PLANET FITNESS, INC., 10-Q filed on 11/7/2025
Quarterly Report
v3.25.3
Cover - shares
 9 Months Ended
Sep. 30, 2025
Oct. 31, 2025
Document Information [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Sep. 30, 2025  
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, $0.0001 Par Value  
Trading Symbol PLNT  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Amendment Flag false  
Document Fiscal Year Focus 2025  
Document Fiscal Period Focus Q3  
Entity Central Index Key 0001637207  
Current Fiscal Year End Date --12-31  
Class A common stock    
Document Information [Line Items]    
Entity Common Stock, Shares Outstanding   82,983,165
Class B common stock    
Document Information [Line Items]    
Entity Common Stock, Shares Outstanding   316,128
v3.25.3
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 329,020 $ 293,150
Restricted cash 56,388 56,524
Short-term marketable securities 114,363 114,163
Accounts receivable, net of allowances for uncollectible amounts of $33 and $30 as of September 30, 2025 and December 31, 2024, respectively 70,425 77,145
Inventory 6,982 6,146
Prepaid expenses 23,176 21,499
Other receivables 15,650 16,776
Income tax receivable and prepayments 9,646 2,616
Total current assets 625,650 588,019
Long-term marketable securities 78,177 65,668
Investments, net of allowance for expected credit losses of $23,923 and $18,834 as of September 30, 2025 and December 31, 2024, respectively 70,431 75,650
Property and equipment, net of accumulated depreciation of $430,141 and $370,118, as of September 30, 2025 and December 31, 2024, respectively 448,324 423,991
Right-of-use assets, net 403,314 395,174
Intangible assets, net 295,587 323,318
Goodwill 710,571 720,633
Deferred income taxes 415,673 470,197
Other assets, net 10,482 7,058
Total assets 3,058,209 3,069,708
Current liabilities:    
Current maturities of long-term debt 22,500 22,500
Accounts payable 48,013 32,887
Accrued expenses 61,159 67,895
Equipment deposits 11,177 1,851
Restricted liabilities - national advertising fund 2,613 0
Deferred revenue, current 65,219 62,111
Payable pursuant to tax benefit arrangements, current 49,672 55,556
Other current liabilities 40,091 39,695
Total current liabilities 300,444 282,495
Long-term debt, net of current maturities 2,135,129 2,148,029
Lease liabilities, net of current portion 417,624 405,324
Deferred revenue, net of current portion 30,167 31,990
Deferred tax liabilities 620 1,386
Payable pursuant to tax benefit arrangements, net of current portion 363,429 411,360
Other liabilities 5,153 4,497
Total noncurrent liabilities 2,952,122 3,002,586
Commitments and contingencies (Note 13)
Stockholders’ equity (deficit):    
Accumulated other comprehensive income (loss) 1,121 (2,348)
Additional paid in capital 618,939 609,115
Accumulated deficit (814,832) (822,156)
Total stockholders’ deficit attributable to Planet Fitness, Inc. (194,763) (215,380)
Non-controlling interests 406 7
Total stockholders’ deficit (194,357) (215,373)
Total liabilities and stockholders’ equity 3,058,209 3,069,708
Class A common stock    
Stockholders’ equity (deficit):    
Common stock, value 9 9
Class B common stock    
Stockholders’ equity (deficit):    
Common stock, value $ 0 $ 0
v3.25.3
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($)
shares in Thousands, $ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Current assets:    
Accounts receivable, allowance for bad debts $ 33 $ 30
Allowance for expected credit loss 23,923 18,834
Accumulated depreciation $ 430,141 $ 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) 82,982 84,323
Common stock, shares outstanding (in shares) 82,982 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
v3.25.3
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Revenue:        
Total revenue $ 330,345 $ 292,246 $ 947,886 $ 841,204
Operating costs and expenses:        
Cost of revenue 58,155 45,701 140,063 116,628
Club operations 79,792 71,614 238,909 216,119
Selling, general and administrative 30,525 32,647 100,343 93,453
National advertising fund expense 21,429 19,720 66,150 59,624
Depreciation and amortization 39,108 41,033 115,818 120,230
Other (gain) loss, net (5,732) 280 (2,069) 698
Total operating costs and expenses 223,277 210,995 659,214 606,752
Income from operations 107,068 81,251 288,672 234,452
Other income (expense), net:        
Interest income 5,936 5,610 17,438 16,687
Interest expense (26,342) (26,603) (78,720) (72,569)
Other income (expense), net 1,067 (558) 3,292 1,132
Total other (expense), net (19,339) (21,551) (57,990) (54,750)
Income before income taxes 87,729 59,700 230,682 179,702
Provision for income taxes 27,974 16,523 69,120 49,824
Loss from equity-method investments, net of tax (572) (782) (2,005) (3,198)
Net income 59,183 42,395 159,557 126,680
Less: net income attributable to non-controlling interests 354 386 842 1,722
Net income attributable to Planet Fitness, Inc. $ 58,829 $ 42,009 $ 158,715 $ 124,958
Class A common stock        
Net income per share of Class A common stock:        
Basic (in usd per share) $ 0.70 $ 0.50 $ 1.89 $ 1.45
Diluted (in usd per share) $ 0.70 $ 0.50 $ 1.89 $ 1.45
Weighted-average shares of Class A common stock outstanding:        
Basic (in shares) 83,517,094 84,569,504 83,847,130 86,090,290
Diluted (in shares) 83,717,295 84,727,825 84,055,089 86,289,084
Franchise        
Revenue:        
Total revenue $ 92,245 $ 82,873 $ 282,362 $ 254,783
National advertising fund revenue        
Revenue:        
Total revenue 21,430 19,542 66,151 59,442
Corporate-owned clubs        
Revenue:        
Total revenue 137,833 128,132 410,491 375,976
Equipment        
Revenue:        
Total revenue $ 78,837 $ 61,699 $ 188,882 $ 151,003
v3.25.3
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Statement of Comprehensive Income [Abstract]        
Net income including non-controlling interests $ 59,183 $ 42,395 $ 159,557 $ 126,680
Other comprehensive income, net        
Foreign currency translation adjustments (59) 286 3,187 (403)
Unrealized gain on marketable securities, net of tax 170 1,030 282 451
Total other comprehensive income, net 111 1,316 3,469 48
Total comprehensive income including non-controlling interests 59,294 43,711 163,026 126,728
Less: total comprehensive income attributable to non-controlling interests 354 386 842 1,722
Total comprehensive income attributable to Planet Fitness, Inc. $ 58,940 $ 43,325 $ 162,184 $ 125,006
v3.25.3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Cash flows from operating activities:    
Net income $ 159,557 $ 126,680
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 115,818 120,230
Equity-based compensation expense 9,132 5,965
Deferred tax expense 54,408 40,077
Amortization of deferred financing costs 3,975 3,984
Loss on extinguishment of debt 0 2,285
Accretion of marketable securities discount (1,109) (2,658)
Losses from equity-method investments, net of tax 2,005 3,198
Dividends accrued on held-to-maturity investment (1,733) (1,618)
Credit loss on held-to-maturity investment 5,089 849
Gain on re-measurement of tax benefit arrangement liability (1,769) (774)
Gain on sale of corporate-owned clubs (6,443) 0
Gain on insurance proceeds (1,461) 0
Other (150) 538
Changes in operating assets and liabilities, net of acquisitions:    
Accounts receivable 7,484 (7,443)
Inventory (836) (201)
Other assets and other current assets 1,581 1,735
Restricted assets - national advertising fund 2,613 (368)
Accounts payable and accrued expenses (3,728) 8,818
Other liabilities and other current liabilities 327 (741)
Income taxes (5,119) (1,553)
Payments pursuant to tax benefit arrangements (52,778) (28,786)
Equipment deposits 9,324 5,835
Deferred revenue 3,862 9,552
Leases 9,312 9,138
Net cash provided by operating activities 309,361 294,742
Cash flows from investing activities:    
Additions to property and equipment (113,577) (112,968)
Insurance proceeds for property and equipment 2,053 0
Payment of deferred consideration for acquired clubs (1,524) 0
Proceeds from sale of corporate-owned clubs 21,626 0
Purchases of marketable securities (118,401) (116,833)
Maturities of marketable securities 106,309 80,922
Issuance of note receivable, related party (2,639) 0
Other investing activity 112 568
Net cash used in investing activities (106,041) (148,311)
Cash flows from financing activities:    
Proceeds from issuance of long-term debt 0 800,000
Repayment of long-term debt (16,875) (603,063)
Payment of deferred financing and other debt-related costs 0 (12,055)
Proceeds from issuance of Class A common stock 1,478 17,221
Repurchase and retirement of Class A common stock (150,026) (300,205)
Principal payments on capital lease obligations (93) (100)
Payment of share repurchase excise tax (2,549) 0
Distributions paid to members of Pla-Fit Holdings (1,521) (3,345)
Net cash used in financing activities (169,586) (101,547)
Effects of exchange rate changes on cash and cash equivalents 2,000 (456)
Net increase in cash, cash equivalents and restricted cash 35,734 44,428
Cash, cash equivalents and restricted cash, beginning of period 349,674 322,121
Cash, cash equivalents and restricted cash, end of period 385,408 366,549
Supplemental cash flow information:    
Cash paid for interest 75,004 53,718
Net cash paid for income taxes 19,414 11,248
Non-cash investing activities:    
Non-cash additions to property and equipment included in accounts payable and accrued expenses $ 22,159 $ 18,446
v3.25.3
Condensed Consolidated Statements of Changes in Equity (Deficit) (Unaudited) - 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 (loss) income
Additional paid- in capital
Accumulated deficit
Non-controlling interests
Beginning balance (in shares) at Dec. 31, 2023       86,760 1,397        
Beginning 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 126,680             124,958 1,722
Equity-based compensation expense 5,965           5,965    
Repurchase and retirement of Class A common stock (in shares)       (4,073)          
Repurchase and retirement of Class A common stock (302,806)           2,363 (302,806) (2,363)
Exchanges of Class B common stock and other adjustments (in shares)       909 (909)        
Exchanges of Class B common stock and other adjustments 0           (5,336)   5,336
Issuance of shares under equity-based compensation plans (in shares)       508          
Issuance of shares under equity-based compensation plans 17,366           17,366    
Tax benefit arrangement liability and deferred taxes arising from exchanges of Class B common stock 6,259           6,259    
Distributions paid to members of Pla-Fit Holdings (3,345)               (3,345)
Issuance of subsidiary stock to non-controlling interest 1,710           700   1,010
Other comprehensive income 48         48      
Ending balance (in shares) at Sep. 30, 2024       84,104 488        
Ending balance at Sep. 30, 2024 (267,114)     $ 9 $ 0 220 602,948 (869,309) (982)
Beginning balance (in shares) at Jun. 30, 2024       84,496 650        
Beginning balance at Jun. 30, 2024 (319,830)     $ 9 $ 0 (1,096) 594,049 (910,626) (2,166)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Net income 42,395             42,009 386
Equity-based compensation expense 3,118           3,118    
Repurchase and retirement of Class A common stock (in shares)       (669)          
Repurchase and retirement of Class A common stock (692)           0 (692) 0
Exchanges of Class B common stock and other adjustments (in shares)       162 (162)        
Exchanges of Class B common stock and other adjustments 0           (2,411)   2,411
Issuance of shares under equity-based compensation plans (in shares)       115          
Issuance of shares under equity-based compensation plans 7,826           7,826    
Tax benefit arrangement liability and deferred taxes arising from exchanges of Class B common stock 366           366    
Distributions paid to members of Pla-Fit Holdings (1,613)               (1,613)
Other comprehensive income 1,316         1,316      
Ending balance (in shares) at Sep. 30, 2024       84,104 488        
Ending balance at Sep. 30, 2024 (267,114)     $ 9 $ 0 220 602,948 (869,309) (982)
Beginning balance (in shares) at Dec. 31, 2024   84,323 342 84,323 342        
Beginning 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 159,557             158,715 842
Equity-based compensation expense 9,132           9,132    
Repurchase and retirement of Class A common stock (in shares)       (1,502)          
Repurchase and retirement of Class A common stock (151,391)           (1,015) (151,391) 1,015
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 (in shares)       135          
Issuance of shares under equity-based compensation plans 1,601           1,601    
Tax benefit arrangement liability and deferred taxes arising from exchanges of Class B common stock 169           169    
Distributions paid to members of Pla-Fit Holdings (1,521)               (1,521)
Other comprehensive income 3,469         3,469      
Ending balance (in shares) at Sep. 30, 2025   82,982 316 82,982 316        
Ending balance at Sep. 30, 2025 (194,357)     $ 9 $ 0 1,121 618,939 (814,832) 406
Beginning balance (in shares) at Jun. 30, 2025       83,907 316        
Beginning balance at Jun. 30, 2025 (158,281)     $ 9 $ 0 1,010 615,040 (774,753) 413
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Net income 59,183             58,829 354
Equity-based compensation expense 2,994           2,994    
Repurchase and retirement of Class A common stock (in shares)       (936)          
Repurchase and retirement of Class A common stock (98,908)           171 (98,908) (171)
Issuance of shares under equity-based compensation plans (in shares)       11          
Issuance of shares under equity-based compensation plans 734           734    
Distributions paid to members of Pla-Fit Holdings (190)               (190)
Other comprehensive income 111         111      
Ending balance (in shares) at Sep. 30, 2025   82,982 316 82,982 316        
Ending balance at Sep. 30, 2025 $ (194,357)     $ 9 $ 0 $ 1,121 $ 618,939 $ (814,832) $ 406
v3.25.3
Business organization
 9 Months Ended
Sep. 30, 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 20.7 million members and 2,795 owned and franchised locations (referred to as clubs) in all 50 states, the District of Columbia, Puerto Rico, Canada, Panama, Mexico, Australia and Spain as of September 30, 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 “2012 Acquisition”).
