Concentra Group Holdings Parent, Inc 8-K, filed Nov 5, 2026
Concentra Group Holdings Parent, Inc. (CON)
8-K
2026-11-05
For: 2026-11-04
View Original
Added on
November 05, 2026
About this 8-K
Concentra Group Holdings Parent, Inc filed this 8-K on November 5, 2026, reporting on events of November 4, 2026.
Items reported
- Item 2.02: Financial results
- Item 7.01: Regulation FD disclosure
- Item 8.01: Other events
- Item 9.01: Financial statements and exhibits
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_______________
FORM 8-K
_______________
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported): November 4, 2026
_______________
(Exact Name of Registrant as Specified in Its Charter)
_______________
(Commission File Number)
(State or Other Jurisdiction of Incorporation) | (I.R.S. Employer Identification No.) | ||||
(Address of principal executive offices) (Zip code)
(972 ) 364-8000
(Registrant’s telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |||||
Securities registered pursuant to Section 12(b) of the Act:
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter):
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition.
On November 5, 2026, Concentra Group Holdings Parent, Inc. (the “Company”) issued a press release announcing its financial results for its third quarter ended September 30, 2026. A copy of the press release and financial schedules is attached as Exhibit 99.1 to this report and incorporated herein by reference.
The information in this report (including Exhibit 99.1) is being furnished pursuant to Item 2.02 and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed to be incorporated by reference in any filing under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act.
Item 7.01 Regulation FD Disclosure.
Attached as Exhibit 99.2 and furnished for purposes of Regulation FD is a presentation published by the Company on November 5, 2026, in connection with its press release announcing its financial results for its third quarter ended September 30, 2026.
The information in this Current Report on Form 8-K (including Exhibit 99.2) is being furnished solely to satisfy the requirements of Regulation FD and shall not be deemed to be “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that section, nor shall it be deemed to be incorporated by reference in any filing under the Securities Act or the Exchange Act.
Item 8.01 Other Events.
Dividend Declaration
On November 4, 2026, the Company’s Board of Directors (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.
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.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
Exhibit Number | Description | ||||
99.1 | |||||
99.2 | |||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). | ||||
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
CONCENTRA GROUP HOLDINGS PARENT, INC. | |||||||||||
Date: November 5, 2026 | By: | /s/ Timothy Ryan | |||||||||
Timothy Ryan | |||||||||||
Executive Vice President and Chief Legal Counsel | |||||||||||
| 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 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
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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)
(1) Excluding acquisitions, and net of proceeds from sale of assets.
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.
2
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.
(1) As of TTM 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.
3
* * * * *
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;
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•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
SOURCE: Concentra Group Holdings Parent, Inc.
5
I. Condensed Consolidated Statements of Operations
For the Three Months Ended September 30, 2026 and 2025
(In thousands, except per share amounts, unaudited)
| Three Months Ended September 30, | ||||||||||||||||||||
| 2026 | 2025 | % Change | ||||||||||||||||||
| Revenue | $ | 622,122 | $ | 572,800 | 8.6 | % | ||||||||||||||
| Costs and expenses: | ||||||||||||||||||||
| Cost of services, exclusive of depreciation and amortization | 426,650 | 405,535 | 5.2 | |||||||||||||||||
General and administrative, exclusive of depreciation and amortization(1) | 60,928 | 52,884 | 15.2 | |||||||||||||||||
| Depreciation and amortization | 20,152 | 19,909 | 1.2 | |||||||||||||||||
| Total costs and expenses | 507,730 | 478,328 | 6.1 | |||||||||||||||||
| Other operating income, net | 807 | — | N/M | |||||||||||||||||
| Income from operations | 115,199 | 94,472 | 21.9 | |||||||||||||||||
| Other income and expense: | ||||||||||||||||||||
Interest expense | (25,163) | (28,683) | (12.3) | |||||||||||||||||
| Income before income taxes | 90,036 | 65,789 | 36.9 | |||||||||||||||||
| Income tax expense | 22,266 | 15,967 | 39.5 | |||||||||||||||||
| Net income | 67,770 | 49,822 | 36.0 | |||||||||||||||||
| Less: net income attributable to non-controlling interests | 1,884 | 1,563 | 20.5 | |||||||||||||||||
| Net income attributable to the Company | $ | 65,886 | $ | 48,259 | 36.5 | % | ||||||||||||||
Basic and diluted earnings per common share:(2) | $ | 0.52 | $ | 0.38 | ||||||||||||||||
_________________________________________
(1) Includes transition services agreement fees of $0.4 million and $2.7 million for the three months ended September 30, 2026 and 2025, respectively.
(2) Refer to table III for calculation of earnings per common share.
N/M Not meaningful.
6
II. Condensed Consolidated Statements of Operations
For the Nine Months Ended September 30, 2026 and 2025
(In thousands, except per share amounts, unaudited)
| Nine Months Ended September 30, | ||||||||||||||||||||
| 2026 | 2025 | % Change | ||||||||||||||||||
| Revenue | $ | 1,797,707 | $ | 1,624,337 | 10.7 | % | ||||||||||||||
| Costs and expenses: | ||||||||||||||||||||
| Cost of services, exclusive of depreciation and amortization | 1,239,669 | 1,151,970 | 7.6 | |||||||||||||||||
General and administrative, exclusive of depreciation and amortization(1) | 172,885 | 152,528 | 13.3 | |||||||||||||||||
| Depreciation and amortization | 59,699 | 55,526 | 7.5 | |||||||||||||||||
| Total costs and expenses | 1,472,253 | 1,360,024 | 8.3 | |||||||||||||||||
| Other operating income, net | 423 | 20 | N/M | |||||||||||||||||
| Income from operations | 325,877 | 264,333 | 23.3 | |||||||||||||||||
| Other income and expense: | ||||||||||||||||||||
| Loss on early retirement of debt | — | (875) | N/M | |||||||||||||||||
Interest expense | (76,889) | (82,424) | (6.7) | |||||||||||||||||
| Income before income taxes | 248,988 | 181,034 | 37.5 | |||||||||||||||||
| Income tax expense | 61,627 | 44,376 | 38.9 | |||||||||||||||||
| Net income | 187,361 | 136,658 | 37.1 | |||||||||||||||||
| Less: net income attributable to non-controlling interests | 5,688 | 4,928 | 15.4 | |||||||||||||||||
| Net income attributable to the Company | $ | 181,673 | $ | 131,730 | 37.9 | % | ||||||||||||||
Basic and diluted earnings per common share:(2) | $ | 1.42 | $ | 1.03 | ||||||||||||||||
_________________________________________
(1) Includes transition services agreement fees of $3.0 million and $9.9 million for the nine months ended September 30, 2026 and 2025, respectively.
