GMR Solutions Inc. Reports Financial Results
GMR Solutions Inc. (GMRS) filed an SEC Form 8-K — Results of Operations and Financial Condition. Exhibit 99.1 GMR Solutions Inc. Reports Financial Results for the Three and Nine Months Ended September 30, 2026 and Updated Full Year 2026 Guidance LEWISVILLE, Texas (November 9, 2026) — GMR Solutions Inc. (“GMR” or the “Company”) (NYSE: GMRS), the nation’s largest provider
How this was made
The 30-second read
Why it matters
The updated guidance reflects continued growth in core emergent services and nurse navigation, offsetting cost pressures.
Market read
The earnings release and guidance update provide fresh data for traders to reassess GMR's valuation and potential price move.
What to watch
Potential weather‑related flight cancellations and payor‑mix shifts could pressure future earnings.
GMR Solutions reports Q3 2026 net revenue up 5.9% to $1,595.6 million and net income up 81.7% to $135.6 million; adjusted EBITDA up 4.2%; full year 2026 guidance updated
Q3 net revenue, net income and adjusted EBITDA all rose, and interest expense fell sharply after the September term loan repricing. Against that, same market revenue growth slowed to 6.0% from 9.5% in Q3 and to 5.8% from 12.0% for nine months, nine-month adjusted EBITDA was nearly flat at 0.4%, and Q3 adjusted diluted EPS fell to $0.64 from $0.82.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Net revenue, Q3 2026 (three months ended September 30, 2026)GAAP | $1.60B | – | 5.9% |
| Net income, Q3 2026GAAP | $135.6M | – | 81.7% |
| Adjusted EBITDA, Q3 2026non-GAAP | $356.6M | – | 4.2% |
| EBITDA, Q3 2026non-GAAP | $341.1M | – | 19.6% |
| Employee wages, benefits and taxes, Q3 2026GAAP | $801.7M | – | – |
| Maintenance, fuel and other direct expenses, Q3 2026GAAP | $150.0M | – | – |
| Insurance expense, Q3 2026GAAP | $55.19M | – | – |
| Other operating expenses, Q3 2026GAAP | $238.4M | – | – |
| Depreciation and amortization, Q3 2026GAAP | $78.53M | – | 7.0% |
| Acquisition, integration and other charges, Q3 2026GAAP | $10.23M | – | – |
| Total operating expenses, Q3 2026GAAP | $1.33B | – | – |
| Operating income, Q3 2026GAAP | $261.5M | – | – |
| Interest expense, net, Q3 2026GAAP | $68.06M | – | (36.5)% |
| Income tax provision (benefit), Q3 2026GAAP | $58.91M | – | 97.1% |
| Diluted net income (loss) available to common stockholders per share, Q3 2026GAAP | $0.56 | – | – |
| Basic net income (loss) available to common stockholders per share, Q3 2026GAAP | $1.69 | – | – |
| Adjusted Diluted EPS, Q3 2026non-GAAP | $0.64 | – | – |
| Net transport revenue per ambulance transport, Q3 2026other | $1,426 | – | – |
| Total ambulance transports, Q3 2026other | 1,078,133 | – | – |
| Emergent transports, Q3 2026other | 874,239 | – | – |
| Non emergent transports, Q3 2026other | 203,894 | – | – |
| Flights, Q3 2026other | 37,739 | – | – |
| Wheelchair transports, Q3 2026other | 6,457 | – | – |
| Nurse Navigation encounters, Q3 2026other | 32,180 | – | – |
| Total patient encounters, Q3 2026other | 1,400,202 | – | – |
| Emergent air transport requests, Q3 2026other | 84,126 | – | – |
| Air base count, Q3 2026other | 386 | – | – |
| Weather cancellation rate for emergent air transports, Q3 2026other | 15.7 % | – | – |
| Same market revenue growth, Q3 2026other | 6.0 % | – | – |
| Net cash capital expenditures, Q3 2026other | $54.70M | – | – |
| Cash used in aircraft financing arrangements, Q3 2026other | $27.48M | – | – |
| Payor mix, Medicare (% of net transport revenue), Q3 2026other | 25 % | – | – |
| Payor mix, Commercial insurance and managed care (% of net transport revenue), Q3 2026other | 57 % | – | – |
| Net revenue, nine months 2026 (nine months ended September 30, 2026)GAAP | $4.54B | – | 5.3% |
| Net income, nine months 2026GAAP | $213.6M | – | 10.5% |
| Adjusted EBITDA, nine months 2026non-GAAP | $946.1M | – | 0.4% |
| EBITDA, nine months 2026non-GAAP | $776.6M | – | (8.0)% |
| Employee wages, benefits and taxes, nine months 2026GAAP | $2.50B | – | – |
| Maintenance, fuel and other direct expenses, nine months 2026GAAP | $405.1M | – | – |
| Insurance expense, nine months 2026GAAP | $149.0M | – | – |
| Other operating expenses, nine months 2026GAAP | $698.4M | – | – |
| Depreciation and amortization, nine months 2026GAAP | $230.9M | – | 4.5% |
| Acquisition, integration and other charges, nine months 2026GAAP | $26.77M | – | – |
