Earnings summaries and quarterly performance for PACS Group.
Research analysts who have asked questions during PACS Group earnings calls.
DM
David Macdonald
Truist Securities
5 questions for PACS
Also covers: AVAH, ENSG, GRDN +3 more
SF
Scott Fidel
Stephens Inc.
5 questions for PACS
Also covers: ACHC, ADUS, ALHC +17 more
Benjamin Hendrix
RBC Capital Markets
4 questions for PACS
Also covers: ACHC, ADUS, AHCO +25 more
Jason Cassorla
Guggenheim Partners
4 questions for PACS
Also covers: ACHC, ARDT, CI +8 more
Tao Qiu
Macquarie Group
3 questions for PACS
Also covers: ADUS, AMED, BKD +5 more
BH
Ben Hendricks
RBC Capital Markets
2 questions for PACS
Also covers: ELV, HCA, SLQT
BR
Benjamin Rossi
JPMorgan Chase & Co.
2 questions for PACS
Also covers: AMED, ARDT, AVAH +7 more
CS
Calvin Sternick
JPMorgan Chase & Co.
2 questions for PACS
DM
David McDonald
Truist
1 question for PACS
Recent press releases and 8-K filings for PACS.
PACS Group Discusses 2025 Performance and 2026 Outlook at J.P. Morgan Healthcare Conference
PACS
Financial Restatement
M&A
Guidance Update
- For the trailing 12 months, PACS Group reported $5.14 billion in revenue and $456.9 million in Adjusted EBITDA, holding $355.7 million in cash and maintaining effectively zero net leverage.
- In 2025, an investigation into a short report led to a restatement of just over $60 million of revenue.
- The company currently operates 321 facilities, serving approximately 31,000 patients with 47,000 employees, and boasts a 94.8% facility occupancy in its mature facilities, which is well above the industry average of 80%.
- For 2026, PACS Group plans to focus on growth, targeting 20 facilities per year through M&A, supported by a healthy pipeline and significant liquidity.
- The company's strategy involves acquiring underperforming facilities and improving their clinical and financial performance, with a goal to achieve ownership interests in just under 50% of its portfolio within the next couple of years.
Jan 14, 2026, 1:15 AM
PACS Group reports strong financials and 2026 growth strategy following 2025 revenue restatement
PACS
Financial Restatement
M&A
Revenue Acceleration/Inflection
- PACS Group reported $5.14 billion in trailing 12-month revenue and $456.9 million in Adjusted EBITDA, with $355.7 million in cash and effectively zero net leverage as of January 14, 2026.
- Following an internal investigation prompted by a November 2024 short report, PACS Group concluded in 2025 with a restatement of just over $60 million of revenue.
- For 2026, the company plans to prioritize growth, aiming for approximately 20 facility acquisitions per year and noting a very healthy M&A pipeline.
- Operationally, PACS Group's mature facilities boast 94.8% occupancy and an average 33% skilled mix, contributing to a portfolio-wide 4.3 out of 5.0 CMS quality measure rating.
Jan 14, 2026, 1:15 AM
PACS Group Discusses Strong Financials, M&A Growth, and Post-Investigation Outlook
PACS
Financial Restatement
M&A
Guidance Update
- PACS Group reported $5.14 billion in revenue and $456.9 million in Adjusted EBITDA for the trailing 12 months, holding $355.7 million in cash and maintaining effectively zero net leverage, indicating a strong financial position and liquidity.
- An internal investigation in 2025, following a short report in November 2024, concluded with a restatement of just over $60 million of revenue as the sole financial impact, with the company emerging stronger operationally.
- The company plans to prioritize growth, targeting 20 facility acquisitions per year, and notes a "very healthy" M&A pipeline now that the internal investigation is complete.
- Operational metrics for mature facilities are strong, with 94.8% occupancy (compared to an 80% industry average) and a 4.3 out of 5.0 CMS quality measure rating, reflecting a focus on higher acuity patients and quality care.
Jan 14, 2026, 1:15 AM
PACS Group Reports Q3 2025 Results and Provides FY 2025 Guidance
PACS
Earnings
Guidance Update
Financial Restatement
- PACS Group reported Q3 2025 revenue of $1.3 billion, a 31% increase over the prior year, with adjusted EBITDA of $131.5 million and diluted earnings per share of $0.32.
