Ensign Group (NASDAQ: ENSG) outlines Q4 2025 results and key non-GAAP metrics

Rhea-AI Filing Summary

The Ensign Group, Inc. filed a current report to note that it issued a press release with its financial results for the fourth quarter and year ended December 31, 2025. The press release is furnished as Exhibit 99.1.

The company highlights several non-GAAP measures used in that release, including Adjusted Net Income, Adjusted Earnings per Share, EBITDA, Adjusted EBITDA, Adjusted EBITDAR, Adjusted EBT and Funds from Operations for its real estate segment. The filing explains how each metric is calculated from net income and why management believes these measures provide supplemental insight, while emphasizing they should be considered alongside GAAP results and may not be comparable to similar measures used by other companies.

8-K Event Classification

2 items: 2.02, 9.01

2 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, and exhibit attachments filed with this report.

Understanding 8-K Material Events →

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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): February 4, 2026

The Ensign Group, Inc.

(Exact name of registrant as specified in its charter)

Delaware

001-33757

33-0861263

(State or other jurisdiction of incorporation)

(Commission File Number)

(IRS Employer Identification No.)

29222 Rancho Viejo Road, Suite 127,

San Juan Capistrano,

CA

92675

(Address of principal executive offices)

(Zip Code)

Registrant's telephone number, including area code: (949) 487-9500

Not Applicable

(Former name or former address, if changed since last report.)

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))

Title of each class			Trading Symbol(s)			Name of each exchange on which registered
Common Stock, par value $0.001 per share			ENSG			Nasdaq Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in 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 February 4, 2026 The Ensign Group, Inc. (the Company) issued a press release reporting the financial results of the Company for its fourth quarter and year ended December 31, 2025. A copy of the press release is attached to this Current Report as Exhibit 99.1.

The press release includes supplemental “non-GAAP financial measures.” Specifically, the press release refers to Adjusted Net Income, Adjusted Earnings per Share, EBITDA, Adjusted EBITDA, Adjusted EBITDAR, Adjusted EBT and Funds from Operations (FFO) for our real estate segment. Regulation G, Conditions for Use of Non-GAAP Financial Measures, and other provisions of the Securities Exchange Act of 1934, as amended, define and prescribe the conditions for use of certain non-GAAP financial information. EBITDA consists of net income before (a) interest income, (b) provision for income taxes, (c) depreciation and amortization and (d) interest expense. Adjusted EBITDA consists of net income before (a) interest income, (b) provision for income taxes, (c) depreciation and amortization, (d) interest expense, (e) stock-based compensation expense, (f) acquisition related costs, (g) costs incurred related to system implementations, (h) litigation arising outside of the ordinary course of business, (i) gain/loss on business interruption recoveries and long-lived assets, and (j) gain on other investments. Adjusted EBITDAR consists of net income before (a) interest income, (b) provision for income taxes, (c) depreciation and amortization, (d) interest expense, (e) rent-cost of services, (f) stock-based compensation expense, (g) acquisition related costs, (h) costs incurred related to system implementations, (i) litigation arising outside of the ordinary course of business, (j) gain/loss on business interruption recoveries and long-lived assets, and (k) gain on other investments. Adjusted EBT consists of net income before (a) provision for income taxes, (b) stock-based compensation expense, (c) acquisition related costs, (d) costs incurred related to system implementations, (e) litigation arising outside of the ordinary course of business, (f) gain/loss on business interruption recoveries and long-lived assets, (g) gain on other investments, (h) amortization of patient base intangible assets and (I) write off of deferred financing fees. Funds from Operations (FFO) for our Standard Bearer segment consists of segment income, excluding depreciation and amortization related to real estate, gains or losses from the sale of real estate, insurance recoveries related to real estate and impairment of long-lived assets. The Company believes that the presentation of adjusted net income, adjusted earnings per share, EBITDA, adjusted EBITDA, adjusted EBT and FFO provides important supplemental information to management and investors to evaluate the Company’s operating performance. Adjusted EBITDAR is a financial valuation measure that is not specified in GAAP. This measure is not displayed as a performance measure as it excludes rent expense, which is a normal and recurring operating expense. The Company believes disclosure of adjusted net income, adjusted net income per share, EBITDA, adjusted EBITDA, adjusted EBITDAR, adjusted EBT and FFO has substance because the excluded revenues and expenses are infrequent in nature and are variable in nature, or do not represent current revenues or cash expenditures. A material limitation associated with the use of these measures as compared to the GAAP measures of net income and diluted earnings per share is that they may not be comparable with the calculation of net income and diluted earnings per share for other companies in the Company's industry. These non-GAAP financial measures should not be relied upon to the exclusion of GAAP financial measures. For further information regarding why the Company believes that this non-GAAP measures provide useful information to investors, the specific manner in which management uses these measures, and some of the limitations associated with the use of these measures, please refer to the Company's periodic filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K and Quarterly Report on Form 10-Q. The Company’s periodic filings are available on the SEC's website at www.sec.gov or under the "Financials" link of the Investor Relations section on Ensign’s website at http://www.ensigngroup.net.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No.						Description
99.1						Press Release of the Company dated February 4, 2026
104						Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document.

