Breakdown

F45 Training franchise unit economics

Q: How much does a F45 Training franchise make?

The average F45 Training unit reported $480,832 of revenue in the 2026 FDD, and the median reported $429,222. The filing discloses revenue and not profit, so what an owner keeps depends on the cost structure set out below. Fees come off the top first, at about 9% of sales across royalty, brand fund and the rest of the stack. Revenue is not income. Rent, wages, cost of goods and the franchise fees all come out before an owner is paid,

F45 Training franchisees run a 2,000 to 3,000 square foot studio selling 45-minute group training on memberships. 676 studios trading a full year to 28 February 2026 averaged $480,832 of gross sales with a median of $429,222. The fee structure is where this system turns: a $2,500 monthly minimum royalty starts binding at $428,571 of sales. Is $651 below the median studio. $36,000 a year of marketing and technology is flat on top of it.

By Scott Engler · Averan Advisors · Source: F45 Training Incorporated, April 2026 FDD · Updated 22 September 2026

Where these figures come from

Primary source: F45 Training, 2026 Franchise Disclosure Document
Items read: Items 5 and 6 for fees; Item 7 for cost to open; Item 19 for sales and any profit figure; Item 20 for the location count
Population: 676 of 708 locations
Our calculations: Marked on the page with an asterisk. Method
Last reviewed: 26 September 2026

Disclosure-based. Not a forecast, not an offer to sell a franchise, and not advice.

Key idea

The median F45 studio bills $429,222 a year. The $2,500 monthly minimum royalty starts binding at $428,571. So half this system sits within a few hundred dollars of the point where the royalty stops being a percentage and becomes a fixed bill. $36,000 a year of marketing and technology sits on top of it regardless.

Franchised studios (end 2025)707

Average gross sales$480,832

Median gross sales$429,222

Total investment$362,300–$857,700

The median studio bills $429,222, which is $651 above where the $2,500 monthly minimum royalty starts binding. Half the system is at or below that line.
$36,000 a year is flat before any royalty at all. $30,000 of marketing and $6,000 of technology, 12.8% of a bottom-third studio's sales.
Brand and marketing take 14.0% of a top-third studio's sales and 25.4% at the bottom third. $101,202 against $71,634 in absolute dollars.
Terminations ran 42, 46 and 54 while openings fell 136, 34 and 26. The network shed 82 studios across 2024 and 2025.
A studio below $336,582 of sales may be required to buy into a promotional program. 70% of the system average, and the bottom third averages $281,691.

How much does a F45 Training franchise make?

The average F45 Training unit reported $480,832 of revenue in the 2026 FDD, and the median reported $429,222. The brand’s disclosure document discloses revenue and not profit, so what an owner keeps depends on the cost structure set out below. Fees come off the top first, at about 9% of sales across royalty, brand fund and the rest of the stack. Revenue is not income. Rent, wages, cost of goods and the franchise fees all come out before an owner is paid. The figures for the highest-selling and lowest-selling businesses are below.

What studios sell

676 studios, sorted into thirds.

Top third

$724,472

Middle third

$437,219

Bottom third

$281,691

Gross sales for the twelve months to 28 February 2026, as the brand reported it, with sales per head of protected population added *Averan calculation
Group	Studios	Average annual sales	Median annual sales	Maximum	Minimum	Average monthly sales	Above average	Sales per head of a 15,000 territory
Top third	225	$724,472	$664,083	$1,879,753	$530,851	$60,373	87 (38.7%)	$48.30
Middle third	225	$437,219	$429,418	$530,851	$355,990	$36,435	101 (45.3%)	$29.15
Bottom third	226	$281,691	$296,826	$355,990	$114,491	$23,474	139 (61.5%)	$18.78
All studios	676	$480,832	$429,222	$1,879,753	$114,491	$40,069	279 (41.3%)	$32.06

Sales figures, medians, ranges and counts are as the brand reported it. Sales per head of protected population is marked *, dividing each group’s average by the 15,000 people a Protected Area generally covers.

The median studio bills $429,222 and the average $480,832. $51,610 apart, because the top third stretches to $1,879,753 while the bottom third minimums at $114,491, sixteen times. Only 41.3% of studios reach the average, and in the top third only 38.7% reach their own group average. The typical F45 studio is the median one.

