The F45 franchise cost is $362,300 to $857,700 for one studio under the F45 Training disclosure document amended October 14, 2026. That total includes a $60,000 establishment fee and a $115,000 Equipment Pack.
Key takeaways
- F45 Training Incorporated’s F45 FDD issued April 1, 2026, as amended October 14, 2026, puts the initial investment at $362,300 to $857,700, of which $299,600 to $373,200 is paid to the franchisor or its affiliates (FDD cover page and Item 7).
- The Item 7 total counts $40,000 to $67,000 of “optional” Recovery Amenities; a studio built without them re-adds to $322,300 to $790,700 (Item 7, Note 21).
- Four Item 6 minimums (royalty $2,500, Marketing Fee $2,500, technology $500, Brand Fund $200) set a floor of $5,700 a month, or $68,400 a year, before any percentage of Gross Sales applies.
- F45 Training Holdings Inc. listed on the NYSE at $16.00 a share on July 16, 2021 (Form 424B4) and filed Form 15 on November 7, 2023 to suspend SEC reporting.
- Franchised US studios fell from 789 at the end of 2023 to 707 at the end of 2025, while openings dropped from 136 in 2023 to 26 in 2025 (Item 20, Tables 1 and 3).
What does the October 2026 filing put on an F45 studio’s bill?
Item 7 of the October 2026 F45 disclosure lists 26 cost lines that add to $362,300 at the low end and $857,700 at the high end for one studio of 1,650 to 2,400 square feet. Three lines drive the spread: leasehold improvements ($1,000 to $350,000), working capital for the first 3 months ($60,000 to $100,000) and the Recovery Amenities ($40,000 to $67,000).
We re-added all 26 rows and they reconcile to the printed totals to the dollar. The table keeps F45’s own labels and shows who is paid, because the cover page says $299,600 to $373,200 of the money flows to F45 Training Incorporated or its affiliates.
| Item 7 line | Low | High | Paid to | Source in the FDD |
|---|---|---|---|---|
| Establishment Fee | $60,000 | $60,000 | F45 | Item 5; due on signing |
| Document Preparation Fee | $2,500 | $2,500 | F45 | Item 5 |
| Equipment Pack | $115,000 | $115,000 | F45 or affiliates | Note 1; price held 12 months |
| Equipment Pack shipping, taxes and duties | $0 | $20,000 | F45 or tax authority | Note 2; $0 in a no-sales-tax state |
| Induction Seminar (two attendees) | $1,500 | $1,500 | F45 | Note 3; $750 per extra attendee |
| Head Trainer Induction | $600 | $600 | F45 | Note 4 |
| Travel and living during training | $4,500 | $9,000 | Third parties | Note 5; two owners plus Head Trainer |
| Real property (first month’s rent) | $5,000 | $25,000 | Landlord | Note 6; 2,000 to 3,000 sq ft |
| Architectural plans, engineering, permit documents | $10,000 | $20,000 | F45, affiliates or suppliers | Item 7 table |
| Leasehold improvements | $1,000 | $350,000 | Suppliers | Note 7; assumes about 30% landlord allowance |
| Utility deposits | $1,000 | $2,000 | Suppliers | Note 8 |
| Exterior and interior signage | $5,000 | $10,000 | Suppliers | Item 7 table |
| Furniture, fixtures, other equipment | $4,000 | $10,000 | Suppliers | Note 9 |
| Office equipment and supplies | $1,000 | $3,000 | F45, affiliates or suppliers | Note 10 |
| Computer system | $1,000 | $2,000 | F45, affiliates or suppliers | Note 11; MacBook Air, iPad, router |
| Business licenses and permits | $1,000 | $3,000 | Government agencies | Note 12 |
| Professional services | $1,000 | $5,000 | Lawyers, accountants, architects | Note 13 |
| Insurance (initial premiums) | $1,000 | $4,000 | Insurance broker | Note 14 |
| Grand opening | $25,000 | $25,000 | F45 or approved suppliers | Note 15 |
| Promotional merchandise | $3,000 | $3,000 | F45 | Note 16 |
| AED | $1,500 | $2,100 | F45, affiliates or suppliers | Item 7 table |
| Optional Recovery Amenities | $40,000 | $67,000 | Suppliers | Note 17; counted in the total |
| F45 Body Fat Scanner | $8,500 | $8,500 | F45, affiliates or suppliers | plus shipping and taxes |
| Music licenses | $1,700 | $2,000 | Performance rights organizations | Note 18; annual |
| Minimum royalty, first 3 months | $7,500 | $7,500 | F45 | Note 19; 3 x $2,500 |
| Additional funds, first 3 months | $60,000 | $100,000 | Employees and suppliers | Note 20; payroll is the largest part |
| Total | $362,300 | $857,700 | Note 21 |
Note 21 says the estimate covers “one F45 Studio in the chart above as well as optional Recovery Amenities.” Note 17 prices those amenities at $21,000 for design and construction, up to $36,000 for cold plunges, infrared saunas and similar equipment, $2,500 for extra design and $7,500 for shelving and a POS counter. A buyer who skips them should subtract $40,000 to $67,000 from both ends.
