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Planet Fitness cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$28.9M in Q3 2026 · $214M over twelve months

Operating cash flow$110M
Capital spending−$81.5M
Free cash flow+$28.9M
Cash / net income2.1×
Cash conversion cycle-32 days

Analysis

In Q3 2026, Planet Fitness generated $110M of operating cash flow and spent $81.5M on capital projects, leaving free cash flow of $28.9M. That is $47.8M less than in Q3 2025 ($76.7M).

Over the twelve months to Sep 30, 2026, operating cash flow was $413M; the largest uses were buybacks ($653M), net borrowing (+) / repaid (−) ($432M), capital spending ($199M); besides operations, cash came from other financing ($806M), other investing ($61.6M); the cash balance fell by $2.4M.

Operating cash flow was $110M against net income of $52.2M — 2.1× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$41.6M, deferred revenue −$11.6M, receivables −$8.1M.

Its cash conversion cycle was -32 days (receivables 18 + inventory 12 − payables 62): suppliers fund its working capital.

Free cash flow

Planet Fitness: free cash flow by quarterPlanet Fitness: free cash flow by quarter$7.0MQ4 2024$111MQ1 2025$8.2MQ2 2025$76.7MQ3 2025$59.0MQ4 2025$122MQ1 2026$4.0MQ2 2026$28.9MQ3 2026
Operating cash flow less capital spending.
Planet Fitness: operating cash flow against capital spendingPlanet Fitness: operating cash flow against capital spendingOperating cash flowCapital spending$49.1M$42.1MQ4 2024$134M$23.1MQ1 2025$44.0M$35.7MQ2 2025$131M$54.8MQ3 2025$109M$50.1MQ4 2025$148M$25.5MQ1 2026$45.9M$41.9MQ2 2026$110M$81.5MQ3 2026
Latest (Q3 2026): Operating cash flow $110M, Capital spending $81.5M.

Capital allocation, year by year

Planet Fitness: where the cash came from (up) and went (down), by fiscal yearPlanet Fitness: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksFY2021: Operating cash flow $189MFY2021: Net borrowing −$17.7MFY2021: Shares issued $8.2MFY2021: Asset sales $46KFY2021: Capital spending −$54.1MFY2021: Acquisitions −$1.9M$198MFY2021FY2022: Operating cash flow $240MFY2022: Net borrowing −$650MFY2022: Shares issued $925KFY2022: Asset sales $20.9MFY2022: Capital spending −$100MFY2022: Acquisitions −$425MFY2022: Buybacks −$94.3M$262MFY2022FY2023: Operating cash flow $330MFY2023: Net borrowing −$20.9MFY2023: Shares issued $9.2MFY2023: Asset sales $99KFY2023: Capital spending −$136MFY2023: Acquisitions −$43.3MFY2023: Buybacks −$125M$340MFY2023FY2024: Operating cash flow $344MFY2024: Net borrowing −$609MFY2024: Shares issued $21.9MFY2024: Capital spending −$155MFY2024: Buybacks −$300M$366MFY2024FY2025: Operating cash flow $418MFY2025: Net borrowing −$432MFY2025: Shares issued $1.9MFY2025: Asset sales $21.6MFY2025: Capital spending −$164MFY2025: Buybacks −$500M$442MFY2025
Over these 5 years operating cash flow totalled $1.5B; the largest uses were net borrowing ($1.7B) and buybacks ($1.0B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$400M
Debt$2.5B
Net debt$2.1B
Due within a year$23.9M

Planet Fitness funds itself: free cash flow was $214M over the last twelve months, and $400M of cash and investments stands against $2.5B of debt ($23.9M due within a year, 16.8× covered by cash).

Planet Fitness: debt maturities by year (FY2025)Planet Fitness: debt maturities by year (FY2025)$23.9MYear 1$25.8MYear 2$25.8MYear 3$923MYear 4$397MYear 5$1.1BAfter year 5
Principal due in each year as disclosed in the annual report, against $400M of cash and investments now.

Where the cash came from and went

Planet Fitness: sources (+) and uses (−) of cash, Q3 2026Planet Fitness: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$110MCapital spending−$81.5MBuybacks−$51.2MOther investing$40.8MCash drawn (+) / kept (−)−$11.8MNet borrowing (+) / repaid (−)−$6.5MExchange rates−$415KShares issued$148KOther financing−$11K
Planet Fitness: sources (+) and uses (−) of cash, TTM to Q3 2026Planet Fitness: sources (+) and uses (−) of cash, TTM to Q3 2026Other financing$806MBuybacks−$653MNet borrowing (+) / repaid (−)−$432MOperating cash flow$413MCapital spending−$199MOther investing$61.6MCash drawn (+) / kept (−)$2.4MShares issued$1.4MExchange rates−$452K

From profit to cash

Planet Fitness: net income to operating cash flow, Q3 2026Planet Fitness: net income to operating cash flow, Q3 2026Net income$52.2MDepreciation & amortization$41.6MStock-based pay$3.2MDeferred taxes$7.9MOther non-cash$4KReceivables−$8.1MInventory$1.1MPayables−$7.5MDeferred revenue−$11.6MPrepaid and other assets−$1.2MOther liabilities$80KIncome taxes payable$2.8MOperating cash flow$110M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 2026181262-32
Q2 2026131060-37
Q1 2026151272-45
Q4 202517745-20
Q3 202520977-48
Q2 202515557-38
Q1 20251916117-82
Q4 202417637-14

Every quarter

QuarterOperating cash flowCapital spendingBuybacksNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$110M−$81.5M−$51.2M−$6.5M$148K−$11.8M$28.9M
Q2 2026$45.9M−$41.9M−$200M−$6.5M$243K$85.3M$4.0M
Q1 2026$148M−$25.5M−$51.1M−$4.6M$613K−$44.5M$122M
Q4 2025$109M−$50.1M−$350M−$415M$374K−$26.5M$59.0M
Q3 2025$131M−$54.8M−$97.9M−$5.7M$301K$6.8M$76.7M
Q2 2025$44.0M−$35.7M−$2.1M−$5.6M$522K$8.3M$8.2M
Q1 2025$134M−$23.1M−$50.0M−$5.7M$655K−$50.8M$111M
Q4 2024$49.1M−$42.1M—−$5.6M$4.7M$16.9M$7.0M

Planet Fitness: income statement and cash flow

Planet Fitness, Q3 2026: revenue $360M (+9% year over year), operating margin 28.2%. The chart follows the revenue to costs, profit and cash.

Planet Fitness: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.