There is no single formula for becoming one of the world’s largest fitness businesses. The 2026 HFA Global 25 makes that especially clear. As reported in the recently released 2026 HFA Global Report, the list of the top 25 revenue earners over the last year reflects the strength of the global industry and the varied business models that can lead to success.

High-value, low-price (HVLP) operators continue to dominate membership counts. Premium and lifestyle clubs are growing alongside them. Franchises are crossing borders with increasingly capital-light models, while other operators are putting billions into company-owned networks. Across the industry, geographic expansion and strategic acquisitions were recurring themes in 2025.

At the top, scale is getting bigger. Life Time led the industry in revenue for the second consecutive year, generating nearly $3 billion. Planet Fitness reached a record 20.8 million members. Basic-Fit grew to 2,151 clubs and 5.8 million members. Smart Fit finished the year with more than 2,000 locations and 5.2 million members.

But some of the more revealing stories are found in how companies are reaching that scale. Consider three operators that took very different paths through 2025: