Xponential Fitness (XPOF)
Market Price (8/11/2026): $4.8 | Market Cap: $201.7 MilSector: Consumer Discretionary | Industry: Leisure Facilities
Xponential Fitness (XPOF)
Market Price (8/11/2026): $4.8Market Cap: $201.7 MilSector: Consumer DiscretionaryIndustry: Leisure Facilities
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Megatrend and thematic driversMegatrends include Health & Wellness Trends, and Experience Economy & Premiumization. Themes include Boutique Fitness Services, and Experiential Retail. | Weak multi-year price returns2Y Excs Rtn is -113%, 3Y Excs Rtn is -148% | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 245% Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -9.0%, Rev Chg QQuarterly Revenue Change % is -13% Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -2.0%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -3.3% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -23% Significant short interestShort Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 16.83, Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 21% Key risksXPOF key risks include [1] ongoing government probes and class-action lawsuits over alleged misrepresentation of franchisee metrics, Show more. |
| Megatrend and thematic driversMegatrends include Health & Wellness Trends, and Experience Economy & Premiumization. Themes include Boutique Fitness Services, and Experiential Retail. |
| Weak multi-year price returns2Y Excs Rtn is -113%, 3Y Excs Rtn is -148% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 245% |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -9.0%, Rev Chg QQuarterly Revenue Change % is -13% |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -2.0%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -3.3% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -23% |
| Significant short interestShort Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 16.83, Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 21% |
| Key risksXPOF key risks include [1] ongoing government probes and class-action lawsuits over alleged misrepresentation of franchisee metrics, Show more. |
Qualitative Assessment
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Xponential Fitness (XPOF) stock has lost about 25% since 4/30/2026 because of the following key factors:
1. Xponential Fitness reported a significant miss in its fiscal Q2 2026 earnings per share (EPS) and a decline in revenue.
For the fiscal second quarter ended June 30, 2026, the company reported an adjusted EPS of $0.02, missing the consensus estimate of $0.13 by $0.11, representing an earnings surprise of -77.78%. Total revenue for the quarter decreased by 13% year-over-year to $66.0 million, primarily due to fewer equipment installations and lower merchandise revenue following a transition to an outsourced logistics arrangement.
2. The company experienced a notable weakening in North America same-store sales performance during fiscal Q2 2026.
North America same-store sales declined by 6.8% in the fiscal second quarter ended June 30, 2026, a significant reversal from the 2.4% growth observed in the prior-year period. This decline included a 5% drop in same-store sales for Club Pilates, Xponential's largest brand, indicating broader weakness in studio-level demand.
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Xponential Fitness (XPOF) stock has lost about 25% since 4/30/2026 because of the following key factors:
1. Xponential Fitness reported a significant miss in its fiscal Q2 2026 earnings per share (EPS) and a decline in revenue.
For the fiscal second quarter ended June 30, 2026, the company reported an adjusted EPS of $0.02, missing the consensus estimate of $0.13 by $0.11, representing an earnings surprise of -77.78%. Total revenue for the quarter decreased by 13% year-over-year to $66.0 million, primarily due to fewer equipment installations and lower merchandise revenue following a transition to an outsourced logistics arrangement.
2. The company experienced a notable weakening in North America same-store sales performance during fiscal Q2 2026.
North America same-store sales declined by 6.8% in the fiscal second quarter ended June 30, 2026, a significant reversal from the 2.4% growth observed in the prior-year period. This decline included a 5% drop in same-store sales for Club Pilates, Xponential's largest brand, indicating broader weakness in studio-level demand.
3. Xponential Fitness issued a downward revision to its full-year 2026 financial guidance.
Following the disappointing fiscal Q2 2026 results, the company lowered its outlook for the full year. The revised guidance for total 2026 revenue is now between $250 million and $260 million, down from the previous range of $260 million to $270 million. Additionally, the forecast for adjusted EBITDA was reduced to a range of $91 million to $97 million, from the prior expectation of $100 million to $110 million. The company also trimmed its projected net new studio openings for 2026 to approximately 150, a 25% decrease, from a previous range of 150 to 170.
4. Ongoing legal settlements have pressured the company's financial position.
Xponential Fitness has incurred substantial legal costs, having reached three settlements totaling over $43 million in the current year. These include a $17 million settlement with the FTC, a $22.75 million payout to franchisees, and a $3.9 million agreement related to allegations in New York, which have exerted pressure on the company's cash flow.
