Planet Fitness, Inc. (PLNT): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo competitivo de la fitness, Planet Fitness ha revolucionado la experiencia del gimnasio al ofrecer un entorno asequible y sin juicio que atrae a millones de entusiastas de entrenamientos casuales y conscientes del presupuesto. Con un modelo de negocio único que se centra en la accesibilidad, las membresías de bajo costo y una cultura inclusiva, la compañía se ha transformado de una sola ubicación en New Hampshire a un fenómeno de fitness a nivel nacional con Más de 2.000 ubicaciones. Este enfoque innovador no solo ha interrumpido la industria del fitness tradicional, sino que también ha creado un plan convincente para el crecimiento sostenible y la participación del cliente que continúa atrayendo a los miembros y a los inversores de franquicias.

Planet Fitness, Inc. (PLNT) - Modelo de negocio: asociaciones clave

Propietarios y operadores de franquicias

A partir del cuarto trimestre de 2023, Planet Fitness opera 2.426 tiendas totales, con 2,180 ubicaciones propiedad de franquicias que representan el 89.9% del total de tiendas.

Métricas de franquicia	Número	Porcentaje
Total de las tiendas	2,426	100%
Tiendas de franquicia	2,180	89.9%
Tiendas de propiedad corporativa	246	10.1%

Fabricantes de equipos

Planet Fitness se asocia con los principales fabricantes de equipos para equipar sus gimnasios.

• Precorado
• Fitness de la vida
• Fitness de matriz

Desarrolladores inmobiliarios

Planet Fitness se centra en asociaciones de ubicación estratégica en centros comerciales y áreas suburbanas.

Tipo de ubicación	Porcentaje de ubicaciones
Strip ubicaciones de los centros comerciales	68%
Áreas suburbanas	79%

Agencias de marketing y publicidad

Planeta Fitness gastado $ 185.7 millones en publicidad y marketing En el año fiscal 2022.

Socios de procesamiento de pagos

• Raya
• Primera corporación de datos
• Pagos globales

Ingresos promedio de membresía mensual por miembro: $10.20 A partir del cuarto trimestre 2023.

Planet Fitness, Inc. (PLNT) - Modelo de negocio: actividades clave

Gestión de membresía del gimnasio de bajo costo

Planet Fitness gestiona 2.410 ubicaciones totales a partir del tercer trimestre de 2023, con 2,328 clubes franquiciados y 82 tiendas de propiedad corporativa. Las tasas promedio de membresía mensual varían de $ 10 a $ 22 por mes. La base total de membresía alcanzó los 18.1 millones de miembros en el tercer trimestre de 2023.

Categoría de membresía	Precio mensual	Miembro Count
Membresía básica	$10	15.3 millones
Membresía de la tarjeta negra	$22	2.8 millones

Operaciones y mantenimiento de la instalación de fitness

El mantenimiento anual de la instalación y la inversión en equipos totalizaron $ 87.4 millones en 2022. El tamaño promedio del club oscila entre 10,000-20,000 pies cuadrados.

• Presupuesto total de mantenimiento anual: $ 87.4 millones
• Ciclo promedio de reemplazo de equipos: 3-5 años
• Inversión de equipos anuales: $ 35.6 millones

Marketing y desarrollo de la marca

El gasto de marketing alcanzó los $ 173.4 millones en 2022, lo que representa el 11.2% de los ingresos totales. El marketing digital constituye el 42% del presupuesto total de marketing.

Canal de marketing	Asignación de presupuesto
Marketing digital	$ 72.8 millones
Medios tradicionales	$ 100.6 millones

Expansión y apoyo de la franquicia

El desarrollo de la franquicia cuesta aproximadamente $ 1.5 millones por nueva ubicación. El equipo de apoyo de franquicias consta de 127 profesionales dedicados. Las tasas de regalías de la franquicia oscilan entre 4 y 6% de los ingresos mensuales.

• Nuevo costo de configuración de la ubicación de la franquicia: $ 1.5 millones
• Tamaño del equipo de soporte de franquicia: 127 profesionales
• Tasa de regalías: 4-6% de los ingresos mensuales

Plataforma digital y desarrollo de aplicaciones

La inversión en la plataforma digital alcanzó los $ 22.3 millones en 2022. Las descargas de aplicaciones móviles superaron los 5,6 millones al tercer trimestre de 2023. La plataforma digital admite 18.1 millones de cuentas miembros.

