Planet Fitness, Inc. (PLNT): Modelo de negócios Canvas [Jan-2025 Atualizado]

No mundo competitivo da aptidão, o Planet Fitness revolucionou a experiência da academia, oferecendo um ambiente acessível e sem julgamento que atrai milhões de entusiastas do treino casual e consciente do orçamento. Com um modelo de negócios exclusivo que se concentra na acessibilidade, associações de baixo custo e uma cultura inclusiva, a empresa se transformou de um único local em New Hampshire em um fenômeno nacional de fitness com fitness com Mais de 2.000 locais. Essa abordagem inovadora não apenas interrompeu o setor de fitness tradicional, mas também criou um plano atraente para o crescimento sustentável e o envolvimento do cliente que continua a atrair membros e investidores de franquia.

Planet Fitness, Inc. (PLNT) - Modelo de negócios: Parcerias -chave

Proprietários e operadores de franquia

A partir do quarto trimestre 2023, o Planet Fitness opera 2.426 lojas totais, com 2.180 locais de propriedade de franquia representando 89,9% do total de lojas.

Métricas de franquia	Número	Percentagem
Total de lojas	2,426	100%
Lojas de propriedade de franquia	2,180	89.9%
Lojas de propriedade corporativa	246	10.1%

Fabricantes de equipamentos

A Planet Fitness faz parceria com os principais fabricantes de equipamentos para equipar suas academias.

• Precor incorporado
• Vida Fitness
• Matrix Fitness

Promotores imobiliários

O Planet Fitness se concentra em parcerias de localização estratégica em shoppings e áreas suburbanas.

Tipo de localização	Porcentagem de locais
Locais do shopping	68%
Áreas suburbanas	79%

Agências de marketing e publicidade

Planet Fitness gasto US $ 185,7 milhões em publicidade e marketing No ano fiscal de 2022.

Parceiros de processamento de pagamentos

• Listra
• Primeira Corporação de Dados
• Pagamentos globais

Receita média mensal de associação por membro: $10.20 A partir do quarto trimestre 2023.

Planet Fitness, Inc. (PLNT) - Modelo de negócios: Atividades -chave

Gerenciamento de associação de academia de baixo custo

O Planet Fitness gerencia 2.410 locais totais a partir do terceiro trimestre de 2023, com 2.328 clubes franqueados e 82 lojas de propriedade corporativa. As taxas médias mensais de associação variam de US $ 10 a US $ 22 por mês. A base total de membros atingiu 18,1 milhões de membros no terceiro trimestre de 2023.

Categoria de associação	Preço mensal	Contagem de membros
Associação básica	$10	15,3 milhões
Associação de cartão preto	$22	2,8 milhões

Operações e manutenção da instalação de fitness

O investimento anual de manutenção e equipamento das instalações totalizou US $ 87,4 milhões em 2022. O tamanho médio do clube varia entre 10.000 e 20.000 pés quadrados.

• Orçamento de manutenção anual total: US $ 87,4 milhões
• Ciclo médio de substituição do equipamento: 3-5 anos
• Investimento anual de equipamentos: US $ 35,6 milhões

Marketing e desenvolvimento de marca

As despesas de marketing atingiram US $ 173,4 milhões em 2022, representando 11,2% da receita total. O marketing digital constitui 42% do orçamento total de marketing.

Canal de marketing	Alocação de orçamento
Marketing digital	US $ 72,8 milhões
Mídia tradicional	US $ 100,6 milhões

Expansão e suporte de franquia

O desenvolvimento da franquia custa aproximadamente US $ 1,5 milhão por novo local. A equipe de apoio à franquia consiste em 127 profissionais dedicados. As taxas de royalties de franquia variam entre 4-6% das receitas mensais.

• Novo custo de configuração da localização da franquia: US $ 1,5 milhão
• Time da equipe de suporte à franquia: 127 profissionais
• Taxa de royalties: 4-6% das receitas mensais

Plataforma digital e desenvolvimento de aplicativos

O investimento em plataforma digital atingiu US $ 22,3 milhões em 2022. Downloads de aplicativos móveis excederam 5,6 milhões a partir do terceiro trimestre de 2023. A plataforma digital suporta 18,1 milhões de contas membros.