The leasehold line assumes a landlord pays part of the build. Note 7 says F45 expects a typical landlord allowance of about 30% of development costs, and the $1,000 low end assumes nearly 100% of hard construction is covered in a new development. The estimate excludes buying land or a building, and the rent line covers only a first month’s rent with no security deposit (Note 6).
Which F45 payments land with the franchisor, and when?
Item 5 sets the one-time charges F45 collects before a studio opens, and most of them are due long before the first class: the $60,000 establishment fee and up to $2,500 for documents on signing, the $115,000 Equipment Pack on ordering, and training fees at registration. Item 5 states that none of these payments is refundable.
| Payment to F45 | Amount | When it is due | Item |
|---|---|---|---|
| Establishment fee | $60,000 (veterans: up to 25% off) | Effective Date of the Franchise Agreement | Item 5 |
| Document preparation fee | Up to $2,500 | Effective Date | Item 5 |
| Equipment Pack | $115,000, excluding shipping, taxes and duties | When the order is placed; price valid 12 months | Item 5, Item 7 Note 1 |
| Induction Seminar | $1,500 for two; $750 each extra person | At registration | Item 5 |
| Head Trainer induction | $600 | At registration | Item 5 |
| On-site training (only if the Head Trainer misses or fails induction) | $4,000 to $11,000 | Before opening | Item 5 |
| Promotional merchandise | $3,000 | With the Equipment Pack order | Item 5 |
| Grand opening spend (if F45 directs payment to it) | Minimum $25,000 | Equipment Pack order date or 4 months before opening, whichever is earlier | Item 5 |
| Each additional studio committed | $60,000 | On signing | Item 5 |
Item 5 adds a multi-unit discount: a buyer of two or more studios from F45 or an affiliated brand gets 50% off the establishment fee and the Equipment Pack, which at the printed prices means $30,000 and $57,500. F45 reports it collected establishment fees of $30,000 to $60,000 in 2025. The Equipment Pack ships 45 to 90 days after payment, and Note 2 estimates storage at $600 a month if the site is not ready.
F45 does not lend. Item 10 says neither F45 nor its affiliates offer direct or indirect financing, and it discloses a referral arrangement with Swoop Funding under which F45 may receive 0% to 20% of Swoop’s commission when a franchisee borrows through a lender Swoop introduces. Our guide to franchise costs by FDD item explains how Items 5, 6, 7 and 10 fit together.
What moved between the September 2025 and October 2026 F45 disclosures?
Comparing the F45 FDD issued March 31, 2025, as amended September 2, 2025, with the October 2026 amendment, the low end of Item 7 rose $13,100 and the high end rose $71,600. The amount paid to F45 rose more: from $228,000 to $254,600 in 2025 to $299,600 to $373,200 in 2026, according to the two cover pages.
