Planet Fitness, Inc.

For Q2, revenue was $365 million, up 7% from $341 million. Adjusted EBITDA was $153 million, up 3.5% year over year, with adjusted EBITDA margin at 41.8% versus 43.3% last year. Net income was $67 million, adjusted net income was $68 million, and adjusted net income per diluted share was $0.88. Systemwide same-club sales increased 1.7%, members ended at 21.5 million, up 3.6% year over year, and 23 new clubs opened. For 2026, management still expects systemwide same-club sales to be about 1%, revenue to grow about 7%, adjusted EBITDA to grow about 6%, and 180 to 190 new club openings systemwide with 150 to 160 equipment placements. They raised adjusted net income per diluted share growth to about 6% from about 4% due to buybacks, while interest expense is now expected to be about $115 million, up $4 million from prior guidance, and adjusted net income is now expected to be down 3% versus down 2% previously. Capital expenditures are still expected to be up 10% to 15%, and D&A up about 10%.

Colleen Keating said the company is working to “reignite sustainable member growth” through better-targeted marketing, improved affordability, and a stronger member experience. She emphasized that Planet Fitness is repositioning creative to feel more approachable and aligned with the brand’s judgment-free, non-intimidating identity, while also launching a new app, enhanced recovery offerings, and a national $10 Classic Card promo test. Her tone was constructive but measured, repeatedly noting that several initiatives will take time to fully implement and show results.

Sudhanshu Priyadarshi highlighted the quarter’s financial performance and framed Planet Fitness as a cash-generative, capital-efficient business with room for disciplined growth. He cited $365 million of revenue, $153 million of adjusted EBITDA, 41.8% adjusted EBITDA margin, and $0.88 of adjusted EPS, and explained that the lower share count from buybacks is lifting EPS even as a $75 million VFN draw raises interest expense. He said the company repurchased about 4 million shares at an average price of $50.44 for $200 million in Q2, bringing year-to-date repurchases to $250 million and leaving $250 million under the authorized program, and noted cash, cash equivalents, and marketable securities were $544 million at quarter end.

Analysts pressed management on pricing strategy, especially whether the $10 Classic Card promo could become a shadow price cut or lead to tiered pricing and whether Black Card pricing would be revisited. Management said the test is limited-time, intended to study regional elasticity and demand, and not a rollback of the $15 Classic Card; they also said they have not seen a significant churn difference between Classic and Black Card members. Questions also focused on capital allocation and the buyback; management said it will continue to recycle capital when appropriate, remain asset-light, and evaluate portfolio transactions and international opportunities such as Australia and Spain. Several analysts asked about marketing changes, and management said the new creative will be lighter, more humorous, and more approachable, with more testing before the late-December campaign launch.