Planet Fitness (PLNT) shares plummeted 5.22% during pre-market trading on Thursday, following the release of its first-quarter 2026 financial results.

While the fitness center operator reported Q1 revenue and profit that exceeded analyst expectations, investors reacted negatively to the company's significantly reduced full-year outlook. The company cited slower-than-expected net member growth as the primary reason for the downward revision.

As a result of the weaker member growth, Planet Fitness has paused its planned national Black Card price increase pending a broader pricing review. The company now expects 2026 system-wide same club sales growth of about 1%, down sharply from its previous forecast of 4%-5%. Full-year revenue growth is projected at about 7%, reduced from 9%, and adjusted EBITDA growth is expected to be approximately 6%, down from 10%.