Concentra Raises 2026 Outlook

The Tip Desk · November 11, 2026 · 2 min read

The occupational health operator now expects revenue of $2.360 billion to $2.380 billion after third-quarter sales of $622.1 million.

Concentra Group Holdings Parent (CON), the nation’s largest provider of occupational health services by number of locations, raised its full-year 2026 guidance after reporting third-quarter revenue of $622.1 million, up 8.6% from a year earlier.

The company now expects 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. Capital expenditures are expected at $70 million to $80 million, excluding acquisitions and net of asset-sale proceeds.

Year-over-year revenue growth slowed from 10.0% in the second quarter and 13.7% in the first. Net income attributable to the company was $65.9 million, up 36.5%, and Adjusted EBITDA was $140.2 million, up 17.9%. Adjusted EBITDA margin expanded 178 basis points to 22.5%; net income margin expanded 220 basis points to 10.9%. Earnings were $0.52 a share.

Occupational health center visits per day were 58,312, up 4.9% from 55,589 a year earlier. Revenue per visit was $152.14, up 3.3%. Workers’ compensation visits rose 4.2% and employer-services visits 5.8%; consumer-health visits fell 6.7%. Workers’ compensation revenue at centers was $370.5 million and employer-services revenue $190.5 million. Onsite health clinics contributed $38.4 million of revenue.

The company ended the quarter with 639 occupational health centers, after 633 at June 30, including three de novo openings in Kansas City, Boise, and Daytona Beach and the acquisition of a four-center Minnesota practice. Onsite clinics stood at 423.

Cash from operations was $51.9 million and free cash flow $32.2 million. Concentra repaid $52.4 million on its 2031 term loan, repurchased 1.0 million shares for $34.65 million, and paid $8.0 million in dividends. Cash was $85.8 million and the net leverage ratio 2.90x, down from 2.99x at June 30. S&P Global upgraded the corporate credit rating from BB- to BB; Moody’s revised its outlook from stable to positive.

On November 1, Matt DiCanio succeeded Keith Newton as president and chief executive officer, Tanner Newton became executive vice president and chief financial officer, and Newton moved to executive chairman. The board declared a $0.0625-a-share cash dividend payable about December 4 and authorized a new $250 million share-repurchase program with no expiration date, in addition to the November 2025 authorization.