Métricas de plataforma digital	Valor
Investimento anual	US $ 22,3 milhões
Downloads de aplicativos móveis	5,6 milhões
Contas de membros	18,1 milhões

Planet Fitness, Inc. (PLNT) - Modelo de negócios: Recursos -chave

Extensa rede de centros de fitness

A partir do quarto trimestre 2023, o Planet Fitness opera 2.410 locais totais nos Estados Unidos, Canadá e mercados internacionais. Total de academias franqueadas: 2.174. Locais de propriedade da empresa: 236.

Tipo de localização	Número de academias
Locais franqueados	2,174
Locais de propriedade da empresa	236
Locais totais	2,410

Equipamento de ginástica acessível

Despesas de capital anuais para atualizações de equipamentos e instalações de ginástica: US $ 80-100 milhões. Investimento médio de equipamento por nova academia Localização: US $ 250.000 a US $ 300.000.

Forte reconhecimento de marca

• Base total de associação: 18,1 milhões de membros a partir do quarto trimestre 2023
• Valor da marca estimado em US $ 1,2 bilhão
• Capitalização de mercado: aproximadamente US $ 4,5 bilhões

Conceito de 'julgamento livre' proprietário

Marca registrada registrada e protegida. Gastes de marketing em 2023: US $ 140 milhões dedicados a reforçar as mensagens e o conceito da marca.

Tecnologia de fitness digital e aplicativo móvel

Métricas de plataforma digital	2023 dados
Downloads de aplicativos móveis	4,2 milhões
Usuários digitais ativos	2,8 milhões
Investimento digital anual	US $ 25-30 milhões

Investimento de infraestrutura de tecnologia: US $ 40-50 milhões anualmente para plataformas digitais e inovações tecnológicas.

Planet Fitness, Inc. (PLNT) - Modelo de negócios: proposições de valor

Associações de fitness acessíveis

O Planet Fitness oferece Associação básica mensal de US $ 10 e US $ 19,99 Associação mensal do cartão preto. A partir do quarto trimestre 2023, a empresa informou:

Nível de associação	Custo mensal	Total de membros
Associação básica	$10	16,2 milhões
Associação de cartão preto	$19.99	4,8 milhões

Ambiente de treino não intimidador

A empresa 'Julgamento Free Zone' Conceito tem como alvo segmentos de mercado específicos:

• Entusiastas do fitness casual
• Membros da ginástica pela primeira vez
• Indivíduos que buscam espaços de fitness de baixa pressão

Acesso à academia 24/7

O Planet Fitness fornece acesso 24 horas por dia 2.310 locais Em dezembro de 2023, com:

Tipo de localização	Número de academias	Propagação geográfica
De propriedade da empresa	1,877	50 estados dos EUA
De propriedade da franquia	433	Presença internacional

Ampla gama de equipamentos de exercício

Cada local de aptidão do planeta normalmente inclui:

• 30-50 máquinas de cardio
• Seções de peso livre
• Equipamento de treinamento de força
• Zonas de treinamento pessoal

Investimento médio de equipamento por academia: US $ 500.000 a US $ 750.000

Oportunidades de franquia de baixo custo

Detalhes do investimento de franquia:

Custo de franquia	Intervalo de investimento inicial	Taxa de royalties
Taxa inicial de franquia	$10,000 - $55,000	5% da receita mensal
Investimento inicial total	US $ 1,4 milhão - US $ 2,5 milhões	Inclui equipamentos, locação, configuração

Planet Fitness, Inc. (PLNT) - Modelo de Negócios: Relacionamentos do Cliente

Plataformas digitais de autoatendimento

A partir de 2024, o Planet Fitness oferece uma plataforma digital abrangente com 5,2 milhões de usuários ativos de aplicativos móveis. O aplicativo móvel permite que os membros:

• Check-in em locais de academia
• Acompanhe o progresso da aptidão
• Acesse o conteúdo do treino digital
• Gerenciar detalhes de associação

Métricas de plataforma digital	2024 dados
Usuários de aplicativos móveis	5,2 milhões
Downloads de aplicativos móveis	12,3 milhões no total
Ofertas de conteúdo de exercícios digitais	Mais de 350 vídeos sob demanda

Gerenciamento automatizado de associação

O Planet Fitness utiliza sistemas automatizados para processos de associação, com 95% das transações concluídas através de canais digitais.