The Company was formed as a Delaware corporation on March 16, 2015 for the purpose of facilitating an initial public offering (the “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 September 30, 2025, the Company held 100.0% 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.
v3.25.3
Summary of significant accounting policies
 9 Months Ended
Sep. 30, 2025
Accounting Policies [Abstract]  
Summary of significant accounting policies Summary of significant accounting policies
(a) Basis of presentation and consolidation
The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Accordingly, these interim financial statements do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation of the results of operations, financial position and cash flows for the periods presented have been reflected. All significant intercompany balances and transactions have been eliminated in consolidation.
Planet Fitness NAF, LLC (the “national advertising fund” or “NAF”) is an advertising fund and is considered a variable interest entity. The results of the NAF are consolidated within these financial statements based on the determination that the Company is the primary beneficiary of the NAF. On behalf of the Company, the NAF along with the Canadian Advertising Fund (“CAF” and collectively with the NAF, the “NAFs”) collect 2% annually of gross monthly and annual membership dues from franchisees, in accordance with the provisions of the franchise agreements, and uses the amounts received to increase sales and further enhance the public reputation of the Planet Fitness brand.
The condensed consolidated financial statements as of and for the three and nine months ended September 30, 2025 and 2024 are unaudited. The condensed consolidated balance sheet as of December 31, 2024 has been derived from the audited financial statements at that date but does not include all of the disclosures required by GAAP. These interim condensed consolidated financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 filed with the SEC on February 25, 2025. The Company’s significant interim accounting policies include
the proportional recognition of national advertising fund expenses within interim periods. Operating results for the interim periods are not necessarily indicative of the results that may be expected for the full year ending December 31, 2025.
(b) Use of estimates
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed 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 condensed consolidated financial statements include revenue recognition, valuation of assets and liabilities acquired in business combinations, the evaluation of the recoverability of goodwill and long-lived assets, including intangible assets, 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) 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 3 for investments that are measured at fair value on a recurring basis and Note 6 for liabilities held at carrying value on the condensed consolidated balance sheet.
(d) Reclassification
Certain amounts have been reclassified to conform to current year presentation.
(e) 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 new standard is effective for annual periods beginning after December 15, 2024. The Company is currently evaluating the impact of adoption on our financial disclosures.
The FASB issued ASU No. 2024-03, Disaggregation of Income Statement Expenses, in November 2024. The standard requires 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.
v3.25.3
Investments
 9 Months Ended
Sep. 30, 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 September 30, 2025, the marketable securities had maturity dates that range from less than one month to approximately 22 months. Realized gains and losses were insignificant for the three and nine months ended September 30, 2025 and 2024.
Amortized CostUnrealized (Losses) Gains, Net
Fair Value(1)
Level 1Level 2
September 30, 2025
Cash equivalents
Money market funds$687 $— $687 $687 $— 
Total cash equivalents687 — 687 687 — 
Short-term marketable securities
Commercial paper10,860 (2)10,858 — 10,858 
Corporate debt securities102,573 174 102,747 — 102,747 
U.S. government agency securities758 — 758 — 758 
Total short-term marketable securities114,191 172 114,363 — 114,363 
Long-term marketable securities
Corporate debt securities74,181 251 74,432 — 74,432 
U.S. government agency securities3,750 (5)3,745 — 3,745 
Total long-term marketable securities77,931 246 78,177 — 78,177 
Total cash equivalents and marketable securities$192,809 $418 $193,227 $687 $192,540 
Amortized CostUnrealized Gains (Losses), Net
Fair Value(1)
Level 1Level 2
December 31, 2024
Cash equivalents
Money market funds$236 $— $236 $236 $— 
Commercial paper3,996 — 3,996 — 3,996 
U.S. treasury securities2,650 — 2,650 — 2,650 
Total cash equivalents6,882 — 6,882 236 6,646 
Short-term marketable securities
Commercial paper9,082 10 9,092 — 9,092 
Corporate debt securities98,915 181 99,096 — 99,096 
U.S. treasury securities1,999 — 1,999 — 1,999 
U.S. government agency securities3,971 5 3,976 — 3,976 
Total short-term marketable securities113,967 196 114,163 — 114,163 
Long-term marketable securities
Corporate debt securities62,728 (55)62,673 — 62,673 
U.S. government agency securities3,000 (5)2,995 — 2,995 
Total long-term marketable securities65,728 (60)65,668 — 65,668 
Total cash equivalents and marketable securities$186,577 $136 $186,713 $236 $186,477 
(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 September 30, 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 condensed 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 $486 and $292 during the three months ended September 30, 2025 and 2024, respectively, and $5,089 and $849 during the nine months ended September 30, 2025 and 2024, respectively, on the adjustment of its allowance for credit losses within other income, net on the condensed consolidated statements of operations.
The amortized cost of the Company’s held-to-maturity debt security investment, which includes accrued dividends, was $34,256 and $32,523 as of September 30, 2025 and December 31, 2024, respectively. The amortized cost, net of the allowance for expected credit losses, approximates fair value. The Company recognized dividend income of $594 and $553 during the three months ended September 30, 2025 and 2024, respectively, and $1,733 and $1,618 during the nine months ended September 30, 2025 and 2024, respectively, within other income (expense), net on the condensed consolidated statements of operations.
A roll forward of the Company’s allowance for expected credit losses on its held-to-maturity investment is as follows:
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Beginning allowance for expected credit losses$23,437 $18,246 $18,834 $17,689 
Loss on adjustment of allowance for expected credit losses486 292 5,089 849 
Write-offs, net of recoveries— — — — 
Ending allowance for expected credit losses$23,923 $18,538 $23,923 $18,538 
Equity method investments
For the following investments, the Company recorded its proportionate share of the investees’ earnings, prepared in accordance with 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 condensed consolidated statements of operations. As of September 30, 2025, the Company determined that no impairment of its equity method investments existed.
As of September 30, 2025 and December 31, 2024, the Company held a 22.0% ownership interest 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 $12,636 and $12,961, 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 $4,727 and $5,374 as of September 30, 2025 and December 31, 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 $38 and $674 during the three months ended September 30, 2025 and 2024, respectively, and $468 and $1,140 during the nine months ended September 30, 2025 and 2024, respectively, which included the amortization of basis difference of $66 during both the three months ended September 30, 2025 and 2024, and $198 during both the nine months ended September 30, 2025 and 2024.
As of September 30, 2025 and December 31, 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 $47,463 and $49,000, 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 $17,233 and $21,702 as of September 30, 2025 and December 31, 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 $534 and $108 during the three months ended September 30, 2025 and 2024, respectively, and $1,537 and $2,058 during the nine months ended September 30, 2025 and 2024, respectively, which included the amortization of basis difference of $174 during both the three months ended September 30, 2025 and 2024, and $522 and $511 during the nine months ended September 30, 2025 and 2024, respectively.
v3.25.3
Sale of corporate-owned clubs
 9 Months Ended
Sep. 30, 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 $21,626. The net value of assets derecognized in connection with the sale amounted to $15,183, which included goodwill of $10,546, intangible assets of $196, and net tangible assets of $4,441. The transaction resulted in a gain on sale of corporate-owned clubs of $6,443 during the three months ended September 30, 2025, which was included in other (gain) loss, net on the condensed consolidated statements of operations.
v3.25.3
Goodwill and intangible assets
 9 Months Ended
Sep. 30, 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:
FranchiseCorporate-owned ClubsEquipment
Amount
Goodwill at December 31, 2024
$16,938 $611,029 $92,666 $720,633 
Acquisitions
— 70 — 70 
Sale of corporate-owned clubs— (10,546)— (10,546)
Foreign currency translation
— 414 — 414 
Goodwill at September 30, 2025
$16,938 $600,967 $92,666 $710,571 
In December 2024, the Company’s operating entity in Spain completed an immaterial acquisition of three clubs. The acquisition resulted in the addition of $1,619 in the carrying value of goodwill. During the nine months ended September 30, 2025, the Company recorded an addition of $70 to the carrying value of goodwill as a result of an update to the preliminary allocation of the purchase consideration.
A summary of intangible assets is as follows:
September 30, 2025December 31, 2024
Gross
carrying
amount		Accumulated
amortization		Net carrying
Amount		Gross
carrying
amount		Accumulated
amortization		Net carrying
Amount
Finite-lived intangible assets:
Customer relationships$199,043 $(185,411)$13,632 $199,043 $(183,046)$15,997 
Reacquired franchise rights274,708 (139,157)135,551 274,708 (113,987)160,721 
Total finite-lived intangible assets473,751 (324,568)149,183 473,751 (297,033)176,718 
Indefinite-lived intangible assets:
Trade and brand names146,404 — 146,404 146,600 — 146,600 
Total intangible assets$620,155 $(324,568)$295,587 $620,351 $(297,033)$323,318 
The Company determined that no impairment charges were required during any of the periods presented.
Amortization expense related to the finite-lived intangible assets totaled $9,190 and $12,768 during the three months ended September 30, 2025 and 2024, respectively, and $27,568 and $38,304 during the nine months ended September 30, 2025 and 2024, respectively. The anticipated amortization expense related to intangible assets to be recognized in future periods as of September 30, 2025 is as follows:
 Amount
Remainder of 2025$9,178 
202632,079 
202727,956 
202827,300 
202923,675 
Thereafter28,995 
Total$149,183 
v3.25.3
Long-term debt
 9 Months Ended
Sep. 30, 2025
Debt Disclosure [Abstract]  
Long-term debt Long-term debt
Long-term debt consists of the following: 
 September 30, 2025December 31, 2024
2019-1 Class A-2 notes$518,375 $522,500 
2022-1 Class A-2-I notes410,125 413,312 
2022-1 Class A-2-II notes458,375 461,938 
2024-1 Class A-2-I notes420,750 423,938 
2024-1 Class A-2-II notes371,250 374,062 
Total debt, excluding deferred financing costs2,178,875 2,195,750 
Deferred financing costs, net of accumulated amortization(21,246)(25,221)
Total debt, net2,157,629 2,170,529 
Current portion of long-term debt22,500 22,500 
Long-term debt, net of current portion$2,135,129 $2,148,029 
Future principal payments of long-term debt as of September 30, 2025 are as follows: 
 Amount
Remainder of 2025$5,625 
2026427,312 
202718,250 
202818,250 
2029915,938 
Thereafter793,500 
Total$2,178,875 
The carrying value and estimated fair value of long-term debt were as follows:
September 30, 2025December 31, 2024
Carrying value
Estimated fair value(1)
Carrying value
Estimated fair value(1)
Long-term debt$2,178,875 $2,137,388 $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 GAAP.
v3.25.3
Leases
 9 Months Ended
Sep. 30, 2025
Leases [Abstract]  
Leases Leases
The right-of-use assets and lease liabilities for operating and finance leases, including their classification in the condensed consolidated balance sheets, were as follows:
LeasesBalance Sheet ClassificationSeptember 30, 2025December 31, 2024
Assets
OperatingRight of use asset, net$403,314 $395,174 
FinanceProperty and equipment, net 863 85 
Total lease assets$404,177 $395,259 
Liabilities
Current:
OperatingOther current liabilities$37,611 $37,031 
FinanceOther current liabilities185 70 
Noncurrent:
OperatingLease liabilities, net of current portion417,624 405,324 
FinanceOther liabilities685 20 
Total lease liabilities$456,105 $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:
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Operating lease cost$19,141 $18,139 $58,027 $54,142 
Variable lease cost7,125 6,828 21,574 18,980 
Total lease cost$26,266 $24,967 $79,601 $73,122 
The Company’s costs related to short-term leases, those with a duration between one and twelve months, were immaterial.