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Stock Movement Drivers
Fundamental Drivers
The -24.5% change in XPOF stock from 4/30/2026 to 8/10/2026 was primarily driven by a -16.2% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 4302026 | 8102026 | Change |
|---|---|---|---|
| Stock Price ($) | 6.58 | 4.97 | -24.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 315 | 288 | -8.4% |
| P/S Multiple | 0.7 | 0.7 | -1.6% |
| Shares Outstanding (Mil) | 35 | 42 | -16.2% |
| Cumulative Contribution | -24.5% |
Market Drivers
4/30/2026 to 8/10/2026| Return | Correlation | |
|---|---|---|
| XPOF | -24.5% | |
| Market (SPY) | 7.6% | 5.6% |
| Sector (XLY) | 1.1% | 22.6% |
Fundamental Drivers
The -37.4% change in XPOF stock from 1/31/2026 to 8/10/2026 was primarily driven by a -18.1% change in the company's P/S Multiple.| (LTM values as of) | 1312026 | 8102026 | Change |
|---|---|---|---|
| Stock Price ($) | 7.94 | 4.97 | -37.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 315 | 288 | -8.5% |
| P/S Multiple | 0.9 | 0.7 | -18.1% |
| Shares Outstanding (Mil) | 35 | 42 | -16.5% |
| Cumulative Contribution | -37.4% |
Market Drivers
1/31/2026 to 8/10/2026| Return | Correlation | |
|---|---|---|
| XPOF | -37.4% | |
| Market (SPY) | 12.0% | 14.8% |
| Sector (XLY) | -1.0% | 18.5% |
Fundamental Drivers
The -52.5% change in XPOF stock from 7/31/2025 to 8/10/2026 was primarily driven by a -35.2% change in the company's P/S Multiple.| (LTM values as of) | 7312025 | 8102026 | Change |
|---|---|---|---|
| Stock Price ($) | 10.46 | 4.97 | -52.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 318 | 288 | -9.2% |
| P/S Multiple | 1.1 | 0.7 | -35.2% |
| Shares Outstanding (Mil) | 34 | 42 | -19.3% |
| Cumulative Contribution | -52.5% |
Market Drivers
7/31/2025 to 8/10/2026| Return | Correlation | |
|---|---|---|
| XPOF | -52.5% | |
| Market (SPY) | 23.3% | 17.1% |
| Sector (XLY) | 8.7% | 22.0% |
Fundamental Drivers
The -76.5% change in XPOF stock from 7/31/2023 to 8/10/2026 was primarily driven by a -70.6% change in the company's P/S Multiple.| (LTM values as of) | 7312023 | 8102026 | Change |
|---|---|---|---|
| Stock Price ($) | 21.12 | 4.97 | -76.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 264 | 288 | 9.5% |
| P/S Multiple | 2.5 | 0.7 | -70.6% |
| Shares Outstanding (Mil) | 31 | 42 | -26.8% |
| Cumulative Contribution | -76.5% |
Market Drivers
7/31/2023 to 8/10/2026| Return | Correlation | |
|---|---|---|
| XPOF | -76.5% | |
| Market (SPY) | 74.8% | 22.7% |
| Sector (XLY) | 40.9% | 26.3% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| XPOF Return | 67% | 12% | -44% | 4% | -39% | -39% | -59% |
| Peers Return | -13% | -35% | 14% | 25% | -11% | -9% | -34% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 13% | 107% |
Monthly Win Rates [3] | |||||||
| XPOF Win Rate | 67% | 58% | 42% | 33% | 42% | 38% | |
| Peers Win Rate | 38% | 38% | 54% | 56% | 44% | 38% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| XPOF Max Drawdown | - | -55% | -73% | -49% | -70% | -53% | |
| Peers Max Drawdown | -41% | -53% | -47% | -39% | -40% | -44% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: PLNT, LTH, PTON, LULU.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 8/10/2026 (YTD)
How Low Can It Go
| Event | XPOF | S&P 500 |
|---|---|---|
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -19.1% | -7.8% |
| % Gain to Breakeven | 23.6% | 8.5% |
| Time to Breakeven | 93 days | 18 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -43.5% | -24.5% |
| % Gain to Breakeven | 77.0% | 32.4% |
| Time to Breakeven | 145 days | 427 days |
In The Past
Xponential Fitness's stock fell -19.1% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 23.6% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
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| Event | XPOF | S&P 500 |
|---|---|---|
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -43.5% | -24.5% |
| % Gain to Breakeven | 77.0% | 32.4% |
| Time to Breakeven | 145 days | 427 days |
In The Past
Xponential Fitness's stock fell -19.1% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 23.6% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Xponential Fitness (XPOF)
Xponential Fitness (XPOF) is a premier franchisor specializing in the fast-growing boutique fitness industry. The company develops and acquires distinct fitness and wellness concepts, which it then franchises to independent operators globally. This business model allows Xponential Fitness to expand its market presence and reach without directly owning and operating all studio locations, focusing instead on brand development, support, and a scalable growth strategy for its franchisees.
