Fitness club corporate club four-wall Adjusted EBITDA margin measures issuer-defined club-level profitability for seasoned company-owned clubs before broader corporate costs.
Planet Fitness reported approximately 42.7% four-wall Adjusted EBITDA margin in 2025 for corporate-owned clubs open more than 12 months.
Four-wall economics are stronger than consolidated segment margin
Planet Fitness reported a 37.8% Corporate-owned clubs Segment Adjusted EBITDA margin for 2025.
The four-wall measure is higher because it is intended to assess economics at the club level and does not represent every cost allocated to the broader corporate-owned segment.
That distinction is why four-wall margin should not be substituted for consolidated operating margin or segment margin.
The royalty-adjusted comparison is lower
Planet Fitness also presented approximately 35.3% four-wall Adjusted EBITDA margin after applying the current 7% royalty rate.
That adjustment is useful because a company-owned club does not normally pay a franchise royalty to Planet Fitness itself. Applying the royalty creates a more franchise-like comparison, but it remains an issuer-defined analytical adjustment rather than GAAP profitability.
Mature unit margin should be paired with mature unit revenue
The same seasoned club population generated approximately $2.0 million of corporate club AUV.
AUV and four-wall margin together provide a more useful unit-economics view than either statistic alone, while still requiring caution before applying corporate-club economics to franchisee-owned clubs.
Primary source: Planet Fitness 2025 Form 10-K.
Part of the Fitness Club Franchise & Membership Economics
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- PLNTOpen operating-model research →17 of 17 reviewed concepts in Fitness Club Franchise & Membership EconomicsEquipment monetization and mature corporate-club unit economics4 of 4 bridge concepts supportedContinue through this bridge:Corporate Club Average Unit VolumeEquipment Placement CountEquipment Segment Revenue
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Compare four-wall economics
Compare mature unit profitability while keeping issuer-defined four-wall measures separate from segment and GAAP margins.
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