**PACS Group, Inc. Reports Fiscal Year 2025 Results, Revenue Reaches $5.3 Billion**
PACS Group, Inc. (PACS) announced its financial results for the fiscal year ended December 31, 2025, reporting total revenue of $5.3 billion. This represents a significant increase compared to the $4.1 billion in revenue reported for the fiscal year ended December 31, 2024. The company's net income for 2025 was $191.5 million, a substantial rise from the $55.3 million reported in the previous fiscal year. Operating expenses for the year totaled $5.0 billion, compared to $4.0 billion in the prior year. Adjusted EBITDA, a non-GAAP financial measure, reached $505.0 million, up from $279.5 million in 2024.
The company's growth strategy, focused on acquiring underperforming skilled nursing facilities and transforming them into higher-acuity transitional care centers, has been a key driver of its financial performance. PACS operates 321 post-acute care facilities across 17 states, serving over 31,700 patients daily. The company's skilled mix by nursing patient days was 29% for the year ended December 31, 2025. PACS's revenue is significantly influenced by payments from third-party payors, with Medicare and Medicaid accounting for 33.7% and 40.5% of its routine revenue, respectively, for the year ended December 31, 2025.
PACS Group's operational model, characterized by locally-led, centrally-supported facilities, has contributed to its success. As of December 31, 2025, the average QM Star rating across its Mature facilities was 4.4 Stars, compared to the industry average of 3.5 Stars. The average occupancy rate across Mature facilities was 95%, significantly higher than the industry average of 79%. The company's portfolio includes 150 Mature facilities, 102 Ramping facilities, and 69 New facilities, each contributing $2.9 billion, $1.1 billion, and $1.2 billion in skilled nursing services revenue, respectively, for the year ended December 31, 2025.
Looking ahead, PACS Group intends to continue its growth strategy by expanding its presence in existing and new markets, leveraging operational improvements within its existing footprint, and extracting value from real estate ownership. The company also plans to explore ancillary business opportunities and expand into other post-acute sites of care. As of December 31, 2025, the company had total long-term liabilities of $3.6 billion. The company's future performance is subject to various risks and uncertainties, including changes in reimbursement rates, competition for skilled personnel, and regulatory changes.
About PACS Group, Inc.
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