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Leisure · Consumer Cyclical · Fiscal year ends Dec 31
Planet Fitness reported revenue of $1.3B in the fiscal year ended Dec 2025, up 12.1% from the year before. Operating income was $395M, an operating margin of 29.8%, and net income was $219M. Operating cash flow of $418M less capital expenditure of $164M left free cash flow of $255M. Net debt was $2.1B.
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 | 587 | 937 | 1,071 | 1,182 | 1,324 |
| Cost of revenue | 101 | 177 | 190 | 197 | 230 |
| Gross profit | 486 | 760 | 881 | 985 | 1,094 |
| Selling, general & admin | 94.5 | 115 | 125 | 129 | 138 |
| Operating income | 143 | 230 | 273 | 324 | 395 |
| Interest expense | 81.2 | 88.6 | 86.6 | 100 | 108 |
| Pre-tax income | 52.0 | 161 | 208 | 247 | 309 |
| Income tax | 5.7 | 50.5 | 58.5 | 68.4 | 85.9 |
| Net income | 42.8 | 99.4 | 138 | 172 | 219 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 546 | 410 | 276 | 293 | 346 |
| Receivables | 27.3 | 46.2 | 41.9 | 77.1 | 70.4 |
| Inventory | 1.2 | 5.3 | 4.7 | 6.1 | 7.6 |
| Current assets | 662 | 556 | 472 | 588 | 658 |
| Net PP&E | 174 | 349 | 390 | 424 | 467 |
| Goodwill | 229 | 703 | 718 | 721 | 712 |
| Total assets | 2,016 | 2,855 | 2,970 | 3,070 | 3,103 |
| Payables | 27.9 | 20.6 | 23.8 | 32.9 | 39.7 |
| Deferred revenue | 28.4 | 53.8 | 59.6 | 62.1 | 58.6 |
| Current liabilities | 177 | 245 | 251 | 282 | 312 |
| Short-term debt | 17.5 | 20.8 | 20.8 | 22.5 | 23.9 |
| Long-term debt | 1,740 | 1,978 | 1,963 | 2,148 | 2,458 |
| Total liabilities | 2,659 | 3,066 | 3,089 | 3,285 | 3,587 |
| Shareholders' equity | −645 | −199 | −116 | −215 | −483 |
| Backlog (remaining obligations) | 61.8 | 86.9 | 91.6 | 94.1 | 88.3 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 189 | 240 | 330 | 344 | 418 |
| Capital expenditure | 54.1 | 100 | 136 | 155 | 164 |
| Free cash flow | 135 | 140 | 194 | 189 | 255 |
| Depreciation & amortisation | 62.8 | 124 | 149 | 160 | 156 |
| Stock-based compensation | 8.8 | 8.1 | 7.9 | 8.9 | 12.3 |
| Acquisitions | 1.9 | 425 | 43.3 | 0.0 | – |
| Share buybacks | 0.0 | 94.3 | 125 | 300 | 500 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 59.6% | 14.4% | 10.3% | 12.1% |
| Operating income growth (YoY) | – | 60.5% | 18.6% | 18.8% | 21.7% |
| Gross margin | 82.8% | 81.1% | 82.3% | 83.3% | 82.6% |
| Operating margin | 24.4% | 24.6% | 25.5% | 27.4% | 29.8% |
| Net margin | 7.3% | 10.6% | 12.9% | 14.6% | 16.5% |
| ROCEEBIT ÷ (assets − current liabilities) | 7.8% | 8.8% | 10.0% | 11.6% | 14.1% |
| Free cash flow margin | 23.0% | 15.0% | 18.1% | 16.0% | 19.2% |
| Cash conversion (CFO ÷ net income) | 4.43x | 2.42x | 2.39x | 2.00x | 1.91x |
| Receivable days | 17 | 18 | 14 | 24 | 19 |
| Inventory days | 4 | 11 | 9 | 11 | 12 |
| Payable days | 101 | 42 | 46 | 61 | 63 |
| Interest cover | 1.77x | 2.60x | 3.15x | 3.24x | 3.65x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 1,212 | 1,589 | 1,708 | 1,877 | 2,137 |
| Current ratio | 3.75x | 2.27x | 1.88x | 2.08x | 2.11x |
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.