(2) Refer to table III for calculation of earnings per common share.
N/M Not meaningful.
7
III. Earnings per Share
For the Three and Nine Months Ended September 30, 2026 and 2025
(In thousands, except per share amounts, unaudited)
As of September 30, 2026 and 2025, the Company’s capital structure consists of common stock and unvested restricted stock. To calculate earnings per share (“EPS”) for the three and nine months ended September 30, 2026 and 2025, the Company applied the two-class method because its unvested restricted shares were participating securities.
The following table sets forth the net income attributable to the Company, its shares, and its participating shares:
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||||||
| Net income | $ | 67,770 | $ | 49,822 | $ | 187,361 | $ | 136,658 | ||||||||||||||||||
| Less: net income attributable to non-controlling interests | 1,884 | 1,563 | 5,688 | 4,928 | ||||||||||||||||||||||
| Net income attributable to the Company | 65,886 | 48,259 | 181,673 | 131,730 | ||||||||||||||||||||||
| Less: distributed and undistributed net income attributable to participating securities | 1,388 | 573 | 3,826 | 1,558 | ||||||||||||||||||||||
| Distributed and undistributed net income attributable to common shares | $ | 64,498 | $ | 47,686 | $ | 177,847 | $ | 130,172 | ||||||||||||||||||
The following table sets forth the computation of EPS under the two-class method:
Three Months Ended September 30, 2026 | Three Months Ended September 30, 2025 | ||||||||||||||||||||||||||||||||||
Net Income Allocation | Shares(1) | Basic and Diluted EPS | Net Income Allocation | Shares(1) | Basic and Diluted EPS | ||||||||||||||||||||||||||||||
| Common shares | $ | 64,498 | 124,426 | $ | 0.52 | $ | 47,686 | 126,647 | $ | 0.38 | |||||||||||||||||||||||||
| Participating securities | 1,388 | 2,678 | $ | 0.52 | 573 | 1,523 | $ | 0.38 | |||||||||||||||||||||||||||
| Total Company | $ | 65,886 | 127,104 | $ | 0.52 | $ | 48,259 | 128,170 | $ | 0.38 | |||||||||||||||||||||||||
Nine Months Ended September 30, 2026 | Nine Months Ended September 30, 2025 | ||||||||||||||||||||||||||||||||||
Net Income Allocation | Shares(1) | Basic and Diluted EPS | Net Income Allocation | Shares(1) | Basic and Diluted EPS | ||||||||||||||||||||||||||||||
| Common shares | $ | 177,847 | 125,098 | $ | 1.42 | $ | 130,172 | 126,647 | $ | 1.03 | |||||||||||||||||||||||||
| Participating securities | 3,826 | 2,691 | $ | 1.42 | 1,558 | 1,516 | $ | 1.03 | |||||||||||||||||||||||||||
| Total Company | $ | 181,673 | 127,789 | $ | 1.42 | $ | 131,730 | 128,163 | $ | 1.03 | |||||||||||||||||||||||||
(1) Represents the weighted average shares outstanding during the period.
8
IV. Condensed Consolidated Balance Sheets
(In thousands, except par value and share data, unaudited)
| September 30, 2026 | December 31, 2025 | |||||||||||||
| ASSETS | ||||||||||||||
| Current assets: | ||||||||||||||
| Cash | $ | 85,820 | $ | 79,899 | ||||||||||
| Accounts receivable | 320,258 | 257,900 | ||||||||||||
| Prepaid expenses and other current assets | 53,581 | 45,299 | ||||||||||||
| Total current assets | 459,659 | 383,098 | ||||||||||||
| Operating lease right-of-use assets | 557,842 | 483,652 | ||||||||||||
| Property and equipment, net | 240,263 | 225,309 | ||||||||||||
| Goodwill | 1,482,881 | 1,479,192 | ||||||||||||
| Other identifiable intangible assets, net | 227,852 | 242,556 | ||||||||||||
| Non-current deferred tax asset | 24,754 | 24,120 | ||||||||||||
| Other assets | 18,385 | 20,461 | ||||||||||||
| Total assets | $ | 3,011,636 | $ | 2,858,388 | ||||||||||
| LIABILITIES AND EQUITY | ||||||||||||||
| Current liabilities: | ||||||||||||||
| Current operating lease liabilities | $ | 87,940 | $ | 84,582 | ||||||||||
| Current portion of long-term debt and notes payable | 11,604 | 10,738 | ||||||||||||
| Accounts payable | 34,548 | 21,005 | ||||||||||||
| Accrued and other liabilities | 218,885 | 220,922 | ||||||||||||
| Total current liabilities | 352,977 | 337,247 | ||||||||||||
| Non-current operating lease liabilities | 519,237 | 443,642 | ||||||||||||
| Long-term debt, net of current portion | 1,509,669 | 1,563,658 | ||||||||||||
| Non-current deferred tax liability | 48,633 | 48,906 | ||||||||||||
| Other non-current liabilities | 44,355 | 44,506 | ||||||||||||
| Total liabilities | 2,474,871 | 2,437,959 | ||||||||||||
| Redeemable non-controlling interests | 22,014 | 19,404 | ||||||||||||
| Stockholders’ equity: | ||||||||||||||
Common stock, $0.01 par value, 700,000,000 shares authorized, 126,517,736 and 128,633,374 shares issued and outstanding at September 30, 2026 and December 31, 2025, respectively | 1,266 | 1,286 | ||||||||||||
| Capital in excess of par | 200,527 | 248,899 | ||||||||||||
| Retained earnings | 301,714 | 146,448 | ||||||||||||
| Accumulated other comprehensive income (loss) | 3,477 | (3,352) | ||||||||||||
| Total stockholders’ equity | 506,984 | 393,281 | ||||||||||||
| Non-controlling interests | 7,767 | 7,744 | ||||||||||||
| Total equity | 514,751 | 401,025 | ||||||||||||
| Total liabilities and equity | $ | 3,011,636 | $ | 2,858,388 | ||||||||||
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V. Condensed Consolidated Statements of Cash Flows
For the Three Months Ended September 30, 2026 and 2025
(In thousands, unaudited)
| Three Months Ended September 30, | ||||||||||||||
| 2026 | 2025 | |||||||||||||
| Operating activities | ||||||||||||||
| Net income | $ | 67,770 | $ | 49,822 | ||||||||||
| Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||
| Depreciation and amortization | 20,152 | 19,909 | ||||||||||||
| Stock compensation expense | 4,546 | 2,330 | ||||||||||||
| Amortization of debt discount and issuance costs | 1,043 | 994 | ||||||||||||
| Deferred income taxes | (1,588) | 11,370 | ||||||||||||
| Other | 242 | (707) | ||||||||||||
| Changes in operating assets and liabilities, net of effects of business combinations: | ||||||||||||||