| Total operating expenses, nine months 2026GAAP | $4.01B | – | – |
| Operating income, nine months 2026GAAP | $537.1M | – | – |
| Interest expense, net, nine months 2026GAAP | $228.1M | – | (30.8)% |
| Income tax provision (benefit), nine months 2026GAAP | $104.1M | – | 3.3% |
| Diluted net income (loss) available to common stockholders per share, nine months 2026GAAP | $0.31 | – | – |
| Basic net income (loss) available to common stockholders per share, nine months 2026GAAP | $0.99 | – | – |
| Adjusted Diluted EPS, nine months 2026non-GAAP | $1.81 | – | – |
| Net transport revenue per ambulance transport, nine months 2026other | $1,386 | – | – |
| Total ambulance transports, nine months 2026other | 3,168,619 | – | – |
| Total patient encounters, nine months 2026other | 4,114,802 | – | – |
| Nurse Navigation encounters, nine months 2026other | 89,211 | – | – |
| Weather cancellation rate for emergent air transports, nine months 2026other | 16.1 % | – | – |
| Same market revenue growth, nine months 2026other | 5.8 % | – | – |
| Net cash capital expenditures, nine months 2026other | $175.1M | – | – |
| Cash used in aircraft financing arrangements, nine months 2026other | $79.96M | – | – |
| Net cash provided by operating activities, nine months 2026GAAP | $412.3M | – | – |
| Purchases of property and equipment, nine months 2026GAAP | −$222.7M | – | – |
Amounts quoted below without a unit are in thousands, as in the filing’s tables. Per-share figures are as printed.
Full year 2026 (year ending December 31, 2026), updated in this release outlook
- Revenue$5,900 million to $6,050 million
- NoteAdjusted EBITDA (non-GAAP): $1,135 million to $1,195 million
- NoteCash used for net capital expenditures and aircraft financing as a percent of net revenue: 5.2% to 5.4%
Capital returns
- No repurchase of common stock in the nine months ended September 30, 2026 (the 2025 comparative shows $(86) thousand).
- Redemption of redeemable preferred stock of $(549,402) thousand in the nine months 2026, against $(525,000) thousand in the nine months 2025. The release states that all Series B redeemable preferred stock was redeemed in connection with the IPO.
- Issuance of common stock, net, of $446,905 thousand in the nine months 2026, and issuance of warrants to purchase common stock of $500,000 thousand, as shown in the cash flow statement. The release states that the IPO was consummated on May 14, 2026.
- No dividend declared or paid is printed in the release. Undeclared cumulative dividends on the redeemed preferred stock were zero for Q3 2026 and $32.7 million for the nine months 2026, as the release states.
What drove it
- The company states that Q3 results were affected by weather-related pressure on flight activity, higher fuel and other inflationary costs, and the anticipated shift in payor mix.
- The CFO states that growth in core emergent services, continued improvement in revenue per transport and disciplined cost management helped the company absorb these headwinds.
- The company states that its scale, national footprint and integrated model helped it navigate weather-related constraints and other external pressures, and cites momentum in Nurse Navigation and new market growth.
- The release states that the September 2026 term loan repricing included a $200.0 million repayment and a 50 basis point rate reduction. Interest expense, net fell to $68,062 thousand in Q3 2026 from $107,205 thousand; the release does not attribute that change to a specific cause beyond the transactions it lists.
- Q3 2026 Net transport revenue per ambulance transport rose to $1,426 from $1,384, and Emergent transports rose to 874,239 from 846,679.
- The release notes that Q3 2025 acquisition, integration and other charges were $40,976 thousand and Q3 2026 charges were $10,231 thousand, with the company describing the non-recurring items in the Adjusted EBITDA reconciliation.
Concerns
- Same market revenue growth slowed to 6.0% in Q3 2026 from 9.5% in Q3 2025, and to 5.8% for nine months 2026 from 12.0%.
- Weather cancellation rate for emergent air transports rose to 15.7% in Q3 2026 from 14.8%, while the nine-month rate improved to 16.1% from 17.0%.
- Adjusted EBITDA rose only 0.4% for nine months 2026 ($946,145 thousand against $942,753 thousand), and EBITDA fell 8.0% ($776,632 thousand against $844,576 thousand).
