Planet Fitness, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Planet Fitness, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	378	430	573	689	407	587	937	1,071	1,182	1,324
Cost of revenue	122	129	163	194	71	101	177	190	197	230
Gross profit	256	301	410	494	336	486	760	881	985	1,094
Selling, general and administrative	50	60.4	72.4	78.8	68.6	94.5	115	125	129	138
Operating income	116	148	184	233	59.8	143	230	273	324	395
Interest expense	27.1	35.3	50.7	60.9	82.1	81.2	88.6	86.6	100	108
Interest income	0.02	0.05	4.68	7.05	2.94	0.88	5.01	17.7	23.1	23
Other non-operating income	-25.8	282	-52.2	-59.9	-74.3	-91.4	-68.6	-65.3	-77.5	-85.7
Pre-tax income	89.9	429	132	173	-14.5	52	161	208	247	309
Income tax	18.7	374	28.6	37.8	0.69	5.66	50.5	58.5	68.4	85.9
Net income to minority interests	49.7	22.5	15.1	17.7	-0.21	3.35	11.1	8.72	2.2	1.16
Net income	21.5	33.1	88	118	-15	42.8	99.4	138	172	219
EBITDA	147	179	219	277	114	206	354	422	485	550

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	40.4	113	289	436	439	546	410	276	293	346
Short-term investments							0	74.9	114	107
Receivables	26.9	37.3	39	42.3	16.4	27.3	46.2	41.9	77.1	70.4
Inventory	1.8	2.69	5.12	0.88	0.47	1.16	5.27	4.68	6.15	7.58
Other current assets	8.28	6.95	6.82	0.95	11.9	12.9	11.1	13.8	21.5	24.6
Total current assets	91.2	177	389	540	567	662	556	472	588	658
Property, plant and equipment	61.2	83.3	114	145	161	174	349	390	424	467
Lease right-of-use assets				156	164	190	347	381	395	409
Goodwill	177	177	200	228	228	229	703	718	721	712
Intangible assets	254	236	234	234	217	201	417	373	323	286
Long-term investments							0	50.9	65.7	88.3
Other non-current assets	7.73	11.7	1.83	1.9	1.9	2.02	3.86	3.87	7.06	5.4
Total assets	1,001	1,092	1,353	1,717	1,850	2,016	2,855	2,970	3,070	3,103
Accounts payable	28.5	28.6	30.4	21.3	19.4	27.9	20.6	23.8	32.9	39.7
Accrued liabilities	19.2	18.6	32.4	31.6	22	51.7	67	66.3	67.9	75.4
Deferred revenue	17.8	19.1	23.5		26.7	28.4	53.8	59.6	62.1	58.6
Short-term debt	7.19	7.19	12	17.5	17.5	17.5	20.8	20.8	22.5	23.9
Total current liabilities	83.3	112	131	145	112	177	245	251	282	312
Long-term debt	702	697	1,160	1,688	1,751	1,740	1,978	1,963	2,148	2,458
Lease liabilities				153	168	198	342	382	405	419
Other non-current liabilities	5.23	4.3	1.45	2.72	2.51	3.03	4.5	4.83	4.5	5.68
Total liabilities	1,216	1,229	1,736	2,425	2,555	2,659	3,066	3,089	3,285	3,587
Total debt	709	704	1,172	1,705	1,769	1,758	1,999	1,984	2,171	2,482
Paid-in capital	34.5	12.1	19.7	29.8	45.7	63.4	505	576	609	623
Retained earnings	-164	-131	-394	-737	-752	-709	-704	-691	-822	-1,107
Other comprehensive income	-1.17	-0.65	0.09	0.3	0.03	0.01	-0.45	0.17	-2.35	1.31
Shareholders' equity	-131	-119	-375	-706	-706	-645	-199	-116	-215	-483
Minority interests	-84	-17.5	-8.22	-1.3	0.2	2.51	-12.5	-3.34	0.01	-0.6
Total equity	-215	-137	-383	-708	-706	-643	-212	-119	-215	-483
Total liabilities and equity	1,001	1,092	1,353	1,717	1,850	2,016	2,855	2,970	3,070	3,103

