By Rob Curran

Planet Fitness cut growth projections for the year and canceled price-hike plans due to a wan rate of signups in the crucial New Year period, even after a sharply higher first quarter.

Shares were down 12% to $56.29 in premarket trading.

The Hampton, N.H., gym chain posted earnings of $51.6 million, or 65 cents a share, up from $41.9 million, or 50 cents a share, a year earlier.

Stripping out certain one-time items, Planet Fitness posted adjusted earnings of 74 cents a share, exceeding the mean analyst estimate of 63 cents a share, as per FactSet.

Revenue surged 22% to $337.2 million, handily beating the Wall Street peg of $298.6 million. Systemwide same-club sales, a measure at clubs open a year or more, rose 3.5%, shy of the average analyst target of 3.6%.

For 2026, Planet Fitness slashed its forecast for adjusted earnings and now anticipates a decrease of about 2%, in contrast to prior expectations of 4%-to-5% growth from the 2025 total of $258.3 million. It reduced its adjusted per-share growth target for the year to about 4% from a previous 9%-to-10% target, partly reflecting a different share count this year. In 2025, the gym chain logged adjusted per-share earnings of $3.07.

The company also cut its revenue-growth projection to about 7% from a previous 9% estimate. In 2025, Planet Fitness logged revenue of $1.32 billion. It additionally slashed its estimate for systemwide same-club sales to 1% from a prior 4%-to-5% target.

"2026 is off to a slower than expected start from a net-member-growth perspective as we faced internal and external headwinds during our peak sign-up period," said Chief Executive Colleen Keating, in a statement. The company plans to adjust marketing strategy and is pausing a planned price increase for the Black Card premium-membership level.

The new targets are well shy of Wall Street estimates. On average, analysts anticipate adjusted earnings of $3.37 a share on sales of $1.45 billion.

At quarter end, Planet Fitness operated 2,909 gyms.

Write to Rob Curran at rob.curran@dowjones.com

(END) Dow Jones Newswires

May 07, 2026 07:13 ET (11:13 GMT)

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