Planet Fitness Q1 Results Show Guidance Cut

Planet Fitness, Inc. (PLNT) reported Q1 results on May 7, 2026, with revenue and adjusted EPS growth, but lowered its FY2026 guidance and paused a planned Black Card price increase after citing weaker net-member growth and elevated attrition.

Quarterly Results and Membership Trends

The company said first-quarter revenue reached $337.2 million, up 21.9% year over year for the period ended March 31, 2026. Adjusted net income totaled $59.4 million, or $0.74 per diluted share. System-wide same-club sales rose 3.5%, adjusted EBITDA increased to $139.9 million, and system-wide sales hit $1.4 billion, reflecting stronger spending despite membership challenges.

Management reported net new members exceeded 700,000 in the quarter, bringing total membership to about 21.5 million as of March 31. The company added 15 franchisee-owned clubs, expanding its system to 2,909 locations.

Guidance Revision and Management Response

Planet Fitness revised its FY2026 outlook, now projecting system-wide same-club sales growth near 1.0%, down from a prior range of 4.0% to 5.0%. Revenue growth guidance was cut to about 7.0% from roughly 9.0%, adjusted EBITDA growth trimmed to about 6.0% from 10.0%, and adjusted net income is expected to decline roughly 2.0%, reversing an earlier forecasted increase. The company withdrew its prior three-year outlook. Pausing the national Black Card price increase reduced same-club sales expectations by approximately 150 basis points.

Management attributed the net-member growth shortfall to several factors: a marketing shift toward fitness-minded consumers that resonated less with beginners, increased competition in the South Central and Southeast regions, severe winter weather in late January and February that particularly affected Monday sign-ups, and elevated attrition averaging about 3.8% monthly, partly linked to cancel-anytime advertising.

To address these challenges, the company hired a new creative agency and plans to invest in artificial intelligence–driven marketing and customer relationship management tools, including predictive churn models, dynamic content, and app enhancements. A refreshed marketing campaign is scheduled before year-end.

The company held about $652 million in cash and authorized a $50 million share repurchase. Management expects member growth to reaccelerate into 2027 as marketing adjustments take effect.

CEO Colleen Keating said on the earnings call, "In the first quarter, our top and bottom line results exceeded expectations."