Métricas de plataforma digital	Valor
Inversión anual	$ 22.3 millones
Descargas de aplicaciones móviles	5.6 millones
Cuentas de miembros	18.1 millones

Planet Fitness, Inc. (PLNT) - Modelo de negocio: recursos clave

Extensa red de centros de fitness

A partir del cuarto trimestre de 2023, Planet Fitness opera 2.410 ubicaciones totales en los mercados de los Estados Unidos, Canadá y International. Total de gimnasios franquiciados: 2,174. Ubicaciones propiedad de la compañía: 236.

Tipo de ubicación	Número de gimnasios
Ubicaciones franquiciadas	2,174
Ubicaciones propiedad de la compañía	236
Ubicaciones totales	2,410

Equipo de gimnasio asequible

Gastos de capital anuales para equipos de gimnasia y actualizaciones de instalaciones: $ 80-100 millones. Inversión promedio de equipos por nueva ubicación del gimnasio: $ 250,000- $ 300,000.

Reconocimiento de marca fuerte

• Base de membresía total: 18.1 millones de miembros a partir del cuarto trimestre de 2023
• Valor de marca estimado en $ 1.2 mil millones
• Capitalización de mercado: aproximadamente $ 4.5 mil millones

Concepto de 'zona libre de juicio' patentada

Marca registrada y protegida. Gasto de marketing en 2023: $ 140 millones dedicados a reforzar la mensajería y el concepto de marca.

Tecnología de fitness digital y aplicación móvil

Métricas de plataforma digital	2023 datos
Descargas de aplicaciones móviles	4.2 millones
Usuarios digitales activos	2.8 millones
Inversión digital anual	$ 25-30 millones

Inversión en infraestructura tecnológica: $ 40-50 millones anuales para plataformas digitales e innovaciones tecnológicas.

Planet Fitness, Inc. (PLNT) - Modelo de negocio: propuestas de valor

Membresías de fitness asequibles

Planet Fitness ofrece Membresía básica mensual de $ 10 y $ 19.99 Membresía mensual de tarjeta negra. A partir del cuarto trimestre de 2023, la compañía informó:

Nivel de membresía	Costo mensual	Totales miembros
Membresía básica	$10	16.2 millones
Membresía de la tarjeta negra	$19.99	4.8 millones

Entorno de entrenamiento no intimidante

La empresa 'Zona libre de juicio' Concept se dirige a segmentos de mercado específicos:

• Entusiastas del fitness casual
• Miembros del gimnasio por primera vez
• Individuos que buscan espacios de acondicionamiento físico de baja presión

Acceso al gimnasio 24/7

Planet Fitness proporciona acceso las 24 horas a través de 2.310 ubicaciones A diciembre de 2023, con:

Tipo de ubicación	Número de gimnasios	Extensión geográfica
Propiedad de la empresa	1,877	50 estados de EE. UU.
Franquicia	433	Presencia internacional

Amplia gama de equipos de ejercicio

Cada ubicación de Planet Fitness generalmente incluye:

• 30-50 máquinas cardiovasculares
• Secciones de peso libre
• Equipo de entrenamiento de fuerza
• Zonas de entrenamiento personal

Inversión promedio de equipos por gimnasio: $ 500,000 a $ 750,000

Oportunidades de franquicia de bajo costo

Detalles de la inversión de la franquicia:

Costo de franquicia	Rango de inversión inicial	Tarifa de regalías
Tarifa de franquicia inicial	$10,000 - $55,000	5% de los ingresos mensuales
Inversión inicial total	$ 1.4 millones - $ 2.5 millones	Incluye equipo, arrendamiento, configuración

Planet Fitness, Inc. (PLNT) - Modelo de negocios: relaciones con los clientes

Plataformas digitales de autoservicio

A partir de 2024, Planet Fitness ofrece una plataforma digital integral con 5.2 millones de usuarios activos de aplicaciones móviles. La aplicación móvil permite a los miembros:

• Check-in en las ubicaciones del gimnasio
• Track
• Acceder al contenido de entrenamiento digital
• Administrar detalles de la membresía

Métricas de plataforma digital	2024 datos
Usuarios de aplicaciones móviles	5.2 millones
Descargas de aplicaciones móviles	12.3 millones en total
Ofertas de contenido de entrenamiento digital	350+ videos a pedido

Gestión de membresía automatizada

Planet Fitness utiliza sistemas automatizados para procesos de membresía, con el 95% de las transacciones completadas a través de canales digitales.