| Term | September 2025 FDD | October 2026 FDD | Where |
|---|---|---|---|
| Total initial investment | $349,200 to $786,100 | $362,300 to $857,700 | Cover, Item 7 |
| Paid to franchisor or affiliates | $228,000 to $254,600 | $299,600 to $373,200 | Cover |
| Leasehold improvements | $1,000 to $300,000 | $1,000 to $350,000 | Item 7 |
| Equipment Pack ($115,000) | Inclusive of shipping | Excludes shipping; shipping, taxes and duties $0 to $20,000 | Items 5 and 7 |
| 50% establishment-fee refund for opening within five months | Offered | Not in Item 5 | Item 5 |
| Veteran discount on the establishment fee | Up to 50% | Up to 25% | Item 5 |
| Induction fee for two attendees | Up to $1,000; $300 per extra person | $1,500; $750 per extra person, plus $600 Head Trainer | Items 5 and 6 |
| Induction length in Austin, Texas | 8 days | 5 days | Item 11 |
| Training travel line | $1,000 to $2,000 | $4,500 to $9,000 | Item 7 |
| Minimum royalty for 3 months in Item 7 | No line | $7,500 | Item 7, Note 19 |
| Multi-studio discount | Not offered | 50% off fee and Equipment Pack for 2+ studios | Item 5 |
The amount paid to F45 rose from $228,000 to $254,600 in the September 2025 FDD to $299,600 to $373,200 in the October 2026 FDD. Source: both F45 FDD cover pages; accessed November 8, 2026.
The royalty, Brand Fund, Marketing Fee and $500 technology fee read the same in both filings (Item 6). The difference sits in what a new owner prepays: training, shipping, a dropped refund and the three-month minimum royalty that Item 7 now counts.
How large is the fixed fee floor once an F45 studio opens?
Item 6 makes four F45 charges payable every month at a fixed minimum, whatever the studio sells: a royalty of the greater of 7% of Gross Sales or $2,500, a $2,500 Marketing Fee, a $500 Technology Service Fee and a Brand Fund of up to 2% of Gross Sales or $200, whichever is higher. Together they come to $5,700 a month.
| Fixed charge (Item 6) | Per month | Per year | Arithmetic |
|---|---|---|---|
| Royalty minimum | $2,500 | $30,000 | $2,500 x 12 |
| Marketing Fee | $2,500 | $30,000 | $2,500 x 12 |
| Technology Service Fee (current) | $500 | $6,000 | $500 x 12 |
| Brand Fund minimum | $200 | $2,400 | $200 x 12 |
| Monthly floor | $5,700 | $68,400 | sum of the four |
| Merchandise for resale | $6,000 | at least $1,500 every three months x 4 | |
| Annual conference | $1,200 | two tickets x $600, billed whether or not you attend | |
| LionHeart heart rate monitors (from year 2) | $5,400 | 100 monitors x $54 | |
| Year 1 floor | $75,600 | $68,400 + $6,000 + $1,200 | |
| Year 2 floor | $81,000 | Year 1 floor + $5,400 |
The percentages replace the minimums only above fixed break points. Dividing $2,500 by 7% gives $35,714 of monthly Gross Sales before the royalty exceeds its floor, and dividing $200 by 2% gives $10,000 for the Brand Fund. Music licenses add $1,700 to $2,000 a year to performance rights organizations (Item 7, Note 18), and rent is outside every figure here.
Item 6 also lets F45 require paid promotional programs if, after 12 months open, a studio’s Gross Sales fall below 70% of the system average, with the cost capped at the monthly royalty. Leaving early has a price too: Franchise Agreement Section 17.F sets liquidated damages at the average monthly royalty of the last 12 months times the lesser of 12 or the months left, which is $30,000 at the $2,500 minimum.
How did F45 go from a NYSE listing to a private parent?
