PACS Group, Inc. Reports Third Quarter 2026 Results

Jason Murray, Chief Executive Officer of PACS

“Our third quarter results reflect the continued progress our teams are making across the organization, both in the quality of care we provide and the performance of our facilities,”

Jason Murray, Chief Executive Officer of PACS

“Same-store revenue increased 6.4%, occupancy improved to 91.3%, and skilled mix continued to strengthen. Importantly, 78.9% of our skilled nursing facilities achieved four- or five-star CMS Quality Measure ratings, reflecting the dedication of our local teams and their commitment to delivering exceptional patient care.”

Jason Murray, Chief Executive Officer of PACS

“At the same time, we're entering an exciting period of growth for PACS. Our recent expansion into Florida and continued growth in Texas significantly broaden our geographic reach and create new opportunities to bring our operating model to more communities. As we continue to grow, our focus remains on empowering local leaders, improving clinical outcomes, and building strong operations that create lasting value for our patients, employees, and shareholders.”

Carey Hendrickson, Chief Financial Officer of PACS

“Our third quarter results demonstrate the increasing earnings power of the PACS operating model, with Adjusted EBITDA growth significantly outpacing revenue growth,”

Carey Hendrickson, Chief Financial Officer of PACS

“Revenue increased 11.5% year-over-year to $1.50 billion, while Adjusted EBITDA grew 33.6% to $175.7 million. This performance reflects the continued progression of our facilities, disciplined operating execution, and our ability to translate revenue growth into stronger profitability.”

Carey Hendrickson, Chief Financial Officer of PACS

“We also continue to generate substantial cash flow, with $583.1 million provided by operating activities through the first nine months of 2026. Combined with $707.4 million in available liquidity and net leverage(2) of 0.2x at quarter-end, our financial position provides significant flexibility to support strategic acquisitions and real estate investments while maintaining a conservative capital structure. We believe this disciplined approach to capital allocation positions PACS to continue growing its operations and creating long-term shareholder value.”

Carey Hendrickson, Chief Financial Officer of PACS

“Given the continued excellent performance of our portfolio across all cohorts, we are increasing our full-year 2026 Adjusted EBITDA guidance to a range of $685 million to $695 million, up from our prior range of $640 million to $660 million,”

Carey Hendrickson, Chief Financial Officer of PACS

“We are also increasing our revenue guidance to $5.95 billion to $6.05 billion, up from our prior range of $5.75 billion to $5.85 billion.”

Carey Hendrickson, Chief Financial Officer of PACS

“Our guidance reflects approximately $5 million of EBITDA contribution from retroactive quality incentive payments in Ohio received in the month of October. We also continue to see a robust pipeline of acquisition opportunities and remain actively engaged in evaluating transactions that meet our strategic, operational and financial criteria,”