- Adjusted Diluted EPS fell to $0.64 in Q3 2026 from $0.82, while GAAP diluted EPS rose to $0.56 from $0.07. The company describes Adjusted Diluted EPS as excluding preferred stock dividends and other items.
- GAAP diluted EPS for nine months 2026 was $0.31, against $0.32 in the nine months 2025.
- Wheelchair transports fell to 6,457 in Q3 2026 from 17,363. Commercial insurance and managed care share of net transport revenue fell to 57% from 59%, and the release refers to an anticipated shift in payor mix.
- Cash and cash equivalents fell to $297,987 thousand from $609,349 thousand at December 31, 2025. Accounts receivable, net rose to $1,249,293 thousand from $1,094,814 thousand, and the nine-month cash flow statement shows a $(154,479) thousand change in accounts receivable.
- The release states that interest paid, income taxes and other items would be affected by the Tax receivable agreement liability, which stood at $470,791 thousand at September 30, 2026.
What to watch
- Same market revenue growth, which slowed sharply in Q3 2026 to 6.0% from 9.5%.
- Full year 2026 guidance ranges: net revenue of $5,900 million to $6,050 million and adjusted EBITDA of $1,135 million to $1,195 million, against nine-month adjusted EBITDA of $946,145 thousand.
- Cash used for net capital expenditures and aircraft financing as a percent of net revenue, guided at 5.2% to 5.4%; nine-month net capital expenditures were $175,110 thousand and aircraft financing cash use was $79,959 thousand.
- Payor mix shift, particularly Medicare rising to 25% from 23% and commercial insurance falling to 57% from 59% in Q3.
- Weather cancellation rates for emergent air transports and the flight count, which was 37,739 in Q3 2026 against 37,804.
- Cash position and liquidity, given cash of $297,987 thousand and the $701.3 million of ABL availability cited by the company.
- The management call scheduled for November 10, 2026 at 8:00 a.m. Eastern Time, which the release says will reference supplemental information.
Balance sheet and cash flow
- Cash and cash equivalents were $297,987 thousand at September 30, 2026, against $609,349 thousand at December 31, 2025.
- The release states liquidity of approximately $999.3 million, made up of $298.0 million of cash and cash equivalents and approximately $701.3 million of available borrowing capacity on the ABL Facility as of September 30, 2026.
- Total assets were $7,520,348 thousand at September 30, 2026, against $7,482,045 thousand at December 31, 2025.
- Total stockholders' equity (deficit) was $908,269 thousand at September 30, 2026, against $204,155 thousand at December 31, 2025.
- Long-term debt (non-current) was $4,096,043 thousand at September 30, 2026, against $4,898,769 thousand at December 31, 2025. Current portion of long-term debt was $164,104 thousand, against $147,140 thousand.
- Tax receivable agreement liability was $470,791 thousand at September 30, 2026, against nil at December 31, 2025 (shown as a dash in the comparative column).
- Principal payments on long-term debt were $(988,650) thousand in the nine months 2026, against $(687,159) thousand in the nine months 2025. Proceeds from issuance of long-term debt were $114,591 thousand, against $1,099,158 thousand.
- The release states that the repricing of the senior secured term loan due 2032 on September 17, 2026 included the repayment of $200.0 million of senior secured term loan borrowings and a reduction to the applicable interest rate by 50 basis points.
- Cash paid for interest was $293,674 thousand in the nine months 2026, against $307,763 thousand in the nine months 2025.
Analysis
GMR Solutions reported Q3 2026 net revenue of $1,595,555 thousand, up 5.9% from $1,506,868 thousand, and GAAP net income of $135,555 thousand, up 81.7% from $74,599 thousand. Adjusted EBITDA of $356,557 thousand rose 4.2%. Total patient encounters grew to 1,400,202 from 1,383,543, and total ambulance transports rose to 1,078,133 from 1,052,568, with emergent transports up to 874,239 from 846,679 and non emergent transports down to 203,894 from 205,889. Net transport revenue per ambulance transport rose to $1,426 from $1,384. The company attributes the volume and pricing picture to growth in core emergent services and improved revenue per transport.
Demand indicators are mixed. Same market revenue growth slowed to 6.0% in Q3 2026 from 9.5%, and to 5.8% for the nine months from 12.0%. Weather cancellation rates for emergent air transports were 15.7% in Q3 against 14.8%. Nurse Navigation encounters rose to 32,180 from 21,326, and emergent air transport requests rose to 84,126 from 81,854. Wheelchair transports fell to 6,457 from 17,363. The company states that weather pressure on flight activity, higher fuel and other inflationary costs, and an anticipated shift in payor mix were headwinds in the quarter, and the payor mix table shows Medicare at 25% against 23% and commercial insurance and managed care at 57% against 59%.