The parent of the franchisor, F45 Training Holdings Inc. (CIK 1788717 on SEC EDGAR), sold shares to the public at $16.00 in July 2021, received an NYSE price-deficiency notice in May 2023, voted to delist in August 2023 and filed Form 15 in November 2023. Since then, the franchisor’s audited statements in the FDD are the main public financial record.
| Date | Event | Primary record |
|---|---|---|
| June 21, 2021 | S-1 registration statement filed with the SEC | EDGAR filing index |
| July 16, 2021 | IPO at $16.00 per share, NYSE symbol FXLV; 18,750,000 shares sold by the company | Form 424B4 |
| October 18, 2022 | Washington consent order effective: $15,437.50 and rescission offers to seven Washington franchisees | FDD Item 3 |
| December 8, 2022 | Securities class action filed over the IPO registration statement | FDD Item 3 |
| May 16, 2023 | NYSE notice: average close below $1.00 over 30 trading days (Section 802.01C) | Form 8-K, Item 3.01 |
| July 5, 2023 | Non-reliance on FY2021 financial statements and three 2022 quarterly reports | Form 8-K, Item 4.02 |
| August 10, 2023 | Board approves voluntary NYSE delisting and deregistration | Form 8-K, Item 3.01 |
| August 24, 2023 | Michigan Attorney General settlement: $95,000 | FDD Item 3 |
| August 25, 2023 | Form 25 removes the stock from the NYSE | Form 25 |
| October 17, 2023 | California consent order: $152,500 penalty | FDD Item 3 |
| November 7, 2023 | Form 15 suspends SEC reporting; 23 holders of record | Form 15 |
| December 4, 2023 | Second Washington consent order: $2,675 | FDD Item 3 |
| February 13, 2026 | Securities settlement: $10,500,000, insurance paid | FDD Item 3 |
| March 27, 2026 | Eighth credit amendment, maturity May 14, 2028 | FDD Exhibit C, Note 11 |
| October 12, 2026 | Second Michigan settlement: $22,500 | FDD Item 3 |
| October 14, 2026 | Current FDD amendment issued | FDD cover |
Item 1 now names the parent as F45 Training Holdings Inc. dba FIT House of Brands, which also franchises the FS8 and Vaura studio brands through affiliates. Exhibit C identifies the parent’s second-lien lenders as existing stockholders led by affiliates of Kennedy Lewis Investment Management, and the March 2026 amendment refers to a possible go-private transaction.
Which suits and state orders sit in F45’s Item 3?
Item 3 of the October 2026 FDD discloses 13 matters: four state regulatory orders or settlements, five closed suits by franchisees or their owners, one pending former-franchisee suit, the securities class action, an endorsement contract suit and one action F45 brought. The FTC Franchise Rule, 16 CFR 436.5(c), is what requires this list.
| Matter (Item 3) | Allegation in brief | Outcome as disclosed |
|---|---|---|
| Washington DFI Securities Division, Order S-19-2681-19-CO01 | Registration and disclosure violations under RCW 19.100 | Effective October 18, 2022; $15,437.50; rescission offered to 7 franchisees |
| Washington DFI, Order S-23-3534-23-CO-01 | FDDs misdescribed the 2022 order | Effective December 4, 2023; $2,675 investigative costs |
| California Commissioner of Financial Protection and Innovation, File 21265 | Financial performance claims outside the FDD, 2015 to 2019; undisclosed public-figure deals | Effective October 17, 2023; $152,500 penalty; rescission offers |
| Michigan Department of Attorney General, 2022-0357768-A | Earnings projections under the Michigan Franchise Investment Law | $95,000 (August 24, 2023) plus $22,500 (October 12, 2026) |
| Securities class action, W.D. Tex. 1:22-cv-01291 | Section 11 claims over the July 16, 2021 IPO | $10,500,000 settlement, insurance paid; final September 30, 2026 |
| Suit in Cook County, Illinois, Chancery Division | Illinois Franchise Disclosure Act violations | Partial summary judgment for plaintiffs July 31, 2023; $610,000 settlement |
| Franchisee suit, E.D. Mich. 5:22-cv-10168 | Fraudulent inducement, franchise law claims | Settled June 11, 2024; fifteen monthly payments of $100,000 |
| Franchisee suit, E.D. Mich. 2:23-cv-11524 | Fraudulent inducement, franchise law claims | Settled March 22, 2024; $200,000 |
| Multi-unit franchisee suit, Delaware Chancery 2024-1055-KSJM | Equipment pack charges and late delivery | Settled January 2, 2026; $50,000 royalty credit |
| Former franchisee suit, N.D. Ala. 2:25-cv-01626 | Implied contract, fraud and estoppel | Pending; discovery set to close June 30, 2026 |
| Endorsement suit, Los Angeles Superior Court BC680415 | Unpaid promotion fees | Settled August 15, 2024; seven monthly payments of $50,000 |
The table lists 11 of the 13 matters; the other two are a Tennessee former-franchisee case dismissed on September 28, 2023 under the forum clause, and F45’s own 2024 suit in Hawaii against a multi-unit franchisee running a competing gym, dismissed December 12, 2025. Our study of Item 3 litigation disclosures shows how other franchisors’ lists compare, and the state enforcement actions report explains rescission offers.