The core of Xponential's offering lies in its diverse portfolio of specialized fitness and wellness brands, each catering to specific workout preferences and health goals. These services encompass a wide range of popular modalities, including Pilates (Club Pilates), barre (Pure Barre), indoor cycling (CycleBar), stretching (StretchLab), rowing (Row House), yoga (YogaSix), boxing (Rumble), dance fitness (AKT), running (Stride), and functional training (BFT). This extensive variety ensures a comprehensive selection of high-quality, specialized workout experiences available through its franchised studios.
Xponential Fitness serves a dual customer base: primarily its network of franchisees who invest in and operate the individual fitness studios, and ultimately, the millions of consumers globally seeking specialized, instructor-led fitness and wellness services. With a significant presence in the United States and a growing international footprint, the company targets individuals looking for premium, focused fitness experiences outside of traditional gyms, leveraging its robust network of franchised studios to deliver these services.
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Here are 1-3 brief analogies for Xponential Fitness (XPOF):
- Yum! Brands for boutique fitness studios.
- Marriott or Hilton for fitness studios.
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- Pilates: A low-impact exercise method focused on core strength, flexibility, and overall body conditioning.
- Barre: A full-body workout inspired by ballet, yoga, and Pilates, emphasizing small, isometric movements.
- Cycling: High-energy indoor cycling classes designed for cardiovascular fitness and endurance.
- Stretching: Assisted stretching services focused on improving flexibility, mobility, and reducing muscle stiffness.
- Rowing: Full-body, low-impact cardio workouts using rowing machines to build strength and endurance.
- Yoga: Various styles of yoga practices promoting physical and mental well-being through postures, breathing, and meditation.
- Boxing: High-intensity boxing-inspired fitness workouts combining cardio, strength, and boxing techniques.
- Dancing: Dance-based cardio fitness classes incorporating various dance styles for a fun, full-body workout.
- Running: Treadmill-based group fitness classes focusing on speed, endurance, and interval training.
- Functional Training: High-intensity interval training (HIIT) and strength training focused on movements that mimic everyday activities.
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Xponential Fitness (XPOF) sells primarily to other companies, specifically its franchisees. These franchisees are independent business owners or investment groups that acquire licenses to operate Xponential Fitness's branded studios (such as Club Pilates, Pure Barre, CycleBar, StretchLab, Row House, YogaSix, Rumble, AKT, Stride, and BFT). Since these franchisees are numerous (1,556 as of December 31, 2021) and are typically not publicly traded companies, it is not possible to list their individual names or symbols.
Instead, Xponential Fitness's franchisee customer base can be broadly categorized into the following types:
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Individual Owner-Operators: These are entrepreneurs or small business owners who purchase the rights to open and operate a single Xponential Fitness studio under one of its brands. They are often directly involved in the day-to-day management and operations of their studio, leveraging the established brand and operational model provided by Xponential Fitness.
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Multi-Unit Developers/Investors: This category includes individuals or investment groups that acquire rights to open and operate multiple Xponential Fitness studios, often within a specific geographic territory. These franchisees focus on scaling their investment and frequently employ general managers and staff to oversee the operations of their various locations, acting more as strategic investors rather than daily operators.
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Mike Nuzzo - Chief Executive Officer
Mike Nuzzo was appointed Chief Executive Officer of Xponential Fitness in August 2025. He brings over 25 years of leadership experience in the retail and consumer services industry. Previously, Mr. Nuzzo served as CEO at Eyemart Express, where he led the business to exceptional revenue growth and its successful acquisition by VSP Vision in January 2025. Prior to that, he spent seven years at Petco as Chief Financial Officer and later Chief Operating Officer, playing a pivotal role in Petco's 2016 sale transaction and its 2021 initial public offering. He also held senior leadership roles at 4moms, General Nutrition Centers (GNC), and Abercrombie & Fitch.
Robert Julian - Interim Chief Financial Officer (effective March 16, 2026)
Robert Julian is set to become Xponential Fitness's interim Chief Financial Officer effective March 16, 2026. He brings over 30 years of financial leadership experience. Mr. Julian's prior roles include serving as Chief Financial Officer at companies such as TheRealReal, Inc., Callaway Golf, and Sportsman's Warehouse.
Sarah Luna - President
Sarah Luna has served as President of Xponential Fitness since January 2021. She started her career as a professional dancer and Pilates instructor, later creating her own Pilates business and becoming a Jazzercise franchisee. Before her current role, she was the National Sales Director and then Senior Vice President of Operations for Club Pilates, where she developed the sales process now used across all Xponential brands. She also served as President of Pure Barre, leading a nationwide studio refresh and system conversion.