Automação de gerenciamento de membros	Percentagem
Conclusão da transação digital	95%
Inscrições online de associação	78%
Cobrança automatizada	99%

Abordagem de fitness focada na comunidade

Planet Fitness mantém um zona sem julgamento filosofia, atraindo 16,4 milhões de membros em todo o país.

Métricas de engajamento da comunidade	2024 Estatísticas
Associação total	16,4 milhões
Eventos anuais de fitness do planeta	1.200 mais de eventos comunitários de condicionamento físico
Seguidores de mídia social	3,6 milhões

Não há requisitos de contrato de longo prazo

O Planet Fitness oferece opções flexíveis de associação com comprometimento mínimo:

• Associação básica a partir de US $ 10/mês
• Nenhum requisito de contrato anual
• Opção de cancelamento mensal

Cultura de fitness inclusiva

A empresa mantém uma base de membros diversificada com entrada de baixa barreira soluções de fitness.

Métricas de inclusão	2024 dados
Faixa etária média dos membros	18-45 anos
Distribuição de gênero	52% do sexo feminino, 48% do sexo masculino
Locais em todo o país	2.310 academias

Planet Fitness, Inc. (PLNT) - Modelo de Negócios: Canais

Locais de academia física

A partir do quarto trimestre 2023, o Planet Fitness opera 2.404 locais totais de academia nos Estados Unidos. O colapso é o seguinte:

Tipo de localização	Número de locais
Lojas de propriedade da empresa	1,877
Lojas de propriedade de franquia	527

Aplicativo móvel

Recursos do aplicativo móvel do Planet Fitness:

• Disponível em plataformas iOS e Android
• Mais de 1,5 milhão de usuários ativos de aplicativos móveis a partir de 2023
• Fornece check-ins de academia, rastreamento de treinos e gerenciamento de associação

Site

Site do Planet Fitness (www.planetfitness.com) Handles:

• Tráfego da Web mensal de aproximadamente 3,2 milhões de visitantes
• Inscrições online de associação
• Gerenciamento de membros
• Localizador de localização

Plataformas de mídia social

Plataforma	Contagem de seguidores (2024)
Instagram	1,2 milhão de seguidores
Facebook	2,5 milhões de seguidores
Twitter/x	350.000 seguidores

Vendas diretas e recrutamento de franquia

Detalhes do investimento de franquia:

• Taxa inicial de franquia: $ 10.000
• Faixa total de investimento inicial: US $ 1.040.000 - US $ 4.130.250
• Taxa de royalties de franquia: 5% da receita mensal bruta
• Número de locais de franquia: 527 A partir do quarto trimestre 2023

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

Entusiastas da aptidão conscientes do orçamento

O Planet Fitness tem como alvo indivíduos que buscam opções de condicionamento físico acessíveis, com taxas de associação com média de US $ 10 a US $ 22 por mês. No quarto trimestre de 2023, a empresa registrou 18,1 milhões de membros com foco significativo nos consumidores sensíveis ao custo.

Nível de associação	Custo mensal	Principais recursos
Basic	$10	Acesso ao clube único
Cartão preto	$22	Acesso com vários clubes

Fogadores de academia casuais

A empresa atrai aproximadamente 6,5 milhões de participantes casuais que preferem ambientes de treino de baixa pressão. Sua estratégia de marketing enfatiza espaços de fitness não intimidadores.

Membros da ginástica pela primeira vez

O Planet Fitness relata que 40% de sua base de membros consiste em membros da academia ou indivíduos pela primeira vez que retornam à aptidão após pausas prolongadas.

• Sem contratos de longo prazo
• Filosofia da zona livre de julgamento
• Equipamento para iniciantes

Jovens adultos e millennials

A partir de 2023, aproximadamente 55% dos membros do Fitness do Planet têm entre 18 e 35 anos. A empresa possui 2.375 locais direcionados principalmente a esse grupo demográfico.