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	71.2	55.6	103	135	-15.2	46.1	110	147	174	220
Depreciation and amortization	31.5	31.8	35.3	44.3	53.8	62.8	124	149	160	156
Stock-based compensation	1.73	2.53	5.48	4.83	4.78	8.81	8.07	7.91	8.91	12.3
Deferred income tax	15.6	372	23.9	21.6	7.21	1.53	48.6	51.2	55.7	63.9
Change in receivables	-7.75	-10.5	-1.92	-0.9	23.6	-10.8	-19.2	4.76	-36.5	7.23
Change in inventory	2.76	-0.89	-2.43	4.24	0.4	-0.68	-4.11	0.6	-1.48	-1.38
Change in payables	7.43	4.21	14.5	-6.27	-10.9	30.9	-14.7	-0.98	17.3	6.93
Cash from operations	109	131	184	204	31.1	189	240	330	344	418
Capital expenditures	-15.4	-37.7	-40.9	-57.9	-52.6	-54.1	-100	-136	-155	-164
Acquisitions	0	0	-45.8	-52.6	0	-1.89	-425	-43.3	0
Purchases of investments				0	0	-35	-2.45	-203	-155	-156
Sales and maturities of investments						0	0	80.5	104	142
Cash from investing	-14.7	-37	-86.4	-111	-52.3	-90.9	-507	-340	-209	-160
Debt issued	230	0	1,200	550	75	0
Debt repaid	-5.62	-7.19	-712	-12	-17.5	-17.5	-725	-20.7	-609	-432
Stock issued	0.14	0.48	1.21	2.86	2.57	8.19	0.93	9.16	21.9	1.85
Share buybacks	-1.58		-342	-458	0	0	-94.3	-125	-300	-500
Dividends paid	-169	0	0
Cash from financing	-85.2	-21.7	110	64.3	57.9	-10.2	136	-141	-105	-198
Exchange rate effect	0.02	0.41	-0.84	0.69	0.3	0.01	-0.81	0.78	-2.61	2.12
Net change in cash	8.96	72.7	207	159	37	88.1	-131	-150	27.6	62.3
Free cash flow	93.4	93.3	144	146	-21.4	135	140	194	189	255
Interest paid	24.3	31.4	38.6	53.7	75.6	74.9	81	81.2	90.9	100
Income taxes paid	7.04	3.72	5.02	10	-2.16	1.85	3.63	5.3	12.1	21.5

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $42.68 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	81.7%	Gross profit / revenue.
Operating margin	30.9%	Operating income / revenue.
EBITDA margin	42.2%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	23.7%	Pre-tax income / revenue.
Net margin	16.9%	Net income / revenue.
FCF margin	18.6%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	30.8%	Cash from operations / revenue.
Effective tax rate	27.7%	Income tax / pre-tax income, when pre-tax income is positive.
Return on assets (ROA)	7.9%	Net income / average total assets.
Return on invested capital (ROIC)	20.1%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	9.7%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.9%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	12.2%	Capital expenditures / revenue.
D&A / revenue	11.3%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	12.1%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	12.2%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	26.6%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	11.1%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	12.9%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	26.7%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	21.7%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	19.7%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	45.9%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	13.6%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	15.8%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	37.1%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	27.4%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	30.1%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y	21.7%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	20.3%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	68.1%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	34.9%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	22.0%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets growth, 1y	1.1%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	2.8%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	10.9%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.58x	Current assets / current liabilities.
Quick ratio	1.18x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	1.01x	(Cash + short-term investments) / current liabilities.
Debt / assets	82.3%	Total debt / total assets.
Liabilities / assets	120.5%	Total liabilities / total assets.
Net debt	$2.07B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	3.48x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	3.56x	Operating income / interest expense.
Working capital	$231.6M	Current assets - current liabilities.
Goodwill and intangibles / assets	32.7%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$1.60B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.47x	Revenue / average total assets.
Fixed asset turnover	3.02x	Revenue / average property, plant and equipment.
Inventory turnover	28.0x	Cost of revenue / average inventory.
Days inventory	13 days	365 x average inventory / cost of revenue.
Receivables turnover	21.5x	Revenue / average receivables.
Days sales outstanding	17 days	365 x average receivables / revenue.
Days payables	74 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	-44 days	Days inventory + days sales outstanding - days payables.
FCF conversion	110.0%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	39.7%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
Buybacks / FCF	267.3%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$3.21B	Share price x shares outstanding.
Enterprise value	$5.28B	Market cap + total debt - cash - short-term investments.
P/E	13.5x	Market cap / net income. Only when net income is positive.
P/S	2.28x	Market cap / revenue.
P/FCF	12.3x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	7.40x	Market cap / cash from operations, when positive.
EV/Sales	3.75x	Enterprise value / revenue.
EV/EBIT	12.1x	Enterprise value / operating income, when both are positive.
EV/EBITDA	8.88x	Enterprise value / EBITDA, when both are positive.
EV/FCF	20.2x	Enterprise value / free cash flow, when both are positive.
FCF yield	8.2%	Free cash flow / market cap.
Earnings yield	7.4%	Net income / market cap (the inverse of P/E).
Shareholder yield	21.8%	(Dividends paid + share buybacks) / market cap.

What was Planet Fitness, Inc.'s revenue in fiscal 2025?

Planet Fitness, Inc. reported revenue of $1.32B for fiscal 2025, 12.1% higher than the year before.

Was Planet Fitness, Inc. profitable in fiscal 2025?

Yes. Net income was $219.1M, a net margin of 16.5%.

How much free cash flow did Planet Fitness, Inc. generate in fiscal 2025?

Cash from operations of $418.4M minus capital expenditures of $163.7M left free cash flow of $254.8M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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