Life Time Group Holdings, Inc. (LTH): Business Model Canvas [Apr-2026 Updated]

You're digging into the actual mechanics of Life Time Group Holdings, Inc. (LTH), and honestly, it's not just a gym; it's a sophisticated, high-margin real estate and experience play disguised as a premium athletic country club. After two decades analyzing these models, I see a clear engine: they've built a fortress around 891,000 total subscriptions by combining over 180 massive physical centers with a digital layer, all while generating significant operational cash flow-think $630.7 million in the first nine months of 2025. If you want to see exactly how this asset-light growth strategy, deep member retention, and premium pricing structure all fit together across the nine building blocks, look no further; the details below break down the whole operation.

Life Time Group Holdings, Inc. (LTH) - Canvas Business Model: Key Partnerships

When you look at Life Time Group Holdings, Inc.'s (LTH) strategy for growth and capital efficiency, you see a clear reliance on strong, structured external relationships. These aren't just casual vendor agreements; they are fundamental to funding the next wave of athletic country clubs and managing the balance sheet.

The partnership with real estate developers and financial institutions is particularly critical, as it fuels the physical expansion pipeline. You know that building these massive, amenity-rich locations requires significant upfront capital, and LTH uses a sophisticated approach to recycle that capital. The recent closing on a $150 million sale-leaseback transaction involving three properties in June 2025 is a prime example of this in action. This single event contributed $138.8 million in net proceeds to free cash flow in the second quarter of 2025 alone. To be fair, this strategy does increase lease obligations, but the immediate cash injection supports the development pipeline.

The financial community's confidence in this model is evident in the credit rating improvements. Following the June 2025 transaction, S&P Global Ratings upgraded LTH's issuer credit rating to 'BB-' from 'B+', which immediately improved the credit facility margin by 25 basis points effective June 19, 2025. This, combined with an interest rate swap executed in April 2025, brought the effective interest rate on the term loan facility down to 5.659%. The company's net debt leverage ratio stood at 1.8 times as of June 30, 2025, showing a strong commitment to financial health alongside growth. LTH has signaled intentions to execute a minimum of $100 million in additional sale-leasebacks over the remainder of 2025.

Here's a quick look at the financial impact of these real estate and debt partnerships as of mid-2025:

Partnership Type	Metric	Value / Amount (2025 Data)
Financial Institutions (Sale-Leaseback)	Gross Proceeds from June 2025 Transaction	$150 million
Financial Institutions (Sale-Leaseback)	Planned Additional Proceeds for Remainder of 2025	Minimum of $100 million
Financial Institutions (Debt Management)	Effective Term Loan Interest Rate	5.659%
Credit Rating Agencies (S&P/Fitch)	Credit Facility Margin Improvement	25 basis points
Internal Metric (Supported by Partnerships)	Net Debt Leverage Ratio (as of 6/30/2025)	1.8 times

The physical footprint itself is a key partnership outcome, with Life Time Group Holdings, Inc. operating more than 180 athletic country clubs across the United States and Canada. The company plans to open 12 to 14 new clubs in 2026, averaging nearly 100,000 square feet each.

When you consider the corporate wellness side, the partnerships with entities like UnitedHealth Group and various health insurance companies, including Blue Cross Blue Shield networks, focus on driving measurable health outcomes. The goal is to reduce healthcare spend for employers and members alike. The numbers here show the potential leverage of these relationships:

• Average percentage saved on medical bills for employees visiting Life Time 8+ days a month (proprietary study with Medica Insurance Group): 33.6%.
• Estimated percentage of chronic conditions preventable through lifestyle changes: 70% - 90%.
• Total annual US healthcare spending: $3.6 Trillion.
• LT Digital platform accounts as of Q2 2025: 2,300,000.

Regarding fitness equipment manufacturers like Technogym and Precor, while these relationships are essential for equipping the 180+ clubs and supporting new amenities like recovery suites, specific financial terms or contract values are not publicly disclosed in the latest filings. Still, the focus on new club design includes incorporating features like cold plunges, work lounges, and recovery spaces, which necessitates deep collaboration with specialized vendors.

