings, LLC | Investor | Secondary Offering And Exchange                        
Class of Stock [Line Items]                        
Percentage of economic interest           99.60%            
Pla-Fit Holdings, LLC | Continuing LLC Owners | Secondary Offering And Exchange                        
Class of Stock [Line Items]                        
Percentage of economic interest           0.40%            
Class B common stock                        
Class of Stock [Line Items]                        
Shares exchanged for Class A common stock           1            
Class B common stock | Continuing LLC Owners | Secondary Offering And Exchange                        
Class of Stock [Line Items]                        
Number of units held by owners (in shares)           316,128            
Class B common stock | Pla-Fit Holdings, LLC | Continuing LLC Owners | Secondary Offering And Exchange | Continuing LLC Owners                        
Class of Stock [Line Items]                        
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)           25,713 1,055,326 4,748,555        
Class A common stock | 2022 Share Repurchase Program                        
Class of Stock [Line Items]                        
Stock repurchased (in shares)               1,698,753        
Repurchase and retirement of common stock               $ 125,000,000.0        
Class A common stock | 2024 Accelerated Share Repurchase Agreement                        
Class of Stock [Line Items]                        
Stock repurchased (in shares)     668,432 3,090,507     313,834          
Repurchase and retirement of common stock       $ 224,000,000.0     $ 20,000,000.0          
Percent of total ASR Agreement value       80.00%                
Weighted average cost per share (in usd per share)         $ 76.88              
Class A common stock | 2024 Share Repurchase Program                        
Class of Stock [Line Items]                        
Stock repurchased (in shares)           1,502,411            
Repurchase and retirement of common stock           $ 150,000,000.0            
Class A common stock | 2025 Accelerated Share Repurchase Agreement                        
Class of Stock [Line Items]                        
Stock repurchased (in shares)   2,548,234                    
Repurchase and retirement of common stock   $ 280,000,000.0                    
Percent of total ASR Agreement value   80.00%                    
Increase to accumulated deficit   $ 70,000,000.0                    
ASR, remaining percentage of total repurchased amount   20.00%                    
Class A common stock | 2025 Accelerated Share Repurchase Agreement | Subsequent Event                        
Class of Stock [Line Items]                        
Stock repurchased (in shares) 754,644                      
Weighted average cost per share (in usd per share) $ 108.76                      
Class A common stock | Continuing LLC Owners                        
Class of Stock [Line Items]                        
Number of shares exchanged (in shares)           25,713 1,055,326          
Class A common stock | Investor | Secondary Offering And Exchange                        
Class of Stock [Line Items]                        
Number of units held by owners (in shares)           80,445,965            
Class A common stock | Pla-Fit Holdings, LLC | Investor | Secondary Offering And Exchange | Common Stockholders                        
Class of Stock [Line Items]                        
Economic interest           99.60%            
v3.25.4
Equity-based compensation - Schedule of Equity-based Compensation Expense (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]      
Equity-based compensation $ 12,333 $ 8,913 $ 7,906
RSUs      
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]      
Equity-based compensation 8,786 6,954 5,699
PSUs      
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]      
Equity-based compensation 3,064 1,405 795
Stock options      
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]      
Equity-based compensation 11 138 1,004
ESPP      
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]      
Equity-based compensation $ 472 $ 416 $ 408
v3.25.4
Equity-based compensation - Additional Information (Details) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
