Orangetheory Fitness Item 19: $808K median across 1,256 studios in the 12 months ending Dec 31 2024. What the median tells you, year-one ramp, and how it compares to F45 and other boutique fitness.
Quick answer: Orangetheory’s Item 19 reports a $808K median across 1,256 franchised studios — the largest publicly franchised boutique-fitness sample, disclosed without a tenure filter. The median is below what many buyers expect given the brand’s high-investment positioning. The category has been under sustained pricing and membership-growth pressure since 2022, which compresses AUVs across the entire boutique-fitness peer set.
Orangetheory’s most recent Item 19:
| Metric | Value |
|---|---|
| Sample size | 1,256 franchised studios |
| Sample criteria | All franchised studios (no tenure filter) |
| Reporting period | 12 months ending December 31, 2024 |
| Median annual gross sales | $807,976 |
| Total system units | 1,283 |
| Total investment (Item 7) | $821,622 - $1,377,160 |
| Royalty rate | 8% of gross sales |
The 1,256-studio sample is the largest publicly franchised boutique-fitness Item 19 disclosure available. Reporting period is calendar year 2024 (essentially), with no tenure filter — meaning the disclosure includes recent openings alongside mature studios. That methodology is more conservative than the alternative of restricting the sample to “studios open 24+ months,” which would inflate the disclosed median by excluding ramp-stage units.
A $808K median AUV against $1.1M of investment (midpoint) produces a ratio of roughly 0.7×. By historical franchise standards, ratios under 1× are tight — categories like Wingstop produce 3×, Dunkin’ runs 1.5×+, and most healthy boutique businesses target ratios above 1.5×.
The reason Orangetheory’s ratio sits where it does is structural to the boutique-fitness category, not a brand-specific weakness. Three factors compress the ratio:
High buildout intensity. Orangetheory’s studio format requires treadmills, water rowers, free-weight floor space, and the proprietary heart-rate monitoring system. The build-out is heavier than most boutique-fitness concepts (F45 uses simpler equipment; Pilates and yoga concepts run lower equipment costs). High build-out cost compresses the ratio’s denominator side.
Membership pricing has plateaued. Boutique fitness membership pricing peaked in 2019-2021 at $130-$200/month and has been under pressure since. The post-COVID market introduced new low-cost competitors (high-tier Planet Fitness, Crunch Signature, lower-cost boutique alternatives) that anchored consumer pricing expectations. AUV per member has held; total membership per studio has been the constrained variable.
Slow ramp dynamics. A new Orangetheory takes 18-24 months to build its membership base. During that ramp, revenue tracks materially below the steady-state. The Item 19’s no-tenure-filter methodology means recent openings are dragging the median.
For a buyer, the implication is that Orangetheory’s unit economics work — but they require operator discipline, working capital depth, and the ability to operate at meaningful scale (often 2-3 studios under one owner to amortize management costs). It’s no longer a single-unit gold mine the way the brand’s early-2010s positioning suggested.
| Brand | Sample | Median AUV | Investment | AUV/Investment |
|---|---|---|---|---|
| Orangetheory | 1,256 | $808K | $822K-$1.38M | 0.7× |
| F45 Training | 699 | $407K | $349K-$786K | 0.7× |
| Burn Boot Camp | smaller | $500K-$900K range | $250K-$500K | 1.5× |
| Anytime Fitness | larger | $400K-$600K | $200K-$500K | 1.7× |
| Planet Fitness | n/a Item 19 | n/a | $1M-$4M+ | n/a |
| Club Pilates | larger | $500K-$800K | $200K-$500K | 2× |
Orangetheory and F45 sit at the high-investment, lower-ratio end of the category. Anytime Fitness and Club Pilates produce stronger ratios at lower absolute revenue. Burn Boot Camp (covered in our Burn Boot Camp franchise cost deep dive) sits in between with a women-focused positioning and on-site childcare differentiator.
For a buyer, brand selection within the category should be driven by operator fit and capital availability more than AUV alone. Multi-unit operators with $1M+ of equity can make Orangetheory work; single-unit first-time buyers usually find better fit in the lower-investment, higher-ratio brands.
A new Orangetheory studio in months 1-12 typically generates:
That’s 60-75% of the system median. Year two typically lands in the $700K-$850K range as membership reaches steady-state. Year three and beyond is when most studios hit or exceed the median.
The working capital implication is significant. A studio at $500K of year-one revenue against $400K-$500K of fixed annual cost (rent, base management, royalty, ad fund, equipment leases) has very thin operating cash flow. Working capital reserves of $200K-$300K above Item 7 are commonly required to bridge to steady-state. See franchise working capital math for the bottom-up calculation.
For broader category context, see our F45 vs Orangetheory comparison and best boutique fitness franchises (which covers lower-investment alternatives). For brand-specific cost detail, see the live Orangetheory franchise page.
Orangetheory's most recent Item 19 reports a $807,976 median annual gross sales across 1,256 franchised studios for the 12-month period ending December 31, 2024. The disclosure covers all franchised studios with no tenure filter.
Orangetheory's $808K median is actually higher than F45's reported $407K median in the most recent disclosures. The expectation gap comes from Orangetheory's higher investment range ($822K-$1.38M vs F45's $349K-$786K), which doesn't translate proportionately to higher AUV. The category has been under pricing and membership-growth pressure since 2022, compressing AUVs across boutique-fitness.
At the median, no. $808K of AUV against $1.1M of investment (midpoint) produces a ratio of about 0.7× — below the 1× threshold that historically defined attractive franchise unit economics. The brand still produces meaningful operating cash flow at the median, but the ratio is structurally tight compared to QSR categories like Wingstop (3×) or Dunkin' (1.5×+).
Year-one new-studio revenue typically lands at 60-75% of the median — roughly $485K-$605K — as membership builds. Membership-model fitness ramps over 18-24 months. The Item 19 covers all studios including ramp-stage units, so the disclosed median already includes some of this drag.
Item 7 reports a total initial investment range of $821,622 to $1,377,160. The franchise fee is typically $60,000. Royalty is 8% of gross sales; ad fund contribution is 2%. The build-out is heavier than most boutique fitness because of the treadmill, water rower, and proprietary heart-rate monitor infrastructure.
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