Faixa etária	Porcentagem de associação
18-24	22%
25-35	33%

Populações suburbanas e urbanas

O Planet Fitness se concentra nos mercados suburbanos e urbanos, com 85% de seus locais situados nessas áreas. A contagem total de academia atingiu 2.375 locais nos Estados Unidos em dezembro de 2023.

• Concentração geográfica: 48 estados
• Presença internacional: Canadá e República Dominicana
• Tamanho médio do clube: 20.000 pés quadrados

Planet Fitness, Inc. (PLNT) - Modelo de negócios: estrutura de custos

Leasing imobiliário e de instalações

A partir de 2023, o Planet Fitness opera aproximadamente 2.410 locais. Os custos médios anuais de arrendamento por academia variam entre US $ 120.000 e US $ 180.000. Despesas com imóveis e instalações anuais totais estimados em US $ 350 a US $ 420 milhões.

Categoria de despesa de arrendamento	Custo anual
Arrendamento mensal típico de ginástica	$10,000 - $15,000
Despesas anuais totais de leasing	US $ 350 a US $ 420 milhões

Compra e manutenção de equipamentos

O investimento em equipamentos por nova academia varia de US $ 250.000 a US $ 300.000. Custos anuais de manutenção aproximadamente 3-5% do valor total do equipamento.

Despesa de equipamentos	Intervalo de custos
Investimento inicial do equipamento	$250,000 - $300,000
Porcentagem de manutenção anual	3-5%

Salários dos funcionários

As despesas totais da folha de pagamento de funcionários em 2022 foram de US $ 273,4 milhões. O salário médio por hora para a equipe de ginástica varia entre US $ 12 e US $ 18 por hora.

Categoria salarial dos funcionários	Quantia
Folha de pagamento anual total (2022)	US $ 273,4 milhões
Salário médio por hora	$12 - $18

Despesas de marketing e publicidade

As despesas de marketing para 2022 totalizaram US $ 146,1 milhões, representando aproximadamente 5-7% da receita total.

Despesa de marketing	Quantia
Gastos anuais de marketing (2022)	US $ 146,1 milhões
Porcentagem de despesas de marketing	5-7% da receita

Suporte e desenvolvimento de franquia

Os custos de desenvolvimento de franquias incluem taxas iniciais de franquia que variam de US $ 10.000 a US $ 20.000 por local. As despesas anuais de suporte à franquia estimadas em US $ 30 a US $ 50 milhões.

Categoria de despesa de franquia	Intervalo de custos
Taxa inicial de franquia	$10,000 - $20,000
Despesas anuais de suporte de franquia	US $ 30 a US $ 50 milhões

Planet Fitness, Inc. (PLNT) - Modelo de negócios: fluxos de receita

Taxas mensais de associação

A partir do quarto trimestre 2023, o Planet Fitness relatou a seguinte estrutura de preços de associação:

Tipo de associação	Taxa mensal	Contribuição anual da receita
Associação clássica	US $ 10 por mês	US $ 420 milhões
Associação de cartão preto	US $ 22 por mês	US $ 235 milhões

Royalties de franquia

Receita da franquia Planet Fitness para 2023:

• Total de royalties de franquia: US $ 126,3 milhões
• Taxa média de royalties: 5,5% da receita do franqueado
• Número de locais franqueados: 2.242

Serviços de treinamento pessoal

Repartição de receita de treinamento pessoal para 2023:

Categoria de serviço	Receita anual
Sessões de treinamento pessoal	US $ 42,7 milhões
Programas de treinamento em grupo	US $ 18,5 milhões

Vendas de mercadorias

Detalhes da receita de mercadorias:

• Vendas totais de mercadorias em 2023: US $ 24,6 milhões
• Categorias de produtos primários:
  • Vestuário de treino de marca
  • Acessórios para fitness
  • Garrafas de água e equipamento de ginástica

Ofertas de serviço adicionais

Fluxos de receita suplementares para 2023:

Serviço	Receita anual
Hidromassagem	US $ 31,2 milhões
Melhoramento corporal total	US $ 22,8 milhões
Aplicativo digital do planeta fitness	US $ 15,6 milhões

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.