Xponential Fitness Inc (NYSE: XPOF) is a boutique fitness franchisor that licenses and supports a portfolio of five branded studio concepts spanning Pilates, barre, stretching, yoga, and functional training. Revenue comes primarily from franchise fees, royalties, equipment sales, merchandise, and marketing fund contributions collected from franchisees. As of December 31, 2025, XPOF operated 2,529 studios across five brands in the United States, with franchise, master franchise, and international expansion agreements in 49 U.S. states, Puerto Rico, and 28 additional countries. Its brands include Club Pilates (the largest Pilates brand in the United States), Pure Barre (the largest barre brand), YogaSix (the largest franchised yoga brand), StretchLab, and BFT. Total net revenue was $314.9 million for FY2025, with franchise revenue of $192.6 million, equipment revenue of $35.0 million, merchandise revenue of $23.9 million, franchise marketing fund revenue of $36.5 million, and other service revenue of $26.8 million. The model is asset-light, with franchisees responsible for studio build-out and operations.

Revenue model

Franchise royalties and fees are the primary revenue source ($192.6 million, FY2025), supplemented by equipment sales to franchisees ($35.0 million), merchandise revenue ($23.9 million), franchise marketing fund revenue ($36.5 million), and other service revenue ($26.8 million). Franchisees pay an initial license fee and ongoing royalties; XPOF also sells equipment packages as part of the studio setup process.

Products and services

Five franchised boutique fitness studio brands as of December 31, 2025: Club Pilates (Pilates), Pure Barre (barre), YogaSix (yoga), StretchLab (one-on-one and group stretching), and BFT (functional training and strength). CycleBar (indoor cycling) and Rumble (boxing) were divested in July 2025; Lindora (medically guided wellness clinics) was divested in September 2025. XPOF also provides franchisees with the Xponential Playbook, centralized technology systems, site selection guidance, and shared services.

Customers and end markets

Primary customers are franchisees and master franchisees who pay license fees and royalties to operate branded studios. End consumers are boutique fitness members across a broad range of ages, fitness levels, and demographics, served at studios positioned at accessible price points. Weighted average initial franchisee investment was approximately $554,000 in FY2025.

Value-chain role

Franchisor and brand licensor. XPOF sits upstream of studio operations, providing brand rights, operational systems, training, site approval, equipment sourcing, and marketing infrastructure. Franchisees own and operate individual studios. XPOF does not own studio real estate.

Geographic exposure

Primarily United States, with 2,529 operating studios across five brands in the U.S. as of December 31, 2025. International presence through master franchise agreements covering 28 additional countries and Puerto Rico, also as of December 31, 2025.

Source: SEC 10-K, filed 2026-03-04

Industry: Services-Miscellaneous Amusement & Recreation Peers: Lucky Strike Entertainment Corp CEDAR FAIR L P Drive Shack Inc. F45 Training Holdings Inc. Vail Resorts Inc Hall of Fame Resort & Entertainment Co Life Time Group Holdings, Inc RCI Hospitality Holdings Inc Six Flags Entertainment Corp/OLD United Parks & Resorts Inc