The middle third runs from $355,990 to $530,851, a range of $174,861 across 225 studios. Tight by the standards of this library, and it means the middle of this system is genuinely homogeneous. The variation lives at the two ends: the top third runs from $530,851 to $1,879,753 and the bottom from $114,491 to $355,990.

61.5% of bottom-third studios beat their own group average of $281,691. Against 38.7% in the top third. That asymmetry says the bottom third is dragged down by a small number of very weak studios. The median there is $296,826, $15,135 above the average.

A Protected Area holds about 15,000 people. On the system average that is $32.06 of annual sales for every person inside it, $48.30 at the top third and $18.78 at the bottom. The territory is protected against another F45 studio. Zero performance condition on keeping it and zero right for the franchisor to modify it during the term, unusually firm for this library.

Monthly sales average $40,069 at the median month and $35,769 at the median studio. A studio at the bottom third bills $23,474 a month and one at the top $60,373. Those are the numbers to run a class timetable and a trainer roster against. Because the fixed monthly obligations described in the next tab land on exactly that base.

Top performers

What separates the top F45 Training performers

F45 Training splits its locations into groups instead of publishing one average. The best group averaged $724,472 a year. The worst averaged $281,691. Both run the same brand, on the same agreement, paying the same fees. The middle location sold $429,222. The average was $480,832. More than half the system is below the number the brand quotes.

Decided before you open

Trade area and site.A 2.6× gap between bands is not an operating gap. Catchment, daytime population and what sits next door set the ceiling before the first customer arrives.
Capacity, fixed at build.capacity is 676 studio floor multiplied by hours multiplied by how full they run. What you can sell is set by the build, and the build does not change after opening.
Territory, and how much of it is real.This model sells from a territory rather than a building, quoted at 15,000 people. Two owners with the same brand and different ground are running different businesses, and density decides how much driving sits between jobs.
What you spend to open.Opening costs $362,300 to $857,700, a 2.4× range inside one brand. The high end usually buys more capacity, so the cheapest build is not always the cheapest route to the top band.

Live operating levers

Members, the operating driver.This model bills on members. The owner watches how many people join, how many cancel, and what a member spends beyond the plan. It is worth watching every week, because by the time it turns up in a monthly close the quarter is half gone.
Fees, and where the minimum bites.Fees run about 9.0% of sales. A minimum sits underneath the percentage, so the low-volume location pays the higher effective rate. The brand charges the weakest locations the most. Work out the sales level where the percentage overtakes the minimum and know which side of it you are on, because the answer changes what an extra dollar of sales is worth.

Context you underwrite around

The reporting screen.676 of 708 locations are behind these figures. Locations open less than the full year, brand-owned, or not meeting the reporting criteria are excluded, so the numbers describe locations that cleared that screen, not the system as a whole.
What the disclosure leaves out.Item 19 publishes no profit or cost data for franchised locations. Anything below the sales line has to come from the franchisor or from owners you call.

Top performers

How far apart the locations are

Top third

This filing does not split its locations into performance bands, so the gap between the highest and lowest F45 Training location is not disclosed. What it does publish is on the Model and Finance tabs.

The minimum fees

Where the percentages stop being percentages.

Annual brand and required marketing cost against studio sales *Averan calculation
Studio	Gross sales	Royalty	Brand fund	Marketing fee	Technology	Total	Share of sales
Highest-selling studio	$1,879,753	$131,583	$37,595	$30,000	$6,000	$205,178	10.9%
Top third	$724,472	$50,713	$14,489	$30,000	$6,000	$101,202	14.0%
All studios	$480,832	$33,658	$9,617	$30,000	$6,000	$79,275	16.5%
Middle third	$437,219	$30,605	$8,744	$30,000	$6,000	$75,349	17.2%
Median studio	$429,222	$30,046	$8,584	$30,000	$6,000	$74,630	17.4%
Bottom third	$281,691	$30,000	$5,634	$30,000	$6,000	$71,634	25.4%
Lowest-selling studio	$114,491	$30,000	$2,400	$30,000	$6,000	$68,400	59.7%

Ours, built from the filed rates: a royalty of the greater of 7% of gross sales or $2,500 a month. $2,500 payable in advance on the first of each month and any balance on the fifteenth of the following month. A Brand Fund contribution of the greater of 2% of gross sales or $200 a month. A Marketing Fee of a flat $2,500 a month. The franchisor collects and spends on local advertising for the studio, or which the owner must spend locally if told in writing to do so. And a Technology Service Fee of $500 a month, increasable on 30 days' notice up to the franchisor's cost increase plus 5%.

