PACS Group (PACS) Q3 2026 earnings summary

Executive summary

• Q3 revenue rose 11.5% YoY to $1,498.6M; net income increased 16.2% to $60.8M and Adjusted EBITDA grew 33.6% to $175.7M.

• Same-store SNF revenue grew 6.4%, with occupancy and skilled mix improving; quarter-end operations totaled 355 facilities across 20 states.

• FY 2026 revenue and Adjusted EBITDA guidance increased, including contributions from Florida and Texas acquisitions and near-term integration investment.

Financial highlights

• Q3 revenue was $1,498.6M vs. $1,344.6M YoY; operating income was $99.7M vs. $86.3M, and net income was $60.8M vs. $52.3M.

• Q3 diluted EPS was $0.37 vs. $0.32; Adjusted EPS was $0.63 vs. $0.46, up 37%.

• Adjusted Net Income was $104.0M vs. $75.9M; Adjusted EBITDA was $175.7M vs. $131.5M, and Adjusted EBITDAR was $273.9M.

• Nine-month revenue was $4,347.1M vs. $3,931.0M; net income was $217.8M vs. $131.7M, and Adjusted EBITDA was $512.8M vs. $363.0M.

• Q3 cost of services rose 9.2% to $1.142B; G&A increased to $138.4M, including higher stock compensation and an executive accelerated-vesting charge.

Outlook and guidance

• FY 2026 revenue guidance increased to $5.95B–$6.05B from $5.75B–$5.85B; midpoint implies ~13% growth over 2025.

• Adjusted EBITDA guidance increased to $685M–$695M from $640M–$660M; midpoint implies ~37% growth over 2025.

• Guidance includes partial-year contributions from 32 Florida facilities and 11 Texas operations, plus near-term integration investment.

• Guidance includes $5M of Ohio retroactive quality incentive payments received in October; future state incentive payments remain uncertain in timing and amount.