Concentra Announces Results For Its Third Quarter Ended September 30, 2026 and Raises FY 2026 Guidance

DALLAS--(BUSINESS WIRE)--Concentra Group Holdings Parent, Inc. (“Concentra”, the “Company”, “we”, “us”, or “our”) (NYSE: CON), the nation’s largest provider of occupational health services by number of locations, today announced results for the third quarter ended September 30, 2026, declaration of a cash dividend, and raised its full-year 2026 guidance. The quarter included revenue growth of 8.6% year over year, net income attributable to the Company growth of 36.5% year over year, Adjusted EBITDA growth of 17.9% year over year, and a net leverage ratio of 2.90x.

As previously announced, effective November 1, 2026, (i) Matt DiCanio succeeded Keith Newton as president and chief executive officer, (ii) Tanner Newton became executive vice president and chief financial officer, and (iii) Keith Newton transitioned to executive chairman of the Company’s Board of Directors (the “Board”).

“Concentra delivered another strong quarter, reflecting the consistency of our operating model and the strength of our team,” said Keith Newton, executive chairman of the Board. “Over the past 50 years, we have built a market-leading occupational health company with a clear strategy for growth. With Matt assuming the CEO role, Concentra enters its next chapter with strong momentum, an experienced leadership team and significant opportunities to expand our reach and serve more employers and patients.”

“Our third-quarter results demonstrate our ability to translate strong operating performance into profitable growth,” said Matt DiCanio, president and chief executive officer. “We expanded our footprint, strengthened the balance sheet and returned capital to shareholders. The increase in full-year guidance reflects confidence in Concentra’s performance and continued momentum. Our focus remains on disciplined growth, operational excellence and delivering high-quality care while creating long-term value for customers, patients and shareholders.”

Third Quarter 2026 Highlights

• Revenue of $622.1 million, an increase of 8.6% from $572.8 million in Q3 2025
• Net income of $67.8 million, an increase of 36.0% from $49.8 million in Q3 2025
• Net income attributable to the Company of $65.9 million, and Adjusted Net Income Attributable to the Company of $66.1 million, an increase of 36.5% and 32.5% over prior year, respectively
• Earnings per share of $0.52 and Adjusted Earnings per Share of $0.52, an increase of 36.8% and 33.3% over prior year, respectively
• Adjusted EBITDA of $140.2 million an increase of 17.9% from $118.9 million in Q3 2025
• Net income margin increased to 10.9%, an expansion of 220 basis points year over year
• Adjusted EBITDA Margin increased to 22.5%, an expansion of 178 basis points year over year
• Patient visits of 3,731,956, or 58,312 visits per day, an increase of 4.9% from 55,589 visits per day in Q3 2025
• Revenue per visit of $152.14, an increase of 3.3% from $147.31 in Q3 2025
• Net cash provided by operating activities of $51.9 million and Free Cash Flow of $32.2 million
• Repurchased 1.0 million shares of common stock totaling $34.65 million
• Cash balance of $85.8 million and a net leverage ratio of 2.90x
• Repaid $52.4 million on our term loan due 2031
• Received a corporate credit rating upgrade from S&P Global, from BB- to BB, and a revised outlook from Moody’s, from stable to positive
• Total occupational health centers of 639, compared to 628 at the end of Q3 2025
• Opened three de novo occupational health centers in Kansas City, Boise, and Daytona Beach
• Completed the acquisition of a four-center occupational health practice in Minnesota
• Total onsite health clinics of 423, compared to 413 at the end of Q3 2025

The definition of Adjusted EBITDA and a reconciliation of net income to Adjusted EBITDA are presented in table X of this release. The definition of Adjusted EBITDA Margin and a reconciliation of net income margin to Adjusted EBITDA Margin are presented in table X of this release. The definition of Adjusted Earnings per Share and a reconciliation of net income attributable to the Company and earnings per share on a fully diluted basis to Adjusted Net Income Attributable to the Company and Adjusted Earnings per Share on a fully diluted basis are presented in table XI of this release. The definition of Free Cash Flow and a reconciliation of net cash provided by operating activities to Free Cash Flow are presented in table XII of this release.

Balance Sheet

As of September 30, 2026, our balance sheet reflected cash of $85.8 million, total debt of $1,521.3 million and total assets of $3,011.6 million. Concentra’s net leverage ratio as of September 30, 2026 was 2.90x, which was in compliance with the financial covenant under our credit agreement.

Cash Flow

Cash flows provided by operating activities in the third quarter ended September 30, 2026 totaled $51.9 million compared to $60.6 million for the same quarter of the prior year. During the third quarter ended September 30, 2026, cash flow from investing activities resulted in cash used of $25.9 million, including capital expenditures of $22.5 million and business acquisitions of $6.2 million, partially offset by proceeds from sale of assets of $2.8 million. Concentra had Free Cash Flow of $32.2 million in the third quarter ended September 30, 2026, compared to $40.2 million for the same quarter of the prior year. Cash flow from financing activities used $98.2 million for the quarter, driven primarily by $52.4 million in repayments on the term loan, $34.7 million in repurchases of shares of common stock and $8.0 million in dividend payments. This resulted in a net decrease in cash of $72.2 million for the quarter.

Dividend

On November 4, 2026, the Board declared a cash dividend of $0.0625 per share. The dividend will be payable on or about December 4, 2026, to stockholders of record as of the close of business on November 19, 2026.

There is no assurance that future dividends will be declared. The declaration and payment of dividends in the future are at the discretion of the Board after taking various factors into account, including, but not limited to, the Company’s financial condition, operating results, available cash and current and anticipated cash needs, the terms of indebtedness, and other factors the Board may deem to be relevant.

