Planet Fitness, Inc. (PLNT): Business Model Canvas [Jan-2025 Mise à jour]

Dans le monde compétitif du fitness, Planet Fitness a révolutionné l'expérience du gymnase en offrant un environnement abordable et sans jugement qui attire des millions de passionnés d'entraînement occasionnels et soucieux du budget. Avec un modèle commercial unique qui se concentre sur l'accessibilité, les abonnements à faible coût et une culture inclusive, la société est passée d'un seul emplacement dans le New Hampshire en un phénomène de fitness national avec Plus de 2 000 emplacements. Cette approche innovante a non seulement perturbé l'industrie du fitness traditionnelle, mais a également créé un plan convaincant pour la croissance durable et l'engagement client qui continue d'attirer les membres et les investisseurs de franchise.

Planet Fitness, Inc. (PLNT) - Modèle d'entreprise: partenariats clés

Propriétaires et opérateurs de franchise

Depuis le quatrième trimestre 2023, Planet Fitness exploite 2 426 magasins au total, avec 2 180 emplacements appartenant à des franchises représentant 89,9% du total des magasins.

Métriques de franchise	Nombre	Pourcentage
Total des magasins	2,426	100%
Magasins appartenant à des franchises	2,180	89.9%
Magasins appartenant à des entreprises	246	10.1%

Fabricants d'équipements

Planet Fitness s'associe à des fabricants d'équipements majeurs pour équiper leurs gymnases.

• Précor incorporé
• Fitness de la vie
• Matrix Fitness

Promoteurs immobiliers

Planet Fitness se concentre sur les partenariats de localisation stratégiques dans les centres commerciaux et les zones de banlieue.

Type d'emplacement	Pourcentage d'emplacements
Emplacements des centres commerciaux	68%
Zones de banlieue	79%

Agences de marketing et de publicité

Planet Fitness dépensé 185,7 millions de dollars sur la publicité et le marketing Au cours de l'exercice 2022.

Partenaires de traitement des paiements

• Bande
• First Data Corporation
• Paiements mondiaux

Revenus d'adhésion mensuels moyens par membre: $10.20 au Q4 2023.

Planet Fitness, Inc. (PLNT) - Modèle d'entreprise: Activités clés

Gestion des membres du gymnase à faible coût

Planet Fitness gère 2 410 emplacements au total au troisième trimestre 2023, avec 2 328 clubs franchisés et 82 magasins appartenant à des entreprises. Les taux d'adhésion mensuels moyens varient de 10 $ à 22 $ par mois. La base totale des membres a atteint 18,1 millions de membres au troisième trimestre 2023.

Catégorie d'adhésion	Prix ​​mensuel	Couper les membres
Abonnement de base	$10	15,3 millions
Adhésion à la carte noire	$22	2,8 millions

Opérations et entretien des installations de fitness

La maintenance annuelle des installations et l'investissement en équipement ont totalisé 87,4 millions de dollars en 2022. La taille moyenne des clubs varie entre 10 000 et 20 000 pieds carrés.

• Budget de maintenance annuel total: 87,4 millions de dollars
• Cycle de remplacement moyen de l'équipement: 3-5 ans
• Investissement annuel sur l'équipement: 35,6 millions de dollars

Marketing et développement de marque

Les dépenses de marketing ont atteint 173,4 millions de dollars en 2022, ce qui représente 11,2% des revenus totaux. Le marketing numérique représente 42% du budget marketing total.

Canal de marketing	Allocation budgétaire
Marketing numérique	72,8 millions de dollars
Médias traditionnels	100,6 millions de dollars

Expansion et soutien de la franchise

Le développement de la franchise coûte environ 1,5 million de dollars par nouvel emplacement. L'équipe de soutien à la franchise se compose de 127 professionnels dévoués. Les taux de redevance de franchise se situent entre 4 et 6% des revenus mensuels.

• NOUVELLE FRANCHISE COST DE CONFIGURATION DE LA LOCATION: 1,5 million de dollars
• Taille de l'équipe de soutien à la franchise: 127 professionnels
• Taux de redevance: 4 à 6% des revenus mensuels

Plateforme numérique et développement d'applications

L'investissement de plate-forme numérique a atteint 22,3 millions de dollars en 2022. Les téléchargements d'applications mobiles ont dépassé 5,6 millions au troisième trimestre 2023. La plate-forme numérique prend en charge 18,1 millions de comptes membres.

