Park Dental Partners (PARK) Q4 2025 earnings summary

Executive summary

• Achieved record annual revenue of $244.5 million in 2025, up 6.4% year-over-year, with Q4 revenue up 7.5% compared to the same quarter last year.

• Adjusted EBITDA reached $22.0 million for the year, a 13.7% increase year-over-year; Q4 Adjusted EBITDA was $3.7 million, flat versus prior year.

• Completed IPO in December 2025, raising $18.4 million in net proceeds and $20.0 million in gross proceeds.

• Patient retention rate remained strong at 89.9%, with patient visits increasing to 719,295 for the year.

• Growth strategy focuses on increasing doctor count via adding to existing practices, acquisitions, and de novo openings; entered Arizona market, now operating in three states with 214 doctors.

Financial highlights

• Q4 2025 revenue was $61.2 million, up 7.5% year-over-year; full-year revenue reached $244.5 million, up 6.4%.

• General practice revenue grew 4.8% to $179.0 million; specialty practice revenue rose 11.0% to $65.5 million for the year.

• Same-practice revenue growth was 5.8% for the year and 6.3% in Q4.

• Adjusted EBITDA guidance for 2026 is $21.0–$23.0 million (8.3%–8.9% of revenue).

• Operating cash flow was $17.6 million; cash and equivalents at year-end were $25.2 million.

Outlook and guidance

• 2026 revenue expected between $254.0–$258.0 million, with same-practice revenue growth of 3.5%–5.0%.

• Guidance includes three 2025 acquisitions, one de novo, and one 2026 acquisition; further M&A expected but not included in outlook.

• Public company costs projected at $400,000–$500,000 per quarter.

• Outlook assumes stable demand, continued recruitment, and contributions from recent acquisitions.