Concentra (NYSE: CON) Q1 2026 earnings jump as guidance and dividend rise
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
Concentra Group Holdings Parent, Inc. reported strong first-quarter 2026 results with revenue of $569.6 million, up 13.7% from a year earlier, driven by higher visit volumes and revenue per visit. Net income rose 28.7% to $52.3 million, and earnings per share increased to $0.39 from $0.30. Adjusted EBITDA reached $120.7 million, a 17.6% increase, with margin improving to 21.2%.
The company generated $9.9 million of Free Cash Flow, repurchased about 0.7 million shares for $15.0 million, and ended the quarter with $61.7 million of cash and a net leverage ratio of roughly 3.4x. The board declared a quarterly cash dividend of $0.0625 per share payable in June 2026. Concentra raised its full-year 2026 guidance, now expecting revenue of $2.275–$2.375 billion, Adjusted EBITDA of $460–$480 million, Free Cash Flow of $215–$235 million, capital expenditures of $70–$80 million, and a year-end net leverage ratio below 3.0x.
Positive
- Raised 2026 outlook: Full-year 2026 guidance increased to revenue of $2.275–$2.375 billion, Adjusted EBITDA of $460–$480 million, and Free Cash Flow of $215–$235 million, signaling confidence in continued growth.
- Strong Q1 growth and margin expansion: Q1 2026 revenue rose 13.7% to $569.6 million and Adjusted EBITDA grew 17.6% to $120.7 million, lifting Adjusted EBITDA margin to 21.2%.
Negative
- None.
Insights
Q1 growth was strong, margins expanded, and 2026 guidance moved higher.
Concentra delivered Q1 2026 revenue of $569.6 million, up 13.7%, with Adjusted EBITDA of $120.7 million, up 17.6% and margin at 21.2%. Net income grew 28.7% to $52.3 million, reflecting both volume gains and better profitability.
Free Cash Flow improved to $9.9 million from negative $4.0 million a year earlier, while the net leverage ratio stood at about 3.4x, within covenant requirements. The company also returned capital through $15.0 million of share repurchases and a quarterly dividend of $0.0625 per share.
Management raised full-year 2026 guidance to revenue of $2.275–$2.375 billion, Adjusted EBITDA of $460–$480 million, and Free Cash Flow of $215–$235 million, while targeting net leverage below 3.0x by year-end. Future quarterly updates and cash generation will show how quickly leverage declines while funding dividends, buybacks, and growth investments.
8-K Event Classification
4 items: 2.02, 7.01, 8.01, 9.01
4 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 7.01
Regulation FD Disclosure
Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 8.01
Other Events
Other
Voluntary disclosure of events the company deems important to shareholders but not covered by other items.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
Q1 2026 revenue: $569.6 million
Q1 2026 net income: $52.3 million
Q1 2026 Adjusted EBITDA: $120.7 million
+5 more
8 metrics
Q1 2026 revenue
$569.6 million
Three months ended March 31, 2026; up 13.7% year over year
Q1 2026 net income
$52.3 million
Three months ended March 31, 2026; up 28.7% year over year
Q1 2026 Adjusted EBITDA
$120.7 million
Three months ended March 31, 2026; 17.6% growth, 21.2% margin
Q1 2026 EPS
$0.39 per share
Basic and diluted earnings per common share in Q1 2026
Quarterly dividend
$0.0625 per share
Declared May 5, 2026; payable on or about June 9, 2026
Share repurchases
0.7 million shares / $15.0 million
Common stock repurchased during Q1 2026
2026 revenue guidance
$2.275–$2.375 billion
Raised full-year 2026 outlook
2026 Adjusted EBITDA guidance
$460–$480 million
Raised full-year 2026 outlook
Key Terms
Adjusted EBITDA, Free Cash Flow, net leverage ratio, Adjusted Earnings per Share, +1 more
5 terms
Adjusted EBITDA financial
"Adjusted EBITDA of $120.7 million, an increase of 17.6% from $102.7 million in Q1 2025"
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
Free Cash Flow financial
"Concentra had positive Free Cash Flow of $9.9 million in the first quarter ended March 31, 2026"
Free cash flow is the amount of money a company has left over after paying all its expenses and investing in its business, like buying equipment or updating facilities. It shows how much cash is available to reward shareholders, pay down debt, or save for future growth. This helps investors understand if a company is financially healthy and able to grow.
net leverage ratio financial
"Concentra’s net leverage ratio as of March 31, 2026 was 3.4x, which was in compliance with the financial covenant"
The net leverage ratio measures how much debt a company has compared to its available assets or earnings, after accounting for its cash and liquid assets. It helps investors understand how heavily a company relies on borrowed money to finance its operations and growth. A higher ratio indicates greater financial risk, while a lower ratio suggests a more cautious approach to borrowing.
separation transaction costs financial
"Separation transaction costs represent non-recurring incremental consulting, legal, audit-related fees, system implementation, and software disposal costs"
Costs a company incurs to split off or separate a business unit, division, or assets into a standalone entity, including legal and advisory fees, employee severance, IT and systems changes, and physical relocation or contract breakage. Investors care because these are one‑time charges that lower short‑term earnings and cash flow, can signal a strategic restructuring that may unlock or destroy value, and should be accounted for when forecasting future profitability—like the moving bills and setup costs when a household divides into two.
Earnings Snapshot
Revenue: $569.6 million · Guidance included
Q1 2026
Revenue
$569.6 million
+13.7% YoY
Net income
$52.3 million
+28.7% YoY
EPS
$0.39
+$0.09 YoY
Adjusted EBITDA
$120.7 million
+17.6% YoY
Free Cash Flow
$9.9 million
from -$4.0 million YoY
Guidance
For full-year 2026, the company guides to revenue of $2.275–$2.375 billion, Adjusted EBITDA of $460–$480 million, Free Cash Flow of $215–$235 million, capital expenditures of $70–$80 million, and a net leverage ratio below 3.0x.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_______________
FORM 8-K
_______________
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported): May 5, 2026
_______________
(Exact Name of Registrant as Specified in Its Charter)
_______________
(Commission File Number)
(State or Other Jurisdiction of Incorporation) | (I.R.S. Employer Identification No.) | ||||
(Address of principal executive offices) (Zip code)
(972 ) 364-8000
(Registrant’s telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |||||
Securities registered pursuant to Section 12(b) of the Act:
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter):
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition.
On May 7, 2026, Concentra Group Holdings Parent, Inc. (the “Company”) issued a press release announcing its financial results for its first quarter ended March 31, 2026. A copy of the press release and financial schedules are attached as Exhibit 99.1 to this report and incorporated herein by reference.
The information in this report (including Exhibit 99.1) is being furnished pursuant to Item 2.02 and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed to be incorporated by reference in any filing under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act.
Item 7.01 Regulation FD Disclosure.
Attached as Exhibit 99.2 and furnished for purposes of Regulation FD is a presentation published by the Company on May 7, 2026, in connection with its press release announcing its financial results for its first quarter ended March 31, 2026.
The information in this Current Report on Form 8-K (including Exhibit 99.2) is being furnished solely to satisfy the requirements of Regulation FD and shall not be deemed to be “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that section, nor shall it be deemed to be incorporated by reference in any filing under the Securities Act or the Exchange Act.