What do F45 Training Incorporated’s audited statements show?
Exhibit C holds statements for 2023 to 2025 audited by Grant Thornton, whose April 1, 2026 opinion is unmodified and carries no going-concern paragraph. The balance sheet shows cash of $538,550 at December 31, 2025, down from $12,469,287 a year earlier, and the notes say the franchisor guarantees its parent’s debt with its own assets pledged.
| Line (Exhibit C) | December 31, 2025 | December 31, 2024 | Note |
|---|---|---|---|
| Cash and cash equivalents | $538,550 | $12,469,287 | Balance sheet |
| Inventories | $23,566,765 | $38,147,556 | Balance sheet |
| Total assets | $58,011,944 | $88,665,004 | Balance sheet |
| Total stockholder’s equity | $31,156,580 | $55,809,506 | Balance sheet |
| Net loss for the year | $14,790,644 | $24,273,616 | 2023: $25,651,915 |
| Parent first-lien loan balance | $58,920,000 | $60,920,000 | Franchisor is a guarantor |
| Parent second-lien PIK loan balance | $193,766,019 | $171,588,807 | Principal $136,999,215 both years |
Note 11 adds that the parent’s March 27, 2026 amendment cut the minimum liquidity covenant from $7.5 million to $5.0 million, paused amortization until June 30, 2027 and moved maturity to May 14, 2028. The notes also say F45 buys substantially all gym equipment from a single supplier, which matters for a $115,000 Equipment Pack. Our franchisor financial health report explains how to read Item 21 for any brand.
How many F45 studios opened, closed and changed hands from 2022 to 2025?
Item 20 of the two most recent F45 filings shows franchised US studios rising from 597 at the start of 2022 to 789 at the end of 2023, then falling to 707 at the end of 2025. Openings dropped from 143 in 2022 to 26 in 2025, while exits held between 69 and 75 a year from 2023 on.
| Year | Start | Opened | Terminated | Not renewed | Ceased, other | End | Transfers |
|---|---|---|---|---|---|---|---|
| 2022 | 597 | 143 | 3 | 2 | 5 | 728 | 97 |
| 2023 | 728 | 136 | 42 | 13 | 20 | 789 | 47 |
| 2024 | 789 | 34 | 46 | 16 | 10 | 751 | 42 |
| 2025 | 751 | 26 | 54 | 13 | 2 | 706 (Table 1: 707) | 68 |
Openings fell from 143 in 2022 to 26 in 2025 while 69 to 75 studios left each year from 2023. Source: F45 FDDs, Item 20, Table 3; accessed November 8, 2026.
Three numbers do not line up. The 2025 columns of Table 3 add to 708 (751 + 26 – 54 – 13 – 2), Table 3 prints 706 and Table 1 prints 707. The September 2025 FDD showed 52 transfers for 2024, the October 2026 FDD shows 42. Item 20 also lists 85 signed franchise agreements without an open studio and projects 22 openings in the next fiscal year, and it reports 2 company-owned studios.
Exits as a share of studios open at the start of the year were 10.3% in 2023 (75 of 728), 9.1% in 2024 (72 of 789) and 9.2% in 2025 (69 of 751). The 68 transfers in 2025 mean resale studios exist in volume, which our franchise resale report covers; the franchise closure rates study sets these rates beside other systems. Item 20 also warns that some current and former franchisees signed provisions restricting what they can say.
Which published F45 totals fail a check against the filing?
