Planet Fitness, Inc. (NYSE: PLNT)

Planet Fitness Inc is one of the largest and fastest-growing franchisors and operators of fitness centers in the world by number of members and locations. The company provides a high-quality fitness experience in a welcoming, non-intimidating environment known as the Judgement Free Zone. Its clubs are typically 20,000 square feet and feature a large selection of cardio, circuit, and strength equipment branded in purple and yellow, along with friendly staff trainers who offer unlimited free fitness instruction in small groups. Planet Fitness Inc serves members across all fitness levels from beginners to athletes with a starting membership price of $15 per month for the standard Classic Card membership. As of September 30, 2025, the company had approximately 20.7 million members and 2,795 clubs across 50 U. S. states, the District of Columbia, Puerto Rico, Canada, Panama, Mexico, Australia, and Spain.

Planet Fitness Inc generates revenue through three primary sources. The Franchise segment earns revenue from royalty payments, franchise and other fees, placement revenue, and national advertising fund revenue collected from franchisee-owned clubs. The Corporate-owned clubs segment derives revenue from membership dues and annual fees paid by members at company-owned locations. The Equipment segment generates income from the sale of fitness equipment to franchisee-owned clubs in the United States, Canada, and Mexico. Revenue is also supported by system-wide sales, which include monthly membership dues and annual fee billings from both franchisee and corporate-owned clubs, although only the company-owned portion is recognized in GAAP financial statements.

The company operates through the following segments: Franchise, Corporate-owned clubs, and Equipment.

• The Franchise segment includes operations related to the franchising business in the United States, Puerto Rico, Canada, Panama, Mexico, and Australia, as well as revenues and expenses of the national advertising funds.

• The Corporate-owned clubs segment includes operations with respect to all corporate-owned clubs throughout the United States, Canada, and Spain.

• The Equipment segment includes the sale of equipment to franchisee-owned clubs in the United States, Canada, and Mexico.

Planet Fitness Inc holds a leading position in the global fitness center industry as one of the largest operators by member count and club locations. The company differentiates itself through its Judgement Free Zone philosophy, low-cost pricing model, and strong brand recognition. Its competitive advantages include a scalable franchising model, consistent member experience, and proven ability to attract and retain members across diverse demographics. While the filing does not name specific competitors, the company operates in a highly competitive industry that includes other large fitness chains and independent gyms.

Planet Fitness Inc serves a broad customer base that includes individuals of all fitness levels, from beginners to experienced athletes. The company's membership model is designed to be accessible and inclusive, appealing to those who may feel intimidated by traditional gym environments. Members are attracted by the low monthly cost, welcoming atmosphere, and free fitness training offered in small groups. The company does not disclose specific individual customer names in the filing, as its business model is based on individual consumer memberships rather than institutional or corporate clients.