PACS Group, Inc.

Listed Company

PACSCIK 0002001184NYSEAcceleratedServices-Skilled Nursing Care FacilitiesDelawareFY ends Dec 31

Period

FY 2025

Revenue

$5.29B

Net Income

$191.54M

Total Assets

$5.58B

Equity

$946.77M

Shares Out

157.17M

Op. Cash Flow

$404.22M

Business

PACS Group, Inc. is a post-acute healthcare company that provides skilled nursing care through a portfolio of independently operated skilled nursing facilities. It offers higher-acuity short-term transitional care, long-term custodial care, senior living services (assisted and independent living) and a suite of centralized support services, including technology, accounting, reimbursement, compliance and clinical resources via PACS Services. The company operates a decentralized model of local facility administrators supported by regional teams and pursues acquisitions and integrations of underperforming facilities. It distributes services through hospital referrals, payors and local community channels across multiple U.S. states via owned, leased and joint-venture facilities.

Summary from filing dated 2025-11-19

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31
Patient and resident service revenue	5,288	4,087	3,110	2,399
Additional funding	0	0	375,000	21
Other revenues	1	3	1	1
Total Revenue	5,289	4,090	3,111	2,422
Cost of services	4,130	3,297	2,448	1,861
Rent - cost of services	379	285	217	160
General and administrative expense	415	344	214	149
Depreciation and amortization	56	41	26	22
Total Operating Expenses	4,979	3,967	2,904	2,193
Operating income	310	123	208	229
Interest expense	−28	−44	−50	−26
Gain on lease termination	0	8	0	0
Other income (expense), net	3	15	−536,000	3
Total Other Expense, Net	−25	−22	−50	−22
Income before provision for income taxes	284	102	157	207
Provision for income taxes	93	46	44	57
Net Income	191	55	113	150
Net (loss) income attributable to noncontrolling interest	−82,000	−416,000	8,000	0
Net Income Attributable To PACS Group, Inc.	192	56	113	150
Basic (in us dollars per share)	1.23	0.38	0.88	1.17
Diluted (in us dollars per share)	1.22	0.38	0.88	1.17
Basic (in shares)	156	147	129	129
Diluted (in shares)	157	149	129	129

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2024 2024-06-30	FY 2024 2024-03-31	FY 2023 2023-12-31
Cash and cash equivalents	197	158	73	81	73
Accounts receivable, net	628	642	580	612	548
Other receivables	74	75	50	66	52
Prepaid expenses and other current assets	171	64	60	62	49
Total Current Assets	1,070	938	764	821	722
Property and equipment, net	1,201	991	857	667	578
Operating lease right-of-use assets	2,968	2,995	2,075	2,174	2,008
Insurance subsidiary deposits and investments	87	66	35	25	0
Escrow funds	18	25	20	21	16
Goodwill and other indefinite-lived assets	68	67	65	65	65
Other assets	171	161	117	87	124
Total Assets	5,584	5,243	3,933	3,861	3,513
Accounts payable	192	175	126	157	141
Accrued payroll and benefits	188	146	99	144	92
Current operating lease liabilities	153	136	110	114	109
Current maturities of long-term debt	4	15	16	17	17
Current portion of accrued self-insurance liabilities	129	76	31	29	28
Current line of credit	0	142	—	—	0
Refund liability	181	146	31	4	0
Other accrued expenses	154	142	75	71	70
Total Current Liabilities	1,001	978	488	535	457
Long-term operating lease liabilities	2,940	2,936	2,032	2,122	1,962
Line of credit	100	0	248	537	520
Long-term debt, less current maturities, net of deferred financing fees	245	251	227	231	196
Accrued self-insurance liabilities, less current portion	193	165	172	155	146
Other liabilities	153	197	215	154	130
Total Liabilities	4,632	4,527	3,390	3,741	3,411
Commitments and contingencies (Note 17)	—	—	—	—	—
Common stock: $0.001 par value; 1,250,000,000 shares authorized; 156,615,144 shares issued and outstanding as of December 31, 2025, and $155,177,511 shares issued and outstanding as of December 31, 2024	157,000	155,000	152,000	129,000	129,000
Additional paid-in capital	637	591	471	—	0
Retained earnings	310	118	65	113	96
Total PACS Group, Inc. stockholders' equity	947	710	537	114	96
Noncontrolling interest in subsidiary	6	6	6	6	6
Total Equity	952	716	543	119	102
Total Liabilities and Equity	5,584	5,243	3,933	3,861	3,513

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31
Depreciation and amortization	56	41	26	—
Amortization and write-off of deferred financing fees	3	3	6	1
Stock-based compensation	54	116	0	0
Loss on investment in partnership	773,000	5	391,000	346,000
Gain on insurance subsidiary deposits and investments	−5	−1	0	0
Deferred taxes	−18	−44	−10	−2
Noncash lease expense	48	35	23	14
Other noncash operating activities	573,000	843,000	581,000	4,000
Accounts receivable, net	14	−94	−177	−114
Other receivables	781,000	−22	−3	−202,000
Prepaid expenses and other current assets	−70	−17	−19	−6
Other assets	−3	−13	−3	−39
Escrow funds	7	−9	568,000	−5
Operating lease liabilities	−1	−21	−2	−92,000
Accounts payable	15	33	33	33
Accrued payroll and benefits	41	52	6	−6
Accrued self-insurance liabilities	81	67	36	68
Refund liability	35	146	0	0
Other accrued expenses	13	73	−56	−24
Other liabilities	−60	−36	89	168,000
NET CASH PROVIDED BY OPERATING ACTIVITIES	404	367	64	93
Investment in partnerships	0	−33	−3	0
Non-operating distributions from investment in partnership	6	4	2	3
Purchase of available-for-sale securities	−21	−91	0	0
Sale of available-for-sale securities	0	26	0	0
Acquisition of facilities	−144	−283	−127	−55
Purchase of property and equipment	−105	−66	−46	−23
Proceeds from the sale of assets	750,000	2	750,000	10,000
NET CASH USED IN INVESTING ACTIVITIES	−264	−443	−173	−75
Borrowing on lines of credit, net of deferred financing fees	0	676	856	155
Payments on lines of credit	−42	−1,054	−498	−119
Borrowings of long-term debt, net of deferred financing fees	0	72	411	88
Payments on long-term debt	−18	−19	−560	−54
Noncontrolling interest distribution	−377,000	0	0	—
Contributions from noncontrolling interest	0	502,000	587,000	3
Dividends on common stock	0	−34	−80	−60
Proceeds from initial public offering, net of issuance costs	0	414	0	0
Proceeds from common stock offering, net of issuance costs	0	95	0	0
Taxes paid related to net share settlement of equity awards	−8	−34	0	0
NET CASH (USED IN)/PROVIDED BY FINANCING ACTIVITIES	−69	117	130	12
Net change in cash	71	42	20	30
Interest	41	48	51	26
Income taxes	84	108	60	43
Accrued capital expenditures	6	4	3	717,000
Assets acquired in operation expansions in exchange for notes payable	0	0	2	8
Assets acquired in operation expansions through settlement of notes receivable	0	500,000	0	—
Contributions from noncontrolling interest through relief of notes payable	0	451,000	0	0

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