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May 2026 results for the six-studio Orangetheory® Fitness portfolio — organized by accountability. Revenue is shared by both teams; every controllable cost is assigned to the Fitness team or the Sales & Ops team; the rest is fixed, franchisor, or corporate spend outside team control.
The whole month on one page, split by accountability: revenue (shared by both teams), Fitness controllable cost, Sales & Ops controllable cost, and the fixed, franchisor and corporate spend outside team control — shown two ways: year-over-year across May 2024–2026, and month-over-month for May vs April 2026.
| Accountability | YoY | % of Rev | MoM | ||||
|---|---|---|---|---|---|---|---|
| May 2024 | May 2025¹ | May 2026 | Apr 2026 | MoM Δ | MoM % | ||
| Revenue | $500,787 | $451,516¹ | $461,882 | 100% | $441,117 | +$20,765 | +4.7% |
| Fitness — controllable cost | — | — | $81,849 | 17.7% | $80,095 | +$1,754 | +2.2% |
| Sales & Ops — controllable cost | — | — | $118,800 | 25.7% | $111,026 | +$7,774 | +7.0% |
| Other expenses outside team control | — | — | $198,749 | 43.0% | $203,695 | −$4,946 | −2.4% |
| EBITDA (result) | — | — | $62,485 | 13.5% | $46,301 | +$16,184 | +34.9% |
The lighter, ruled-off block on the right is the month-over-month view (May vs April 2026, both clean TuCo months); the left block is the same-month comparison by year. May 2026 carries the full accountability split, share of revenue, and the four rows foot to EBITDA. May 2024 (prior owner) and ¹May 2025 (which spans the May 21, 2025 acquisition close, combining HeartZone May 1–21 + TuCo May 22–31) show revenue only — their cost and EBITDA detail isn’t directly comparable to TuCo’s current operating structure and is reserved for the CEO view.
Revenue rose +4.7% month-over-month and EBITDA +34.9%. Across the two-year May view, both teams’ controllable costs are in line with or below 2024 — Sales & Ops is down 12.5% and Fitness is roughly flat — while revenue sits 7.8% below 2024. The EBITDA step-down is revenue-led, not cost-led, so rebuilding the active base is the shared priority for both teams.
The top line is the one number both teams answer for together. It grew — but the quality of the growth is the issue.
| Revenue line | May 2026 | Apr 2026 | MoM Δ | % of total |
|---|---|---|---|---|
| Recurring membership | $419,657 | $420,015 | −$358 | 90.9% |
| Premier | $334,538 | $336,873 | −$2,336 | 72.4% |
| Elite | $73,628 | $73,168 | +$460 | 15.9% |
| Basic | $11,492 | $9,974 | +$1,518 | 2.5% |
| Retail (HRMs, food, apparel) | $13,369 | $13,574 | −$205 | 2.9% |
| Other — event fees | $21,735 | $5,183 | +$16,552 | 4.7% |
| Other — late cancel / no-show | $11,606 | $11,686 | −$80 | 2.5% |
| Drop-in & package | $6,576 | $6,027 | +$549 | 1.4% |
| Returns, discounts, chargebacks | −$4,572 | −$8,054 | +$3,482 | −1.0% |
| Total revenue | $461,882 | $441,117 | +$20,765 | 100% |
Almost the entire $20,765 increase is event fees (+$16,552) and a smaller returns/discounts drag (+$3,482) — together +$20,034. Recurring dues actually slipped −$358 and Premier, the largest tier, fell −$2,336. The top line grew on one-time activity, not membership.
| Studio | Revenue | Members | MoM Δ | YoY | Rec. joins | Rev / mbr |
|---|---|---|---|---|---|---|
| Holladay | $92,979 | 726 | −20 | −1 | 19 | $134.8 |
| South Jordan | $87,046 | 651 | +18 | +30 | 35 | $135.9 |
| Cottonwood Heights | $80,650 | 608 | −11 | +25 | 23 | $132.0 |
| Herriman | $71,202 | 524 | +6 | +25 | 26 | $136.9 |
| Draper | $70,970 | 537 | −15 | −1 | 17 | $133.5 |
| Sandy | $59,035 | 425 | −4 | −18 | 13 | $136.3 |
| Portfolio | $461,882 | 3,471 | −26 | +60 | 133 | $134.9 |
Revenue from the consolidated P&L. Member counts, net change, year-over-year and recurring joins from the Monthly KPI / Orange Cup dashboards, May 2026.
Net member change was −26; only South Jordan (+18) and Herriman (+6) grew. Most of May’s revenue gain was one-time event fees, so rebuilding net member growth is the shared priority for both teams.
