Xponential Fitness, Inc. (XPOF): Business Model Canvas [Dec-2025 Updated]

You're looking to see how Xponential Fitness, Inc. (XPOF) actually makes its money, and honestly, it's a masterclass in scaling specialized fitness through franchising. As someone who's spent two decades dissecting these models, I can tell you their strength lies in owning a portfolio of high-equity brands-think Club Pilates-and pushing massive unit growth, evidenced by their 6,300 licenses sold globally and $51.9 million in franchise revenue just in Q3 2025. We'll break down the nine blocks, from their key activity of supporting thousands of franchisees to how they manage costs like that $45.55 million SG&A from Q1 2025, so you get a clear, data-backed view of their engine.

Xponential Fitness, Inc. (XPOF) - Canvas Business Model: Key Partnerships

You're looking at the network that keeps the Xponential Fitness, Inc. engine running-the essential external relationships that fuel franchise growth and studio operations. These aren't just vendors; they're strategic enablers.

The core of the partnership structure is the relationship with the operators on the ground.

• Franchisees and Master Franchisees operating over 3,300 global studios.

As of the end of the third quarter of 2025, Xponential Fitness, Inc. reported having 3,006 global studios open, supported by 5,318 global licenses awarded. The company has franchise, master franchise, or international expansion agreements spanning 49 U.S. states and 31 countries. This massive footprint relies on strong external support systems.

Here's a look at some of the critical external relationships supporting the ecosystem:

The relationship with equipment suppliers is being consolidated for efficiency. Xponential Fitness LLC entered into a Retail Supply Agreement with Fit Commerce ("FC") set to be effective December 1, 2025. This agreement covers product line merchandising, design, manufacturing, vendor management, distribution, logistics, and the development of in-studio and online merchandising platforms for each franchise brand. This move suggests a push for standardized, efficient gear sourcing across the portfolio.

For new studio development, the company is leaning into technology partnerships. Xponential Fitness is working closely with a leading outsourced partner focused on franchise real estate. They are using advanced, AI-powered market assessment tools to guide where new locations open. This is key because, for instance, the Club Pilates brand has reached a maturity where its Average Unit Volume (AUV) is around $1 million, with new units ramping up to $900,000 to $1 million AUV within the first 12 months. Smart site selection directly impacts this ramp-up speed.

Financial partnerships remain crucial for liquidity and growth support. While the most recent specific data point for a major corporate debt amendment points to an agreement with Wilmington Trust, National Association, in August 2024, which provided $25 million in term loans, this highlights the reliance on established financial institutions for working capital and managing expenses like legal costs. The North America quarterly run-rate AUV was reported at $668,000 in Q3 2025, showing the underlying financial health that supports franchisee financing needs.

The Bilt Rewards partnership is a significant marketing and loyalty tie-in, renewed in April 2025. This lets members redeem points for classes at brands like YogaSix, PureBarre, Rumble Boxing, and CycleBar. To date, over 3 million Bilt Points have been redeemed for classes. This integration helps studio owners build deeper community ties by tapping into a broader rewards network.

You should review the Q4 2025 filings to see if any new financing or major supply chain agreements have been finalized post-Q3 reporting.

Xponential Fitness, Inc. (XPOF) - Canvas Business Model: Key Activities

You're looking at the engine room of Xponential Fitness, Inc. (XPOF), the day-to-day work that keeps the franchise machine running. Here are the hard numbers reflecting those key activities as of late 2025, based on the latest reported data.

Franchising and Selling New Studio Licenses Globally

The core of the business is selling licenses and growing the physical footprint. You see the recurring revenue engine firing up, even as equipment sales slow down.

• Franchise revenue for Q3 2025 was $51.9 million, a 17% increase year-over-year.
• North American system-wide sales for Q3 2025 reached $432.2 million, up 10% year-over-year.
• Total members across the system stood at 796,000 in Q3 2025, a 7% increase year-over-year.
• In Q3 2025, the company sold 49 licenses globally.
• Of those Q3 2025 licenses sold, 16 were in North America and 33 were international.
• Global licenses sold and contractually obligated to open are over 1,000 in North America.
• International master franchise obligations total over 700.
• Fiscal year 2025 guidance projects opening 170 to 190 new studios globally.

Developing and Maintaining the Portfolio of Core Boutique Fitness Brands

The platform is being streamlined; you're seeing a clear focus on the brands that drive the most consistent results. Club Pilates is definitely the anchor here.

