Curves Franchise Cost, Revenue & Review 2026
Data from FDD filing + SBA 7(a) records
Analysis by FranchiseVerdict Research · Methodology
Curves is a women's fitness franchise built on a quick, 30-minute circuit workout plus coaching. Franchisees run compact gyms managing memberships, the circuit, and member support.
FranchiseVerdict summary · 2026
A Curves franchise requires a total initial investment of $72K – $101K, including a $50K franchise fee and an ongoing 7.5% royalty[2]. The 2022 FDD does not disclose unit-level revenue (no Item 19). SBA 7(a) loans show a 19.0% charge-off rate across 499 loans[1]. FranchiseVerdict grade: F (Weakest tier), an editorial assessment, not investment advice. Run a live ROI scan →
Data last verified · figures per the 2022 FDD issuance
Overview
- Investment
- $72K – $101K
- 10th pct Health & Fitn…
- Avg gross sales
- N/A
- Royalty
- 7.5%
- 57th pct Health & Fitn…
- Units
- 160
- 84th pct Health & Fitn…
- SBA charge-off
- 19.0%
- % of SBA 7(a) loans not repaid · median varies by category
Quick verdict · Health & Fitness · color = vs category peers
Green = favorable by >10% vs Health & Fitness avg · No shading = within ±10% · Red = unfavorable by >10% · Source: FDD filings + SBA 7(a)
Data from public FDD filings and SBA records. Not financial advice. Methodology
Bottom line
- COSTTotal investment $72K – $101K including a $50K franchise fee, 7.5% ongoing royalty.
- RETURNSRevenues for FYE Dec 31, 2021 per audited Statements of Operations: Franchise $1,022,817; Product sales $51,541; Membership sales $803,165; Other $983,460; total $2,860,983. Entity: Curves NA, Inc. (a subsidiary of Curves DF Holdings, Inc.).
- RISKVerdict F (Weakest tier), verdict score 25/100 (higher is better). SBA loan charge-off rate of 19.0% across 499 loans (above the 16% franchise average, based on all SBA 7(a) franchise lending, 2010–2025).
- FLAG10 units terminated last reporting year (6.3% of the system). Ask existing franchisees why.
Item 1 · who you're contracting with
The Franchisor
Corporate structure & franchisor financials
- Legal entity
- Curves NA, Inc.
- Parent company
- Curves DF Holdings, Inc.
- Ultimate parent
- Curves Holdings Co., Ltd.
- Predecessor
- Curves International, Inc.
- Prior franchisor entity
- CEO title
- Chief Executive Officer, President and Director
- Elizabeth Krishea Holloway
- CEO experience
- 22 yrs
- Years in role or industry
- Incorporated in
- TX
- HQ
- 400 Schroeder Drive, Waco, Texas 76710
- Auditor
- Jaynes Reitmeier Boyd & Therrell, P.C.
- Audited financials
- Franchisor revenue
- $2.9M
- vs $4.5M prior year
- Management churn noted
- Frequent turnover
- Item 2 disclosed frequent executive changes
Overview
About
- CEO
- Elizabeth Krishea Holloway
- Headquarters
- TX
- Founded
- 1995
- FDD year
- 2022
- States available
- 38
Can you afford it, and what does the money buy?
Entry cost runs 85% below the typical health & fitness franchise.
Source: FDD 2022 · Items 5–7
FDD Item 7 · 2022 filing
Initial investment breakdown
| Cost component | Low | High |
|---|---|---|
| Initial franchise fee | $50K | $50K |
| Working capital (3–6 mo) | $2K | $5K |
| Equipment, build-out, other | $20K | $47K |
| Total initial investment | $72K | $101K |
Source: Curves 2022 FDD, Items 5 and 7[2]. “Equipment, build-out, other” is computed as total minus disclosed line items above.