Supplemental disclosures of cash flow information related to leases were as follows:
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Cash paid for lease liabilities$17,309 $14,319 $48,566 $44,829 
Operating lease ROU assets obtained in exchange for operating lease liabilities$19,819 $18,964 $66,328 $55,494 
Maturities of lease liabilities as of September 30, 2025 were as follows:
Amount
Remainder of 2025$17,600 
202677,573 
202782,255 
202882,226 
202976,293 
Thereafter255,360 
Total lease payments$591,307 
Less: imputed interest(135,202)
Present value of lease liabilities$456,105 
As of September 30, 2025, future operating lease payments exclude approximately $39,363 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 condensed consolidated balance sheets, were as follows:
LeasesBalance Sheet ClassificationSeptember 30, 2025December 31, 2024
Assets
OperatingRight of use asset, net$403,314 $395,174 
FinanceProperty and equipment, net 863 85 
Total lease assets$404,177 $395,259 
Liabilities
Current:
OperatingOther current liabilities$37,611 $37,031 
FinanceOther current liabilities185 70 
Noncurrent:
OperatingLease liabilities, net of current portion417,624 405,324 
FinanceOther liabilities685 20 
Total lease liabilities$456,105 $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:
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Operating lease cost$19,141 $18,139 $58,027 $54,142 
Variable lease cost7,125 6,828 21,574 18,980 
Total lease cost$26,266 $24,967 $79,601 $73,122 
The Company’s costs related to short-term leases, those with a duration between one and twelve months, were immaterial.
Supplemental disclosures of cash flow information related to leases were as follows:
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Cash paid for lease liabilities$17,309 $14,319 $48,566 $44,829 
Operating lease ROU assets obtained in exchange for operating lease liabilities$19,819 $18,964 $66,328 $55,494 
Maturities of lease liabilities as of September 30, 2025 were as follows:
Amount
Remainder of 2025$17,600 
202677,573 
202782,255 
202882,226 
202976,293 
Thereafter255,360 
Total lease payments$591,307 
Less: imputed interest(135,202)
Present value of lease liabilities$456,105 
As of September 30, 2025, future operating lease payments exclude approximately $39,363 of legally binding minimum lease payments for leases signed but not yet commenced.
v3.25.3
Revenue from contract with customers
 9 Months Ended
Sep. 30, 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 area development agreement (“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, and NAF revenue collected in advance of satisfaction of the Company’s performance obligation. Also included are corporate-owned club enrollment fees, monthly and annual fees as well as deferred equipment rebates relating to its equipment business. The Company classifies these contract liabilities as deferred revenue in its condensed consolidated balance sheets.
The following table reflects the change in contract liabilities between December 31, 2024 and September 30, 2025:
Amount
Balance at December 31, 2024
$94,101 
Revenue recognized that was included in the contract liability at the beginning of the year(59,538)
Net increase, excluding amounts recognized as revenue during the period
60,823 
Balance at September 30, 2025
$95,386 
The following table illustrates estimated revenues expected to be recognized in the future related to performance obligations that are unsatisfied, or partially unsatisfied, as of September 30, 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.
Contract liabilities to be recognized in:Amount
Remainder of 2025$41,653 
202625,341 
20273,767 
20283,428 
20293,048 
Thereafter18,149 
Total$95,386 
Equipment deposits received in advance of delivery as of September 30, 2025 were $11,177 and are expected to be recognized as revenue within the next 12 months.
v3.25.3
Related party transactions
 9 Months Ended
Sep. 30, 2025
Related Party Transactions [Abstract]  
Related party transactions Related party transactions
Activity with franchisees considered to be related parties is summarized below:
 Three Months Ended September 30,Nine Months Ended September 30,
 2025202420252024
Franchise revenue
$2,216 $1,998 $6,604 $5,999 
Equipment revenue
614 3,653 1,455 9,096 
Total revenue from related parties$2,830 $5,651 $8,059 $15,095 
The Company had $4,085 and $6,198 of accounts receivable attributable to related parties as of September 30, 2025 and December 31, 2024, respectively.
Additionally, the Company had deferred ADA and franchise agreement revenue from related parties of $566 and $577 as of September 30, 2025 and December 31, 2024, respectively.
As of September 30, 2025 and December 31, 2024, the Company had $83,903 and $88,099, respectively, payable to related parties pursuant to tax benefit arrangements. See Note 12 for further discussion of these arrangements.
In November 2024, the Company issued a promissory note of up to $10,000 to a franchisee. Amounts borrowed under the promissory note accrue interest at SOFR plus 4% and must be repaid no later than December 31, 2026. As of September 30, 2025 and December 31, 2024, $5,019 and $2,148, respectively, was issued and outstanding on the promissory note. During the three and nine months ended September 30, 2025, interest receivable accrued on the outstanding promissory note was $106 and $232, respectively.
The Company provides administrative services to the NAF and typically charges the NAF a fee for providing these services. The services provided, which include accounting, information technology, data processing, product development, legal and administrative support, and other operating expenses, amounted to $1,522 and $1,657 during the three months ended September 30, 2025 and 2024, respectively, and $4,737 and $4,455 during the nine months ended September 30, 2025 and 2024, respectively.
A member of the Company’s board of directors, who is also the Company’s former interim Chief Executive Officer 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 for the use in corporate-owned clubs of approximately $151 and $102 during the three months ended September 30, 2025 and 2024, and $395 and $273 during the nine months ended September 30, 2025 and 2024, respectively.
v3.25.3
Stockholders' equity
 9 Months Ended
Sep. 30, 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.
As of September 30, 2025:
•Holders of Class A common stock owned 82,981,572 shares of Class A common stock, representing 99.6% of the voting power in the Company and, through the Company, 82,981,572 Holdings Units representing 99.6% of the economic interest in Pla-Fit Holdings; and
•the Continuing LLC Owners collectively owned 316,128 Holdings Units, representing 0.4% of the economic interest in Pla-Fit Holdings, and 316,128 shares of Class B common stock, representing 0.4% of the voting power in the Company.
Share repurchase program
2022 share repurchase program
On November 4, 2022, the Company’s board of directors approved a share repurchase program of up to $500,000, which replaced the 2019 share repurchase program.
On June 12, 2024, the Company entered into a $280,000 accelerated share repurchase agreement (the “ASR Agreement”) with Citibank, N.A. (the “Bank”). Final settlement of the ASR Agreement occurred on September 16, 2024. During the term of the ASR Agreement, the Company repurchased and retired 3,758,939 shares of Class A common stock.
Additionally, prior to entry into the ASR Agreement, during the nine months ended September 30, 2024, the Company repurchased and retired 313,834 shares of Class A common stock for a total cost of $20,005. A share repurchase excise tax of $2,618 was recorded in connection with the Company’s share repurchases during the nine months ended September 30, 2024.
2024 share repurchase program
On June 13, 2024, the Company’s board of directors conditionally approved a share repurchase program of up to $500,000 (the “2024 Share Repurchase Program”) to replace the 2022 share repurchase program. The 2024 Share Repurchase Program became effective on September 16, 2024. During the three and nine months ended September 30, 2025, the Company repurchased and retired 936,666 and 1,502,411 shares of Class A common stock for a total cost of $97,925 and $150,000, respectively. A share repurchase excise tax of $1,365 was recorded in connection with the Company’s share repurchases during the nine months ended September 30, 2025. As of September 30, 2025, there is $350,000 remaining under the 2024 Share Repurchase Program.
The timing of purchases and amount of stock repurchased are subject to the Company’s discretion and dependent upon market and business conditions, the Company’s general working capital needs, stock price, applicable legal requirements and other factors. The ability to repurchase shares at any particular time is also subject to the terms of the indenture governing the Company’s 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.
Preferred stock
The Company had 50,000,000 shares of preferred stock authorized and none issued or outstanding as of September 30, 2025 and December 31, 2024.
v3.25.3
Earnings per share
 9 Months Ended
Sep. 30, 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 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 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:
 Three Months Ended September 30,Nine Months Ended September 30,
 2025202420252024
Numerator  
Net income$59,183 $42,395 $159,557 $126,680 
Less: net income attributable to non-controlling interests354 386 842 1,722 
Net income attributable to Planet Fitness, Inc.$58,829 $42,009 $158,715 $124,958 
Denominator
Weighted-average shares of Class A common stock outstanding - basic83,517,094 84,569,504 83,847,130 86,090,290 
Effect of dilutive securities:
Stock options40,840 38,017 40,596 117,080 
Restricted stock units94,795 72,665 105,977 48,994 
Performance stock units64,566 47,639 61,386 32,720 
Weighted-average shares of Class A common stock outstanding - diluted83,717,295 84,727,825 84,055,089 86,289,084 
Earnings per share of Class A common stock - basic$0.70 $0.50 $1.89 $1.45 
Earnings per share of Class A common stock - diluted$0.70 $0.50 $1.89 $1.45 
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:
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Class B common stock
316,128 532,058 330,162 811,748 
Stock options— — — 3,503 
Restricted stock units69 — 76 2,229 
Performance stock units69 29 661 2,055 
Total
316,266 532,087 330,899 819,535 
v3.25.3
Income taxes
 9 Months Ended
Sep. 30, 2025
Income Tax Disclosure [Abstract]  
Income taxes Income taxes
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 the allocable share of any taxable income of Pla-Fit Holdings. The Company’s effective tax rate was 31.9% and 27.7% for the three months ended September 30, 2025 and 2024, respectively, and 30.0% and 27.7% for the nine months ended September 30, 2025 and 2024, respectively, which differed from the U.S. federal statutory rate of 21% primarily due to state and local taxes, and an increase of the valuation allowance and sale of corporate-owned clubs. The Company is also subject to taxes in foreign jurisdictions.
Net deferred tax assets of $415,053 and $468,811 as of September 30, 2025 and December 31, 2024, respectively, relate primarily to the tax effects of temporary differences in the book basis as compared to the tax basis of the investment in Pla-Fit Holdings as a result of the secondary offerings, other exchanges, recapitalization transactions and the IPO.
As of September 30, 2025 and December 31, 2024, the total liability related to uncertain tax positions was $378 and $297, respectively. The Company recognizes accrued interest and penalties, if applicable, related to unrecognized tax benefits in income tax expense. Interest and penalties for the three and nine months ended September 30, 2025 and 2024 were not material.
Tax benefit arrangements
The Company’s acquisition of Holdings Units in connection with the IPO and future and certain 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 holders of equity interests or their successors-in-interest (“TRA Holders”). Under the first of those arrangements, the Company generally is required to pay 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 sales 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 the tax attributes of certain equity interests previously held by affiliates of TSG that resulted from TSG’s purchase of interests in Pla-Fit Holdings in 2012, and certain other tax benefits. Under both agreements, the Company generally retains the remaining 15% benefit of the applicable tax savings.