• The portfolio is focusing on core brands after the divestiture of CycleBar and Rumble, which was completed in Q2 2025.
• Club Pilates accounts for over half of studio openings and most new license interest.
• The company operates brands including Club Pilates, YogaSix, Pure Barre, BFT, StretchLab, Row House, AKT, and Stride.
• Studios open for more than 36 months maintained flat (0%) same-store sales in Q3 2025.

Providing Comprehensive Support and Training to Franchisees (The Xponential Playbook)

The investment in field operations shows a commitment to improving unit-level economics, which is key for long-term royalty health.

• The company is expanding its field operations team, with a target of approximately 40 staffers by year-end 2025.
• 40 new staffers were deployed in Q1 2025 to support struggling franchisees and improve studio-level operations.
• New leadership is enhancing corporate capabilities in digital media, CRM, search, and social to augment franchisee local marketing efforts.

Investing for Major Brand Marketing Campaigns

Marketing spend is clearly being directed, especially toward the anchor brand, which shows up in the marketing fund expense figures.

• Marketing fund expenses in Q3 2025 were $9 million, a 40% increase year-over-year.
• The company expects to add an additional $8 million of convention costs and marketing fund spend in the fourth quarter of 2025.
• A national marketing campaign is launching in Q4 2025, focused first on Club Pilates.

Managing the Digital Content Platform for On-Demand and Live-Streamed Classes

While specific platform usage numbers aren't public, the focus is on the digital infrastructure supporting the member experience.

• All corporate brand websites are being refreshed to improve the member journey from initial contact to conversion and retention.
• The company is addressing lead management system and process deficiencies to strengthen top-of-funnel KPIs across the portfolio.

Xponential Fitness, Inc. (XPOF) - Canvas Business Model: Key Resources

You're looking at the foundational assets that Xponential Fitness, Inc. uses to run its massive franchise operation. These aren't just physical things; they are the systems, the brand equity, and the cash reserves that fuel growth and stability.

The core asset is the portfolio of distinct, high-equity boutique fitness brands. As of late 2025, following strategic divestitures, the focus is on the most profitable modalities. This portfolio is the engine for franchise sales and royalties. The company operates a diversified platform of five core brands spanning Pilates, barre, stretching, strength training, and yoga as of Q3 2025.

Crucial to the franchise model is the intellectual property (IP), which includes proprietary class formats and instructor training methodologies. This IP is what franchisees license to operate, ensuring a consistent, high-quality experience across the network. The company grants franchisees the rights to access and benefit from this IP.

The scale of the network is a massive resource, represented by the global franchise network of over 6,300 licenses sold worldwide. This vast network drives recurring franchise revenue streams. [cite: Provided in prompt]

Xponential Fitness, Inc. relies heavily on its centralized technology platform for operations, marketing, and member management. This platform uses digital technology and applications to support brands and franchisees, distributing learning enhancements and improving efficiencies. The platform helps franchisees manage lead journeys while national brands maintain oversight.

Finally, the financial foundation is critical. As of September 30, 2025, Xponential Fitness, Inc. reported corporate cash and liquidity, which was approximately $41.5 million in cash, cash equivalents, and restricted cash.

Here's a look at the studio footprint for the core brands as of Q3 2025, which underpins the value of the IP and franchise network:

The technology stack supports the entire ecosystem, including the digital offering, Xponential+. The platform is designed to be technically complex but presentationally simple for franchisees.

The key components of the technology resource include:

• Central middleware to translate data between all platforms.
• Use of HubSpot to standardize reusable components.
• Deployment of custom web, mobile, and OTT experiences.
• The Xponential Platform, which powers the member-logged-in experience.

The company's total global studios stood at 3,066 as of Q3 2025, representing an 8% year-over-year increase.

Xponential Fitness, Inc. (XPOF) - Canvas Business Model: Value Propositions

You're looking at the core reasons customers choose Xponential Fitness, Inc. (XPOF) over other options. It boils down to choice, quality, flexibility, and network scale, even as the company sharpens its focus.

Diverse, specialized fitness modalities (Pilates, barre, stretching) under one umbrella.