Tim Weiderhoft - Chief Operating Officer
Tim Weiderhoft was appointed Chief Operating Officer of Xponential Fitness in January 2025. His experience includes serving as Chief Operating Officer and Vice President of Franchising for Central Bark USA from 2022 to 2025, and Chief Executive Officer at Wow Wow Hawaiian Lemonade from 2019 to 2022. Prior to that, he spent over five years at Massage Envy, progressing from Director of Field Operations to Vice President of Franchise Development.
Gavin O'Connor - Chief Legal & Administrative Officer
Gavin O'Connor has served as Chief Legal Counsel and Administrative Officer of Xponential Fitness since November 2025. Previously, Mr. O'Connor held executive roles at European Wax Center, Inc., including Chief Administrative Officer, Chief Human Resources Officer, and General Counsel and Corporate Secretary.
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- Government Investigations and Litigation/Settlements: Xponential Fitness has been subject to ongoing government investigations by entities such as the FTC, the U.S. Attorney's Office for the Central District of California, and the SEC, related to allegations of misleading franchisees regarding studio profitability and other business practices. The company has recently agreed to pay $17 million to resolve an FTC investigation and finalized a $22.75 million settlement with over 500 current and former franchisees, indicating serious deficiencies in financial transparency and compliance. These legal and regulatory challenges have led to significant financial payouts, executive turnover, and a substantial drop in stock price.
- Financial Performance and Debt Concerns: The company has experienced bottom-line volatility, reporting a larger-than-expected loss in Q4 2025 and projecting a 16% revenue decline in 2026, which poses significant risks to its financial stability. Xponential Fitness has also seen rising net debt, which ballooned from $98.7 million in 2022 to $314.4 million in 2024, leading to higher interest expenses. A term loan refinancing is due in May 2026, presenting a potential near-term liquidity risk. There is also a notable disconnect between growing system-wide sales and declining corporate revenue.
- Franchisee Health and Operational Challenges: Xponential Fitness's growth outlook is pressured by slowing net studio openings, elevated studio closures, and declining same-store sales, particularly in key brands like StretchLab and Club Pilates. The company faces an increasingly competitive landscape and challenges in member acquisition, which has led to increased marketing investments to stabilize its brands. Maintaining franchisee profitability is crucial for the company's growth story and continued net studio openings.
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Xponential Fitness (symbol: XPOF) operates within the growing boutique fitness industry, offering a diverse range of specialized fitness and wellness services. The addressable markets for its main products and services are substantial, encompassing several key segments within the global and U.S. fitness landscape.
Overall Boutique Fitness Market
The global boutique fitness studio market was valued at approximately USD 40.1 billion in 2024 and is projected to reach around USD 80.4 billion by 2034, growing at a Compound Annual Growth Rate (CAGR) of 7.2% during the forecast period from 2025 to 2034. North America holds a dominant share in this market. In the U.S., boutique fitness revenue exceeded USD 22.1 billion in 2022 and is projected to grow to USD 26.2 billion in 2025, potentially reaching over USD 30 billion by 2030.
Specific Product/Service Market Sizes:
- Pilates & Yoga: The global Pilates & yoga studios market size was valued at USD 120.9 billion in 2024 and is projected to reach USD 520.6 billion by 2035, growing at a CAGR of 14.3% from 2025 to 2035. The U.S. Pilates & yoga studios market was valued at approximately USD 45.5 billion in 2025. The global yoga market size alone was USD 63.82 billion in 2025 and is projected to grow to USD 119.69 billion by 2034.
- Barre: The global Barre Studio market size reached USD 1.42 billion in 2024 and is projected to expand at a CAGR of 8.1% from 2025 to 2033, reaching USD 2.77 billion by 2033. North America led the Barre Studio market with USD 720 million in 2024, representing approximately 50% of global revenues.
- Cycling: Market size data for specialized cycling fitness services is generally embedded within the broader boutique fitness market rather than being a standalone reported figure.
- Stretching: The global commercial stretching machine market size was approximately USD 750 million in 2023 and is expected to reach around USD 1.5 billion by 2032, growing at a CAGR of 7.5%. The global stretching equipment market size was USD 1.94 billion in 2024 and is set to reach USD 3.33 billion by 2033.
- Rowing: The global rowers market is expected to expand from USD 1.43 billion in 2025 to approximately USD 2.27 billion by 2034, progressing at a CAGR of 4.7%. North America leads this market with a 35% share. Another report estimates the global rowing machines market at USD 1.15 billion in 2024, projected to reach USD 1.72 billion by 2030, growing at a CAGR of 6.3%.
