Profit analysis · gym business models
For the first time since the 1970s, small gyms are more profitable than big ones.
Owner profit as % of revenue (median). 1:1 personal training has overtaken every other model. The report calls this the first historic shift since Nautilus.
This is a historic inversion. For fifty years, bigger meant better in fitness. Scale was the moat. That's over. The most profitable gym in 2025 is the smallest — because intimacy, not equipment, is the new product.
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