Life Time Group Holdings, Inc. (LTH) - Canvas Business Model: Key Activities

You're looking at how Life Time Group Holdings, Inc. actually makes its operations tick, focusing on the core things they do every day to keep that premium model running. It's a mix of bricks-and-mortar scale, high-touch service, and digital innovation, so let's break down the numbers behind those activities.

Designing, building, and operating 180+ athletic country clubs.

Life Time Group Holdings, Inc. focuses on operating a portfolio of luxury athletic country clubs across the United States and Canada. As of the third quarter of 2025, the company reports operating more than 185 athletic country clubs. You saw them open four new centers in the second quarter of 2025, bringing the total to 184 locations as of June 30, 2025. They are planning for accelerated growth, targeting 12 to 14 new club openings in 2026. Interestingly, the average square footage for clubs opened in 2024 and 2025 was around 78,000 square feet, but the planned 2026 developments are expected to average nearly 100,000 square feet.

Here's a quick look at the scale of their physical footprint versus their digital reach as of late 2025 data:

Metric	Physical Footprint Data (2025)	Digital Scale Data (2025)
Total Locations/Accounts	185+ Athletic Country Clubs (Q3 2025)	2.3 million LT Digital Accounts (Q2 2025)
Membership Base	840,622 Center Memberships (Q3 2025)	1.7 million LT Digital Subscribers (April 2025)
Growth Rate Context	Center memberships grew 1.7% year-over-year as of Q3 2025	LT Digital accounts up 216% year-over-year (Q2 2025)

Delivering high-engagement Dynamic Personal Training.

The in-center offerings are a major driver, and Dynamic Personal Training is specifically called out as a key area of utilization. You can see this reflected in the average revenue per member. For the second quarter ended June 30, 2025, the average revenue per center membership hit $888, which was an increase of 11.8% compared to the prior year quarter. Revenue growth for the nine months ended September 30, 2025, was explicitly driven by higher member utilization of in-center offerings, particularly in Dynamic Personal Training. Also, the company's LTH nutritional supplement line saw revenue increase 31% versus the prior year quarter (Q2 2025).

Developing and maintaining the Life Time Digital and LASI AI platforms.

Life Time Group Holdings, Inc. is heavily investing in its digital ecosystem, which includes the Life Time Digital platform and the recently launched L.AI.C companion. As of the second quarter of 2025, Life Time Digital reached 2.3 million accounts, representing a 216% year-over-year increase. Back in April 2025, the platform already had 1.7 million subscribers, adding over 100,000 users monthly. The company launched L.AI.C, its AI-powered personal health companion, to both digital and center access members.

Producing and managing iconic athletic events.

Managing large-scale, high-profile athletic events is another core activity. Life Time Group Holdings, Inc. manages more than 30 of the most iconic athletic events in the country.

Executing asset-light growth via sale-leaseback transactions.

The asset-light strategy through property sales is crucial for funding growth while maintaining capital efficiency. In June 2025, Life Time closed on a sale-leaseback transaction involving three properties for approximately $150 million in gross proceeds. This transaction, combined with an interest rate swap executed on April 8, 2025, resulted in an effective interest rate on the term loan facility of 5.659%. The company explicitly stated plans to execute a minimum of $100 million in additional sale-leasebacks over the remainder of 2025. For the first nine months of 2025, Life Time Group Holdings, Inc. realized $172.7 million in net proceeds from sale-leaseback transactions involving four properties.

These transactions directly impact liquidity and debt management:

• Net cash provided by operating activities for the nine months ended September 30, 2025, was $630.7 million.
• The company achieved positive free cash flow for the fifth consecutive quarter as of Q2 2025.
• The net debt leverage ratio was reduced to 1.8 times as of June 30, 2025.
• The June 2025 sale-leaseback helped result in $175.5 million of cash and cash equivalents at the end of Q2 2025.

Finance: draft 13-week cash view by Friday.

Life Time Group Holdings, Inc. (LTH) - Canvas Business Model: Key Resources

You're looking at the core assets that power Life Time Group Holdings, Inc. (LTH) right now, late 2025. These aren't just line items; they are the physical and digital infrastructure, plus the human capital, driving their premium positioning.