SIGNATURES

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.

						THE ENSIGN GROUP, INC.
Dated: February 4, 2026						/s/ Suzanne D. Snapper
						Suzanne D. Snapper
						Chief Financial Officer, Executive Vice President and Director (principal financial officer and principal accounting officer)

FAQ

What did The Ensign Group (ENSG) disclose in this 8-K filing?

The Ensign Group reported issuing a press release with financial results for its fourth quarter and full year ended December 31, 2025. The filing primarily describes the non-GAAP performance metrics used in that release and furnishes the press release as Exhibit 99.1 for investors to review in detail.

Which non-GAAP financial measures does Ensign Group (ENSG) emphasize?

Ensign highlights Adjusted Net Income, Adjusted EPS, EBITDA, Adjusted EBITDA, Adjusted EBITDAR, Adjusted EBT and FFO. The company explains how each is derived from net income by excluding items like interest, taxes, depreciation, stock-based compensation, acquisition costs and certain litigation or asset gains and losses.

How does Ensign Group (ENSG) define EBITDA and Adjusted EBITDA?

EBITDA is net income before interest income, income taxes, depreciation, amortization and interest expense. Adjusted EBITDA further removes stock-based compensation, acquisition-related costs, system implementation costs, specified litigation items, gains or losses on business interruption recoveries and long-lived assets, and gains on other investments, as outlined in the filing.

What is Adjusted EBITDAR according to Ensign Group (ENSG)?

Adjusted EBITDAR starts with net income and excludes interest income, income taxes, depreciation, amortization, interest expense and rent-cost of services, plus stock-based compensation, acquisition-related costs, system implementation costs, specified litigation, certain business interruption and asset gains or losses, and gains on other investments.

How does Ensign Group (ENSG) define Funds from Operations (FFO) for its real estate segment?

Funds from Operations for the Standard Bearer segment is based on segment income, excluding depreciation and amortization related to real estate, gains or losses from real estate sales, insurance recoveries related to real estate and impairment of long-lived assets. The company presents this as a supplemental non-GAAP performance measure.

Why does Ensign Group (ENSG) use these non-GAAP measures alongside GAAP results?

The company believes these non-GAAP metrics provide important supplemental information to help management and investors evaluate operating performance. It notes excluded items tend to be infrequent or variable, but cautions measures may not be comparable across companies and should not replace GAAP net income and diluted earnings per share.

Where can investors find the detailed Ensign Group (ENSG) Q4 2025 results and reconciliations?

Investors can review the full press release attached as Exhibit 99.1 and the company’s periodic reports on Form 10-K and 10-Q. These are available on the SEC’s website at www.sec.gov and under the “Financials” link in the Investor Relations section of Ensign’s website.