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Leisure · Consumer Cyclical · Fiscal year ends Dec 31
Life Time reported revenue of $3B in the fiscal year ended Dec 2025, up 14.3% from the year before. Operating income was $481M, an operating margin of 16.1%, and net income was $374M. Operating cash flow of $871M less capital expenditure of $891M left free cash flow of −$21M. Net debt was $1.3B.
Ranks among the 21 leisure companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 1,318 | 1,823 | 2,217 | 2,621 | 2,995 |
| Cost of revenue | – | – | 1,184 | 1,392 | 1,569 |
| Gross profit | – | – | 1,032 | 1,229 | 1,427 |
| Selling, general & admin | 481 | 214 | 201 | 221 | 245 |
| Operating income | −495 | 111 | 225 | 357 | 481 |
| Net interest incomeBanks | −225 | −114 | −131 | – | – |
| Pre-tax income | −720 | −2.6 | 94.8 | 209 | 494 |
| Income tax | −140 | −0.8 | 18.7 | 52.5 | 120 |
| Net income | −579 | −1.8 | 76.1 | 156 | 374 |
| Diluted EPS | −3.73 | −0.01 | 0.37 | 0.74 | 1.66 |
| Diluted shares | 155 | 194 | 204 | 211 | 225 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 31.6 | 25.5 | 11.2 | 10.9 | 205 |
| Receivables | 6.5 | 13.4 | 23.9 | 25.1 | 24.1 |
| Inventory | 41.0 | 45.7 | 52.8 | 60.3 | 67.6 |
| Current assets | 132 | 131 | 175 | 171 | 386 |
| Net PP&E | 2,791 | 2,901 | 3,172 | 3,194 | 3,633 |
| Goodwill | 1,233 | 1,233 | 1,235 | 1,235 | 1,235 |
| Total assets | 6,257 | 6,625 | 7,032 | 7,153 | 8,008 |
| Payables | 71.3 | 74.0 | 81.3 | 87.8 | 90.2 |
| Deferred revenue | 33.9 | 36.9 | 49.3 | 58.3 | 60.3 |
| Current liabilities | 406 | 457 | 557 | 520 | 610 |
| Short-term debt | 23.5 | 15.2 | 73.8 | 22.6 | 21.8 |
| Long-term debt | 1,776 | 1,806 | 1,859 | 1,513 | 1,486 |
| Total liabilities | 4,165 | 4,501 | 4,778 | 4,542 | 4,882 |
| Shareholders' equity | 2,091 | 2,124 | 2,254 | 2,610 | 3,126 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | −20.0 | 201 | 463 | 575 | 871 |
| Capital expenditure | 329 | 591 | 698 | 525 | 891 |
| Free cash flow | −349 | −390 | −235 | 50.6 | −21.0 |
| Depreciation & amortisation | 235 | 229 | 244 | 275 | 296 |
| Stock-based compensation | 334 | 37.3 | 50.1 | 51.0 | 51.8 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 38.3% | 21.6% | 18.2% | 14.3% |
| Operating income growth (YoY) | – | – | 103.6% | 58.7% | 34.6% |
| EPS growth (YoY) | – | – | – | 100.0% | 124.3% |
| Gross margin | – | – | 46.6% | 46.9% | 47.6% |
| Operating margin | −37.6% | 6.1% | 10.2% | 13.6% | 16.1% |
| Net margin | −44.0% | −0.1% | 3.4% | 6.0% | 12.5% |
| Return on equityBlank when equity is negative | −27.7% | −0.1% | 3.4% | 6.0% | 12.0% |
| ROCEEBIT ÷ (assets − current liabilities) | −8.5% | 1.8% | 3.5% | 5.4% | 6.5% |
| Free cash flow margin | −26.5% | −21.4% | −10.6% | 1.9% | −0.7% |
| Cash conversion (CFO ÷ net income) | 0.03x | −112x | 6.09x | 3.68x | 2.33x |
| Receivable days | 2 | 3 | 4 | 3 | 3 |
| Inventory days | – | – | 16 | 16 | 16 |
| Payable days | – | – | 25 | 23 | 21 |
| Debt ÷ equity | 0.86x | 0.86x | 0.86x | 0.59x | 0.48x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 1,768 | 1,795 | 1,922 | 1,525 | 1,303 |
| Current ratio | 0.32x | 0.29x | 0.31x | 0.33x | 0.63x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.