CurvesFranchise Cost, Revenue & Review 2026
Data from FDD filing + SBA 7(a) records
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]. Verdict grade: F. Run a live ROI scan →
Data last verified June 21, 2026 · figures per the 2022 FDD issuance
Overview
- Investment
- $72K – $101K
- 11th pct Health & Fitn…
- Avg gross sales
- N/A
- 59th pct Health & Fitn…
- Royalty
- 7.5%
- 54th pct Health & Fitn…
- Units
- 154
- 85th pct Health & Fitn…
- SBA default
- 19.0%
- system-wide median varies by category
Quick verdict · Health & Fitness · color = vs category peers
Green = >15% above Health & Fitness avg · No shading = within ±15% · Red = >15% below avg · Source: FDD filings + SBA 7(a)
Data from public FDD filings and SBA records. Not financial advice. Methodology
Franchising since 1995. Systems this mature have refined operations and brand recognition.
The system contracted 24% year-over-year. Investigate why units are closing.
Bottom line
- Total investment $72K – $101K including a $50K franchise fee, 7.5% ongoing royalty.
- No Item 19 financial performance data disclosed. The franchisor chose not to publish revenue figures.
- Verdict F (Bottom Quintile) with a risk score of 87/100. SBA loan charge-off rate of 19.0% across 499 loans (above the 16% franchise average, based on all SBA 7(a) franchise lending, 2010–2024).
- 41 units terminated last reporting year (26.6% of the system). Ask existing franchisees why.
Item 1 · who you're contracting with
The Franchisor
- Legal entity
- CURVES NA, INC.
- Parent company
- Curves DF Holdings, Inc.
- Ultimate parent
- Curves Holdings Co., Ltd.
- 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
Franchisees operate women-focused fitness centers featuring 30-minute circuit training on hydraulic machines, supported by nutritional coaching. Daily operations include member check-ins, equipment maintenance, circuit supervision, and sales of memberships and nutritional products. The business model relies on recurring membership revenue with high churn typical in fitness.
- CEO
- Elizabeth Krishea Holloway
- Headquarters
- TX
- FDD year
- 2022
- States available
- 38
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
- Better than avg vs category
- Liquid capital req'd
- $2K – $5K
- Better than avg vs category
- Franchise fee
- $48K – $50K
- Near category avg vs category
- Royalty
- 7.5%
- Gross Sales · 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 | $6K |
| Transfer fee | $5K |
| Renewal fee | $13K |
| Total fee load | 9.5% of rev |
Financial Performance
This franchisor did not disclose financial performance representations in Item 19, or our extractor could not parse them.
vs Health & Fitness averages
How Curves Compares
Unit growth
Item 20 · unit dynamics
The Growth Chart
- Total units
- 154
- Opened
- 0
- Last reporting year
- Closed
- 31
- Terminated
- 41
- Franchisor ended the franchise (per Item 20)
- Non-renewed
- 19
- Term expired, not renewed (per Item 20)
- Turnover rate
- 20.1%
- Company-owned
- 0
- Corporate units in the system
- % franchised
- 100%
- vs corporate-owned
- Net growth (yr3)
- -23.6%
- Net unit change last year
- 3-yr CAGR
- -34.2%
- Compounded over last 3 years
3-year detail · Item 20
- Transfers (3yr)
- 3
- 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 · 29 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
Vintage analysis
Curves charge-off rate by loan vintage
Shaded area: recent vintages with few resolved loans; rates may change as loans mature.
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.
Risk analysis
FranchiseVerdict rating + FDD Items 3, 5, 6, 12, 17
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)
Two cases: (1) Harold M. Hoffman, et al v. Curves International, Inc. - putative class action for unsolicited email and unsubscribe issues under New Jersey Consumer Fraud Act, settled December 8, 2015 for $15,000. (2) Anne Armstrong, et al. v. Curves International, Inc. - franchisee class action alleging false/misleading franchise information and breach of contract under Texas Business Opportunities Act and Texas Deceptive Trade Practices-Consumer Protection Act, pending in U.S. District Court, Western District of Texas, Waco Division (Case No. 6:15-cv-00294-WSS).
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 87 / 100 rating
- 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
FDD Items 5, 6, 12, 17 · continued from Risk & Legal
Contract & Territory Detail
| Initial term | 10 years |
|---|---|
| Renewal term | 5 years |
| Territory type | Population-based |
| Protected territory | Yes |
| Territory population | 5,000 |
| 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 |
| Jury trial waiver | No |
| Governing law | Texas |
| Litigation count | 7 |
View Item 3 litigation summary
Two cases: (1) Harold M. Hoffman, et al v. Curves International, Inc. - putative class action for unsolicited email and unsubscribe issues under New Jersey Consumer Fraud Act, settled December 8, 2015 for $15,000. (2) Anne Armstrong, et al. v. Curves International, Inc. - franchisee class action alleging false/misleading franchise information and breach of contract under Texas Business Opportunities Act and Texas Deceptive Trade Practices-Consumer Protection Act, pending in U.S. District Court, Western District of Texas, Waco Division (Case No. 6:15-cv-00294-WSS).
Items 10, 11
Training & Operations
- Classroom training
- 28 hrs
- On-the-job training
- 12 hrs
- Training location
- Austin/Waco, Texas or at locations and/or Virtual training determined by us
- Field support
- 12 hrs/yr
- On-site visits per year
- 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
99 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 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 154 total units in the United States, including 194 franchised units and 0 company-owned units.
Is Curves a good franchise to buy?
FranchiseVerdict rates Curves as a F-grade franchise with a risk score of 87 out of 100, 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.
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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.