Automatización de gestión de membresía	Porcentaje
Finalización de la transacción digital	95%
Registros de membresía en línea	78%
Facturación automatizada	99%

Enfoque físico centrado en la comunidad

Planet Fitness mantiene un zona libre de juicio Filosofía, que atrae a 16.4 millones de miembros en todo el país.

Métricas de participación comunitaria	2024 estadísticas
Membresía total	16.4 millones
Eventos anuales de Planet Fitness	1,200+ eventos de fitness comunitarios
Seguidores de redes sociales	3.6 millones

No hay requisitos de contrato a largo plazo

Planet Fitness ofrece opciones de membresía flexible con un compromiso mínimo:

• Membresía básica a partir de $ 10/mes
• No hay requisitos de contrato anuales
• Opción de cancelación mensual

Cultura de fitness inclusive

La compañía mantiene una base de membresía diversa con entrada de baja barrera Soluciones de fitness.

Métricas de inclusión	2024 datos
Rango promedio de la edad de miembro	18-45 años
Distribución de género	52% mujeres, 48% hombres
Ubicaciones en todo el país	2,310 gimnasios

Planet Fitness, Inc. (PLNT) - Modelo de negocio: canales

Ubicaciones de gimnasios físicos

A partir del cuarto trimestre de 2023, Planet Fitness opera 2.404 ubicaciones totales de gimnasios en los Estados Unidos. El desglose es el siguiente:

Tipo de ubicación	Número de ubicaciones
Tiendas propiedad de la compañía	1,877
Tiendas de franquicia	527

Aplicación móvil

Planet Fitness Mobile Application:

• Disponible en plataformas iOS y Android
• Más de 1.5 millones de usuarios de aplicaciones móviles activas a partir de 2023
• Proporciona registros de gimnasia, seguimiento de entrenamientos y gestión de membresía

Sitio web

Manijas del sitio web de Planet Fitness (www.planetfitness.com):

• Tráfico web mensual de aproximadamente 3.2 millones de visitantes
• Registros de membresía en línea
• Gestión de membresía
• Buscador de ubicación

Plataformas de redes sociales

Plataforma	Conteo de seguidores (2024)
Instagram	1.2 millones de seguidores
Facebook	2.5 millones de seguidores
Twitter/X	350,000 seguidores

Reclutamiento directo de ventas y franquicias

Detalles de la inversión de la franquicia:

• Tarifa de franquicia inicial: $ 10,000
• Rango de inversión inicial total: $ 1,040,000 - $ 4,130,250
• Tarifa de regalías de la franquicia: 5% de los ingresos mensuales brutos
• Número de ubicaciones de franquicias: 527 a partir del cuarto trimestre 2023

Planet Fitness, Inc. (PLNT) - Modelo de negocio: segmentos de clientes

Entusiastas de la condición física consciente del presupuesto

Planet Fitness se dirige a las personas que buscan opciones de acondicionamiento físico asequible con tasas de membresía con un promedio de $ 10- $ 22 por mes. A partir del cuarto trimestre de 2023, la compañía reportó 18.1 millones de miembros con un enfoque significativo en los consumidores sensibles a los costos.

Nivel de membresía	Costo mensual	Características clave
Basic	$10	Acceso de club único
Tarjeta negra	$22	Acceso múltiple

Asistentes al gimnasio casual

La compañía atrae a aproximadamente 6.5 millones de participantes casuales de acondicionamiento físico que prefieren entornos de entrenamiento de baja presión. Su estrategia de marketing enfatiza los espacios de acondicionamiento físico no intimidantes.

Miembros del gimnasio por primera vez

Planet Fitness informa que el 40% de su base de membresía consiste en miembros del gimnasio por primera vez o individuos que regresan a la aptitud física después de descansos prolongados.

• Sin contratos a largo plazo
• Filosofía de zona libre de juicio
• Equipo para principiantes

Adultos jóvenes y millennials

A partir de 2023, aproximadamente el 55% de los miembros del planeta fitness son entre las edades de 18 a 35 años. La compañía tiene 2.375 ubicaciones dirigidas principalmente a este grupo demográfico.

