Curves Franchise Cost, Revenue & Review 2026
- Investment
- $72K – $101K
- Disclosed sales
- not disclosed
- SBA charge-off
- 19.0%
- on 499 loans
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]. This franchisor makes no financial performance representation in Item 19 of its FDD. Item 19 is voluntary under the FTC Franchise Rule, and this filing states that it makes none, so no revenue or earnings figures are disclosed. Declining to publish one is lawful and is not evidence of how the outlets perform. It does mean that less about this brand can be verified from its filing, and the FranchiseVerdict grade - an editorial assessment, not investment advice - reflects that. 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 →
Sources, dates and evidence
FDD issued: · Data extracted: · Last cited check: · Staleness risk: high - issued more than two years ago
Evidence: strong✓ Investment (Item 7)✓ Item 19 status✓ Units and owners (Item 20)✓ SBA loan coverage✓ Litigation (Item 3)✓ Financial statements (Item 21)✓ Franchisor identityhow this is scored5 of 5 headline figures on this page cite a page of the filing.
Overview
- Investment
- $72K – $101K
- 10th pct Health & Fitn…
- Avg gross sales
- N/A
- Royalty
- 7.5%
- 69th pct Health & Fitn…
- Units
- 154
- 83rd 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 median · 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.
- RETURNSThis franchisor makes no financial performance representation in Item 19 of its FDD. Item 19 is voluntary under the FTC Franchise Rule, and this filing states that it makes none, so no revenue or earnings figures are disclosed. Declining to publish one is lawful and is not evidence of how the outlets perform. It does mean that less about this brand can be verified from its filing, and the FranchiseVerdict grade - an editorial assessment, not investment advice - reflects that.
- 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).
- GROWTHNegative: net -40 franchised outlets in the latest year (0 opened, 7 closed) (Item 20).
- FLAG10 units terminated last reporting year (6.5% 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.
- FDD Item 1, page 7 of the 2022 FDD
- Ultimate parent
- Curves Holdings Co., Ltd.
- FDD Item 1, page 7 of the 2022 FDD
- 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 78% 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%
- 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 makes no financial performance representation in Item 19 of its FDD - a voluntary item under the FTC Franchise Rule - so no unit revenue figures are disclosed. The return models need a revenue figure to start from, and the operating costs that turn gross sales into a profit are in no FDD. Enter your own and the calculator runs on your assumptions — nothing here is modelled until you do.
Returns model · single-unit ROIC
What would one Curves unit return on the cash you put in?
Illustrative category typicals — not sourced to any filing, survey or sample. Replace them with figures from franchisee validation calls before you rely on the output.
Unlevered ROIC · per unit
Your modelled return on total invested capital, before any debt financing.
—
An FDD discloses gross sales, not profit. We hold no sourced figure for annual revenue, COGS, labour, rent / occupancy and other operating costs, and will not substitute an assumed one. Enter your own and the model runs on your assumptions.
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
No financial performance representation
This franchisor makes no financial performance representation in Item 19 of its FDD. Item 19 is voluntary under the FTC Franchise Rule, and this filing states that it makes none, so no revenue or earnings figures are disclosed. Declining to publish one is lawful and is not evidence of how the outlets perform. It does mean that less about this brand can be verified from its filing, and the FranchiseVerdict grade - an editorial assessment, not investment advice - reflects that.
Item 20 of the FDD lists current and former franchisees; asking them directly is the standard way to fill this gap.
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 median).
Disclosure
This franchisor makes no financial performance representation in Item 19 of its FDD. Item 19 is voluntary under the FTC Franchise Rule, and this filing states that it makes none, so no revenue or earnings figures are disclosed. Declining to publish one is lawful and is not evidence of how the outlets perform. It does mean that less about this brand can be verified from its filing, and the FranchiseVerdict grade - an editorial assessment, not investment advice - reflects that. Item 20 of the FDD lists current and former franchisees; asking them directly is the standard way to fill this gap.
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 medians
How Curves Compares
Category median of published Health & Fitness brands that report the figure; the middle half spans the 25th to 75th percentile and n counts the brands behind it. Medians are used because a few very large systems pull an average far from the typical brand. Revenue is disclosed gross sales, not profit.
Is the system healthy?
Source: FDD 2022 · Item 20
Unit growth
Item 20 · unit dynamics
The Growth Chart
- Total units
- 154
- 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
Last fiscal year · Item 20 exits and transfers
- Terminated
- 10
- Not renewed
- 14
- Transferred
- 2
- Reacquired
- 0
- Franchisor bought back
- Signed, not yet open
- 0
- 0.00 per open outlet · Item 20 Table 5
- Projected new
- 0
- Franchisor's next-year forecast
- 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.
Where the owners are · Item 20 owner list
88 current owners across 21 states.
- CA 33
- IL 10
- MN 6
- CO 5
- MO 5
- FL 3
- GA 3
- ID 3
- AL 2
- AZ 2
- IA 2
- MA 2
- +9 more states
Counts only, from the list the franchisor prints in Item 20. Names and phone numbers are for your own due diligence and are not shown here.
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%
- on 499 loans · 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.
Lender network · 7(a) + 504
SBA Lending Report
Full lending analysis for Curves from SBA 7(a) FOIA data.
- Principal loss rate
- 23.1%
- Avg SBA guarantee
- 73%
- Avg interest rate
- 6.28%
- Avg chargeoff amount
- $118K
- Lender concentration
- 5.4%
- Job velocity
- 3.6 per $100K
- NAICS benchmark
- 12.5%
- NAICS 713940
- Jobs supported
- 1,459
Top SBA lendersTop lender holds 5% of loans
| # | Lender | Loans | Volume | Default % |
|---|---|---|---|---|
| 1 | PNC Bank, National Association | 23 | $3.7M | 17.4% |
| 2 | Bank of America, National Association | 18 | $614K | 22.2% |
| 3 | BMO Bank National Association | 16 | $1.5M | 0.0% |
| 4 | TD Bank, National Association | 15 | $1.4M | 6.7% |
| 5 | JPMorgan Chase Bank, National Association | 14 | $993K | 7.1% |
| 6 | Wells Fargo Bank National Association | 14 | $1.1M | 7.1% |
| 7 | Manufacturers and Traders Trust Company | 11 | $585K | 0.0% |
| 8 | U.S. Bank, National Association | 10 | $1.3M | 30.0% |
| 9 | Fifth Third Bank | 8 | $544K | 50.0% |
| 10 | The Huntington National Bank | 7 | $430K | 0.0% |
Geographic failure vector
| State | Loans | Defaults | Rate |
|---|---|---|---|
| TXTexas | 29 | 6 | 20.7% |
| CACalifornia | 28 | 4 | 14.3% |
| PAPennsylvania | 21 | 4 | 19.0% |
| IAIowa | 20 | 3 | 15.0% |
| ILIllinois | 20 | 2 | 10.0% |
| MNMinnesota | 19 | 4 | 21.1% |
| WIWisconsin | 19 | 0 | 0.0% |
| FLFlorida | 17 | 7 | 41.2% |
| MDMaryland | 17 | 6 | 35.3% |
| MOMissouri | 17 | 2 | 11.8% |
SBA 7(a) lending trend
Source: SBA 7(a) + 504 FOIA loan-level data, matched by FranchiseVerdict
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
Litigation (Item 3)
Subject: the franchisor is a named party (defendant).
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).
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)
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.).
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
- 04MEDHigh 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 territory |
| 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
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 makes no financial performance representation in Item 19 of its FDD - a voluntary item under the FTC Franchise Rule - so no unit revenue figures are disclosed. Declining to publish one is lawful and is not evidence of how the outlets perform. It does mean that less about this brand can be verified from its filing, and the FranchiseVerdict grade - an editorial assessment, not investment advice - reflects that. Item 20 of the FDD lists current and former franchisees; asking them directly is the standard way to fill this gap.
Who owns Curves?
Curves is franchised by Curves NA, Inc.. Its parent company is Curves DF Holdings, Inc.. The ultimate parent named in the FDD is Curves Holdings Co., Ltd.. Source: FDD Item 1, 2022 filing.
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 154 total units in the United States, including 154 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). The grade is a deterministic score built from six weighted dimensions — financial health, unit economics, unit growth, scale, legal, and transparency — then calibrated against SBA loan charge-off rates and FDD age. Transparency is one of the six, so a filing that discloses less scores lower on that dimension than one that discloses more. 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
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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.