PACS Group SEC Filings

PACS Group, Inc. director share purchase disclosed

A director of PACS Group, Inc. (PACS) reported buying common stock in an open-market transaction. On 11/24/2025, the reporting person purchased 16,724 shares of PACS common stock at a weighted average price of $29.897 per share, with individual trades executed between $29.59 and $30.16. After this transaction, the director beneficially owned 22,739 shares directly. The filing notes that detailed trade-by-trade pricing information within this range is available upon request.

PACS Group, Inc. officer reports sale of common stock

A PACS Group, Inc. officer, serving as Chief Legal Officer and Secretary, reported selling 159,556 shares of PACS common stock on 11/24/2025. The transaction was coded "S," indicating an open-market or private sale. The weighted average sale price was $29.8853 per share, with individual trades executed between $29.54 and $30.125 per share. Following this sale, the officer beneficially owns 755,836 PACS common shares directly.

The filer notes a willingness to provide details on the number of shares sold at each individual price within the reported range upon request.

PACS Group, Inc. is asking stockholders to vote at its fully virtual 2025 Annual Meeting on December 19, 2025. Holders of common stock as of the November 10, 2025 record date, when 156,615,444 shares were outstanding, are entitled to one vote per share.

Stockholders will vote on electing two Class I directors (Taylor Leavitt and Jacqueline Millard) to terms ending at the 2028 meeting, ratifying Ernst & Young LLP as independent auditor for 2025, choosing how often to hold future say‑on‑pay votes (the Board recommends every one year), and approving on an advisory basis the 2024 compensation of named executive officers.

The Board highlights that PACS is a NYSE “controlled company,” with co‑founders Jason Murray and Mark Hancock collectively holding about 70% of voting power and possessing board designation rights. The proxy also describes board committee structures, independence determinations, risk oversight, and a shift in 2024 to more market‑standard executive pay practices, including an Adjusted EBITDA‑based bonus plan, new RSU grants with five‑year vesting, and a severance plan for executives.

A holder of PACS common stock filed a Form 144 notice to sell 159,556 shares through J.P. Morgan Securities LLC on or about 11/24/2025 on NASDAQ. The shares have an aggregate market value of 4,387,790 and are part of a larger base of 156,615,144 shares outstanding. The securities to be sold were acquired from the issuer on 04/15/2024 through an RSU vesting transaction for the same number of shares.

PACS Group, Inc. reported that it has released its financial results for the period ended September 30, 2024. The company furnished a press release as an exhibit to this current report, rather than formally filing the detailed results in the body of the report itself. This means the main financial and operating figures are contained in the accompanying press release referenced as Exhibit 99.1.

PACS Group, Inc. (PACS) reported strong growth for the quarter and nine months ended September 30, 2025. Quarterly revenue rose to $1,344.6M from $1,026.3M a year earlier, driven by higher patient and resident service revenue. Net income attributable to PACS increased to $52.4M from $15.6M, and diluted EPS grew to $0.32 from $0.10.

For the first nine months of 2025, revenue reached $3,931.0M versus $2,881.8M in 2024, while net income attributable to PACS climbed to $131.8M from $18.6M. Operating cash flow improved to $407.6M, supporting a cash and cash equivalents balance of $355.7M as of September 30, 2025.

The company operates 320 facilities with 32,677 skilled nursing beds and 2,525 assisted living beds across multiple states, with revenue heavily dependent on government payors: Medicare accounted for about 32.7% and Medicaid 41.1% of Q3 2025 patient and resident service revenue.

PACS Group, Inc. (PACS), a skilled nursing and assisted living operator with 316 facilities and 34,627 total beds as of June 30, 2025, reported sharply improved results for the quarter. Total revenue rose to $1.31 billion from $935.7 million a year earlier, and operating income swung to $80.5 million from a loss. Net income attributable to PACS was $50.9 million, or $0.31 per diluted share, compared with a net loss of $31.9 million, or $(0.21) per share, in the prior-year quarter.

For the first six months of 2025, revenue reached $2.59 billion and net income attributable to PACS was $79.4 million, up from $2.9 million in the comparable 2024 period. Cash provided by operating activities more than doubled to $202.8 million, boosting cash and cash equivalents to $294.2 million from $157.7 million at year-end 2024. The company also reiterates that its 2024 quarterly financial statements were restated, mainly adjusting Medicare Part B revenue and certain lease classifications.

PACS Group, Inc. reports Q1 2025 results while reiterating prior restatements and detailing credit facility forbearance arrangements. For the three months ended March 31, 2025, total revenue was $1,277,150 thousand versus $919,836 thousand (as restated) a year earlier, driven by higher Medicare and Medicaid revenue. Net income attributable to PACS Group was $28,472 thousand, down from $34,817 thousand (as restated), as rent, labor and general and administrative expenses rose.

Operating cash flow strengthened to $150,244 thousand from $58,751 thousand, supporting a cash and cash equivalents balance of $287,512 thousand and total assets of $5,494,400 thousand. Total liabilities were $4,738,127 thousand, including significant long-term operating lease liabilities and debt, with stockholders’ equity of $750,228 thousand and 155,177,511 common shares outstanding as of March 31, 2025. The company restated Q1 2024 results, reducing patient and resident service revenue by $14,885 thousand and net income by $14,321 thousand mainly for Medicare Part B revenue and lease classification corrections, and describes multiple amendments and forbearance agreements under its Amended and Restated Credit Facility tied to technical events of default.

PACS Group, Inc. reports full-year 2024 results and discloses a major accounting restatement and control issues alongside strong operational scale. The company operates 314 post-acute facilities across 17 states, serving about 30,100 patients daily, and generated $4.1 billion in 2024 revenue, with net income of $55.3 million and Adjusted EBITDA of $279.5 million. As of December 31, 2024, long-term liabilities totaled $3.5 billion.

Following an Audit Committee investigation prompted by a short seller report, management concluded certain respiratory and therapy services billed under Medicare Part B did not meet ASC 606 revenue recognition criteria. PACS is restating its March 31 and June 30, 2024 interim financials within this 10-K and has identified material weaknesses in internal control over financial reporting, particularly around risk assessment, hotline issue escalation, and revenue processes for new services. The CEO and interim CFO determined disclosure controls were not effective as of year-end, though management believes the audited 2024 financials are fairly stated and is implementing remediation and broader compliance enhancements. The filing also highlights high-quality metrics at mature facilities, including a 4.3 average CMS Quality Measure Star rating and 94% occupancy.