Grupo de edad	Porcentaje de membresía
18-24	22%
25-35	33%

Poblaciones suburbanas y urbanas

Planet Fitness se concentra en los mercados suburbanos y urbanos, con el 85% de sus ubicaciones situadas en estas áreas. El recuento total de gimnasios alcanzó las 2,375 ubicaciones en los Estados Unidos a partir de diciembre de 2023.

• Concentración geográfica: 48 estados
• Presencia internacional: Canadá y República Dominicana
• Tamaño promedio del club: 20,000 pies cuadrados

Planet Fitness, Inc. (PLNT) - Modelo de negocio: Estructura de costos

Arrendamiento de bienes raíces e instalaciones

A partir de 2023, Planet Fitness opera aproximadamente 2,410 ubicaciones. Los costos de arrendamiento anual promedio por gimnasio oscilan entre $ 120,000 y $ 180,000. Los gastos de arrendamiento de bienes inmuebles y de las instalaciones totales se estima en $ 350- $ 420 millones.

Categoría de gastos de arrendamiento	Costo anual
Arrendamiento mensual típico de gimnasio	$10,000 - $15,000
Gastos de arrendamiento anual total	$ 350- $ 420 millones

Adquisición y mantenimiento de equipos

La inversión en equipos por un nuevo gimnasio varía de $ 250,000 a $ 300,000. Costos de mantenimiento anual aproximadamente 3-5% del valor total del equipo.

Gasto del equipo	Rango de costos
Inversión de equipo inicial	$250,000 - $300,000
Porcentaje de mantenimiento anual	3-5%

Salario de empleados

Los gastos totales de la nómina de los empleados para 2022 fueron de $ 273.4 millones. El salario promedio por hora para el personal del gimnasio oscila entre $ 12 y $ 18 por hora.

Categoría de salario del empleado	Cantidad
Nómina anual total (2022)	$ 273.4 millones
Salario promedio de personal por hora	$12 - $18

Gastos de marketing y publicidad

Los gastos de marketing para 2022 totalizaron $ 146.1 millones, lo que representa aproximadamente el 5-7% de los ingresos totales.

Gasto de marketing	Cantidad
Gasto anual de marketing (2022)	$ 146.1 millones
Porcentaje de gastos de marketing	5-7% de los ingresos

Apoyo y desarrollo de franquicias

Los costos de desarrollo de la franquicia incluyen tarifas iniciales de franquicia que van desde $ 10,000 a $ 20,000 por ubicación. Gastos anuales de apoyo a la franquicia estimados en $ 30- $ 50 millones.

Categoría de gastos de franquicia	Rango de costos
Tarifa de franquicia inicial	$10,000 - $20,000
Gastos anuales de apoyo a la franquicia	$ 30- $ 50 millones

Planet Fitness, Inc. (PLNT) - Modelo de negocio: flujos de ingresos

Tarifas mensuales de membresía

A partir del cuarto trimestre de 2023, Planet Fitness informó la siguiente estructura de precios de membresía:

Tipo de membresía	Tarifa mensual	Contribución anual de ingresos
Membresía clásica	$ 10 por mes	$ 420 millones
Membresía de la tarjeta negra	$ 22 por mes	$ 235 millones

Regalías de franquicia

Ingresos de la franquicia Planet Fitness para 2023:

• Royalias de franquicias totales: $ 126.3 millones
• Tasa promedio de regalías: 5.5% de los ingresos por franquiciados
• Número de ubicaciones franquiciadas: 2,242

Servicios de capacitación personal

Desglose de ingresos de entrenamiento personal para 2023:

Categoría de servicio	Ingresos anuales
Sesiones de entrenamiento personal	$ 42.7 millones
Programas de capacitación grupal	$ 18.5 millones

Venta de mercancías

Detalles de ingresos de mercancías:

• Ventas de mercancías totales en 2023: $ 24.6 millones
• Categorías de productos primarios:
  • Ropa de entrenamiento de marca
  • Accesorios de fitness
  • Botellas de agua y equipo de gimnasio

Ofertas de servicios adicionales

Flujos de ingresos suplementarios para 2023:

Servicio	Ingresos anuales
Hidromasaje	$ 31.2 millones
Mejora del cuerpo total	$ 22.8 millones
Planet Fitness Digital App	$ 15.6 millones

Planet Fitness, Inc. (PLNT) - Canvas Business Model: Value Propositions

You're looking at the core reasons why Planet Fitness, Inc. (PLNT) keeps adding members, even when the economy feels tight. The value proposition is built around making fitness accessible and non-judgmental, which clearly resonates with their growing base.