The physical footprint is substantial. Life Time Group Holdings, Inc. operates a portfolio of large-scale athletic country clubs across the United States and Canada. As of the third quarter of 2025, the company reported operating 185 centers across the U.S. and Canada. This physical presence is the bedrock of their high-touch service model.

Complementing the physical locations is a growing digital ecosystem. The proprietary digital platform supports a significant user base. As of the third quarter of 2025 reporting, Life Time Digital accounts stood at 2.75 million non-club members, with expectations to surpass 3 million by early 2026.

Human capital is clearly a major resource, given the service-intensive nature of the business. Life Time Group Holdings, Inc. supports this ecosystem with over 49,000 team members and certified professionals as of October 2025.

Brand equity is another critical, though less tangible, resource. The premium 'athletic country club' positioning is validated by external recognition; for instance, Life Time Group Holdings, Inc. was named to the 2025 Fortune 100 Fastest-Growing Companies list.

Financially, the operational strength is evident in the cash generation. This strong cash flow from operations fuels ongoing investment and growth. Here's the quick math on the latest reported operational cash flow:

Metric	Value	Period End Date
Net cash provided by operating activities	$630.7 million	Nine months ended September 30, 2025
Total Revenue (Q3 2025)	$782.6 million	Three months ended September 30, 2025
Adjusted EBITDA (Q3 2025)	$220.0 million	Three months ended September 30, 2025

The operational cash flow figure of $630.7 million for the nine months ended September 30, 2025, represents a significant increase of 53.1% compared to the prior year period. This financial momentum supports the continued development pipeline.

You can see the key resource metrics laid out here:

• Portfolio size: 185 athletic country clubs as of Q3 2025.
• Digital accounts: 2.75 million Life Time Digital accounts as of Q3 2025.
• Team members: 49,000 team members as of October 2025.
• Operating Cash Flow (9M 2025): $630.7 million.
• Brand Recognition: Named to the 2025 Fortune 100 Fastest-Growing Companies list.

If the pace of new club openings slows, the digital segment's growth becomes defintely more critical to maintain the asset base valuation.

Life Time Group Holdings, Inc. (LTH) - Canvas Business Model: Value Propositions

You're looking at the core differentiators that let Life Time Group Holdings, Inc. (LTH) command premium pricing and maintain strong member loyalty. It's not just a gym; it's an integrated lifestyle offering.

High-end, resort-like 'athletic country club' experience.

The value proposition centers on an elevated environment. This is reflected in the pricing power the company demonstrates. As of the second quarter of 2025, the average monthly dues per membership reached $219, showing an 11% year-over-year increase. Furthermore, the average revenue generated per center membership was $888 for that same quarter, an 11.8% jump from the prior year. This premium positioning supports the overall financial health, with Q2 2025 total revenue hitting $761.5 million.

Holistic wellness ecosystem for all ages, 90 days to 90+ years old.

Life Time Group Holdings, Inc. serves a massive demographic spectrum, explicitly catering to individuals from 90 days up to 90+ years old. This ecosystem is supported by a large workforce, with more than 43,000 dedicated professionals on staff. The breadth of services is designed to capture lifetime value from every member segment.

Omni-channel access via physical clubs and the digital app.

The physical footprint is substantial, with the portfolio holding more than 180 athletic country clubs across the United States and Canada, with plans to reach approximately 190 locations by the end of 2025. Complementing this is a strong digital presence. As of the second quarter of 2025, Life Time Digital reported 2.3 million accounts, representing a 216% increase year-over-year. The company also introduced L. AI. C, an AI-powered personal health companion, available to both digital and center access members.

Comprehensive in-center services: spa, café, and training.

Revenue from in-center services is a key driver of comparable center performance. For the second quarter of 2025, in-center revenue increased by 14.4% year-over-year. Specific product lines show strong growth; for example, the LTH nutritional supplement line saw revenues increase by 31% versus the prior year quarter. Executives noted in Q1 2025 commentary that spa and cafe performance was improving over the prior year, indicating these ancillary services are being actively enhanced.