Item 8.01 Other Events.
Dividend Declaration
On May 5, 2026, the Board of Directors declared a cash dividend of $0.0625 per share. The dividend will be payable on or about June 9, 2026, to stockholders of record as of the close of business on May 19, 2026.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
Exhibit Number | Description | ||||
99.1 | Press Release, dated May 7, 2026, announcing financial results for the first quarter ended March 31, 2026 and cash dividend. | ||||
99.2 | Concentra Group Holdings Parent Inc. Presentation. | ||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). | ||||
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
CONCENTRA GROUP HOLDINGS PARENT, INC. | |||||||||||
Date: May 7, 2026 | By: | /s/ Timothy Ryan | |||||||||
Timothy Ryan | |||||||||||
Executive Vice President and Chief Legal Counsel | |||||||||||
| NEWS RELEASE | |||||
FOR IMMEDIATE RELEASE | |||||
Concentra Group Holdings Parent, Inc. Announces Results
For Its First Quarter Ended March 31, 2026, Cash Dividend, and Raised FY 2026 Guidance
ADDISON, TEXAS — May 7, 2026 — Concentra Group Holdings Parent, Inc. (“Concentra,” the “Company,” “we,” “us,” or “our”) (NYSE: CON), the nation’s largest provider of occupational health services by number of locations, today announced results for its first quarter ended March 31, 2026, the declaration of a cash dividend, and raised guidance for full year 2026.
“Our strong start to 2026 is a testament to the trust our clients place in us to care for their most valuable asset: their people,” said Keith Newton, Chief Executive Officer of Concentra. “The meaningful growth in visit volumes we saw this quarter demonstrates that our clinical model and value proposition continue to lead in workers' compensation. Building on our exceptional operational and financial performance, we remain focused on achieving key strategic objectives and positioning Concentra to deliver long-term shareholder value.”
Matt DiCanio, Concentra’s President and Chief Financial Officer, added, “Our Q1 results demonstrate the inherent strength of our operating model, with broad-based growth across our business supporting our decision to raise our full-year guidance. Beyond the balance sheet, we are focused on disciplined execution of our de novo pipeline and are on track to complete our transition from Select Medical Corporation in the coming months. As an independent company, we are optimizing our operational platform and infrastructure to drive sustained excellence and capitalize on our unique position as a leading health partner for the American workforce.”
First Quarter 2026 Highlights
For the first quarter ended March 31, 2026:
•Revenue of $569.6 million, an increase of 13.7% from $500.8 million in Q1 2025
•Net income of $52.3 million, an increase of 28.7% from $40.6 million in Q1 2025
•Net income attributable to the Company of $50.5 million, and Adjusted Net Income Attributable to the Company of $51.5 million, an increase of 29.8% and 22.0% over prior year, respectively
•Earnings per share of $0.39 and Adjusted Earnings per Share of $0.40, an increase of $0.09 and $0.07 over prior year, respectively
•Adjusted EBITDA of $120.7 million, an increase of 17.6% from $102.7 million in Q1 2025
•Patient visits of 3,419,091, or 54,271 visits per day, an increase of 6.7% from 50,863 visits per day in Q1 2025
•Revenue per visit of $151.47, an increase of 3.1% from $146.94 in Q1 2025
•Net cash provided by operating activities of $21.0 million and Free Cash Flow of $9.9 million
•Capital expenditures of $11.1 million, a decrease of 29.5% from $15.7 million in Q1 2025
•Repurchases of approximately 0.7 million shares of common stock totaling $15.0 million
•Cash balance of $61.7 million and a net leverage ratio of approximately 3.4x
•Total occupational health centers of 632, compared to 627 at the end of Q1 2025
•Opened one de novo occupational health center and acquired three occupational health centers
•Total onsite health clinics of 411, compared to 160 at the end of Q1 2025
The definition of Adjusted EBITDA and a reconciliation of net income to Adjusted EBITDA are presented in table VII of this release. The definition of Adjusted Earnings per Share and a reconciliation of net income attributable to the Company and earnings per share on a fully diluted basis to Adjusted Net Income Attributable to the Company and Adjusted Earnings per Share on a fully diluted basis are presented in table VIII of this release. The definition of Free Cash Flow and a reconciliation of net cash provided by operating activities to Free Cash Flow are presented in table IX of this release.
1
Balance Sheet
As of March 31, 2026, our balance sheet reflected cash of $61.7 million, total debt of $1,576.1 million and total assets of $2,889.8 million. Concentra’s net leverage ratio as of March 31, 2026 was 3.4x, which was in compliance with the financial covenant under our credit agreement.
Cash Flow
Cash flows provided by operating activities in the first quarter ended March 31, 2026 totaled $21.0 million compared to $11.7 million for the same quarter of the prior year. The increase in year over year cash flow from operations resulted from higher earnings in 2026. During the first quarter ended March 31, 2026, cash flow from investing activities resulted in cash used of $14.8 million, including capital expenditures of $11.1 million. Concentra had positive Free Cash Flow of $9.9 million in the first quarter ended March 31, 2026, compared to negative Free Cash Flow of $4.0 million for the same quarter of the prior year. Cash flow from financing activities used $24.4 million for the quarter, driven primarily by $15.0 million in repurchases of shares of common stock and $8.0 million in dividend payments. This resulted in a net decrease in cash of $18.2 million for the quarter.
Dividend
On May 5, 2026, the Board of Directors declared a cash dividend of $0.0625 per share. The dividend will be payable on or about June 9, 2026, to stockholders of record as of the close of business on May 19, 2026.
There is no assurance that future dividends will be declared. The declaration and payment of dividends in the future are at the discretion of the Board of Directors after taking various factors into account, including, but not limited to, the Company’s financial condition, operating results, available cash and current and anticipated cash needs, the terms of indebtedness, and other factors the Board of Directors may deem to be relevant.
2026 Business Outlook
Concentra raised its financial guidance for 2026. We now expect to deliver the following results:
•Revenue in the range of $2.275 billion to $2.375 billion
•Adjusted EBITDA in the range of $460 million to $480 million
•Net leverage ratio below 3.0x
•Free Cash Flow in the range of $215 million to $235 million
•Capital expenditures in the range of $70 million to $80 million
A reconciliation of full year 2026 Adjusted EBITDA expectations to net income is presented in table X of this release. A reconciliation of full year 2026 Free Cash Flow expectations to net cash provided by operating activities is presented in table XI of this release.
Company Overview
Concentra is the largest provider of occupational health services in the United States by number of locations, with the mission of improving the health of America’s workforce, one patient at a time. Our approximately 13,000 colleagues and affiliated physicians and clinicians support the delivery of an extensive suite of services, including occupational and consumer health services and other direct-to-employer care. We support the care of approximately 54,000 patients each business day on average across 47 states and the District of Columbia at our 632 occupational health centers, 411 onsite health clinics at employer worksites, and Concentra Telemed as of March 31, 2026.
2
Conference Call
Concentra will host a conference call regarding its first quarter financial results and business outlook on Friday May 8, 2026, at 9 a.m. Eastern Time. The conference call will be a live webcast and can be accessed via this Earnings Call Webcast Link or via Concentra’s website at https://ir.concentra.com. A replay of the webcast will be available shortly after the call at the same locations.