Coach labor and the equipment that keeps the floor running. This is the cost base the Fitness team is accountable for directly.
| Controllable line — by P&L group | May 2026 | Apr 2026 | MoM Δ |
|---|---|---|---|
| Payroll — Trainer & Head Coach | |||
| Direct Labor — Trainer | $70,290 | $67,975 | +$2,315 |
| Direct Labor — Trainer Commission | $982 | $643 | +$340 |
| Head Coach Salaries | $4,432 | $3,368 | +$1,064 |
| Head Coach Commission | $80 | $40 | +$40 |
| Head Coach Bonus | $0 | $2,000 | −$2,000 |
| Subtotal — Payroll | $75,785 | $74,026 | +$1,759 |
| General Operating — Equipment | |||
| Equipment Repairs & Maintenance | $5,941 | $6,070 | −$128 |
| Fitness Equipment | $123 | $0 | +$123 |
| Subtotal — Equipment | $6,064 | $6,070 | −$6 |
| Total — Fitness controllable cost | $81,849 | $80,095 | +$1,754 |
Grouped by P&L line group. Payroll covers trainer and head-coach compensation (COGS – Labor); Equipment covers the two fitness-equipment lines (General Operating). Trainer/coach bonus lines were $0 in May; the $2,315 rise in trainer labor is largely offset by the head-coach bonus dropping out (−$2,000).
| Studio | Revenue | Fitness cost | % of rev | MoM Δ | Studio EBITDA | Status |
|---|---|---|---|---|---|---|
| Herriman | $71,202 | $10,173 | 14.3% | −$235 | $7,809 | Green |
| Holladay | $92,979 | $14,003 | 15.1% | −$2,041 | $21,968 | Green |
| Cottonwood Heights | $80,650 | $13,942 | 17.3% | +$1,048 | $9,362 | Green |
| South Jordan | $87,046 | $15,126 | 17.4% | −$1,220 | $17,147 | Green |
| Draper | $70,970 | $14,238 | 20.1% | +$88 | $9,038 | Watch |
| Sandy | $59,035 | $14,366 | 24.3% | +$4,115 | −$2,840 | Red |
| Portfolio | $461,882 | $81,849 | 17.7% | +$1,754 | $62,485 | Green |
Fitness cost = the in-scope lines above, by studio. Ordered by cost as a share of revenue. Studio EBITDA from the consolidated P&L.
Fitness — controllable costs are 17.7% of revenue, down 0.4 pp, with five of six studios between 14% and 20%. Sandy is the studio to watch: controllable cost rose +$4,115 to 24.3% of revenue (the heaviest load on the smallest revenue base), driven by trainer labor and an equipment R&M spike. Holladay and South Jordan reduced cost month-over-month.
The largest controllable base: front-desk and management labor, the facility, retail inventory, local marketing, and supplies. This is where the month’s cost pressure sat.
| Controllable line — by P&L group | May 2026 | Apr 2026 | MoM Δ |
|---|---|---|---|
| Payroll — Sales/Reception & Management | |||
| Sales/Reception Salaries | $25,746 | $25,180 | +$566 |
| Sales/Reception Bonus | $350 | $0 | +$350 |
| Sales/Reception Commission | $1,492 | $1,743 | −$251 |
| Management Salaries | $31,763 | $29,523 | +$2,240 |
| Management Bonus | $3,800 | $7,275 | −$3,475 |
| Management Commission | $1,298 | $1,340 | −$42 |
| Subtotal — Payroll | $64,448 | $65,060 | −$612 |
| Facilities | |||
| Facility Repairs & Maintenance | $7,910 | $2,523 | +$5,387 |
| Cleaning Expense | $7,631 | $7,500 | +$131 |
| Subtotal — Facilities | $15,541 | $10,023 | +$5,518 |
| Cost of Goods — Retail | |||
| Retail Product Costs (all) | $14,116 | $14,804 | −$687 |
| Subtotal — Retail | $14,116 | $14,804 | −$687 |
| Sales & Marketing — Local Store Marketing | |||
| Digital Marketing | $4,654 | $2,901 | +$1,752 |
| Agency Fees | $3,510 | $3,017 | +$493 |
| Shows (local events) | $2,853 | $1,423 | +$1,430 |
| Promotional Items | $2,089 | $3,059 | −$970 |
| Promotional Printing | $814 | $334 | +$480 |
| Partnership Marketing | $546 | $1,180 | −$634 |
| Local Store Marketing — Other | $507 | $0 | +$507 |
| Direct Marketing | $78 | $120 | −$42 |
| Co-op Marketing | $0 | −$862 | +$862 |
| Subtotal — Local Marketing | $15,052 | $11,171 | +$3,881 |
| General Operating | |||
| Operating Supplies | $8,037 | $6,435 | +$1,602 |
| Computer & Software | $966 | $1,628 | −$662 |
| Office Supplies | $330 | $949 | −$619 |
| Subtotal — General Operating | $9,333 | $9,013 | +$320 |
| Personnel | |||
| Meals & Incentives | $309 | $956 | −$647 |
| Subtotal — Personnel | $309 | $956 | −$647 |
| Total — Sales & Ops controllable cost | $118,800 | $111,026 | +$7,774 |
Grouped by P&L line group, with the Local Store Marketing subaccounts shown in full. The two biggest increases — Facilities (the SoJo HVAC job via Gunthers, ~$1,235 + $363 plan) and Local Marketing (digital and local-event Shows) — are partly intentional; the management-bonus drop (−$3,475) is the largest offset, and Operating Supplies rose on a Cottonwood restock. Confirmed causes are sourced directly from the general ledger.
