PLNT Q2 Deep Dive: Pricing Experiments and Marketing Shifts Amid Slower Member Growth
Inclusive gym franchise company (NYSE:PLNT) beat Wall Street’s revenue expectations in Q2 CY2026, with sales up 7.1% year on year to $365.2 million. Its non-GAAP profit of $0.88 per share was 3.7% above analysts’ consensus estimates.
Is now the time to buy PLNT? Find out in our full research report (it’s free).
Planet Fitness (PLNT) Q2 CY2026 Highlights:
-
Revenue: $365.2 million vs analyst estimates of $356.6 million (7.1% year-on-year growth, 2.4% beat)
-
Adjusted EPS: $0.88 vs analyst estimates of $0.85 (3.7% beat)
-
Adjusted EBITDA: $152.8 million vs analyst estimates of $151.9 million (41.8% margin, 0.6% beat)
-
Operating Margin: 33.9%, up from 30% in the same quarter last year
-
Same-Store Sales rose 1.7% year on year (8.2% in the same quarter last year)
-
Market Capitalization: $4.05 billion
StockStory’s Take
Planet Fitness’s second quarter saw revenue and profit exceed Wall Street expectations, but the market reacted negatively given the sharp slowdown in same-store sales growth and muted net new member additions. Management pointed to a period of transition as the company rolls out new marketing campaigns and adjusts pricing strategies. CEO Colleen Keating cited ongoing efforts to reignite member growth, explaining that “several of our key initiatives, particularly with marketing, will take time to fully implement and gain traction.”
Looking ahead, Planet Fitness’s outlook is shaped by ongoing tests of promotional pricing, a redesigned app, and evolving marketing strategies targeting the large segment of U.S. consumers not currently paying for a gym membership. Management emphasized their focus on both acquisition and retention, with Keating noting, “our goal is to better reach our target audience across social platforms and multiple media channels.” New creative campaigns and enhanced recovery offerings are expected to play a role in supporting future member growth and engagement.
Key Insights from Management’s Remarks
Management attributed quarterly performance to rate-driven same-store sales, stable member churn, and a deliberate marketing shift aimed at attracting new members while reinforcing value for existing ones.
-
Pricing tests underway: Planet Fitness ran regional and national price tests, including a $10 Classic Card promotion, to evaluate price sensitivity and support member acquisition. Management stressed these are limited-time offers and not intended as permanent price reductions, aiming to understand regional nuances and potential impacts on franchisees’ unit economics.
-
Marketing strategy evolution: The company is shifting its marketing to highlight approachability and inclusiveness, moving away from imagery that focused on fitness enthusiasts. Interim creative campaigns this quarter will be followed by a fully new campaign targeting the critical Q1 join period, with ongoing tests to ensure messaging resonates with the broader 70% of Americans who don’t have a gym membership.
-
Stable member churn: Management reported that member attrition rates remain within historical norms (3% to 4%), with no significant differences between Classic and Black Card tiers. CEO Keating noted that generational differences exist, but churn is not materially different across membership levels.
-
Enhanced member experience: Investments in the Planet Fitness app and new Black Card Spa offerings are designed to drive engagement and retention. The app’s upcoming redesign will include personalized features and improved workout tracking, while the expanded spa test covers 100 clubs with new recovery modalities.
-
Franchisee engagement and network growth: The company opened 23 new clubs, including five internationally, and welcomed a new franchisee in Florida. Management highlighted ongoing dialogue with franchisees regarding strategic pivots in pricing and marketing, as well as the sale of the Australia stake to accelerate international expansion.
