Planet Fitness, Inc. (PLNT) Business

Item 1. Business

Planet Fitness, Inc. is a Delaware corporation formed on March 16, 2015. Planet Fitness, Inc. Class A common stock trades on the New York Stock Exchange under the symbol “PLNT.”

Our Company

Fitness for everyone

We are one of the largest and fastest-growing franchisors and operators of fitness centers in the world by number of members and locations, with a highly recognized national brand. Our mission is to enhance people’s lives by providing a high-quality fitness experience in a welcoming, non-intimidating environment, which we call the Judgement Free Zone. Our bright, clean clubs are typically 20,000 square feet, with a large selection of high-quality Planet Fitness-branded cardio, circuit- and strength-training equipment and friendly staff trainers who offer unlimited free fitness instruction to all our members in small groups. We offer this differentiated fitness experience starting at only $15 per month to new members for our standard Classic Card membership. This attractive value proposition is designed to appeal to a broad population, inclusive of all fitness levels from beginners to athletes. We and our franchisees fiercely protect Planet Fitness’s community atmosphere—a place where you do not need to be fit before joining and where progress toward achieving your fitness goals (big or small) is supported and applauded by our staff and fellow members.

In 2025, we recorded revenues of $1.3 billion and had system-wide sales of $5.3 billion, which we define as monthly dues and annual fees billed by us and our franchisees. We ended the year with approximately 20.8 million members and 2,896 clubs (2,604 franchisee-owned and 292 corporate-owned) located in all 50 states, the District of Columbia, Puerto Rico, Canada, Panama, Mexico, Australia and Spain. System-wide sales for 2025 included $4.7 billion attributable to franchisee-owned clubs, from which we generate royalty revenue, and $552.2 million attributable to our corporate-owned clubs.

In 2025, our corporate-owned clubs had a Segment Adjusted EBITDA margin of 37.8% and clubs that have been in operation for more than 12 months had average unit volumes (“AUVs”) of approximately $2.0 million with four-wall Adjusted EBITDA margins (an assessment of club-level profitability which includes local and national advertising expense) of approximately 42.7%, or approximately 35.3% after applying the current 7% royalty rate. Based on franchisee business reviews and management estimates, we believe that, on average, franchisee clubs achieve four-wall adjusted EBITDA margins in line with these corporate-owned clubs. For a reconciliation of Segment Adjusted EBITDA margin to four-wall Adjusted EBITDA margin to Royalty adjusted four-wall EBITDA margin for corporate-owned clubs, see “Reconciliations of Non-GAAP Financial Measures.”

Planet Fitness – Judgement Free

We bring fitness to a large, previously underserved segment of the population. Our differentiated member experience is driven by three key elements:

•Welcoming, non-intimidating environment: We believe fitness is essential to both physical and mental health, and every member should feel accepted and respected when they walk into a Planet Fitness regardless of their fitness level. Our clubs provide a Judgement Free environment where members can experience a non-intimidating and supportive environment. Our “come as you are” approach has fostered a strong sense of community among our members, allowing them not only to feel comfortable as they work toward their fitness goals but also to encourage others to do the same. We outfit our clubs with high-quality cardio and strength equipment, including free weights and plate-loaded equipment, to meet our members’ fitness needs. Our brand promise is to Grow Stronger Together - we make each other feel accepted and supported on their fitness journeys, leading to resilience, confidence and growth within fitness and life.

•Distinct club experience: Because our clubs are typically 20,000 square feet and we do not offer non-essential amenities such as group exercise classes, pools, day care centers and juice bars, we have more space for the equipment our members do use. We believe our tailored use of space is, at least in part, why we have not needed to impose time limits on our cardio machines. Part of our unique club experience is the diligence our members and employees have to maintain a clean and sanitized environment. Members’ etiquette typically includes wiping down the equipment before and after use with our sanitization spray.

•Exceptional value for members: In the U.S., starting at only $15 per month to new members, our standard Classic Card membership includes unlimited access to one Planet Fitness location and unlimited free fitness instruction in small groups. And for $24.99 per month for new members, our PF Black Card members have access to all of our clubs system-wide and can bring a guest on each visit, which provides an additional opportunity to attract new members. Our PF Black Card members also have access to exclusive areas in our clubs that provide amenities such as water massage

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beds and chairs, massage chairs, tanning equipment, hot/cold recovery lounges and more. Through our mobile application and website we also provide all members access to unlock special discounts, promotions and offers from certain brands and third-party retail partners year-round, which we refer to as “PF Perks”.

Our competitive strengths

We attribute our success to the following strengths:

•Market leader with differentiated member experience, nationally recognized brand and scale advantage.