- Boxing: The global boxing fitness studio market size reached USD 1.82 billion in 2024 and is expected to grow to USD 3.58 billion by 2033, with a CAGR of 7.8%. The boxing club market, which includes fitness and training facilities, was valued at approximately USD 4.1 billion in 2024 and is anticipated to reach around USD 7.2 billion by 2033 globally. North America holds the largest share of the boxing club market, at approximately 40%.
- Dancing: The global Dance Market is valued at USD 3.22 billion in 2025 and is anticipated to grow to USD 12.23 billion by 2033, expanding at a CAGR of 15.98% from 2025 to 2033. Approximately 42 million Americans engaged in dance activities in 2023. The global online dance training market was approximately USD 2.9 billion in 2025 and is forecasted to surge to USD 17.96 billion by 2035.
- Running: Specific market size data for specialized running fitness services (like running studios) was not directly available but is generally considered part of the broader boutique fitness or general fitness market.
- Functional Training: The global functional fitness market size was valued at USD 17 billion in 2025 and is projected to expand to USD 28 billion by 2033, with a CAGR of 7.0%. The global functional training equipment market is poised to reach USD 9.355 billion by 2033, exhibiting a CAGR of 5.3% from 2025 to 2033. North America holds the largest market share for functional training equipment.
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Xponential Fitness (NYSE: XPOF) is expected to drive future revenue growth over the next 2-3 years through several key initiatives:
- International Expansion: The company views international markets as a significant growth opportunity, with plans to expand its portfolio of brands globally through a master franchise strategy. Initiatives include bringing Pure Barre, Club Pilates, and Rumble Boxing to Mexico and Japan, and YogaSix to Germany and Japan. Xponential's CEO has expressed a goal to eventually have as many studios operating internationally as domestically.
- Net New Studio Openings: While the projected net new studio openings for 2026 are a decrease compared to prior years, the expansion of the studio footprint remains a fundamental revenue driver for the franchisor. A significant portion of these new openings is expected to come from Club Pilates, which is highlighted as a primary growth driver among its brands. The company aims for 150-170 global net new studio openings in 2026.
- Same-Store Sales Growth and Enhanced Member Acquisition: Xponential Fitness is focusing on improving same-store sales by investing in member acquisition strategies and digital platforms. This includes efforts to address past marketing and lead management missteps, particularly for brands like Club Pilates. Improved performance marketing, more brand content, and new member trial offers are being implemented to drive traffic and increase average unit volumes (AUVs).
- Improved Franchisee Experience and Support: Under new leadership, Xponential is prioritizing the franchisee experience, which is expected to foster long-term growth. This involves revamping the franchisee recruiting process to attract qualified partners and implementing operational playbooks to simplify studio opening and operation, aiming to ensure more profitable studios. Stronger franchisee performance directly contributes to sustained royalty revenue and overall system-wide sales.
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Share Repurchases
- Xponential Fitness repurchased 85,340 shares of its Convertible Preferred Stock in January 2023, which would have been convertible into 5.9 million shares of Class A common stock. This was funded with $130.0 million in incremental term loans and available cash.
- In August 2023, the company announced a $50 million share buyback program, funded by borrowing from an existing lender.
- In December 2025, Xponential Fitness repurchased all outstanding Series A and Series A-1 Convertible Preferred Stock for approximately $127.0 million in cash plus $1.4 million in accrued dividends, eliminating preferred stock convertible into approximately 8.2 million shares of common stock. This repurchase was funded by a new $525 million term loan.
Share Issuance
- Xponential Fitness completed its initial public offering (IPO) in July 2021, pricing 10,000,000 shares of Class A common stock at $12.00 per share, raising $120 million.
- For the fiscal year ended December 31, 2025, proceeds from the issuance of common stock related to stock-based compensation plans amounted to $193,000.
- For the fiscal year ended December 31, 2024, proceeds from the issuance of common stock related to stock-based compensation plans were $210,000.
Outbound Investments
- In October 2021, Xponential Fitness acquired BFT, a functional training and strength-based program.
- The company's acquisition of Rumble occurred prior to the first quarter of 2022, with related contingent consideration expenses noted in Q1 2023 earnings.
Capital Expenditures
- Xponential Fitness anticipated capital expenditures of approximately $10 million to $12 million for the full year 2023.
- In Q4 2025, the company invested $511K in capital expenditures.
- For the full year 2026, anticipated capital expenditures are approximately $6 million-$10 million, with a primary focus on data transformation initiatives, website and mobile applications, learning management systems, and general technology investments.