High-Value, Low-Price: The Foundation

The entry point is designed to be an easy yes for almost anyone. The Classic membership is positioned at a low monthly rate, which is the bedrock of the High-Value, Low-Price (HVLP) strategy. While some reports indicate the price starts at $10 per month, the commonly cited starting rate you should focus on for the basic tier is $15 per month before taxes and fees. This low barrier to entry is crucial for acquiring new members, especially younger demographics.

• Classic Membership Starting Price: $15 per month,,.
• Annual Fee for Classic Membership: $49,,,.
• Enrollment Fee: Typically starts at $1,.

Non-Intimidating Environment: The Culture

The entire brand experience is wrapped in the core philosophy of the Judgement Free Zone. This isn't just a slogan; it's the cultural moat that keeps the environment welcoming for fitness newcomers, which is a key differentiator from more intense gyms. This philosophy supports the growth of their largest segment, which includes Gen Z members.

The company supports this welcoming atmosphere by continuing to optimize the club layout. By the end of 2025, the plan is for close to 80% of clubs system-wide to have some version of an optimized format, balancing cardio and strength equipment to keep the floor less intimidating for all users.

Premium Amenities: Driving Upsell to Black Card

The Black Card membership is where the real margin expansion comes from, offering a suite of recovery and convenience perks. The perceived value gap between the Classic and Black Card tiers is intentionally kept small, making the upgrade an easy decision for many. For instance, in Q2 2025, the gap was noted as only $10 between the two tiers.

The premium amenities include access to specialized recovery tools and expanded club access. Planet Fitness, Inc. is actively testing new wellness features in pilot programs, such as dry cold plunge and red light technology.

• Existing Black Card Perks: Access to massage chairs,,, HydroMassage,,, and tanning,,.
• New Equipment Focus: Expanding new plate-loaded strength equipment to nearly all 2,600+ locations by the end of 2025,.
• Total Clubs System-Wide (as of Q3 2025): 2,795,,.

Flexible Access: The Power of the Network

The ability to use any club is a major driver for upgrading to the Black Card. This flexibility is highly valued by members who travel or want options closer to home or work. The success of this tier is evident in the penetration rate, which has climbed significantly.

The penetration rate for the higher-tier membership reached 66.1% of the total membership base by the end of Q3 2025, marking a 300 basis point increase year-over-year,. This means that as of late 2025, nearly two-thirds of their 20.7 million members are opting for the premium, flexible access tier.

Here's a quick look at the scale of the business supporting these propositions as of the third quarter of 2025:

Metric	Value (Q3 2025)
Total Revenue	$330.3 million,,,
System-Wide Same Club Sales Growth	6.9%,,
Black Card Penetration	66.1% of total membership,
Total Members	Approximately 20.7 million,
Adjusted EBITDA Margin	42.6%

Finance: draft 13-week cash view by Friday.

Planet Fitness, Inc. (PLNT) - Canvas Business Model: Customer Relationships

You're looking at how Planet Fitness, Inc. (PLNT) manages its massive member base as of late 2025. It's all about scale and digital efficiency in keeping those relationships humming.

Automated Digital Service: Managed primarily through the PF App and website

The PF App is definitely a core touchpoint. By January 2025, the app's monthly active users surpassed 8.5 million, showing members prefer mobile interaction for many services. Non-members also use the app, accessing a huge library of on-demand digital workouts.

The digital ecosystem extends to the website, planetfitness.com. In December 2024, the website saw a peak of over 26 million visits. The digital relationship is layered: members use the app for easy digital check-ins, the Crowd Meter to pick less busy times, and to manage their PF Black Card® perks, like bringing a guest. The Refer-a-Friend Program, managed via the app, offers up to 3 free months per calendar year for successful referrals.

Self-Service Model: Low-touch, high-volume interaction in clubs

The club experience is designed for high volume and low individual staff intervention. You see this in the sheer scale of the operation. As of the third quarter of 2025, Planet Fitness, Inc. had approximately 20.7 million members across 2,795 global clubs. This model relies on members knowing the routine and using the space effectively without constant staff guidance.

The High School Summer Pass program in 2025 demonstrated this high-volume, self-service capability, hosting more than 3.7 million teens who completed over 19 million free workouts in the clubs. The company is also pushing for physical format standardization; close to 80% of clubs system-wide are expected to have an optimized format by the end of 2025.