Métriques de plate-forme numérique	Valeur
Investissement annuel	22,3 millions de dollars
Téléchargements d'applications mobiles	5,6 millions
Comptes membres	18,1 millions

Planet Fitness, Inc. (PLNT) - Modèle d'entreprise: Ressources clés

Réseau étendu de centres de fitness

Au quatrième trimestre 2023, Planet Fitness exploite 2 410 emplacements au total aux États-Unis, au Canada et aux marchés internationaux. Total des gymnases franchisés: 2 174. Emplacements appartenant à l'entreprise: 236.

Type d'emplacement	Nombre de gymnases
Emplacements franchisés	2,174
Emplacements appartenant à l'entreprise	236
Total des emplacements	2,410

Équipement de gymnase abordable

Dépenses en capital annuelles pour les équipements de gymnase et les améliorations des installations: 80 à 100 millions de dollars. Investissement moyen de l'équipement par nouveau gymnase Lieu: 250 000 $ - 300 000 $.

Solide reconnaissance de la marque

• Base totale des membres: 18,1 millions de membres au quatrième trimestre 2023
• Valeur de la marque estimée à 1,2 milliard de dollars
• Capitalisation boursière: environ 4,5 milliards de dollars

Concept de «zone libre de jugement» propriétaire

Marque de commerce enregistrée et protégée. Dépens de marketing en 2023: 140 millions de dollars dédiés au renforcement de la messagerie et du concept de marque.

Technologie de fitness numérique et application mobile

Métriques de plate-forme numérique	2023 données
Téléchargements d'applications mobiles	4,2 millions
Utilisateurs numériques actifs	2,8 millions
Investissement numérique annuel	25 à 30 millions de dollars

Investissement infrastructure technologique: 40 à 50 millions de dollars par an pour les plateformes numériques et les innovations technologiques.

Planet Fitness, Inc. (PLNT) - Modèle d'entreprise: propositions de valeur

Adhésions à la condition physique abordables

Planet Fitness Offre 10 $ adhésion de base mensuelle et 19,99 $ Adhésion à carte noire mensuelle. Au quatrième trimestre 2023, la société a rapporté:

Niveau d'adhésion	Coût mensuel	Total des membres
Abonnement de base	$10	16,2 millions
Adhésion à la carte noire	$19.99	4,8 millions

Environnement d'entraînement non intimidant

La société 'Zone libre de jugement' Le concept cible des segments de marché spécifiques:

• Passionnés de fitness occasionnels
• Membres du gymnase pour la première fois
• Individus à la recherche d'espaces de fitness à basse pression

Accès au gymnase 24/7

Planet Fitness offre un accès 24h / 24 à travers 2 310 emplacements En décembre 2023, avec:

Type d'emplacement	Nombre de gymnases	Propagation géographique
Appartenant à une entreprise	1,877	50 États américains
En franchise	433	Présence internationale

Large gamme d'équipements d'exercice

Chaque emplacement de fitness de la planète comprend généralement:

• 30-50 machines cardio
• Sections de poids gratuites
• Équipement d'entraînement en force
• Zones de formation personnelles

Investissement moyen de l'équipement par gymnase: 500 000 $ à 750 000 $

Opportunités de franchise à faible coût

Détails de l'investissement de franchise:

Coût de la franchise	Plage d'investissement initial	Frais de redevance
Frais de franchise initiaux	$10,000 - $55,000	5% des revenus mensuels
Investissement initial total	1,4 million de dollars - 2,5 millions de dollars	Comprend l'équipement, la location, la configuration

Planet Fitness, Inc. (PLNT) - Modèle d'entreprise: relations avec les clients

Plates-formes numériques en libre-service

Depuis 2024, Planet Fitness propose une plate-forme numérique complète avec 5,2 millions d'utilisateurs d'applications mobiles actifs. L'application mobile permet aux membres de:

• Enregistrement aux emplacements du gymnase
• Suivre les progrès de la fitness
• Accéder au contenu d'entraînement numérique
• Gérer les détails de l'adhésion

Métriques de plate-forme numérique	2024 données
Utilisateurs d'applications mobiles	5,2 millions
Téléchargements d'applications mobiles	12,3 millions au total
Offres de contenu d'entraînement numérique	350+ vidéos à la demande

Gestion automatisée des membres

Planet Fitness utilise des systèmes automatisés pour les processus d'adhésion, avec 95% des transactions effectuées via des canaux numériques.

