Concentra Q4 Revenue Jumps 15.9% to $539.1M, Adjusted EBITDA Climbs 22.9%
Concentra reported Q4 2025 revenue of $539.1 million (+15.9% YoY) and adjusted EBITDA of $95.3 million (+22.9%) with margin expanding to 17.7%. Full-year revenue rose 13.9% to $2.2 billion and adjusted EBITDA climbed 14.6% to $431.9 million, beating guidance and improving leverage to 3.4x.
1. Q4 and Full-Year Financial Highlights
Concentră posted Q4 2025 revenue of $539.1 million, a 15.9% increase year-over-year, and adjusted EBITDA of $95.3 million, up 22.9% with margin improving to 17.7%. Full-year revenue reached $2.2 billion, up 13.9%, while adjusted EBITDA grew 14.6% to $431.9 million and leverage improved to 3.4x.
2. Operational Metrics and Patient Visits
Total patient visits averaged over 51,000 per day in Q4, rising 9%, with workers’ compensation visits up 9.1% and employer services visits up 9.4%. Excluding recent acquisitions, visits per day increased 2.6%, reflecting organic growth and higher revenue per visit driven by pricing improvements.
3. Cost Efficiency and Cash Flow
Cost of services as a percentage of revenue improved to 73.9% in Q4 from 74.2%, and G&A expenses declined to 9.4% of revenue. Operating cash flow grew to $118.7 million in the quarter, and free cash flow reached $98.6 million, supporting capital allocation and debt reduction efforts.
4. 2026 Guidance and Strategic Outlook
The company reiterated 2026 guidance with revenue projected at $2.25 billion–$2.35 billion, adjusted EBITDA of $450 million–$470 million, and free cash flow of $200 million–$225 million. Plans include 7–9 de novo clinic openings, bolt-on acquisitions, and potential benefits from New York’s revised workers’ compensation fee schedule.