Metric	End of 2024 (Approx.)	Q3 2025
Total Members	19.7 million	20.7 million
Total Clubs	2,722	2,795
System-Wide Same Club Sales Growth (Annualized/Trailing)	5.0% (FY 2024)	6.9% (Q3 2025)

Centralized CRM: Data-driven marketing to manage member attrition

Managing attrition is key, especially after the Classic Card price moved from $10 to $15 for new members in mid-2024. The focus is clearly on moving members to the higher-tier offering, which is where the CRM efforts are concentrated.

The penetration of the higher-tier Black Card membership shows this success. By the end of Q3 2025, this penetration reached 66.1% of the total membership base, a 300 basis point increase from the same quarter last year. The marketing strategy is shifting to support this, with management noting a shift of 1 percentage point of marketing funding from local to national channels to spend dollars more efficiently.

Here are key relationship/value metrics driving the CRM strategy:

• Black Card penetration as of Q3 2025: 66.1%.
• Black Card price planned increase to $29.99 after peak join season in 2026.
• Gen Z is the fastest-growing demographic group since 2021.
• The company is increasing influencer involvement, which helped drive a 30% rise in Summer Pass participation.

Finance: draft 13-week cash view by Friday.

Planet Fitness, Inc. (PLNT) - Canvas Business Model: Channels

You're looking at how Planet Fitness, Inc. gets its offering-the Judgement Free Zone® experience-into the hands of its members. It's a heavily franchised model, which is key to understanding their capital-light growth engine.

Franchise Clubs

The vast majority of the footprint runs through independent operators. As of June 30, 2025, the system-wide total club count stood at 2,762 locations. You can definitely count on the fact that more than 90% of these clubs are owned and operated by independent business people. This channel is the primary engine for unit expansion.

For instance, in the second quarter of fiscal 2025, the growth was clearly weighted toward the franchise side:

Metric	Count (Q2 2025)
New Franchisee-Owned Clubs Opened	20
New Corporate-Owned Clubs Opened	3
System-Wide New Clubs Opened	23

This structure means the franchisor collects royalties, which are high-margin revenue streams. Franchise segment revenue saw a boost, with $5.0 million attributable to a franchise same club sales increase of 8.3% in the second quarter of 2025.

Corporate Clubs

Corporate clubs are your control group, honestly. They exist to test new concepts and maintain a direct line on brand execution. In the full year 2024, the company opened 21 corporate-owned locations, which was part of the 150 total new clubs opened that year. This small fleet allows management to pilot changes before rolling them out system-wide.

The corporate-owned segment still contributes significantly, with its Segment Adjusted EBITDA increasing by $7.0 million in Q2 2025, primarily due to a corporate-owned same clubs sales increase of 7.0%.

Digital Platforms

The mobile app is becoming central to the member journey, not just a nice-to-have. For a brand aiming at the 80% of consumers who don't typically join gyms, digital access is crucial for convenience and retention. By January 2025, the Planet Fitness app was showing serious traction, with monthly active users surpassing 8.5 million.

The digital reach is broad:

• Website monthly deduplicated audience reached over 17 million in January 2025.
• Global fitness app downloads are expected to surpass 5 billion by 2025.
• 59% of smartphone users have at least one fitness app.

National Media

High-volume sign-ups are driven by broad, national reach campaigns. The National Advertising Fund (NAF) is the mechanism for this. For the third quarter of 2024, the National advertising fund expense was reported at $19.7 million. The marketing push for 2025 included a new brand platform kicking off during a major NFL game on Christmas, with spots also airing during Dick Clark's New Year's Rockin' Eve.

The financial impact is seen in the NAF revenue collected from franchisees. In the second quarter of 2025, Franchise segment revenue included $2.7 million of higher National Advertising Fund revenue. If you look back to 2021 context, the chain was spending nearly $200 million annually on media expenditures, showing the scale of this channel.

Planet Fitness, Inc. (PLNT) - Canvas Business Model: Customer Segments

You're looking at the core of the Planet Fitness, Inc. (PLNT) value proposition-the people who walk through the doors. Honestly, the strategy here is about mass-market appeal, built on a low-friction, low-cost entry point that then tries to upsell you to the premium experience. It's a volume play, plain and simple.

