CycleBar is a chain of indoor cycling studios and the largest indoor cycling brand in the US. Founded in 2004, it’s expanded to over 200 studios in just 20 years, thanks to the appeal of its low-impact, high-intensity workouts.
A focus on community and a lively cycling environment with curated playlists and a multi-sensory experience keep riders excited and engaged with the brand. There are different classes depending upon the tastes and exercise needs of participants, and the brand emphasizes its openness to anyone who wants to cycle, no matter their level of fitness.
It puts a strong emphasis on supporting the growth of both customers and franchisees. Riders can use software to track their performance using a range of metrics and use support from instructors to push themselves to improve. Meanwhile, franchisees receive ongoing training and regular update webinars to equip them to make the most of what the franchise offers and push toward success.
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In this exclusive Franchise Chatter FDD Talk post, you’ll learn the following:
Section I – Estimated initial investment (franchise costs) for a CycleBar franchise, based on Item 7 of the company’s 2025 FDD
Section II – Initial franchise fee, royalty fee, and marketing fee for a CycleBar franchise, based on Items 5 and 6 of the company’s 2025 FDD
Section III – Number of franchised and company-owned CycleBar outlets at the start of the year and the end of the year for 2022, 2023, and 2024, based on Item 20 of the company’s 2025 FDD
Section IV – News updates on the CycleBar franchise opportunity
Section V – Presentation and analysis of CycleBar’s financial performance representations (average revenues and/or profits), based on Item 19 of the company’s 2025 FDD, including information on the:
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Every month we feature 6 standout franchises that could be the opportunity you've been looking for — each evaluated on disclosed financials and matched to the type of buyer most likely to succeed with it. You'll walk away knowing exactly how to analyze franchise fit. Join us live on September 29 at 6PM EST, or receive the recording the next day. Reserve your spot here.- 2024 average, median, highest, and lowest gross revenue for the 1st quartile, 2nd quartile, 3rd quartile, 4th quartile, and all 183 CycleBar studios that were owned and operated by a franchisee for the entire 2024 calendar year
- 2024 average, median, highest, and lowest monthly active members for the 1st quartile, 2nd quartile, 3rd quartile, 4th quartile, and all 183 CycleBar studios that were owned and operated by a franchisee for the entire 2024 calendar year
- 2024 average, median, highest, and lowest monthly new memberships for the 1st quartile, 2nd quartile, 3rd quartile, 4th quartile, and all 183 CycleBar studios that were owned and operated by a franchisee for the entire 2024 calendar year
- average gross revenue, active members, and new memberships of New Studios during their initial 12-month opening phase
- 2024 average, median, highest, and lowest monthly membership attrition rate for the 183 CycleBar studios that were owned and operated by a franchisee for the entire 2024 calendar year
- 2024 average revenue mix (memberships, services, fees, products) for the 183 CycleBar studios that were owned and operated by a franchisee for the entire 2024 calendar year
Section VI – Key ratios, comparables, computations, and analyses for the CycleBar franchise opportunity (exclusive content for Platinum subscribers)
Section I – CycleBar Franchise Costs
- CycleBar franchise costs, based on Item 7 of the company’s 2025 FDD:
- Initial Franchise Fee: $60,000
- Sourcing Fee: $0 to $28,000
- On-Site Grand Opening Assistance: $0 to $2,500
- Travel and Living Expenses While Training: $0 to $2,500
- Real Estate/Lease: $28,000 to $47,000
- Net Leasehold Improvements (Net of Estimated Tenant Improvement Allowances): $48,500 to $539,000
- Fitness Equipment & Initial FF&E Package: $111,800 to $176,600
- Signage: $6,000 to $33,500
- Additional Operating Supplies and Accessories: $10,000
- Pre-Sales and Soft Opening Retail Inventory Kit: $14,000 to $18,000
- Computer System, A/V Equipment, and Related Components: $56,000
- Business Licenses: $500 to $1,000
- Technology and Software Fees: $6,831
- Insurance Policies: $4,478 to $9,062
- Initial Marketing & Advertising Spend: $34,700 to $48,200
- Initial Instructor Training Fee: $5,000
- Additional Funds for 3 Months: $25,000 to $67,000
- Total Estimated CycleBar Franchise Costs: $410,809 to $1,110,193
Section II – CycleBar’s Initial Franchise Fee, Royalty Fee, and Marketing Fee
- CycleBar’s initial franchise fee, royalty fee, and marketing fee, based on Items 5 and 6 of the company’s 2025 FDD:
- Initial Franchise Fee: $60,000
- Royalty: 7% of Gross Sales
- Brand Development Fund Contributions: currently, 2% of Gross Sales