- For the first nine months of 2025, the company achieved record revenue of $3.9 billion and record adjusted EBITDA of $363.0 million.
- The company provided full-year 2025 guidance, projecting annual revenue between $5.25 billion and $5.35 billion and adjusted EBITDA between $480 million and $490 million.
- PACS Group has completed an independent investigation into short seller allegations, strengthened internal controls, and is now current with all reporting obligations.
- The company's portfolio includes 35,202 total operating beds across 320 facilities in 17 states, with total occupancy standing at 89%.
Nov 19, 2025, 10:30 PM
PACS Group Reports Record Q3 and YTD 2025 Results, Provides Strong Full-Year Guidance
PACS
Earnings
Guidance Update
Financial Restatement
- PACS Group reported Q3 2025 revenue of $1.3 billion, a 31% increase year-over-year, and diluted EPS of $0.32. For the first nine months of 2025, the company achieved record revenue of $3.9 billion and record adjusted EBITDA of $646.2 million.
- The company issued full-year 2025 revenue guidance of $5.25 billion to $5.35 billion and adjusted EBITDA guidance of $480 million to $490 million, anticipating record results.
- Operational strength is evident with total facility occupancy at 89% for the first three quarters of 2025, and 192 facilities (68.6%) of its skilled nursing portfolio rated four or five stars by CMS.
- PACS Group has completed its previously announced restatement and strengthened internal controls following an independent investigation into short seller allegations. Cash provided by operations for the first nine months of 2025 was $407 million.
Nov 19, 2025, 10:30 PM
PACS Group Reports Strong Q3 2025 Results and Provides Full-Year Guidance
PACS
Earnings
Guidance Update
M&A
- PACS Group reported strong financial results for Q3 2025, with revenue of $1.3 billion (a 31% increase year-over-year) and diluted EPS of $0.32. Year-to-date Q3 2025, total revenue was $3.9 billion (a 36% increase), and adjusted EBITDA reached $646.2 million.
- The company issued full-year 2025 guidance, projecting annual revenue between $5.25 billion and $5.35 billion (a 30% increase at the midpoint over 2024) and adjusted EBITDA between $480 million and $490 million.
- PACS Group announced the completion of its previously disclosed restatement and an independent investigation into short seller allegations, stating it is now operating from a position of strength and transparency.
- The company's portfolio has expanded to 35,202 total operating beds across 17 states, achieving 89% total facility occupancy for the first three quarters of 2025. Following 106 facility acquisitions in 2024, the company completed seven strategic acquisitions year-to-date in 2025, with plans to increase M&A activity going forward.
Nov 19, 2025, 10:30 PM
PACS Group Reports Q3 2025 Results, Issues Full Year 2025 Guidance, and Completes Financial Restatement
PACS
Earnings
Financial Restatement
Legal Proceedings
- PACS Group, Inc. reported Q3 2025 revenue of $1.34 billion, an increase of 31.0% over the prior year, with net income of $52.3 million and Adjusted EBITDA of $131.5 million.
- The company provided full year 2025 guidance, expecting revenue between $5.25 billion and $5.35 billion and Adjusted EBITDA between $480 million and $490 million.
- PACS has completed the restatement of its financial statements for Q1 and Q2 2024, which involved a $14.9 million reduction for Q1 2024 and a $46.1 million reduction for Q2 2024, and is now current with SEC filing obligations.
- The independent Audit Committee has concluded its investigation concerning allegations made in a short seller report.
Nov 19, 2025, 9:06 PM
PACS Group Announces NYSE Listing Extension and Interim CFO Appointment
PACS
Financial Restatement
Delisting/Listing Issues
CFO Change
- PACS Group received an extension from the NYSE until November 19, 2025, to complete the restatement of its financial statements for the three months ended March 31, 2024, and the three and six months ended June 30, 2024, to regain compliance with NYSE listing standards.
- The company expects to report record revenue and Adjusted EBITDA for the first six months of 2025.
- As of June 30, 2025, PACS Group's subsidiaries operated 316 healthcare facilities across 17 states, with total facilities occupancy at 88.9%.
- Cash and cash equivalents increased to $294.2 million as of June 30, 2025, compared to $157.7 million as of December 31, 2024.
- Mark Hancock was appointed interim Chief Financial Officer on September 3, 2025.
Sep 11, 2025, 12:45 PM
Quarterly earnings call transcripts for PACS Group.
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