Fitness Franchise 2026: What 9 FDDs Actually Reveal
Most fitness franchise articles start the same way.
"The fitness industry is a $35 billion market." "Boutique studios are growing 15 to 20 percent annually." "70 million Americans have gym memberships."
None of those numbers appear in any FDD.
We pulled 9 fitness franchise FDDs and extracted what is actually disclosed: unit growth, closures, royalty structures, investment ranges, revenue per unit, and litigation.
Here is what the data shows.
Why FDD Data Matters More Than Industry Reports
A Franchise Disclosure Document is the legal record a franchisor must provide before any franchise agreement is signed.
It is the only place where you find:
- Item 6: How royalties are actually charged
- Item 7: What the investment really costs
- Item 19: What units actually earn (when disclosed)
- Item 20: How many units opened, closed, or transferred
Marketing pages tell you what a franchisor wants you to believe. Industry reports project macro trends, not unit-level reality.
The FDD is the only document that carries legal weight.
If your franchise research does not start here, it has not started.
The 9 Brands We Analyzed
| Brand | FDD Year | Segment |
|---|---|---|
| Planet Fitness | 2024 | HVLP |
| Gold's Gym | 2025 | HVLP |
| Snap Fitness | 2024 | HVLP |
| Anytime Fitness | 2024 | HVLP |
| Club Pilates | 2025 | Boutique |
| Orangetheory Fitness | 2025 | Boutique |
| F45 Training | 2025 | Boutique |
| Pure Barre | 2025 | Boutique |
| StretchLab | 2025 | Boutique |
Four brands operate in the high-volume, low-price gym segment. Five operate in the boutique studio segment.
Neither segment is uniformly winning or losing. The differences within each segment are as significant as the differences between them.
Unit Growth and Decline (Item 20)
Item 20 is the first section any serious investor should read.
It shows the system's actual trajectory: how many locations opened, how many closed, and whether the brand is growing or shrinking.
HVLP Segment
Planet Fitness
| Year | Total Start | Total End | Net Change |
|---|---|---|---|
| 2021 | 2,050 | 2,170 | +120 |
| 2022 | 2,170 | 2,314 | +144 |
| 2023 | 2,314 | 2,455 | +141 |
| 3-Year Total | 2,050 | 2,455 | +405 (+19.8%) |
Planet Fitness is the most consistent unit grower in this dataset. Adding 120 to 144 units per year, every year, for three consecutive years.
This is not a brand in decline. Based on available FDD data, it is the most stable expansion story in the HVLP segment.
Gold's Gym
166 units at the start of the disclosed period. 159 at the end. A net loss of 7 units across the full window, with a slight uptick in the most recent period (158 to 159).
Effectively flat. Small system. Not growing.
Snap Fitness
| Period | Units |
|---|---|
| Start | 629 |
| Year 2 | 585 |
| Year 3 | 547 |
| Most Recent | 510 |
A net loss of 119 units. Approximately 18.9 percent decline across three disclosed periods.
This averages roughly 6 to 7 percent contraction per year, consistently. This is not a one-year dip. It is a sustained trend.
Anytime Fitness
Item 20 data is largely incomplete in our extraction. One period shows 288 unit openings. Corresponding closure and transfer data is not available.
No reliable growth or decline trend can be confirmed from this dataset alone.
Boutique Segment
Club Pilates
| Period | Units |
|---|---|
| Start | 660 |
| Year 2 | 753 |
| Year 3 | 868 |
| Most Recent | 1,029 |
A net increase of 369 units. Approximately 56 percent growth from the starting base.
Annual growth ranges between 14 and 18.6 percent across the three disclosed periods.
StretchLab
| Period | Units |
|---|---|
| Start | 148 |
| Year 2 | 283 |
| Year 3 | 428 |
| Most Recent | 485 |
A net increase of 337 units. The highest percentage expansion in our dataset at 227.7 percent from starting base.
Both Club Pilates and StretchLab operate under the Xponential Fitness umbrella. Their growth figures should be read alongside the litigation section later in this article.
Pure Barre
598 units growing to 617. A net increase of 19 units. Roughly 3.2 percent total growth across the disclosed window.
The most recent period shows 25 openings against 23 closures. Near-flat performance with meaningful activity on both sides.
