The $5.3 Billion Planet Fitness Never Sees

Planet Fitness has 20.8 million members. Most of its money doesn't come from them. In FY2025 the company reported $1.32 billion in revenue. Only 41% came from gyms it actually owns. The fastest-growing part of the business — up 21% last year — is selling exercise equipment to its own franchisees. Every number in this video comes from Planet Fitness's FY2025 Form 10-K and Q4 earnings release. Sources below. SOURCES Planet Fitness FY2025 Form 10-K (SEC EDGAR) Planet Fitness Q4 & Full Year 2025 Results (investor.planetfitness.com) Key figures: Total revenue $1,324.1M Corporate-owned clubs $546.1M (41.2%) Franchise segment $468.0M (35.4%) Equipment segment $310.1M (23.4%), +21% YoY System-wide sales $4.7B franchisee + $552.2M corporate ~20.8M members across ~2,900 locations Napkin Math breaks down how businesses actually make money, using their own filings. New video weekly. Not financial advice. Figures are as reported by the company and may be restated.