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| Xponential Fitness Earnings Notes | 12/16/2025 | |
| Can Xponential Fitness Stock Hold Up When Markets Turn? | 10/17/2025 |
| Title | |
|---|---|
| ARTICLES |
Research & Analysis
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 42.46 |
| Mkt Cap | 3.8 |
| Rev LTM | 2,446 |
| Op Inc LTM | 436 |
| FCF LTM | 262 |
| FCF 3Y Avg | 205 |
| CFO LTM | 434 |
| CFO 3Y Avg | 376 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 4.2% |
| Rev Chg 3Y Avg | 9.8% |
| Rev Chg Q | 4.3% |
| QoQ Delta Rev Chg LTM | 0.9% |
| Op Inc Chg LTM | 38.5% |
| Op Inc Chg 3Y Avg | 19.5% |
| Op Mgn LTM | 17.3% |
| Op Mgn 3Y Avg | 14.3% |
| QoQ Delta Op Mgn LTM | 0.8% |
| CFO/Rev LTM | 17.3% |
| CFO/Rev 3Y Avg | 20.1% |
| FCF/Rev LTM | 11.4% |
| FCF/Rev 3Y Avg | 8.4% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Franchise business of its health and wellness brands | 315 | 320 | 318 | 243 | |
| Equipment revenue | 23 | ||||
| Franchise marketing fund revenue | 14 | ||||
| Franchise revenue | 74 | ||||
| Merchandise revenue | 20 | ||||
| Other service revenue | 24 | ||||
| Total | 315 | 320 | 318 | 243 | 155 |
| $ Mil | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|
| Franchise business of its health and wellness brands | -54 | -99 | -6 | -1 |
| Total | -54 | -99 | -6 | -1 |
Price Behavior
| Market Price | $4.97 | |
| Market Cap ($ Bil) | 0.2 | |
| First Trading Date | 07/23/2021 | |
| Distance from 52W High | -45.6% | |
| 50 Days | 200 Days | |
| DMA Price | $6.51 | $6.82 |
| DMA Trend | down | up |
| Distance from DMA | -23.7% | -27.1% |
| 3M | 1YR | |
| Volatility | 68.0% | 76.3% |
| Downside Capture | 83.71 | 207.85 |
| Upside Capture | 49.36 | 119.66 |
| Correlation (SPY) | 10.1% | 16.4% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -0.49 | 0.43 | 0.46 | 1.10 | 1.13 | 1.29 |
| Up Beta | -4.72 | 0.10 | 1.06 | 0.34 | 0.56 | 0.87 |
| Down Beta | -1.11 | -0.24 | -0.13 | 0.04 | 0.60 | 1.21 |
| Up Capture | 46% | 144% | 35% | 172% | 121% | 158% |
| Bmk +ve Days | 11 | 22 | 35 | 67 | 138 | 427 |
| Stock +ve Days | 10 | 23 | 33 | 63 | 121 | 361 |
| Down Capture | 138% | 23% | 53% | 178% | 154% | 111% |
| Bmk -ve Days | 11 | 21 | 28 | 59 | 114 | 326 |
| Stock -ve Days | 12 | 20 | 29 | 61 | 123 | 378 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with XPOF | |
|---|---|---|---|---|
| XPOF | -48.5% | 80.5% | -0.39 | - |
| Sector ETF (XLY) | 7.8% | 19.4% | 0.26 | 21.9% |
| Equity (SPY) | 23.4% | 12.8% | 1.37 | 16.5% |
| Gold (GLD) | 28.7% | 28.4% | 0.88 | -6.3% |
| Commodities (DBC) | 37.2% | 20.1% | 1.46 | -18.4% |
| Real Estate (VNQ) | 12.4% | 13.8% | 0.60 | 13.7% |
| Bitcoin (BTCUSD) | -44.9% | 43.0% | -1.27 | 19.1% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with XPOF | |
|---|---|---|---|---|
| XPOF | -19.5% | 79.9% | 0.10 | - |
| Sector ETF (XLY) | 6.6% | 24.0% | 0.23 | 32.0% |
| Equity (SPY) | 13.5% | 17.2% | 0.61 | 30.2% |
| Gold (GLD) | 18.9% | 18.6% | 0.83 | 2.6% |
| Commodities (DBC) | 9.2% | 19.6% | 0.36 | 3.9% |
| Real Estate (VNQ) | 2.1% | 18.9% | 0.01 | 23.9% |
| Bitcoin (BTCUSD) | 10.6% | 52.9% | 0.39 | 16.6% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with XPOF | |
|---|---|---|---|---|
| XPOF | -10.7% | 79.7% | 0.09 | - |