Participants may join the audio-only version of the webcast or participate in the question-and-answer session by calling:
Toll Free: 888-506-0062
International: 973-528-0011
Participant Access: All dial-in participants should ask to join the Concentra call.
3
* * * * *
Certain statements contained herein that are not descriptions of historical facts are “forward-looking” statements (as such term is defined in the Private Securities Litigation Reform Act of 1995), including statements related to Concentra’s 2026 and long-term business outlook. Because such statements include risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements due to factors including the following:
•The frequency of work-related injuries and illnesses;
•Adverse changes to our relationships with employer customers, third-party payors, workers’ compensation provider networks or employer services networks;
•Changes to regulations, new interpretations of existing regulations, or violations of regulations;
•State fee schedule changes undertaken by state workers’ compensation boards or commissions and other third-party payors;
•Our ability to realize reimbursement increases at rates sufficient to keep pace with the inflation of our costs;
•Labor shortages, increased employee turnover or costs, and union activity could significantly increase our operating costs;
•Our ability to compete effectively with other occupational health centers, onsite health clinics at employer worksites, and healthcare providers;
•The impacts of any security breaches, cyberattacks, loss of data, or cybersecurity threats or incidents involving our, or our third-party vendors’, information technology systems, and any failure to comply with legal requirements related to data privacy, interoperability or data protection, including those governing the privacy and security of health information or other regulated, sensitive or confidential information;
•Negative publicity which can result in increased governmental and regulatory scrutiny and possibly adverse regulatory changes;
•Significant legal actions could subject us to substantial uninsured liabilities;
•Litigation and other legal and regulatory proceedings in the course of our business that could adversely affect our business and financial statements;
•Insurance coverage may not be sufficient to cover losses we may incur;
•Acquisitions may use significant resources, may be unsuccessful, and could expose us to unforeseen liabilities;
•Our exposure to additional risk due to our reliance on third parties in many aspects of our business;
•Our ability to manage relationships with managed affiliated professional medical groups (“Managed PCs”);
•Our facilities are subject to extensive federal and state laws and regulations relating to the privacy of individually identifiable information;
•Compliance with applicable data interoperability and information blocking rules;
•Facility licensure requirements in some states are costly and time-consuming, limiting or delaying our operations;
•Our ability to adequately protect and enforce our intellectual property and other proprietary rights;
•Adverse economic conditions in the U.S. or globally;
•Any negative impact on the global economy and capital markets resulting from geopolitical tensions;
•The impact of impairment of our goodwill and other intangible assets;
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•Our ability to maintain satisfactory credit ratings;
•The effects of the Separation on our business;
•The negative impact of public threats such as a global pandemic or widespread outbreak of an infectious disease;
•The loss of key members of our management team;
•Our ability to attract and retain talented, highly skilled employees and a diverse workforce, and the succession of our senior management;
•Climate change, or legal, regulatory or market measures to address climate change;
•Increasing scrutiny and rapidly evolving expectations from stakeholders regarding ESG matters; and
•Changes in tax laws or exposures to additional tax liabilities.
Except as required by applicable law, including the securities laws of the United States and the rules and regulations of the Securities and Exchange Commission, we are under no obligation to publicly update or revise any forward-looking statements, whether as a result of any new information, future events, or otherwise. You should not place undue reliance on our forward-looking statements. Although we believe that the expectations reflected in our forward-looking statements are reasonable, we cannot guarantee future results or performance.
Investor inquiries:
Bill Chapman
Vice President, Strategy & Investor Relations
972-725-6488
ir@concentra.com
SOURCE: Concentra Group Holdings Parent, Inc.
5
I. Condensed Consolidated Statements of Operations
For the Three Months Ended March 31, 2026 and 2025
(In thousands, except per share amounts, unaudited)
| Three Months Ended March 31, | ||||||||||||||||||||
| 2026 | 2025 | % Change | ||||||||||||||||||
| Revenue | $ | 569,555 | $ | 500,752 | 13.7 | % | ||||||||||||||
| Costs and expenses: | ||||||||||||||||||||
| Cost of services, exclusive of depreciation and amortization | 399,086 | 357,101 | 11.8 | |||||||||||||||||
General and administrative, exclusive of depreciation and amortization(1) | 55,280 | 46,713 | 18.3 | |||||||||||||||||
| Depreciation and amortization | 19,648 | 16,619 | 18.2 | |||||||||||||||||
| Total costs and expenses | 474,014 | 420,433 | 12.7 | |||||||||||||||||
| Other operating income | 69 | — | N/M | |||||||||||||||||
| Income from operations | 95,610 | 80,319 | 19.0 | |||||||||||||||||
| Other income and expense: | ||||||||||||||||||||
| Loss on early retirement of debt | — | (875) | N/M | |||||||||||||||||
Interest expense | (26,003) | (25,548) | 1.8 | |||||||||||||||||
| Income before income taxes | 69,607 | 53,896 | 29.2 | |||||||||||||||||
| Income tax expense | 17,315 | 13,254 | 30.6 | |||||||||||||||||
| Net income | 52,292 | 40,642 | 28.7 | |||||||||||||||||
| Less: net income attributable to non-controlling interests | 1,804 | 1,731 | 4.2 | |||||||||||||||||
| Net income attributable to the Company | $ | 50,488 | $ | 38,911 | 29.8 | % | ||||||||||||||
Basic and diluted earnings per common share:(2) | $ | 0.39 | $ | 0.30 | ||||||||||||||||
_________________________________________
(1) Includes transition services agreement fees of $1.6 million and $3.7 million for the three months ended March 31, 2026 and 2025, respectively.
(2) Refer to table II for calculation of earnings per common share.
N/M Not meaningful
6
II. Earnings per Share
For the Three Months Ended March 31, 2026 and 2025
(In thousands, except per share amounts, unaudited)
As of March 31, 2026 and 2025, the Company’s capital structure consists of common stock and unvested restricted stock. To calculate earnings per share (“EPS”) for the three months ended March 31, 2026 and 2025, the Company applied the two-class method because its unvested restricted shares were participating securities.
The following table sets forth the net income attributable to the Company, its shares, and its participating shares:
| Three Months Ended March 31, | ||||||||||||||
| 2026 | 2025 | |||||||||||||
| Net income | $ | 52,292 | $ | 40,642 | ||||||||||
| Less: net income attributable to non-controlling interests | 1,804 | 1,731 | ||||||||||||
| Net income attributable to the Company | 50,488 | 38,911 | ||||||||||||
Less: distributed and undistributed net income attributable to participating securities | 1,065 | 455 | ||||||||||||
Distributed and undistributed net income attributable to common shares | $ | 49,423 | $ | 38,456 | ||||||||||
The following table sets forth the computation of EPS under the two-class method:
| Three Months Ended March 31, 2026 | Three Months Ended March 31, 2025 | |||||||||||||||||||||||||||||||||||||
Net Income Allocation | Shares(1) | Basic and Diluted EPS | Net Income Allocation | Shares(1) | Basic and Diluted EPS | |||||||||||||||||||||||||||||||||
| Common shares | $ | 49,423 | 125,781 | $ | 0.39 | $ | 38,456 | 126,647 | $ | 0.30 | ||||||||||||||||||||||||||||
| Participating securities | 1,065 | 2,710 | $ | 0.39 | 455 | 1,500 | $ | 0.30 | ||||||||||||||||||||||||||||||
| Total Company | $ | 50,488 | 128,491 | $ | 0.39 | $ | 38,911 | 128,147 | $ | 0.30 | ||||||||||||||||||||||||||||
(1) Represents the weighted average shares outstanding during the period.
