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Encompass Health
Encompass Health (EHC) investor relations material
Encompass Health Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary6 Feb, 2026
Executive summary
Net operating revenue for 2025 was $5,935.2 million, up 10.5% year-over-year; Q4 revenue grew 9.9% to $1,544.6 million compared to Q4 2024.
Adjusted EBITDA for 2025 reached $1,267.9 million, a 14.9% increase year-over-year; Q4 Adjusted EBITDA rose 15.9% to $335.6 million.
Adjusted EPS for 2025 was $5.45, up 23.0% from 2024; Q4 Adjusted EPS was $1.46, a 24.8% increase.
Added 517 beds in 2025 through eight new hospitals and expansions; 127 beds were added to existing hospitals.
Strong balance sheet with net leverage at 1.9x and significant capital returned to shareholders.
Financial highlights
Net patient revenue per discharge increased 4.1% year-over-year to $22,273 in Q4.
Q4 discharge growth was 5.3%, with same-store discharge growth of 3.2%.
Q4 adjusted free cash flow increased 23.6% to $235.4 million; full-year free cash flow up 18.5% to $817.9 million.
Salaries and benefits were 51.9% of revenue in Q4 2025, down from 53.9% in Q4 2024.
Bad debt expense held steady at 2.1% for Q4.
Outlook and guidance
2026 guidance: net operating revenue of $6,365–$6,465 million, adjusted EBITDA of $1,340–$1,380 million, and adjusted EPS of $5.81–$6.10.
Free cash flow for 2026 expected at $828 million, with capital expenditures of $725 million and dividends at $77 million.
2026 capacity additions: 8 new hospitals (389 beds) and ~175 beds to existing hospitals.
Medicare pricing expected to increase 3.0%; managed care pricing up 2.0–3.0%.
Labor cost per FTE expected to rise 3.0–3.5%; tax rate ~26%.
Future capacity expansion plans
What factors temper 2026 growth guidance?
Labor cost management strategies
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Next Encompass Health earnings date
Q1 202624 Apr, 2026
Encompass Health
Next Encompass Health earnings date
Q1 202624 Apr, 2026
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Frequently asked questions
Encompass Health Corporation operates inpatient rehabilitation hospitals that provide care for patients recovering from illnesses and injuries such as stroke, neurological disorders, and orthopedic conditions. It also offers home-based care services through its healthcare network. The company is headquartered in Birmingham, Alabama, and its shares are listed on the NYSE.
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