Orangetheory Fitness
| Period | Units |
|---|---|
| Start | 1,247 |
| Year 2 | 1,281 |
| Year 3 | 1,311 (peak) |
| Most Recent | 1,283 |
Net gain from start: +36 units, or 2.9 percent.
However, the system peaked at 1,311 and has since declined to 1,283, a loss of 28 units from its high point.
Orangetheory grew, plateaued, and is now pulling back. The FDD discloses multiple studios that ceased operations, were non-renewed, or were transferred.
F45 Training
| Period | Units |
|---|---|
| Start | 597 |
| Year 2 | 728 |
| Year 3 | 789 (peak) |
| Most Recent | 751 |
Net gain from start: +154 units, or 25.8 percent.
Similar pattern to Orangetheory: a growth phase followed by contraction. The most recent period shows a decline of 38 units from peak.
The FDD discloses multiple franchise terminations by the franchisor and non-renewals.
What the Unit Data Shows
| Brand | 3-Year Unit Trend | Direction |
|---|---|---|
| Club Pilates | +369 units (+56%) | Growing |
| StretchLab | +337 units (+228%) | Growing |
| Planet Fitness | +405 units (+19.8%) | Growing |
| F45 Training | +154 units net, -38 from peak | Mixed |
| Orangetheory | +36 units net, -28 from peak | Mixed |
| Pure Barre | +19 units (+3.2%) | Flat |
| Gold's Gym | -7 units (-4.2%) | Flat/Declining |
| Snap Fitness | -119 units (-18.9%) | Declining |
| Anytime Fitness | Incomplete data | Unconfirmed |
The HVLP segment is not uniformly struggling. Planet Fitness is growing faster in absolute unit numbers than any boutique brand in this dataset.
The boutique segment is not uniformly winning. Orangetheory and F45 are both contracting from their peaks.
The brands that are clearly expanding across this period: Planet Fitness, Club Pilates, and StretchLab.
The brand with the clearest decline: Snap Fitness.
Average Unit Volume (Item 19)
This is where the data gets significantly thinner.
Planet Fitness: The Most Detailed Disclosure
Planet Fitness does not report a single blended average. The 2024 FDD reports 2023 performance across three tiers for 2,078 franchised clubs, based on annual EFT revenue.
| Performance Tier | Average | Median |
|---|---|---|
| Upper Third | $2,553,536 | $2,421,829 |
| Middle Third | $1,764,506 | $1,769,166 |
| Bottom Third | $1,179,611 | $1,227,398 |
The gap between upper and bottom third medians is approximately $1.19 million. That spread exists within a single franchise brand.
Two Planet Fitness locations. Same model. Same fees. Same marketing. One earns $2.4 million. Another earns $1.2 million.
Where you land in that range depends on market, real estate, competition, and execution. The brand does not determine the outcome. The location and operator do.
For reference, system-wide sales across all Planet Fitness units were approximately $1.2 billion for the three months ending March 31, 2024, compared to $1.1 billion for the same period in 2023.
Other Brands That Disclosed Median AUV
| Brand | Median AUV | Units Reporting |
|---|---|---|
| Gold's Gym | $1,743,000 | 150 |
| Anytime Fitness | $451,953 | 291 |
| Snap Fitness | $152,664 | 547 |
Three observations worth noting.
First. Snap Fitness has the largest unit reporting count at 547, but the lowest median AUV at $152,664. High unit volume does not equal strong unit economics.
Second. Gold's Gym reports a median AUV of $1,743,000 across 150 units. That sits between Planet Fitness's middle and upper third franchised performance range. It is a small system with relatively strong disclosed revenue per unit.
Third. Anytime Fitness sits at $451,953 median AUV. Against Planet Fitness's bottom-third franchised median of $1,227,398, this represents a meaningfully different revenue profile despite both brands operating in the same broad "gym franchise" category.
Boutique Brands: No Item 19 Disclosure
Club Pilates, Orangetheory Fitness, F45 Training, Pure Barre, and StretchLab did not disclose median AUV in our extraction.
This does not mean these brands perform poorly. It means you cannot evaluate unit economics from the FDD alone.
If a brand does not disclose AUV, ask the franchisor directly and request written documentation. Verbal claims about typical studio earnings that do not appear in the FDD carry no legal weight.