•Differentiated member experience. Planet Fitness is the home of the Judgement Free Zone, a place where people of all fitness levels can feel comfortable working out at their own pace, feel supported in their efforts and not feel intimidated. Our philosophy is simple: Planet Fitness is an environment where members can get a great workout while making progress on their fitness journey without ever having to worry about being judged. No matter what size the goal, we believe that all of these accomplishments deserve to be celebrated.

•Nationally recognized brand. We have developed a highly relatable and recognizable brand focused on providing our members with a judgement free environment. We do so through uplifting and memorable marketing campaigns and in-club signage. As a result, we have among the highest aided and unaided brand awareness scores in the U.S. fitness industry, according to our Brand Health research, a third-party consumer study that we have updated tri-annually.

•Scale advantage. Our scale provides several competitive advantages, including enhanced purchasing power and extended warranties with our fitness equipment and other suppliers, and the ability to attract high-quality franchisee partners. In addition, we estimate that our U.S. national advertising fund, funded by franchisees and us, together with our requirement that franchisees spend 7% of their monthly membership dues on local advertising, enabled us and our franchisees to spend over $360 million combined in 2025.

•Exceptional value proposition that appeals to a broad member demographic. Our value proposition combines low monthly membership dues with a non-intimidating and welcoming environment, enabling us to attract a diverse member base across various age groups, household income levels, genders and ethnicities. Generation Z represents our fastest growing demographic, contributing to our member base that is approximately 51% male and includes households of all income levels. Approximately 22% of our clubs are located in areas that the U.S. government deems “low income,” providing access to improve health and wellness in underserved communities. Our broad appeal and variety of equipment within our clubs enable us to continue to target a large segment of the population in a variety of markets and geographies.

•Highly attractive franchise system built for growth. Our easy-to-operate model, strong club-level economics and brand strength have enabled us to attract a team of professional, successful franchisees from a variety of industries. We believe that our strategy to be predominantly franchisee-owned enables us to scale more rapidly than a predominantly company-owned strategy. Our streamlined model features relatively fixed labor costs, minimal inventory, automatic billing and limited cash transactions. The attractiveness of our franchise model is further evidenced by the fact that our franchisees re-invest their capital into the brand, with substantially all of our new clubs in 2025 opened by our existing franchisee base. We view our franchisees as strategic partners in expanding the Planet Fitness club base and brand.

•Predictable and recurring revenue streams with high cash flow conversion. Our business model provides us with predictable and recurring revenue streams. In 2025, over 90% of both our corporate-owned club and franchise revenues consisted of recurring revenue streams, which include royalties, monthly dues and annual fees. Our franchisees are obligated to purchase fitness equipment from us or our required vendors for their new clubs and to replace this equipment approximately every five to nine years. As a result, these “equip” and “re-equip” requirements create a predictable and growing revenue stream as our franchisees open new clubs. In certain international markets, we earn a commission on the sale of equipment by our required vendors to franchisee-owned clubs.

Our growth strategies

We believe there are significant opportunities to expand our brand awareness and increase consumer consideration, grow our revenues and profitability and deliver shareholder value by executing on the following strategic imperatives:

•Evolve and modernize the Planet Fitness brand. We plan to grow our market share by modernizing our brand while staying true to our core value of affordability. We leverage significant marketing expenditures from our National Advertising Fund ("NAF"), Canadian Advertising Fund ("CAF", and collectively with the NAF, the “NAFs”), and local advertising requirements, which we believe will result in increased membership in new and existing clubs and continue to attract high-quality franchisee partners. As of December 31, 2025, our U.S. agency structure includes one national and two

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local agencies to coordinate these investments. We expect our NAFs and local advertising spending to grow as our membership base expands.

•Accelerate new club growth globally by driving topline growth and optimizing club formats. We aim to grow our club base across a broad range of domestic and international markets. We have meaningfully grown our club count from 2,254 clubs as of December 31, 2021 to 2,896 clubs as of December 31, 2025. As of December 31, 2025, our franchisees have contractual obligations under signed area development agreements (“ADAs”) and franchise agreements to open approximately 750 additional clubs, including more than 500 over the next three years. Because our clubs are successful across a wide range of geographies and demographics with varying market characteristics, we believe that our high level of brand awareness and low per capita penetration creates a significant opportunity to open new Planet Fitness clubs both in the U.S. and internationally. Based on our internal and third-party analyses, we believe we have the potential to grow our club base to over 5,000 clubs in the U.S. alone. As we scale, we expect our average royalty rate to increase towards our current 7% royalty rate as new franchisees enter our system and as existing franchisees open new clubs or renew their existing franchise agreements at the current royalty rate. As of December 31, 2025, approximately 63% of our clubs paid royalties at the current rate, helping drive our average royalty rate to 6.7% compared to 6.4% in 2021.