May 31, 2025
Aug. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Options and awards authorized (in shares)       5,681,700 7,896,800
Exercised $ 431 $ 13,246 $ 8,776    
RSUs          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Granted (in usd per share) $ 97.30 $ 68.85 $ 75.71    
Total fair value vested $ 8,447 $ 5,956 $ 3,997    
Unrecognized compensation expense related to unvested RSUs, including an estimate for pre-vesting forfeitures $ 4,968        
Stock options, expected recognition, weighted-average period (in years) 1 year 3 months 18 days        
PSUs          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Share based compensation, vest equally over a period (in years) 3 years        
Granted (in usd per share) $ 96.62 $ 66.99 $ 75.28    
Unrecognized compensation expense related to unvested RSUs, including an estimate for pre-vesting forfeitures $ 6,547        
Stock options, expected recognition, weighted-average period (in years) 1 year 10 months 24 days        
Stock options          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Share based compensation, vest equally over a period (in years) 4 years        
Contractual term 10 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) 14,528        
Minimum | RSUs          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Share based compensation, vest equally over a period (in years) 3 years        
Minimum | PSUs          
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        
Maximum | RSUs          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Share based compensation, vest equally over a period (in years) 4 years        
Maximum | PSUs          
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        
v3.25.4
Equity-based compensation - Schedule of Restricted Stock Units Activity and Performance Share Units Activity (Details) - $ / shares
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
RSUs      
Performance share units      
Unvested outstanding at beginning of period (in shares) 202,324    
Granted (in shares) 80,697    
Vested (in shares) (116,254)    
Forfeited (in shares) (9,006)    
Unvested outstanding at end of period (in shares) 157,761 202,324  
Weighted average fair value      
Unvested outstanding at beginning of period (in usd per share) $ 70.65    
Granted (in usd per share) 97.30 $ 68.85 $ 75.71
Vested (usd per share) 72.66    
Forfeited (in usd per share) 76.72    
Unvested outstanding at end of period (in usd per share) $ 82.46 $ 70.65  
PSUs      
Performance share units      
Unvested outstanding at beginning of period (in shares) 99,123    
Granted (in shares) 65,564    
Vested (in shares) (8,437)    
Forfeited (in shares) (17,289)    
Unvested outstanding at end of period (in shares) 138,961 99,123  
Expected to vest (in shares) 141,986    
Weighted average fair value      
Unvested outstanding at beginning of period (in usd per share) $ 70.66    
Granted (in usd per share) 96.62 $ 66.99 $ 75.28
Vested (usd per share) 82.39    
Forfeited (in usd per share) 74.67    
Unvested outstanding at end of period (in usd per share) 81.70 $ 70.66  
Expected to vest (usd per share) $ 82.10    
v3.25.4
Equity-based compensation - Schedule of Stock Option Activity (Details) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding [Roll Forward]      
Outstanding at beginning of period (in shares) 88,592    
Granted (in shares) 0    
Exercised (in shares) (10,986)    
Forfeited (in shares) (4,243)    
Outstanding at end of period (in shares) 73,363 88,592  
Vested or expected to vest (in shares) 73,363    
Exercisable (in shares) 69,724    
Weighted average fair value      
Outstanding at beginning of period (usd per share) $ 52.64    
Granted (usd per share) 0    
Exercised (usd per share) 62.95    
Forfeited (usd per share) 78.25    
Outstanding at end of period (usd per share) 49.62 $ 52.64  
Vested or expected to vest (usd per share) 49.62    
Exercisable (usd per share) $ 48.06    
Share-Based Compensation Arrangement By Share-Based Payment Award, Options, Weighted Average Remaining Contractual Term [Abstract]      
Outstanding 3 years    
Vested or expected to vest 3 years    
Exercisable 2 years 10 months 24 days    
Share-Based Compensation Arrangement By Share-Based Payment Award, Options, Aggregate Intrinsic Value [Abstract]      
