As of September 30, 2024, Planet Fitness, Inc. reported a total revenue of $292.2 million for the third quarter, reflecting a 5.3% increase from $277.6 million in the same period of 2023. For the nine months ended September 30, 2024, total revenue reached $841.2 million, up 7.0% from $786.2 million in the prior year. The growth in revenue was driven by increases in franchise revenue, corporate-owned clubs revenue, and national advertising fund revenue.

Franchise revenue for the third quarter was $102.4 million, compared to $98.2 million in 2023, while corporate-owned clubs revenue increased to $128.1 million from $113.2 million. National advertising fund revenue also rose to $19.5 million from $17.6 million. However, equipment segment revenue decreased to $61.7 million from $66.1 million, primarily due to lower sales to new franchisee-owned clubs.

Net income for the third quarter of 2024 was $42.4 million, slightly up from $41.3 million in 2023. Net income attributable to Planet Fitness, Inc. was $42.0 million, compared to $39.1 million in the prior year. For the nine-month period, net income totaled $126.7 million, an increase from $110.3 million in 2023. Basic and diluted earnings per share for the third quarter were both $0.50, up from $0.46 in the same quarter of 2023.

The company’s total assets increased to $3.05 billion as of September 30, 2024, from $2.97 billion at the end of 2023. However, total stockholders’ deficit attributable to Planet Fitness, Inc. widened to $(266.1 million) from $(115.6 million) at the end of the previous fiscal year. Long-term debt also rose to $2.15 billion, up from $1.96 billion.

Strategically, Planet Fitness completed an acquisition of assets from a franchisee associated with four clubs in Florida for $26.3 million and an immaterial acquisition of an operating entity in Spain. The company also initiated a $500 million share repurchase program, with $280 million executed through an accelerated share repurchase agreement, resulting in the retirement of over 3.7 million shares.

As of September 30, 2024, Planet Fitness operated 2,637 clubs, an increase from 2,498 clubs a year earlier, with approximately 19.6 million members. The company continues to focus on expanding its footprint, with contractual commitments to open around 1,000 new clubs.