| Accounts receivable | (20,501) | (7,597) | ||||||||||||
| Other current assets | (383) | 2,076 | ||||||||||||
| Other assets | (79,143) | 2,217 | ||||||||||||
| Accounts payable and accrued liabilities | 59,732 | (19,787) | ||||||||||||
| Net cash provided by operating activities | 51,870 | 60,627 | ||||||||||||
| Investing activities | ||||||||||||||
| Business combinations, net of cash acquired | (6,235) | — | ||||||||||||
| Purchases of property and equipment | (22,466) | (21,209) | ||||||||||||
| Proceeds from sale of assets | 2,821 | 741 | ||||||||||||
| Net cash used in investing activities | (25,880) | (20,468) | ||||||||||||
| Financing activities | ||||||||||||||
| Payments on revolving facilities | — | (50,000) | ||||||||||||
| Payments on term loans | (52,375) | (2,375) | ||||||||||||
| Principal payments on other debt | (1,427) | (2,042) | ||||||||||||
| Dividends paid to common stockholders | (7,970) | (8,011) | ||||||||||||
| Repurchase of common shares | (34,650) | — | ||||||||||||
Distributions to non-controlling interests | (1,786) | (1,662) | ||||||||||||
| Net cash used in financing activities | (98,208) | (64,090) | ||||||||||||
| Net decrease in cash | (72,218) | (23,931) | ||||||||||||
| Cash at beginning of period | 158,038 | 73,872 | ||||||||||||
| Cash at end of period | $ | 85,820 | $ | 49,941 | ||||||||||
| Supplemental information | ||||||||||||||
| Cash paid for interest | $ | 36,559 | $ | 39,703 | ||||||||||
| Cash paid for taxes | $ | 31,615 | $ | 3,624 | ||||||||||
10
VI. Condensed Consolidated Statements of Cash Flows
For the Nine Months Ended September 30, 2026 and 2025
(In thousands, unaudited)
| Nine Months Ended September 30, | ||||||||||||||
| 2026 | 2025 | |||||||||||||
| Operating activities | ||||||||||||||
| Net income | $ | 187,361 | $ | 136,658 | ||||||||||
| Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||
| Depreciation and amortization | 59,699 | 55,526 | ||||||||||||
Loss on early retirement of debt | — | 51 | ||||||||||||
| Stock compensation expense | 12,811 | 6,884 | ||||||||||||
| Amortization of debt discount and issuance costs | 3,115 | 2,965 | ||||||||||||
| Deferred income taxes | (3,094) | 9,165 | ||||||||||||
| Other | 749 | 400 | ||||||||||||
| Changes in operating assets and liabilities, net of effects of business combinations: | ||||||||||||||
| Accounts receivable | (62,476) | (33,848) | ||||||||||||
| Other current assets | (5,569) | (5,705) | ||||||||||||
| Other assets | (75,566) | 4,520 | ||||||||||||
| Accounts payable and accrued liabilities | 91,069 | (15,911) | ||||||||||||
| Net cash provided by operating activities | 208,099 | 160,705 | ||||||||||||
| Investing activities | ||||||||||||||
| Business combinations, net of cash acquired | (9,995) | (333,300) | ||||||||||||
| Purchases of property and equipment | (49,219) | (62,167) | ||||||||||||
| Proceeds from sale of assets | 4,291 | 742 | ||||||||||||
| Net cash used in investing activities | (54,923) | (394,725) | ||||||||||||
| Financing activities | ||||||||||||||
| Borrowings on revolving facilities | — | 85,000 | ||||||||||||
| Payments on revolving facilities | — | (50,000) | ||||||||||||
| Proceeds from term loans, net of issuance costs | — | 948,848 | ||||||||||||
| Payments on term loans | (57,125) | (852,625) | ||||||||||||
| Borrowings of other debt | 4,912 | 6,575 | ||||||||||||
| Principal payments on other debt | (4,976) | (8,547) | ||||||||||||
| Dividends paid to common stockholders | (23,979) | (24,032) | ||||||||||||
| Repurchase of common shares | (60,604) | — | ||||||||||||
Distributions to non-controlling interests | (5,483) | (4,513) | ||||||||||||
Net cash (used in) provided by financing activities | (147,255) | 100,706 | ||||||||||||
| Net increase (decrease) in cash | 5,921 | (133,314) | ||||||||||||
| Cash at beginning of period | 79,899 | 183,255 | ||||||||||||
| Cash at end of period | $ | 85,820 | $ | 49,941 | ||||||||||
| Supplemental information | ||||||||||||||
| Cash paid for interest | $ | 86,760 | $ | 94,135 | ||||||||||
| Cash paid for taxes | $ | 65,999 | $ | 39,192 | ||||||||||
11
VII. Disaggregated Revenue
For the Three and Nine Months Ended September 30, 2026 and 2025
(In thousands, unaudited)
The following table disaggregates the Company’s revenue:
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Occupational health centers: | |||||||||||||||||||||||
| Workers’ compensation | $ | 370,512 | $ | 343,454 | $ | 1,069,419 | $ | 977,752 | |||||||||||||||
| Employer services | 190,547 | 173,230 | 546,072 | 507,688 | |||||||||||||||||||
| Consumer health | 6,732 | 7,395 | 21,455 | 23,183 | |||||||||||||||||||
| Other occupational health center revenue | 1,882 | 1,953 | 6,145 | 6,469 | |||||||||||||||||||
| Total occupational health center revenue | 569,673 | 526,032 | 1,643,091 | 1,515,092 | |||||||||||||||||||
| Onsite health clinics | 38,393 | 34,897 | 114,421 | 74,016 | |||||||||||||||||||
| Other | 14,056 | 11,871 | 40,195 | 35,229 | |||||||||||||||||||
| Total revenue | $ | 622,122 | $ | 572,800 | $ | 1,797,707 | $ | 1,624,337 | |||||||||||||||
12
VIII. Key Statistics
For the Three Months Ended September 30, 2026 and 2025
The following table sets forth facility counts for our occupational health centers and onsite health clinics operating segments for the periods presented:
| Three Months Ended September 30, | |||||||||||||||||
| 2026 | 2025 | ||||||||||||||||
| Facility Counts | |||||||||||||||||
| Number of occupational health centers—start of period | 633 | 628 | |||||||||||||||
| Number of occupational health centers acquired | 4 | — | |||||||||||||||
| Number of occupational health centers de novos | 3 | 1 | |||||||||||||||
| Number of occupational health centers closed | (1) | (1) | |||||||||||||||
| Number of occupational health centers—end of period | 639 | 628 | |||||||||||||||
| Number of onsite health clinics—end of period | 423 | 413 | |||||||||||||||