7
III. Condensed Consolidated Balance Sheets
(In thousands, except par value and share data, unaudited)
| March 31, 2026 | December 31, 2025 | |||||||||||||
| ASSETS | ||||||||||||||
| Current assets: | ||||||||||||||
| Cash | $ | 61,699 | $ | 79,899 | ||||||||||
| Accounts receivable | 296,508 | 257,900 | ||||||||||||
| Prepaid income taxes | 1,247 | 2,385 | ||||||||||||
| Other current assets | 44,760 | 42,914 | ||||||||||||
| Total current assets | 404,214 | 383,098 | ||||||||||||
| Operating lease right-of-use assets | 500,645 | 483,652 | ||||||||||||
| Property and equipment, net | 223,895 | 225,309 | ||||||||||||
| Goodwill | 1,480,116 | 1,479,192 | ||||||||||||
| Other identifiable intangible assets, net | 238,951 | 242,556 | ||||||||||||
| Non-current deferred tax asset | 21,508 | 24,120 | ||||||||||||
| Other assets | 20,431 | 20,461 | ||||||||||||
| Total assets | $ | 2,889,760 | $ | 2,858,388 | ||||||||||
| LIABILITIES AND EQUITY | ||||||||||||||
| Current liabilities: | ||||||||||||||
| Current operating lease liabilities | $ | 85,252 | $ | 84,582 | ||||||||||
| Current portion of long-term debt and notes payable | 13,664 | 10,738 | ||||||||||||
| Accounts payable | 31,737 | 21,005 | ||||||||||||
| Accrued and other liabilities | 190,222 | 220,922 | ||||||||||||
| Total current liabilities | 320,875 | 337,247 | ||||||||||||
| Non-current operating lease liabilities | 461,232 | 443,642 | ||||||||||||
| Long-term debt, net of current portion | 1,562,483 | 1,563,658 | ||||||||||||
| Non-current deferred tax liability | 47,742 | 48,906 | ||||||||||||
| Other non-current liabilities | 43,458 | 44,506 | ||||||||||||
| Total liabilities | 2,435,790 | 2,437,959 | ||||||||||||
| Redeemable non-controlling interests | 21,762 | 19,404 | ||||||||||||
| Stockholders’ equity: | ||||||||||||||
Common stock, $0.01 par value, 700,000,000 shares authorized, 127,961,780 and 128,633,374 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively | 1,280 | 1,286 | ||||||||||||
| Capital in excess of par | 237,896 | 248,899 | ||||||||||||
| Retained earnings | 186,845 | 146,448 | ||||||||||||
Accumulated other comprehensive loss | (1,308) | (3,352) | ||||||||||||
| Total stockholders’ equity | 424,713 | 393,281 | ||||||||||||
| Non-controlling interests | 7,495 | 7,744 | ||||||||||||
| Total equity | 432,208 | 401,025 | ||||||||||||
| Total liabilities and equity | $ | 2,889,760 | $ | 2,858,388 | ||||||||||
8
IV. Condensed Consolidated Statements of Cash Flows
For the Three Months Ended March 31, 2026 and 2025
(In thousands, unaudited)
| Three Months Ended March 31, | ||||||||||||||
| 2026 | 2025 | |||||||||||||
| Operating activities | ||||||||||||||
| Net income | $ | 52,292 | $ | 40,642 | ||||||||||
| Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||
| Depreciation and amortization | 19,648 | 16,619 | ||||||||||||
Loss on early retirement of debt | — | 51 | ||||||||||||
| Stock compensation expense | 4,135 | 2,269 | ||||||||||||
| Amortization of debt discount and issuance costs | 1,028 | 976 | ||||||||||||
| Deferred income taxes | 815 | (1,028) | ||||||||||||
| Other | 16 | 10 | ||||||||||||
| Changes in operating assets and liabilities, net of effects of business combinations: | ||||||||||||||
| Accounts receivable | (38,626) | (21,145) | ||||||||||||
| Other current assets | (1,785) | (2,753) | ||||||||||||
| Other assets | 1,405 | 902 | ||||||||||||
| Accounts payable and accrued liabilities | (17,909) | (24,844) | ||||||||||||
| Net cash provided by operating activities | 21,019 | 11,699 | ||||||||||||
| Investing activities | ||||||||||||||
| Business combinations, net of cash acquired | (3,760) | (279,018) | ||||||||||||
| Purchases of property and equipment | (11,088) | (15,732) | ||||||||||||
| Proceeds from sale of assets | 2 | 1 | ||||||||||||
| Net cash used in investing activities | (14,846) | (294,749) | ||||||||||||
| Financing activities | ||||||||||||||
| Borrowings on revolving facilities | — | 50,000 | ||||||||||||
| Proceeds from term loans, net of issuance costs | — | 948,848 | ||||||||||||
| Payments on term loans | (2,375) | (847,875) | ||||||||||||
| Borrowings of other debt | 4,912 | 6,468 | ||||||||||||
| Principal payments on other debt | (2,128) | (4,695) | ||||||||||||
| Dividends paid to common stockholders | (8,017) | — | ||||||||||||
| Repurchase of common shares | (14,996) | — | ||||||||||||
Distributions to non-controlling interests | (1,769) | (842) | ||||||||||||
Net cash (used in) provided by financing activities | (24,373) | 151,904 | ||||||||||||
Net decrease in cash | (18,200) | (131,146) | ||||||||||||
| Cash at beginning of period | 79,899 | 183,255 | ||||||||||||
| Cash at end of period | $ | 61,699 | $ | 52,109 | ||||||||||
| Supplemental information | ||||||||||||||
| Cash paid for interest | $ | 36,670 | $ | 38,137 | ||||||||||
Cash refund received for taxes | $ | (781) | $ | (48) | ||||||||||
9
V. Disaggregated Revenue
For the Three Months Ended March 31, 2026 and 2025
(In thousands, unaudited)
The following table disaggregates the Company’s revenue:
| Three Months Ended March 31, | |||||||||||
| 2026 | 2025 | ||||||||||
| Occupational health centers: | |||||||||||
| Workers’ compensation | $ | 337,679 | $ | 302,107 | |||||||
| Employer services | 172,368 | 160,140 | |||||||||
| Consumer health | 7,830 | 8,611 | |||||||||
| Other occupational health center revenue | 2,024 | 2,064 | |||||||||
| Total occupational health center revenue | 519,901 | 472,922 | |||||||||
| Onsite health clinics | 37,196 | 16,550 | |||||||||
| Other | 12,458 | 11,280 | |||||||||
| Total revenue | $ | 569,555 | $ | 500,752 | |||||||
10
VI. Key Statistics
For the Three Months Ended March 31, 2026 and 2025
The following table sets forth facility counts for our occupational health centers and onsite health clinics operating segments for the periods presented:
| Three Months Ended March 31, | ||||||||||||||
| 2026 | 2025 | |||||||||||||
Facility Counts | ||||||||||||||
| Number of occupational health centers—start of period | 628 | 552 | ||||||||||||
| Number of occupational health centers acquired | 3 | 72 | ||||||||||||
| Number of occupational health centers de novos | 1 | 3 | ||||||||||||
| Number of occupational health centers closed | — | — | ||||||||||||
| Number of occupational health centers—end of period | 632 | 627 | ||||||||||||
| Number of onsite health clinics—end of period | 411 | 160 | ||||||||||||