The customer base is intentionally broad, designed to capture individuals who might be intimidated by or unwilling to pay for traditional, high-intensity fitness centers. The structure clearly segments members based on their commitment level and desired amenities.

First-Time Gym Users and Budget-Conscious Consumers

The foundation of the membership base is built on attracting those new to fitness or those extremely sensitive to price. This segment values the 'Judgement Free Zone' environment, which lowers the barrier to entry significantly. They are the core of the value proposition, seeking high-quality fitness access without the high cost associated with premium clubs.

• The Classic Membership serves this group, priced at approximately $10/month before taxes and fees.
• This basic tier grants unlimited access only to the member's home club location.
• Both membership types share a mandatory annual fee of $49.

Here's a quick look at the pricing that defines the value for these segments:

Membership Tier	Monthly Price (Approximate)	Annual Fee	Key Access Feature
Classic Membership	$10	$49	Home Club Only
PF Black Card® Membership	$24.99	$49	Any Club Worldwide

Premium Users: Black Card Holders

This segment represents the higher-value customer, willing to pay a premium for convenience and recovery amenities. The success of this tier is crucial for driving Average Revenue Per User (ARPU) growth. Planet Fitness, Inc. has been very successful in migrating members to this tier; as of the third quarter of 2025, Black Card penetration stood at 66.1% of the total membership base, a 300 basis point increase from the same quarter last year.

If you look at the total membership base reported at the end of Q2 2025, which was approximately 20.8 million members, and apply the Q3 penetration rate, you're looking at roughly 13.7 million Black Card members by the end of Q3 2025.

The Black Card is the key to unlocking the full suite of non-workout perks:

• Ability to bring a guest anytime for free.
• Access to over 2,700+ clubs nationwide and worldwide.
• Use of the PF Black Card Spa amenities, including HydroMassage™, massage chairs, and tanning.
• Exclusive premium partner rewards, such as 50% off select drinks.

Gen Z/Young Adults: High School Summer Pass Engagement

Planet Fitness, Inc. specifically targets Gen Z and young adults through its High School Summer Pass (HSSP) program, offering free summer access to teens aged 14-19. This is a massive pipeline for future membership conversion and brand loyalty. The 2025 iteration of the program saw record-breaking participation.

The scale of this initiative is significant:

• In the summer of 2025, more than 3.7 million teens participated in the free program.
• These teens completed over 19 million workouts between June and August 2025.
• Since its inception in 2019, the company has invested more than $300M in waived membership dues through HSSP.

This program directly supports the mission of making fitness accessible and non-intimidating for the next generation of gym-goers. Finance: draft 13-week cash view by Friday.

Planet Fitness, Inc. (PLNT) - Canvas Business Model: Cost Structure

You're looking at the core outflows that keep the Planet Fitness, Inc. machine running, which is heavily weighted toward supporting its massive franchise network. The cost structure here reflects a capital-light model, but the fixed and semi-fixed costs associated with brand management and debt service are significant.

Net Interest Expense is a substantial, relatively fixed cost driven by the company's debt load. For the full fiscal year 2025, Planet Fitness, Inc. continues to project this expense to be approximately $86.0 million. This figure is important because it's a non-operating cash outflow that must be covered before calculating net income attributable to shareholders.

The National Advertising Fund (NAF) Expense is a mandatory, centralized marketing spend funded by franchisees. For the fourth quarter of 2024, the NAF expense was reported at $19.4 million. We see this cost is dynamic, as Q3 2025 results indicated a higher NAF expense of $1.7 million as an offset to revenue growth compared to the prior year period. This fund is critical for national brand presence, which benefits all franchisees.

Equipment Cost of Goods Sold is directly tied to the Equipment Segment's revenue, which comes from equipment sales to franchisees. For the full fiscal year ended December 31, 2024, the total Cost of Revenue, which includes equipment COGS, was $197,122 thousand, or $197.1 million. This cost base fluctuates based on the volume and mix of equipment placements, including new club builds and replacement equipment sales.

Franchise Support Costs are embedded within general operating expenses, such as Selling, General and Administrative (SG&A), which covers the infrastructure to support the franchise base. For example, adjusted SG&A for the fourth quarter of 2024 was $34.4 million, an increase driven by incremental marketing spend and payroll. This category represents the corporate overhead necessary to manage the franchise relationship, training, and operational consistency across the system.