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:
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Holding units exchanged— 162,324 25,713 908,960 
Net deferred tax assets$— $3,914 $901 $17,569 
Tax benefit arrangement liabilities(1)
$— $3,548 $732 $11,310 
(1) Represents approximately 85% of the tax benefit generated by TRA Holders who exchanged shares and participate in the tax benefit arrangements.
The Company had a liability of $413,101 and $466,916 as of September 30, 2025 and December 31, 2024, respectively, related to its projected obligations under the tax benefit arrangements.
Projected future payments under the tax benefit arrangements were as follows:
 Amount
Remainder of 2025$1,327 
202653,717 
202740,985 
202842,389 
202944,125 
Thereafter230,558 
Total$413,101 
On July 4, 2025, the “One Big Beautiful Bill Act” (the “Act”) was enacted into law. The Act includes changes to U.S. tax law that will be applicable to the Company beginning in fiscal 2025. The Act allows the Company to accelerate tax deductions for qualified property and equipment expenditures via bonus depreciation and immediately deduct the remaining balance of previous years capitalized domestic Section 174A expenses, as well as the current year domestic amounts. These changes result in a shift between current and deferred taxes for the Company.
v3.25.3
Commitments and contingencies
 9 Months Ended
Sep. 30, 2025
Commitments and Contingencies Disclosure [Abstract]  
Commitments and contingencies Commitments and contingencies
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.
The Company is not currently aware of any other legal proceedings or claims that the Company believes will have, individually or in the aggregate, a material adverse effect on the Company’s financial position or result of operations.
v3.25.3
Segments
 9 Months Ended
Sep. 30, 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 tables summarize total revenue and total Segment Adjusted EBITDA for the Company’s reportable segments.
 Three Months Ended September 30,Nine Months Ended September 30,
 2025202420252024
Revenue
Franchise$113,675 $102,415 $348,513 $314,225 
Corporate-owned clubs137,833 128,132 410,491 375,976 
Equipment78,837 61,699 188,882 151,003 
Total revenue$330,345 $292,246 $947,886 $841,204 
Adjusted EBITDA
Franchise$82,367 $72,786 $253,734 $226,378 
Corporate-owned clubs53,737 50,391 156,184 142,354 
Equipment23,724 18,487 57,601 41,860 
Segment Adjusted EBITDA$159,828 $141,664 $467,519 $410,592 
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:
 Three Months Ended September 30,Nine Months Ended September 30,
Franchise Segment2025202420252024
Selling, general and administrative
$8,199 $8,066 $24,183 $22,686 
National advertising fund expense21,429 19,720 66,150 59,624 
Cost of revenue1,858 1,635 5,120 4,905 
Other segment (income) expenses, net(1)
(177)207 (675)633 
Total$31,308 $29,629 $94,779 $87,847 
(1) Other segment (income) expenses, net for the franchise segment includes other (gains) losses, net, and other income (expense), net.
 Three Months Ended September 30,Nine Months Ended September 30,
Corporate-owned Clubs Segment2025202420252024
Club compensation and payroll(1)
$23,752 $21,961 $70,899 $64,007 
Rent & occupancy(1)
31,184 29,882 92,009 86,111 
Marketing(1)
10,396 7,889 34,782 33,343 
Operational and other(1)
10,445 11,112 32,964 31,306 
Selling, general and administrative2,644 3,848 8,810 11,420 
Other segment expenses, net(2)
5,675 3,049 14,843 7,435 
Total$84,096 $77,741 $254,307 $233,622 
(1) Club compensation and payroll, rent and occupancy, marketing, and operational and other are included within club operations expense in the condensed consolidated statements of operations. Operational and other primarily consists of repairs and maintenance expense, transaction fees, club supplies, personal property tax expense and other expenses incurred in the operation of each corporate-owned club.
(2) Other segment expenses, net for the corporate-owned clubs segment includes cost of revenue, other (gains) losses, net, other income (expense), net, and all operating expenses associated with our operations in Spain.
 Three Months Ended September 30,Nine Months Ended September 30,
Equipment Segment2025202420252024
Cost of revenue
$54,547 $42,535 $129,851 $107,207 
Other segment expenses, net(1)
565 677 1,429 1,935 
Total$55,112 $43,212 $131,280 $109,143 
(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 $49,336 and $42,561 during the three months ended September 30, 2025 and 2024, respectively, and $99,241 and $97,115 during the nine months ended September 30, 2025 and 2024, 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:
 Three Months Ended September 30,Nine Months Ended September 30,
 2025202420252024
Segment Adjusted EBITDA$159,828 $141,664 $467,519 $410,592 
Depreciation and amortization(39,108)(41,033)(115,818)(120,230)
Interest income5,936 5,610 17,438 16,687 
Interest expense(26,342)(26,603)(78,720)(72,569)
Losses from equity-method investments, net of tax572 782 2,005 3,198 
Corporate and other unallocated expenses, net(1)
(13,157)(20,720)(61,742)(57,976)
Income before income taxes$87,729 $59,700 $230,682 $179,702 
(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:
 Three Months Ended September 30,Nine Months Ended September 30,
 2025202420252024
United States$321,942 $283,700 $925,387 $816,856 
Rest of world8,403 8,546 22,499 24,348 
Total revenue$330,345 $292,246 $947,886 $841,204 

The following table summarizes geographic information about the Company’s long-lived assets, net, excluding goodwill and other intangible assets:
 September 30, 2025December 31, 2024
United States$884,184 $882,022 
Rest of world61,427 21,414 
Total long-lived assets, net$945,611 $903,436 
v3.25.3
Corporate-owned and franchisee-owned clubs
 9 Months Ended
Sep. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Corporate-owned and franchisee-owned clubs Corporate-owned and franchisee-owned clubs
The following table shows changes in corporate-owned and franchisee-owned clubs:
 Three Months Ended September 30,Nine Months Ended September 30,
 2025202420252024
Franchisee-owned clubs:
Clubs operated at beginning of period2,479 2,358 2,445 2,319 
New clubs opened29 12 65 52 
Stores acquired from the Company8 — 8 — 
Clubs debranded, sold, closed or consolidated(1)
(2)(1)(4)(2)
Clubs operated at end of period2,514 2,369 2,514 2,369 
Corporate-owned clubs:
Clubs operated at beginning of period283 259 277 256 
New clubs opened6 9 12 12 
Stores sold to franchisees(8)— (8)— 
Clubs operated at end of period281 268 281 268 
Total clubs:
Clubs operated at beginning of period2,762 2,617 2,722 2,575 
New clubs opened35 21 77 64 
Clubs debranded, sold, closed or consolidated(1)
(2)(1)(4)(2)
Clubs operated at end of period2,795 2,637 2,795 2,637 
(1) The term “debranded” 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.
v3.25.3
Insider Trading Arrangements
 3 Months Ended
Sep. 30, 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
v3.25.3
Summary of significant accounting policies (Policies)
 9 Months Ended
Sep. 30, 2025
Accounting Policies [Abstract]  
Basis of presentation and consolidation Basis of presentation and consolidation
The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Accordingly, these interim financial statements do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation of the results of operations, financial position and cash flows for the periods presented have been reflected. All significant intercompany balances and transactions have been eliminated in consolidation.
Planet Fitness NAF, LLC (the “national advertising fund” or “NAF”) is an advertising fund and is considered a variable interest entity. The results of the NAF are consolidated within these financial statements based on the determination that the Company is the primary beneficiary of the NAF. On behalf of the Company, the NAF along with the Canadian Advertising Fund (“CAF” and collectively with the NAF, the “NAFs”) collect 2% annually of gross monthly and annual membership dues from franchisees, in accordance with the provisions of the franchise agreements, and uses the amounts received to increase sales and further enhance the public reputation of the Planet Fitness brand.
The condensed consolidated financial statements as of and for the three and nine months ended September 30, 2025 and 2024 are unaudited. The condensed consolidated balance sheet as of December 31, 2024 has been derived from the audited financial statements at that date but does not include all of the disclosures required by GAAP. These interim condensed consolidated financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 filed with the SEC on February 25, 2025. The Company’s significant interim accounting policies include
the proportional recognition of national advertising fund expenses within interim periods. Operating results for the interim periods are not necessarily indicative of the results that may be expected for the full year ending December 31, 2025.
Use of estimates Use of estimates
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed 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 condensed consolidated financial statements include revenue recognition, valuation of assets and liabilities acquired in business combinations, the evaluation of the recoverability of goodwill and long-lived assets, including intangible assets, 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.
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.
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 new standard is effective for annual periods beginning after December 15, 2024. The Company is currently evaluating the impact of adoption on our financial disclosures.
The FASB issued ASU No. 2024-03, Disaggregation of Income Statement Expenses, in November 2024. The standard requires 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.
Held-to-maturity debt security
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 condensed 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.
v3.25.3
Investments (Tables)
 9 Months Ended
Sep. 30, 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 September 30, 2025, the marketable securities had maturity dates that range from less than one month to approximately 22 months. Realized gains and losses were insignificant for the three and nine months ended September 30, 2025 and 2024.
Amortized CostUnrealized (Losses) Gains, Net
Fair Value(1)
Level 1Level 2
September 30, 2025
Cash equivalents
Money market funds$687 $— $687 $687 $— 
Total cash equivalents687 — 687 687 — 
Short-term marketable securities
Commercial paper10,860 (2)10,858 — 10,858 
Corporate debt securities102,573 174 102,747 — 102,747 
U.S. government agency securities758 — 758 — 758 
Total short-term marketable securities114,191 172 114,363 — 114,363 
Long-term marketable securities
Corporate debt securities74,181 251 74,432 — 74,432 
U.S. government agency securities3,750 (5)3,745 — 3,745 
Total long-term marketable securities77,931 246 78,177 — 78,177 
Total cash equivalents and marketable securities$192,809 $418 $193,227 $687 $192,540 
Amortized CostUnrealized Gains (Losses), Net
Fair Value(1)
Level 1Level 2
December 31, 2024
Cash equivalents
Money market funds$236 $— $236 $236 $— 
Commercial paper3,996 — 3,996 — 3,996 
U.S. treasury securities2,650 — 2,650 — 2,650 
Total cash equivalents6,882 — 6,882 236 6,646 
Short-term marketable securities
Commercial paper9,082 10 9,092 — 9,092 
Corporate debt securities98,915 181 99,096 — 99,096 
U.S. treasury securities1,999 — 1,999 — 1,999 
U.S. government agency securities3,971 5 3,976 — 3,976 
Total short-term marketable securities113,967 196 114,163 — 114,163 
Long-term marketable securities
Corporate debt securities62,728 (55)62,673 — 62,673 
U.S. government agency securities3,000 (5)2,995 — 2,995 
Total long-term marketable securities65,728 (60)65,668 — 65,668 
Total cash equivalents and marketable securities$186,577 $136 $186,713 $236 $186,477 
(1) Fair values were determined using market prices obtained from third-party pricing sources.
