Planet Fitness delivered first quarter results above Wall Street’s expectations, but the market reacted negatively amid concerns about member growth and revised guidance. CEO Colleen Keating acknowledged that, despite adding over 700,000 net new members, internal and external headwinds limited join momentum. Management cited misaligned marketing, intensified competition in certain regions, and macroeconomic uncertainty as key contributors to the quarter’s underperformance. Keating noted, “We are not satisfied with our member growth performance,” and emphasized targeted actions to address these challenges.
Is now the time to buy PLNT? Find out in our full research report (it’s free for active Edge members).
Planet Fitness (PLNT) Q1 CY2026 Highlights:
- Revenue: $337.2 million vs analyst estimates of $300.1 million (21.9% year-on-year growth, 12.4% beat)
- Adjusted EPS: $0.74 vs analyst estimates of $0.63 (17.6% beat)
- Adjusted EBITDA: $139.9 million vs analyst estimates of $128.3 million (41.5% margin, 9% beat)
- Operating Margin: 29.3%, in line with the same quarter last year
- Same-Store Sales rose 3.5% year on year (6.1% in the same quarter last year)
- Market Capitalization: $4.00 billion
While we enjoy listening to the management's commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.
Our Top 5 Analyst Questions From Planet Fitness’s Q1 Earnings Call
-
Simeon Siegel (Guggenheim Securities) asked if this would be the last guidance cut this year. Interim CFO Thomas Fitzgerald said the revised outlook reflects updated member growth trends and their decision to pause the Black Card price increase, aiming not to lower guidance again.
-
Randal Konik (Jefferies) questioned whether net member growth trends stabilized after Q1. Fitzgerald explained member growth was below expectations and that marketing changes would take time to impact results, especially within a franchise model.
-
Maksim Rakhlenko (TD Cowen) inquired about the split between rate and member growth for same-store sales. Fitzgerald noted that a 90-10 split (rate vs. volume) in Q1 was unsustainable and increasing member growth is now a strategic focus.
-
Joseph Altobello (Raymond James) asked about competitive impacts in specific regions. Fitzgerald and Keating said competitors in some areas maintained lower headline prices, intensifying pressure, but Planet Fitness’ unique environment remains a differentiator.
-
Jonathan Komp (Baird) asked about the speed and agility of testing new initiatives. Keating emphasized engagement from franchisees allows for agile testing, but large-scale changes require longer validation due to seasonality and regional differences.
Catalysts in Upcoming Quarters
In upcoming quarters, the StockStory team will be watching (1) whether marketing changes successfully drive growth among first-time and casual gym-goers, (2) the effectiveness of paused price increases in improving member acquisition without eroding margins, and (3) any shifts in competitive intensity, especially in key regions. Progress on the rollout of new data-driven marketing tools and creative campaigns will also be key markers for future performance.
Planet Fitness currently trades at $50.53, down from $63.96 just before the earnings. At this price, is it a buy or sell? The answer lies in our full research report (it’s free).
Our Favorite Stocks Right Now
ONE MORE THING: Top 6 Stocks for This Week. This market is separating quality stocks from expensive ones fast. AI taking down whole sectors with no warning. In a rotation this fast, you need more than a list of good companies.
Our AI system flagged Palantir before it ran 1,662%. AppLovin before it ran 753%. Nvidia before it ran 1,178%. Each week it produces 6 new names that pass the same tests. Get Our Top 6 Stocks for Free HERE.
Stocks that have made our list include now familiar names such as Nvidia (+1,326% between June 2020 and June 2025) as well as under-the-radar businesses like the once-micro-cap company Tecnoglass (+1,754% five-year return). Find your next big winner with StockStory today.
