Xponential Fitness Reports Flat Q4 Revenue of $83M with 4.5% Studio Closures
Xponential Fitness ended Q4 with 3,097 global studios after opening 78 new locations and closing 47, bringing 2025 closures to 140 (4.5% of studios). Q4 revenue held at $83M while net loss narrowed to $45.6M and adjusted EBITDA fell 26% to $22.9M.
1. Q4 and Full-Year Financial Performance
The company posted Q4 revenue of $83.0 million, flat year over year, and full-year 2025 revenue of $314.9 million, down 2%. Q4 net loss narrowed to $45.6 million (vs. $62.5 million) while adjusted EBITDA declined 26% to $22.9 million, reflecting higher marketing fund expenses and lower sponsorship income.
2. Studio Openings and Closures
Xponential opened 78 gross new studios in Q4 (51 North America, 27 international) and 341 in 2025, for 201 net new locations. It closed 47 studios in Q4 and 140 over the full year (approximately 4.5% of the footprint), including 16 cruise-ship sites, with management expecting closure rates to settle in the low-to-mid single digits.
3. Brand-Level Growth Drivers
Club Pilates led growth with the opening of its 1,414th studio, 220 gross new sites and 78% of total licenses sold in 2025, driving system-wide sales to $1.75 billion. Other brands saw mixed performance: StretchLab and BFT experienced AUV declines, Pure Barre achieved a 3% AUV gain, and YogaSix trends were provided in Q&A.
4. 2026 Guidance and Balance Sheet Actions
For 2026 the company targets $260–$270 million in revenue and $100–$110 million in adjusted EBITDA while prioritizing member acquisition, digital conversion tools, a 35-person field team and studio upgrades. It secured a $525 million term loan (plus a $25 million revolver) and proposed a $17 million FTC settlement to strengthen liquidity.