Planet Fitness Weighs Selling Its Corporate Gyms

Plenty of franchisors spent this fall buying back pieces of their own systems. Planet Fitness is looking at selling.

The company said Thursday in its third-quarter results that it has "begun a strategic review of refranchising opportunities of its domestic corporate-owned clubs," with any proceeds going to its capital allocation plans. It did not say how many clubs are in scope or set a timeline. SGB Media led its coverage of the quarter with the club review and the international push.

This is not a rounding error. The corporate-owned segment brought in $142.7 million of revenue in the quarter, more than the franchise segment's $129.6 million. But corporate club adjusted EBITDA slipped 0.4% to $53.5 million, while franchise segment adjusted EBITDA rose 5.4% to $86.8 million. Selling clubs to operators trades the bigger revenue line for the fatter margin. That math is the whole pitch.

Planet Fitness has tested it before. It sold eight California clubs to a franchisee in August 2025, the release said.

Overseas, the company is moving the other way, at least for now. It completed the purchase of Be-Fit, a Portuguese chain with 25 clubs and about 80,000 members, for roughly 102.5 million euros, or about $114.8 million, including up to 2.5 million euros tied to performance targets. Planet Fitness will run the clubs itself and convert them to its brand. "Over time, Planet Fitness expects to pursue opportunities to refranchise the business," the company said. Portugal's Jornal Económico reported that membership terms and club staff are unchanged for now.

The rest of the quarter was steady. Systemwide same-club sales rose 1.5%, and the company opened 33 clubs, 25 of them franchisee-owned, for 2,962 in total. It raised its full-year same-club sales outlook to 1.5% to 2%, and it now expects 190 to 195 openings including Be-Fit.

One number franchisees should not skip: Planet Fitness cut its forecast for new equipment placements in franchisee-owned locations to 135 to 140, from 150 to 160. In the quarter itself, it sold equipment to 21 new franchisee-owned clubs, down from 27 a year earlier.

The review leaves a simple open question with a complicated answer. If the corporate clubs go on the block, which franchisees have the capital to buy them?