Planet Fitness cut guidance, canceled Black Card hikes — stock's worst day ever

On May 7, 2026, Planet Fitness shares plunged more than 30% — the stock's worst day ever — after the gym chain cut its full-year outlook and canceled a planned national Black Card price increase. Revenue had actually grown 21.9% in the first fiscal quarter with same-club sales up 3.5%, but CEO Colleen Keating reported a 'slower than expected start from a net member growth perspective' in what is normally the company's peak sign-up period.

The cuts were deep: revenue growth guidance went to 7% from 9%, same-club sales to 1% from an expected 4–5%, and adjusted net income to a 2% decline from a projected 4–5% increase. On the analyst call, Keating listed four factors — marketing that failed to resonate, competition in some markets, bad weather, and macroeconomic pressure — and said the chain was making immediate adjustments to reach 'the fitness beginner and more casual gym-goer.'

The admission came with an unusual mea culpa: 'Looking at data from Q4 of last year and Q1 of this year, we saw that our messaging and targeting was successful in driving increased penetration with the fitness-minded consumer, yet we may have pivoted too far,' Keating said. The company said it remains confident in its long-term strategy, refocusing this year on member acquisition and affordability — and the Black Card price increase is now pending a broader pricing review.

Shares plunged more than 30% — the stock's worst day ever; full-year revenue growth outlook cut to 7% from 9%, same-club sales to 1% from 4–5%.

The chain's marketing had been tuned to the fitness-minded consumer, and management conceded it 'may have pivoted too far' away from the beginners and casual gym-goers who fill its peak season.

Four pressures compounded in the peak quarter: marketing that didn't resonate, competition in some markets, bad weather, and macroeconomic pressure on consumers.

The planned Black Card price increase collided with the slowdown; pausing it pending a pricing review was the response to weakening member growth.

A brand built on one customer loses them when it chases a flashier one: the message pivoted to the fitness-minded, and the beginners it was built for stayed away.

The company reaffirmed confidence in its long-term strategy and shifted this year's focus to member acquisition and affordability, with immediate marketing adjustments to broaden reach. The national Black Card price increase stayed on hold pending the broader pricing review.