Planet Fitness Shares Fall More Than 30% Following Q1 Results, Guidance Cut

Planet Fitness, Inc. (NYSE:PLNT) shares are trading lower Thursday after the company reported first-quarter financial results and cut its fiscal-year 2026 guidance below estimates.

• Planet Fitness stock is testing key support levels. Why are PLNT shares at support?

Q1 Highlights

Planet Fitness reported adjusted earnings per share of 74 cents, beating the consensus estimate of 63 cents. In addition, it reported revenue of $337.23 million, beating the consensus estimate of $299.32 million and representing a 21.9% year-over-year increase.

Planet Fitness said system-wide same club sales increased 3.5% in the quarter, while system-wide sales rose $88 million year-over-year to $1.4 billion.

The company opened 15 new clubs during the quarter, all franchisee-owned, bringing total system-wide clubs to 2,909 as of March 31, 2026.

Planet Fitness ended the quarter with $652 million in cash and marketable securities, including $375.3 million in cash and cash equivalents.

"In the first quarter, our top and bottom line results exceeded expectations. However, 2026 is off to a slower than expected start from a net member growth perspective as we faced internal and external headwinds during our peak sign-up period," said CEO Colleen Keating.

Keating added that the company is "sharpening our marketing to prioritize capturing demand and driving net member growth" and is pausing its planned national Black Card price increase pending a broader pricing review.

The company also repurchased and retired 613,725 shares of Class A common stock using $50 million of cash on hand during the quarter.

Guidance

Planet Fitness lowered its fiscal-year 2026 adjusted earnings per share guidance from between $3.35 and $3.38 to $3.19, versus the consensus estimate of $3.38. It also lowered its fiscal-year revenue guidance from $1.44 billion to $1.41 billion, versus the consensus estimate of $1.44 billion.

Planet Fitness Shares Drop

PLNT Price Action: At the time of publication, Planet Fitness shares are trading 32.30% lower at $43.30, according to data from Benzinga Pro.

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