PACS Group Posts 29.3% Revenue Growth to $5.29B, Raises 2026 Guidance
PACS Group reported 2025 revenue of $5.29 billion, up 29.3% year-over-year, with net income of $191.5 million and adjusted EBITDA of $505.0 million. Q4 revenue rose 12.4% to $1.36 billion with net income of $59.8 million and guidance for 2026 revenue of $5.65–5.75 billion alongside $555–575 million in EBITDA.
1. Full-Year 2025 Results
PACS reported full-year 2025 revenue of $5.29 billion, a 29.3% increase over 2024, driven by contributions from acquisitions and same-store growth. Net income reached $191.5 million, adjusted EBITDA was $505.0 million and adjusted EBITDAR totaled $883.9 million, supported by 207 facilities rated four or five stars.
2. Fourth-Quarter Performance
In the fourth quarter, revenue climbed 12.4% to $1.36 billion while net income hit $59.8 million; adjusted EBITDA was $142.1 million and adjusted EBITDAR amounted to $237.7 million. Occupancy in mature facilities averaged 94.9%, outperforming the industry’s 78.7% average, and skilled mix held at 33.4%.
3. Portfolio Expansion and Quality
During 2025, PACS added eight operating facilities—655 skilled nursing and 271 assisted living beds—bringing total operated facilities to 315 by year-end. The company increased cash reserves to $197.0 million and has since expanded to 323 operations with 105 wholly owned or JV-owned properties.
4. 2026 Business Outlook
Outlook for 2026 forecasts revenue between $5.65 billion and $5.75 billion and adjusted EBITDA of $555 million to $575 million. PACS plans further growth through a balanced leasing and acquisition approach, evaluating high-performing and underperforming operations across 17 states to unlock long-term value.