--- title: "Pennant | 10-K: FY2025 Revenue Beats Estimate at USD 947.71 M" type: "News" locale: "en" url: "https://longbridge.com/en/news/277046686.md" datetime: "2026-02-26T13:09:55.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/277046686.md) - [en](https://longbridge.com/en/news/277046686.md) - [zh-HK](https://longbridge.com/zh-HK/news/277046686.md) --- # Pennant | 10-K: FY2025 Revenue Beats Estimate at USD 947.71 M Revenue: As of FY2025, the actual value is USD 947.71 M, beating the estimate of USD 930.08 M. EPS: As of FY2025, the actual value is USD 0.84, missing the estimate of USD 0.89. EBIT: As of FY2025, the actual value is USD 58.56 M. ### Home Health and Hospice Services Segment #### Segment Revenue - 2025: $731,392 thousand - 2024: $515,344 thousand - 2023: $385,652 thousand #### Operational Metrics - **Total Home Health Admissions**: 86,076 in 2025, an increase of 44.1% from 59,741 in 2024. - **Total Medicare Home Health Admissions**: 34,882 in 2025, an increase of 41.8% from 24,598 in 2024. - **Average Medicare Revenue per Completed 60-day Home Health Episode**: $3,755 in 2025, an increase of 3.5% from $3,628 in 2024. - **Total Hospice Admissions**: 15,189 in 2025, an increase of 24.4% from 12,208 in 2024. - **Average Hospice Daily Census**: 4,204 in 2025, an increase of 28.6% from 3,268 in 2024. - **Hospice Medicare Revenue per Day**: $192 in 2025, an increase of 4.9% from $183 in 2024. - **Segment Cost of Services**: $610,561 thousand in 2025, $427,635 thousand in 2024, and $320,046 thousand in 2023. - **Segment Adjusted EBITDAR from Operations**: $120,831 thousand in 2025, $87,709 thousand in 2024, and $65,606 thousand in 2023. - **Segment Adjusted EBITDA from Operations**: $111,135 thousand in 2025, $80,660 thousand in 2024, and $60,128 thousand in 2023. - **Cost of Services as a Percentage of Revenue**: 83.6% in 2025 compared to 83.4% in 2024. ### Senior Living Services Segment #### Segment Revenue - 2025: $210,078 thousand - 2024: $174,767 thousand - 2023: $148,198 thousand #### Operational Metrics - **Occupancy**: 79.7% in 2025, a 0.9% increase from 78.8% in 2024. - **Average Monthly Revenue per Occupied Unit**: $5,195 in 2025, an increase of 8.0% from $4,811 in 2024. - **Segment Cost of Services**: $149,553 thousand in 2025, $123,107 thousand in 2024, and $102,904 thousand in 2023. - **Segment Adjusted EBITDAR from Operations**: $60,525 thousand in 2025, $51,660 thousand in 2024, and $45,294 thousand in 2023. - **Segment Adjusted EBITDA from Operations**: $21,785 thousand in 2025, $16,213 thousand in 2024, and $12,293 thousand in 2023. - **Cost of Services as a Percentage of Revenue**: 72.6% in 2025 compared to 71.1% in 2024. ### Consolidated Financial and Operational Metrics #### Total Revenue - 2025: $947,705 thousand - 2024: $695,240 thousand - 2023: $544,891 thousand #### Total Expenses - 2025: $895,819 thousand - 2024: $657,124 thousand - 2023: $519,722 thousand #### Income from Operations - 2025: $51,886 thousand - 2024: $38,116 thousand - 2023: $25,169 thousand #### Net Income - 2025: $33,764 thousand - 2024: $24,339 thousand - 2023: $13,910 thousand #### Net Income Attributable to The Pennant Group, Inc. - 2025: $29,578 thousand - 2024: $22,559 thousand - 2023: $13,379 thousand #### Consolidated EBITDA - 2025: $56,660 thousand - 2024: $42,662 thousand - 2023: $30,107 thousand #### Consolidated Adjusted EBITDA - 2025: $72,466 thousand - 2024: $53,286 thousand - 2023: $40,716 thousand #### Consolidated Adjusted EBITDAR - 2025: $120,901 thousand #### Cost of Services (Consolidated) - 2025: $768,503 thousand (81.1% of total revenue) - 2024: $558,449 thousand (80.3% of total revenue) - 2023: $438,096 thousand (80.4% of total revenue) #### Rent—Cost of Services (Consolidated) - 2025: $48,700 thousand (5.1% of total revenue) - 2024: $43,029 thousand (6.2% of total revenue) - 2023: $39,759 thousand (7.3% of total revenue) #### General and Administrative Expense (Consolidated) - 2025: $71,077 thousand (7.5% of total revenue) - 2024: $50,209 thousand (7.2% of total revenue) - 2023: $36,667 thousand (6.7% of total revenue) #### Depreciation and Amortization (Consolidated) - 2025: $8,538 thousand (0.9% of total revenue) - 2024: $6,119 thousand (0.9% of total revenue) - 2023: $5,130 thousand (0.9% of total revenue) #### Gain on Asset Dispositions and Impairment, Net (Consolidated) - 2025: $999 thousand - 2024: $682 thousand - 2023: - $70 thousand #### Provision for Income Taxes (Consolidated) - 2025: $11,866 thousand (26.0% effective tax rate) - 2024: $7,028 thousand (22.4% effective tax rate) - 2023: $5,674 thousand (29.0% effective tax rate) #### Net Income Attributable to Noncontrolling Interest (Consolidated) - 2025: $4,186 thousand - 2024: $1,780 thousand - 2023: $531 thousand ### Cash Flow #### Net Cash Provided by Operating Activities - 2025: $48,294 thousand - 2024: $39,298 thousand #### Net Cash Used in Investing Activities - 2025: - $227,971 thousand - 2024: - $70,684 thousand #### Net Cash Provided by Financing Activities - 2025: $172,455 thousand - 2024: $49,573 thousand #### Net Change in Cash - 2025: - $7,222 thousand - 2024: $18,187 thousand #### Cash at End of Year - 2025: $17,024 thousand - 2024: $24,246 thousand ### Unique Metrics #### Number of Home Health and Hospice Agencies - 2025: 172 - 2024: 123 - 2023: 111 #### Number of Senior Living Communities - 2025: 63 - 2024: 57 - 2023: 51 #### Senior Living Units - 2025: 4,428 - 2024: 3,960 - 2023: 3,588 #### Payor Mix (as a percentage of total revenue for 2025) - Medicare: 48.4% - Medicaid: 13.1% - Managed Care: 15.0% - Private and Other: 23.5% ### Outlook / Guidance Summary The Pennant Group, Inc. expects operational metrics like occupancy and costs to fluctuate due to market maturity, competition, and inflation, particularly affecting consolidated and segment margins during periods of acquisition growth due to lower occupancy and higher costs at new facilities. Management anticipates that current cash, operating cash flow, and available borrowing capacity will provide sufficient liquidity for operations and acquisitions over the next twelve months. ### Related Stocks - [PNTG.US](https://longbridge.com/en/quote/PNTG.US.md) ## Related News & Research - [Zefiro Completes Fiscal Q3 2026 with Strong Business Performance During the Calendar Months of January-March | ZEFIF Stock News](https://longbridge.com/en/news/282391619.md) - [National Healthcare Properties Announces Launch of Public Offering | NHPAP Stock News](https://longbridge.com/en/news/282531927.md) - [JIADE LIMITED Announces Fiscal Year 2025 Financial Results | JDZG Stock News](https://longbridge.com/en/news/282388641.md) - [GoPro is cutting 23 percent of its workforce](https://longbridge.com/en/news/282029164.md) - [Is Zebra Technologies (ZBRA) Quietly Redefining Its Edge With AI-Powered Healthcare Workflows?](https://longbridge.com/en/news/282430250.md)