•Enhance the member experience to foster brand loyalty and growth

•Attracting new members to existing Planet Fitness clubs. As the population in the markets where we operate continues to focus on health and wellness, we believe we are well-positioned to capture a disproportionate share of this population given our affordability and appeal to all fitness levels. Over the years, we have seen our membership penetration rates of each successive generation increase compared to the previous generations. We continue to evolve our offerings and enhance our free fitness training program to appeal to our target member base. In addition to our in-club experience, we also provide more than 500 workouts to both existing members and prospects via the free Planet Fitness mobile application, featuring differentiated content geared toward engaging with our community inside and outside of our four walls.

•Increasing mix of PF Black Card memberships by enhancing value and member experience. We expect to drive sales by attracting new members to join as a PF Black Card member as well as continuing to convert our existing members’ standard Classic Card memberships to our premium PF Black Card membership. We encourage this upgrade by continuing to enhance the value of our PF Black Card benefits through the ability to use any Planet Fitness location, free guest privileges, access premium content and PF Perks on the Planet Fitness mobile app and additional in-club amenities, such as water massage beds and chairs, massage chairs, tanning equipment and hot/cold recovery lounges. Our PF Black Card penetration percentage has increased from 62.6% as of December 31, 2021 to 66.5% as of December 31, 2025, and our average monthly dues per member have increased from $17.63 to $19.51 over the same period. For a definition of PF Black Card penetration percentage, see Management’s Discussion and Analysis of Financial Condition and Results of Operations.“—How We Assess the Performance of our Business.”

•Refine club floor plans and amenities to enhance franchise returns. We work to optimize club layouts and high-value amenities to improve unit economics for our franchisees. This includes offering premium amenities such as water massage beds and chairs, massage chairs, tanning equipment and hot/cold recovery lounges. Furthermore our franchisees are contractually obligated to purchase high-quality Planet Fitness branded fitness equipment from us (or approved vendors) at competitive pricing, due to our scale and negotiating power, and replace that equipment every five to nine years. We believe that regularly refreshing equipment and remodeling clubs provides for efficient club formats and modern equipment and amenities, which in turn helps our franchisee-owned and corporate-owned clubs maintain a consistent, high-quality member and fitness experience and is a contributing factor that drives new member growth.

Our industry

Due to our unique positioning which allows us to appeal to a broad population, inclusive of all fitness levels from beginners to athletes, we believe Planet Fitness has an addressable market that is significantly larger than the traditional health club industry. We compete broadly for consumer discretionary spending related to leisure, sports, entertainment and other non-fitness activities in addition to the traditional health club market. Both our standard Classic Card and PF Black Card memberships are priced significantly below the 2024 industry average of $69 per month, the latest available estimate from our industry’s trade association, the Health & Fitness Association, formerly known as the International Health, Racquet & Sportsclub Association.

Membership

We make it simple for members to join and manage their membership, whether online, through our mobile application or in-club—no pushy sales tactics, no pressure and no complicated rate structures. Our members generally pay the following amounts (or an equivalent amount in the club’s local currency):

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•monthly membership dues starting at only $15 to new members for our standard Classic Card membership, or $24.99 for PF Black Card membership;

•current standard annual fees of $49; and

•enrollment fees of $0 to $59.

Belonging to a Planet Fitness club has perks whether members select the standard Classic Card membership or the premium PF Black Card membership. Every member can take advantage of PF Perks and get free, unlimited fitness instruction included in their monthly membership fee. Our PF Black Card members also have the right to reciprocal use of all Planet Fitness clubs, can bring a friend with them each time they work out, and have access to massage beds and chairs and tanning, among other benefits. PF Black Card benefits extend beyond our club as well, with exclusive specials and enhanced discount offers from select third-party retail partners in our PF Perks program. While some of our memberships require a cancellation fee, we offer, and require our franchisees to offer, a non-committal membership option.

We utilize electronic funds transfer (“EFT”) as our primary method of collecting monthly dues and annual membership fees. Approximately 87% of membership fee payments to our corporate-owned and franchise clubs are collected via Automated Clearing House (“ACH”) direct debit. We believe there are certain advantages to receiving a higher concentration of ACH payments, as compared to credit card payments, including less frequent expiration of billing information and reduced exposure to subjective chargeback or dispute claims and fees.