Cost lines moved in both directions. Employee wages, benefits and taxes rose to $801,712 thousand from $773,658 thousand, and maintenance, fuel and other direct expenses rose to $150,034 thousand from $119,922 thousand. Acquisition, integration and other charges fell to $10,231 thousand from $40,976 thousand. Operating income was $261,471 thousand against $216,574 thousand, a comparison the release does not print as a percentage change. Interest expense, net fell 36.5% to $68,062 thousand, and the release ties the reduction to the September 17, 2026 term loan repricing, which included a $200.0 million repayment and a 50 basis point rate cut. Income tax expense rose to $58,906 thousand from $29,886 thousand.
On a per share basis, GAAP diluted EPS rose to $0.56 from $0.07, while Adjusted Diluted EPS fell to $0.64 from $0.82. Nine-month adjusted EBITDA was $946,145 thousand against $942,753 thousand, a 0.4% change, and nine-month EBITDA fell 8.0%. Nine-month GAAP diluted EPS was $0.31 against $0.32, and nine-month Adjusted Diluted EPS was $1.81 against $1.74. Stock-based compensation was $142,640 thousand for the nine months 2026 against $1,796 thousand, which the reconciliation attributes primarily to awards vesting on the IPO and performance targets.
On the balance sheet, cash fell to $297,987 thousand from $609,349 thousand at December 31, 2025, and long-term debt fell to $4,096,043 thousand from $4,898,769 thousand. Nine-month principal payments on debt were $(988,650) thousand, funded in part by $446,905 thousand of net common stock issuance and a $500,000 thousand warrant issuance, and $(549,402) thousand was used to redeem preferred stock. Operating cash flow was $412,330 thousand against $363,170 thousand, and purchases of property and equipment were $(222,706) thousand against $(177,450) thousand. A tax receivable agreement liability of $470,791 thousand appears on the balance sheet at September 30, 2026. Full year 2026 guidance is set at net revenue of $5,900 million to $6,050 million and adjusted EBITDA of $1,135 million to $1,195 million. The filing does not print the prior ranges, so this read does not characterise the change to guidance.
Management, verbatim
Our ability to serve patients across a broad range of operations and geographies helped us navigate weather-related constraints and other external pressures while continuing to grow our core emergent services.
Nick Loporcaro, Chairman and Chief Executive Officer
Growth in our core emergent services, continued improvement in revenue per transport and disciplined cost management helped us absorb these headwinds while continuing to invest in the business and strengthen our financial position.
Brian Tierney, Chief Financial Officer
Not in the filing
stated, not guessed- Previous (prior release) full year 2026 outlook was not provided, so guidance raise, cut or hold cannot be assessed and vs_prior_guidance is empty.
- Q2 2026 (prior quarter) figures are not in the document, so all quarter-over-quarter fields are null.
- Segment or business line revenue breakdown is not printed; segments is empty.
- Guidance for gross margin, operating expenses and tax rate is not provided.
- Prior-year percentage change for Q3 operating income, total operating expenses, employee wages, maintenance and other direct expenses, insurance expense, other operating expenses and acquisition charges is not printed.
- Prior-year percentage change for the Q3 and nine-month diluted and basic EPS, Adjusted Diluted EPS, and the operating KPIs (transports, encounters, air base count, request counts) is not printed.
- Free cash flow is not printed as a reported figure and is not computed.
- Consensus estimates, analyst expectations and any share price reaction are not in the document.
- Net revenue and net income for the three months ended September 30, 2025 in the balance sheet and cash flow comparatives are not separately printed; the nine-month cash flow comparatives are shown only for the nine months.
- Cause of the Q3 net income increase is not explained in the release beyond the items listed in drivers.
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 is checked against the filing text, and a metric the filing does not print, or 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
GMR Solutions is the nation’s largest EMS provider, operating air and ground services across 1,400 U.S. counties.
Ticker impact
GMR Solutions reported Q3 2026 results and updated full‑year 2026 guidance, updating revenue outlook to $5.9‑$6.05 B and noting 81.7% net income growth.
likely upward pressure as investors price in updated revenue guidance
The company posted solid Q3 performance and lifted its full‑year revenue range, which typically supports a bullish reaction.
Market effects
EMS sector may see renewed investor interest as GMR's growth underscores demand for emergency medical services.
U.S. healthcare services market could benefit from GMR's expanded footprint.
Limited to U.S. investors; no direct global macro impact.
Counterpoint
If higher fuel and inflationary costs erode margins, the guidance lift may be insufficient.
Key entities
- ExecutiveNick Loporcaro
Chairman and CEO of GMR Solutions
- ExecutiveBrian Tierney
Chief Financial Officer of GMR Solutions
