Pennant Group 2025 Revenue Climbs 36.3% to $947.7M, Q4 Home Health Revenue Up 64.3%
Pennant Group’s 2025 revenue rose 36.3% to $947.7 million, with adjusted EBITDA up 36% to $72.5 million driven by acquisitions and same-store gains. Q4 home health and hospice revenue climbed 64.3% to $233.3 million, admissions surged 81%, and Pennant forecasted 2026 revenue of $1.13–1.17 billion with EBITDA of $88.5–94.1 million.
1. Full-Year 2025 Results
Pennant Group reported 2025 revenue of $947.7 million, a 36.3% increase year-over-year, and adjusted EBITDA rose 36% to $72.5 million. Fourth-quarter adjusted EPS of $0.34 contributed to a full-year adjusted EPS of $1.18, exceeding the midpoint of its updated guidance.
2. Q4 Segment Highlights
In Q4, home health and hospice revenue jumped 64.3% to $233.3 million with admissions up 81.3% and Medicare admissions up 87.5%, while hospice average daily census increased 46.9% to 5,060. Senior living revenue grew 19.6% to $56.1 million with occupancy rising 200 basis points to 80.6%.
3. Acquisition Integration and Pipeline
The company completed its largest acquisition—over 50 locations from UnitedHealth and Amedisys—and expects full integration by October 2026 despite initial choppiness from system and branding changes. Senior living deal flow remains attractive via triple net leases, and management plans selective acquisitions in the first half of 2026.
4. 2026 Guidance and Balance Sheet
Pennant guided 2026 revenue of $1.13–1.17 billion and adjusted EBITDA of $88.5–94.1 million, reflecting a ramp as acquired operations transition. Net debt to adjusted EBITDA stood at 1.7x after a $100 million term loan and a $147.2 million investment in the UnitedHealth deal, with forecast operating cash flow of $45–55 million.