Planet Fitness (PLNT) Q2 2026 Earnings Report

The call highlighted several concrete operational and financial positives — membership growth (+3.6% YoY), revenue growth (+7% YoY), adjusted EBITDA increase (+3.5%), rising Black Card penetration, continued unit openings, active capital allocation (share repurchases) and product/marketing investments (app redesign, spa modality tests, DCO engine). Offsetting these positives are margin compressions (overall and equipment), higher interest expense and cash drawdown due to buybacks, modest same-club sales improvement with expected sequential moderation, and early-stage marketing and pricing tests that carry execution risk. On balance, achievements and growth levers appear to modestly outweigh the challenges, but the company faces clear near-term margin and execution headwinds that management is actively addressing.

Guidance for 2026: adjusted net income per diluted share is now expected to grow ~6% (up from ~4%) based on ~77M adjusted diluted weighted average shares (vs prior ~79M), while adjusted net income (total) is now expected to be down ~3% (vs down ~2%) as higher interest expense following a $75M VFN drawdown increases interest expense to ~ $115M (up $4M); other guidance remains: system‑wide same‑club sales ~+1%, revenue ~+7%, adjusted EBITDA ~+6%, openings 180–190 new clubs with 150–160 equipment placements (cadence weighted to Q4), replacement equipment ~70% of Equipment revenue, full‑year Equipment margin ~30%, capex +10–15% and depreciation & amortization +~10%; company plans to repay the $75M VFN by year‑end, has repurchased ~$250M YTD (Q2: ~4M shares at $50.44 for ~$200M) with ~$250M remaining on the $500M program, and held cash, cash equivalents and marketable securities of ~$544M at June 30.