| Sector ETF (XLY) | 12.5% | 22.2% | 0.52 | 32.0% |
| Equity (SPY) | 15.4% | 17.9% | 0.73 | 30.2% |
| Gold (GLD) | 12.1% | 16.2% | 0.61 | 2.6% |
| Commodities (DBC) | 7.7% | 18.1% | 0.34 | 3.9% |
| Real Estate (VNQ) | 4.6% | 20.7% | 0.18 | 23.9% |
| Bitcoin (BTCUSD) | 58.3% | 66.2% | 0.98 | 16.5% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 8/11/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/6/2026 | -20.9% | ||
| 5/7/2026 | -14.4% | -21.9% | -15.7% |
| 3/10/2026 | 5.1% | -0.5% | 32.1% |
| 11/6/2025 | 1.6% | 0.8% | 27.0% |
| 8/7/2025 | -26.4% | -12.7% | -9.8% |
| 5/8/2025 | -6.4% | 0.6% | 7.5% |
| 3/13/2025 | -38.4% | -28.1% | -39.4% |
| 11/7/2024 | 29.1% | 18.5% | 21.7% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 9 | 10 | 13 |
| # Negative | 15 | 13 | 10 |
| Median Positive | 16.1% | 12.5% | 15.7% |
| Median Negative | -6.7% | -9.0% | -16.7% |
| Max Positive | 39.4% | 37.2% | 60.6% |
| Max Negative | -38.4% | -28.1% | -39.4% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/6/2026 | -20.9% | ||
| 5/7/2026 | -14.4% | -21.9% | -15.7% |
| 3/10/2026 | 5.1% | -0.5% | 32.1% |
| 11/6/2025 | 1.6% | 0.8% | 27.0% |
| 8/7/2025 | -26.4% | -12.7% | -9.8% |
| 5/8/2025 | -6.4% | 0.6% | 7.5% |
| 3/13/2025 | -38.4% | -28.1% | -39.4% |
| 11/7/2024 | 29.1% | 18.5% | 21.7% |
| 8/1/2024 | -22.9% | -15.5% | -24.1% |
| 5/2/2024 | -14.1% | -7.9% | -31.4% |
| 2/29/2024 | 39.4% | 37.2% | 60.6% |
| 1/8/2024 | -1.4% | 5.2% | -5.2% |
| 11/7/2023 | -6.7% | -9.5% | -18.7% |
| 8/3/2023 | -4.9% | 5.4% | 8.0% |
| 5/4/2023 | -4.4% | -7.4% | -17.7% |
| 3/2/2023 | 16.1% | 13.7% | 20.4% |
| 1/9/2023 | 6.3% | -0.4% | 12.8% |
| 11/10/2022 | 4.3% | 11.4% | 10.4% |
| 8/11/2022 | 18.5% | 19.2% | 22.7% |
| 5/12/2022 | -13.6% | -1.0% | -11.2% |
| 3/3/2022 | -4.6% | -2.3% | 15.5% |
| 1/11/2022 | -1.6% | -19.6% | 15.7% |
| 11/12/2021 | 20.8% | 15.5% | 2.6% |
| 8/24/2021 | -4.0% | -9.0% | -2.8% |
| SUMMARY STATS | |||
| # Positive | 9 | 10 | 13 |
| # Negative | 15 | 13 | 10 |
| Median Positive | 16.1% | 12.5% | 15.7% |
| Median Negative | -6.7% | -9.0% | -16.7% |
| Max Positive | 39.4% | 37.2% | 60.6% |
| Max Negative | -38.4% | -28.1% | -39.4% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/07/2026 | 10-Q |
| 03/31/2026 | 05/08/2026 | 10-Q |
| 12/31/2025 | 03/04/2026 | 10-K |
| 09/30/2025 | 11/10/2025 | 10-Q |
| 06/30/2025 | 08/08/2025 | 10-Q |
| 03/31/2025 | 05/09/2025 | 10-Q |
| 12/31/2024 | 03/14/2025 | 10-K |
| 09/30/2024 | 11/12/2024 | 10-Q |
| 06/30/2024 | 08/05/2024 | 10-Q |
| 03/31/2024 | 05/06/2024 | 10-Q |
| 12/31/2023 | 03/04/2024 | 10-K |
| 09/30/2023 | 11/08/2023 | 10-Q |
| 06/30/2023 | 08/07/2023 | 10-Q |
| 03/31/2023 | 05/05/2023 | 10-Q |
| 12/31/2022 | 03/06/2023 | 10-K |
| 09/30/2022 | 11/10/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/07/2026 | 10-Q |
| 03/31/2026 | 05/08/2026 | 10-Q |
| 12/31/2025 | 03/04/2026 | 10-K |
| 09/30/2025 | 11/10/2025 | 10-Q |
| 06/30/2025 | 08/08/2025 | 10-Q |
| 03/31/2025 | 05/09/2025 | 10-Q |
| 12/31/2024 | 03/14/2025 | 10-K |
| 09/30/2024 | 11/12/2024 | 10-Q |
| 06/30/2024 | 08/05/2024 | 10-Q |
| 03/31/2024 | 05/06/2024 | 10-Q |
| 12/31/2023 | 03/04/2024 | 10-K |
| 09/30/2023 | 11/08/2023 | 10-Q |
| 06/30/2023 | 08/07/2023 | 10-Q |
| 03/31/2023 | 05/05/2023 | 10-Q |
