The Pennant Group (PNTG) Q4 2025 earnings summary

Executive summary

• Achieved record-breaking 2025 performance with adjusted EPS of $1.18, exceeding guidance midpoint, and strategic expansion across all segments.

• Revenue grew to $947.7 million, up 36.3% year-over-year, with adjusted EBITDA up 36%.

• Integrated new operations, expanded in the Southeast, and completed major acquisitions, including Signature Healthcare at Home and over 50 locations from UnitedHealth and Amedisys.

• Focused on leadership development, clinical excellence, employee experience, margin improvement, and growth.

• Integration of new assets and operational excellence in mature operations are key 2026 priorities.

Financial highlights

• Full-year revenue: $947.7 million (+36.3%); Q4 revenue: $289.3 million (+53.2%).

• Full-year adjusted EBITDA: $72.5 million (+36%); Q4 adjusted EBITDA: $22.4 million (+62.5%).

• Full-year adjusted EPS: $1.18; Q4 adjusted EPS: $0.34.

• Net income for 2025 was $29.6 million, up 31.1%; adjusted net income was $41.6 million, up 38.9%.

• Net debt to adjusted EBITDA ratio at 1.7x, well below covenant limit.

Outlook and guidance

• 2026 revenue guidance: $1.13–$1.17 billion (+22.4% at midpoint).

• 2026 adjusted EBITDA guidance: $88.5–$94.1 million (+26% at midpoint).

• 2026 adjusted EPS guidance: $1.26–$1.36 (midpoint $1.31).

• Guidance reflects ramp-up from integration of recent acquisitions and organic growth, and excludes unannounced acquisitions.

• Same-store home health and hospice revenue growth of ~7% embedded in 2026 model.