Item 7 · what it costs to open + operate
The Vitals
- Total investment
- $72K – $101K
- Top 40% of category vs category
- Liquid capital req'd
- $2K – $5K
- Top 40% of category vs category
- Franchise fee
- $50K – $50K
- Middle of category vs category
- Royalty
- 7.5%
- percentage · typical 6–8%
- Ad fund
- 2.0%
- typical 3–5%
- Total fee load
- 9.5%
- vs 9–13% typical
Ongoing fees · Item 6
| Fee | Amount |
|---|---|
| Royalty | 7.5% of gross sales |
| Marketing / ad fund | 2.0% of gross sales |
| Technology fee | $275 |
| Training fee | $300 |
| Transfer fee | $5K |
| Renewal fee | $25 |
| Total fee load | 9.5% of rev |
ROI & LBO modelsSingle-unit · 25-unit portfolio · editable
Curves did not disclose financial performance in FDD Item 19. The ROIC and return models require Item 19 revenue. Without it all inputs are estimates. You can still run the calculator with your own assumptions by entering an expected revenue figure.
Returns model · single-unit ROIC
What would one Curves unit return on the cash you put in?
Unlevered ROIC · per unit
Estimated return on your total franchise investment, before any debt financing.
239%
Above the 30–60% band. Verify revenue is per-unit average
These models are for research and scenario planning only. Not investment advice. Actual results depend on your specific location, management, and market conditions. Consult a franchise attorney and accountant before signing any franchise agreement.
Item 19 · Source: 2022 FDD
Financial Performance
Revenues for FYE Dec 31, 2021 per audited Statements of Operations: Franchise $1,022,817; Product sales $51,541; Membership sales $803,165; Other $983,460; total $2,860,983. Entity: Curves NA, Inc. (a subsidiary of Curves DF Holdings, Inc.).
Operator outlook
What the numbers say
Data-driven interpretation of this brand's financial disclosures, fee structure, and system trajectory.
Fee burden
Total ongoing fee load of 9.5% (near the Health & Fitness average).
Disclosure
Franchisor chose not to disclose financial performance representations. You will need to gather unit economics directly from existing franchisees.
Operator retention
System contracting at -45.8% CAGR over 3 years. Investigate whether closures are franchisor-driven consolidation or franchisee exits.
Source: FDD Item 19 financial performance representations and publicly filed FDD data. Past performance is not indicative of future results. Verify all figures with the franchisor and current franchisees before making any investment decision.
vs Health & Fitness averages
How Curves Compares
Is the system healthy?
Source: FDD 2022 · Item 20
Unit growth
Item 20 · unit dynamics
The Growth Chart
- Total units
- 160
- Opened
- 0
- Last reporting year
- Closed
- 7
- Terminated
- 10
- Franchisor ended the franchise (per Item 20)
- Non-renewed
- 14
- Term expired, not renewed (per Item 20)
- Turnover rate
- 76.9%
- Company-owned
- 0
- Corporate units in the system
- % franchised
- 100%
- vs corporate-owned
- Net growth (3-yr)
- -45.8%
- Net unit change over 3 years
- 3-yr CAGR
- -45.8%
- Compounded over last 3 years
3-year detail · Item 20
- Opened (3yr)
- 0
- Closed (3yr)
- 35
- Terminated (3yr)
- 28
- Non-renewed (3yr)
- 60
- Transfers (3yr)
- 14
- Reacquired (3yr)
- 0
- Franchisor bought back
- Continuity rate
- 76.4%
- Units that stayed open
- Termination rate
- 39.0%
- Franchisor-initiated terminations
Year-over-year franchised unit counts and net change. Source: FDD Item 20.
Item 20 · 21 states with active franchisees
The Territory Map
Derived from franchisee contact records. Shows states with at least one current operator. Not where the franchisor is registered to sell new units (that data is re-extracting in a future refresh).
States derived from franchisee contact records (FDD Item 20). Shows states with at least one current operator on file. Full state registration data (Item 12) will appear on a future FDD refresh.
A system losing more than 10% of its units year-over-year is a red flag. Check whether closures are concentrated in specific regions.
SBA loan performance
Government records
SBA Loan Data
Aggregated from SBA 7(a) and 504 loan disclosures, public data unique to FranchiseVerdict.
