Club Pilates Item 19: $969K median ($814K P25, $1.14M P75) across 849 Qualified Studios. What 'Qualified' means, how it differs from raw Item 19, and how Club Pilates compares to Orangetheory and F45.
Quick answer: Club Pilates’ Item 19 reports a $969K median across 849 Qualified Studios with an unusually tight cohort spread (P25 $814K, P75 $1.14M). The compressed range is part real (pilates studios have hard capacity ceilings that limit upside) and part methodological (the “Qualified Studios” filter excludes the lower tail). The AUV-to-investment ratio at the midpoint is ~1.35× — strong for boutique fitness — but the disclosed median is mature-studio performance, not year-one expectation. Year one typically lands at 50-70% of the Qualified median.
Club Pilates’ most recent Item 19:
| Metric | Value |
|---|---|
| Sample size | 849 Qualified Studios |
| Sample criteria | ”Qualified Studios” (tenure + operational filter) |
| Reporting period | Most recent fiscal year |
| Median annual revenue | $969,022 |
| P25 annual revenue | $814,100 |
| P75 annual revenue | $1,138,100 |
| P75/P25 ratio | 1.40 |
| Total system units | 1,029 |
| Total investment (Item 7) | $403,289 - $1,029,811 |
| Royalty rate | 8% of gross revenue |
| Ad fund | 2% |
Two things stand out in this disclosure:
The interaction between these two facts matters. The compressed spread isn’t pure system consistency — part of it is the filter excluding the lower tail. A raw all-studios Item 19 (which Club Pilates does not disclose) would show a wider spread and a lower median.
Franchisors disclose Item 19 with the methodology of their choice, provided the criteria are clearly stated. “Qualified Studios” is Club Pilates’ chosen filter, and the FDD itself defines what qualifies. The common pattern across boutique-fitness Item 19s with similar filters is some combination of:
For a buyer, the practical implication is that the disclosed median represents mature studios that were already operating successfully. It does not represent the expected outcome for a new studio in its first year. New-studio expectations should be derived from a separate year-one ramp analysis (covered below), not from the disclosed Qualified median.
This is methodologically defensible — it produces a cleaner steady-state signal — but it is also more flattering than a raw disclosure. The deal works at the Qualified median; the question is whether your ramp budget gets you there.
The 1.40× P75/P25 ratio isn’t all filter-driven. Pilates has structural reasons for revenue compression that membership-fitness peers like Orangetheory and F45 don’t share:
Hard capacity ceilings. A Club Pilates reformer studio has 12 reformer machines per class. Class capacity caps at 12 per slot. Studios run 50-65 classes per week typically. Maximum theoretical class attendance is therefore 600-780 per week — a number that’s structurally fixed by the physical reformer count. Demand can exceed this in strong trade areas, but revenue can’t.
Pricing band is narrow. Club Pilates pricing typically runs $159-$249/month depending on membership tier and market. Compare to Orangetheory’s $129-$229 range or F45’s $159-$249. The pricing band is comparable across the category, but Club Pilates’ membership-tier consistency (Foundation, Five, Ten, All Access) is more rigid than competitors that allow market-specific packaging.
Class-and-instructor model produces operational consistency. Pilates instruction is a higher-skilled labor input than HIIT-format fitness, and instructor scheduling discipline is tighter. A Club Pilates studio that runs the standard format produces revenue that varies primarily by membership count, not by hours of operation or class mix complexity. Operational consistency translates into revenue consistency.
For a buyer, the implication is that pilates franchise revenue is more predictable than most boutique-fitness peers, but the upside is capped. A Club Pilates owner-operator can underwrite confidently to a narrow band — they can’t dream their way to a $2M studio.
| Brand | Sample | Median AUV | Investment | AUV/Investment | P75/P25 |
|---|---|---|---|---|---|
| Club Pilates | 849 Qualified | $969K | $403K-$1.03M | 1.35× | 1.40 |
| Orangetheory | 1,256 | $808K | $822K-$1.38M | 0.7× | n/a |
| F45 Training | 699 | $407K | $349K-$786K | 0.7× | n/a |
| Solidcore | smaller | $800K-$1.2M (est.) | $400K-$700K | 1.7× | n/a |
| StretchLab | larger | $400K-$700K | $300K-$500K | 1.3× | n/a |
| Pure Barre | larger | $400K-$600K | $200K-$400K | 1.7× | n/a |
Club Pilates produces the highest absolute revenue in the pilates/reformer category at scale, and the ratio is stronger than the HIIT-format peers (Orangetheory, F45). Solidcore is competitive on ratio but smaller and tighter geographically. StretchLab and Pure Barre operate at lower revenue with smaller footprints.
For category context on the structural challenges in boutique fitness, see our Orangetheory Item 19 deep dive and F45 vs. Orangetheory comparison.
A new Club Pilates studio in months 1-12 typically generates:
That’s 50-70% of the Qualified median. Year two typically reaches the $700K-$900K range as the membership base matures and classes hit consistent fill rates. Year three is when most studios cross into the Qualified cohort and approach or exceed the disclosed median.
The working capital implication is meaningful. A studio at $550K of year-one revenue against $400K-$500K of fixed annual cost (rent, base management, royalty, ad fund, instructor base pay) has very thin operating cash flow. Working capital reserves of $100K-$200K above Item 7 are commonly required to bridge to steady-state. The reformer equipment is also a meaningful capital line — replacement and maintenance cadence should be budgeted from year one.
For broader category context, see our boutique fitness franchise breakdown and Item 19 average vs. median. For brand-specific cost detail, the live Club Pilates franchise page.
Club Pilates' most recent Item 19 reports a $969,022 median annual revenue across 849 Qualified Studios. P25 is $814,100 and P75 is $1,138,100. The sample uses a 'Qualified Studios' filter, meaning ramp-stage units are excluded — the disclosed median reflects mature performance, not new-studio expectations.
'Qualified Studios' is a tenure-and-eligibility filter the franchisor defines in the FDD — typically meaning studios that were open and operating for the full reporting period and met some operating criteria (often 12-24+ months of operation). It excludes recent openings still in membership ramp. The methodology produces a higher and more stable median than a raw all-studios disclosure, but it also means new buyers should not expect year-one performance to land at the disclosed median.
The P75/P25 ratio of 1.40 is unusually compressed for a 849-studio sample. Two factors likely explain it: (1) the 'Qualified Studios' filter excludes the lower tail of underperforming or ramp-stage units; (2) the pilates membership model is structurally consistent — studios have hard capacity ceilings (instructor count × class slots) that prevent extreme upside, and the membership pricing band is narrow vs. peer fitness concepts. The compressed cohort is a methodological feature plus a structural feature, not a coincidence.
At the midpoint, yes. $969K of Qualified median against $717K of investment (Item 7 midpoint) produces a ratio of roughly 1.35×. That's stronger than Orangetheory (0.7×) or F45 (0.7×) and reflects Club Pilates' lower-build studio format. Note: the ratio is calculated against Qualified (mature) revenue. Apply a 50-70% year-one factor for ramp-stage underwriting.
No. The Qualified median reflects mature studio performance. Year-one new-studio revenue typically lands at 50-70% of the Qualified median — roughly $485K-$680K — as the membership base builds. Pilates membership growth tracks faster than Orangetheory because the lower class capacity creates membership scarcity in good trade areas, but full ramp still takes 18-24 months.
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