Strong member retention rate, well above the industry average.

Member stickiness is a core value proposition, directly impacting predictable revenue streams. In the second quarter of 2025, total visits, visits per membership, and retention all achieved all-time highs. The company ended Q2 2025 with 849,643 center memberships, a 2.0% increase compared to June 30, 2024. The focus on engagement results in strong financial metrics, as evidenced by the 12.9% comparable center revenue growth reported in Q1 2025.

Here's a quick look at the operational scale based on the latest reported quarter:

Metric	Value (Q2 2025)	Unit/Context
Total Revenue	$761.5 million	Three Months Ended June 30, 2025
Net Income	$72.1 million	Three Months Ended June 30, 2025
Adjusted EBITDA	$211.0 million	Three Months Ended June 30, 2025
Center Memberships	849,643	As of June 30, 2025
Total Subscriptions	898,850	As of June 30, 2025
Life Time Digital Accounts	2.3 million	As of Q2 2025
Average Monthly Dues	$219	As of Q2 2025
Net Debt Leverage Ratio	1.8 times	As of June 30, 2025

The value proposition is further supported by the company's financial discipline, which is critical for a capital-intensive business. You can see the balance sheet strength reflected in the net debt leverage ratio improving to 1.8 times as of June 30, 2025, down from 3.0 times the prior year.

The key components driving this value proposition include:

• Targeting ages from 90 days to 90+ years.
• Maintaining over 180 athletic country clubs.
• Achieving all-time highs in member retention and visits per membership in Q2 2025.
• Growing digital accounts to 2.3 million, up 216% year-over-year (Q2 2025).
• Generating $888 average revenue per center membership in Q2 2025.

Finance: draft 13-week cash view by Friday.

Life Time Group Holdings, Inc. (LTH) - Canvas Business Model: Customer Relationships

You're focused on how Life Time Group Holdings, Inc. (LTH) keeps its premium members engaged and spending more, which is key to their financial success. The relationship strategy blends high-touch human interaction with scalable digital tools, all aimed at maximizing revenue per member.

Dedicated in-center staff and personal trainers.

The value members place on the community and services drives higher spending, which you see reflected in the utilization of premium in-center offerings. For instance, in the nine months ending September 30, 2025, revenue growth was driven by higher member utilization of in-center offerings, specifically mentioning Dynamic Personal Training. This focus on specialized staff-led services is clearly paying off.

Here are the session volumes that show the demand for staff-led training:

Service Type	Average Monthly Sessions (2024)	Year-over-Year Session Growth (2024 vs 2023)
Dynamic Personal Training	Over 180,000	18% increase
Small Group Training (Alpha, GTX, Ultra Fit)	Over 39,000	25% increase

High-touch, personalized service model for premium members.

The premium model is supported by rising average spend. The company consistently grows its annual membership dues and in-center revenue, which is a direct result of members opting for higher-tier experiences. This is evident in the rising average monthly dues, which hit $219 as of the second quarter of 2025, representing an 11% year-over-year increase.

The financial outcome of this high-touch approach is clear in the per-member revenue:

• Average revenue per center membership (Q2 2025): $888.
• This figure was an increase of 11.8% from the prior year quarter.
• The full-year 2024 average revenue per center membership was $3,160.

Automated digital engagement via the Life Time app and LASI AI.

Life Time Group Holdings, Inc. is scaling its relationship management through digital channels, creating a hybrid model that complements the physical clubs. The digital platform is growing rapidly, showing strong adoption among members.

The digital footprint as of mid-2025 shows significant reach:

• Life Time Digital accounts reached 2.3 million as of the second quarter of 2025.
• This represents a 216% year-over-year increase in digital accounts.

To further personalize the digital relationship, the company recently launched L. AI. C, its AI-powered personal health companion, available to both digital and center access members. This shows an effort to automate personalized support.

Community building through social events and athletic programs.