- Total loans
- 499
- Loan volume
- $47.4M
- Median loan
- $56K
- 50th percentile
- Charge-off rate
- 19.0%
- rates vary by category · see methodology
Historical SBA 7(a) lending data, not predictive of future performance. How SBA charge-off rates are calculated
- Repayment rate (PIF)
- 81.2%
- 5-yr charge-off
- N/A
- Loans approved 2021+
- Active lenders
- 206
- Defaults
- 82
- Typical loan rate
- 6.3%
- avg rate to borrowers
- Franchised industry avg
- 15.8%
- brand above franchise avg ↑
- Jobs supported
- 1,459
- 3.6 per loan
- Lender concentration
- 5%
- top lender's share
Franchise vs independent — in fitness and recreational sports centers, franchised businesses charge off at 15.8% vs 18.2% for independents — franchising is associated with 13% lower SBA default risk in this category.
Vintage analysis
Curves charge-off rate by loan vintage
Shaded area: recent vintages with few resolved loans; rates may change as loans mature.
Top lenders financing Curves franchisees
Showing 3 of 206 lenders. The full breakdown — every lender, state distribution, interest rates & risk ratings — is in the SBA Lending Report below.
Explore lender portfolios on Bank Reports or regional data on State Reports.
Premium insight
SBA Lending Report
Deep-dive into Curves's SBA lending history: lender network, geographic footprint, interest rates, and more.
SBA Lending Report
- Principal loss rate and NAICS industry benchmark
- 10 lenders with concentration factor
- Per-state charge-off rates across 15 states
- Startup risk premium and job creation velocity
- 20-year lending trend
Instant access. No subscription.
What could kill this investment?
SBA loans charge off at 19.0% — 19% above the 16.0% national norm, i.e. higher lender-observed risk.
Source: SBA 7(a) FOIA · FDD Items 3, 21
Risk analysis
FranchiseVerdict rating + FDD Items 3, 4, 8, 16, 21
Risk & Legal
Curves presents HIGH RISK due to a collapsing franchise system (24% unit decline), missing financial disclosures, escalating litigation from franchisees, and franchisor going concern issues that suggest deteriorating support and profitability.
Litigation (Item 3)
7 cases: 1 consumer class action (email spam, settled $15k); 1 franchisee class action (fraud/misrepresentation, settled ~$11,765/plaintiff); 1 former franchisee action (dismissed on appeal pending); 1 former franchisee breach of support claim (pending); 3 plaintiff suits by Curves NA against former franchisees for non-payment (default judgments obtained).
Largest disclosed settlement: $15,000
Bankruptcy (Item 4)
None disclosed
Audited financials (Item 21)
Yes · Jaynes Reitmeier Boyd & Therrell, P.C.
Franchisor revenue (Item 21)
Franchisor entity revenue (not unit-level)
Supplier relationship · Items 8 & 16
- Franchisor sells you products: Yes
- Kickbacks from required suppliers: Yes
- Must buy proprietary products: Yes
- Restricted to system-approved products: Yes
- Can negotiate own supplier terms: No
Score breakdown · what drove the 25 / 100 verdict
- 01MINORSystem declining 23.6% YoY (154 units) indicates accelerating franchisee exits and potential business model deterioration
- 02MINORNo average revenue or net income disclosure (Item 19) prevents assessment of actual profit potential and unit economics
- 03HIGHMultiple litigation patterns: class action for customer privacy violations, breach of contract suits from franchisees, and default judgments suggest systemic franchisor-franchisee relationship problems
- 04HIGHGoing Concern status is FALSE, signaling potential financial instability at corporate level that could impact franchisee support
- 05MEDHigh franchise fee ($50,000) relative to initial investment cap ($101,245 max) with 7.5% royalty on undisclosed revenue creates unfavorable risk-reward ratio
Severity inferred from the FDD text · not a regulatory classification
What are you signing up for?
Ongoing fees run about 9.5% of sales (royalty + ad fund), before rent and labor.
