Concentra Group Holdings Parent (CON) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenue grew 13.7% year-over-year to $569.6 million, driven by strong patient visit growth, organic expansion, and acquisitions, including over 240 onsite locations acquired in June 2025.

• Adjusted EBITDA rose 17.6% to $120.7 million, with margin expanding to 21.2%.

• Net income increased 28.7% to $52.3 million, with EPS rising to $0.39 from $0.30 year-over-year.

• Workers' compensation visits and revenue were key growth drivers, supported by improved patient satisfaction and technology enhancements.

• Integration of Nova and Pivot acquisitions completed ahead of schedule, with synergies captured and transaction multiples below targets.

Financial highlights

• Revenue: $569.6 million in Q1 2026, up 13.7% year-over-year; 6.3% organic growth excluding acquisitions.

• Adjusted EBITDA: $120.7 million, up from $102.7 million; trailing 12-month Adjusted EBITDA at $450 million.

• Net income attributable to the company was $50.5 million, up 29.8% year-over-year; Adjusted Net Income was $51.5 million.

• Free Cash Flow was $9.9 million, compared to negative $4.0 million in Q1 2025.

• Cost of services improved to 70.1% of revenue from 71.3% year-over-year.

Outlook and guidance

• 2026 revenue guidance raised to $2.275–$2.375 billion.

• Adjusted EBITDA guidance increased to $460–$480 million.

• Free Cash Flow guidance raised to $215–$235 million; CapEx guidance unchanged at $70–$80 million.

• Net leverage expected to end 2026 comfortably below 3x.

• 2026 executive incentive plan targets $447.5 million EBITDA and $1.365 EPS as minimum thresholds.