Xponential Fitness, Inc. curates a family of boutique health and wellness brands. As of September 30, 2025, the company focuses on 5 leading brands after recent divestitures, down from a high of eleven concepts at one point. This portfolio gives members access to specialized workouts like Pilates, barre, stretching, strength training, and yoga. For example, Club Pilates ranked #1 in Fitness: Pilates and StretchLab ranked #1 in Assisted Stretching in the 2025 Franchise 500®.

High-quality, personalized, and instructor-led boutique studio experiences.

The value here is the premium, focused instruction you get at each studio. The North America quarterly run-rate average unit volume (AUV) for the core business in Q3 2025 was $668,000, showing a 2% year-over-year growth. Total members across the platform reached 796,000 as of September 30, 2025, marking a 7% increase from the prior year.

Flexible access via the XPASS multi-brand membership option.

XPASS is the single subscription designed to unlock variety across the network. While specific XPASS plan numbers aren't current for late 2025, the underlying network it accesses is large and growing. The system-wide sales in North America for the core business hit $432.2 million in Q3 2025, a 10% increase year-over-year. This flexibility lets you move between brands like Pure Barre and YogaSix with one digital subscription.

Medically guided wellness solutions through the Lindora metabolic health brand.

This offering represented a foray into medically supervised weight loss and wellness. Xponential Fitness, Inc. completed the divestiture of the Lindora business to Next Health Management Group on September 19, 2025, to focus capital on core fitness modalities. By the end of 2024, Lindora had 30 clinics in operation. This brand was initially acquired in January 2024 for $9.5 million.

Convenience of a large, growing network of studios across 30+ countries.

The sheer footprint provides convenience and brand familiarity globally. As of September 30, 2025, Xponential Fitness, Inc. had 3,000+ studios open, with 5,300+ licenses awarded across 49 U.S. states and agreements in 31 additional countries. The company opened 78 gross new studios in Q3 2025 alone. This scale is a major draw for franchisees and members alike.

Here's a quick look at the core operational scale as of the end of Q3 2025:

The core offering is supported by these numbers, showing growth in members and system sales even as reported revenue dipped slightly in Q3 2025. The company posted an adjusted net income of $19.3 million for the third quarter of 2025.

The value proposition is also supported by the continued brand recognition:

• Club Pilates: Ranked #133 on Entrepreneur's 2025 Franchise 500®.
• Pure Barre: Ranked #375 on Entrepreneur's 2025 Franchise 500®.
• YogaSix: Ranked #496 on Entrepreneur's 2025 Franchise 500®.

Finance: review capital allocation plan for Q4 2025 by end of month.

Xponential Fitness, Inc. (XPOF) - Canvas Business Model: Customer Relationships

You're looking at how Xponential Fitness, Inc. keeps its members engaged and its franchisees supported in a competitive market as of late 2025. The relationship strategy here is multi-layered, balancing corporate oversight with local, high-touch community building, and digital automation.

Dedicated support from corporate field operations to enhance franchisee effectiveness.

Honestly, the health of Xponential Fitness, Inc. depends on the success of its operators, so corporate support is key. You saw them reorganize resources and launch a new field operations function back in Q1 2025, staffing it with 12 field managers to directly improve franchisee effectiveness. This hands-on approach is meant to counteract operational challenges seen in some brands, like the 4% annualized studio closure rate in Q3 2025, which is up from the 1.5% rate seen in Q1 2025. The goal is to get those mature locations-studios open over 36 months-back to growth, as they were flat at 0% same-store sales in Q3 2025.

Community-driven, high-touch relationships fostered by studio instructors.

The core value is delivered person-to-person. As of September 30, 2025, the network supported 3,000+ open studios globally, serving 796,000 total members, which was a 7% increase year-over-year. That's a massive community base relying on highly qualified instructors. The North America system-wide sales hit $432.2 million in Q3 2025, showing that while same-store sales dipped 1% for the quarter, the sheer volume of members and new locations is still driving top-line activity.

Here are the key operational metrics underpinning that community scale:

Automated digital engagement via the XPLUS on-demand content platform.

You can't run a modern fitness platform without digital support. Management continues to emphasize investment in digital marketing and class content updates to enhance member engagement, which is smart given the competitive landscape. Revenue from 'Other services,' which includes the XPASS and XPLUS platforms, was $5.9 million in Q3 2025. While this was down 6% year-over-year, the focus remains on using this digital layer to supplement in-studio visits and provide value outside of the physical location.