| The following table sets forth operating statistics for our occupational health centers operating segment for the periods presented: | |||||||||||||||||
| Three Months Ended September 30, | |||||||||||||||||
| 2026 | 2025 | % Change | |||||||||||||||
| Number of patient visits | |||||||||||||||||
| Workers’ compensation | 1,690,024 | 1,621,435 | 4.2 | % | |||||||||||||
| Employer services | 1,992,081 | 1,882,820 | 5.8 | % | |||||||||||||
| Consumer health | 49,851 | 53,442 | (6.7) | % | |||||||||||||
| Total | 3,731,956 | 3,557,697 | 4.9 | % | |||||||||||||
| Visits per day volume | |||||||||||||||||
| Workers’ compensation | 26,407 | 25,335 | 4.2 | % | |||||||||||||
| Employer services | 31,126 | 29,419 | 5.8 | % | |||||||||||||
| Consumer health | 779 | 835 | (6.7) | % | |||||||||||||
| Total | 58,312 | 55,589 | 4.9 | % | |||||||||||||
Revenue per visit(1) | |||||||||||||||||
| Workers’ compensation | $ | 219.24 | $ | 211.82 | 3.5 | % | |||||||||||
| Employer services | 95.65 | 92.01 | 4.0 | % | |||||||||||||
| Consumer health | 135.04 | 138.38 | (2.4) | % | |||||||||||||
| Total | $ | 152.14 | $ | 147.31 | 3.3 | % | |||||||||||
Business Days(2) | 64 | 64 | |||||||||||||||
_________________________________________
(1) Represents the average amount of revenue recognized for each patient visit. Revenue per visit is calculated as total patient revenue divided by total patient visits. Revenue per visit as reported includes only the revenue and patient visits in our occupational health centers operating segment and does not include our onsite health clinics or other businesses operating segments.
(2) Represents the number of days in which normal business operations were conducted during the periods presented.
13
IX. Key Statistics
For the Nine Months Ended September 30, 2026 and 2025
The following table sets forth facility counts for our occupational health centers and onsite health clinics operating segments for the periods presented:
| Nine Months Ended September 30, | |||||||||||||||||
| 2026 | 2025 | ||||||||||||||||
Facility Counts | |||||||||||||||||
| Number of occupational health centers—start of period | 628 | 552 | |||||||||||||||
| Number of occupational health centers acquired | 7 | 72 | |||||||||||||||
| Number of occupational health centers de novos | 5 | 5 | |||||||||||||||
| Number of occupational health centers closed | (1) | (1) | |||||||||||||||
| Number of occupational health centers—end of period | 639 | 628 | |||||||||||||||
| Number of onsite health clinics—end of period | 423 | 413 | |||||||||||||||
| The following table sets forth operating statistics for our occupational health centers operating segment for the periods presented: | |||||||||||||||||
| Nine Months Ended September 30, | |||||||||||||||||
| 2026 | 2025 | % Change | |||||||||||||||
| Number of patient visits | |||||||||||||||||
| Workers’ compensation | 4,922,350 | 4,656,296 | 5.7 | % | |||||||||||||
| Employer services | 5,681,649 | 5,456,615 | 4.1 | % | |||||||||||||
| Consumer health | 157,982 | 169,474 | (6.8) | % | |||||||||||||
| Total | 10,761,981 | 10,282,385 | 4.7 | % | |||||||||||||
| Visits per day volume | |||||||||||||||||
| Workers’ compensation | 25,771 | 24,379 | 5.7 | % | |||||||||||||
| Employer services | 29,747 | 28,569 | 4.1 | % | |||||||||||||
| Consumer health | 827 | 887 | (6.8) | % | |||||||||||||
| Total | 56,345 | 53,834 | (3) | 4.7 | % | ||||||||||||
Revenue per visit(1) | |||||||||||||||||
| Workers’ compensation | $ | 217.26 | $ | 209.98 | 3.5 | % | |||||||||||
| Employer services | 96.11 | 93.04 | 3.3 | % | |||||||||||||
| Consumer health | 135.81 | 136.80 | (0.7) | % | |||||||||||||
| Total | $ | 152.10 | $ | 146.72 | 3.7 | % | |||||||||||
Business days(2) | 191 | 191 | |||||||||||||||
_________________________________________
(1) Represents the average amount of revenue recognized for each patient visit. Revenue per visit is calculated as total patient revenue divided by total patient visits. Revenue per visit as reported includes only the revenue and patient visits in our occupational health centers segment and does not include our onsite health clinics or other businesses segments.
(2) Represents the number of days in which normal business operations were conducted during the periods presented.
(3) Does not foot due to rounding.
14
X. Net Income to Adjusted EBITDA Reconciliation
For the Three and Nine Months Ended September 30, 2026 and 2025
(In thousands, unaudited)
Adjusted EBITDA and Adjusted EBITDA Margin are non-GAAP measures that we believe provide useful insight into the underlying performance of our business by excluding items that may obscure trends in our core operating results. These metrics are not intended to be substitutes for U.S. GAAP measures such as net income and net income margin, and may differ from similarly titled metrics supported by other companies. We use these non-GAAP measures internally for budgeting, forecasting, and evaluating performance. Investors should consider these measures in addition to, and not as a replacement for, U.S. GAAP results reported in our financial statements.
Adjusted EBITDA is a supplemental measure that we believe offers useful insight into the Company’s business performance by excluding items that do not reflect the core operations of the Company. We define Adjusted EBITDA as net income before interest, income taxes, depreciation and amortization, stock compensation expense, acquisition related costs, gains or losses on early retirement of debt, and separation transaction costs. We define Adjusted EBITDA Margin as Adjusted EBITDA divided by total revenue. Adjusted EBITDA Margin is a supplemental measure that we believe helps assess the efficiency of our operations on a normalized basis.
The following table reconciles net income to Adjusted EBITDA and net income margin to Adjusted EBITDA Margin and should be referenced when we discuss Adjusted EBITDA and Adjusted EBITDA Margin.