Initial Investment Ranges (Item 7)
What it actually costs to open one location.
| Brand | Investment Low | Investment High |
|---|---|---|
| Planet Fitness | $1,504,600 | $5,158,500 |
| Club Pilates | $405,048 | $909,058 |
| Anytime Fitness | $397,516 | $973,121 |
| F45 Training | $349,200 | $786,100 |
| Pure Barre | $334,411 | $699,345 |
| StretchLab | $289,019 | $680,224 |
| Gold's Gym | Not extracted | Not extracted |
| Snap Fitness | Not extracted | Not extracted |
| Orangetheory Fitness | Not extracted | Not extracted |
Three patterns from the available data.
Planet Fitness requires substantially more capital. The high end of $5,158,500 is approximately 7.5 times higher than StretchLab's high end of $680,224.
Planet Fitness is not a small studio investment. It is a real estate commitment with a large build-out. The capital requirement changes the investor profile entirely.
Boutique brands cluster between $289K and $910K. Four boutique brands fall within a relatively tight range. StretchLab offers the lowest disclosed entry point. Club Pilates is the highest in the boutique group.
Within each brand, the range is wide. Anytime Fitness ranges from $397K to $973K, a 2.45x spread. Club Pilates ranges from $405K to $909K, a 2.24x spread.
The actual cost depends on location, build-out requirements, lease terms, and local labor. The high end is always the safer planning number.
Royalty Structures (Item 6)
Royalty structure determines how aligned the franchisor is with franchisee performance.
A percentage royalty means the franchisor earns more when you earn more. A flat fee means the franchisor earns the same whether you thrive or struggle.
Here is what each brand discloses.
| Brand | Type | Amount |
|---|---|---|
| Orangetheory Fitness | % of revenue | 8% |
| StretchLab | % of revenue | 8% |
| Pure Barre | % of gross sales | 7% |
| Planet Fitness | % of revenue | 7% |
| Snap Fitness | % of gross revenue (standard) | 6% |
| F45 Training | Hybrid | Greater of 7% or $2,500/month |
| Gold's Gym | Hybrid | Greater of 5% or $2,000/month |
| Club Pilates | % of revenue | Amount not extracted |
| Anytime Fitness | Flat fee | $799/month |
What This Data Reveals
Anytime Fitness is the only pure flat-fee model in this dataset.
At $799 per month, the franchisor collects the same amount whether a franchisee generates $200,000 or $900,000 in annual revenue.
The FDD notes the franchisor reserves the right to convert this fee to a percentage-based royalty on gross revenue with 30 days' notice. That conversion option is significant. It signals the current flat structure may not be permanent.
Snap Fitness runs a percentage model by default.
The standard royalty is 6 percent of gross revenue, which is an aligned structure. However, qualifying legacy franchisees (those renewing with over $220,000 in prior-year gross revenue) may elect a flat fee of $660 per month plus per-member fees.
The legacy flat option partly explains why Snap Fitness has a large reporting unit count but a low median AUV. Long-tenured franchisees operating under flat fees have less franchisor support incentive attached to their performance.
The hybrid minimums create floor-level pressure.
F45 charges the greater of 7 percent or $2,500 per month. A franchisee only benefits from the percentage model once their gross sales exceed approximately $35,700 per month, or roughly $428,000 annually.
Below that threshold, the flat minimum applies and the franchisor earns more than 7 percent of the franchisee's revenue.
Gold's Gym applies the same logic at a slightly lower floor: greater of 5 percent or $2,000 per month.
One important note on the royalty correlation.
Orangetheory charges 8 percent and is still contracting from its peak. This tells us that percentage royalties do not guarantee franchisee success. They create better alignment, not guaranteed outcomes.
Royalty structure is one variable among many. It is worth understanding, but it does not replace a full review of unit economics, closure rates, and market conditions.
Special Notes: Closures, Litigation, and Inactive Units
This is the section most investors skip. It is the section that matters most.
Litigation Disclosures
Club Pilates, Pure Barre, and StretchLab all disclose litigation involving Zaltsman Claimants, related to alleged material misrepresentations and franchise agreement rescission.
