The membership model

Sources

• Planet Fitness, Inc. Form 10-K for the fiscal year ended December 31, 2025 · Planet Fitness, Inc. (filed with the U.S. SEC), 2025
• Life Time Group Holdings, Inc. Form 10-K for the fiscal year ended December 31, 2025 · Life Time Group Holdings, Inc. (filed with the U.S. SEC), 2025
• Statistics of U.S. Businesses 2022: firms, establishments, employment, annual payroll and receipts by industry (NAICS 812112, Beauty Salons, and 713940, Fitness and Recreational Sports Centers) · U.S. Census Bureau, 2022
• Xponential Fitness, Inc. Form 10-K for the fiscal year ended December 31, 2025 · Xponential Fitness, Inc. (filed with the U.S. SEC), 2025

Every number

• 24 monthssec.gov ·2025 · How long Planet Fitness expects a membership to last, which it uses to spread enrollment fees (the report says generally two years).
• 4.2%sec.gov ·2025 · Worked out and simplified from the annual report: if members stay about two years, about one in twenty-four leaves each month. Real quitting is bunched in the first months and late in the year.
• 4.2%example (example number: Simplified example: Planet Fitness's estimate for its own members, used here for every kind of gym. Studios and clubs may lose members faster or slower.) · Simplified example: Planet Fitness's estimate for its own members, used here for every kind of gym. Studios and clubs may lose members faster or slower.
• 7,200 memberssec.gov ·2025 · Worked out from the annual report and rounded: members divided by clubs at the end of 2025. An average; real clubs vary a lot.
• 300 members a monthsec.gov ·2025 · Worked out from the annual report's numbers: the average club's members divided by the months a membership lasts. Simplified.
• 4,350 membershipssec.gov ·2025 · Worked out from the annual report and rounded: Life Time's memberships divided by its centers at the end of 2025.
• 181 memberships a monthexample (example number: Worked out using Planet Fitness's estimate of how long members stay, which Life Time doesn't publish. Rounded.) · Worked out using Planet Fitness's estimate of how long members stay, which Life Time doesn't publish. Rounded.
• 300 membersexample (example number: Simplified example: a busy studio's members. Xponential's annual report doesn't give members per studio.) · Simplified example: a busy studio's members. Xponential's annual report doesn't give members per studio.
• 12.5 members a monthexample (example number: Worked out from the example members and Planet Fitness's estimate of how long members stay.) · Worked out from the example members and Planet Fitness's estimate of how long members stay.
• $15.4Msec.gov ·2025 · Worked out and rough: Life Time's center revenue in 2025 divided by its centers at the end of the year. Some opened during the year.
• $2Msec.gov ·2025 · Average yearly sales of a Planet Fitness company-run club open more than a year, 2025 (the report says about this much).
• $929,000census.gov ·2022 · Worked out from the Census: what US fitness and recreational sports centers with employees sold in 2022, divided by how many there were, rounded to the thousand. The group also counts sports clubs, climbing gyms and pools.
• $695,000sec.gov ·2025 · Average sales over the last twelve months of an Xponential studio in North America open more than a year, 2025.
• 20,000 sq ftsec.gov ·2025 · A typical Planet Fitness club's size.
• $15/monthsec.gov ·2025 · Classic Card monthly dues for new members, 2025.
• $24.99/monthsec.gov ·2025 · PF Black Card monthly dues for new members, 2025.
• $19.51/monthsec.gov ·2025 · Planet Fitness's average monthly dues per member, 2025 (Classic and Black Card members together).
• 66.5%sec.gov ·2025 · Share of Planet Fitness's members paying by monthly draft who chose the PF Black Card, end of 2025.
• $49sec.gov ·2025 · Planet Fitness's standard annual fee, 2025.
• $69/monthsec.gov ·2025 · The 2024 industry average for gym dues, which the annual report quotes from the Health & Fitness Association.
• 149 visits a yearsec.gov ·2025 · Average visits per Life Time membership, 2025.
• 27.4%sec.gov ·2025 · The share of Life Time's center revenue from training, swim and kids' programs, the spa, the café and the rest beyond dues, 2025.
• 220–260 peoplesec.gov ·2025 · Full-time and part-time staff at a Life Time center, depending on how busy it is (the report says about this many).
• 3–4 yearssec.gov ·2025 · How long Life Time's new centers have taken, on average, to reach the sales it expects.
• 1,500 sq ftsec.gov ·2025 · A typical Club Pilates studio's size.
• 12 peoplesec.gov ·2025 · Club Pilates: a typical studio lets up to this many people work out together.
• $554,000sec.gov ·2025 · What a franchisee put in to open a studio, on average across Xponential's brands, 2025.
• 58.3%sec.gov ·2025 · Worked out from the annual report: running Planet Fitness's own clubs (staff, rent, power, supplies, upkeep, insurance and ads) as a share of their revenue, 2025.
• 7%sec.gov ·2025 · The royalty new US franchisees pay: a share of their members' monthly dues and annual fees.