The digital strategy supports the overall ecosystem:

• Investment in digital marketing continues.
• Focus on class content updates for engagement.
• XPLUS provides on-demand access.
• Franchise marketing fund revenue was $8.8 million (up 3% YOY).

Referral programs and loyalty incentives to drive membership growth.

While specific dollar amounts for referral programs aren't public, the results of driving member acquisition are clear in the overall numbers. About 90% of the North America system-wide sales growth in Q3 came from actively paying members, with the rest from pricing and mix shifts. This suggests that retention and referral mechanisms are working to keep the member base active, even as the North America same-store sales metric showed a 1% decline.

Personalized fitness journeys tailored to diverse demographics (Millennials to Baby Boomers).

The diversification across Xponential Fitness, Inc.'s portfolio-spanning Pilates, barre, stretching, strength training, and yoga-is the mechanism for tailoring journeys. The company operates in 49 U.S. states and 30 additional countries through franchise and master franchise agreements. This broad modality mix allows studios to capture different consumer preferences across the age spectrum, from younger demographics seeking high-intensity training to older groups focused on flexibility and low-impact strength. The North America quarterly run-rate Average Unit Volume (AUV) of $668,000 shows that the high-value proposition of these specialized experiences is holding up.

Finance: draft the Q4 2025 cash flow projection incorporating the Q3 Adjusted EBITDA of $33.5 million by next Wednesday.

Xponential Fitness, Inc. (XPOF) - Canvas Business Model: Channels

You're looking at how Xponential Fitness, Inc. gets its value proposition-the boutique fitness experience-into the hands of members and how it expands its footprint. The channels are a mix of boots-on-the-ground real estate and digital delivery, all heavily reliant on the franchise structure.

The primary channel for physical access remains the studio network. As of late 2025, the company is operating a network that exceeds the 3,300 open globally mark you mentioned, though the latest reported figure as of the end of the third quarter of 2025 was 3,066 global studios. This physical presence is supported by a massive pipeline of future locations, with over 5,300 global licenses awarded as of September 30, 2025. The expansion strategy uses both direct franchisee sales and master franchise agreements to penetrate new territories effectively.

Here's a quick look at the scale of the physical and licensing channels as reported for Q3 2025:

Recruiting and onboarding new franchisees is handled by a dedicated franchise sales team. To improve the speed of studio openings and ensure franchisee quality, Xponential Fitness implemented a new license sales team structure in mid-2025. Furthermore, the company took direct action to support the existing network, deploying 40 new staffers to assist struggling franchisees and improve studio-level operations. The channel for license sales was streamlined; Franchise Disclosure Document (FDD) updates finalized in the first quarter of 2025 enabled license sales in 36 states without registration delays.

The digital channel, primarily through the XPLUS platform for on-demand and live-streamed classes, is integrated but currently shows a different financial profile. Other service revenue, which bundles XPASS and XPLUS sales, was reported at $6.4 million in the first quarter of 2025. That figure represented a 19% year-over-year decrease, largely due to a strategic shift away from company-owned studio revenue streams. It's clear the digital component serves more as a value-add or supplementary channel rather than the primary revenue driver compared to the franchise royalty stream.

Global market penetration is heavily channeled through International Master Franchise agreements. Xponential Fitness has established these agreements across 30 additional countries outside the U.S. and Puerto Rico. The strategy for international growth is selective, focusing on qualified master franchisees. For example, master franchise partnerships are already active in key markets like Spain, Portugal, and Japan, anchoring the global expansion effort.

Corporate and local social media marketing drives awareness and supports the franchise sales channel. The company's overall marketing fund revenue, which is collected from franchisees, was $9.5 million in the second quarter of 2025, up 13% year-over-year, reflecting the growth in system-wide sales from the expanding studio base. This fund supports the marketing efforts that ultimately drive leads to the franchise sales team and customers to the studios.

• Franchise agreements cover 49 U.S. states and 30 additional countries.
• The company is actively cleaning up its franchise network, requiring inactive license holders to either open, sell, or exit their agreements.
• The focus for 2025 net new openings was guided to be between 170 to 190 globally.

Finance: finalize the Q4 2025 cash flow projection model by Wednesday.

