Planet Fitness operates a large-format, low-price gym franchise network under the "Judgement Free Zone" brand, targeting casual and first-time gym-goers who find traditional gyms intimidating. As of year-end 2025, Planet Fitness had roughly 20.8 million members across 2,896 clubs in the U.S. and several international markets. Members choose between a Classic Card (starting at $15/month, single-club access) and the PF Black Card ($24.99/month, all-club access plus premium amenities like massage chairs and tanning). Black Card penetration hit an all-time high of 66.5% at year-end 2025. Planet Fitness generates revenue through three segments: franchising (~57% of revenue), corporate-owned clubs (~17%), and equipment sales to franchisees (~26%). The franchise segment is the highest-margin business, where Planet Fitness collects royalties averaging ~6.7% of franchisee sales, trending toward the standard 7% rate as older agreements expire. The equipment segment captures recurring revenue from the contractual requirement that franchisees replace equipment every five to nine years. The model is intentionally lean — no group classes, pools, or juice bars — keeping club-level costs low and making the franchise attractive to operators. Over 90% of both franchise and corporate-owned club revenues are recurring. Growth levers include new club openings (181 in 2025, targeting 180-190 in 2026), a planned Black Card price increase to $29.99 in 2026, a rising royalty rate, and international expansion in Mexico, Australia, and Spain.