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||||||||||||||||||||||||||
| Amount | % of Revenue(4) | Amount | % of Revenue(4) | Amount | % of Revenue(4) | Amount | % of Revenue(4) | ||||||||||||||||||||||||||||||||||||||||
| Reconciliation of Adjusted EBITDA: | |||||||||||||||||||||||||||||||||||||||||||||||
Net income(1) | $ | 67,770 | 10.9 | % | $ | 49,822 | 8.7 | % | $ | 187,361 | 10.4 | % | $ | 136,658 | 8.4 | % | |||||||||||||||||||||||||||||||
| Add (Subtract): | |||||||||||||||||||||||||||||||||||||||||||||||
| Income tax expense | 22,266 | 3.6 | 15,967 | 2.8 | 61,627 | 3.4 | 44,376 | 2.7 | |||||||||||||||||||||||||||||||||||||||
| Interest expense | 25,163 | 4.0 | 28,683 | 5.0 | 76,889 | 4.3 | 82,424 | 5.1 | |||||||||||||||||||||||||||||||||||||||
| Loss on early retirement of debt | — | — | — | — | — | — | 875 | 0.1 | |||||||||||||||||||||||||||||||||||||||
| Stock compensation expense | 4,546 | 0.7 | 2,330 | 0.4 | 12,811 | 0.7 | 6,884 | 0.4 | |||||||||||||||||||||||||||||||||||||||
| Depreciation and amortization | 20,152 | 3.2 | 19,909 | 3.5 | 59,699 | 3.3 | 55,526 | 3.4 | |||||||||||||||||||||||||||||||||||||||
Separation transaction costs(2) | 273 | 0.0 | 1,025 | 0.2 | 3,126 | 0.2 | 2,700 | 0.2 | |||||||||||||||||||||||||||||||||||||||
| Nova and Pivot Onsite Innovations acquisition costs | 66 | 0.0 | 1,181 | 0.2 | 345 | 0.0 | 7,151 | 0.4 | |||||||||||||||||||||||||||||||||||||||
Adjusted EBITDA(3) | $ | 140,236 | 22.5 | % | $ | 118,917 | 20.8 | % | $ | 401,858 | 22.4 | % | $ | 336,594 | 20.7 | % | |||||||||||||||||||||||||||||||
(1) The percentage of revenue values on this row represent the net income margin for the period.
(2) Separation transaction costs represent non-recurring incremental consulting, legal, audit-related fees, system implementation, and software disposal costs incurred in connection with the Company’s separation from Select into a new, publicly traded company and are included within general and administrative expenses on the condensed consolidated statements of operations.
(3) The percentage of revenue values on this row represent the Adjusted EBITDA Margin for the period.
(4) Totals in this column may not foot due to rounding.
15
XI. Earnings per Share to Adjusted Earnings per Share Reconciliation
For the Three and Nine Months Ended September 30, 2026 and 2025
(In thousands, except per share amounts, unaudited)
Adjusted Net Income Attributable to the Company and Adjusted Earnings per Share are used by management to provide useful insight into the underlying performance of our business. Adjusted Net Income Attributable to the Company and Adjusted Earnings per Share are not measures of financial performance under U.S. GAAP and are not intended to be substitutes for U.S. GAAP measures such as net income attributable to the Company or earnings per share. These metrics may differ from similarly titled metrics supported by other companies. We believe that the presentation of Adjusted Net Income Attributable to the Company and Adjusted Earnings per Share are important to investors because they are reflective of the financial performance of Concentra’s ongoing operations and provide better comparability of its results of operations between periods. Investors should consider these measures in addition to, and not as a replacement for, U.S. GAAP results reported in our financial statements.
We define Adjusted Net Income Attributable to the Company as net income attributable to the Company, excluding gain (loss) on early retirement of debt, separation transaction costs, and acquisition costs, all on an after tax basis. We define Adjusted Earnings per Share as the Adjusted Net Income Attributable to the Company divided by the diluted weighted average shares outstanding.
The following table reconciles 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.
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||||||||
| 2026 | Per Share(3) | 2025 | Per Share(3) | 2026 | Per Share(3) | 2025 | Per Share(3) | ||||||||||||||||||||||||||||||||||||||||
| Reconciliation of Adjusted Net Income Attributable to the Company: | |||||||||||||||||||||||||||||||||||||||||||||||
Net income attributable to the Company | $ | 65,886 | $ | 0.52 | $ | 48,259 | $ | 0.38 | $ | 181,673 | $ | 1.42 | $ | 131,730 | $ | 1.03 | |||||||||||||||||||||||||||||||
Adjustments: | |||||||||||||||||||||||||||||||||||||||||||||||
| Loss on early retirement of debt | — | — | — | — | — | — | 875 | 0.01 | |||||||||||||||||||||||||||||||||||||||
Separation transaction costs(1) | 273 | 0.00 | 1,025 | 0.01 | 3,126 | 0.02 | 2,700 | 0.02 | |||||||||||||||||||||||||||||||||||||||
Nova and Pivot Onsite Innovations acquisition costs | 66 | 0.00 | 1,181 | 0.01 | 345 | 0.00 | 7,151 | 0.06 | |||||||||||||||||||||||||||||||||||||||
Total additions (subtractions), net | $ | 339 | $ | 0.00 | $ | 2,206 | $ | 0.02 | $ | 3,471 | $ | 0.03 | $ | 10,726 | $ | 0.08 | |||||||||||||||||||||||||||||||
Less: tax effect of adjustments(2) | (84) | (0.00) | (536) | (0.00) | (861) | (0.01) | (2,628) | (0.02) | |||||||||||||||||||||||||||||||||||||||
Adjusted Net Income Attributable to the Company | $ | 66,141 | $ | 0.52 | $ | 49,929 | $ | 0.39 | $ | 184,283 | $ | 1.44 | $ | 139,828 | $ | 1.09 | |||||||||||||||||||||||||||||||
Weighted average shares outstanding - diluted | 127,104 | 128,170 | 127,789 | 128,163 | |||||||||||||||||||||||||||||||||||||||||||
(1) Separation transaction costs represent non-recurring incremental consulting, legal, audit-related fees, system implementation, and software disposal costs incurred in connection with the Company’s separation from Select into a new, publicly traded company and are included within general and administrative expenses on the condensed consolidated statements of operations.
(2) Tax impact is calculated using the annual effective tax rate, including discrete costs and benefits.
(3) Totals in this column may not foot due to rounding.