The following table sets forth operating statistics for our occupational health centers operating segment for the periods presented:
| Three Months Ended March 31, | |||||||||||||||||
| 2026 | 2025 | % Change | |||||||||||||||
| Number of patient visits | |||||||||||||||||
| Workers’ compensation | 1,583,343 | 1,444,880 | 9.6 | % | |||||||||||||
| Employer services | 1,778,584 | 1,696,412 | 4.8 | % | |||||||||||||
| Consumer health | 57,164 | 63,076 | (9.4) | % | |||||||||||||
| Total | 3,419,091 | 3,204,368 | 6.7 | % | |||||||||||||
| Visits per day volume | |||||||||||||||||
| Workers’ compensation | 25,132 | 22,935 | 9.6 | % | |||||||||||||
| Employer services | 28,231 | 26,927 | 4.8 | % | |||||||||||||
| Consumer health | 907 | 1,001 | (9.4) | % | |||||||||||||
| Total | 54,271 | (3) | 50,863 | 6.7 | % | ||||||||||||
Revenue per visit(1) | |||||||||||||||||
| Workers’ compensation | $ | 213.27 | $ | 209.09 | 2.0 | % | |||||||||||
| Employer services | 96.91 | 94.40 | 2.7 | % | |||||||||||||
| Consumer health | 136.97 | 136.52 | 0.3 | % | |||||||||||||
| Total | $ | 151.47 | $ | 146.94 | 3.1 | % | |||||||||||
Business Days(2) | 63 | 63 | |||||||||||||||
_________________________________________
(1) Represents the average amount of revenue recognized for each patient visit. Revenue per visit is calculated as total patient revenue divided by total patient visits. Revenue per visit as reported includes only the revenue and patient visits in our occupational health centers operating segment and does not include our onsite health clinics or other businesses operating segments.
(2) Represents the number of days in which normal business operations were conducted during the periods presented.
(3) Does not foot due to rounding.
11
VII. Net Income to Adjusted EBITDA Reconciliation
For the Three Months Ended March 31, 2026 and 2025
(In thousands, unaudited)
Adjusted EBITDA and Adjusted EBITDA margin are non-GAAP measures that we believe provide useful insight into the underlying performance of our business by excluding items that may obscure trends in our core operating results. These metrics are not intended to be substitutes for U.S. GAAP measures such as net income and net income margin, and may differ from similarly titled metrics supported by other companies. We use these non-GAAP measures internally for budgeting, forecasting, and evaluating performance. Investors should consider these measures in addition to, and not as a replacement for, U.S. GAAP results reported in our financial statements.
Adjusted EBITDA is a supplemental measure that we believe offers useful insight into the Company’s business performance by excluding items that do not reflect the core operations of the Company. We define Adjusted EBITDA as net income before interest, income taxes, depreciation and amortization, stock compensation expense, acquisition related costs, gains or losses on early retirement of debt, and separation transaction costs. We define Adjusted EBITDA margin as Adjusted EBITDA divided by total revenue. Adjusted EBITDA margin is a supplemental measure that we believe helps assess the efficiency of our operations on a normalized basis.
The following table reconciles net income to Adjusted EBITDA and net income margin to Adjusted EBITDA margin and should be referenced when we discuss Adjusted EBITDA and Adjusted EBITDA margin.
| Three Months Ended March 31, | |||||||||||||||||||||||
| 2026 | 2025 | ||||||||||||||||||||||
| Amount | % of Revenue(4) | Amount | % of Revenue(4) | ||||||||||||||||||||
| Reconciliation of Adjusted EBITDA: | |||||||||||||||||||||||
Net income(1) | $ | 52,292 | 9.2 | % | $ | 40,642 | 8.1 | % | |||||||||||||||
| Add (Subtract): | |||||||||||||||||||||||
| Income tax expense | 17,315 | 3.0 | 13,254 | 2.6 | |||||||||||||||||||
| Interest expense | 26,003 | 4.6 | 25,548 | 5.1 | |||||||||||||||||||
| Loss on early retirement of debt | — | — | 875 | 0.2 | |||||||||||||||||||
| Stock compensation expense | 4,135 | 0.7 | 2,269 | 0.5 | |||||||||||||||||||
| Depreciation and amortization | 19,648 | 3.4 | 16,619 | 3.3 | |||||||||||||||||||
Separation transaction costs(2) | 1,076 | 0.2 | 315 | 0.1 | |||||||||||||||||||
| Nova and Pivot Onsite Innovations acquisition costs | 219 | 0.0 | 3,137 | 0.6 | |||||||||||||||||||
Adjusted EBITDA(3) | $ | 120,688 | 21.2 | % | $ | 102,659 | 20.5 | % | |||||||||||||||
(1) The percentage of revenue values on this row represent the net income margin for the period.
(2) Separation transaction costs represent non-recurring incremental consulting, legal, audit-related fees, system implementation, and software disposal costs incurred in connection with the Company’s separation into a new, publicly traded company and are included within general and administrative expenses on the condensed consolidated statements of operations.
(3) The percentage of revenue values on this row represent the Adjusted EBITDA margin for the period.
(4) Totals in this column may not foot due to rounding.
12
VIII. Earnings per Share to Adjusted Earnings per Share Reconciliation
For the Three Months Ended March 31, 2026 and 2025
(In thousands, except per share amounts, unaudited)
Adjusted Net Income Attributable to the Company and Adjusted Earnings per Share are used by management to provide useful insight into the underlying performance of our business. Adjusted Net Income Attributable to the Company and Adjusted Earnings per Share are not measures of financial performance under U.S. GAAP and are not intended to be substitutes for U.S. GAAP measures such as net income attributable to the Company or earnings per share. These metrics may differ from similarly titled metrics supported by other companies. We believe that the presentation of Adjusted Net Income Attributable to the Company and Adjusted Earnings per Share are important to investors because they are reflective of the financial performance of Concentra’s ongoing operations and provide better comparability of its results of operations between periods. Investors should consider these measures in addition to, and not as a replacement for, U.S. GAAP results reported in our financial statements.
We define Adjusted Net Income Attributable to the Company as net income attributable to the Company, excluding gain (loss) on early retirement of debt, separation transaction costs, and acquisition costs, all on an after tax basis. We define Adjusted Earnings per Share as the Adjusted Net Income Attributable to the Company divided by the diluted weighted average shares outstanding.