Schedule of Roll forward of Allowance for Expected Credit Losses on Held-to-maturity Investments
A roll forward of the Company’s allowance for expected credit losses on its held-to-maturity investment is as follows:
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Beginning allowance for expected credit losses$23,437 $18,246 $18,834 $17,689 
Loss on adjustment of allowance for expected credit losses486 292 5,089 849 
Write-offs, net of recoveries— — — — 
Ending allowance for expected credit losses$23,923 $18,538 $23,923 $18,538 
v3.25.3
Goodwill and intangible assets (Tables)
 9 Months Ended
Sep. 30, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Changes in the Carrying Amount of Goodwill
Changes in the carrying amount of goodwill by reportable segment were as follows:
FranchiseCorporate-owned ClubsEquipment
Amount
Goodwill at December 31, 2024
$16,938 $611,029 $92,666 $720,633 
Acquisitions
— 70 — 70 
Sale of corporate-owned clubs— (10,546)— (10,546)
Foreign currency translation
— 414 — 414 
Goodwill at September 30, 2025
$16,938 $600,967 $92,666 $710,571 
Schedule of Intangible Assets
A summary of intangible assets is as follows:
September 30, 2025December 31, 2024
Gross
carrying
amount		Accumulated
amortization		Net carrying
Amount		Gross
carrying
amount		Accumulated
amortization		Net carrying
Amount
Finite-lived intangible assets:
Customer relationships$199,043 $(185,411)$13,632 $199,043 $(183,046)$15,997 
Reacquired franchise rights274,708 (139,157)135,551 274,708 (113,987)160,721 
Total finite-lived intangible assets473,751 (324,568)149,183 473,751 (297,033)176,718 
Indefinite-lived intangible assets:
Trade and brand names146,404 — 146,404 146,600 — 146,600 
Total intangible assets$620,155 $(324,568)$295,587 $620,351 $(297,033)$323,318 
Schedule of Intangible Assets
A summary of intangible assets is as follows:
September 30, 2025December 31, 2024
Gross
carrying
amount		Accumulated
amortization		Net carrying
Amount		Gross
carrying
amount		Accumulated
amortization		Net carrying
Amount
Finite-lived intangible assets:
Customer relationships$199,043 $(185,411)$13,632 $199,043 $(183,046)$15,997 
Reacquired franchise rights274,708 (139,157)135,551 274,708 (113,987)160,721 
Total finite-lived intangible assets473,751 (324,568)149,183 473,751 (297,033)176,718 
Indefinite-lived intangible assets:
Trade and brand names146,404 — 146,404 146,600 — 146,600 
Total intangible assets$620,155 $(324,568)$295,587 $620,351 $(297,033)$323,318 
Schedule of Amortization Expense The anticipated amortization expense related to intangible assets to be recognized in future periods as of September 30, 2025 is as follows:
 Amount
Remainder of 2025$9,178 
202632,079 
202727,956 
202827,300 
202923,675 
Thereafter28,995 
Total$149,183 
v3.25.3
Long-term debt (Tables)
 9 Months Ended
Sep. 30, 2025
Debt Disclosure [Abstract]  
Schedule of Long-Term Debt
Long-term debt consists of the following: 
 September 30, 2025December 31, 2024
2019-1 Class A-2 notes$518,375 $522,500 
2022-1 Class A-2-I notes410,125 413,312 
2022-1 Class A-2-II notes458,375 461,938 
2024-1 Class A-2-I notes420,750 423,938 
2024-1 Class A-2-II notes371,250 374,062 
Total debt, excluding deferred financing costs2,178,875 2,195,750 
Deferred financing costs, net of accumulated amortization(21,246)(25,221)
Total debt, net2,157,629 2,170,529 
Current portion of long-term debt22,500 22,500 
Long-term debt, net of current portion$2,135,129 $2,148,029 
Schedule of Future Principal Payments of Long-term Debt
Future principal payments of long-term debt as of September 30, 2025 are as follows: 
 Amount
Remainder of 2025$5,625 
2026427,312 
202718,250 
202818,250 
2029915,938 
Thereafter793,500 
Total$2,178,875 
Schedule of Carrying Value and Estimated Fair Value of Long-Term Debt
The carrying value and estimated fair value of long-term debt were as follows:
September 30, 2025December 31, 2024
Carrying value
Estimated fair value(1)
Carrying value
Estimated fair value(1)
Long-term debt$2,178,875 $2,137,388 $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 GAAP.
v3.25.3
Leases (Tables)
 9 Months Ended
Sep. 30, 2025
Leases [Abstract]  
Schedule of Balance Sheet Classification of Lease Assets and Liabilities
The right-of-use assets and lease liabilities for operating and finance leases, including their classification in the condensed consolidated balance sheets, were as follows:
LeasesBalance Sheet ClassificationSeptember 30, 2025December 31, 2024
Assets
OperatingRight of use asset, net$403,314 $395,174 
FinanceProperty and equipment, net 863 85 
Total lease assets$404,177 $395,259 
Liabilities
Current:
OperatingOther current liabilities$37,611 $37,031 
FinanceOther current liabilities185 70 
Noncurrent:
OperatingLease liabilities, net of current portion417,624 405,324 
FinanceOther liabilities685 20 
Total lease liabilities$456,105 $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:
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Operating lease cost$19,141 $18,139 $58,027 $54,142 
Variable lease cost7,125 6,828 21,574 18,980 
Total lease cost$26,266 $24,967 $79,601 $73,122 
Supplemental disclosures of cash flow information related to leases were as follows:
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Cash paid for lease liabilities$17,309 $14,319 $48,566 $44,829 
Operating lease ROU assets obtained in exchange for operating lease liabilities$19,819 $18,964 $66,328 $55,494 
Schedule of Supplemental Disclosures of Cash Flow Information Related to Leases
The components of lease cost were as follows:
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Operating lease cost$19,141 $18,139 $58,027 $54,142 
Variable lease cost7,125 6,828 21,574 18,980 
Total lease cost$26,266 $24,967 $79,601 $73,122 
Supplemental disclosures of cash flow information related to leases were as follows:
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Cash paid for lease liabilities$17,309 $14,319 $48,566 $44,829 
Operating lease ROU assets obtained in exchange for operating lease liabilities$19,819 $18,964 $66,328 $55,494 
Schedule of Maturities of Lease Liabilities
Maturities of lease liabilities as of September 30, 2025 were as follows:
Amount
Remainder of 2025$17,600 
202677,573 
202782,255 
202882,226 
202976,293 
Thereafter255,360 
Total lease payments$591,307 
Less: imputed interest(135,202)
Present value of lease liabilities$456,105 
Schedule of Maturities of Lease Liabilities
Maturities of lease liabilities as of September 30, 2025 were as follows:
Amount
Remainder of 2025$17,600 
202677,573 
202782,255 
202882,226 
202976,293 
Thereafter255,360 
Total lease payments$591,307 
Less: imputed interest(135,202)
Present value of lease liabilities$456,105 
v3.25.3
Revenue from contract with customers (Tables)
 9 Months Ended
Sep. 30, 2025
Revenue from Contract with Customer [Abstract]  
Schedule of Contract Liabilities
The following table reflects the change in contract liabilities between December 31, 2024 and September 30, 2025:
Amount
Balance at December 31, 2024
$94,101 
Revenue recognized that was included in the contract liability at the beginning of the year(59,538)
Net increase, excluding amounts recognized as revenue during the period
60,823 
Balance at September 30, 2025
$95,386 
Schedule of Remaining Performance Obligations
The following table illustrates estimated revenues expected to be recognized in the future related to performance obligations that are unsatisfied, or partially unsatisfied, as of September 30, 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.
Contract liabilities to be recognized in:Amount
Remainder of 2025$41,653 
202625,341 
20273,767 
20283,428 
20293,048 
Thereafter18,149 
Total$95,386 
v3.25.3
Related party transactions (Tables)
 9 Months Ended
Sep. 30, 2025
Related Party Transactions [Abstract]  
Schedule of Related Party Transactions
Activity with franchisees considered to be related parties is summarized below:
 Three Months Ended September 30,Nine Months Ended September 30,
 2025202420252024
Franchise revenue
$2,216 $1,998 $6,604 $5,999 
Equipment revenue
614 3,653 1,455 9,096 
Total revenue from related parties$2,830 $5,651 $8,059 $15,095 
v3.25.3
Earnings per share (Tables)
 9 Months Ended
Sep. 30, 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:
 Three Months Ended September 30,Nine Months Ended September 30,
 2025202420252024
Numerator  
Net income$59,183 $42,395 $159,557 $126,680 
Less: net income attributable to non-controlling interests354 386 842 1,722 
Net income attributable to Planet Fitness, Inc.$58,829 $42,009 $158,715 $124,958 
Denominator
Weighted-average shares of Class A common stock outstanding - basic83,517,094 84,569,504 83,847,130 86,090,290 
Effect of dilutive securities:
Stock options40,840 38,017 40,596 117,080 
Restricted stock units94,795 72,665 105,977 48,994 
Performance stock units64,566 47,639 61,386 32,720 
Weighted-average shares of Class A common stock outstanding - diluted83,717,295 84,727,825 84,055,089 86,289,084 
Earnings per share of Class A common stock - basic$0.70 $0.50 $1.89 $1.45 
Earnings per share of Class A common stock - diluted$0.70 $0.50 $1.89 $1.45 
Schedule of Common Stock Equivalents Excluded from Computation of Diluted Net Income per Share
The number of weighted-average common stock equivalents excluded from the computation of diluted net income per share because the effect would have been anti-dilutive were as follows:
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Class B common stock
316,128 532,058 330,162 811,748 
Stock options— — — 3,503 
Restricted stock units69 — 76 2,229 
Performance stock units69 29 661 2,055 
Total
316,266 532,087 330,899 819,535 
v3.25.3
Income taxes (Tables)
 9 Months Ended
Sep. 30, 2025
Income Tax Disclosure [Abstract]  
Schedule of Deferred Tax Assets and Tax Benefit Arrangement Liabilities As a result of these exchanges and other activity, the Company recognized deferred tax assets and tax benefit arrangement liabilities, each recorded with offsets to additional paid-in-capital within stockholders’ deficit, as summarized below:
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Holding units exchanged— 162,324 25,713 908,960 
Net deferred tax assets$— $3,914 $901 $17,569 
Tax benefit arrangement liabilities(1)
$— $3,548 $732 $11,310 
(1) Represents approximately 85% of the tax benefit generated by TRA Holders who exchanged shares and participate in the tax benefit arrangements.
Schedule of Future Payments Under Tax Benefit Arrangements
Projected future payments under the tax benefit arrangements were as follows:
 Amount
Remainder of 2025$1,327 
202653,717 
202740,985 
202842,389 
202944,125 
Thereafter230,558 
Total$413,101 
v3.25.3
Segments (Tables)
 9 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
Schedule of Financial Information for the Company's Reportable Segments
The following tables summarize total revenue and total Segment Adjusted EBITDA for the Company’s reportable segments.
 Three Months Ended September 30,Nine Months Ended September 30,
 2025202420252024
Revenue
Franchise$113,675 $102,415 $348,513 $314,225 
Corporate-owned clubs137,833 128,132 410,491 375,976 
Equipment78,837 61,699 188,882 151,003 
Total revenue$330,345 $292,246 $947,886 $841,204 
Adjusted EBITDA
Franchise$82,367 $72,786 $253,734 $226,378 
Corporate-owned clubs53,737 50,391 156,184 142,354 
Equipment23,724 18,487 57,601 41,860 
Segment Adjusted EBITDA$159,828 $141,664 $467,519 $410,592 
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:
 Three Months Ended September 30,Nine Months Ended September 30,
Franchise Segment2025202420252024
Selling, general and administrative
$8,199 $8,066 $24,183 $22,686 
National advertising fund expense21,429 19,720 66,150 59,624 
Cost of revenue1,858 1,635 5,120 4,905 
Other segment (income) expenses, net(1)
(177)207 (675)633 
Total$31,308 $29,629 $94,779 $87,847 
(1) Other segment (income) expenses, net for the franchise segment includes other (gains) losses, net, and other income (expense), net.
 Three Months Ended September 30,Nine Months Ended September 30,
Corporate-owned Clubs Segment2025202420252024
Club compensation and payroll(1)
$23,752 $21,961 $70,899 $64,007 
Rent & occupancy(1)
31,184 29,882 92,009 86,111 
Marketing(1)
10,396 7,889 34,782 33,343 
Operational and other(1)
10,445 11,112 32,964 31,306 
Selling, general and administrative2,644 3,848 8,810 11,420 
Other segment expenses, net(2)
5,675 3,049 14,843 7,435 
Total$84,096 $77,741 $254,307 $233,622 
(1) Club compensation and payroll, rent and occupancy, marketing, and operational and other are included within club operations expense in the condensed consolidated statements of operations. Operational and other primarily consists of repairs and maintenance expense, transaction fees, club supplies, personal property tax expense and other expenses incurred in the operation of each corporate-owned club.
(2) Other segment expenses, net for the corporate-owned clubs segment includes cost of revenue, other (gains) losses, net, other income (expense), net, and all operating expenses associated with our operations in Spain.
