Despite revenue growth and an increase in the number of sites, shares in Planet Fitness have fallen sharply because investors are concerned that the company’s growth is slowing.

Forecasts for 2026 were downgraded, membership growth during the New Year period was weaker than expected and plans to raise prices on its premium Black Card membership were paused following a weak customer response.

Revenue increased 21.9 per cent year-on-year to $337.2 million, while system-wide sales rose by US$88 million to US$1.4 billion compared with the same period last year.

Fifteen new clubs were opened during the period, all of which were franchisee-owned, bringing the total number of clubs system-wide to 2,909 as of 31 March.

“In the first quarter, our top and bottom-line results exceeded expectations,” said CEO Colleen Keating. “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. As a result, we're sharpening our marketing to prioritise capturing demand and driving net member growth. Additionally, we're pausing the planned national Black Card price increase pending a broader pricing review.

“While we're resetting near-term expectations, we expect these actions will help set the stage for enhanced top and bottom-line results in 2027. The fitness industry continues to benefit from a number of secular tailwinds, given the growing awareness of the vital role movement plays in health and wellbeing. Long term, our thesis remains intact and Planet Fitness is well positioned to capitalise on our industry leadership.”

The high-value, low-price gym market is becoming increasingly competitive in the US, with Crunch Fitness, PureGym and EōS Fitness all pursuing aggressive expansion plans. Crunch and EōS Fitness have upgraded their offerings with the addition of recovery services, while PureGym is also trialling recovery and reformer Pilates in other markets. Planet Fitness has yet to officially confirm rumours that it is exploring recovery services.