Concentra Group Holdings Parent, Inc.

Total company revenue was $606 million in Q2 2026 versus $550.8 million in Q2 2025, up 10% year over year; excluding Pivot, revenue was $589.1 million, up 8%. Adjusted EBITDA was $140.9 million versus $115 million a year ago, and adjusted EBITDA margin expanded to 23.3% from 20.9%. Adjusted net income was $66.7 million and adjusted EPS was $0.52, compared with $47.7 million and $0.37 last year. Operating cash flow was $135.2 million versus $88.4 million last year, and free cash flow was $121 million versus $63.2 million. For 2026, management raised revenue guidance to $2.325 billion to $2.375 billion, adjusted EBITDA guidance to $485 million to $495 million, and free cash flow guidance to $220 million to $240 million; CapEx stays at $70 million to $80 million.

Keith Newton framed the CEO succession as a planned handoff after more than a decade in the role, saying Matt DeCanio has been central to Concentra’s growth strategy and that the transition reflects continuity. He said the business is performing exceptionally well, the company is the clear leader in occupational health, and the long-tenured leadership team gives him confidence in the next chapter. He also highlighted that the separation from Select is nearly complete, which should let the company refocus internal resources on higher-value work.

Matt DeCanio emphasized that the company is seeing strong execution across revenue, margins, and cash flow, and that the core strategy remains unchanged. He cited 4.6% revenue per visit growth, 22.5% adjusted EBITDA growth, a 240-basis-point margin expansion to 23.3%, and adjusted EPS growth of about 40% year over year. He also noted $135.2 million of operating cash flow, $121 million of free cash flow, $1.57 billion of debt, $158 million of cash, and net leverage just under 3x, with the Term Loan B spread expected to step down 25 basis points to 175 basis points now that leverage is below 3.25x. He said the company repurchased about 424,000 shares for $11 million, paid $8 million in dividends, and still has about $54 million remaining under the original $100 million buyback authorization.

Analysts pressed on whether the raised guidance was conservative relative to the quarter’s beat, and management said the second half still has several months to go, so they preferred to set a range they felt good about rather than stretch it. Questions also focused on work comp volume strength and whether reshoring, manufacturing, construction, and data center activity could keep visits above long-term low-single-digit growth; management said those trends are early but encouraging and that market-share gains and better customer retention are also helping. There were further questions on margins, with management saying Q2 and Q3 are seasonally the highest-margin quarters and that margins should move up over time as visits, rates, and M&A contribute. Analysts also asked about leverage and deal size; management said the pipeline includes midsized deals, not another Nova-sized acquisition, and that leverage should keep trending toward about 2.5x absent opportunistic M&A and repurchases.