Exercised $ 431 $ 13,246 $ 8,776
Outstanding 4,317    
Vested or expected to vest 4,317    
Exercisable $ 4,212    
v3.25.4
Earnings per share - Additional Information (Details)
 12 Months Ended
Dec. 31, 2025
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
v3.25.4
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, 2025
Dec. 31, 2024
Dec. 31, 2023
Numerator      
Net income $ 220,264 $ 174,243 $ 147,035
Less: net income attributable to non-controlling interests 1,160 2,201 8,722
Net income (loss) attributable to Planet Fitness, Inc. - basic 219,104 172,042 138,313
Net income (loss) attributable to Planet Fitness, Inc. - diluted $ 219,104 $ 172,042 $ 138,313
Stock options      
Effect of dilutive securities:      
Weighted-average shares outstanding adjustment (shares) 39,967 101,671 232,630
Restricted stock units      
Effect of dilutive securities:      
Weighted-average shares outstanding adjustment (shares) 103,103 63,913 44,785
Performance stock units      
Effect of dilutive securities:      
Weighted-average shares outstanding adjustment (shares) 64,091 40,571 11,106
Class A common stock      
Denominator      
Weighted-average shares of Class A common stock outstanding - basic (in shares) 83,518,664 85,621,282 84,896,397
Effect of dilutive securities:      
Weighted-average shares of Class A common stock outstanding - diluted (in shares) 83,725,825 85,827,437 85,184,918
Earnings (loss) per share of Class A common stock - basic (in usd per share) $ 2.62 $ 2.01 $ 1.63
Earnings (loss) per share of Class A common stock - diluted (in usd per share) $ 2.62 $ 2.00 $ 1.62
v3.25.4
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, 2025
Dec. 31, 2024
Dec. 31, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Total 328,118 718,286 3,989,283
Class B common stock      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Total 326,625 709,067 3,735,109
Stock options      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Total 601 5,014 248,647
Restricted stock units      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Total 186 1,891 4,251
Performance stock units      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Total 706 2,314 1,276
v3.25.4
Income taxes - Schedule of Income (Loss) Before Provision for Income Taxes (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Tax Disclosure [Abstract]      
Domestic $ 318,968 $ 249,145 $ 205,890
Foreign (9,990) (2,417) 1,651
Income before income taxes $ 308,978 $ 246,728 $ 207,541
v3.25.4
Income taxes - Schedule of Provision (Benefit) for Income Taxes Expenses (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Current:      
Federal $ 7,143 $ 4,752 $ 2,338
State 13,386 6,743 3,853
Foreign 1,469 1,259 1,132
Total current tax expense 21,998 12,754 7,323
Deferred:      
Federal 63,631 47,338 41,010
State 299 8,516 10,136
Foreign (54) (165) 43
Total deferred tax expense 63,876 55,689 51,189
Provision for income taxes $ 85,874 $ 68,443 $ 58,512
v3.25.4
Income taxes - Schedule of Reconciliation of U.S. Statutory Income Tax Rate to Company's Effective Tax Rate (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Amount      
U.S. federal statutory income tax rate $ 65,067    
Nontaxable or non-deductible items 2,887    
Effect of cross-border tax laws (262)    
Other reconciling items 453    
Domestic state and local taxes, net of federal benefit 12,056    
Worldwide changes in unrecognized tax benefits 183    
Provision for income taxes $ 85,874 $ 68,443 $ 58,512
Tax Rate %      
U.S. statutory tax rate 21.00% 21.00% 21.00%
Nontaxable or non-deductible items 0.90%    
Change in valuation allowance   0.50% 0.30%
Effect of cross-border tax laws (0.10%)    
Other reconciling items 0.20%    
State and local taxes, net of federal benefit 3.90% 4.60% 4.20%
State rate change impact on deferred taxes   (0.30%) 1.40%
Tax benefit arrangement liability adjustment   0.10% (0.20%)
Other foreign jurisdictions   0.10% 0.10%
Withholding taxes and other   1.40% 0.80%
Equity-based compensation   (0.10%) (0.10%)
Non-deductible executive compensation   0.60% 1.60%
Income attributable to non-controlling interests   (0.20%) (0.90%)
Worldwide changes in unrecognized tax benefits 0.10%    
Effective tax rate 27.80% 27.70% 28.20%
U.S.      
