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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. reported strong growth for 2025, with revenue of $5.29 billion, up 29.3% from the prior year, and net income of $191.5 million. Adjusted EBITDA reached $505.0 million and Adjusted EBITDAR was $883.9 million, reflecting higher scale and profitability.
Fourth-quarter 2025 revenue was $1.36 billion, up 12.4% year over year, with net income of $59.8 million and Adjusted EBITDA of $142.1 million. Cash from operating activities was $404.2 million, and cash and cash equivalents were $197.0 million as of December 31, 2025. For 2026, the company expects revenue of $5.65–$5.75 billion and Adjusted EBITDA of $555–$575 million, supported by a 323‑facility portfolio and continued expansion.
PACS Group, Inc. Chief Accounting Officer reports tax withholding share transaction. Michelle Renee Lewis reported that on 01/15/2026, 3,348 shares of PACS Group, Inc. common stock were withheld at a price of $39.49 per share. The filing explains this was a payment of tax liability through the withholding of shares upon the vesting of previously granted and reported restricted stock units. After this transaction, Lewis beneficially owned 374,870 shares of PACS Group, Inc. common stock, held directly.
PACS Group, Inc. Chief Legal Officer and Secretary John Todd Mitchell reported a Form 4 transaction involving company common stock. On 01/15/2026, 9,541 shares of PACS Group common stock were withheld at a price of $39.49 per share. According to the footnote, this was a payment of tax liability through the withholding of shares upon the vesting of previously granted and reported restricted stock units, rather than an open-market sale. Following this tax withholding, Mitchell directly beneficially owned 868,150 shares of PACS Group common stock.
PACS Group, Inc. President & COO Joshua Jergensen reported a routine tax-withholding transaction in company common stock. On January 15, 2026, 21,998 shares of PACS Group common stock were withheld at a reference price of $39.49 per share, coded as an "F" transaction, which the disclosure explains was to pay tax liabilities arising from the vesting of previously granted restricted stock units.
Following this withholding, Jergensen beneficially owns 2,703,682 shares of PACS Group common stock, held directly. This filing reflects administrative share withholding for taxes rather than an open-market sale.
PACS Group, Inc. reported an insider equity transaction by Mark Hancock, a director, co-founder, interim CFO, executive vice chair, and 10% owner. On January 15, 2026, 12,774 shares of common stock were withheld at $39.49 per share to satisfy tax liabilities arising from the vesting of previously granted and reported restricted stock units. This was recorded as a disposition under code F, which denotes tax withholding rather than an open-market sale. Following this transaction, Hancock beneficially owns 54,804,443 shares of PACS Group common stock in direct ownership.
PACS Group, Inc. insider activity: Co-Founder, CEO and Chairman Murray Jason Hulse reported a tax-related share withholding tied to vested restricted stock units. On 01/15/2026, 20,082 shares of common stock were withheld at a price of $39.49 per share to satisfy tax liabilities upon vesting of previously granted and reported restricted stock units, as described in the footnote. After this transaction, Hulse beneficially owned 54,847,135 shares of PACS Group common stock in direct form.
PACS Group, Inc. reported the results of its 2025 Annual Meeting of Stockholders held on December 19, 2025. A total of 149,241,113 shares, representing approximately 95.29% of the company’s common stock as of the November 10, 2025 record date, were represented online or by proxy, indicating very high shareholder participation.
Stockholders elected Class I directors Taylor Leavitt and Jacqueline Millard to serve until the 2028 annual meeting. They also ratified the appointment of Ernst & Young LLP as independent registered public accounting firm for the year ending December 31, 2025. In advisory votes, stockholders approved the company’s executive compensation and supported holding future say-on-pay votes every year, and the company plans to conduct these advisory votes annually unless the board later determines a different frequency is preferable.
PACS Group, Inc. reported that one of its directors received a grant of restricted stock units on December 19, 2025. The grant covers 4,399 RSUs, each representing the right to receive one share of PACS Group common stock when it vests, at a grant price of $0 per unit.
After this award, the director beneficially owns 10,837 shares of common stock in total. The RSUs will vest 100% on the earlier of December 19, 2026 or the date of the next annual meeting following the grant, as long as the director continues to serve the company.
PACS Group, Inc. reported an insider equity award for one of its directors. On 12/19/2025, the director acquired 4,399 restricted stock units (RSUs) of PACS Group common stock at a price of $0 per unit as reported on a Form 4. Each RSU entitles the holder to receive one share of common stock upon vesting.
The filing states that 100% of the RSUs will vest on the earlier of December 19, 2026 or the date of the next annual meeting following the grant date, provided the director continues to serve the company. Following this award, the director beneficially owns 27,138 shares of PACS Group common stock in total.