All three brands operate under the Xponential Fitness umbrella. The presence of similar litigation across multiple sister brands under the same parent company is a pattern, not an isolated incident.
If you are evaluating any Xponential brand, you are evaluating a franchisor that carries shared legal exposure across its portfolio. That requires a different level of legal due diligence than a standalone brand.
Planet Fitness discloses litigation regarding membership agreement terms, franchise termination and encroachment claims, and a settlement with the New York Attorney General related to alleged deceptive practices.
Snap Fitness discloses a Chapter 11 bankruptcy filing by GGI Holdings LLC, related to one of the brand's officers.
Closure and Exit Disclosures
Gold's Gym discloses multiple franchise owners who ceased operations, were terminated prior to opening, or did not renew.
Orangetheory Fitness discloses multiple studios that ceased operations, were non-renewed, or transferred.
F45 Training discloses multiple franchise terminations by the franchisor and non-renewals.
None of these disclosures quantify total dollar impact. They confirm that franchisee exits are occurring and that the franchisor is aware of and disclosing them.
Inactive Unit Definitions
Club Pilates, Pure Barre, and StretchLab (all Xponential brands) share an identical inactive unit standard:
A studio is deemed no longer operating if it has no sales for nine consecutive months.
This has a practical implication for investors reading Item 20.
A unit can be open on paper, counted in the system total, and generating zero revenue for nearly a year before it is classified as closed. The net unit numbers in Item 20 may not capture the full scope of underperforming locations at any given point in time.
When evaluating any Xponential brand, asking for active unit counts versus total unit counts is a material question.
What This Means for Investors
The 9-FDD analysis narrows to these core findings.
Growth is real but concentrated. Planet Fitness, Club Pilates, and StretchLab are the only brands in this dataset showing clear, consistent unit expansion. Every other brand is flat, declining, or showing mixed signals.
Unit economics are mostly hidden. Six of nine brands do not disclose median AUV. Among the three that do, the revenue range is extreme: from $152,664 (Snap Fitness) to $1,769,166 (Planet Fitness middle third). You cannot evaluate a fitness franchise investment without this number.
Investment requirements vary by 7x. Planet Fitness and a boutique studio are not comparable investments. They require different capital, different real estate strategies, and different operator profiles.
Royalty alignment is almost universal, with one exception. Eight of nine brands charge either a percentage or a hybrid. Anytime Fitness is the only pure flat-fee model. The flat structure removes direct financial incentive for the franchisor to support franchisee revenue growth.
Xponential brands carry shared legal exposure. Club Pilates, Pure Barre, and StretchLab all disclose the same litigation pattern. Their strong unit growth exists alongside ongoing legal proceedings. Both facts belong in your analysis.
What to Verify Before Signing Any Fitness Franchise
Based on this FDD review, any serious investor should confirm these points in writing before committing to a fitness franchise:
One. Median AUV and bottom-quartile AUV for franchised units. Not corporate locations. Not system-wide blends. Franchisee-specific.
Two. Three-year net unit change, including the number of closures, not just net growth. Net numbers can hide high turnover.
Three. Active unit count versus total unit count, particularly for any brand using a nine-month inactive standard.
Four. Royalty type and whether any minimum applies. Understand the floor before you model break-even.
Five. Outstanding litigation status and whether any Xponential proceedings have been resolved or expanded since the FDD was issued.
If a franchisor cannot or will not provide written answers to these questions, that response is itself informative.
Final Takeaway
The fitness franchise industry in 2026 is not a single market.
It is a collection of individual brand stories that look very different once you open the FDD.
Planet Fitness is consistently expanding. Snap Fitness is consistently contracting. Club Pilates and StretchLab are growing rapidly, under a parent company managing active litigation. Orangetheory and F45 grew, peaked, and are now pulling back.
The brand name does not determine the outcome. The unit economics, royalty structure, investment requirements, and closure patterns do.
All of that is in the FDD. Most investors never read it.
Compare Fitness Franchises Using Real FDD Data
Marketing pages are not sources of truth. Neither are industry reports that do not disclose their methodology.
Franchimp extracts the data that actually matters from FDDs across hundreds of franchise brands and lets you compare unit growth, closures, royalty structures, and investment ranges side by side.
No projections. No rankings paid for by franchisors. Just what is disclosed.