Our clubs

We had 2,896 clubs system-wide as of December 31, 2025, of which 2,604 were franchisee-owned and 292 were corporate-owned, located in all 50 states, the District of Columbia, Puerto Rico, Canada, Panama, Mexico, Australia and Spain. The map below shows our franchisee-owned clubs by location, and the accompanying table shows our corporate-owned clubs by location.

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Franchisee-owned club count by location

Club model

Our club model is designed to generate attractive four-wall Adjusted EBITDA margins, strong free cash flow and high returns on invested capital for both our corporate-owned and franchisee-owned clubs. Based on franchisee business reviews and management estimates, we believe that, on average, franchisee clubs achieve four-wall adjusted EBITDA margins in line with these corporate-owned club Royalty adjusted four-wall EBITDA margins. The clubs included in these business reviews represent those clubs that disclosed such information in response to our request, and we believe this information reflects a representative sample of franchisees based on the franchisee groups and geographic areas represented by these clubs.

Fitness equipment

We provide our members with high-quality, Planet Fitness-branded fitness equipment from leading suppliers. In order to maintain a consistent experience across our club base, we stipulate specific pieces and quantities of cardio and strength-training equipment and work with franchisees to review and approve layouts and placement. Due to our scale, we are able to negotiate competitive pricing and secure extended warranties from our suppliers. As a result, we believe we offer equipment at more attractive pricing than franchisees could otherwise secure on their own.

Leases

We lease our corporate headquarters (which we refer to as the “Club Support Center”) and all but one of our corporate-owned clubs. Our club leases typically have initial terms of 10 to 12 years and typically include one or more renewal options that can generally extend the lease term from three to 10 years or more, exercisable at our discretion. Our Club Support Center serves as our base of operations for substantially all of our executive management and employees who provide our primary corporate support functions.

Franchisees own or directly lease from a third-party each Planet Fitness franchise location. We have not historically owned or entered into leases for Planet Fitness franchisee-owned clubs and historically have generally not guaranteed franchisees’ lease agreements, although we have done so in a few certain instances.

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Franchising

Franchising strategy

We rely heavily on our franchising strategy to develop new Planet Fitness clubs, leveraging the ownership of entrepreneurs with specific local market expertise. As of December 31, 2025, there were 2,604 franchisee-owned Planet Fitness clubs operated by 86 franchisee groups. The majority of our existing franchise operators are multi-unit operators. As of December 31, 2025, approximately 98% of all franchise clubs were owned and operated by a franchisee group that owned at least three clubs, and while our largest franchisee owned 208 clubs, only 44% of our franchisee groups own 10 or more clubs. When considering a potential franchisee, we generally evaluate the potential franchisee’s prior experience in franchising or other multi-unit businesses, history in managing profit and loss operations, financial history and available capital and financing.

Area development agreements

An ADA specifies the number of Planet Fitness clubs to be developed by the franchisee in a designated geographic area and requires the franchisee to meet certain scheduled deadlines for the development and opening of each Planet Fitness club authorized by the ADA. If the franchisee meets those obligations and otherwise complies with the terms of the ADA, with a few limited exceptions, we agree not to, during the term of the ADA, operate or franchise new Planet Fitness clubs in the designated geographic area. The franchisee must sign a separate franchise agreement with us for each Planet Fitness club developed under an ADA and that franchise agreement governs the franchisee’s right to own and operate the Planet Fitness club.

Franchise agreements

For each franchised Planet Fitness club, we enter into a franchise agreement covering standard terms and conditions. Planet Fitness franchisees are not granted an exclusive area or territory under the franchise agreement. The franchise agreement requires that the franchisee operate the Planet Fitness club at a specific location and in compliance with our standard methods of operation, including providing the services, using the vendors and selling the merchandise that we require. The current franchise agreement stipulates a 12-year term. Additionally, franchisees must purchase equipment from us (or our required vendors in the case of our franchisees located in certain international markets) and generally replace the fitness equipment in their clubs every five to nine years, based on club volume, and refurbish and remodel their clubs in year 12.

Site selection and approval

Our clubs are generally located in free-standing retail buildings or neighborhood shopping centers, and we consider locations in both high- and low-density markets. We seek out locations with (i) high visibility and accessibility, (ii) favorable traffic counts and patterns, (iii) availability of signage, (iv) ample parking or access to public transportation and (v) our targeted demographics. We use third-party site analytics tools that provide us with extensive demographic data and analysis that we use to review new and existing sites and markets for our corporate-owned clubs and franchisee-owned clubs. We assess population density and drive time, current tenant mix, layout, potential competition, impact on existing Planet Fitness clubs and comparative data based upon existing clubs. Our real estate team meets regularly to review sites for future development and follows a detailed review process to ensure each site aligns with our strategic growth objectives and critical success factors.

