Concentra Announces Results For Its Third Quarter Ended September 30, 2026
Concentra Group Holdings Parent, Inc. (CON) filed an SEC Form 8-K — Results of Operations and Financial Condition. NEWS RELEASE FOR IMMEDIATE RELEASE Concentra Announces Results For Its Third Quarter Ended September 30, 2026 and Raises FY 2026 Guidance DALLAS — November 5, 2026 — Concentra Group Holdings Parent, Inc. (“Concentra”, the “Company”, “we”, “us”, or “our”) (NYSE: CON), the nation’s
How this was made
The 30-second read
Why it matters
The earnings beat and guidance raise suggest a bullish catalyst, but share repurchases and debt repayment may limit upside.
Market read
Strong quarterly performance and upgraded guidance position CON for potential price appreciation in the near term.
What to watch
Higher leverage ratio and debt repayment could temper enthusiasm.
Concentra Announces Results For Its Third Quarter Ended September 30, 2026 and Raises FY 2026 Guidance
Third-quarter revenue grew 8.6%, net income attributable to the Company grew 36.5%, Adjusted EBITDA grew 17.9%, margins expanded, and the Company raised full-year 2026 guidance.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Revenue, three months ended September 30GAAP | $622.1M | – | 8.6% |
| Revenue, nine months ended September 30GAAP | $1.80B | – | 10.7 % |
| Cost of services, exclusive of depreciation and amortization, three months ended September 30GAAP | $426.6M | – | 5.2 % |
| General and administrative, exclusive of depreciation and amortization, three months ended September 30GAAP | $60.93M | – | 15.2 % |
| Depreciation and amortization, three months ended September 30GAAP | $20.15M | – | 1.2 % |
| Income from operations, three months ended September 30GAAP | $115.2M | – | 21.9 % |
| Interest expense, three months ended September 30GAAP | −$25.16M | – | (12.3) % |
| Income before income taxes, three months ended September 30GAAP | $90.04M | – | 36.9 % |
| Income tax expense, three months ended September 30GAAP | $22.27M | – | 39.5 % |
| Net income, three months ended September 30GAAP | $67.8M | – | 36.0% |
| Net income margin, three months ended September 30GAAP | 10.9 % | – | 220 basis points |
| Net income attributable to the Company, three months ended September 30GAAP | $65.9M | – | 36.5% |
| Basic and diluted earnings per common share, three months ended September 30GAAP | $0.52 | – | 36.8% |
| Adjusted EBITDA, three months ended September 30non-GAAP | $140.2M | – | 17.9% |
| Adjusted EBITDA Margin, three months ended September 30non-GAAP | 22.5% | – | 178 basis points |
| Adjusted Net Income Attributable to the Company, three months ended September 30non-GAAP | $66.1M | – | 32.5% |
| Adjusted Earnings per Share, three months ended September 30non-GAAP | $0.52 | – | 33.3% |
| Net cash provided by operating activities, three months ended September 30GAAP | $51.9M | – | – |
| Free Cash Flow, three months ended September 30non-GAAP | $32.2M | – | – |
| Revenue, nine months ended September 30GAAP | $1.80B | – | 10.7 % |
| Income from operations, nine months ended September 30GAAP | $325.9M | – | 23.3 % |
| Net income, nine months ended September 30GAAP | $187.4M | – | 37.1 % |
| Net income attributable to the Company, nine months ended September 30GAAP | $181.7M | – | 37.9 % |
| Basic and diluted earnings per common share, nine months ended September 30GAAP | $1.42 | – | – |
| Adjusted EBITDA, nine months ended September 30non-GAAP | $401.9M | – | – |
| Adjusted EBITDA Margin, nine months ended September 30non-GAAP | 22.4 % | – | – |
| Free Cash Flow, nine months ended September 30non-GAAP | $163.2M | – | – |
| Patient visits, three months ended September 30other | 3,731,956 | – | 4.9 % |
| Visits per day volume, three months ended September 30other | 58,312 | – | 4.9 % |
| Revenue per visit, three months ended September 30other | $152.14 | – | 3.3 % |
| Total occupational health centers, end of periodother | 639 | – | – |
| Total onsite health clinics, end of periodother | 423 | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Workers' compensation revenue, three months ended September 30Patient visits were 1,690,024 versus 1,621,435, and revenue per visit was $ 219.24 versus $ 211.82. | $370.5M | – | – |
| Employer services revenue, three months ended September 30Patient visits were 1,992,081 versus 1,882,820, and revenue per visit was $ 95.65 versus $ 92.01. | $190.5M | – | – |
| Consumer health revenue, three months ended September 30Patient visits were 49,851 versus 53,442, and revenue per visit was $ 135.04 versus $ 138.38. | $6.73M | – | – |
| Other occupational health center revenue, three months ended September 30Included in total occupational health center revenue of $ 569,673 (In thousands). | $1.88M | – | – |
| Total occupational health center revenue, three months ended September 30Total patient visits increased 4.9 % and total revenue per visit increased 3.3 %. | $569.7M | – | – |
| Onsite health clinics revenue, three months ended September 30Onsite health clinics at period end were 423 versus 413. | $38.39M | – | – |
| Other revenue, three months ended September 30No separate operating driver was reported. | $14.06M | – | – |
| Workers' compensation revenue, nine months ended September 30Patient visits were 4,922,350 versus 4,656,296, and revenue per visit was $ 217.26 versus $ 209.98. | $1.07B | – | – |
| Employer services revenue, nine months ended September 30Patient visits were 5,681,649 versus 5,456,615, and revenue per visit was $ 96.11 versus $ 93.04. | $546.1M | – | – |
| Consumer health revenue, nine months ended September 30Patient visits were 157,982 versus 169,474, and revenue per visit was $ 135.81 versus $ 136.80. | $21.45M | – | – |
| Onsite health clinics revenue, nine months ended September 30Onsite health clinics at period end were 423 versus 413. | $114.4M | – | – |
| Other revenue, nine months ended September 30No separate operating driver was reported. | $40.20M | – | – |
Amounts quoted below without a unit are in thousands, as in the filing’s tables. Per-share figures are as printed.
