PACS Group Reports 29% Revenue Surge to $5.29B, Guides $5.65–5.75B in 2026
PACS Group ended 2025 operating 321 facilities in 17 states, caring for 31,700 daily patients at 89.1% occupancy after completing eight acquisitions. Full-year revenue rose 29% to $5.29 billion, net income was $191.5 million, and 2026 guidance forecasts $5.65–5.75 billion revenue and $555–575 million adjusted EBITDA with 0.3x net leverage.
1. 2025 Financial Results
PACS Group reported full-year 2025 revenue of $5.29 billion, a 29% increase versus 2024, with net income of $191.5 million and adjusted EBITDA of $505 million. In the fourth quarter, revenue reached $1.36 billion, net income was $59.8 million, and adjusted EBITDA totaled $142.1 million.
2. Operational Metrics and Acquisitions
The company completed eight strategic acquisitions in 2025 and operated 321 facilities across 17 states by year-end. Occupancy averaged 89.1% companywide and 94.9% at mature facilities, serving over 31,700 patients daily, while cost of services rose 25% and general and administrative expenses increased 21%.
3. 2026 Guidance and Balance Sheet
PACS ended 2025 with net leverage of approximately 0.3x and real estate interests in 102 facilities after investing over $145 million in the fourth quarter. For 2026, management guided revenue of $5.65–5.75 billion and adjusted EBITDA of $555–575 million, underpinned by steady organic growth, margin expansion, and selective acquisitions.