Amount      
Change in valuation allowance $ 1,432    
Tax Rate %      
Change in valuation allowance 0.50%    
Spain      
Amount      
Change in valuation allowance $ 2,520    
Tax Rate %      
Change in valuation allowance 0.80%    
Other foreign jurisdictions      
Amount      
Other foreign jurisdictions $ 1,537    
Tax Rate %      
Other foreign jurisdictions 0.50%    
v3.25.4
Income taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Deferred tax assets:    
Deferred revenue $ 7,332 $ 6,814
Goodwill and intangible assets 404,531 452,587
Net operating loss 8,295 22,825
Lease liabilities 114,475 113,194
Equity-based compensation 1,490 2,557
Equity method investment 3,553 3,486
Allowance for current expected credit loss 6,259 4,769
Other 4,839 3,293
Deferred tax assets 550,774 609,525
Valuation allowance (10,380) (6,579)
Deferred tax assets, net of valuation allowance 540,394 602,946
Deferred tax liabilities:    
Property and equipment (37,024) (37,133)
Right of use assets (97,823) (97,002)
Total deferred tax liabilities (134,847) (134,135)
Total deferred tax assets and liabilities 405,547 468,811
Reported as:    
Deferred income taxes - non-current assets 406,724 470,197
Deferred income taxes - non-current liabilities (1,177) (1,386)
Total deferred tax assets and liabilities $ 405,547 $ 468,811
v3.25.4
Income taxes - Additional information (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Tax Credit Carryforward [Line Items]      
Net deferred tax asset $ 405,547 $ 468,811  
Valuation allowance (10,380) (6,579)  
Net cash paid for income taxes 21,450 12,100 $ 5,300
Other income (expense) reflecting change in tax benefit obligation (2,400) (1,300) $ 2,000
Tax benefit obligation 415,791 $ 466,900  
Domestic Tax Jurisdiction      
Tax Credit Carryforward [Line Items]      
Net operating loss carryforwards 7,500    
U.S. State & Local      
Tax Credit Carryforward [Line Items]      
Net operating loss carryforwards 50,200    
Net operating loss carryforwards various expirations 49,100    
Indefinite net operating loss carryforwards $ 1,100    
v3.25.4
Income taxes - Schedule Of Changes In Unrecognized Tax Benefits (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Unrecognized Tax Benefits [Roll Forward]    
Balance at beginning of year $ 297 $ 273
Increase related to current year tax positions 162 59
Decrease related to prior year tax positions 0 (35)
Balance at end of year $ 459 $ 297
v3.25.4
Income taxes - Schedule of Cash Paid for Income Taxes, Net of Refunds Received (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Effective Income Tax Rate Reconciliation [Line Items]      
U.S. Federal $ 9,140    
U.S. State & Local      
Total U.S. State & Local 9,755    
Foreign 2,555    
Net cash paid for income taxes 21,450 $ 12,100 $ 5,300
California      
U.S. State & Local      
Total U.S. State & Local 1,510    
Florida      
U.S. State & Local      
Total U.S. State & Local 1,415    
New Hampshire      
U.S. State & Local      
Total U.S. State & Local 1,236    
Other U.S. state and local jurisdictions      
U.S. State & Local      
Total U.S. State & Local $ 5,594    
v3.25.4
Income taxes - Schedule of Deferred Tax Assets and Tax Benefit Arrangement Liabilities (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Income Tax Disclosure [Line Items]    
Net deferred tax assets $ 540,394 $ 602,946
Tax benefit arrangement liabilities $ 134,847 134,135
Applicable tax savings (in percentage) 85.00%  
Continuing LLC Owners    
Income Tax Disclosure [Line Items]    
Net deferred tax assets $ 749 21,835
Tax benefit arrangement liabilities $ 732 $ 14,899
Continuing LLC Owners | Class A common stock    
Income Tax Disclosure [Line Items]    
Holding units exchanged (in shares) 25,713 1,055,326
v3.25.4
Income taxes - Schedule of Future Payments Under Tax Benefit Arrangements (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Income Tax Disclosure [Abstract]    
2026 $ 55,518  
2027 41,498  
2028 42,612  
2029 44,442  
2030 47,103  
Thereafter 184,618  
Total $ 415,791 $ 466,900
v3.25.4
Commitments and contingencies (Details)
 12 Months Ended
Dec. 28, 2023
USD ($)
store
Oct. 20, 2023
USD ($)
store
Dec. 31, 2025