Year ending December 31, 2026 outlook
- Revenue$2.360 billion to $2.380 billion
- NoteAdjusted EBITDA in the range of $505 million to $510 million
- NoteFree Cash Flow in the range of $220 million to $240 million
- NoteCapital expenditures in the range of $70 million to $80 million, excluding acquisitions, and net of proceeds from sale of assets
- NoteNet income attributable to the Company: $216 million to $220 million
- NoteNet income: $223 million to $227 million
- NoteIncome tax expense: $74 million to $75 million
- NoteInterest expense: $103 million to $103 million
- NoteIncome from operations: $400 million to $405 million
- NoteStock compensation expense: $21 million to $21 million
- NoteDepreciation and amortization: $81 million to $81 million
- NoteSeparation transaction costs: $3 million to $3 million
- NoteNet cash provided by operating activities: $300 million to $310 million
- NoteNet cash used in investing activities: $(90) million to $(80) million
- NoteBusiness combinations, net of cash acquired: $10 million to $10 million
Capital returns
- Repurchased 1.0 million shares of common stock totaling $34.65 million during the third quarter.
- Cash flow from financing activities included $34.7 million in repurchases of shares of common stock and $8.0 million in dividend payments during the third quarter.
- On November 4, 2026, the Board declared a cash dividend of $0.0625 per share, payable on or about December 4, 2026, to stockholders of record as of the close of business on November 19, 2026.
- On November 4, 2026, the Board authorized a new share repurchase program to repurchase up to $250 million of outstanding common stock with no expiration date.
- Nine-month repurchases of common shares were $ 60,604 (In thousands), and dividends paid to common stockholders were $ 23,979 (In thousands).
What drove it
- Revenue growth reflected 4.9 % growth in total patient visits and 3.3 % growth in total revenue per visit in occupational health centers.
- Workers' compensation visits per day increased 4.2 %, employer services visits per day increased 5.8 %, and consumer health visits per day decreased (6.7) % in the quarter.
- Workers' compensation revenue per visit increased 3.5 % and employer services revenue per visit increased 4.0 % in the quarter.
- The Company acquired four occupational health centers, opened three de novo occupational health centers, and closed one occupational health center during the quarter.
- The Company completed the acquisition of a four-center occupational health practice in Minnesota.
- Adjusted EBITDA Margin increased to 22.5% from 20.8 %, while net income margin increased to 10.9% from 8.7 %.
- Interest expense was $ 25,163 (In thousands) versus $ 28,683 (In thousands) in the third quarter of 2025.
Concerns
- Third-quarter net cash provided by operating activities declined to $51.9 million from $60.6 million, and Free Cash Flow declined to $32.2 million from $40.2 million.
- Consumer health patient visits declined (6.7) % and consumer health revenue per visit declined (2.4) % in the third quarter.
- General and administrative expense increased 15.2 %, faster than revenue growth of 8.6 %.
- Total debt was $1,521.3 million and the net leverage ratio was 2.90x as of September 30, 2026.
- Accounts receivable used $20.5 million of third-quarter operating cash flow, while other assets used $79.1 million.
What to watch
- Delivery against raised 2026 revenue guidance of $2.360 billion to $2.380 billion and Adjusted EBITDA guidance of $505 million to $510 million.
- Free Cash Flow delivery against the $220 million to $240 million full-year range after $32.2 million in the third quarter and $ 163,171 (In thousands) in the first nine months.
- Occupational health center volume and pricing, particularly whether consumer health visits and revenue per visit improve from their third-quarter declines.
- Integration and contribution from the four-center Minnesota acquisition and the three de novo occupational health centers.
- Capital deployment under the new authorization to repurchase up to $250 million of common stock, alongside term-loan repayment and dividend payments.
- Net leverage ratio following $52.4 million of third-quarter term-loan repayments.