 Three Months Ended September 30,Nine Months Ended September 30,
Equipment Segment2025202420252024
Cost of revenue
$54,547 $42,535 $129,851 $107,207 
Other segment expenses, net(1)
565 677 1,429 1,935 
Total$55,112 $43,212 $131,280 $109,143 
(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:
 Three Months Ended September 30,Nine Months Ended September 30,
 2025202420252024
Segment Adjusted EBITDA$159,828 $141,664 $467,519 $410,592 
Depreciation and amortization(39,108)(41,033)(115,818)(120,230)
Interest income5,936 5,610 17,438 16,687 
Interest expense(26,342)(26,603)(78,720)(72,569)
Losses from equity-method investments, net of tax572 782 2,005 3,198 
Corporate and other unallocated expenses, net(1)
(13,157)(20,720)(61,742)(57,976)
Income before income taxes$87,729 $59,700 $230,682 $179,702 
(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:
 Three Months Ended September 30,Nine Months Ended September 30,
 2025202420252024
United States$321,942 $283,700 $925,387 $816,856 
Rest of world8,403 8,546 22,499 24,348 
Total revenue$330,345 $292,246 $947,886 $841,204 

The following table summarizes geographic information about the Company’s long-lived assets, net, excluding goodwill and other intangible assets:
 September 30, 2025December 31, 2024
United States$884,184 $882,022 
Rest of world61,427 21,414 
Total long-lived assets, net$945,611 $903,436 
v3.25.3
Corporate-owned and franchisee-owned clubs (Tables)
 9 Months Ended
Sep. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Changes in Corporate-Owned and Franchisee-Owned Stores
The following table shows changes in corporate-owned and franchisee-owned clubs:
 Three Months Ended September 30,Nine Months Ended September 30,
 2025202420252024
Franchisee-owned clubs:
Clubs operated at beginning of period2,479 2,358 2,445 2,319 
New clubs opened29 12 65 52 
Stores acquired from the Company8 — 8 — 
Clubs debranded, sold, closed or consolidated(1)
(2)(1)(4)(2)
Clubs operated at end of period2,514 2,369 2,514 2,369 
Corporate-owned clubs:
Clubs operated at beginning of period283 259 277 256 
New clubs opened6 9 12 12 
Stores sold to franchisees(8)— (8)— 
Clubs operated at end of period281 268 281 268 
Total clubs:
Clubs operated at beginning of period2,762 2,617 2,722 2,575 
New clubs opened35 21 77 64 
Clubs debranded, sold, closed or consolidated(1)
(2)(1)(4)(2)
Clubs operated at end of period2,795 2,637 2,795 2,637 
(1) The term “debranded” 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.
v3.25.3
Business organization (Details)
member in Millions
 9 Months Ended
Sep. 30, 2025
store
segment
state
member
Jun. 30, 2025
store
Dec. 31, 2024
store
Sep. 30, 2024
store
Jun. 30, 2024
store
Dec. 31, 2023
store
Aug. 05, 2015
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]              
Number of members | member 20.7            
Clubs operated at beginning of period | store 2,795 2,762 2,722 2,637 2,617 2,575  
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(in percentage) 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%
v3.25.3
Summary of significant accounting policies - Additional Information (Details)
 9 Months Ended
Sep. 30, 2025
Advertising Fund  
Significant Accounting Policies [Line Items]  
Related party transaction, rate (in percentage) 2.00%
v3.25.3
Investments - Narrative (Details) - USD ($)
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Dec. 31, 2024
Schedule of Equity Method Investments [Line Items]          
Allowance for credit losses $ 0   $ 0    
Credit loss on held-to-maturity investment 486,000 $ 292,000 5,089,000 $ 849,000  
Amortized cost of held-to-maturity debt security investments 34,256,000   34,256,000   $ 32,523,000
Dividends accrued on held-to-maturity investment 594,000 553,000 1,733,000 1,618,000  
Losses from equity-method investments, net of tax $ 572,000 782,000 $ 2,005,000 3,198,000  
Bravo Fit Holdings Pty Ltd          
Schedule of Equity Method Investments [Line Items]          
Ownership (in percentage) 22.00%   22.00%   22.00%
Total investment $ 12,636,000   $ 12,636,000   $ 12,961,000
Underlying equity in net assets 4,727,000   $ 4,727,000   $ 5,374,000
Weighted average useful life     9 years    
Losses from equity-method investments, net of tax (38,000) 674,000 $ 468,000 1,140,000  
Basis difference amortization $ 66,000 66,000 $ 198,000 198,000  
Planet Fitmex, LLC          
Schedule of Equity Method Investments [Line Items]          
Ownership (in percentage) 33.20%   33.20%   33.20%
Total investment $ 47,463,000   $ 47,463,000   $ 49,000,000
Underlying equity in net assets 17,233,000   $ 17,233,000   $ 21,702,000
Weighted average useful life     9 years    
Losses from equity-method investments, net of tax (534,000) 108,000 $ 1,537,000 2,058,000  
Basis difference amortization $ 174,000 $ 174,000 $ 522,000 $ 511,000  
Minimum          
Schedule of Equity Method Investments [Line Items]          
Maturity dates 1 month   1 month    
Maximum          
Schedule of Equity Method Investments [Line Items]          
Maturity dates 22 months   22 months    
v3.25.3
Investments - Schedule of Amortized Cost, Gross Unrealized Gains (Losses), and Fair Value of Cash Equivalents and Marketable Securities (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Schedule of Equity Method Investments [Line Items]    
Amortized Cost $ 192,809 $ 186,577
Unrealized (Losses) Gains, Net 418 136
Fair Value 193,227 186,713
Level 1    
Schedule of Equity Method Investments [Line Items]    
Fair Value 687 236
Level 2    
Schedule of Equity Method Investments [Line Items]    
Fair Value 192,540 186,477
Cash equivalents    
Schedule of Equity Method Investments [Line Items]    
Amortized Cost 687 6,882
Unrealized (Losses) Gains, Net 0 0
Fair Value 687 6,882
Cash equivalents | Level 1    
Schedule of Equity Method Investments [Line Items]    
Fair Value 687 236
Cash equivalents | Level 2    
Schedule of Equity Method Investments [Line Items]    
Fair Value 0 6,646
Cash equivalents | Money market funds    
Schedule of Equity Method Investments [Line Items]    
Amortized Cost 687 236
Unrealized (Losses) Gains, Net 0 0
Fair Value 687 236
Cash equivalents | Money market funds | Level 1    
Schedule of Equity Method Investments [Line Items]    
Fair Value 687 236
Cash equivalents | Money market funds | Level 2    
Schedule of Equity Method Investments [Line Items]    
Fair Value 0 0
Cash equivalents | Commercial paper    
Schedule of Equity Method Investments [Line Items]    
Amortized Cost   3,996
Unrealized (Losses) Gains, Net   0
Fair Value   3,996
Cash equivalents | Commercial paper | Level 1    
Schedule of Equity Method Investments [Line Items]    
Fair Value   0
Cash equivalents | Commercial paper | Level 2    
Schedule of Equity Method Investments [Line Items]    
Fair Value   3,996
Cash equivalents | U.S. treasury securities    
Schedule of Equity Method Investments [Line Items]    
Amortized Cost   2,650
Unrealized (Losses) Gains, Net   0
Fair Value   2,650
Cash equivalents | U.S. treasury securities | Level 1    
Schedule of Equity Method Investments [Line Items]    
Fair Value   0
Cash equivalents | U.S. treasury securities | Level 2    
Schedule of Equity Method Investments [Line Items]    
Fair Value   2,650
Short-term marketable securities    
Schedule of Equity Method Investments [Line Items]    
Amortized Cost 114,191 113,967
Unrealized (Losses) Gains, Net 172 196
Fair Value 114,363 114,163
Short-term marketable securities | Level 1    
Schedule of Equity Method Investments [Line Items]    
Fair Value 0 0
Short-term marketable securities | Level 2    
Schedule of Equity Method Investments [Line Items]    
Fair Value 114,363 114,163
Short-term marketable securities | Commercial paper    
Schedule of Equity Method Investments [Line Items]    
Amortized Cost 10,860 9,082
Unrealized (Losses) Gains, Net (2) 10
Fair Value 10,858 9,092
Short-term marketable securities | Commercial paper | Level 1    
Schedule of Equity Method Investments [Line Items]    
Fair Value 0 0
Short-term marketable securities | Commercial paper | Level 2    
Schedule of Equity Method Investments [Line Items]    
Fair Value 10,858 9,092
Short-term marketable securities | Corporate debt securities    
Schedule of Equity Method Investments [Line Items]    
Amortized Cost 102,573 98,915
Unrealized (Losses) Gains, Net 174 181
Fair Value 102,747 99,096
Short-term marketable securities | Corporate debt securities | Level 1    
Schedule of Equity Method Investments [Line Items]    
Fair Value 0 0
Short-term marketable securities | Corporate debt securities | Level 2    
Schedule of Equity Method Investments [Line Items]    
Fair Value 102,747 99,096
Short-term marketable securities | U.S. treasury securities    
Schedule of Equity Method Investments [Line Items]    
Amortized Cost   1,999
Unrealized (Losses) Gains, Net   0
Fair Value   1,999
Short-term marketable securities | U.S. treasury securities | Level 1    
Schedule of Equity Method Investments [Line Items]    
Fair Value   0
Short-term marketable securities | U.S. treasury securities | Level 2    
Schedule of Equity Method Investments [Line Items]    
Fair Value   1,999
Short-term marketable securities | U.S. government agency securities    
Schedule of Equity Method Investments [Line Items]    
Amortized Cost 758 3,971
Unrealized (Losses) Gains, Net 0 5
Fair Value 758 3,976
Short-term marketable securities | U.S. government agency securities | Level 1    
Schedule of Equity Method Investments [Line Items]    
Fair Value 0 0
Short-term marketable securities | U.S. government agency securities | Level 2    
Schedule of Equity Method Investments [Line Items]    
Fair Value 758 3,976
Long-term marketable securities    
Schedule of Equity Method Investments [Line Items]    
Amortized Cost 77,931 65,728
Unrealized (Losses) Gains, Net 246 (60)
Fair Value 78,177 65,668
Long-term marketable securities | Level 1    
Schedule of Equity Method Investments [Line Items]    
Fair Value 0 0
Long-term marketable securities | Level 2    
Schedule of Equity Method Investments [Line Items]    
Fair Value 78,177 65,668
Long-term marketable securities | Corporate debt securities    
Schedule of Equity Method Investments [Line Items]    
Amortized Cost 74,181 62,728
Unrealized (Losses) Gains, Net 251 (55)
Fair Value 74,432 62,673
Long-term marketable securities | Corporate debt securities | Level 1    
Schedule of Equity Method Investments [Line Items]    
Fair Value 0 0
Long-term marketable securities | Corporate debt securities | Level 2    
Schedule of Equity Method Investments [Line Items]    
Fair Value 74,432 62,673
Long-term marketable securities | U.S. government agency securities    
Schedule of Equity Method Investments [Line Items]    
Amortized Cost 3,750 3,000
Unrealized (Losses) Gains, Net (5) (5)
Fair Value 3,745 2,995
Long-term marketable securities | U.S. government agency securities | Level 1    
Schedule of Equity Method Investments [Line Items]    
Fair Value 0 0
Long-term marketable securities | U.S. government agency securities | Level 2    
Schedule of Equity Method Investments [Line Items]    
Fair Value $ 3,745 $ 2,995
v3.25.3
Investments - Schedule of Roll forward of Allowance for Expected Credit Losses on Held-to-maturity Investments (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Roll Forward]        
Beginning allowance for expected credit losses $ 23,437 $ 18,246 $ 18,834 $ 17,689
Loss on adjustment of allowance for expected credit losses 486 292 5,089 849
Write-offs, net of recoveries 0 0 0 0
Ending allowance for expected credit losses $ 23,923 $ 18,538 $ 23,923 $ 18,538
v3.25.3
Sale of corporate-owned clubs (Details)
$ in Thousands
 3 Months Ended 9 Months Ended
Aug. 19, 2025
USD ($)
store
Sep. 30, 2025
USD ($)
Sep. 30, 2025
USD ($)
Sep. 30, 2024
USD ($)
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
Gain on sale of corporate-owned clubs     $ 6,443 $ 0
Disposal Group, Disposed of by Sale, Not Discontinued Operations | 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 $ 21,626      
Net value of assets sold 15,183      
Goodwill 10,546      
Intangible assets 196      
Net tangible assets $ 4,441      
Gain on sale of corporate-owned clubs   $ 6,443    
v3.25.3
Goodwill and intangible assets - Schedule of Changes in the Carrying Amount of Goodwill (Details) - USD ($)
$ in Thousands
 1 Months Ended 9 Months Ended
Dec. 31, 2024
Sep. 30, 2025
Goodwill [Roll Forward]    
Goodwill at December 31, 2024   $ 720,633
Acquisitions $ 1,619 70
Sale of corporate-owned clubs   (10,546)
Foreign currency translation   414
Goodwill at September 30, 2025 720,633 710,571
Franchise    
Goodwill [Roll Forward]    
Goodwill at December 31, 2024   16,938
Acquisitions   0
Sale of corporate-owned clubs   0
Foreign currency translation   0
Goodwill at September 30, 2025 16,938 16,938
Corporate-owned Clubs    
Goodwill [Roll Forward]    
Goodwill at December 31, 2024   611,029
Acquisitions   70
Sale of corporate-owned clubs   (10,546)
Foreign currency translation   414
Goodwill at September 30, 2025 611,029 600,967
Equipment    
Goodwill [Roll Forward]    
Goodwill at December 31, 2024   92,666
Acquisitions   0
Sale of corporate-owned clubs   0
Foreign currency translation   0
Goodwill at September 30, 2025 $ 92,666 $ 92,666
v3.25.3
Goodwill and intangible assets - Additional Information (Details)
 1 Months Ended 3 Months Ended 9 Months Ended 12 Months Ended
Dec. 31, 2024
USD ($)
store
Sep. 30, 2025
USD ($)
Sep. 30, 2024
USD ($)
Sep. 30, 2025
USD ($)
Sep. 30, 2024
USD ($)
Dec. 31, 2024
USD ($)
store
Goodwill and Intangible Assets Disclosure [Abstract]            
Clubs acquired | store 3         3
Acquisitions $ 1,619,000     $ 70,000    
Goodwill adjustment       70,000    
Impairment charges       0   $ 0
Amortization of intangible assets   $ 9,190,000 $ 12,768,000 $ 27,568,000 $ 38,304,000  
v3.25.3
Goodwill and intangible assets - Schedule of Intangible Assets (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Finite-lived intangible assets:    