16
XII. Net Cash Provided by Operating Activities to Free Cash Flow Reconciliation
For the Three and Nine Months ended September 30, 2026 and 2025
(In thousands, unaudited)
Free Cash Flow is used by management to provide useful insight into the underlying performance of our business. Free Cash Flow is not a measure of financial performance or liquidity under U.S. GAAP and is not intended to be a substitute for U.S. GAAP measures, such as net cash provided by operating activities. This metric may differ from similarly titled metrics supported by other companies. Other companies, including companies in our industry, may calculate Free Cash Flow differently than we do, limiting the usefulness of those measures for comparative purposes. We believe that the presentation of Free Cash Flow is important to investors because it is reflective of the financial performance and cash flows of Concentra’s ongoing operations and provides a better comparability of its cash flows between periods. Investors should consider this measure in addition to, and not as a replacement for, U.S. GAAP results reporting in our financial statements.
We define Free Cash Flow as net cash provided by operating activities less net cash used in investing activities, excluding business combinations, net of cash acquired. Free Cash Flow (i) does not represent residual cash flow available for discretionary expenditures and (ii) does not reflect our mandatory debt service obligations or other non-discretionary expenditures that are not deducted in calculating the measure.
The following table reconciles net cash provided by operating activities to Free Cash Flow.
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Reconciliation of Free Cash Flow: | |||||||||||||||||||||||
| Net cash provided by operating activities | $ | 51,870 | $ | 60,627 | $ | 208,099 | $ | 160,705 | |||||||||||||||
| Add (Subtract): | |||||||||||||||||||||||
| Net cash used in investing activities | (25,880) | (20,468) | (54,923) | (394,725) | |||||||||||||||||||
| Business combinations, net of cash acquired | 6,235 | — | 9,995 | 333,300 | |||||||||||||||||||
| Free Cash Flow | $ | 32,225 | $ | 40,159 | $ | 163,171 | $ | 99,280 | |||||||||||||||
17
XIII. 2026 Net Income to Adjusted EBITDA Reconciliation
Business Outlook for the Year Ending December 31, 2026
(In millions, unaudited)
The following is a reconciliation of full year 2026 Adjusted EBITDA expectations as computed at the low and high points of the range to the closest comparable U.S. GAAP financial measure. Refer to table X for discussion of Concentra’s use of Adjusted EBITDA in evaluating financial performance and for the definition of Adjusted EBITDA. Each item presented in the below table is an estimation of full year 2026 expectations.
Range | |||||||||||
Low | High | ||||||||||
Net income attributable to the Company | $ | 216 | $ | 220 | |||||||
| Net income attributable to non-controlling interests | 7 | 7 | |||||||||
| Net income | $ | 223 | $ | 227 | |||||||
| Income tax expense | 74 | 75 | |||||||||
| Interest expense | 103 | 103 | |||||||||
| Income from operations | 400 | 405 | |||||||||
| Stock compensation expense | 21 | 21 | |||||||||
| Depreciation and amortization | 81 | 81 | |||||||||
| Separation transaction costs | 3 | 3 | |||||||||
| Adjusted EBITDA | $ | 505 | $ | 510 | |||||||
18
XIV. 2026 Net Cash Provided by Operating Activities to Free Cash Flow Reconciliation
Business Outlook for the Year Ending December 31, 2026
(In millions, unaudited)
The following is a reconciliation of full year 2026 Free Cash Flow expectations as computed at the low and high points of the range to the closest comparable U.S. GAAP financial measure. Refer to table XII for discussion of Concentra’s use of Free Cash Flow in evaluating financial performance and for the definition of Free Cash Flow. Each item presented in the below table is an estimation of full year 2026 expectations.
Range | |||||||||||||||||||||||
Low | High | ||||||||||||||||||||||
| Reconciliation of Free Cash Flow: | |||||||||||||||||||||||
| Net cash provided by operating activities | $ | 300 | $ | 310 | |||||||||||||||||||
| Add (Subtract): | |||||||||||||||||||||||
| Net cash used in investing activities | (90) | (80) | |||||||||||||||||||||
| Business combinations, net of cash acquired | 10 | 10 | |||||||||||||||||||||
| Free Cash Flow | $ | 220 | $ | 240 | |||||||||||||||||||
19
©2026 Concentra Inc. All rights reserved. 3rd Quarter 2026 Results November 5, 2026
©2026 Concentra Inc. All rights reserved. Forward-Looking Statements This presentation contains forward-looking statements that express Concentra Group Holdings Parent, Inc.'s ("Concentra," the "Company," "we" or "our") current opinions, expectations, beliefs, plans, objectives, assumptions or projections regarding future events or future results that include, but are not limited to, financial guidance and other projections and forecasts. Forward looking statements include statements that are not historical facts and can be identified by terms such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “seek,” “should,” “will,” “would” or similar expressions and the negatives of those terms. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond the Company’s control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward- looking statements. These risks and uncertainties include, but are not limited to, those factors described in the Company’s filings with the Securities and Exchange Commission (“SEC”), including those under “Risk Factors” therein. Should one or more of these risks or uncertainties materialize, or should any of the assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. Actual results may differ materially from these expectations due to changes in global, regional or local economic, business, competitive, market, regulatory and other factors, many of which are beyond the Company’s control. Any forward looking statements made by the Company in this presentation speak only as of the date of this presentation and are expressly qualified in their entirety by the cautionary statements included in this presentation. Factors or events that could cause the Company’s actual results to differ may emerge from time to time, and it is not possible for the Company to predict all of them. The Company may not actually achieve the plans, intentions or expectations disclosed in its forward looking statements and you should not place undue reliance on its forward looking statements. The Company’s forward looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, joint ventures, investments or other strategic transactions it may make. The Company does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws. Use of Non-GAAP Financial Information In order to provide investors with greater insight, promote