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2024
USD ($)
Dec. 31, 2022
USD ($)
Commitment And Contingencies [Line Items]            
Guarantor obligations, maximum period     10 years      
Maximum obligation of guarantees of leases and debt     $ 3,700,000   $ 4,500,000  
Accrued potential obligation recorded under guaranty arrangement     0   $ 0  
Advertising purchase commitments            
Commitment And Contingencies [Line Items]            
Purchase commitments     77,000,000.0      
Open purchase orders            
Commitment And Contingencies [Line Items]            
Purchase commitments     $ 28,400,000      
Planet Fitmex, LLC | Mexico Acquisition            
Commitment And Contingencies [Line Items]            
Legal settlement reserve           $ 8,600,000
Loss contingency reserve       $ 6,300,000    
Settlement   $ 31,600,000        
Clubs refranchised | store   5        
Planet Fitmex, LLC | Mexico Acquisition | Held for sale            
Commitment And Contingencies [Line Items]            
Stores sold | store   5        
Planet Fitmex, LLC | Mexico Acquisition | Sale            
Commitment And Contingencies [Line Items]            
Stores sold | store 5          
Consideration in exchange for an equity interest $ 17,000,000.0          
v3.25.4
Retirement plan (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Retirement Benefits [Abstract]      
Percentage of employer matching contribution 100.00%    
Maximum percentage of employee contribution 4.00%    
Total employer matching contributions expense $ 1.6 $ 1.5 $ 1.4
v3.25.4
Segments - Additional Information (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2025
USD ($)
segment
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Segment Reporting Information [Line Items]      
Number of reportable segments | segment 3    
Corporate-owned clubs      
Segment Reporting Information [Line Items]      
Capital expenditures | $ $ 147.4 $ 131.8 $ 112.2
v3.25.4
Segments - Schedule of Financial Information for the Company's Reportable Segments (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Segment Reporting Information [Line Items]      
Total revenue $ 1,324,144 $ 1,181,654 $ 1,071,326
Segment Adjusted EBITDA 637,417 561,651 502,692
Franchise      
Segment Reporting Information [Line Items]      
Total revenue 467,958 423,247 387,929
Segment Adjusted EBITDA 336,592 301,122 273,008
Corporate-owned clubs      
Segment Reporting Information [Line Items]      
Total revenue 546,097 502,287 449,296
Segment Adjusted EBITDA 206,347 188,751 173,322
Equipment      
Segment Reporting Information [Line Items]      
Total revenue 310,089 256,120 234,101
Segment Adjusted EBITDA $ 94,478 $ 71,778 $ 56,362
v3.25.4
Segments- Schedule of Significant Expense Categories (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Segment Reporting, Other Significant Reconciling Item [Line Items]      
Selling, general and administrative $ 137,634 $ 129,146 $ 124,930
National advertising fund expense 87,580 79,009 70,095
Cost of revenue 230,308 197,122 190,026
Total operating costs and expenses 929,467 857,456 798,462
Franchise      
Segment Reporting, Other Significant Reconciling Item [Line Items]      
Selling, general and administrative 34,394 32,514 35,654
National advertising fund expense 87,580 79,009 70,095
Cost of revenue 10,242 9,892 9,493
Other segment expenses (income), net (850) 710 (320)
Total operating costs and expenses 131,366 122,125 114,921
Corporate-owned clubs      
Segment Reporting, Other Significant Reconciling Item [Line Items]      
Rent & occupancy 127,079 117,392 102,399
Club compensation and payroll 97,758 87,212 75,222
Marketing 47,730 43,137 39,642
Operational and other 45,978 42,128 35,718
Selling, general and administrative 14,117 18,027 16,891
Other segment expenses (income), net 7,088 5,640 6,102
Total operating costs and expenses 339,750 313,536 275,974
Equipment      
Segment Reporting, Other Significant Reconciling Item [Line Items]      
Cost of revenue 213,476 181,545 174,846
Other segment expenses (income), net 2,135 2,797 2,893
Total operating costs and expenses $ 215,611 $ 184,342 $ 177,739
v3.25.4