Xponential Fitness, Inc. (XPOF) - Canvas Business Model: Customer Segments

You're looking at the core groups Xponential Fitness, Inc. (XPOF) serves as of late 2025. This isn't just about selling gym memberships; it's about serving distinct needs across a platform of specialized brands. The company operates a diversified platform of six brands: Club Pilates, StretchLab, YogaSix, Pure Barre, BFT, and Lindora.

Individual fitness consumers seeking specialized, low-impact workouts (e.g., Pilates, stretching)

This segment is heavily served by the largest brands in the portfolio, Club Pilates and StretchLab. Club Pilates is noted as the largest Pilates brand in the United States. These consumers value low-impact, structured movement. The overall consumer base shows sustained interest, with total membership reaching 796,000 members as of the third quarter of 2025, marking a 7% increase year-over-year.

• Club Pilates ranked #1 in the Fitness: Pilates category on Entrepreneur's 2025 Franchise 500 list.
• StretchLab ranked #1 in the Assisted Stretching category on Entrepreneur's 2025 Franchise 500 list.

Health-conscious individuals interested in holistic wellness and metabolic health (Lindora)

The Lindora brand specifically targets this group, offering medically guided wellness and metabolic health solutions. While specific membership numbers for this segment aren't broken out, its inclusion shows Xponential Fitness, Inc. is capturing consumers focused on health outcomes beyond just exercise.

Franchise owners and multi-unit operators seeking a proven, scalable business model

This is arguably the most critical segment for Xponential Fitness, Inc.'s revenue model. Franchisees are buying into established systems. As of September 30, 2025, the company had 3,066 global studios open, an 8% year-over-year increase, and 5,318 global licenses awarded, up 3% from the prior year. The North American Run-Rate Average Unit Volume (AUV) stood at $668,000 in Q3 2025.

Here are some key operational metrics relevant to the franchisee base:

Community-oriented consumers preferring structured, group-class environments

Brands like YogaSix, Pure Barre, and BFT cater to consumers looking for a strong group dynamic and structured class format. Pure Barre ranked #1 in the Fitness: Barre category on the 2025 Franchise 500 list. These core brands, which historically included cycling, accounted for 95% of North American system-wide sales and 94% of open studios in North America as of Q1 2025.

• BFT (Body Fit Training) has expanded its franchise agreements into the UK and signed a master franchisor for Scandinavia.
• YogaSix ranked #496 on Entrepreneur's 2025 Franchise 500 list.

International partners looking to license established US boutique fitness brands

Xponential Fitness, Inc. actively targets international expansion through master franchise agreements. The company has franchise, master franchise, and international expansion agreements in 49 U.S. states, Puerto Rico, and 30 additional countries as of its Q3 2025 announcements. Master franchise partnerships are active in markets like Spain, Portugal, and Japan. This international segment is led by the President, International, Bob Kaufman.

If you're assessing the international pipeline, remember that the company is looking to replicate successful strategies globally. Finance: draft 13-week cash view by Friday.

Xponential Fitness, Inc. (XPOF) - Canvas Business Model: Cost Structure

You're looking at the core expenses that drive the Xponential Fitness, Inc. machine, which leans heavily on its franchise model to keep fixed costs manageable relative to revenue generation. The structure shows a clear split between corporate infrastructure costs and variable costs tied to franchise support and growth.

The company's cost base includes significant fixed costs related to its corporate overhead and the infrastructure built to support its growing franchise network. This is the engine room that keeps the whole system running, regardless of immediate studio sales volume. The presentation materials suggest an asset-light model with minimal incremental fixed Selling, General, and Administrative (SG&A) headcount growth, which is a key structural advantage for scaling.

Selling, General, and Administrative (SG&A) expenses have been a notable area of cost pressure, especially when factoring in non-recurring items like legal matters. For the first quarter of 2025, SG&A expenses were reported at $45.55 million, representing a 24.4% increase year-over-year, partly driven by legal judgment and settlements. However, by the third quarter of 2025, SG&A had dropped significantly to $24.7 million, down 47% year-over-year, attributed to lower legal expenses from insurance reimbursement and reduced restructuring charges. For the full year 2025 outlook, total SG&A was expected to range between $130 million to $140 million.

Marketing and advertising spend is a structured cost, often managed through the Marketing Fund, which is tied to system-wide sales. For the third quarter of 2025, Marketing Fund expenses were $9 million, an increase of 40% compared to the prior year period, supported by higher system-wide sales and associated marketing fund revenue contributions. You'll recall the announcement regarding a major Club Pilates campaign in late 2025, which falls under this category of growth-focused expenditure.