We help franchisees select sites and develop facilities in these clubs that conform to the physical specifications for a Planet Fitness club. Each franchisee is responsible for selecting a site, but must obtain site approval from us.

Design and construction

Once we have approved a franchisee’s site selection, we assist and provide corporate approval in the design and layout of the club and track the franchisee’s progress from lease signing to grand opening. Franchisees are offered the assistance of our franchise support team to track key milestones, coordinate with vendors and make equipment purchases. Planet Fitness brand elements are required to be incorporated into every new club in accordance with our Design Control Documents (“DCD”) and supporting design brand guidelines, and we strive for a consistent appearance across all of our clubs, emphasizing clean, attractive facilities, including full-size locker rooms, and modern equipment. Franchisees must abide by our club design standards and requirements related to finishes, fixtures, equipment, and brand design elements. We believe these elements are critical to ensure brand consistency and member experience system-wide.

The cost to build a new club includes general contractor costs, the cost of fitness equipment purchased from us as well as costs for non-fitness equipment and leasehold improvements. These amounts can vary significantly depending on a number of factors, including landlord allowances for tenant improvements, club size and construction costs from different geographies.

Franchisee support

We live and breathe the motto One Team, One Planet in our daily interactions with franchisees. We designed our franchise model to be streamlined and easy-to-operate, with efficient staffing and minimal inventory, and is supported by an active,

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engaged franchise operations system. We provide our franchisees with operational support, marketing materials and training resources.

Training. We continue to update and expand Planet Fitness University, a comprehensive training resource to help franchisees operate successful clubs. Courses are delivered online, and content focuses on customer service, operational policies, brand standards, cleanliness, security awareness, crisis management and vendor product information. The core online curriculum is offered in both English and Spanish to support our Spanish-speaking employees. We regularly add and improve the content available on Planet Fitness University as a no-cost service to help enhance training programs for franchisees. Additional training opportunities offered to our franchisees include new owner orientation, operations training and workshops held at our Club Support Center, in clubs and through regularly held webinars and seminars.

Operational support and communication. We believe convening with our franchisees in person is an important opportunity to further strengthen our relationships and share best practices. We have dedicated operations and marketing teams providing ongoing support to franchisees. We are hands on—we communicate regularly with our franchisee base to keep them informed and we often attend franchisees’ presales and grand openings. We also host franchisee meetings every other year, known as “PF Huddles,” alternating with a franchisee conference in the intervening years, which are geared toward franchisees and their operations teams.

We regularly communicate and collaborate with the Independent Franchisee Counsel (“IFC”) and its various sub-committees and send a weekly email communication to all franchisees with timely information related to operations, marketing and equipment.

Compliance with brand standards—Regional Franchise Operations

Our corporate-owned clubs provide competitive compensation for club staff to successfully drive key business metrics in the service, cleanliness, personnel and financial categories, and we encourage our franchisees to follow our lead. We have a dedicated field support team of regional franchise operations managers and directors focused on ensuring that our franchisee-owned clubs adhere to brand standards and providing ongoing assistance, training and coaching to all franchisees. We generally perform a site visit and operations review on each franchise club within 30 to 60 days of opening, and each franchisee ownership group is visited at least once per year in multiple locations for a business review with their operations team thereafter.

We also use mystery shoppers to perform anonymous reviews of franchisee-owned clubs. We generally select franchisee-owned clubs for review randomly but also target underperforming clubs and clubs that have not performed well on previous visits from their operations team. In 2025, we rolled out a survey tool system wide to track and aggregate net promoter scores in clubs which will help us further track member sentiment on a club-by-club basis.

Marketing

Marketing strategy

Our marketing strategy demonstrates our brand promise to Grow Stronger Together and our high-value experience highlights our key brand differentiators: access to best-in-class equipment in a Judgement Free environment. We employ memorable and creative advertising, which not only drives membership sales, but also showcases our brand philosophy, that all levels can belong and get stronger at Planet Fitness. We see Planet Fitness as a community gathering place, and the heart of our marketing strategy is to reinforce the “feel good” mental and physical benefits of exercise and create a welcoming in-club environment for our members.

