Pacs Group (PACS) Q3 FY2026 earnings: revenue $1.5 billion, up 11.5% on the year

Pacs Group, Inc. (PACS) reported revenue of $1.5 billion for Q3 FY2026, the quarter ended 30 September 2026, up 11.5% on the same quarter a year earlier. Net income was $61 million, up 16.1% on the year, and diluted earnings per share $0.37. The figures are the company's own, from the 10-Q it filed with the SEC on 3 November 2026.

Revenue

$1.5 billion

+11.5% on the year · +4.9% on the quarter

Q4 FY2024Q3 FY2026

Operating margin

6.7%

6.4% a year earlier

Q4 FY2024Q3 FY2026

Net income

$61 million

+16.1% on the year · -20.4% on the quarter

Q4 FY2024Q3 FY2026

Diluted EPS

$0.37

+15.6% on the year · -21.3% on the quarter

Q4 FY2024Q3 FY2026

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 3 raised, 1 new.

Revenue rose 11.5%: Total revenue was $1.50 billion, up from $1.34 billion in the prior-year quarter.
Adjusted EBITDA grew faster: Adjusted EBITDA reached $175.7 million, up from $131.5 million; Adjusted EBITDAR was $273.9 million. The CFO said revenue growth translated into stronger profitability.
Same-store SNF revenue up 6.4%: Across 284 same-store facilities, SNF revenue rose 6.4% year over year, and actual patient days rose 2.5%.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Revenue	1,499	1,428	1,345	+4.9%	+11.5%
Cost of revenue	1,142	1,090	1,046	+4.8%	+9.2%
Gross profit	356	338	298	+5.3%	+19.5%
Gross margin	23.8%	23.7%	22.2%
Operating income	99.7	109	86.3	-8.8%	+15.6%
Operating margin	6.7%	7.7%	6.4%
Interest expense	5.1	6.0	8.5	-15.6%	-40.2%
Pre-tax income	91.3	106	76.3	-13.7%	+19.7%
Income tax	30.5	29.5	24.0	+3.4%	+27.3%
Effective tax rate	33.4%	27.9%	31.4%
Net income	60.8	76.4	52.4	-20.4%	+16.1%
Net margin	4.1%	5.3%	3.9%
Diluted EPS	$0.37	$0.47	$0.32	-21.3%	+15.6%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Operating cash flow	211	136	205	+55.9%	+3.1%
Capital expenditure	32.5	26.5	18.0	+22.5%	+80.4%
Free cash flow	179	109	187	+64.0%	-4.3%
Free cash flow margin	11.9%	7.6%	13.9%
Cash from investing	-256	-156	-97.1
Cash from financing	-4.4	-76.6	-46.3
Share-based compensation	45.3	25.8	12.5	+75.4%	+262.1%
Dividends paid	n/a	n/a	0.0
Diluted shares, weighted	164m	162m	165m	+1.2%	-0.5%
Shares outstanding at period end	159m	158m	157m	+0.2%	+1.3%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Shareholders' equity	1,214	1,110	871	+9.4%	+39.4%
Non-controlling interest	4.5	5.0	5.6	-10.9%	-20.3%
Debt	272	246	353	+10.7%	-22.9%
Operating lease liabilities	2,933	2,849	2,963	+3.0%	-1.0%
Finance lease liabilities	34.1	124	127	-72.5%	-73.1%
Other liabilities	1,460	1,322	1,307	+10.5%	+11.7%
Total liabilities and equity	5,918	5,656	5,627	+4.6%	+5.2%
Goodwill	145	61.8	n/a	+134.4%
Cash and equivalents	115	164	356	-29.9%	-67.6%
Receivables	660	634	628	+4.1%	+5.1%
Other assets	4,998	4,796	4,643	+4.2%	+7.6%
Total assets	5,918	5,656	5,627	+4.6%	+5.2%

Questions

What was Pacs Group's revenue in Q3 FY2026?

Pacs Group (PACS) reported revenue of $1.5 billion for Q3 FY2026, the quarter ended 30 September 2026, up 11.5% on the same quarter a year earlier.

How much did Pacs Group earn in Q3 FY2026?

Net income for Q3 FY2026 was $61 million, up 16.1% on the year, and diluted earnings per share $0.37.

When did Pacs Group report Q3 FY2026 results?

Pacs Group filed its 10-Q for the quarter ended 30 September 2026 with the SEC on 3 November 2026.

Quarterly results, the last 15 quarters

	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024 †	Q2 FY2024 †	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	708	761	789	853	920	936	1,026	1,147	1,277	1,309	1,345	1,358	1,420	1,428	1,499
Cost of revenue	539	591	638	680	736	762	850	949	1,024	1,021	1,046	1,039	1,075	1,090	1,142
Gross profit	170	170	151	174	184	174	177	198	253	288	298	319	346	338	356
Gross margin	24%	22%	19%	20%	20%	19%	17%	17%	20%	22%	22%	24%	24%	24%	24%
Operating income	59.3	49.5	36.4	62.5	80.0	0.7	23.0	19.4	48.1	80.5	86.3	94.7	120	109	99.7
Operating margin	8%	7%	5%	7%	9%	0%	2%	2%	4%	6%	6%	7%	8%	8%	7%
Interest expense	n/a	15.3	10.2	n/a	16.1	9.9	9.0	10.0	6.9	4.4	8.5	8.6	6.4	6.0	5.1
Pre-tax income	49.1	31.6	27.4	49.2	73.1	-12.4	33.7	7.2	42.7	78.6	76.3	86.8	114	106	91.3
Tax rate	23%	33%	27%	31%	33%	n/a	52%	88%	34%	35%	31%	31%	29%	28%	33%
Net income	37.6	21.2	19.9	34.1	49.1	-10.9	15.6	1.9	28.5	51.0	52.4	59.7	80.7	76.4	60.8
Net margin	5%	3%	3%	4%	5%	-1%	2%	0%	2%	4%	4%	4%	6%	5%	4%
Diluted EPS	$0.29	$0.16	$0.15	n/a	$0.38	-$0.07	$0.10	n/a	$0.17	$0.31	$0.32	n/a	$0.50	$0.47	$0.37
Operating cash flow	79.3	-21.1	15.2	-9.7	58.8	34.8	209	64.6	150	52.6	205	-3.4	236	136	211
Capital expenditure	5.9	10.7	14.0	15.2	10.8	15.3	15.8	24.6	17.7	18.6	18.0	51.1	21.8	26.5	32.5
Free cash flow	73.4	-31.7	1.2	-24.9	48.0	19.5	193	40.0	133	34.0	187	-54.5	215	109	179
Dividends paid	18.5	25.2	25.3	11.4	17.5	16.2	0.0	0.0	0.0	0.0	0.0	0.0	n/a	n/a	n/a
Shares outstanding	25m	152m	157m	129m	129m	152m	155m	155m	155m	157m	157m	157m	157m	158m	159m
Filing	10-Q	10-Q	10-Q	10-K	10-K	10-K	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A blank figure marked on a quarter is one the filings do not give on their own: the quarters as filed do not add to the year the company filed, or the year and its quarters stand on different share counts. Each quarter's page says which. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-Q for the period ended 30 September 2026, filed 3 November 2026: the filing.