The following table reconciles net income attributable to the Company and earnings per share on a fully diluted basis to Adjusted Net Income Attributable to the Company and Adjusted Earnings per Share on a fully diluted basis.
| Three Months Ended March 31, | |||||||||||||||||||||||
| 2026 | Per Share(4) | 2025 | Per Share(4) | ||||||||||||||||||||
Reconciliation of Adjusted Net Income Attributable to the Company:(1) | |||||||||||||||||||||||
Net income attributable to the Company | $ | 50,488 | $ | 0.39 | $ | 38,911 | $ | 0.30 | |||||||||||||||
Adjustments: | |||||||||||||||||||||||
| Loss on early retirement of debt | — | — | 875 | 0.01 | |||||||||||||||||||
Separation transaction costs(2) | 1,076 | 0.01 | 315 | 0.00 | |||||||||||||||||||
Nova and Pivot Onsite Innovations acquisition costs | 219 | 0.00 | 3,137 | 0.02 | |||||||||||||||||||
Total additions (subtractions), net | $ | 1,295 | $ | 0.01 | $ | 4,327 | $ | 0.03 | |||||||||||||||
Less: tax effect of adjustments(3) | (322) | (0.00) | (1,064) | (0.01) | |||||||||||||||||||
Adjusted Net Income Attributable to the Company | $ | 51,461 | $ | 0.40 | $ | 42,174 | $ | 0.33 | |||||||||||||||
Weighted average shares outstanding - diluted | 128,491 | 128,147 | |||||||||||||||||||||
(1) Beginning in the second quarter of 2025, we updated the schedule for all periods presented to include Net Income Attributable to the Company. Management believes this measure will provide an improved insight into the performance of our business. As a result, the reconciliation for the three months ended March 31, 2025, has been recast to conform to the current period’s presentation.
(2) Separation transaction costs represent non-recurring incremental consulting, legal, audit-related fees, system implementation, and software disposal costs incurred in connection with the Company’s separation into a new, publicly traded company and are included within general and administrative expenses on the condensed consolidated statements of operations.
(3) Tax impact is calculated using the annual effective tax rate, including discrete costs and benefits.
(4) Totals in this column may not foot due to rounding.
13
IX. Net Cash Provided by Operating Activities to Free Cash Flow Reconciliation
For the Three Months ended March 31, 2026 and 2025
(In thousands, unaudited)
Free Cash Flow is used by management to provide useful insight into the underlying performance of our business. Free Cash Flow is not a measure of financial performance under U.S. GAAP and is not intended to be a substitute for U.S. GAAP measures, such as net cash provided by operating activities. This metric may differ from similarly titled metrics supported by other companies. We believe that the presentation of Free Cash Flow is important to investors because it is reflective of the financial performance and cash flows of Concentra’s ongoing operations and provides a better comparability of its cash flows between periods. Investors should consider these measures in addition to, and not as a replacement for, U.S. GAAP results reporting in our financial statements.
We define Free Cash Flow as net cash provided by operating activities less net cash used in investing activities, excluding business combinations, net of cash acquired.
The following table reconciles net cash provided by operating activities to Free Cash Flow.
| Three Months Ended March 31, | |||||||||||
| 2026 | 2025 | ||||||||||
| Reconciliation of Free Cash Flow: | |||||||||||
| Net cash provided by operating activities | $ | 21,019 | $ | 11,699 | |||||||
| Add (Subtract): | |||||||||||
| Net cash used in investing activities | (14,846) | (294,749) | |||||||||
| Business combinations, net of cash acquired | 3,760 | 279,018 | |||||||||
| Free Cash Flow | $ | 9,933 | $ | (4,032) | |||||||
14
X. 2026 Net Income to Adjusted EBITDA Reconciliation
Business Outlook for the Year Ending December 31, 2026
(In millions, unaudited)
The following is a reconciliation of full year 2026 Adjusted EBITDA expectations as computed at the low and high points of the range to the closest comparable U.S. GAAP financial measure. Refer to table VII for discussion of Concentra’s use of Adjusted EBITDA in evaluating financial performance and for the definition of Adjusted EBITDA. Each item presented in the below table is an estimation of full year 2026 expectations.
Range | |||||||||||
Low | High | ||||||||||
Net income attributable to the Company | $ | 184 | $ | 199 | |||||||
| Net income attributable to non-controlling interests | 7 | 7 | |||||||||
| Net income | $ | 191 | $ | 206 | |||||||
| Income tax expense | 63 | 68 | |||||||||
| Interest expense | 104 | 104 | |||||||||
| Income from operations | 358 | 378 | |||||||||
| Stock compensation expense | 21 | 21 | |||||||||
| Depreciation and amortization | 80 | 80 | |||||||||
| Separation transaction costs | 1 | 1 | |||||||||
| Adjusted EBITDA | $ | 460 | $ | 480 | |||||||
15
XI. 2026 Net Cash Provided by Operating Activities to Free Cash Flow Reconciliation
Business Outlook for the Year Ending December 31, 2026
(In millions, unaudited)
The following is a reconciliation of full year 2026 Free Cash Flow expectations as computed at the low and high points of the range to the closest comparable U.S. GAAP financial measure. Refer to table IX for discussion of Concentra’s use of Free Cash Flow in evaluating financial performance and for the definition of Free Cash Flow. Each item presented in the below table is an estimation of full year 2026 expectations.