The minimum royalty binds below $428,571 of sales. $2,500 a month is 7% of exactly that figure. The median studio bills $429,222, $651 above it, so half this system is paying a fixed royalty. The bottom third pays $30,000 where 7% would be $19,718. That difference, $10,282, is 3.6 points of a bottom-third studio's sales.

$36,000 a year is flat before the royalty is even reached. The $2,500 monthly marketing fee and the $500 monthly technology fee. That is 1.9% of the highest-selling studios's sales, 7.5% at the average and 31.4% at the lowest-selling ones. The marketing fee has zero percentage element at all, a studio billing $114,491 pays exactly the same $30,000 as one billing $1,879,753.

All in, franchise fees come to 10.9% at the highest-selling studios and 59.7% at the lowest-selling studios. $205,178 against $68,400 in absolute dollars. At the median it is 17.4%, and at the bottom third 25.4%. Against a format whose largest costs are trainer wages and a 2,000-to-3,000 square foot lease, a 25.4% franchise fees leaves very little room.

Falling below 70% of the system average triggers a paid promotional program. 70% of $480,832 is $336,582 *. After a studio's first twelve months, the franchisor may require participation in a special promotional program at the owner's cost, capped at the monthly royalty fee. The bottom third averages $281,691, well under that line. So this clause is live for a meaningful slice of the system. It adds cost precisely where sales are lowest.

The brand fund minimum of $200 a month binds below $120,000 of sales. Only the very lowest-selling studios sit there. It is the one minimum in this structure that rarely bites. That makes the contrast with the $2,500 minimum royalty and the flat $2,500 marketing fee all the sharper.

Opening a studio

What it costs to open a studio.

Estimated initial investment, single studio, as the brand reported it, Item 7 of the 2026 FDD
Item	Low	High
Building work	$1,000	$350,000
Equipment pack	$115,000	$115,000
Additional funds, first three months	$60,000	$100,000
Establishment fee	$60,000	$60,000
Recovery amenities	$40,000	$67,000
Grand opening	$25,000	$25,000
Equipment pack shipping, taxes and duties	$0	$20,000
Architectural, engineering and permit documents	$10,000	$20,000
Body fat scanner	$8,500	$8,500
Minimum royalty, first three months	$7,500	$7,500
Real property	$5,000	$25,000
Exterior and interior signage	$5,000	$10,000
Travel and living during training	$4,500	$9,000
Furniture, fixtures and other equipment	$4,000	$10,000
Promotional merchandise	$3,000	$3,000
Document preparation fee	$2,500	$2,500
Music licenses	$1,700	$2,000
Defibrillator	$1,500	$2,100
Induction seminar	$1,500	$1,500
Professional services	$1,000	$5,000
Business licenses and permits	$1,000	$3,000
Insurance	$1,000	$4,000
Office equipment and supplies	$1,000	$3,000
Utility deposits	$1,000	$2,000
Computer system	$1,000	$2,000
Head trainer induction	$600	$600
Total	$362,300	$857,700

As the brand reported it, reordered here by size.

Building work run $1,000 to $350,000. The entire range of the build. $349,000 of the $495,400 range sits in that one line, and which end an owner lands on is decided by the landlord. A 30% allowance on development costs is the expectation to test any letter of intent against.

The equipment pack is $115,000 and fixed. Bought from the franchisor. Together with the $60,000 establishment fee, the $25,000 grand opening, the $8,500 scanner and $3,000 of promotional merchandise, $211,500 of the build is paid to the franchisor or its affiliates at a set price, 58% of the low column.

The build is 0.75 to 1.78 times a year of average sales. $362,300 to $857,700 against $480,832. At bottom-third sales of $281,691 it is 1.29 to 3.04 years. With zero cost or profit data to work from, sales multiples are all an owner has, and they run gentler than a profit-based payback would.