transparency and allow for a more comprehensive understanding of the information used by management in its financial and operational decision making, the Company supplements its condensed consolidated financial statements presented on a GAAP basis herein with certain non-GAAP financial information, including reconciliations of these non-GAAP measures to their most directly comparable available GAAP measures, which are included in this presentation, as well as in the Company’s quarterly financial press releases and related Form 8-K filings with the SEC. This information can be accessed for free by visiting www.concentra.com or www.sec.gov. We believe that the presentation of Adjusted EBITDA, Adjusted EBITDA margin, Return on Invested Capital, Free Cash Flow and FCF Conversion, as defined herein (collectively, the “Non-GAAP Measures”), are important to investors because they are commonly used as an analytical indicator of performance by investors within the healthcare industry. The Non-GAAP Measures are used by management to evaluate financial performance of, and determine resource allocation for, each of our operating segments. However, the Non-GAAP Measures are not measures of financial performance under U.S. GAAP. Items excluded from the Non-GAAP Measures are significant components in understanding and assessing financial performance. The Non-GAAP Measures should not be considered in isolation, or as an alternative to, or substitute for, net income, net income margin, income from operations, cash flows generated by operations, investing or financing activities, or other financial statement data presented in the consolidated financial statements as indicators of financial performance or liquidity. Because the Non-GAAP Measures are not measurements determined in accordance with U.S. GAAP and are thus susceptible to varying definitions, the Non-GAAP Measures as presented may not be comparable to other similarly titled measures of other companies. We define Adjusted EBITDA as earnings excluding interest, income taxes, depreciation and amortization, gain (loss) on early retirement of debt, stock compensation expense, separation transaction costs, and Nova Medical Centers (“Nova”) and Onsite Innovations, LLC (“Pivot Onsite Innovations”) acquisition costs. We define Adjusted EBITDA margin as Adjusted EBITDA divided by revenue. We define Return on Invested Capital as net operating profit after tax divided by average invested capital. We define Free Cash Flow as cash flow from operations less cash flow from investing activity (excluding business combinations, net of cash acquired). We define FCF Conversion as Free Cash Flow divided by net income. We will refer to the Non-GAAP Measures throughout these materials. Disclaimer 2
©2026 Concentra Inc. All rights reserved. Concentra At-A-Glance Concentra is the largest provider of occupational health services in the United States by number of locations1, with a mission of improving the health of America’s workforce, one patient at a time. KEY STATISTICS ~13k Total colleagues & affiliated clinicians1,3 ~200k Employer customers2 46 States with service offerings1 ~55k Avg. # of patients cared for each business day2 $2.3bn TTM Revenue2 $497mm TTM Adj. EBITDA2,4 423 Onsite health clinics1 639 Occupational health centers1 <1% Revenue from government payor reimbursement2 <3% Revenue from largest employer customer2 21% TTM Adj. EBITDA margin2,4 15% Return on invested capital2,5 117% TTM FCF conversion (FCF / net income)2,6 $262mm TTM Free Cash Flow (FCF)2,6 3 (1) As of September 30, 2026. (2) As of TTM September 30, 2026. (3) The term "colleagues and affiliated clinicians" includes both our directly employed colleagues who provide administrative and management support to the affiliated professional medical group entities and the physicians and clinicians that are employed by the affiliated professional medical groups. (4) Adjusted EBITDA and Adjusted EBITDA margin are non- GAAP measures, see appendix for a reconciliation to net income. (5) Return on invested capital ("ROIC") is a non-GAAP measure, see appendix for a reconciliation to the most comparable GAAP measure. (6) Free Cash Flow and FCF conversion are non-GAAP measures, see appendix for a reconciliation to the most comparable GAAP measures. ROBUST FINANCIALS
©2026 Concentra Inc. All rights reserved. 4 (1) Adjusted EBITDA and Adjusted EBITDA margin are non-GAAP measures, see appendix for a reconciliation to net income. (2) Net Leverage ratio = Net Debt / Adjusted EBITDA, per credit agreement (non-GAAP measure, see appendix for a reconciliation of reported Adjusted EBITDA to net income). Strong Q3 performance with +8.6% Revenue growth and +17.9% Adjusted EBITDA1 growth YoY (margin expansion of 178 basis points) Accelerated growth in volume, with Workers’ Compensation +4.2% and Employer Services +5.8% in Q3 YoY Strong growth in Revenue per Visit, with Workers’ Compensation +3.5% and Employer Services +4.0% in Q3 YoY OPERATIONAL & FINANCIAL We Continue to Deliver on Goals & Key Initiatives Opened 3 de novos in Q3 (Kansas City, Boise and Daytona Beach) plus 2 more in October (Pensacola and Washington, DC). On track for 8+ total de novos in 2026 Completed acquisition of 4-center Minnesota practice in Q3. M&A pipeline remains strong, evaluating bolt-on acquisitions of both occupational health centers and onsite health clinics DEVELOPMENT Net leverage ratio2 lowered to 2.90x as of Q3. Paid down $52mm of debt in September (including $50mm discretionary prepayment). Received ratings upgrade from S&P Global (from BB- to BB) and revised outlook from Moody’s (from stable to positive) 1.0mm shares repurchased in Q3 at a share price of $34.65. Incremental $250mm share repurchase program authorized by Board of Directors in November CAPITAL ALLOCATION $0.0625 quarterly dividend maintained, continuing to return value to shareholders Separation process substantially complete. Transition Services Agreement scheduled to formally expire in NovemberSEPARATION Completed leadership transition effective November 1, with Matt DiCanio as President & CEO, Tanner Newton as EVP & CFO, and Keith Newton as executive chairman of the Board LEADERSHIP Raising FY 2026 guidance for Revenue ($2.36bn-$2.38bn) and Adjusted EBITDA1 ($505mm-$510mm)GUIDANCE
©2026 Concentra Inc. All rights reserved. 5 Q3 2026 Performance Q3 2026 Q3 2025 YoY (∆) Commentary Facility Count (end of period) Occupational Health Centers 639 628 +11 Onsite Health Clinics 423 413 +10 KPIs Visits per Day (“VPD”) 58.3k 55.6k 4.9% Workers’ Compensation VPD 26.4k 25.3k 4.2% Employer Services VPD 31.1k 29.4k 5.8% Revenue per Visit (“RPV”) $152 $147 3.3% Workers’ Compensation RPV $219 $212 3.5% Employer Services RPV $96 $92 4.0% Financials ($ in millions) Total Revenue $622.1 $572.8 8.6% Adjusted EBITDA1 $140.2 $118.9 17.9% Adjusted EBITDA margin1 22.5% 20.8% 178bps Net Income $67.8 $49.8 36.0% Net Income margin 10.9% 8.7% 220bps Capital Expenditures2 $22.5 $21.2 5.9% (1) Adjusted EBITDA and Adjusted EBITDA margin are non-GAAP measures, see appendix for a reconciliation to the most comparable GAAP measures. (2) Excluding purchase consideration for acquisitions. Nova visits included in both periods