Range | |||||||||||
Low | High | ||||||||||
| Reconciliation of Free Cash Flow: | |||||||||||
| Net cash provided by operating activities | $ | 295 | $ | 305 | |||||||
| Add (Subtract): | |||||||||||
| Net cash used in investing activities | (84) | (74) | |||||||||
| Business combinations, net of cash acquired | 4 | 4 | |||||||||
| Free Cash Flow | $ | 215 | $ | 235 | |||||||
16
©2026 Concentra Inc. All rights reserved. 1st Quarter 2026 Results May 7, 2026
©2026 Concentra Inc. All rights reserved. Forward-Looking Statements This presentation contains forward-looking statements that express Concentra Group Holdings Parent, Inc.'s ("Concentra," the "Company," "we" or "our") current opinions, expectations, beliefs, plans, objectives, assumptions or projections regarding future events or future results that include, but are not limited to, financial guidance and other projections and forecasts. Forward looking statements include statements that are not historical facts and can be identified by terms such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “seek,” “should,” “will,” “would” or similar expressions and the negatives of those terms. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond the Company’s control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward- looking statements. These risks and uncertainties include, but are not limited to, those factors described in the Company’s filings with the Securities and Exchange Commission (“SEC”), including those under “Risk Factors” therein. Should one or more of these risks or uncertainties materialize, or should any of the assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. Actual results may differ materially from these expectations due to changes in global, regional or local economic, business, competitive, market, regulatory and other factors, many of which are beyond the Company’s control. Any forward looking statements made by the Company in this presentation speak only as of the date of this presentation and are expressly qualified in their entirety by the cautionary statements included in this presentation. Factors or events that could cause the Company’s actual results to differ may emerge from time to time, and it is not possible for the Company to predict all of them. The Company may not actually achieve the plans, intentions or expectations disclosed in its forward looking statements and you should not place undue reliance on its forward looking statements. The Company’s forward looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, joint ventures, investments or other strategic transactions it may make. The Company does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws. Use of Non-GAAP Financial Information In order to provide investors with greater insight, promote transparency and allow for a more comprehensive understanding of the information used by management in its financial and operational decision making, the Company supplements its condensed consolidated financial statements presented on a GAAP basis herein with certain non-GAAP financial information, including reconciliations of these non-GAAP measures to their most directly comparable available GAAP measures, which are included in this presentation, as well as in the Company’s quarterly financial press releases and related Form 8-K filings with the SEC. This information can be accessed for free by visiting www.concentra.com or www.sec.gov. We believe that the presentation of Adjusted EBITDA, Adjusted EBITDA margin, Return on Invested Capital, Free Cash Flow and FCF Conversion, as defined herein (collectively, the “Non-GAAP Measures”), are important to investors because they are commonly used as an analytical indicator of performance by investors within the healthcare industry. The Non-GAAP Measures are used by management to evaluate financial performance of, and determine resource allocation for, each of our operating segments. However, the Non-GAAP Measures are not measures of financial performance under U.S. GAAP. Items excluded from the Non-GAAP Measures are significant components in understanding and assessing financial performance. The Non-GAAP Measures should not be considered in isolation, or as an alternative to, or substitute for, net income, net income margin, income from operations, cash flows generated by operations, investing or financing activities, or other financial statement data presented in the consolidated financial statements as indicators of financial performance or liquidity. Because the Non-GAAP Measures are not measurements determined in accordance with U.S. GAAP and are thus susceptible to varying definitions, the Non-GAAP Measures as presented may not be comparable to other similarly titled measures of other companies. We define Adjusted EBITDA as earnings excluding interest, income taxes, depreciation and amortization, gain (loss) on early retirement of debt, stock compensation expense, separation transaction costs, and Nova Medical Centers (“Nova”) and Onsite Innovations, LLC (“Pivot Onsite Innovations”) acquisition costs. We define Adjusted EBITDA margin as Adjusted EBITDA divided by revenue. We define Return on Invested Capital as net operating profit after tax divided by average invested capital. We define Free Cash Flow as cash flow from operations less cash flow from investing activity (excluding business combinations, net of cash acquired). We define FCF Conversion as Free Cash Flow divided by net income. We will refer to the Non-GAAP Measures throughout these materials. Disclaimer 2
©2026 Concentra Inc. All rights reserved. Concentra At-a-Glance Concentra is the largest provider of occupational health services in the United States by number of locations1, with a mission of improving the health of America’s workforce, one patient at a time KEY STATISTICS ~13k Total colleagues & affiliated clinicians1,3 ~200k Employer customers2 47 States with service offerings1 ~54,000 Avg. # of patients cared for each business day2 ROBUST FINANCIALS $2.2bn TTM Revenue2 $450mm TTM Adj. EBITDA2,4 411 Onsite health clinics1 632 Occupational health centers1 <1% Revenue from government payor reimbursement2 <3% Revenue from largest employer customer2 (1) As of March 31, 2026; (2) As of TTM March 31, 2026; (3) The term "colleagues and affiliated clinicians" includes both our directly employed colleagues who provide administrative and management support to the affiliated professional medical group entities and the physicians and clinicians that are employed by the affiliated professional medical groups; (4) Adjusted EBITDA and Adjusted EBITDA margin are non-GAAP measures, see appendix for a reconciliation to net income; (5) Return on invested capital ("ROIC") is a non-GAAP measure, see appendix for a reconciliation to the most comparable GAAP measure; (6) Free Cash Flow and FCF conversion are non-GAAP measures, see appendix for a reconciliation to the most comparable GAAP measures 20% TTM Adj. EBITDA margin2,4 14% Return on invested capital2,5 115% TTM FCF conversion (FCF / net income) 2,6 $212mm TTM Free Cash Flow (FCF) 2,6 3
©2026 Concentra Inc. All rights reserved. We Continue to Deliver on Goals & Key Initiatives 4 Completed acquisition of 3 locations in Southern California in Q1, and continue to advance pipeline of bolt-on M&A of small occupational health center practices (1-5 locations) Development Opened 1 de novo in Q1 (Atlanta), targeting 8-10 total de novos in 2026 Raising FY 2026 guidance for Revenue ($2.275bn-$2.375bn), Adjusted EBITDA1 ($460mm-$480mm), and Free Cash Flow3 ($215mm-$235mm) Guidance Operational & Financial Strong Q1 performance with +13.7% Revenue growth (+6.3% excluding Nova and Pivot) and +17.6% Adjusted EBITDA1 growth YoY (margin expansion of 69 basis points) Continued robust volume growth excluding Nova, most notably Workers’ Compensation growing +6.2% YoY in Q1 Steady growth in Revenue per Visit, up +3.1% YoY in Q1 Capital Allocation Continued focus on de-levering for remainder of 2026, with net leverage ratio2 steady at 3.4x in Q1 (seasonally lowest cash flow quarter of the year). On track for <3.0x guidance by year-end. $0.0625 quarterly dividend maintained, continuing to return value to shareholders 661K shares repurchased in Q1 at a weighted average share price of $22.68 (1) Adjusted EBITDA and Adjusted EBITDA margin are non-GAAP measures, see appendix for a reconciliation to net income; (2) Net Leverage ratio = Net Debt / Adjusted EBITDA, per credit agreement (non-GAAP measure, see appendix for a reconciliation of reported Adjusted EBITDA to net income); (3) Free Cash Flow is a non-GAAP measure, see appendix for a reconciliation to the most comparable GAAP measure
