New York, May 7, 2026, 13:15 EDT
- Planet Fitness trimmed its 2026 forecast, citing softer net joins in the first quarter. The company now expects same-club sales to climb roughly 1%, a step down from its earlier 4% to 5% projection.
- Shares dropped roughly 31% by midday in New York, after tumbling as much as 42% earlier, according to Bloomberg.
- The company hit pause on its national Black Card price hike plan and also pulled its three-year forecast from investor day.
Shares of Planet Fitness took a sharp dive Thursday as the gym chain slashed its outlook for 2026 revenue and profit growth. The company pointed to sluggish sign-ups over the crucial New Year window—typically a busy stretch—that it expects will drag on performance for the rest of the year.
The hitch comes down to timing. For a subscription gym like Planet Fitness, January through the end of the first quarter essentially lock in much of the year’s recurring revenue. This year, softer net joins weighed heavier than usual. That’s what Planet Fitness described as an “outsized impact” on their annual figures. Now, the company is guiding to just around 1% growth in same-club sales—a metric tied directly to monthly dues at locations open long enough to compare year to year. Planet Fitness
The Hampton, New Hampshire-based company now sees 2026 revenue climbing roughly 7%, a step down from the previous 9% projection. Its adjusted EBITDA outlook also came down—to around 6% growth instead of the 10% previously targeted. Adjusted net income? That’s now expected to drop about 2%, reversing the earlier forecast for a 4% to 5% gain.
In the company’s release, Chief Executive Colleen Keating called out a “slower than expected start” for net member growth in 2026, adding that Planet Fitness is putting a hold on its planned national Black Card price bump while it reassesses pricing. The Black Card, for reference, is Planet Fitness’s premium membership tier. Planet Fitness
During the earnings call, Keating acknowledged that while marketing efforts had succeeded in attracting fitness enthusiasts, the company “may have pivoted too far” and lost touch with beginners and casual gym users. She cited tougher competition in several markets, rough weather, and added strain on lower-income customers. Investing.com
Planet Fitness posted a 21.9% jump in revenue to $337.2 million for the first quarter, while adjusted net income climbed to $59.4 million, or 74 cents per share. System-wide same-club sales came in up 3.5%. By the end of March, the company counted about 21.5 million members across 2,909 clubs. The stock, though, didn’t reflect the strength in these numbers.
Even with more clubs open, management wasn’t satisfied with membership gains. Net member adds landed just above 700,000 for the quarter—coming in lower than last year’s 1 million. Keating pointed out that March’s slowdown persisted into the company’s updated full-year outlook.
Shares last traded at $43.92, off roughly 31%, after dipping to an intraday low of $37.08. That earlier plunge marked the steepest drop since the company’s 2015 debut, according to Bloomberg, which also reported trading was temporarily paused.
Shares of Life Time Group dropped close to 5%, and Xponential Fitness lost around 2%. Peloton, on the other hand, climbed about 5%. The steeper fall in Planet Fitness stands out, pointing to investors’ concerns over its execution and pricing—not a broad exit from gym stocks.
Planet Fitness slipped to Market Perform from Outperform at William Blair after analyst Sharon Zackfia flagged weaker member sign-up trends and a halt on planned price hikes, according to Investing.com. The team warned that holding off on the increases could cap a rebound in club returns and jeopardize franchised growth targets for 2027.
Investors now face the possibility that Planet Fitness’s marketing reset drags on, or that cheaper rivals keep gaining ground in key regions as wary consumers hold back. The company flagged a number of risks, including competition, challenges attracting and keeping members, shifts in consumer demand, higher franchisee borrowing costs, and its own debt burden—any of which could knock results off course from guidance.
For the time being, Planet Fitness isn’t dialing down its expansion plans. The company remains on track to open between 180 and 190 new clubs this year and to place 150 to 160 sets of equipment in franchisee-run gyms. The real challenge comes with reigniting member sign-ups ahead of 2027—doing so without relying too much on discounts.