Here's a look at some of the key cost and expense metrics for context:

Cost/Expense Category	Latest Reported/Projected Amount	Period/Context
Net Interest Expense (Projected)	$86.0 million	Fiscal Year 2025 Expectation
National Advertising Fund Expense	$19.4 million	Fourth Quarter 2024
Total Cost of Revenue (Proxy for Equipment COGS)	$197.1 million	Full Year Ended December 31, 2024
Adjusted Selling, General and Administrative Expense (SG&A)	$34.4 million	Fourth Quarter 2024

You also have significant corporate-level operating costs that support the entire enterprise, not just the franchise segment. These include the costs associated with running the corporate-owned clubs and the general corporate overhead. For instance, Club operations costs for the fourth quarter of 2024 were $74.4 million.

The cost structure also involves depreciation and amortization, which the company expected to remain flat compared to 2024 in its earlier 2025 outlook, though a later update projected it to be approximately $155 million for 2025.

The company's asset-light franchise model means that a large portion of the variable costs related to club operations are borne by the franchisees, but the centralized costs like NAF and interest on corporate debt remain core to Planet Fitness, Inc.'s own cost structure. Finance: draft 13-week cash view by Friday.

Planet Fitness, Inc. (PLNT) - Canvas Business Model: Revenue Streams

You're analyzing the financial engine of Planet Fitness, Inc. (PLNT) right now, trying to map out exactly where the cash comes from. Honestly, the structure is heavily weighted toward recurring fees and equipment sales to its massive franchise base, which is the key to their asset-light model.

For the trailing twelve months ending September 30, 2025, Planet Fitness, Inc. (PLNT) reported total revenue of approximately $1.288 billion. This revenue is cleanly divided into three reportable segments: Franchise, Corporate-owned Stores, and Equipment.

Franchise Royalties and NAF Fees

The ongoing relationship with franchisees is a cornerstone of Planet Fitness, Inc.'s revenue. Franchisees are contractually obligated to remit two primary ongoing fees based on their gross sales.

• Franchise Royalties: An ongoing fee set at 7% of franchisees' gross sales.
• NAF Fees: A mandatory 2% fee on franchisee gross sales, directed to the National Advertising Fund.

In the second quarter of 2025 (for the three months ended June 30, 2025), the total Franchise segment revenue, which includes these royalties and NAF contributions, was $119.7 million. This segment saw an 11.0% increase year-over-year for that quarter, driven by higher royalty revenue from an 8.3% increase in franchise same club sales.

Corporate Club Revenue

Membership fees from company-owned locations form the second major component of the revenue base. This is the more traditional gym operator revenue stream, though it represents a smaller portion of the total compared to franchise fees and equipment sales.

For the three months ended June 30, 2025, the Corporate-owned clubs segment generated $139.0 million in revenue. This figure reflects growth from same club sales increases, which saw a 7.0% increase in that segment for the quarter. The company ended the second quarter of 2025 with 283 corporate-owned clubs out of 2,762 system-wide locations.

Equipment Sales

A predictable and growing revenue source comes from the contractual obligation for franchisees to purchase fitness equipment from Planet Fitness, Inc. or its required vendor for new and re-equipped clubs. This is reported under the Equipment segment.

Equipment segment revenue for the three months ended June 30, 2025, was $82.2 million, marking a significant 21.5% increase year-over-year. This revenue is primarily driven by sales to existing franchisee-owned clubs needing to replace equipment, creating a recurring refresh cycle for the company.

Annual Membership Fees

While often bundled into the recurring royalty base calculation, the one-time annual membership fee charged to members is a distinct revenue event. This fee contributes directly to the revenue reported by both franchise and corporate-owned clubs.

To show the impact of this specific fee, looking at the first quarter of 2025, the corporate-owned clubs segment revenue increase included $1.5 million specifically attributable to annual fee revenue.

Here's a quick look at the segment revenue contribution for Q2 2025, which totaled $340.9 million for the quarter:

Revenue Segment	Revenue (3 Months Ended June 30, 2025)	Percentage of Q2 2025 Total Revenue
Corporate-owned Clubs	$139.0 million	40.77%
Franchise	$119.7 million	35.11%
Equipment	$82.2 million	24.11%

The company ended the second quarter of 2025 with approximately 20.8 million members across the system. The Black Card membership penetration is a key metric, standing at 66.1%, which typically carries higher fee structures.