©2026 Concentra Inc. All rights reserved. 5 Q1 2026 Performance Q1 2026 Q1 2025 YoY (∆) Commentary Facility Count (end of period) Occupational Health Centers 632 627 +5 Onsite Health Clinics 411 160 +251 Largely due to Pivot Onsite Innovations acquisition in Q2 2025 (240+) KPIs Visits per Day (“VPD”) 54.3k 50.9k 6.7% +2.9% Workers’ Compensation VPD 25.1k 22.9k 9.6% +6.2% VPD growth excluding impact of Nova acquisition Employer Services VPD 28.2k 26.9k 4.8% +0.7% Revenue per Visit (“RPV”) $151 $147 3.1% Workers’ Compensation RPV $213 $209 2.0% Employer Services RPV $97 $94 2.7% Financials ($ in millions) +6.3% Revenue growth excluding impact of Nova and Pivot Onsite Innovations Total Revenue $569.6 $500.8 13.7% Adjusted EBITDA1 $120.7 $102.7 17.6% Adjusted EBITDA margin1 21.2% 20.5% 69bps Net Income $52.3 $40.6 28.7% Net Income margin 9.2% 8.1% 107bps Capital Expenditures2 $11.1 $15.7 (29.5)% (1) Adjusted EBITDA and Adjusted EBITDA margin are non-GAAP measures, see appendix for a reconciliation to the most comparable GAAP measures; (2) Excluding purchase consideration for acquisitions
©2026 Concentra Inc. All rights reserved. Balance Sheet & Capital Allocation Strategy 6 Leverage Prudent management of leverage levels, targeting <3.0x net leverage ratio by end of 2026 M&A and De Novos Strong pipeline of bolt-on acquisitions and de novos + disciplined approach to enhancing footprint for short- and long- term value creation Capital Expenditures Continued strategic investment in technology, facilities, and infrastructure Dividend Quarterly cash dividend of $0.0625 per share Share Repurchase Program 661K shares repurchased in Q1 2026 Net Leverage Ratio Liquidity $62 $434 $496 3/31/26 Cash Revolver Capacity2 ($ in millions) (1) Net Leverage ratio = Net Debt / Adjusted EBITDA, per credit agreement (non-GAAP measure, see appendix for a reconciliation of reported Adjusted EBITDA to net income); (2) $450 million revolving facility undrawn as of 3/31/26; however, Concentra has $434 million of availability under its revolving credit facility after giving effect to $16 million of outstanding letters of credit Capital Allocation Strategy (Net leverage ratio as multiple of Adj. EBITDA1, calculation per credit agreement) Continued focus on de-levering for 2026, with strong cash flow also supporting capital deployment to other attractive strategies ~3.9x 3.5x 3.9x 3.4x <3.0x July '24 (IPO) 12/31/24 3/31/25 3/31/26 12/31/26E Guidance Nova acquisition
©2026 Concentra Inc. All rights reserved. 2026 Full-Year Guidance 7(1) Adjusted EBITDA and Free Cash Flow are non-GAAP measures, see appendix for a reconciliation to the most comparable GAAP measure; (2) Net Leverage Ratio = Net Debt / Adjusted EBITDA, per credit agreement (non-GAAP measure, see appendix for a reconciliation of reported Adjusted EBITDA to net income); (3) Excluding acquisitions FY 2025 FY 2026 Guidance Commentary Total Revenue $2,163.4mm $2,275mm – $2,375mm Raising previous guidance ($2,250mm – $2,350mm) Adjusted EBITDA1 $431.9mm $460mm – $480mm Raising previous guidance ($450mm – $470mm) Net Leverage Ratio2 3.4x <3.0x Remain on track for target Free Cash Flow1 $197.8mm $215mm – $235mm Raising previous guidance ($200mm – $225mm) Capital Expenditures3 $82.3mm $70mm – $80mm Remain on track for target
©2026 Concentra Inc. All rights reserved. Improving the health of America’s workforce, one patient at a time.
©2026 Concentra Inc. All rights reserved. Appendix
©2026 Concentra Inc. All rights reserved. Reconciliation of Net Income to Adjusted EBITDA 10 Three Months Ended Mar. 31, TTM Mar. 31, ($ in thousands) 2026 2025 2026 Revenue $569,555 $500,752 $2,232,220 Net Income $52,292 $40,642 $184,499 Income Tax Expense 17,315 13,254 55,039 Interest Expense (Income) 26,003 25,548 109,745 Loss on Early Retirement of Debt − 875 − Stock Compensation Expense 4,135 2,269 12,356 Depreciation and Amortization 19,648 16,619 78,846 Separation Transaction Costs¹ 1,076 315 4,854 Nova and Pivot Onsite Innovations Acquisition Costs 219 3,137 4,553 Adjusted EBITDA $120,688 $102,659 $449,892 Net Income Margin 9.2% 8.1% 8.3% Adjusted EBITDA Margin 21.2% 20.5% 20.2% Note: May not foot due to rounding. (1) Separation transaction costs represent non-recurring incremental consulting, legal, audit-related fees, system implementation, and software disposal costs incurred in connection with the Company’s separation into a new, publicly traded company and are included within general and administrative expenses on the consolidated statements of operations.
©2026 Concentra Inc. All rights reserved. Reconciliation of 2026 Adjusted EBITDA Guidance 11 Range ($ in millions) Low High Net Income Attributable to the Company $184 $199 Net Income Attributable to Non-Controlling Interests 7 7 Net Income $191 $206 Income Tax Expense 63 68 Interest Expense 104 104 Income from Operations $358 $378 Stock Compensation Expense 21 21 Depreciation and Amortization 80 80 Separation Transaction Costs 1 1 Adjusted EBITDA $460 $480 Note: May not foot due to rounding
©2026 Concentra Inc. All rights reserved. Reconciliation to Free Cash Flow 12Note: May not foot due to rounding TTM Mar. 31, 2026 Guidance ($ in millions) 2026 Low High Net Cash Provided by Operating Activities $289 $295 $305 Net Cash Used in Investing Activities $(135) $(84) $(74) Business Combinations, Net of Cash Acquired $58 $4 $4 Free Cash Flow $212 $215 $235 Net Income $184 Free Cash Flow Conversion 115%
©2026 Concentra Inc. All rights reserved. Reconciliation to Return on Invested Capital (ROIC) 13Note: May not foot due to rounding; (1) Assumes the weighted average effective tax rate between 2023 and Q1 2026 (24.2%); (2) ROIC calculated as (i) Net Operating Profit After Tax (“NOPAT”) divided by (ii) Average Invested Capital ($ in millions) TTM Mar. 31, 2026 Operating Income $349 (x) 1-Effective Tax Rate1 76% (i) NOPAT $265 Starting Debt $1,634 Ending Debt $1,576 (a) Average Debt $1,605 Starting Equity (BV) $312 Ending Equity (BV) $432 (b) Average Equity (BV) $372 Starting Redeemable NCI (BV) $19 Ending Redeemable NCI (BV) $22 (c) Average Redeemable NCI (BV) $20 Starting Cash $52 Ending Cash $62 (d) Average Cash $57 (ii) Average Invested Capital (a)+(b)+(c)-(d) $1,941 ROIC2 13.6%
FAQ
How did Concentra (CON) perform financially in Q1 2026?
Concentra reported Q1 2026 revenue of $569.6 million, up 13.7% year over year, and net income of $52.3 million, up 28.7%. Adjusted EBITDA was $120.7 million, a 17.6% increase, with margin improving to 21.2%, reflecting stronger volumes and higher revenue per visit.
What dividend did Concentra (CON) declare in May 2026?
The board declared a cash dividend of $0.0625 per share on May 5, 2026. It is payable on or about June 9, 2026 to stockholders of record as of the close of business on May 19, 2026, continuing the company’s quarterly cash distribution.
How strong was Concentra’s (CON) cash flow in Q1 2026?
Net cash from operating activities was $21.0 million in Q1 2026, up from $11.7 million a year earlier. Free Cash Flow reached $9.9 million compared with negative $4.0 million in Q1 2025, reflecting higher earnings and more efficient cash conversion.
What guidance did Concentra (CON) give for full-year 2026?
For 2026, Concentra expects revenue between $2.275 billion and $2.375 billion and Adjusted EBITDA of $460–$480 million. The company also projects Free Cash Flow of $215–$235 million, capital expenditures of $70–$80 million, and a net leverage ratio below 3.0x by year-end.
What is Concentra’s (CON) leverage and liquidity position after Q1 2026?
As of March 31, 2026, Concentra had cash of $61.7 million, total debt of $1,576.1 million, and total assets of $2,889.8 million. The net leverage ratio was about 3.4x, and the company maintained substantial revolving credit capacity alongside ongoing de-leveraging plans.