©2026 Concentra Inc. All rights reserved. 6 YTD 2026 Performance YTD 2026 YTD 2025 YoY (∆) Commentary Facility Count (end of period) Occupational Health Centers 639 628 +11 Onsite Health Clinics 423 413 +10 KPIs Visits per Day (“VPD”) 56.3k 53.8k 4.7% Workers’ Compensation VPD 25.8k 24.4k 5.7% Employer Services VPD 29.7k 28.6k 4.1% Revenue per Visit (“RPV”) $152 $147 3.7% Workers’ Compensation RPV $217 $210 3.5% Employer Services RPV $96 $93 3.3% Financials ($ in millions) Total Revenue $1,797.7 $1,624.3 10.7% Adjusted EBITDA1 $401.9 $336.6 19.4% Adjusted EBITDA margin1 22.4% 20.7% 163bps Net Income $187.4 $136.7 37.1% Net Income margin 10.4% 8.4% 201bps Capital Expenditures2 $49.2 $62.2 (20.8)% (1) Adjusted EBITDA and Adjusted EBITDA margin are non-GAAP measures, see appendix for a reconciliation to the most comparable GAAP measures. (2) Excluding purchase consideration for acquisitions. Revenue growth excluding impact of Nova and Pivot Onsite Innovations +7.5% +3.4% +4.6% +2.8% VPD growth excluding impact of Nova acquisition (March 2025)
©2026 Concentra Inc. All rights reserved. Balance Sheet & Capital Allocation Strategy 7 Leverage Prudent management of leverage levels, with a long-term net leverage target of near 2.5x M&A and De Novos Strong pipeline of bolt-on acquisitions and de novos + disciplined approach to enhancing footprint for short- and long- term value creation Capital Expenditures Continued strategic investment in technology, facilities, and infrastructure Share Repurchase Program 1.0mm shares repurchased in Q3 2026. Incremental $250mm share repurchase program authorized by Board of Directors in November 2026 Dividend Quarterly cash dividend of $0.0625 per share Net Leverage Ratio1 Liquidity $86 $430 $516 9/30/2026 Cash Revolver Capacity2 ($ in millions) (1) Net Leverage ratio = Net Debt / Adjusted EBITDA, per credit agreement (Adjusted EBITDA is a non-GAAP measure, see appendix for a reconciliation of reported Adjusted EBITDA to net income). (2) $450 million revolving facility undrawn as of 9/30/26; however, Concentra has $430.3 million of availability under its revolving credit facility after giving effect to $19.7 million of outstanding letters of credit. Capital Allocation Strategy Continued focus on de-levering for 2026, with strong cash flow also supporting capital deployment to other attractive strategies ~3.9x 2.90x ~2.5x July '24 (IPO) 9/30/2026 Long-Term Target Note: removed footnote on shares repurchased “Includes shares repurchased under the share repurchase program and shares withheld in connection with tax payments related to the vesting of employee restricted stock awards” – because there were no vestings during Q1/Q2 Note: Ask Jerry for LoC
©2026 Concentra Inc. All rights reserved. 2026 Full-Year Guidance 8(1) Adjusted EBITDA and Free Cash Flow are non-GAAP measures, see appendix for a reconciliation to the most comparable GAAP measure. (2) Excluding acquisitions, and net of proceeds from sale of assets. FY 2025 FY 2026 Guidance Commentary Total Revenue $2,163.4mm $2,360mm – $2,380mm Raising previous guidance ($2,325mm – $2,375mm) Adjusted EBITDA1 $431.9mm $505mm – $510mm Raising previous guidance ($485mm – $495mm) Free Cash Flow1 $197.8mm $220mm – $240mm Reiterating previous guidance Capital Expenditures2 $82.3mm $70mm – $80mm Remain on track for target
©2026 Concentra Inc. All rights reserved. WORKFORCE HEALTH THAT WORKS
©2026 Concentra Inc. All rights reserved. Appendix
©2026 Concentra Inc. All rights reserved. Reconciliation of Net Income to Adjusted EBITDA 11 Three Months Ended Sep. 30, Nine Months Ended Sep. 30, TTM Sep. 30, ($ in thousands) 2026 2025 2026 2025 2026 Revenue $622,122 $572,800 $1,797,707 $1,624,337 $2,336,787 Net Income $67,770 $49,822 $187,361 $136,658 $223,552 Income Tax Expense 22,266 15,967 61,627 44,376 68,229 Interest Expense 25,163 28,683 76,889 82,424 103,755 Loss on Early Retirement of Debt — — — 875 — Stock Compensation Expense 4,546 2,330 12,811 6,884 16,417 Depreciation and Amortization 20,152 19,909 59,699 55,526 79,990 Separation Transaction Costs¹ 273 1,025 3,126 2,700 4,519 Nova and Pivot Onsite Innovations Acquisition Costs 66 1,181 345 7,151 665 Adjusted EBITDA $140,236 $118,917 $401,858 $336,594 $497,127 Net Income Margin 10.9% 8.7% 10.4% 8.4% 9.6% Adjusted EBITDA Margin 22.5% 20.8% 22.4% 20.7% 21.3% Note: May not foot due to rounding. (1) Separation transaction costs represent non-recurring incremental consulting, legal, audit-related fees, system implementation, and software disposal costs incurred in connection with the Company’s separation into a new, publicly traded company and are included within general and administrative expenses on the consolidated statements of operations.
©2026 Concentra Inc. All rights reserved. Reconciliation of 2026 Adjusted EBITDA Guidance 12Note: May not foot due to rounding Range ($ in millions) Low High Net Income Attributable to the Company $216 $220 Net Income Attributable to Non-Controlling Interests 7 7 Net Income $223 $227 Income Tax Expense 74 75 Interest Expense 103 103 Income from Operations $400 $405 Stock Compensation Expense 21 21 Depreciation and Amortization 81 81 Separation Transaction Costs 3 3 Adjusted EBITDA $505 $510
©2026 Concentra Inc. All rights reserved. Reconciliation to Free Cash Flow 13Note: May not foot due to rounding TTM Sep. 30, 2026 Guidance ($ in millions) 2026 Low High Net Cash Provided by Operating Activities $327 $300 $310 Net Cash Used in Investing Activities (75) (90) (80) Business Combinations, Net of Cash Acquired 10 10 10 Free Cash Flow $262 $220 $240 Net Income $224 Free Cash Flow Conversion 117%
©2026 Concentra Inc. All rights reserved. Reconciliation to Return on Invested Capital (ROIC) 14Note: May not foot due to rounding. (1) Assumes the weighted average effective tax rate between 2023 and Q3 2026 (24.3%). (2) ROIC calculated as (i) Net Operating Profit After Tax (“NOPAT”) divided by (ii) Average Invested Capital. ($ in millions) TTM Sep. 30, 2026 Operating Income $396 (x) 1-Effective Tax Rate1 75.7% (i) NOPAT $299 Starting Debt $1,612 Ending Debt $1,521 (a) Average Debt $1,567 Starting Equity (BV) $391 Ending Equity (BV) $515 (b) Average Equity (BV) $453 Starting Redeemable NCI (BV) $19 Ending Redeemable NCI (BV) $22 (c) Average Redeemable NCI (BV) $21 Starting Cash $50 Ending Cash $86 (d) Average Cash $68 (ii) Average Invested Capital (a)+(b)+(c)-(d) $1,972 ROIC2 15.2%