Strong Start? Planet Fitness To Report Q1 Results Next Week
Planet Fitness CEO Colleen Keating recently noted that the brand’s biggest competition isn’t another gym—it’s the consumer’s hesitation to walk through the front door—as PF highlights its “Judgement Free” environment
Planet Fitness is set to release its first-quarter earnings on May 8, offering a look at how the high-value, low-price (HVLP) gym giant is performing amid leadership changes, evolving consumer expectations and a push into new markets.
The leading fitness franchisor flexed its growth muscles in 2024, reporting a 10.3% jump in total revenue to $1.2 billion and a 5.0% increase in system-wide same-club sales. The brand added one million members since the end of 2023, signaling continued momentum amid shifting consumer priorities. Expansion also remains in high gear, with 150 new clubs opened throughout the year.
Looking ahead, the company is open to entering one to two new markets per year—”We’re not going to get over our skis,” CEO Colleen Keating noted during the Raymond James 46th Annual Institutional Investors Conference last month.
“We’ve got a heavy focus on domestic growth, so we want to take a thoughtful approach to international growth,” Keating continued.
In recent months, the gym giant has also bolstered its leadership team, appointing seasoned finance executive Jay Stasz as chief financial officer, Chip Ohlsson as chief development officer, and Brian Povinelli as chief marketing officer. Most recently, Bill Bode transitioned into the newly created role of chief operating officer, overseeing both franchise and corporate club operations, while Jennifer Simmons stepped into another new position—chief strategy officer.
On the consumer front, Planet Fitness has been extending its reach through interactive initiatives—most recently by offering free HydroMassage sessions to non-members and non-Black Card holders during tax season as a stress-relief perk. In addition to boosting brand awareness and showcasing amenities to prospective members, the marketing approach also appears to target what Keating has called Planet Fitness’s biggest competition.
“Our biggest competition is not the couch—I think our biggest competition is fear of walking in the front door. If you’ve never been in a gym or club before, you feel too intimidated,” Keating said, adding that Planet Fitness’s commitment to a judgment-free environment is designed to help ease that barrier.
“I think we think that 80% has changed,” she said, referring to the portion of the population without a gym membership—an audience Planet Fitness has long targeted. “Maybe they haven’t joined a gym or a club before, but they’re more fitness aware. This generation today has seen their parents with a gym membership or grown up with a treadmill in the house—fitness is more a part of their lifestyle, perhaps than generations before.”
To continue attracting and retaining Gen Z—a growing segment of its member base—Planet Fitness has committed to adding new plate-loaded strength equipment to nearly all U.S. locations this year.
Planet Fitness has also been testing new pricing for its Black Card membership—$24.99 per month—with pilot programs at $27.99 and $29.99. The experiment follows the rollout of a $5 Classic Card price increase, which began last year.