Marketing spending

National advertising. We support our franchisees and corporate-owned clubs both at a national and local level. We manage the National Advertising Fund (“NAF”) and Canadian Advertising Fund (“CAF” collectively with the NAF, the “NAFs”) for franchisees and corporate-owned clubs, with the goals of generating national awareness through advertising and media partnerships, developing and maintaining creative assets to support local sale periods throughout the year, and building and supporting the Planet Fitness community via digital, social media and public relations. Our current U.S. and Canadian franchise agreements generally require our franchisees and corporate-owned clubs to contribute approximately 2% annually of their gross monthly and annual membership dues to our NAFs. In 2025, the NAFs spent $98.1 million combined to support our national marketing campaigns, our social media platforms and the development of local advertising materials, of which $10.5 million was from our corporate-owned clubs and is included in club operations expense on the consolidated statements of operations.

Local marketing. Our current franchise agreement requires our franchisees and corporate-owned clubs in the U.S. and Canada to spend 7% of their monthly dues on local marketing to support branding efforts and promotional sale periods throughout the year. In situations where multiple ownership groups exist in a geographic area, we have the right to require franchisees to form or join regional marketing cooperatives to maximize the impact of their marketing spending. Our corporate-owned clubs

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participate in regional marketing cooperatives with franchisees, where practical. All franchisee-owned clubs are supported by our dedicated franchisee marketing team, which provides guidance, tracking, measurement and advice on best practices. Franchisees spend their marketing dollars in a variety of ways to promote business at their clubs on a local level. These methods may include direct mail, outdoor (including billboards), television, radio and digital advertisements and local partnerships and sponsorships.

For 2026, the franchisees voted to increase the contributions to our NAFs from 2% to 3% and decrease contributions to local marketing from 7% to 6%. This 1% shift will allow us to increase the size of our NAFs in 2026, and we believe that the shift will unlock new marketing opportunities for our brand while resulting in marketing efficiencies.

Marketing partnerships

Given our scale and marketing resources through our NAFs, we have aligned ourselves with high-profile media partners who have helped to extend the reach of our brand. For the past 11 years, we have sponsored “Dick Clark’s New Year’s Rockin’ Eve with Ryan Seacrest,” and have been the sole presenting sponsor of the Times Square New Year’s Eve celebration through the Times Square Alliance, allowing the brand to be featured prominently in TV broadcasts covering Times Square during the celebration. This has allowed us to showcase the Planet Fitness brand and our judgement free philosophy to an estimated over one billion TV viewers across the globe annually at a key time of year when health and wellness is top of mind for consumers.

Judgement Free Generation

The Judgement Free Generation is Planet Fitness’ signature philanthropic initiative designed to advance youth wellbeing and empower the next generation to create kinder communities in partnership with Boys & Girls Clubs of America. With our Judgement Free Zone principle as a solid foundation, the Judgement Free Generation aims to empower the next generation to prioritize their physical, emotional and social wellbeing and promote a more judgement free planet— a place where everyone feels accepted and like they belong.

Since 2016, we have partnered with Boys & Girls Clubs of America to make a meaningful impact on the lives of today’s youth, positively impacting more than 500,000 youth annually and together with our franchisees, members, team members, and vendors, Planet Fitness has donated more than $12.0 million since the partnership began to support youth well-being and pro-kindness initiatives.

Competition

Our members, and prospective members, come from a wide range of fitness levels with varying goals in maintaining and improving their health and well being. As such, we believe that we compete for discretionary resources and time with a broad range of fitness, health and wellness industry participants, including:

•other health and fitness clubs;

•physical fitness and recreational facilities established by non-profit organizations such as YMCAs and by businesses for their employees;

•private studios and other boutique fitness offerings;

•racquet, tennis, pickleball and other athletic clubs;

•amenity and condominium/apartment clubs;

•country clubs;

•community centers;

•online personal training and fitness coaching;

•providers of digital fitness content and wearable devices;

•the home-use fitness equipment industry;

•local tanning salons;

•wellness centers;

•businesses offering similar or ancillary services; and

•other businesses that rely on consumer discretionary spending in the fitness and wellness industry.

The global health fitness and wellness industry is highly competitive and fragmented. The number, size and strength of our competitors vary by region. Some of our competitors have an established presence in local regions or national-level recognition in their respective countries, and some are established in geographic locations in which we have existing clubs or intend to locate new clubs. The competition we face is more significant internationally, where we have a limited number of clubs and more limited brand recognition. Further, other forms of leisure and recreational activities are available to our members and prospective members.

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Our objective is to compete primarily based upon the membership value proposition we are able to offer due to our high-quality fitness experience, judgement-free atmosphere and superior customer service, all at an attractive value, which we believe differentiates us from our competitors.

Our competition continues to increase as we continue to expand into new markets and add clubs in existing markets. See also “Risk Factors—Risks related to our business and industry—The high level of competition in the health, fitness and wellness industry could materially and adversely affect our business.”

