Planet Fitness Business Summary

Planet Fitness, Inc. (NYSE: PLNT) operates a highly scalable, asset-light business model focused on the "High-Value, Low-Price" (HVLP) fitness segment, generating revenue through three primary streams: Franchise, Corporate-owned Stores, and Equipment. The Franchise segment, which encompasses approximately 90% of the company’s ~2,900 locations as of early 2026, drives recurring revenue through royalties and monthly fees. The Corporate-owned segment generates direct income from membership dues at company-operated clubs, while the Equipment segment serves as a mandatory intermediary, selling branded fitness gear to franchisees at a markup. Commanding a dominant 27% share of the U.S. gym membership market with over 20.8 million members, Planet Fitness maintains a significant competitive moat against rivals such as Anytime Fitness, LA Fitness, and Snap Fitness. Its market position is defined by its "Judgement Free Zone" philosophy, which successfully targets the 80% of the population that does not traditionally belong to a gym. The company was founded in 1992 by brothers Michael and Marc Grondahl and is currently led by CEO Colleen Keating, a hospitality veteran with a background at Marriott and Wyndham. The executive leadership team includes CFO Jay Stasz, COO Bill Bode, and Chief Strategy Officer Jennifer Simmons—the latter two having transitioned into their current roles in March 2025 to align with the company’s 2026 growth strategy. Other key executives include CIO Paul Barber, CMO Brian Povinelli, and CDO Chip Ohlsson, who collectively oversee the firm’s digital transformation and global franchise expansion. The Board of Directors was recently expanded in February 2026 with the appointment of Steve Beard, while the company maintains strong institutional backing from major shareholders including T. Rowe Price, Vanguard, and Invesco.