$60,000 to $100,000 of additional funds covers three months. Alongside $7,500 of minimum royalty for the same period. That the investment table has as a separate line, an useful signal that the minimum royalty applies from the opening date. On average monthly sales of $40,069, three months of the flat $3,000 monthly marketing and technology obligation is another $9,000 on top.

The network of locations

The network of locations. (Item 20)

Franchised studios, 2023 to 2025, as the brand reported it
Year	Start	Opened	Terminations	Non-renewals	Ceased, other	End	Net change
2023	728	136	42	13	20	789	+61
2024	789	34	46	16	10	751	−38
2025	751	26	54	13	2	708	−43

Openings and departures are as the brand reported it; the 2025 closing figure of 708 is marked *.

Terminations rose 42, 46, 54 while openings collapsed 136, 34, 26. The crossover happened in 2024 and the gap has widened since. Across 2024 and 2025 the network went from 789 franchised studios to roughly 707, 82 fewer, or 10.4% of the system.

Departures totaled 75, 72 and 69 across the three years. Remarkably steady, at roughly 10% of the studio base each year. What changed is the replacement rate: 136 openings covered the 2023 departures comfortably, 34 covered less than half of 2024's and 26 covered less than 40% of 2025's.

85 signed agreements sit unopened against 22 projected openings. A quarter of the backlog is expected to convert. Against 54 terminations in 2025, that projection implies another year of contraction. That is the context for any existing owner weighing a lease renewal or a resale.

Terminations run about four times the other departure routes combined. 54 terminations in 2025 against 13 non-renewals and 2 studios ceasing for other reasons. A termination is the franchisor ending the agreement, so this system's members leaving is running through default.

Questions we get asked

Questions owners ask.

What should a studio be billing?

The 676 studios trading a full year to 28 February 2026 averaged $480,832 of gross sales with a median of $429,222, ranging from $114,491 to $1,879,753. By third: $724,472, $437,219 and $281,691, with medians of $664,083, $429,418 and $296,826. Monthly, that is $40,069 on average and $35,769 at the median. Only 41.3% of studios reach the system average.

What does the brand cost each year?

A royalty of the greater of 7% of gross sales or $2,500 a month, a Brand Fund contribution of the greater of 2% or $200 a month, a flat $2,500 monthly marketing fee and a $500 monthly technology fee. That works out at 14.0% of sales at the top third, 16.5% at the average, 17.4% at the median studio and 25.4% at the bottom third. The minimum royalty starts binding at $428,571 of annual sales. That is $651 below the median studio. $36,000 of marketing and technology is flat whatever the studio bills.

What happens if sales fall behind?

After the first twelve months, if gross sales fall below 70% of the average for all studios open at least twelve months, the franchisor may require participation in a special promotional program at the owner's cost, capped at the monthly royalty fee. On the current average that threshold is $336,582, and the bottom third of the system averages $281,691. There is also a non-compliance fee of up to $2,000 per uncured violation, separate from any on-site evaluation fee.

What does it cost to open?

$362,300 to $857,700. Building work run $1,000 to $350,000 depending entirely on the landlord’s contribution, with a typical allowance of around 30% of development costs. The equipment pack is a fixed $115,000 bought from the franchisor, the establishment fee is $60,000 and grand opening marketing is $25,000. Both ends of the total include the recovery amenities at $40,000 to $67,000 and the $8,500 body fat scanner, even though the amenities line is labeled optional. Cash to run the business day to day is $60,000 to $100,000 for three months, plus $7,500 of minimum royalty for the same period.

Who does bookkeeping for a F45 franchise?

The reporting problem here is specific and solvable. The royalty is the greater of a percentage and a minimum. The minimum sits within $651 of the median studio. So the accrual has to test both bases every month instead of applying 7% and moving on. The payment mechanics reinforce it: $2,500 due in advance on the first and the balance on the fifteenth of the following month. So two different periods land in one calendar month. The flat obligations belong on their own line in the management pack, because $3,000 a month of marketing and technology behaves like rent. Gross sales has its own exclusions for certain approved services. So the royalty base and the sales figure on the profit and loss need reconciling and documenting. And with zero cost benchmarks to lean on, an owner’s own historic ratios become the only benchmark available. Raises the value of a consistent chart of accounts from month one. Averan provides bookkeeping, controller, and fractional CFO support for franchise owners and has Certified QuickBooks ProAdvisors on the team.