| 12/31/2022 | 03/06/2023 | 10-K |
| 09/30/2022 | 11/10/2022 | 10-Q |
| 06/30/2022 | 08/12/2022 | 10-Q |
| 03/31/2022 | 05/13/2022 | 10-Q |
| 12/31/2021 | 03/07/2022 | 10-K |
| 09/30/2021 | 11/12/2021 | 10-Q |
| 06/30/2021 | 08/25/2021 | 10-Q |
| 03/31/2021 | 07/26/2021 | 424B4 |
Recent Forward Guidance
Updated 8/7/2026Latest: Q2 2026 Earnings Reported 8/6/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Net new studio openings | 150 | -6.2% | Lowered | Guidance: 160 for 2026 | |||
| 2026 North America system-wide sales | 1.70 Bil | 1.73 Bil | 1.75 Bil | -2.0% | Lowered | Guidance: 1.76 Bil for 2026 | |
| 2026 Revenue | 250.00 Mil | 255.00 Mil | 260.00 Mil | -3.8% | Lowered | Guidance: 265.00 Mil for 2026 | |
| 2026 Adjusted EBITDA | 91.00 Mil | 94.00 Mil | 97.00 Mil | -10.5% | Lowered | Guidance: 105.00 Mil for 2026 | |
Prior: Q3 2025 Earnings Reported 11/6/2025
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2025 Net new studio openings | 170 | 180 | 190 | 0 | Affirmed | Guidance: 180 for 2025 | |
| 2025 North America system-wide sales | 1.73 Bil | 1.74 Bil | 1.75 Bil | -2.8% | Lowered | Guidance: 1.79 Bil for 2025 | |
| 2025 Revenue | 300.00 Mil | 305.00 Mil | 310.00 Mil | 0 | Affirmed | Guidance: 305.00 Mil for 2025 | |
| 2025 Adjusted EBITDA | 106.00 Mil | 108.50 Mil | 111.00 Mil | 0 | Affirmed | Guidance: 108.50 Mil for 2025 | |
Insider Activity
Updated 7/6/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Voss, Capital, LP | By: Voss Value Master Fund, L.P. | Buy | 5212026 | 5.50 | 24,147 | 132,784 | 5,082,913 | Form | |
| 2 | Voss, Capital, LP | By: Voss Value-Oriented Special Situations Fund, L.P. | Buy | 5212026 | 5.50 | 5,002 | 27,506 | 1,013,598 | Form | |
| 3 | Voss, Capital, LP | By: Voss Value Master Fund, L.P. | Buy | 5212026 | 4.70 | 141,534 | 665,685 | 4,233,900 | Form | |
| 4 | Voss, Capital, LP | By: Voss Value-Oriented Special Situations Fund, L.P. | Buy | 5212026 | 4.70 | 29,322 | 137,912 | 843,416 | Form | |
| 5 | Haase, Bruce N | Direct | Buy | 8122025 | 7.67 | 70,000 | 536,690 | 735,549 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Voss, Capital, LP | By: Voss Value Master Fund, L.P. | Buy | 5212026 | 5.50 | 24,147 | 132,784 | 5,082,913 | Form | |
| 2 | Voss, Capital, LP | By: Voss Value-Oriented Special Situations Fund, L.P. | Buy | 5212026 | 5.50 | 5,002 | 27,506 | 1,013,598 | Form | |
| 3 | Voss, Capital, LP | By: Voss Value Master Fund, L.P. | Buy | 5212026 | 4.70 | 141,534 | 665,685 | 4,233,900 | Form | |
| 4 | Voss, Capital, LP | By: Voss Value-Oriented Special Situations Fund, L.P. | Buy | 5212026 | 4.70 | 29,322 | 137,912 | 843,416 | Form | |
| 5 | Haase, Bruce N | Direct | Buy | 8122025 | 7.67 | 70,000 | 536,690 | 735,549 | Form |
Investor Activity (13F)
Updated Aug 11, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager |
|---|
Industry Resources
| Consumer Discretionary Resources |
| Retail Dive |
| Business of Fashion (BoF) |
| WWD (Women's Wear Daily) |
| National Retail Federation (NRF) |
| McKinsey & Company - Consumer |
| Mintel Consumer Trends |
| Leisure Facilities Resources |
| Blooloop |
| Attractions Management |
| IAAPA |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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