PA
PACS
PACS PACS Group (PACS) Q1 FY26 earnings call
PACS Group delivered a strong Q1 FY26, driven by consistent operational execution, stable occupancy, and improving skilled mix across its facility cohorts. The company significantly raised its full-year Adjusted EBITDA guidance, reflecting outperformance and a refined methodology excluding future acquisitions. Management emphasized disciplined capital allocation, including a new share repurchase authorization, while navigating ongoing government investigations and internal control remediation efforts.
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PACS operating KPIs by quarter
| KPI | Dec 2025 Q4 FY25 | This call Mar 2026 Q1 FY26 | Jun 2026 Q2 FY26 | Change vs prior quarter |
|---|---|---|---|---|
| Facilities | 321As of December 31, 2025, PACS operates 321 facilities across 17 states, caring for more than 31,700 patients daily and supported by over 47,000 dedicated team members.Source: earnings call transcript | 323As of March 31, 2026, PACS operated 323 facilities across 17 states with approximately 35,500 total beds, including roughly 32,700 skilled nursing beds and 2,700 assisted living beds -- across this platform, we are caring for approximately 31,900 patients daily.Source: earnings call transcript | 324As of June 30, PACS operated 324 health care facilities across 17 states with 35,631 total beds, including 32,790 skilled nursing beds and 2,841 assisted living beds.Source: earnings call transcript | +0.3% |
| Patients | 31.7K+As of December 31, 2025, PACS operates 321 facilities across 17 states, caring for more than 31,700 patients daily and supported by over 47,000 dedicated team members.Source: earnings call transcript | ~31.9KAs of March 31, 2026, PACS operated 323 facilities across 17 states with approximately 35,500 total beds, including roughly 32,700 skilled nursing beds and 2,700 assisted living beds -- across this platform, we are caring for approximately 31,900 patients daily.Source: earnings call transcript | 31.9K+Across this platform, our teams care for more than 31,900 patients each day, supported by approximately 48,000 employees.Source: earnings call transcript | — |
| Employees | 47K+As of December 31, 2025, PACS operates 321 facilities across 17 states, caring for more than 31,700 patients daily and supported by over 47,000 dedicated team members.Source: earnings call transcript | — | ~48KAcross this platform, our teams care for more than 31,900 patients each day, supported by approximately 48,000 employees.Source: earnings call transcript | — |
| Total operating beds | 35.379KToday, our portfolio includes 35,379 total operating beds, of which 32,854 are skilled nursing beds and 2,525 are assisted living beds, which span across 17 states, reflecting a scaled and geographically diversified footprint.Source: earnings call transcript | ~35.5KAs of March 31, 2026, PACS operated 323 facilities across 17 states with approximately 35,500 total beds, including roughly 32,700 skilled nursing beds and 2,700 assisted living beds -- across this platform, we are caring for approximately 31,900 patients daily.Source: earnings call transcript | 35.631KAs of June 30, PACS operated 324 health care facilities across 17 states with 35,631 total beds, including 32,790 skilled nursing beds and 2,841 assisted living beds.Source: earnings call transcript | — |
| Total operating beds Skilled Nursing | 32.854KToday, our portfolio includes 35,379 total operating beds, of which 32,854 are skilled nursing beds and 2,525 are assisted living beds, which span across 17 states, reflecting a scaled and geographically diversified footprint.Source: earnings call transcript | ~32.7KAs of March 31, 2026, PACS operated 323 facilities across 17 states with approximately 35,500 total beds, including roughly 32,700 skilled nursing beds and 2,700 assisted living beds -- across this platform, we are caring for approximately 31,900 patients daily.Source: earnings call transcript | 32.79KAs of June 30, PACS operated 324 health care facilities across 17 states with 35,631 total beds, including 32,790 skilled nursing beds and 2,841 assisted living beds.Source: earnings call transcript | — |
| Total operating beds Assisted Living | 2,525Today, our portfolio includes 35,379 total operating beds, of which 32,854 are skilled nursing beds and 2,525 are assisted living beds, which span across 17 states, reflecting a scaled and geographically diversified footprint.Source: earnings call transcript | 2,700As of March 31, 2026, PACS operated 323 facilities across 17 states with approximately 35,500 total beds, including roughly 32,700 skilled nursing beds and 2,700 assisted living beds -- across this platform, we are caring for approximately 31,900 patients daily.Source: earnings call transcript | 2,841As of June 30, PACS operated 324 health care facilities across 17 states with 35,631 total beds, including 32,790 skilled nursing beds and 2,841 assisted living beds.Source: earnings call transcript | +5.2% |
| Occupancy rate | 89.1%Total occupancy stands at 89.1% with our mature facilities delivering exceptional 94.9% occupancy, up from 94.4% last year.Source: earnings call transcript | 90.9%Total occupancy for all facilities for the quarter was 90.9%, compared to 89.2% in the prior year and continuing to significantly outpace the industry average of approximately 79%.Source: earnings call transcript | — | +1.8 pt |
| Occupancy rate Mature Facilities | 94.9%Total occupancy stands at 89.1% with our mature facilities delivering exceptional 94.9% occupancy, up from 94.4% last year.Source: earnings call transcript | 94.8%Our mature facilities remained highly stable, operating at 94.8% occupancy with skilled mix of 33% and which continues to reflect the strength and consistency of our longer-tenured operations.Source: earnings call transcript | 93.8%As expected, our occupancy increases as we move across these cohorts with new facilities occupancy at 78.7%, ramping facilities at 87.7% occupancy and mature facilities at 93.8% occupancy.Source: earnings call transcript | -1 pt |
| Occupancy rate Ramping facilities | — | 88.9%Our ramping facilities averaged 88.9% occupancy with skilled mix continuing to improve, reflecting ongoing operational progress as these facilities move toward mature performance levels.Source: earnings call transcript | 87.7%As expected, our occupancy increases as we move across these cohorts with new facilities occupancy at 78.7%, ramping facilities at 87.7% occupancy and mature facilities at 93.8% occupancy.Source: earnings call transcript | -1.2 pt |
| Occupancy rate New facilities | — | 82.7%Our new facilities averaged 82.7% occupancy, with skilled mix of 26.5%, reflecting the early stages of integration and stabilization as these facilities continue progressing towards mature performance levels.Source: earnings call transcript | 78.7%As expected, our occupancy increases as we move across these cohorts with new facilities occupancy at 78.7%, ramping facilities at 87.7% occupancy and mature facilities at 93.8% occupancy.Source: earnings call transcript | -4 pt |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Inve summary of the company's earnings call; see how call summaries are prepared. Not investment advice.