What this filing does not disclose

No profit figure. The filing reports sales and not earnings, so what an owner keeps is not disclosed.
No cost lines. Wages, rent and cost of goods are not broken out, so margin cannot be rebuilt from the document.

Questions worth putting to F45 Training

The filing answers what it answers. These are the gaps an owner or a buyer should close directly.

What do locations at the median spend on wages and rent as a share of sales? The filing reports sales only.
What separates the highest-selling locations from the lowest: trade area, years open, size, or the owner?
How long does a new location take to reach the average you publish, and what does the build-up look like month by month?
At what level of sales do the minimum charges stop applying and the percentage take over?
How many F45 Training locations closed, were sold, or changed hands last year, and why?

Part of our Fitness Franchise Finance guide and the Group Training Studios Franchise Finance guide · Āveran Franchise Resource Center

Run your own numbers.

The Franchise Finance Diagnostic runs the same checks on your own numbers. It scores where you stand and compares you with Item 19 of your brand’s FDD. It works out what one location earns and spends, and builds a 13-week cash forecast. Checks whether you are ready to open another one. It is free and it runs in your browser.

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Where these figures come from.

Every figure here comes from F45 Training Incorporated’s April 2026 FDD and is unaudited by us. We are unaffiliated with the brand. Calculations of our own are labeled where they appear, the figures describe past performance at other businesses and are not a projection of yours. This page is an educational summary. It is not an offer to sell a franchise, and it is not financial, legal or tax advice. F45 Training® is a registered trademark of its owner. How Averan reads a Franchise Disclosure Document.

Where this sits

the franchise library, all 243 brands · how franchise unit economics work · running the books across several locations · what Averan does for franchise owners

The same business, other brands

F45 Training reads against the rest of the group training studios group: 9ROUND · BFT · Burn Boot Camp · D1 Training · Orangetheory Fitness · SWEAT440. The group training studios guide compares all of them on the same figures.

Questions owners ask next

The figures above raise these, and each one is answered on its own page.

At what level of sales does a minimum fee stop costing me more than the percentage?How royalty, ad fund and minimums actually work on a monthly statement.
How much cash do I fund before a new location covers its own costs?A 13-week forecast for the months before break-even.
My payroll percentage keeps climbing. Is that a payroll problem?Usually it is a revenue problem wearing a payroll costume.
Do I need a bookkeeper, a controller, or a CFO?What each one owns, and the point at which the next one pays for itself.
Revenue was the highest it has been. Why did profit not move?Where the extra revenue went, line by line.

Where to next

Compare brands, every brand in the library on one screen
Running the books across several units
Item 19, how to read Item 19 of an FDD
What Items 5 and 6 must disclose
Fractional CFO, for the forecast behind a second location and the cash plan that carries it
Bookkeeping for franchise owners, what this looks like when someone else keeps the books
Fitness Franchise Finance, the category guide this breakdown sits in
Bookkeeping, monthly close built around the way your brand reports
Controller, when the numbers need someone reading them as well as recording them

Scott Engler

Founder & Principal, Averan Advisors

Averan provides bookkeeping, controller, and fractional CFO support for franchise owners and has Certified QuickBooks ProAdvisors on the team. More about the team →

If you want this done for you

What happens next

Everything above came out of a filing. Doing it on your own numbers means the books have to produce the same lines: sales, wages, occupancy, fees and what is left, by location, every month. That is the work.

The call, twenty minutesYou describe the business and where the numbers are letting you down. We tell you honestly whether we can help, and what we would start with. No pitch deck.
We look at the fileYou give us read access to the books as they are. We come back with what is wrong, what it will take to fix, and whether the answer is bookkeeping, controller work, or something else.
A written scope and a priceWhat we do each month, what you get, the date it lands, and the fee. Agreed before anything starts, and it does not move without you agreeing it.
Transition, then the first closeAccess, systems, and the opening balances. The first close lands on the date in the scope, and every one after it does too.

Start with the call →How an engagement runs

Averan is not a CPA firm and does not file taxes. Your CPA keeps that, and we keep the books they file from.