2026 Share Repurchase Program

On November 4, 2026, the Board authorized a new share repurchase program to repurchase up to $250 million of the Company’s outstanding common stock with no expiration date (the “2026 Share Repurchase Program”). The 2026 Share Repurchase Program is in addition to the Company’s existing share repurchase program authorized in November 2025. Stock repurchases under the 2026 Share Repurchase Program may be made in the open market or through privately negotiated transactions, and at times and in such amounts as the Board deems appropriate. The authorization of the 2026 Share Repurchase Program does not obligate the Company to repurchase any shares.

2026 Business Outlook

Concentra raised its financial guidance for 2026. We now expect to deliver the following results:

• Revenue in the range of $2.360 billion to $2.380 billion
• Adjusted EBITDA in the range of $505 million to $510 million
• Free Cash Flow in the range of $220 million to $240 million
• Capital expenditures in the range of $70 million to $80 million⁽¹⁾

A reconciliation of full year 2026 Adjusted EBITDA expectations to net income is presented in table XIII of this release. A reconciliation of full year 2026 Free Cash Flow expectations to net cash provided by operating activities is presented in table XIV of this release.

Company Overview

Concentra is the largest provider of occupational health services in the United States by number of locations, with the mission of improving the health of America’s workforce, one patient at a time. Our approximately 13,000 colleagues and affiliated physicians and clinicians support the delivery of an extensive suite of services, including occupational and consumer health services and other direct-to-employer care. We support the care of approximately 55,000⁽¹⁾ patients each business day on average across 46 states and the District of Columbia at our 639 occupational health centers, 423 onsite health clinics at employer worksites, and Concentra Telemed as of September 30, 2026.

Conference Call

Concentra will host a conference call regarding its third quarter financial results and business outlook on Friday, November 6, 2026, at 9 a.m. Eastern Time. The conference call will be a live webcast and can be accessed via this Earnings Call Webcast Link or via Concentra’s website at https://ir.concentra.com. A replay of the webcast will be available shortly after the call at the same locations.

Participants may join the audio-only version of the webcast or participate in the question-and-answer session by calling:

Toll Free: 888-506-0062
International: 973-528-0011
Participant Access: All dial-in participants should ask to join the Concentra call.

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Certain statements contained herein that are not descriptions of historical facts are “forward-looking” statements (as such term is defined in the Private Securities Litigation Reform Act of 1995), including statements related to Concentra’s 2026 and long-term business outlook. Because such statements include risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements due to factors including the following:

• The frequency of work-related injuries and illnesses;

• Adverse changes to our relationships with employer customers, third-party payors, workers’ compensation provider networks or employer services networks;

• Changes to regulations, new interpretations of existing regulations, or violations of regulations;

• State fee schedule changes undertaken by state workers’ compensation boards or commissions and other third-party payors;

• Our ability to realize reimbursement increases at rates sufficient to keep pace with the inflation of our costs;

• Labor shortages, increased employee turnover or costs, and union activity could significantly increase our operating costs;

• Our ability to compete effectively with other occupational health centers, onsite health clinics at employer worksites, and healthcare providers;

• The impacts of any security breaches, cyberattacks, loss of data, or cybersecurity threats or incidents involving our, or our third-party vendors’, information technology systems, and any failure to comply with legal requirements related to data privacy, interoperability or data protection, including those governing the privacy and security of health information or other regulated, sensitive or confidential information;

• Negative publicity which can result in increased governmental and regulatory scrutiny and possibly adverse regulatory changes;

• Significant legal actions could subject us to substantial uninsured liabilities;

• Litigation and other legal and regulatory proceedings in the course of our business that could adversely affect our business and financial statements;

• Insurance coverage may not be sufficient to cover losses we may incur;

• Acquisitions may use significant resources, may be unsuccessful, and could expose us to unforeseen liabilities;

• Our exposure to additional risk due to our reliance on third parties in many aspects of our business;

• Our ability to manage relationships with managed affiliated professional medical groups;

• Our facilities are subject to extensive federal and state laws and regulations relating to the privacy of individually identifiable information;

• Compliance with applicable data interoperability and information blocking rules;

• Facility licensure requirements in some states are costly and time-consuming, limiting or delaying our operations;

• Our ability to adequately protect and enforce our intellectual property and other proprietary rights;

• Adverse economic conditions in the U.S. or globally;

• Any negative impact on the global economy and capital markets resulting from geopolitical tensions;

• The impact of impairment of our goodwill and other intangible assets;

• Our ability to maintain satisfactory credit ratings;

• The effects of the separation from Select Medical Corporation (“Select”) on our business;

• The negative impact of public threats such as a global pandemic or widespread outbreak of an infectious disease;

• The loss of key members of our management team;

• Our ability to attract and retain talented, highly skilled employees and a diverse workforce, and the succession of our senior management;

• Climate change, or legal, regulatory or market measures to address climate change;

• Increasing scrutiny and rapidly evolving expectations from stakeholders regarding ESG matters; and

• Changes in tax laws or exposures to additional tax liabilities.

Except as required by applicable law, including the securities laws of the United States and the rules and regulations of the Securities and Exchange Commission, we are under no obligation to publicly update or revise any forward-looking statements, whether as a result of any new information, future events, or otherwise. You should not place undue reliance on our forward-looking statements. Although we believe that the expectations reflected in our forward-looking statements are reasonable, we cannot guarantee future results or performance.

Investor and media inquiries:
Bill Chapman
Senior Vice President, Strategy & Investor Relations
972-725-6488
ir@concentra.com