Concentra Group Holdings Parent Reports Solid Q4 and Full-Year 2025 Results

Company sees revenue and Adjusted EBITDA exceed guidance, leverage improve, and continued expansion plans for 2026

Published on Feb. 28, 2026

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Concentra Group Holdings Parent (NYSE:CON) reported fourth-quarter and full-year 2025 results that management said finished 'an overall solid year,' with revenue and Adjusted EBITDA exceeding the high end of the company's previously issued guidance ranges and leverage coming in better than expected. The company also reiterated its fiscal 2026 outlook and discussed de novo expansion, bolt-on M&A, and reimbursement developments that could influence longer-term growth opportunities.

Why it matters

Concentra's strong financial performance and continued expansion plans demonstrate the company's ability to navigate industry challenges and capitalize on growth opportunities in the occupational health and workers' compensation services market. The company's focus on improving patient outcomes and satisfaction, as well as its efforts to separate from its parent company Select Medical, position it for future success.

The details

In the fourth quarter of 2025, Concentra reported total revenue of $539.1 million, up 15.9% year-over-year, with Adjusted EBITDA rising 22.9% to $95.3 million. For the full year, revenue was $2.2 billion, a 13.9% increase, and Adjusted EBITDA was $431.9 million, up 14.6%. The company saw positive volume trends, with total patient visits up 9% in Q4, and improvements in pricing, with revenue per visit increasing 3.1%. Concentra also made progress on its separation from Select Medical, hiring over 80% of the expected FTEs, and plans to continue de novo expansion and pursue smaller bolt-on acquisitions in 2026.

  • Concentra reported Q4 and full-year 2025 results on February 28, 2026.
  • The company opened two new de novo sites in Q4 2025 and another in January 2026, with plans for 7-9 new sites in 2026 and potentially double-digit new sites in 2027.
  • Concentra expects transition services agreement (TSA) costs related to its separation from Select Medical to ramp down close to zero by mid-2026, with some incremental costs in the first half of 2026 as additional hires are completed.

The players

Concentra Group Holdings Parent

A Canada-based financial services holding company that specializes in serving Canadian credit unions and their members, providing wholesale funding, lending solutions, and investment management services.

Keith Newton

Chief Executive Officer of Concentra Group Holdings Parent.

Matthew DiCanio

President and Chief Financial Officer of Concentra Group Holdings Parent.

Select Medical

The parent company of Concentra Group Holdings Parent, from which Concentra is in the process of separating.

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What they’re saying

“We must not let individuals continue to damage private property in San Francisco.”

— Robert Jenkins, San Francisco resident (San Francisco Chronicle)

“Fifty years is such an accomplishment in San Francisco, especially with the way the city has changed over the years.”

— Gordon Edgar, grocery employee (Instagram)

What’s next

The company plans to continue its de novo expansion, targeting 7 to 9 new locations in 2026 and potentially double-digit new sites in 2027. Concentra also expects to work toward a net leverage ratio of approximately 3.0x by the end of 2026, while remaining opportunistic with share repurchases.

The takeaway

Concentra's strong financial performance, continued expansion plans, and progress on its separation from Select Medical demonstrate the company's ability to navigate industry challenges and capitalize on growth opportunities in the occupational health and workers' compensation services market. The company's focus on improving patient outcomes and satisfaction, as well as its commitment to its mission-driven values, position it for long-term success.