Planet Fitness' (PLNT) Q2 results came in slightly ahead of Street expectations and management largely reiterated its 2026 outlook, but the company faces a notable deceleration in second-half same-store sales growth and uncertainty around upcoming marketing and pricing initiatives, RBC Capital Markets said.

The full-year same-store-sales guidance implies roughly flat growth in H2, though management does not expect SSS to be negative in either quarter. While largely aligned with consensus, this implies notable deceleration, with rate driving more than 100% of the comp, pointing to continued declines in same-store membership, according to the note Thursday.

The company is testing a $10 per month promotion in Q3 to understand the regional impact of lower prices. The promotion is not a limited-time rate and existing members could cancel their $15 membership and get the $10 membership indefinitely, which could be a headwind to rate, the brokerage said.

RBC lowered its Q3 and Q4 revenue estimates by 60 basis points and 70 basis points and trimmed its same-store-sales growth guidance by 34 basis points and 60 basis points. It left its full-year revenue estimate unchanged following the Q2 beat.

RBC kept an outperform rating on Planet Fitness and lowered its price target to $65 from $70.

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