Balance sheet and cash flow
- Cash as of September 30, 2026 was $85.8 million, compared with $ 79,899 (In thousands) at December 31, 2025.
- Total debt as of September 30, 2026 was $1,521.3 million.
- Total assets as of September 30, 2026 were $3,011.6 million.
- Net leverage ratio as of September 30, 2026 was 2.90x and was in compliance with the financial covenant under the credit agreement.
- Third-quarter net cash provided by operating activities was $51.9 million, compared with $60.6 million for the same quarter of the prior year.
- Third-quarter cash used in investing activities was $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.
- Third-quarter term-loan repayments were $52.4 million, and cash decreased $72.2 million during the quarter.
- Nine-month net cash provided by operating activities was $ 208,099 (In thousands), compared with $ 160,705 (In thousands).
- Nine-month purchases of property and equipment were $ 49,219 (In thousands), compared with $ 62,167 (In thousands).
Analysis
Concentra reported a strong third quarter ended September 30, 2026. Revenue rose 8.6% to $622.1 million, while net income increased 36.0% to $67.8 million and net income attributable to the Company increased 36.5% to $65.9 million. Basic and diluted earnings per common share were $0.52 versus $0.38. For the first nine months, revenue was $ 1,797,707 (In thousands), income from operations was $ 325,877 (In thousands), and net income attributable to the Company was $ 181,673 (In thousands).
Occupational health center utilization and pricing both contributed to quarterly growth. Total patient visits increased 4.9% to 3,731,956 and visits per day increased 4.9% to 58,312. Revenue per visit increased 3.3% to $152.14. Workers' compensation and employer services both posted higher visits and higher revenue per visit, while consumer health visits declined (6.7)% and consumer health revenue per visit declined (2.4)%. The footprint expanded to 639 occupational health centers and 423 onsite health clinics, supported by four acquired centers, three de novo openings, and the Minnesota acquisition.
Profitability expanded substantially. Income from operations increased 21.9% to $ 115,199 (In thousands), net income margin increased to 10.9% from 8.7 %, and Adjusted EBITDA increased 17.9% to $140.2 million. Adjusted EBITDA Margin increased to 22.5% from 20.8 %. Interest expense declined to $ 25,163 (In thousands) from $ 28,683 (In thousands). General and administrative expense increased 15.2% to $ 60,928 (In thousands), exceeding the revenue growth rate.
Cash conversion was weaker in the quarter than a year earlier. Net cash provided by operating activities was $51.9 million versus $60.6 million, and Free Cash Flow was $32.2 million versus $40.2 million. The Company repaid $52.4 million on its term loan, repurchased $34.65 million of common stock, and paid $8.0 million of dividends, resulting in a $72.2 million net decrease in cash. Cash was $85.8 million, total debt was $1,521.3 million, and net leverage was 2.90x at September 30, 2026.
Management raised full-year 2026 guidance to revenue of $2.360 billion to $2.380 billion, Adjusted EBITDA of $505 million to $510 million, and Free Cash Flow of $220 million to $240 million. The outlook also calls for capital expenditures of $70 million to $80 million, excluding acquisitions and net of proceeds from sale of assets. The Board declared a $0.0625 per-share cash dividend and authorized a new share repurchase program of up to $250 million with no expiration date.
Management, verbatim
Concentra delivered another strong quarter, reflecting the consistency of our operating model and the strength of our team.
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.
Keith Newton, executive chairman of the Board
Our third-quarter results demonstrate our ability to translate strong operating performance into profitable growth. 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.
Matt DiCanio, president and chief executive officer
Not in the filing
stated, not guessed- Previous-release outlook was not provided; comparison of actual results with prior guidance is unavailable.
- GAAP gross margin was not reported.
- Prior-quarter values were not reported for the listed quarterly income-statement, cash-flow, operating-statistic, and segment-revenue metrics.
- Year-over-year revenue growth rates were not separately reported for individual disaggregated revenue categories and operating segments.
- Forward guidance for gross margin, operating expenses, and tax rate was not reported.
- A segment operating-income or segment-margin disclosure was not reported.
- A separate reported year-over-year change was not provided for nine-month GAAP EPS, Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Income Attributable to the Company, Adjusted EPS, or Free Cash Flow.
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was checked against the filing text, and a metric whose value, prior period and change do not add up is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
Concentra Group Holdings Parent, Inc. (NYSE: CON) filed an 8‑K reporting Q3 2026 results and raised its full‑year guidance.
Ticker impact
Concentra raised FY 2026 guidance to $2.36‑$2.38 B revenue and $505‑$510 M Adjusted EBITDA.
upward pressure as investors price in stronger outlook and dividend.
Guidance lift and dividend declaration signal improved profitability and cash flow.
Market effects
Occupational health services sector may see broader optimism from Concentra's results.
U.S. healthcare services investors could adjust exposure.
Limited to U.S. market; no direct global ripple.
Counterpoint
If guidance is already priced in, the stock may face short‑term profit taking.
Key entities
- companyConcentra Group Holdings Parent, Inc.
Largest U.S. occupational health services provider.