Automatisation de la gestion des membres	Pourcentage
Achèvement des transactions numériques	95%
Inscriptions d'adhésion en ligne	78%
Facturation automatisée	99%

Approche de fitness axée sur la communauté

Planet Fitness maintient un zone sans jugement Philosophie, attirant 16,4 millions de membres à l'échelle nationale.

Métriques d'engagement communautaire	2024 statistiques
Adhésion totale	16,4 millions
Événements annuels de fitness de la planète	1 200+ événements de fitness communautaire
Abonnés des médias sociaux	3,6 millions

Aucune exigence de contrat à long terme

Planet Fitness offre des options d'adhésion flexibles avec un engagement minimal:

• Adhésion de base à partir de 10 $ / mois
• Aucune exigence de contrat annuelle
• Option d'annulation mensuelle

Culture de fitness inclusive

La société maintient une base d'adhésion diversifiée avec entrée à faible barrière Solutions de fitness.

Métriques d'inclusivité	2024 données
Tranche d’âge des membres moyens	18-45 ans
Répartition des sexes	52% de femmes, 48%
Emplacements à l'échelle nationale	2 310 gymnases

Planet Fitness, Inc. (PLNT) - Modèle d'entreprise: canaux

Emplacements de gymnase physique

Au quatrième trimestre 2023, Planet Fitness exploite 2 404 emplacements au total des gymnases aux États-Unis. La ventilation est la suivante:

Type d'emplacement	Nombre d'emplacements
Magasins appartenant à l'entreprise	1,877
Magasins appartenant à des franchises	527

Application mobile

Caractéristiques de l'application mobile Planet Fitness:

• Disponible sur les plateformes iOS et Android
• Plus de 1,5 million d'utilisateurs d'applications mobiles actifs en 2023
• Fournit des chèques de gymnase, un suivi d'entraînement et une gestion des membres

Site web

Planet Fitness Site Web (www.planetfitness.com)

• Trafic Web mensuel d'environ 3,2 millions de visiteurs
• Inscriptions d'adhésion en ligne
• Gestion des membres
• Finder de l'emplacement

Plateformes de médias sociaux

Plate-forme	Nombre de suiveurs (2024)
Instagram	1,2 million de followers
Facebook	2,5 millions d'adeptes
Twitter / x	350 000 abonnés

Recrutement de ventes directes et de franchise

Détails de l'investissement de franchise:

• Frais de franchise initiaux: 10 000 $
• Plage d'investissement initial total: 1 040 000 $ - 4 130 250 $
• Frais de redevance de franchise: 5% des revenus mensuels bruts
• Nombre d'emplacements de franchise: 527 au Q4 2023

Planet Fitness, Inc. (PLNT) - Modèle d'entreprise: segments de clientèle

Passionnés de fitness soucieux du budget

Planet Fitness cible les individus à la recherche d'options de fitness abordables avec des taux d'adhésion d'une moyenne de 10 $ à 22 $ par mois. Au quatrième trimestre 2023, la société a déclaré 18,1 millions de membres en mettant un accent significatif sur les consommateurs sensibles aux coûts.

Niveau d'adhésion	Coût mensuel	Caractéristiques clés
Basic	$10	Accès unique du club
Carte noire	$22	Accès multi-club

Gymnases décontractés

L'entreprise attire environ 6,5 millions de participants au fitness occasionnels qui préfèrent les environnements d'entraînement à basse pression. Leur stratégie marketing met l'accent sur les espaces de fitness non intimidants.

Membres du gymnase pour la première fois

Planet Fitness rapporte que 40% de leur base de membres se compose de membres du gymnase ou de personnes pour la première fois en remise en forme après de prolongations.

• Pas de contrats à long terme
• Philosophie de zone sans jugement
• Équipement des débutants

Jeunes adultes et milléniaux

En 2023, environ 55% des membres de Planet Fitness sont entre 18 et 35 ans. La société compte 2 375 emplacements ciblant principalement cette démographie.