Community engagement is a core driver of retention and usage, which management points to as a key factor in their financial strength. Total visits to clubs in 2024 exceeded 114 million, up from 103 million in 2023. Furthermore, management noted in Q2 2025 that total visits per membership and retention were achieving all-time highs. They specifically believe that pickleball is driving both new memberships and member engagement across the community.

Intentional capacity management to optimize member experience.

The company manages capacity by balancing membership volume with the physical space and operational costs, which is reflected in their guidance and expense structure. Center operations expenses for the third quarter of 2025 totaled $414.3 million, which included costs related to increased club utilization in mature centers. The company's strategy involves disciplined expansion, with guidance for fiscal 2025 to open 10 new centers, seven of which were already open as of November 4, 2025. The average square footage for clubs opened in 2024 and 2025 is approximately 78,000 square feet, suggesting a standardized approach to facility size to manage operational consistency and member flow.

Life Time Group Holdings, Inc. (LTH) - Canvas Business Model: Channels

The channels Life Time Group Holdings, Inc. (LTH) uses to reach and deliver value to its customer segments are a mix of high-touch physical presence and scalable digital platforms.

The primary physical channel is the network of athletic country clubs. As of late 2025, Life Time empowers people through its portfolio of more than 185 athletic country clubs across the U.S. and Canada. This is an increase from the 179 clubs operational as of December 31, 2024.

The digital channel is anchored by the Life Time Digital mobile application. This platform supports members and non-members alike. As of the second quarter of fiscal year 2025, Life Time Digital had 2.3 million accounts, with another report noting 2.75 million non-club members/LT Digital accounts as of the third quarter of 2025. The company expects to cross 3 million digital accounts by early 2026.

Direct sales and membership teams drive enrollment into the physical clubs. Performance in the in-center business, which these teams support, showed strong growth; in-center business revenue was up 14.4% year-over-year in the third quarter of 2025. Membership dues and enrollment fees, a direct result of these sales efforts, increased 14% in the second quarter of 2025 over the prior year quarter. Average monthly dues grew 10.0% year-over-year to $218 in the third quarter of 2025.

The LTH nutritional supplement line is sold both in-center and online, representing a key product channel. For the second quarter of 2025, revenues from the LTH nutritional supplement line grew 31% versus the prior year quarter.

Here's a look at the statistical scale across these primary channels as of the latest reported periods in 2025:

Channel Component	Metric	Latest Reported Value (2025)
Physical Network	Number of Athletic Country Clubs	More than 185
Physical Network	Total Center Memberships (Q2 2025)	849,643
Physical Network	Average Monthly Dues (Q3 2025)	$218
Life Time Digital	LT Digital Accounts (Q2 2025)	2.3 million
Life Time Digital	Non-Club/LT Digital Accounts (Q3 2025)	2.75 million
In-Center Sales (Ancillary)	In-Center Business Revenue Growth (YoY Q3 2025)	14.4%
LTH Nutritional Supplements	Supplement Line Revenue Growth (YoY Q2 2025)	31%

The overall financial performance reflects the strength of these channels. Total Revenue for the trailing twelve months (TTM) ending in 2025 was reported at $2.91 Billion USD. The company raised its full-year comparable center revenue guidance to a range of 10.8% to 11.0% for fiscal year 2025.

The channels also include specific amenities supporting member engagement, which drives retention and secondary spend. For instance, Life Time announced the completion of its 55th dedicated Work Lounge space, with more than 30 in progress as of August 2025.

• Total Subscriptions (Center + On-Hold) as of Q2 2025: 898,850.
• Total Subscriptions as of Q3 2025: 891,225.
• Average Revenue Per Center Membership in Q2 2025: $888.
• The company plans to accelerate new club growth to 12 to 14 new clubs annually from 2026 onward.

Life Time Group Holdings, Inc. (LTH) - Canvas Business Model: Customer Segments

You're looking at the core of Life Time Group Holdings, Inc. (LTH)'s strategy-who pays for the premium experience. The numbers from late 2025 clearly show they are targeting a specific, high-value demographic.

Affluent, Health-Conscious Individuals and Families

The customer base is defined by a willingness to pay for a comprehensive, high-quality offering, which translates directly into strong financial metrics. This segment is highly loyal, which is a key indicator of product-market fit for this price point.

