SmartFit stock reports 22 percent revenue growth in Q2 2026

Published on 09/30/2026 at 22:24 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

SmartFit stock posted BRL 2.177 billion in Q2 2026 revenue, while EBITDA reached BRL 712 million. TotalPass users rose 70 percent to 2.2 million.

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SmartFit stock reports 22 percent revenue growth in the second quarter of 2026 as the Brazilian fitness operator expands beyond traditional gyms. Business Moment reported on September 21, 2026, that net revenue reached BRL 2.177 billion and EBITDA rose 24 percent to BRL 712 million.

Revenue grows with network expansion

The second-quarter EBITDA margin stood at 32.7 percent, while recurring net income reached BRL 204 million, up 8 percent from the same quarter of 2025. The network comprised 2,170 gyms across 16 countries, a 19 percent increase from a year earlier, according to Business Moment.

SmartFit maintained a 2026 expansion target of 330 to 350 net new units. By the end of July, the company had added 98 units and had 134 gyms under construction, leaving the second half of the year responsible for most of the planned additions.

TotalPass changes the growth profile

TotalPass is becoming a material part of the business. The platform ended the second quarter with 2.2 million customers in Brazil and Mexico, up 70 percent year over year, while other revenue lines grew 47 percent and reached 11 percent of total revenue, Exame reported on September 3, 2026.

The mix also brings a counterweight to the gym rollout. Exame reported that Smart Fit's Brazilian cash gross margin before pre-opening costs fell 3.5 percentage points to 45.4 percent as the company accelerated openings, while TotalPass reached a cash gross margin of 84.7 percent.

Analysts emphasize platform potential

Seu Dinheiro reported on September 10, 2026, that Santander reiterated an Outperform rating and introduced a BRL 35 price target for the end of 2027. The bank cited TotalPass, operating leverage and margin expansion as drivers beyond new gym openings.

Competition remains a measurable risk. Eu Quero Investir reported on September 2, 2026, that Bradesco BBI cut its price target from BRL 33 to BRL 30 while retaining a buy recommendation after reducing its 2026 expansion estimate from 348 to 310 units.

Next results arrive November 4

SmartFit is scheduled to publish its next earnings report on November 4, 2026, according to Investing.com. For the company, the key test is whether TotalPass growth and the international rollout can offset the margin pressure created by rapid Brazilian expansion.