| Studio | Revenue | Ops cost | % of rev | MoM Δ | Members MoM | Studio EBITDA | Status |
|---|---|---|---|---|---|---|---|
| Holladay | $92,979 | $20,696 | 22.3% | +$1,003 | −20 | $21,968 | Green |
| South Jordan | $87,046 | $21,026 | 24.2% | −$2,122 | +18 | $17,147 | Green |
| Draper | $70,970 | $18,229 | 25.7% | +$2,134 | −15 | $9,038 | Watch |
| Herriman | $71,202 | $18,970 | 26.6% | −$746 | +6 | $7,809 | Watch |
| Cottonwood Heights | $80,650 | $22,773 | 28.2% | +$4,894 | −11 | $9,362 | Red |
| Sandy | $59,035 | $17,106 | 29.0% | +$2,610 | −4 | −$2,840 | Red |
| Portfolio | $461,882 | $118,800 | 25.7% | +$7,774 | −26 | $62,485 | Watch |
Ops cost = the in-scope lines above, by studio. Ordered by cost as a share of revenue. The point is the link between this spend and the member result the same studio produced.
Sales & Ops — controllable costs are 25.7% of revenue (+0.5 pp). Cottonwood is the studio to watch: cost rose +$4,894 to 28.2% of revenue while the studio lost 11 members — retail restock, supplies, marketing and bonuses all rose. South Jordan is a strong example: cost fell −$2,122 while it added +18 members and grew EBITDA +$9,061.
Shown for transparency, not for action. These lines are set by leases, the franchisor, statute, or the corporate office. They fell −$4,946 this month — the single biggest reason EBITDA rose.
| Cost group | May 2026 | Apr 2026 | MoM Δ | Set by |
|---|---|---|---|---|
| Occupancy (rent, CAM/tax, utilities, telecom, security) | $79,990 | $84,570 | −$4,580 | Leases — CAM & utilities lower |
| Statutory & benefits (payroll tax, WC, health, processing, allocation) | $26,760 | $31,385 | −$4,625 | Statute / corporate allocation |
| Franchisor (Royalty + National Marketing Fund) | $51,158 | $50,965 | +$193 | Fixed % of revenue — franchisor |
| Merchant fees | $12,233 | $14,113 | −$1,880 | Processor — tracks mix |
| Insurance — general liability | $5,381 | $1,767 | +$3,614 | Annual EPLI / D&O premium |
| Other corporate (software lease, prof. fees, licenses, music, dues) | $13,808 | $13,181 | +$627 | Contracts / corporate |
| TuCo Fit administrative — CEO travel + management fees | $9,611 | $7,912 | +$1,699 | CEO / management company |
| Less: other income (interest) | −$192 | −$198 | +$6 | — |
| Total outside team control | $198,749 | $203,695 | −$4,946 | 43.0% of revenue |
The May EBITDA jump is partly a fixed-cost story: salary allocation, CAM, utilities and merchant fees all eased while revenue rose. Confirmed by Finance: the insurance spike is the annual EPLI / D&O premium (~$4,234 booked in full, ~$706 per studio) and is one-time/periodic — set it aside when reading the run-rate.
The bottom of the P&L — how May’s EBITDA flows through D&A, interest and tax to net income. These lines sit below EBITDA and are not under team control.
| From EBITDA to net income | May 2026 | Note |
|---|---|---|
| EBITDA | $62,485 | 13.5% margin |
| Less: depreciation & amortization | −$22,705 | Non-cash |
| Operating income (EBIT) | $39,780 | — |
| Less: interest expense | −$24,114 | Bank $20,375 · seller note $3,739 |
| Less: local tax | −$3,986 | — |
| Net income | $11,680 | 2.5% of revenue |
The P&L completion below EBITDA — depreciation & amortization, interest expense, and local tax, from the consolidated P&L. None of these lines is under team control.
Revenue and EBITDA both rose in May. Controllable costs by owner: Fitness — controllable costs at 17.7% of revenue, with Sandy the studio to watch; Sales & Ops — controllable costs at 25.7%, with Cottonwood the studio to tighten and South Jordan a strong example to learn from. Both teams share the same goal next period — rebuilding net member growth.