Segments - Schedule of Reconciliation of Total Segment Adjusted EBITDA to Income Before Taxes (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]      
Segment Adjusted EBITDA $ 637,417 $ 561,651 $ 502,692
Depreciation and amortization (155,785) (160,346) (149,413)
Interest income 22,999 23,115 17,741
Interest expense (108,244) (100,037) (86,576)
Losses from equity-method investments, net of tax 2,840 4,042 1,994
Income before income taxes 308,978 246,728 207,541
Operating segments      
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]      
Segment Adjusted EBITDA 637,417 561,651 502,692
Corporate and other      
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]      
Depreciation and amortization (155,785) (160,346) (149,413)
Interest income 22,999 23,115 17,741
Interest expense (108,244) (100,037) (86,576)
Losses from equity-method investments, net of tax 2,840 4,042 1,994
Corporate and other unallocated expenses, net (90,249) (81,697) (78,897)
Franchise      
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]      
Segment Adjusted EBITDA 336,592 301,122 273,008
Franchise | Operating segments      
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]      
Segment Adjusted EBITDA 336,592 301,122 273,008
Corporate-owned clubs      
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]      
Segment Adjusted EBITDA 206,347 188,751 173,322
Corporate-owned clubs | Operating segments      
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]      
Segment Adjusted EBITDA 206,347 188,751 173,322
Equipment      
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]      
Segment Adjusted EBITDA 94,478 71,778 56,362
Equipment | Operating segments      
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]      
Segment Adjusted EBITDA $ 94,478 $ 71,778 $ 56,362
v3.25.4
Segments - Schedule Of Geographical Revenue & Long- Lived Assets (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Revenues from External Customers and Long-Lived Assets [Line Items]      
Total revenue $ 1,324,144 $ 1,181,654 $ 1,071,326
Total long-lived assets, net 979,515 903,436  
United States      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Total revenue 1,284,622 1,141,550 1,042,784
Total long-lived assets, net 913,906 882,022  
Rest of world      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Total revenue 39,522 40,104 $ 28,542
Total long-lived assets, net $ 65,609 $ 21,414  
v3.25.4
Corporate-owned and franchisee-owned clubs - Schedule of Changes in Corporate-owned and Franchisee-owned Stores (Details) - store
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Number of Clubs [Roll Forward]      
Clubs operated at beginning of period 2,722 2,575 2,410
New clubs opened or acquired 181 150 165
Clubs debranded, sold or consolidated (7) (3) 0
Clubs operated at end of period 2,896 2,722 2,575
Franchisee-owned clubs:      
Number of Clubs [Roll Forward]      
Clubs operated at beginning of period 2,445 2,319 2,176
New clubs opened or acquired 158 129 147
Clubs refranchised 8 0 5
Clubs debranded, sold or consolidated (7) (3) (9)
Clubs operated at end of period 2,604 2,445 2,319
Corporate-owned clubs:      
Number of Clubs [Roll Forward]      
Clubs operated at beginning of period 277 256 234
New clubs opened or acquired 23 21 18
Clubs refranchised 8 0 5
Clubs acquired from franchisees 0 0 9
Clubs operated at end of period 292 277 256
v3.25.4
Valuation and Qualifying Accounts (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
SEC Schedule, 12-09, Allowance, Credit Loss      
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]      
Balance at Beginning of Period $ 30 $ 0 $ 0
Provision for (recovery of) doubtful accounts, net 857 43 0
Write-offs and other 459 13 0
Balance at End of Period 428 30 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 18,834 17,689 14,957
Provision for (recovery of) doubtful accounts, net 5,590 1,145 2,732
Write-offs and other 0 0 0
Balance at End of Period 24,424 18,834 17,689
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 6,579 4,940 4,037
Provision for (recovery of) doubtful accounts, net 3,801 1,639 903
Write-offs and other 0 0 0
Balance at End of Period $ 10,380 $ 6,579 $ 4,940