• Member retention rate stood at 89%, significantly outpacing the industry average of 75%.
• Average monthly dues in the second quarter of 2025 grew 11% year-over-year to $219.
• Average revenue per center membership for the nine months ended September 30, 2025, was trending higher than the 2024 annual figure of $3,160.

High-Income Suburban and Urban Residents

Life Time Group Holdings, Inc. (LTH) strategically places its clubs based on geography and population density to capture residents with higher disposable income. The growth in revenue per member confirms this strategy is working.

Here's a snapshot of the membership scale as of the third quarter of 2025:

Metric	Value (as of Q3 2025)	Comparison Point
Center Memberships	840,622	Increased by 14,120 (1.7%) from September 30, 2024
Total Subscriptions (Center + On-Hold)	891,225	Increased by 1.7% compared to September 30, 2024
Total Memberships (Q2 2025)	Approx. 899,000	Up from 849,643 center memberships at the end of Q2 2025

The company is also expanding its physical footprint, with plans to open 12 to 14 new clubs in fiscal year 2026, continuing to target premium markets.

Corporate Wellness Clients Seeking Premium Benefits

While direct revenue attribution for corporate wellness isn't broken out, the focus on premium amenities and holistic health suggests these clients are buying into the entire ecosystem. The expansion of specialized spaces caters to professionals needing flexibility.

• Life Time Group Holdings, Inc. (LTH) completed its 55th Work Lounge, with plans to introduce more than 30 additional lounges in the coming year (FY26).
• The company operates a portfolio of over 180 athletic country clubs across the United States and Canada.

Members Seeking Specialized Services like Dynamic Personal Training

This segment drives higher in-center revenue and utilization, indicating members are trading up for personalized attention beyond standard gym access. Dynamic Personal Training is explicitly called out as a key revenue driver.

The utilization of specialized offerings is clear from the revenue mix:

• In-center revenue growth was a primary driver, with Q1 2025 in-center revenue increasing by 18.7% year-over-year.
• Revenue growth in the nine months ended September 30, 2025, was driven by higher member utilization of in-center offerings, particularly in Dynamic Personal Training.
• Comparable Center Revenue growth for Q3 2025 was 12.9% year-over-year, showing strong performance from existing locations and their services.

Long-Term Members with High Loyalty and Retention

The high retention rate is the clearest financial indicator of long-term member value. Furthermore, Life Time Group Holdings, Inc. (LTH) segments its offering to cater to specific long-tenured demographics.

• The 89% retention rate is a key metric demonstrating the stickiness of the premium offering.
• The ARORA community, focused on members aged 55 years and older, saw its class sessions increase by 34% in 2024 compared to 2023, averaging over 9,000 classes per month in 2024.

Finance: draft 13-week cash view by Friday.

Life Time Group Holdings, Inc. (LTH) - Canvas Business Model: Cost Structure

The Cost Structure for Life Time Group Holdings, Inc. (LTH) is heavily weighted toward the physical assets and the large team required to operate its premium health and wellness centers.

Center operations expenses represent a core outflow, totaling $414.3 million for the three months ended September 30, 2025. This figure reflects the costs associated with running the existing network, which was operating 185 total centers as of the end of Q3 2025.

Capital deployment is significant, focused on expansion and modernization. Total Capital Expenditures for the third quarter of 2025 reached $222.5 million, marking a substantial year-over-year increase of 155.5%. This investment fuels the development pipeline, with nearly all of the planned 12 to 14 new clubs for 2026 currently under construction, with 13 under construction as of November 2025.

The human capital component is substantial, supporting the premium service model. Life Time Group Holdings, Inc. maintains a large workforce, with one profile listing the number of employees at 43,000.

Real estate is a major fixed cost component. The full-year fiscal 2025 guidance for total Rent expense, which includes non-cash rent, is set between $337 million and $343 million. The non-cash portion of this rent expense is guided to be between $34 million and $36 million for fiscal 2025.

