Planet Fitness reported Q4 2024 results that demonstrate solid top-line growth and meaningful margin retention, but the balance sheet remains highly leveraged with negative equity. Revenue for the quarter rose to $340.45 million, up 19.4% year over year and 16.5% quarter over quarter, while gross profit reached $166.18 million and EBITDA stood at $134.61 million, yielding an EBITDA margin of roughly 39.5% and an operating margin of about 26.4%. Net income was $47.08 million with a 13.8% net margin, and earnings per share registered $0.56 on a diluted basis. Free cash flow was modest at $7.04 million, with operating cash flow of $49.13 million and capital expenditures of $42.09 million, implying continued capital discipline alongside ongoing network expansion.