• 34.7%sec.gov ·2025 · Worked out: what's left of each dollar after the club costs and the royalty.
• 35.3%sec.gov ·2025 · Planet Fitness's own measure of what its established clubs keep before equipment wear, interest and taxes, after a seven percent royalty, 2025 (the report says about this much).
• $11.37example (example number: Simplified example: Planet Fitness's club-cost share applied to one member's month.) · Simplified example: Planet Fitness's club-cost share applied to one member's month.
• $1.37example (example number: Simplified example: the royalty share applied to one member's month.) · Simplified example: the royalty share applied to one member's month.
• $6.77example (example number: Simplified example: what's left, as a share, applied to one member's month.) · Simplified example: what's left, as a share, applied to one member's month.
• 52.4%sec.gov ·2025 · Worked out from Life Time's income statement, 2025: running the centers (staff, trainers' pay, utilities, upkeep, supplies) as a share of total revenue.
• 11.3%sec.gov ·2025 · Worked out from Life Time's income statement, 2025: rent as a share of total revenue.
• 8.2%sec.gov ·2025 · Worked out from Life Time's income statement, 2025: the head office and marketing as a share of total revenue.
• 9.9%sec.gov ·2025 · Worked out from Life Time's income statement, 2025: buildings and equipment wearing out as a share of total revenue.
• 2.2%sec.gov ·2025 · Worked out from Life Time's income statement, 2025: other operating costs as a share of total revenue.
• 16.1%sec.gov ·2025 · Worked out from Life Time's income statement, 2025: income from operations (profit before interest and taxes) as a share of total revenue.
• $153.97example (example number: Simplified example: Life Time's share applied to one member's month.) · Simplified example: Life Time's share applied to one member's month.
• $33.28example (example number: Simplified example: Life Time's share applied to one member's month.) · Simplified example: Life Time's share applied to one member's month.
• $24.02example (example number: Simplified example: Life Time's share applied to one member's month.) · Simplified example: Life Time's share applied to one member's month.
• $29.08example (example number: Simplified example: Life Time's share applied to one member's month.) · Simplified example: Life Time's share applied to one member's month.
• $6.41example (example number: Simplified example: Life Time's share applied to one member's month.) · Simplified example: Life Time's share applied to one member's month.
• $47.24example (example number: Simplified example: Life Time's share applied to one member's month.) · Simplified example: Life Time's share applied to one member's month.
• $189/monthexample (example number: Simplified example: a studio's monthly membership. Xponential's annual report doesn't give prices.) · Simplified example: a studio's monthly membership. Xponential's annual report doesn't give prices.
• 7%sec.gov ·2025 · The share of each studio's sales its franchisee pays Xponential as a royalty (the report says about this much).
• 2%sec.gov ·2025 · The share of each studio's sales its franchisee pays into the brand's marketing fund (the report says about this much).
• 31.9%census.gov ·2022 · Worked out from the Census: what US fitness and recreational sports centers with employees paid in wages, as a share of their sales, 2022.
• 59.1%example (example number: Worked out: what's left of each dollar after the royalty, the marketing fund and the Census's staff share.) · Worked out: what's left of each dollar after the royalty, the marketing fund and the Census's staff share.
• $13.23example (example number: Simplified example: the royalty share applied to one member's month.) · Simplified example: the royalty share applied to one member's month.
• $3.78example (example number: Simplified example: the marketing fund share applied to one member's month.) · Simplified example: the marketing fund share applied to one member's month.
• $60.29example (example number: Simplified example: the Census's staff share applied to one member's month.) · Simplified example: the Census's staff share applied to one member's month.
• $111.70example (example number: Simplified example: what's left, as a share, applied to one member's month.) · Simplified example: what's left, as a share, applied to one member's month.
• $0–$59sec.gov ·2025 · Planet Fitness's enrollment fees, 2025.
• 50,556 membershipssec.gov ·2025 · Life Time memberships on hold at the end of 2025.
• $294/monthsec.gov ·2025 · Worked out from the annual report: Life Time's average center revenue per membership in 2025, dues and everything else a membership spends, divided by twelve.
• $97,200/monthsec.gov ·2025 · Worked out and rounded: Planet Fitness's club-cost share applied to its average club's yearly sales, divided by twelve.
• $841,000/monthsec.gov ·2025 · Worked out and rounded: Life Time's center costs and rent as a share of revenue, applied to one center's revenue, divided by twelve.