GMR Solutions (GMRS) Q2 2026 earnings summary

Executive summary

• Q2 2026 revenue increased 3.3% year-over-year to $1,490.3 million, with nearly 1.4 million patient encounters and strong performance in emergent services and nurse navigation.

• Adjusted EBITDA was $284.5 million, down 11.8% year-over-year, mainly due to prior year one-time revenue estimate adjustments related to No Surprises Act collections.

• Net loss for Q2 2026 was $28.3 million, compared to net income of $80.8 million in Q2 2025, primarily due to IPO-related expenses and lower No Surprises Act claim adjustments.

• Completed IPO in May 2026, raising $446.8 million in net proceeds, used to redeem preferred stock and pay down $670 million in term loans.

• The company continues to expand its integrated air and ground EMS model, leveraging technology and data-driven innovation.

Financial highlights

• Q2 2026 net revenue: $1,490.3 million (up 3.3% year-over-year); six-month revenue: $2,947.9 million (up 4.9%).

• Adjusted EBITDA margin was 19.1%; Adjusted EBITDA fell 11.8% year-over-year due to lower favorable changes in revenue estimates.

• Net loss of $28.3 million, compared to net income of $80.8 million in Q2 2025, reflecting IPO-related expenses and lower No Surprises Act claim adjustments.

• Net transport revenue per ambulance transport increased 1.4% year-over-year to $1,370.

• Cash and cash equivalents at June 30, 2026: $420 million; undrawn ABL: $696 million.

Outlook and guidance

• Full-year 2026 guidance reiterated: revenue of $5.89–$6.18 billion, Adjusted EBITDA of $1.135–$1.195 billion, and CapEx/cash used for aircraft financing at 5.1–5.3% of revenue.

• Guidance assumes stable payer mix, continued transport rate and volume momentum, and ongoing Iran conflict impact on fuel costs.

• Net leverage expected to fall below 3.3x by year-end and to 3.0x before end of 2027.

• Management expects operating cash flows and available borrowing capacity to be sufficient for working capital, capital expenditures, and debt service over the next twelve months.

• Ongoing focus on reducing debt, funding acquisitions, and general corporate purposes.