All five top-ranking F45 cost pages we checked on November 8, 2026 quote the 2025 filing, an unnamed one, or none, and all five state a total below the October 2026 low end of $362,300. The right-hand column gives the figure as printed in the current F45 disclosure, with its item number.
| Claim on a top-ranking page | What the primary source says | Source |
|---|---|---|
| A deep dive dated February 2026: total $349,200 to $786,100 | $362,300 to $857,700 | 2026 FDD cover, Item 7 |
| A directory listing citing the 2025 FDD: total $342,200 to $786,100 | The 2025 FDD itself printed $349,200 to $786,100; the 2026 total is $362,300 to $857,700 | 2025 and 2026 FDD covers |
| A profile with no FDD date: $313,200 to $485,100 and a $50,000 fee | Establishment fee $60,000 | 2026 FDD Item 5 |
| A lender guide updated July 2026: royalty a flat $3,950 a month or 7% | Greater of 7% of Gross Sales or $2,500 a month | 2026 FDD Item 6 |
| A review updated May 2026: no training fee charged | $1,500 induction for two plus $600 Head Trainer induction | 2026 FDD Item 5 |
| The February 2026 deep dive: 50% fee refund for opening within five months | Present in the 2025 Item 5, absent from the 2026 Item 5 | 2025 and 2026 FDD Item 5 |
| Several pages: 1,500 to 1,700+ locations | 707 franchised and 2 company-owned US studios at December 31, 2025 (Item 20 counts US outlets only) | 2026 FDD Item 20, Table 1 |
Two of the five pages also reprint Item 19 sales figures from the 2025 filing. We do not publish Item 19 numbers; the current Item 19 reports Gross Sales for 676 franchised studios open at least 12 months, for March 1, 2025 to February 28, 2026, and it is the place to read them.
Sign, wait or walk: which thresholds should drive an F45 decision?
The F45 filing gives enough hard numbers to set personal thresholds before a discovery call: cash against the $322,300 low end without amenities, a lease against the 30% landlord allowance in Note 7, and a budget that covers $5,700 a month of fixed F45 fees. The rows below turn those figures into conditions.
| If | Then | FDD basis |
|---|---|---|
| Your cash and credit cover less than $322,300 after reserves | Wait or look at a smaller format; F45 offers no financing | Item 7, Item 10 |
| Your landlord offers well under 30% of build-out costs | Price the build at the $350,000 leasehold high end, not the middle | Item 7, Note 7 |
| You cannot carry $68,400 a year of fixed F45 fees plus rent from reserves | Do not sign until the opening budget funds at least the 3 months in Item 7 | Item 6, Item 7 Notes 19 and 20 |
| You plan two or more studios | Ask F45 to confirm in writing the 50% cut to the $60,000 fee and $115,000 Equipment Pack | Item 5 |
| A resale studio is available (68 transfers in 2025) | Compare its price with $362,300 new, and budget the transfer fee of 25% of the then-current $60,000 fee plus costs | Item 6, Item 20 |
| Item 20 numbers do not reconcile (706, 707, 708) | Ask F45 in writing which count is correct before relying on it | Item 20, Tables 1 and 3 |
| You want to judge franchisor stability | Read Exhibit C: $538,550 cash, parent debt guaranteed, maturity May 14, 2028 | Item 21 |
For a wider comparison, our gym franchise overview sets boutique studios beside full-size clubs, and the Anytime Fitness and Crunch Fitness cost pages apply the same item-by-item method. The fitness franchise statistics report adds category context.
This page summarizes F45’s public filings and is not legal, financial or investment advice. Before signing, ask a franchise lawyer to check Section 17.F and the spouse guaranty listed in the FDD’s Special Risks page, and ask an accountant to rebuild the 3-month working capital line of $60,000 to $100,000 with a real lease quote.
How we compiled this
In November 2026 we read the 294-page F45 Training Incorporated FDD amended October 14, 2026 (Minnesota file 11137), the September 2025 amendment, six F45 Training Holdings filings plus its filing index on SEC EDGAR, and 16 CFR 436.5: 10 primary documents. We re-added Item 7, rebuilt Item 20 across both filings and did the fee arithmetic ourselves. Item 19 figures and franchisee names were left out under our site rules.