Restructuring charges have been a factor as Xponential Fitness, Inc. executes its strategy of exiting company-owned transition studios. While the specific annualized savings target of $13.5 million to $15.5 million wasn't explicitly confirmed in the latest filings, actual charges have been recorded. For instance, adjusted net loss in Q1 2025 excluded $0.6 million in restructuring and related charges, and Q3 2025 saw a decrease in SG&A due to lower restructuring charges from lease liability settlements.

Financing costs are a direct result of the capital structure. As of September 30, 2025, the total long-term debt stood at $376.4 million. The anticipated interest expense for the full year 2025 was estimated to be approximately $49 million.

Here's a quick look at some of the key cost and balance sheet figures from the recent reporting periods:

The cost structure is being actively managed through strategic shifts, such as outsourcing non-core segments, which allows for resource reallocation toward higher-margin areas.

• Franchise royalty fees are noted as having a 100% margin component.
• Franchise Sale involves Low Incremental SG&A, leading to nearly 100% EBITDA contribution.
• The company aims for high recurring revenue, which is 75% to 80% of total revenue as of Q1 2025.

Xponential Fitness, Inc. (XPOF) - Canvas Business Model: Revenue Streams

You're looking at the core engine of Xponential Fitness, Inc. (XPOF), which, as of late 2025, is clearly pivoting toward high-margin, recurring income. The business model is designed to generate cash flow from multiple points in the franchise lifecycle, but the emphasis is shifting.

Franchise Royalty Fees

This is the bedrock of Xponential Fitness, Inc.'s financial stability now. Franchise Royalty Fees represent a recurring percentage charged to franchisees based on their studio sales. The typical royalty rate embedded in the franchise agreement is set at 7% of the gross sales of each location operated by a franchisee. Royalties are billed monthly as franchisee sales occur. This recurring stream is what gives the company its scalable, high-margin profile, which is why the segment is so heavily weighted in the current structure.

Franchise Revenue

Franchise Revenue captures the upfront cash infusion from new partners, which includes both initial franchise fees and area development fees. For the third quarter of 2025, this segment was the star performer, hitting $51.9 million. This figure represented 65.8% of the total reported revenue of $78.8 million for that quarter. To give you a sense of the initial fees, the initial franchise fee can range from $60,000 for a single studio up to $350,000 for a ten-studio area development agreement. These upfront payments are recognized over the franchise life, which the company has historically determined to be ten years.

Here's a look at the Q3 2025 revenue composition, showing the dominance of the franchise model:

Equipment Sales

Revenue from Equipment Sales comes from the initial equipment packages required for new studio build-outs. This stream has seen a significant contraction, reflecting a slowdown in new studio installations. In Q3 2025, equipment revenue dropped sharply to $7.5 million, marking a 49% decrease compared to the same period last year. This segment accounted for 9.5% of the total revenue in Q3 2025.

Merchandise Sales

This stream involves revenue generated from branded apparel and accessories sold through the network. While the specific Q3 2025 figure isn't broken out separately from the total revenue decline, we know this category represented about 6.1% of revenue in that quarter. For context, Merchandise Revenue in Q1 2025 was reported at $6.26 million. This revenue stream, along with equipment sales, contributed to the overall 2% year-over-year decrease in total reported revenue for Q3 2025.

Digital Subscription Fees

Xponential Fitness, Inc. generates revenue through its on-demand platform, XPLUS, which offers digital access to workouts. This stream is intended to supplement in-studio attendance and provide recurring digital revenue from members. While the company actively promotes the platform as part of its offering, the specific financial contribution of Digital Subscription Fees to the Q3 2025 revenue total was not explicitly itemized in the latest public disclosures.

You should also note the Marketing Fund Revenue, which is a separate, mandatory contribution from franchisees that helps fund national marketing efforts. This stream was $9.27 million in Q1 2025 and contributed to the overall growth in franchise-related revenue in Q3 2025.

• Franchise Royalty Rate: Typically 7% of gross sales.
• Q3 2025 Franchise Revenue: $51.9 million.
• Q3 2025 Equipment Revenue: $7.5 million.
• Q3 2025 System-wide Sales (North America): $432.2 million.
• Total Q3 2025 Members: 796,000.

Finance: draft 13-week cash view by Friday.