Here are the 10-K annual reports from PACS Group, Inc. (PACS) in our archive since June 2025, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-K covers the audited annual report, with the full financial statements, so if you follow PACS and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full PACS filings page.
PACS Group, Inc. reports strong full-year 2025 results as a leading U.S. post-acute and skilled nursing operator. The company generated $5.3 billion in total revenue, with net income of $191.5 million and Adjusted EBITDA of $505.0 million, reflecting rapid multi-year growth.
PACS operates 321 post-acute care facilities across 17 states, serving over 31,700 patients daily, and focuses on transforming underperforming nursing homes into higher-acuity, short-term transitional care centers. Mature facilities posted an average QM Star rating of 4.4 and 95% occupancy, exceeding industry averages.
The business is highly dependent on Medicare and Medicaid, which supplied 33.7% and 40.5% of routine revenue in 2025, and carries $3.6 billion of total long-term liabilities. Management highlights a disciplined acquisition strategy, technology-enabled support services, and significant future growth opportunities in real estate ownership and ancillary services.
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.