Gross carrying amount $ 473,751 $ 473,751
Accumulated amortization (324,568) (297,033)
Total 149,183 176,718
Indefinite-lived intangible assets:    
Total intangible assets 620,155 620,351
Net carrying Amount 295,587 323,318
Trade and brand names    
Indefinite-lived intangible assets:    
Indefinite-lived intangible assets 146,404 146,600
Customer relationships    
Finite-lived intangible assets:    
Gross carrying amount 199,043 199,043
Accumulated amortization (185,411) (183,046)
Total 13,632 15,997
Reacquired franchise rights    
Finite-lived intangible assets:    
Gross carrying amount 274,708 274,708
Accumulated amortization (139,157) (113,987)
Total $ 135,551 $ 160,721
v3.25.3
Goodwill and intangible assets - Schedule of Amortization Expense (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]    
Remainder of 2025 $ 9,178  
2026 32,079  
2027 27,956  
2028 27,300  
2029 23,675  
Thereafter 28,995  
Total $ 149,183 $ 176,718
v3.25.3
Long-term debt - Schedule of Long-term Debt (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Debt Instrument [Line Items]    
Total debt, excluding deferred financing costs $ 2,178,875 $ 2,195,750
Deferred financing costs, net of accumulated amortization (21,246) (25,221)
Total debt, net 2,157,629 2,170,529
Current portion of long-term debt 22,500 22,500
Long-term debt, net of current portion 2,135,129 2,148,029
Senior Notes | 2019-1 Class A-2 notes    
Debt Instrument [Line Items]    
Total debt, excluding deferred financing costs 518,375 522,500
Senior Notes | 2022-1 Class A-2-I notes    
Debt Instrument [Line Items]    
Total debt, excluding deferred financing costs 410,125 413,312
Senior Notes | 2022-1 Class A-2-II notes    
Debt Instrument [Line Items]    
Total debt, excluding deferred financing costs 458,375 461,938
Senior Notes | 2024-1 Class A-2-I notes    
Debt Instrument [Line Items]    
Total debt, excluding deferred financing costs 420,750 423,938
Senior Notes | 2024-1 Class A-2-II notes    
Debt Instrument [Line Items]    
Total debt, excluding deferred financing costs $ 371,250 $ 374,062
v3.25.3
Long-term debt - Schedule of Future Principal Payments of Long-term Debt (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Debt Disclosure [Abstract]    
Remainder of 2025 $ 5,625  
2026 427,312  
2027 18,250  
2028 18,250  
2029 915,938  
Thereafter 793,500  
Total $ 2,178,875 $ 2,195,750
v3.25.3
Long-term debt - Schedule of Carrying Value and Estimated Fair Value of Long-term Debt (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Carrying value    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Long-term debt $ 2,178,875 $ 2,195,750
Estimated fair value    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Long-term debt $ 2,137,388 $ 2,082,034
v3.25.3
Leases - Schedule of Balance Sheet Classification of Lease Assets and Liabilities (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Assets    
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] Property and equipment, net of accumulated depreciation of $430,141 and $370,118, as of September 30, 2025 and December 31, 2024, respectively Property and equipment, net of accumulated depreciation of $430,141 and $370,118, as of September 30, 2025 and December 31, 2024, respectively
Operating $ 403,314 $ 395,174
Finance 863 85
Total lease assets $ 404,177 $ 395,259
Liabilities    
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] Other current liabilities Other current liabilities
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] Other current liabilities Other current liabilities
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] Other liabilities Other liabilities
Current operating lease liabilities $ 37,611 $ 37,031
Current finance lease liabilities 185 70
Noncurrent operating lease liabilities 417,624 405,324
Noncurrent finance lease liabilities 685 20
Total lease liabilities $ 456,105 $ 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%
v3.25.3
Leases - Schedule of Components of Lease Cost (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Leases [Abstract]        
Operating lease cost $ 19,141 $ 18,139 $ 58,027 $ 54,142
Variable lease cost 7,125 6,828 21,574 18,980
Total lease cost $ 26,266 $ 24,967 $ 79,601 $ 73,122
v3.25.3
Leases - Schedule of Supplemental Disclosures of Cash Flow Information (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Leases [Abstract]        
Cash paid for lease liabilities $ 17,309 $ 14,319 $ 48,566 $ 44,829
Operating lease ROU assets obtained in exchange for operating lease liabilities $ 19,819 $ 18,964 $ 66,328 $ 55,494
v3.25.3
Leases - Schedule of Maturities of Lease Liabilities (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Leases [Abstract]    
Remainder of 2025 $ 17,600  
2026 77,573  
2027 82,255  
2028 82,226  
2029 76,293  
Thereafter 255,360  
Total lease payments 591,307  
Less: imputed interest (135,202)  
Present value of lease liabilities $ 456,105 $ 442,445
v3.25.3
Leases - Additional Information (Details)
$ in Thousands
Sep. 30, 2025
USD ($)
Leases [Abstract]  
Lease payments for leases signed but not yet commenced $ 39,363
v3.25.3
Revenue from contract with customers - Schedule of Contract Liabilities (Details)
$ in Thousands
 9 Months Ended
Sep. 30, 2025
USD ($)
Amount  
Beginning Balance $ 94,101
Revenue recognized that was included in the contract liability at the beginning of the year (59,538)
Net increase, excluding amounts recognized as revenue during the period 60,823
Ending Balance $ 95,386
v3.25.3
Revenue from contract with customers - Schedule of Remaining Performance Obligation (Details)
$ in Thousands
Sep. 30, 2025
USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Remaining performance obligation $ 95,386
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-10-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Remaining performance obligation $ 41,653
Remaining performance obligation, expected timing of satisfaction 3 months
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 $ 25,341
Remaining performance obligation, expected timing of satisfaction 1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Remaining performance obligation $ 3,767
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 $ 3,428
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 $ 3,048
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 $ 18,149
Remaining performance obligation, expected timing of satisfaction
v3.25.3
Revenue from contract with customers - Additional Information (Details)
$ in Thousands
 9 Months Ended
Sep. 30, 2025
USD ($)
Revenue from Contract with Customer [Abstract]  
Equipment deposits $ 11,177
Deferred revenue expected recognition period (in months) 12 months
v3.25.3
Related party transactions - Schedule of Related Party Transactions (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Related Party Transaction [Line Items]        
Total revenue from related parties $ 330,345 $ 292,246 $ 947,886 $ 841,204
Related party        
Related Party Transaction [Line Items]        
Total revenue from related parties 2,830 5,651 8,059 15,095
Related party | Franchise revenue        
Related Party Transaction [Line Items]        
Total revenue from related parties 2,216 1,998 6,604 5,999
Related party | Equipment revenue        
Related Party Transaction [Line Items]        
Total revenue from related parties $ 614 $ 3,653 $ 1,455 $ 9,096
v3.25.3
Related party transactions - Additional Information (Details)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
USD ($)
Sep. 30, 2024
USD ($)
Sep. 30, 2025
USD ($)
Sep. 30, 2024
USD ($)
Dec. 31, 2024
USD ($)
Nov. 30, 2024
USD ($)
Related Party Transaction [Line Items]            
Accounts receivable $ 70,425   $ 70,425   $ 77,145  
Deferred revenue 95,386   95,386   94,101  
Accounts payable 48,013   48,013   32,887  
Total revenue 330,345 $ 292,246 947,886 $ 841,204    
Related party            
Related Party Transaction [Line Items]            
Accounts receivable 4,085   4,085   6,198  
Total revenue 2,830 5,651 8,059 15,095    
Related party | Administrative Service            
Related Party Transaction [Line Items]            
Total revenue 1,522 1,657 4,737 4,455    
Affiliated entity            
Related Party Transaction [Line Items]            
Promissory note (up to)           $ 10
Interest rate(in percentage)           0.04
Promissory note issued and outstanding 5,019   5,019   2,148  
Financing Receivable, Change in Present Value, Interest Income 106   232      
Deferred ADA and franchise agreement revenue | Related party            
Related Party Transaction [Line Items]            
Deferred revenue 566   566   577  
Tax benefit arrangements | Related party            
Related Party Transaction [Line Items]            
Accounts payable 83,903   83,903   $ 88,099  
Amenity tracking compliance software | Related party | Chief Executive Officer            
Related Party Transaction [Line Items]            
Purchases from related party $ 151 $ 102 $ 395 $ 273    
Amenity tracking compliance software | Related party | Amenity Tracking Compliance Software Company | Chief Executive Officer            
Related Party Transaction [Line Items]            
Ownership (in percentage) 10.50%   10.50%      
v3.25.3
Stockholders' equity (Details) - USD ($)
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 16, 2024
Sep. 30, 2025
Sep. 30, 2024
Jun. 30, 2025
Dec. 31, 2024
Jun. 30, 2024
Jun. 13, 2024
Jun. 12, 2024
Dec. 31, 2023
Nov. 04, 2022
Class of Stock [Line Items]                        
Repurchase and retirement of common stock $ 98,908,000 $ 692,000   $ 151,391,000 $ 302,806,000              
Preferred stock authorized (in shares) 50,000,000     50,000,000     50,000,000          
Preferred stock issued (in shares) 0     0     0          
Preferred stock outstanding (in shares) 0     0     0          
2022 share repurchase program                        
Class of Stock [Line Items]                        
Authorized stock repurchase program amount                       $ 500,000,000
Share repurchase excise tax         $ 2,618,000              
ASR Agreement                        
Class of Stock [Line Items]                        
Authorized stock repurchase program amount                   $ 280,000,000    
2024 Share Repurchase Program                        
Class of Stock [Line Items]                        
Authorized stock repurchase program amount                 $ 500,000,000      
Share repurchase excise tax       $ 1,365,000                
Remaining authorized amount $ 350,000,000     $ 350,000,000                
Pla-Fit Holdings, LLC                        
Class of Stock [Line Items]                        
Economic interest(in percentage) 0.40%     0.40%                
Investor | Pla-Fit Holdings, LLC | Secondary Offering and Exchange                        
Class of Stock [Line Items]                        
Percentage of economic interest(in percentage)       99.60%                
Continuing LLC Owners | Secondary Offering and Exchange                        
Class of Stock [Line Items]                        
Number of units held by owners (in shares) 316,128     316,128                
Continuing LLC Owners | Pla-Fit Holdings, LLC | Secondary Offering and Exchange                        
Class of Stock [Line Items]                        
Percentage of economic interest(in percentage)       0.40%                
Class B common stock                        
Class of Stock [Line Items]                        
Shares exchanged for Class A common stock (in shares)       1                
Common stock, shares outstanding (in shares) 316,000     316,000     342,000          
Class B common stock | Common stock                        
Class of Stock [Line Items]                        
Common stock, shares outstanding (in shares) 316,000 488,000   316,000 488,000 316,000 342,000 650,000     1,397,000  
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     316,128                
Class B common stock | Continuing LLC Owners | Continuing LLC Owners | Pla-Fit Holdings, LLC | Secondary Offering and Exchange                        
Class of Stock [Line Items]                        
Economic interest(in percentage) 0.40%     0.40%                
Holdings units                        
Class of Stock [Line Items]                        
Shares exchanged for Class A common stock (in shares)       1                
Class A common stock                        
Class of Stock [Line Items]                        
Common stock, shares outstanding (in shares) 82,982,000     82,982,000     84,323,000          
Class A common stock | 2022 share repurchase program                        
Class of Stock [Line Items]                        
Repurchase and retirement of common stock (in shares)     3,758,939   313,834              
Repurchase and retirement of common stock         $ 20,005,000              
Class A common stock | 2024 Share Repurchase Program                        
Class of Stock [Line Items]                        
Repurchase and retirement of common stock (in shares) 936,666     1,502,411                
Repurchase and retirement of common stock $ 97,925,000     $ 150,000,000                
Class A common stock | Common stock                        
Class of Stock [Line Items]                        
Common stock, shares outstanding (in shares) 82,982,000 84,104,000   82,982,000 84,104,000 83,907,000 84,323,000 84,496,000     86,760,000  
Repurchase and retirement of common stock (in shares) 936,000 669,000   1,502,000 4,073,000              
Class A common stock | Common Stockholders | Investor | Common stock                        
Class of Stock [Line Items]                        
Common stock, shares outstanding (in shares) 82,981,572     82,981,572                
Class A common stock | Common Stockholders | Investor | Common stock | Planet Fitness, Inc.                        
Class of Stock [Line Items]                        
Economic interest(in percentage) 99.60%     99.60%                
Class A common stock | Continuing LLC Owners | Investor                        
Class of Stock [Line Items]                        
Common stock, shares outstanding (in shares) 82,981,572     82,981,572                
v3.25.3
Earnings per share - Additional Information (Details)
 9 Months Ended
Sep. 30, 2025
shares
Holdings units  
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]  
Shares exchanged for Class A common stock (in shares) 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 (in shares) 1
v3.25.3
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
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Numerator        
Net income $ 59,183 $ 42,395 $ 159,557 $ 126,680
Less: net income attributable to non-controlling interests 354 386 842 1,722
Net income attributable to Planet Fitness, Inc. $ 58,829 $ 42,009 $ 158,715 $ 124,958
Stock options        
Effect of dilutive securities:        
Weighted-average shares outstanding adjustment (shares) 40,840 38,017 40,596 117,080
Restricted stock units        
Effect of dilutive securities:        
Weighted-average shares outstanding adjustment (shares) 94,795 72,665 105,977 48,994
Performance stock units        
Effect of dilutive securities:        
Weighted-average shares outstanding adjustment (shares) 64,566 47,639 61,386 32,720
Class A common stock        
Denominator        
Weighted-average shares of Class A common stock outstanding - basic (in shares) 83,517,094 84,569,504 83,847,130 86,090,290
Effect of dilutive securities:        
Weighted-average shares of Class A common stock outstanding - diluted (in shares) 83,717,295 84,727,825 84,055,089 86,289,084
Earnings per share of Class A common stock - basic (in usd per share) $ 0.70 $ 0.50 $ 1.89 $ 1.45
Earnings per share of Class A common stock - diluted (in usd per share) $ 0.70 $ 0.50 $ 1.89 $ 1.45
v3.25.3
Earnings per share - Schedule of Common Stock Equivalents Excluded From The Computation Of Diluted Net Income per Share (Details) - shares
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Total 316,266 532,087 330,899 819,535
Class B common stock        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Total 316,128 532,058 330,162 811,748
Stock options        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Total 0 0 0 3,503
Restricted stock units        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Total 69 0 76 2,229
Performance stock units        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Total 69 29 661 2,055
v3.25.3
Income taxes - Additional information (Details)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
USD ($)
Sep. 30, 2024
Sep. 30, 2025
USD ($)
agreement
Sep. 30, 2024
Dec. 31, 2024
USD ($)
Tax Credit Carryforward [Line Items]          
Effective income tax rate(in percentage) 31.90% 27.70% 30.00% 27.70%  
Net deferred tax assets $ 415,053   $ 415,053   $ 468,811
Total liability related to uncertain tax positions 378   378   297
Tax benefit obligation $ 413,101   $ 413,101   $ 466,916
TRA Holders          
Tax Credit Carryforward [Line Items]          
Number of tax receivable agreements | agreement     2    
Applicable tax savings (in percentage) 85.00%   85.00%    
Percentage of remaining tax savings(in percentage)     15.00%    
v3.25.3
Income taxes - Schedule of Deferred Tax Assets and Tax Benefit Arrangement Liabilities (Details) - Continuing LLC Owners - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Income Tax Disclosure [Line Items]        
Net deferred tax assets $ 0 $ 3,914 $ 901 $ 17,569
Tax benefit arrangement liabilities $ 0 $ 3,548 $ 732 $ 11,310
Class A common stock        
Income Tax Disclosure [Line Items]        
Holding units exchanged (in shares) 0 162,324 25,713 908,960
v3.25.3
Income taxes - Schedule of Future Payments Under Tax Benefit Arrangements (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Income Tax Disclosure [Abstract]    
Remainder of 2025 $ 1,327  
2026 53,717  
2027 40,985  
2028 42,389  
2029 44,125  
Thereafter 230,558  
Total $ 413,101 $ 466,916
v3.25.3
Segments - Additional Information (Details)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
USD ($)
Sep. 30, 2024
USD ($)
Sep. 30, 2025
USD ($)
segment
Sep. 30, 2024
USD ($)
Segment Reporting Information [Line Items]        
Number of reportable segments | segment     3  
Corporate-owned clubs        
Segment Reporting Information [Line Items]        
Capital expenditures | $ $ 49,336 $ 42,561 $ 99,241 $ 97,115
v3.25.3
Segments - Schedule of Financial Information for the Company's Reportable Segments (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Segment Reporting Information [Line Items]        
Total revenue $ 330,345 $ 292,246 $ 947,886 $ 841,204
Segment Adjusted EBITDA 159,828 141,664 467,519 410,592
Franchise        
Segment Reporting Information [Line Items]        
Total revenue 113,675 102,415 348,513 314,225
Segment Adjusted EBITDA 82,367 72,786 253,734 226,378
Corporate-owned clubs        
Segment Reporting Information [Line Items]        
Total revenue 137,833 128,132 410,491 375,976
Segment Adjusted EBITDA 53,737 50,391 156,184 142,354
Equipment        
Segment Reporting Information [Line Items]        
Total revenue 78,837 61,699 188,882 151,003
Segment Adjusted EBITDA $ 23,724 $ 18,487 $ 57,601 $ 41,860
v3.25.3
Segments- Schedule of Significant Expense Categories (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Segment Reporting, Other Significant Reconciling Item [Line Items]        
Selling, general and administrative $ 30,525 $ 32,647 $ 100,343 $ 93,453
National advertising fund expense 21,429 19,720 66,150 59,624
Cost of revenue 58,155 45,701 140,063 116,628
Total operating costs and expenses 223,277 210,995 659,214 606,752
Franchise        
Segment Reporting, Other Significant Reconciling Item [Line Items]        
Selling, general and administrative 8,199 8,066 24,183 22,686
National advertising fund expense 21,429 19,720 66,150 59,624
Cost of revenue 1,858 1,635 5,120 4,905
Other segment (income) expenses, net (177) 207 (675) 633
Total operating costs and expenses 31,308 29,629 94,779 87,847
Corporate-owned clubs        
Segment Reporting, Other Significant Reconciling Item [Line Items]        
Selling, general and administrative 2,644 3,848 8,810 11,420
Other segment expenses, net 5,675 3,049 14,843 7,435
Total operating costs and expenses 84,096 77,741 254,307 233,622
Club compensation and payroll 23,752 21,961 70,899 64,007
Rent & occupancy 31,184 29,882 92,009 86,111
Marketing 10,396 7,889 34,782 33,343
Operational and other 10,445 11,112 32,964 31,306
Total 49,336 42,561 99,241 97,115
Equipment        
Segment Reporting, Other Significant Reconciling Item [Line Items]        
Cost of revenue 54,547 42,535 129,851 107,207
Other segment expenses, net 565 677 1,429 1,935
Total $ 55,112 $ 43,212 $ 131,280 $ 109,143
v3.25.3
Segments - Schedule of Reconciliation of Total Segment Adjusted EBITDA to Income Before Taxes (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]        
Segment Adjusted EBITDA $ 159,828 $ 141,664 $ 467,519 $ 410,592
Depreciation and amortization (39,108) (41,033) (115,818) (120,230)
Interest income 5,936 5,610 17,438 16,687
Interest expense (26,342) (26,603) (78,720) (72,569)
Losses from equity-method investments, net of tax 572 782 2,005 3,198
Income before income taxes 87,729 59,700 230,682 179,702
Operating Segments        
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]        
Segment Adjusted EBITDA 159,828 141,664 467,519 410,592
Corporate and Other        
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]        
Depreciation and amortization (39,108) (41,033) (115,818) (120,230)
Interest income 5,936 5,610 17,438 16,687
Interest expense (26,342) (26,603) (78,720) (72,569)
Losses from equity-method investments, net of tax 572 782 2,005 3,198
Corporate and other unallocated expenses, net $ (13,157) $ (20,720) $ (61,742) $ (57,976)
v3.25.3
Segments - Schedule of Geographical Revenue & Long- Lived Assets (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Dec. 31, 2024
Revenues from External Customers and Long-Lived Assets [Line Items]          
Total revenue $ 330,345 $ 292,246 $ 947,886 $ 841,204  
Total long-lived assets, net 945,611   945,611   $ 903,436
United States          
Revenues from External Customers and Long-Lived Assets [Line Items]          
Total revenue 321,942 283,700 925,387 816,856  
Total long-lived assets, net 884,184   884,184   882,022
Rest of world          
Revenues from External Customers and Long-Lived Assets [Line Items]          
Total revenue 8,403 $ 8,546 22,499 $ 24,348  
Total long-lived assets, net $ 61,427   $ 61,427   $ 21,414
v3.25.3
Corporate-owned and franchisee-owned clubs - Schedule of Changes in Corporate-owned and Franchisee-owned Clubs (Details) - store
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Franchisor Disclosure [Line Items]        
Clubs operated at beginning of period 2,762 2,617 2,722 2,575
New clubs opened 35 21 77 64
Clubs debranded, sold, closed or consolidated (2) (1) (4) (2)
Clubs operated at end of period 2,795 2,637 2,795 2,637
Franchisee-owned clubs:        
Franchisor Disclosure [Line Items]        
Clubs operated at beginning of period 2,479 2,358 2,445 2,319
New clubs opened 29 12 65 52
Stores acquired from the Company 8 0 8 0
Clubs debranded, sold, closed or consolidated (2) (1) (4) (2)
Clubs operated at end of period 2,514 2,369 2,514 2,369
Corporate-owned clubs:        
Franchisor Disclosure [Line Items]        
Clubs operated at beginning of period 283 259 277 256
New clubs opened 6 9 12 12
Stores sold to franchisees (8) 0 (8) 0
Clubs operated at end of period 281 268 281 268