Planet Fitness Closes Q1 With 20.6M Members, Plans for Tariff Impact
Krissy Vann | Host, All Things Fitness and Wellness
Planet Fitness, Inc. is keeping a close eye on tariff risks in 2025, even as it delivered solid first quarter growth across revenue, membership, and same-club sales. The company reported Q1 total revenue of $276.7 million, an 11.5% increase year-over-year, and ended the quarter with 20.6 million members—up roughly 900,000 since the end of 2024.
While adjusted earnings per share of $0.59 missed analyst expectations, the company reiterated full-year guidance and expressed confidence in its ability to navigate macroeconomic uncertainty, including potential cost pressures tied to tariffs.
“We ended the first quarter with approximately 20.6 million members... and we grew system-wide same club sales by 6.1 percent,” said Colleen Keating, Chief Executive Officer. “Given the strength and durability of our model, we delivered this healthy growth against a backdrop of increasing volatility in the macro-economic environment.”
Chief Financial Officer Jay Stasz noted during the earnings call that Planet Fitness is working closely with vendors to mitigate any future impact from tariffs, particularly on equipment-related costs. “At current tariff levels, we believe our exposure is limited,” he said, adding that any potential effects are already reflected in the company’s 2025 financial guidance.
Segment performance remained positive across the board. Franchise revenue rose 10.7% to $115.2 million, with adjusted EBITDA for the segment reaching $84.9 million. Corporate-owned club revenue climbed 9.2% to $133.7 million, and equipment revenue surged 28.7% to $27.8 million, largely due to increased orders from existing franchise locations. Total adjusted EBITDA for the company was $117.0 million, compared to $106.3 million in Q1 2024.
The company opened 19 new locations during the quarter and repurchased $50 million in Class A common stock. As of March 31, Planet Fitness held $586.3 million in cash and marketable securities.
Despite missing revenue and earnings consensus estimates, Planet Fitness reaffirmed its full-year forecast, which includes expectations for 160 to 170 new club openings and 130 to 140 new equipment placements. Revenue is projected to grow by around 10%, with adjusted EBITDA and adjusted net income expected to increase by 10% and 8–9% respectively.
Capital expenditures are now expected to rise 20% in 2025, a slight revision from the earlier 25% projection. Depreciation and amortization are expected to remain flat, and net interest expense is projected to hold at approximately $86 million.
While macroeconomic conditions remain in flux, Planet Fitness leadership emphasized the brand’s resilience and consistent value proposition. Keating concluded, “We are a resilient brand and continue to strengthen our leadership position by offering consumers a place to get a high-quality workout at an incredible value in our Judgement Free atmosphere.”