Debt servicing costs are managed alongside a strong balance sheet position. The net debt leverage ratio improved to 1.6 times as of September 30, 2025. The full-year fiscal 2025 guidance for Interest expense, net is approximately $81 million to $83 million.

Here is a summary of the key cost-related metrics and figures:

Cost Component	Latest Reported/Guided Amount	Period/Context
Center Operations Expenses	$414.3 million	Q3 2025
Total Capital Expenditures	$222.5 million	Q3 2025
Year-over-Year CapEx Increase	155.5%	Q3 2025
Total Employees (Reported)	43,000	General Profile Data
Total Rent Expense (FY Guidance)	$337 million to $343 million	FY 2025
Non-Cash Rent Expense (FY Guidance)	$34 million to $36 million	FY 2025
Net Debt Leverage Ratio	1.6 times	As of September 30, 2025
Interest Expense, Net (FY Guidance)	$81 million to $83 million	FY 2025

The cost structure is also influenced by other overheads:

• General, administrative and marketing expenses were $59.8 million in Q3 2025.
• Non-cash share-based compensation expense for Q3 2025 was $14.9 million.

Finance: draft 13-week cash view by Friday.

Life Time Group Holdings, Inc. (LTH) - Canvas Business Model: Revenue Streams

You're looking at the core ways Life Time Group Holdings, Inc. (LTH) brings in money as of late 2025. It's a mix of recurring membership fees and high-margin in-center services, which is how they drive that premium experience.

The foundation is definitely the recurring membership base. As of the end of the third quarter of 2025, Life Time Group Holdings, Inc. reported 891,225 total subscriptions, which includes both active center memberships and on-hold memberships. This number is very close to the 891,000 figure you mentioned, showing the stability of that core revenue stream.

For the second quarter of 2025, total revenue hit $761.5 million, marking a 14.0% increase year-over-year. By the third quarter of 2025, total revenue had climbed further to $782.6 million, a 12.9% increase over the prior year period. The growth in membership dues and enrollment fees was a big part of that, rising 14% year-over-year in Q2 2025.

In-center revenue is a key driver, especially Dynamic Personal Training. In-center revenue itself grew 14.4% in Q2 2025. This is supported by an increase in average monthly dues, which reached $219 in Q2 2025, and the average revenue per center membership was $888 for that quarter, an 11.8% increase from the prior year quarter. You can see the value extraction per member is definitely increasing.

Here's a quick look at some of the key metrics underpinning these revenue streams as of the mid-2025 reporting periods:

Metric	Value/Amount	Period/Context
Total Revenue	$782.6 million	Three Months Ended September 30, 2025
Total Subscriptions	891,225	As of September 30, 2025
Center Memberships	840,622	As of September 30, 2025
Membership Dues & Enrollment Fees Growth	14%	Year-over-Year, Q2 2025
In-Center Revenue Growth	14.4%	Year-over-Year, Q2 2025
Average Monthly Dues	$219	Q2 2025
Average Revenue Per Center Membership	$888	Q2 2025

Beyond the core club experience, ancillary revenue streams are showing strong digital acceleration, even if specific dollar amounts for LifeCafe, LifeSpa, and LifeShop aren't broken out in the latest reports. What is clear is the digital component's massive growth. Life Time Digital accounts hit 2.3 million, which is a 216% year-over-year increase in Q2 2025. Also, the LTH nutritional supplements line is performing well, with revenues up 31% versus the prior year quarter in Q2 2025.

The revenue drivers tied to specific activities include:

• Membership dues and enrollment fees from 891,225 total subscriptions.
• In-center revenue growth, particularly from Dynamic Personal Training utilization.
• Ancillary revenue from services like LifeCafe, LifeSpa, and LifeShop, supported by overall club utilization.
• LTH nutritional supplements revenue, which grew 31% in Q2 2025.
• Revenue from Life Time Digital accounts, which reached 2.3 million.

While the prompt mentioned event production revenue from nearly 30 iconic athletic events, the latest public filings focus more heavily on membership and in-center service monetization, which are the primary reported growth areas. Still, the company operates over 175 locations in the U.S. and Canada as of Q2 2025, providing the physical footprint to support all these revenue-generating activities.