Suppliers

Franchisees are required to purchase fitness equipment from us (or our required vendors in the case of franchisees located in certain international markets) and are required to purchase various other items from vendors that we approve. We sell equipment purchased from third-party equipment manufacturers to franchisee-owned clubs in the U.S, Canada, and Mexico. We work with vendors who supply the following: tanning beds, massage beds and chairs, and various other non-fitness equipment and miscellaneous items. These vendors arrange for delivery of products and services directly to franchisee-owned clubs. From time to time, we re-evaluate our supply relationships to ensure we obtain competitive pricing and high-quality equipment and other items.

Human Capital

Workforce

As of December 31, 2025, we employed 4,020 employees at our corporate-owned clubs and 373 employees in the aggregate who support corporate and corporate-owned club activities at our Club Support Center and in Canada and Spain. None of our employees are represented by labor unions, and we believe we have an excellent relationship with our employees.

Planet Fitness franchises are independently owned and operated businesses. As such, employees of our franchisees are not employees of the Company.

Strategy

At Planet Fitness, we believe that an engaged, welcoming, and inclusive culture is essential for the success of our business. To elevate our approach, we have implemented an overarching human capital management strategy, programming and initiatives. Based on strategic analysis regarding the immediate and future needs of our business and our team members, we identified three critical areas of focus: Employee Engagement and Workplace Culture, Employee Health and Safety, and Inclusion and Belonging. We believe that focus and investment in these three areas will, in turn, generate long-term value.

Employee Engagement and Workplace Culture

At Planet Fitness, we believe that culture is the core of our business. To ensure that our culture is rooted in ongoing engagement with our team members, we host small informal meetings with team members across all departments, including lunch with our CEO and quarterly town halls. These conversations are designed to bring feedback about aspects of the business that are important to our workforce to the forefront of management’s attention, and to increase direct engagement and trust at every level of the company. Feedback is carefully reviewed by our human resources teams and shared with our executive leadership team, including our CEO.

We maintain numerous additional avenues for learning from our team members, ranging from anonymous surveys to town hall Q&A sessions and other ongoing opportunities to share thoughts and ideas. To promote employee satisfaction, we are continually seeking new ways to hear from our team members regarding their priorities and needs. In 2023, we established a focus-group committee, led by Human Resources and made up of cross functional team members at various levels, to review survey feedback and develop action items to further enhance our workplace and culture.

Training & Development

A critical component of maintaining our engaged and inclusive culture is making investments in our team members at all levels.

We offer over 50 courses through Planet Fitness University, our online training development program available to all team members. In order to support franchisees’ growing leadership teams, we offer an operations leadership training to assist with the onboarding and training process for multi-unit leaders and executives who are new to the brand. Ongoing programs at Planet Fitness include professional level workshops led by our training department, in addition to LeadDev, our competency-based leadership development program for the accelerated development of our highest potential team members. In 2025, there were over 40,000 active users of the PF University platform across our franchise community.

Competitive Pay and Benefits

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Our compensation and benefits are designed to support our team members and their families’ financial, physical and mental well-being. We are committed to providing equitable, comprehensive and competitive pay and benefits.

•We are committed to providing competitive pay that aligns with job responsibilities, experience, skills, and geographic location.

•We have an annual corporate bonus program designed to align and reward team member performance with company performance.

•We support financial well-being through our retirement savings plan and offer an employee stock purchase plan.

•We provide a comprehensive employee assistance program to all team members.

•We provide a free Black Card membership to all team members.

•We support work life balance with our paid time off programs and hybrid work schedule.

•We provide health insurance, telehealth, prescription drug benefits, dental insurance, vision insurance, life insurance, disability insurance, health savings accounts, health and dependent care flexible spending accounts, tuition reimbursement, paid parental leave, childcare reimbursement and wellness initiatives to eligible team members.

Health & Safety

Given our core mission is centered on improving people’s lives and keeping people healthy and the customer-facing nature of our business, the overall health and safety of our team members and our members has been a longstanding priority for the company and a core component of our broader environmental, social and corporate governance (“ESG”) objectives and strategy.

Inclusion & Belonging

In our clubs and Club Support Center, we’re committed to fostering an environment where all team members and members feel accepted, respected, and like they belong. We believe that a variety of thoughts, perspectives, experiences, and backgrounds within our workforce makes us stronger and is core to who we are as a brand. We work to foster inclusion and belonging across our organization through programs and partnerships focused on addressing our short and long-term business priorities.

Planet Fitness discloses workforce representation across ethnic/racial groups, gender and employee level. More information can be found in our 2025 ESG Report to be published in the spring of 2026.