Source: FDD 2022 · Items 11, 12, 17
FDD Items 12, 15, 17 · continued from Risk & Legal
Contract & Territory Detail
| Initial term | 10 years |
|---|---|
| Renewal term | 5 years |
| Territory type | protected |
| Protected territory | Yes |
| Exclusive territoryℹ | No |
| Territory population | 60,000 |
| Online sales rightsℹ | Restricted |
| Franchisor can compete | Yes |
| Hire a manager? | Allowed |
| Owner-operator | Required |
| Non-compete (years)ℹ | 2 years |
| Non-compete (miles)ℹ | 10 mi |
| Right of first refusalℹ | Yes |
| Transfer requires consent | Yes |
| Termination notice | 20 days |
| Mandatory arbitration | No |
| Arbitration location | Texas |
| Jury trial waiver | No |
| Governing law | TX |
| Litigation count | 7 |
View Item 3 litigation summary
7 cases: 1 consumer class action (email spam, settled $15k); 1 franchisee class action (fraud/misrepresentation, settled ~$11,765/plaintiff); 1 former franchisee action (dismissed on appeal pending); 1 former franchisee breach of support claim (pending); 3 plaintiff suits by Curves NA against former franchisees for non-payment (default judgments obtained).
Items 10, 11
Training & Operations
- Classroom training
- 28 hrs
- On-the-job training
- 12 hrs
- Training location
- Austin/Waco, Texas or virtual locations designated by franchisor
- Ongoing training
- Required
- Field support
- 12 hrs/yr
- On-site visits per year
- Time to open
- 4 mo
- From signing to launch
- Site selection
- Franchisee selects, franchisor must approve
- Franchisor financing
- Offered
- Item 10
- POS system
- Curves required operating system
- Operating tech stack
Items 5 & 11
Franchisor Support
Technology: Curves required operating system
Item 20 · call current owners
Franchisee Contacts
88 owners to call
Name · phone · city · state. Extracted from FDD Item 20
FDD download
Curves · FDD (2022) PDF
Frequently asked questions
Frequently Asked Questions
How much does it cost to open a Curves franchise?
The total investment to open a Curves franchise ranges from $72K – $101K, with an initial franchise fee of $50K. This includes real estate, equipment, inventory, and working capital as disclosed in their Franchise Disclosure Document (FDD).
What do Curves franchise owners earn?
Curves does not disclose average franchise owner earnings in their FDD Item 19. Not all franchisors are required to make financial performance representations. We recommend asking existing franchisees directly about their financial experience.
What is Item 19 in the Curves FDD?
The FDD section where a franchisor may disclose financial performance of its outlets. Disclosure is optional and formats vary; figures are typically gross sales, which is revenue before expenses, not profit. FranchiseVerdict extracts these figures directly from the Curves FDD and qualifies whose outlets they describe.
What is Curves's franchise failure rate?
Based on SBA 7(a) loan data, Curves has a charge-off rate of 19.0% across 499 loans, meaning 19.0% of franchise loans were charged off. Charge-off rates are one proxy for franchise risk, though they do not capture all closures. This data comes from FOIA-sourced SBA lending records.
How many Curves franchise locations are there?
As of their most recent FDD filing, Curves has 160 total units in the United States, including 160 franchised units and 0 company-owned units.
Is Curves a good franchise to buy?
FranchiseVerdict rates Curves as a F-grade franchise with a verdict score of 25 out of 100 (higher is better), based on our analysis of investment costs, revenue data, SBA loan performance, and growth trends. Our rating is based solely on publicly available FDD and government data; we recommend speaking with current franchisees before making any investment decision. This is not investment advice.
Data sourced from public FDD filings and SBA 7(a) FOIA records. Not financial advice.
For franchisors
Are you the franchisor?
If you represent Curves, you can request corrections or provide updated information.
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Data extracted from public FDD filings and SBA 7(a) loan disclosures (FOIA). This information is provided for research purposes only and does not constitute financial, legal, or investment advice. Verify all figures with the franchisor's current Franchise Disclosure Document before making any investment decision.