- Regional or Local Advertising Co-Op: as the Co-Op determines (not currently charged)
- Local Advertising Requirement: the greater of (a) $1,500 or (b) 2% of the prior month’s Gross Sales
Section III – Number of Franchised and Company-Owned CycleBar Outlets
Franchised
2022
- Outlets at the Start of the Year: 233
- Outlets at the End of the Year: 248
- Net Change: +15
2023
- Outlets at the Start of the Year: 248
- Outlets at the End of the Year: 216
- Net Change: -32
2024
- Outlets at the Start of the Year: 216
- Outlets at the End of the Year: 189
- Net Change: -27
Company-Owned
2022
- Outlets at the Start of the Year: 5
- Outlets at the End of the Year: 11
- Net Change: +6
2023
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- Outlets at the End of the Year: 1
- Net Change: -10
2024
- Outlets at the Start of the Year: 1
- Outlets at the End of the Year: 0
- Net Change: -1
Section IV – News Updates on the CycleBar Franchise
Section V – Financial Performance Representations (Average Revenues and/or Profits) for the CycleBar Franchise (Item 19, 2025 FDD)
- The data presented in the charts below is historical data related to Qualified Studios that CycleBar obtained by polling the information directly from the franchisees’ studio management software systems and/or from profit and loss reports provided to CycleBar by franchisees. In all cases, the data used was the franchisees’ data.
- CycleBar does not anticipate that the characteristics of the Studios included in this Item 19 will materially differ from Studios operated by new franchisees.
- “Gross Revenue” means the total revenue generated by a given Studio, including all revenue generated from the sale and provision of any and all approved services at, from, or otherwise through, that Studio. Gross Revenue excludes sales tax (that the Studio owner must pay directly to the appropriate taxing authority).
- “Measurement Period” means the period beginning on January 1, 2024 and ending on December 31, 2024.
- A “Qualified Studio” means a Studio that was owned and operated by a franchisee for the entire Measurement Period. Qualified Studios do not include Studios that operated at Non-Traditional Sites.
- “Non-Traditional Site” is any location that is situated within or as part of a larger venue or facility and, as a result, is likely to draw the predominance of its customers from those persons who are using or attending events in the larger venue or facility (for example, “big box” gyms and/or fitness facilities, cruise ships, military bases, shopping malls, airports, sports facilities and stadiums, industrial or office complexes, hotels, train stations and other transportation facilities, travel plazas, casinos, hospitals, theme parks, convention centers, colleges/universities, multi-unit residential properties, and other similar captive market locations).
Part 1 – Average Gross Revenue of Qualified Studios
- In this Part 1, CycleBar sorted the 183 Qualified Studios, ranked (highest to lowest) by the amount of Gross Revenue reported by the Qualified Studios for the Measurement Periods, into four quartiles, with the 1st Quartile comprising of 45 Qualified Studios and the 2nd, 3rd, and 4th Quartiles each comprising 46 Qualified Studios.
1st Quartile
- Number of Qualified Studios: 45
- Average Gross Revenue: $709,117
- Median Gross Revenue: $656,617
- Minimum Gross Revenue: $539,368
- Maximum Gross Revenue: $1,282,643
- Number/Percentage of Qualified Studios That Met or Exceeded the Average: 14/31%
2nd Quartile
- Number of Qualified Studios: 46
- Average Gross Revenue: $472,797
- Median Gross Revenue: $470,233
- Minimum Gross Revenue: $407,615
- Maximum Gross Revenue: $536,820
- Number/Percentage of Qualified Studios That Met or Exceeded the Average: 20/43%
3rd Quartile
- Number of Qualified Studios: 46
- Average Gross Revenue: $328,479
- Median Gross Revenue: $325,733
- Minimum Gross Revenue: $259,774
- Maximum Gross Revenue: $406,514
- Number/Percentage of Qualified Studios That Met or Exceeded the Average: 23/50%
4th Quartile
- Number of Qualified Studios: 46
- Average Gross Revenue: $192,302
- Median Gross Revenue: $206,669
- Minimum Gross Revenue: $29,307
- Maximum Gross Revenue: $257,728
- Number/Percentage of Qualified Studios That Met or Exceeded the Average: 27/59%
Total
- Number of Qualified Studios: 183
- Average Gross Revenue: $424,125
- Median Gross Revenue: $406,514
- Minimum Gross Revenue: $29,307
- Maximum Gross Revenue: $1,282,643
- Number/Percentage of Qualified Studios That Met or Exceeded the Average: 83/45%
Part 2 – Monthly Active Members of Qualified Studios
- In this Part 2, CycleBar sorted the 183 Qualified Studios, ranked (highest to lowest) by the amount of average Monthly Active Members reported by the Qualified Studios for the Measurement Period, into four quartiles, with the 1st Quartile comprising of 45 Qualified Studios and the 2nd, 3rd, and 4th Quartiles each comprising 46 Qualified Studios.
- “Monthly Active Members” means Studio members who were party to an effective studio membership agreement with a Qualified Studio for a particular calendar month.
1st Quartile
- Number of Qualified Studios: 45
- Average Monthly Active Members: 434
- Median Monthly Active Members: 388
- Minimum Monthly Active Members: 339
- Maximum Monthly Active Members: 850
- Number/Percentage of Qualified Studios That Met or Exceeded the Average: 14/31%
2nd Quartile
- Number of Qualified Studios: 46
- Average Monthly Active Members: 278
- Median Monthly Active Members: 270
- Minimum Monthly Active Members: 242
- Maximum Monthly Active Members: 336
- Number/Percentage of Qualified Studios That Met or Exceeded the Average: 19/41%
3rd Quartile
- Number of Qualified Studios: 46
- Average Monthly Active Members: 213
- Median Monthly Active Members: 213
- Minimum Monthly Active Members: 186
- Maximum Monthly Active Members: 239
- Number/Percentage of Qualified Studios That Met or Exceeded the Average: 22/48%
4th Quartile
- Number of Qualified Studios:46
- Average Monthly Active Members: 140
- Median Monthly Active Members: 145
- Minimum Monthly Active Members: 31
- Maximum Monthly Active Members: 186
- Number/Percentage of Qualified Studios That Met or Exceeded the Average: 26/57%
Total
- Number of Qualified Studios: 183
- Average Monthly Active Members: 265
- Median Monthly Active Members: 239
- Minimum Monthly Active Members: 31
- Maximum Monthly Active Members: 850
- Number/Percentage of Qualified Studios That Met or Exceeded the Average: 69/38%
Part 3 – Monthly New Memberships of Qualified Studios
- In this Part 3, CycleBar sorted the 183 Qualified Studios, ranked (highest to lowest) by the amount of Monthly New Memberships reported by the Qualified Studios for the Measurement Period, into four quartiles, with the 1st Quartile comprising of 45 Qualified Studios and the 2nd, 3rd, and 4th Quartiles each comprising 46 Qualified Studios.
- “Monthly New Memberships” means new Studio members who signed a studio membership agreement with a Qualified Studio for a particular calendar month.
1st Quartile
- Number of Qualified Studios: 45
- Average Monthly New Memberships: 46
- Median Monthly New Memberships: 41
- Minimum Monthly New Memberships: 32
- Maximum Monthly New Memberships: 90
- Number/Percentage of Qualified Studios That Met or Exceeded the Average: 18/40%
2nd Quartile
- Number of Qualified Studios: 46
- Average Monthly New Memberships: 28
- Median Monthly New Memberships: 28
- Minimum Monthly New Memberships: 25
- Maximum Monthly New Memberships: 31
- Number/Percentage of Qualified Studios That Met or Exceeded the Average: 22/48%
3rd Quartile
- Number of Qualified Studios: 46
- Average Monthly New Memberships: 20
- Median Monthly New Memberships: 20
- Minimum Monthly New Memberships: 16
- Maximum Monthly New Memberships: 25
- Number/Percentage of Qualified Studios That Met or Exceeded the Average: 23/50%
4th Quartile
- Number of Qualified Studios: 46
- Average Monthly New Memberships: 12
- Median Monthly New Memberships: 13
- Minimum Monthly New Memberships: 4
- Maximum Monthly New Memberships: 16
- Number/Percentage of Qualified Studios That Met or Exceeded the Average: 25/54%
Total
- Number of Qualified Studios: 183
- Average Monthly New Memberships: 26
- Median Monthly New Memberships: 25
- Minimum Monthly New Memberships: 4
- Maximum Monthly New Memberships: 90
- Number/Percentage of Qualified Studios That Met or Exceeded the Average: 81/44%
Part 4 – Member Information for New Studios
- The chart below provides the data relevant to New Studios as of the particular month after they conducted their Soft Opening in calendar year 2024:
- “Active Members” means Studio members who were party to an effective studio membership agreement with a New Studio at the conclusion of the particular calendar month.
- “New Memberships” means the total number of new Studio members who signed a studio membership agreement in the particular calendar month. New Memberships are included in the number of Active Members for that particular calendar month.
- A “New Studio” means a Studio that was owned and operated by a franchisee and that conducted its Soft Opening in calendar year 2024.
- “Soft Opening” means a Studio opened its doors to the general public for participation in regular classes in the physical premises of the Studio.
Month 1 (6 New Studios)
- Average Gross Revenue: $21,748
- Average Active Members: 294
- Average New Memberships: 120
Month 2 (6 New Studios)
- Average Gross Revenue: $42,026
- Average Active Members: 322
- Average New Memberships: 81
Month 3 (6 New Studios)
- Average Gross Revenue: $43,343
- Average Active Members: 339
- Average New Memberships: 63
Month 4 (6 New Studios)
- Average Gross Revenue: $42,289
- Average Active Members: 338
- Average New Memberships: 37
Month 5 (5 New Studios)
- Average Gross Revenue: $38,191
- Average Active Members: 304
- Average New Memberships: 22
Month 6 (3 New Studios)
- Average Gross Revenue: $35,100
- Average Active Members: 300
- Average New Memberships: 24
Month 7 (3 New Studios)
- Average Gross Revenue: $31,933
- Average Active Members: 290
- Average New Memberships: 24
Month 8 (3 New Studios)
- Average Gross Revenue: $33,121
- Average Active Members: 279
- Average New Memberships: 27
Month 9 (3 New Studios)
- Average Gross Revenue: $33,469
- Average Active Members: 272
- Average New Memberships: 33
Month 10 (3 New Studio)
- Average Gross Revenue: $33,651
- Average Active Members: 265
- Average New Memberships: 26
Month 11 (0 New Studios)
- Average Gross Revenue: N/A
- Average Active Members: N/A
- Average New Memberships: N/A
Month 12 (0 New Studios)
- Average Gross Revenue: N/A
- Average Active Members: N/A
- Average New Memberships: N/A
Part 5 – Monthly Membership Attrition Rate
- The chart below reflects the average monthly Membership Attrition Rate during the Measurement Period (i.e., January 1, 2024 to December 31, 2024) for the 183 Qualified Studios.
- “Membership Attrition Rate” means the number of cancelled Studio memberships during a particular calendar month divided by the number of Studio members at the end of the prior respective calendar month.
Monthly Membership Attrition Rate
- Average: 7.7%
- Number/Percentage That Met or Exceeded the Average: 79/43.2%
- Median: 7.5%
- Maximum: 14.7%
- Minimum: 3.7%
Part 6 – Average Revenue Mix
- The chart below reflects the average Gross Revenue that is attributed to Memberships, Services, Fees, and Products during the Measurement Period for the 183 Qualified Studios.
- Each category (Memberships, Services, Fees, and Products) are exclusive of each other.
- “Fees” means Gross Revenue attributed to fees charged by Studios, such as set up fees, cancellation fees, monthly freeze fees, and enhancement fees.
- “Memberships” means Gross Revenue attributed to down payments and recurring dues for Studio memberships and membership add-ons.
- “Products” means Gross Revenue attributed to retail products sold by Studios.
- “Services” means Gross Revenue attributed to services that Studios provide, such as personal training services, drop-in fees, and studio class packages.
- Average Memberships: 76%
- Average Services: 20%
- Average Fees: 0%
- Average Products: 3%
- Some Studios have earned this amount. Your individual results may differ. There is no assurance that you’ll earn as much.
Section VI – CycleBar Franchise Ratios, Comparables, Computations, and Analyses (Exclusive Content for Platinum Subscribers) ⬇️
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