Information technology and systems

All clubs use a computerized, third-party hosted club management system to process new in-club memberships, bill members, update member information, check-in members, process point of sale transactions as well as track and analyze sales, membership statistics, cross-club utilization, member tenure, amenity usage, billing performance and demographic profiles by member. Our websites and mobile and digital platforms can also process new club memberships and are hosted by third party vendors. We rely on third-party vendors for related functions such as our system for managing digital content (text, images and videos), sending email and mobile messaging, and processing member digital identities. We believe these systems are scalable to support our growth plans.

Our back-office computer systems are comprised of a variety of technologies designed to assist in the management and analysis of our revenues, costs and key operational metrics as well as support the daily operations of our Club Support Center. These computer systems include third-party hosted systems that support our franchise management, real estate, and construction processes, third-party hosted financial systems, third-party hosted data warehouses and business intelligence system to consolidate multiple data sources for reporting, advanced analysis, consumer insights and financial analysis and forecasting, a third-party hosted human resource management and payroll system and a third-party hosted call center software solution to manage and track member-related requests. We also provide our franchisees access to a web-based, third-party hosted custom franchise management system to receive informational notices, operational resources and updates, training materials and other franchisee communications.

Our custom digital platform facilitates digital experiences across any digital channel in multiple languages, including mobile, online and in-club media through the exchange of data and introduction of digital content, products and services. Our mobile application offers users the following:

•A more personalized experience through featured content, such as access to a collection of workouts and the PF Perks platform;

•improved capabilities to track gym visits and workout activity; and

•the ability to update payment information and for the payment of overdue balances.

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These solutions have facilitated our ability to continue providing differentiated and unique experiences to our customers, allow for various partnership types and are aligned with our ongoing business strategy.

We recognize the value of enhancing and extending the uses of information technology in virtually every area of our business. Our information technology strategy is aligned to support our business strategy and operating plans. We maintain an ongoing comprehensive multi-year program to introduce, replace, or upgrade key systems, enhance security and optimize their performance.

Intellectual property

We own many registered trademarks and service marks in the U.S. and in other countries, including “Planet Fitness,” “PF,” “Judgement Free Zone,” “PE@PF,” “Lunk Alarm,” “Black Card,” “PF Black Card,” “Black Card Spa,” “No Gymtimidation,” “You Belong,” “The Judgement Free Generation,” “PF+” and various other trademarks and trade dress. We believe the Planet Fitness name and the many distinctive marks associated with it are of significant value and are very important to our business. Accordingly, as a general policy, we pursue registration of our marks in select international jurisdictions, monitor the use of our marks in the U.S. and internationally and challenge any unauthorized use of the marks.

We license the use of our marks to franchisees, third-party vendors and others through franchise agreements, vendor agreements and licensing agreements. These agreements typically restrict third parties’ activities with respect to use of the marks and impose brand standards requirements. We require licensees to inform us of any potential infringement of the marks.

We register some of our copyrighted material and otherwise rely on common law protection of our copyrighted works. Such copyrighted materials are not material to our business.

We also license some intellectual property from third parties for use in our clubs, but such licenses are not material to our business.

Government regulation

We and our franchisees are subject to various federal, international, state, provincial and local laws and regulations affecting our business. For more information about government regulation and laws applicable to our business, see “Item 1A. Risk Factors,” including the risk factor entitled “Our business is subject to various laws and regulations and changes in such laws and regulations, or failure to comply with existing or future laws and regulations, could adversely affect our business.”

Our organizational structure

Planet Fitness, Inc. is a holding company, and its principal asset is an equity interest in the membership units (“Holdings Units”) in Pla-Fit Holdings, LLC (“Pla-Fit Holdings”).

We are the sole managing member of Pla-Fit Holdings. We operate and control all of the business and affairs of Pla-Fit Holdings, and we hold 100% of the voting interest in Pla-Fit Holdings. As a result, we consolidate Pla-Fit Holdings’ financial results and report a non-controlling interest related to the Holdings Units not owned by us. See Note 1 to the consolidated financial statements included in Part II, Item 8 for more information.

Available information

Our website address is www.planetfitness.com, and our investor relations website is located at http://investor.planetfitness.com. Information on our website is not incorporated by reference herein. Copies of our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and our Proxy Statements for our annual meetings of shareholders, and any amendments to those reports, as well as Section 16 reports filed by our insiders, are available free of charge on our website as soon as reasonably practicable after we file the reports with, or furnish the reports to, the Securities and Exchange Commission (the “SEC”). The SEC maintains an Internet site (http://www.sec.gov) containing reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC.