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PACS Group (PACS) investor relations material
PACS Group Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Achieved record 2025 performance with $5.29 billion revenue (up 29–29.3%), $191.5–$191.6 million net income, and $505 million adjusted EBITDA, reflecting successful integration of 2024 acquisitions and disciplined execution.
Expanded to 321–323 facilities across 17 states, serving over 31,700 patients daily with approximately 47,000 team members.
Added 8 operating facilities and 7 real estate purchases in 2025, increasing local scale and owned real estate footprint.
Maintained strong liquidity with $197 million in cash and a net leverage ratio of 0.3x at year-end.
207 skilled nursing facilities (73.4%) rated 4 or 5 stars by CMS; mature facilities averaged 4.4 stars and 94.9% occupancy.
Financial highlights
Full year 2025 revenue: $5.29 billion (up 29–29.3%); net income: $191.5–$191.6 million; diluted EPS: $1.22.
Adjusted EBITDA for 2025: $505 million (up 81%); adjusted EBITDAR: $883.9 million.
Q4 2025 revenue: $1.36 billion (up 12–12.4%); net income: $59.8 million.
Operating cash flow for 2025: $404.2 million; cash and cash equivalents at year-end: $197 million.
Cost of services rose 25% and G&A expenses increased 21% year-over-year, aligned with platform growth.
Outlook and guidance
2026 revenue guidance: $5.65–$5.75 billion (midpoint ~8% growth); adjusted EBITDA: $555–$575 million (midpoint ~12% growth).
Guidance assumes steady organic growth, margin expansion, stable reimbursement, and disciplined capital allocation.
Pipeline includes about 5 facility acquisitions per quarter in 2026, with nominal initial revenue and margin.
Portfolio now includes 323 healthcare operations, with ongoing evaluation of acquisition opportunities.
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