Planet Fitness Q3 2026: Beat, Raised Guidance, and a Portugal Deal

Planet Fitness posted adjusted earnings of $0.83 per share in Q3 2026, beating the consensus estimate, while revenue of $359.98 million also beat expectations and rose roughly 9% from the same period a year earlier. The company has now cleared the EPS consensus in five of the last six quarters, with its lone miss coming in Q1 2025.

The clearest mechanical driver of the revenue beat was a jump in National Advertising Fund revenue, after franchisees' contribution rate moved from 2% to 3% at the start of 2026. Royalty revenue added more on the back of new club openings and a 1.5% system-wide same club sales increase, while equipment revenue climbed on stronger replacement sales to existing franchisee-owned locations. Adjusted EBITDA reached $146.2 million.

Management raised its full-year same club sales growth target to roughly 1.5% to 2%, up from the prior guidance of approximately 1%, and lifted its full-year revenue growth target to approximately 8% from 7%. Adjusted EBITDA growth guidance moved to approximately 6.5% from 6%, and the system-wide new club opening target increased to approximately 190 to 195 from 180 to 190.

On the expansion front, Planet Fitness completed the acquisition of Portuguese operator Be-Fit for approximately $102.5 million, bringing it into a sixth international market and its second country in Europe. CEO Colleen Keating described Be-Fit as "a profitable collection of 25 clubs with an established national presence" and said the company sees potential to convert those units to the Planet Fitness brand and implement its best practices. The Be-Fit deal is expected to be accretive to earnings in 2027.

The board also authorized a new $500 million share repurchase program, replacing the existing 2025 program. In Q3 alone, the company repurchased and retired approximately 1.0 million Class A shares for $50 million, reducing the adjusted diluted share count and amplifying per-share earnings growth. Investors will want to track whether the membership recovery pace sustains the upgraded guidance.