Frequently asked questions
How much is an F45 franchise?
One F45 studio costs $362,300 to $857,700 under the FDD amended October 14, 2026 (Item 7). That range counts $40,000 to $67,000 of optional Recovery Amenities, so a studio without them re-adds to $322,300 to $790,700. Between $299,600 and $373,200 of the total is paid to F45 Training Incorporated or its affiliates, according to the cover page.
Is F45 a franchise?
Yes. F45 Training Incorporated, a Delaware company based in Austin, Texas, has offered US franchises since August 1, 2015 (Item 1). At December 31, 2025 the system had 707 franchised and 2 company-owned US studios (Item 20, Table 1). Each franchise agreement runs 10 years from opening with two further 10-year terms (Item 17).
What is the F45 franchise fee?
The establishment fee is $60,000, due when the franchise agreement is signed, plus up to $2,500 for document preparation (Item 5). Approved US military veterans may get up to 25% off, and buyers of two or more studios get 50% off the fee and the $115,000 Equipment Pack. F45 collected $30,000 to $60,000 per fee in 2025.
How much do F45 franchise owners make?
We do not publish earnings figures. Item 19 of the current F45 FDD reports Gross Sales for 676 franchised studios open at least 12 months, covering March 1, 2025 to February 28, 2026, and Item 20 lists current and former owners to call. What an owner keeps depends on those sales minus Item 6 fees, rent and payroll, so read Item 19 beside the Item 6 fee floor.
Is F45 still a public company?
No. The parent, F45 Training Holdings Inc., listed on the NYSE at $16.00 a share in July 2021, approved a voluntary delisting on August 10, 2023, filed Form 25 on August 25, 2023 and filed Form 15 on November 7, 2023 to suspend SEC reporting. The franchisor’s audited statements, including its guarantee of the parent’s debt, now appear in FDD Item 21.
Does F45 help finance a studio?
No. Item 10 states that F45 and its affiliates offer no direct or indirect financing and guarantee no loans or leases. F45 refers franchisees to Swoop Funding, a third-party platform, and may receive 0% to 20% of Swoop’s commission if a franchisee borrows through a lender Swoop introduces. Lenders will see the $362,300 to $857,700 Item 7 range.
How many F45 studios closed in 2025?
Item 20, Table 3 of the October 2026 FDD shows 54 terminations, 13 non-renewals and 2 studios that ceased operating for other reasons in 2025, for 69 exits against 26 openings. Franchised studios fell from 751 to 707 (Table 1). Another 68 studios changed hands through transfers to new owners in 2025.
Sources
- F45 Training Incorporated Franchise Disclosure Document, issued April 1, 2026, as amended October 14, 2026, F45 Training Incorporated via Minnesota Department of Commerce CARDS, accessed November 8, 2026.
- F45 Training Incorporated Franchise Disclosure Document, issued March 31, 2025, as amended September 2, 2025, F45 Training Incorporated via Minnesota Department of Commerce CARDS, accessed November 8, 2026.
- F45 Training Holdings Inc. filing index (CIK 1788717), U.S. Securities and Exchange Commission, EDGAR, accessed November 8, 2026.
- Form 424B4 prospectus, filed July 16, 2021, U.S. Securities and Exchange Commission, EDGAR, accessed November 8, 2026.
- Form 8-K, Item 3.01, filed May 22, 2023, U.S. Securities and Exchange Commission, EDGAR, accessed November 8, 2026.
- Form 8-K, Items 1.01 and 4.02, filed July 7, 2023, U.S. Securities and Exchange Commission, EDGAR, accessed November 8, 2026.
- Form 8-K, Item 3.01, filed August 14, 2023, U.S. Securities and Exchange Commission, EDGAR, accessed November 8, 2026.
- Form 25, filed August 25, 2023, U.S. Securities and Exchange Commission, EDGAR, accessed November 8, 2026.
- Form 15, filed November 7, 2023, U.S. Securities and Exchange Commission, EDGAR, accessed November 8, 2026.
- 16 CFR 436.5, Disclosure items (FTC Franchise Rule), Legal Information Institute, Cornell Law School, accessed November 8, 2026.