Groupe d'âge	Pourcentage d'adhésion
18-24	22%
25-35	33%

Populations de banlieue et urbaine

Planet Fitness se concentre sur les marchés suburbains et urbains, avec 85% de leurs emplacements situés dans ces zones. Le nombre total de gymnases a atteint 2 375 emplacements aux États-Unis en décembre 2023.

• Concentration géographique: 48 États
• Présence internationale: République du Canada et dominicaine
• Taille moyenne du club: 20 000 pieds carrés

Planet Fitness, Inc. (PLNT) - Modèle d'entreprise: Structure des coûts

Location de biens immobiliers et d'installation

En 2023, Planet Fitness fonctionne environ 2 410 emplacements. Les frais de location annuels moyens par gymnase varient entre 120 000 $ et 180 000 $. Total des frais annuels de location immobilière et de location des installations estimés à 350 à 420 millions de dollars.

Catégorie de dépenses de location	Coût annuel
Bail mensuel typique de la gym	$10,000 - $15,000
Total des frais de location annuels	350 à 420 millions de dollars

Procurement et entretien de l'équipement

L'investissement en équipement par nouveau gymnase varie de 250 000 $ à 300 000 $. La maintenance annuelle coûte environ 3 à 5% de la valeur totale de l'équipement.

Dépenses d'équipement	Gamme de coûts
Investissement initial de l'équipement	$250,000 - $300,000
Pourcentage de maintenance annuel	3-5%

Salaire des employés

Les dépenses de paie des employés totaux pour 2022 étaient de 273,4 millions de dollars. Le salaire horaire moyen pour le personnel du gymnase varie entre 12 $ et 18 $ par heure.

Catégorie de salaire des employés	Montant
Payrol annuel total (2022)	273,4 millions de dollars
Salaire moyen du personnel horaire	$12 - $18

Dépenses de marketing et de publicité

Les dépenses de marketing pour 2022 ont totalisé 146,1 millions de dollars, ce qui représente environ 5 à 7% des revenus totaux.

Dépenses de marketing	Montant
Dépenses marketing annuelles (2022)	146,1 millions de dollars
Pourcentage de dépenses de marketing	5-7% des revenus

Soutien et développement de la franchise

Les coûts de développement de la franchise comprennent les frais de franchise initiaux allant de 10 000 $ à 20 000 $ par emplacement. Les frais de soutien annuels sur la franchise estimés à 30 à 50 millions de dollars.

Catégorie de dépenses de franchise	Gamme de coûts
Frais de franchise initiaux	$10,000 - $20,000
Dépenses annuelles de soutien à la franchise	30 millions de dollars

Planet Fitness, Inc. (PLNT) - Modèle d'entreprise: Strots de revenus

Frais d'adhésion mensuels

Au quatrième trimestre 2023, Planet Fitness a rapporté la structure de tarification des membres suivante:

Type d'adhésion	Frais mensuels	Contribution annuelle des revenus
Adhésion classique	10 $ par mois	420 millions de dollars
Adhésion à la carte noire	22 $ ​​par mois	235 millions de dollars

Redevances de franchise

Revenus de franchise Planet Fitness pour 2023:

• Royalités totales de franchise: 126,3 millions de dollars
• Taux de redevance moyen: 5,5% des revenus du franchisé
• Nombre d'emplacements franchisés: 2 242

Services de formation personnelle

Répartition des revenus de formation personnelle pour 2023:

Catégorie de service	Revenus annuels
Séances de formation personnelle	42,7 millions de dollars
Programmes de formation en groupe	18,5 millions de dollars

Ventes de marchandises

Détails des revenus de marchandises:

• Ventes totales de marchandises en 2023: 24,6 millions de dollars
• Catégories de produits primaires:
  • Vêtements d'entraînement de marque
  • Accessoires de fitness
  • Bouteilles d'eau et équipement de gym

Offres de services supplémentaires

SCHIERS SUR LES RÉCUPTIONS SUPPLÉMENTAIRES pour 2023:

Service	Revenus annuels
Hydromassage	31,2 millions de dollars
Amélioration totale du corps	22,8 millions de dollars
Application numérique Planet Fitness	15,6 millions de dollars

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.