In Concentra’s third quarter of 2026, revenue rose 8.6% year on year and diluted EPS improved to $0.52, driven by an increase in patient visits and higher revenue per visit. Against this strong performance, the company raised its full-year earnings outlook.
Concentra reported third-quarter 2026 revenue of $622.1 million, diluted EPS of $0.52, GAAP net income of $63.6 million and an adjusted EBITDA margin of 22.5%, although adjusted EBITDA itself was not disclosed. Net income rose 36.0% year on year, driven by increases in patient visits and revenue per visit during the quarter.
Daily patient visits increased 4.9% to 58,312, while revenue per visit rose from $147.31 to $152.14. Service costs increased 5.2%, below the 8.6% growth in revenue, and operating income rose 21.9% year on year, while general and administrative expenses increased 15.2%, outpacing revenue growth.
The GAAP net margin expanded from 8.7% a year earlier to 10.9%, while the adjusted EBITDA margin increased from approximately 20.7% to 22.5%. Lower interest expense also contributed to higher pretax income. Adjusted EPS rose 33.3% year on year to $0.52. Quarterly operating cash flow and free cash flow declined, with operating cash flow down approximately $8.8 million and free cash flow down approximately $79.2 million from the previous quarter.
The revised full-year guidance calls for revenue of $2.36 billion–$2.38 billion, adjusted EBITDA of $505 million–$510 million, free cash flow of $220 million–$240 million and capital expenditures of $70 million–$80 million. The capital expenditure guidance excludes acquisition costs and is stated net of proceeds from asset sales.