$ENSG

ENSIGN GROUP, INC

CIK:0001125376|SEC Filings

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
REVENUE
Service revenue	$ 1,432,497	$ 1,221,414	$ 2,814,800	$ 2,388,454
Rental revenue	7,984	6,355	14,877	12,356
TOTAL REVENUE	1,440,481	1,227,769	2,829,677	2,400,810
Expense:
Cost of services	1,134,237	971,780	2,230,063	1,899,629
Rent—cost of services	66,412	57,195	131,918	114,271
General and administrative expense	85,922	69,107	160,132	131,662
Depreciation and amortization	31,406	25,785	60,207	49,973
TOTAL EXPENSES	1,317,977	1,123,867	2,582,320	2,195,535
Income from operations	122,504	103,902	247,357	205,275
Other income (expense):
Interest expense	(1,933)	(2,025)	(3,865)	(4,062)
Interest income	4,633	5,240	11,169	12,123
Other income	8,470	5,241	7,585	5,602
OTHER INCOME, NET	11,170	8,456	14,889	13,663
Income before provision for income taxes	133,674	112,358	262,246	218,938
Provision for income taxes	33,840	27,892	62,656	54,119
NET INCOME	99,834	84,466	199,590	164,819
Less:
Net income attributable to noncontrolling interests	96	70	184	146
NET INCOME ATTRIBUTABLE TO THE ENSIGN GROUP, INC.	$ 99,738	$ 84,396	$ 199,406	$ 164,673
NET INCOME PER SHARE ATTRIBUTABLE TO THE ENSIGN GROUP INC.
Basic (in dollars per share)	$ 1.72	$ 1.48	$ 3.45	$ 2.88
Diluted (in dollars per share)	$ 1.68	$ 1.44	$ 3.35	$ 2.81
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING
Basic (in shares)	57,958	57,157	57,865	57,128
Diluted (in shares)	59,483	58,602	59,527	58,560

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net income	$ 199,590	$ 164,819
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	60,207	49,973
Amortization of deferred financing fees	527	530
Stock-based compensation	30,061	22,386
Insurance proceeds and loss on long-lived assets	2,455	402
Other operating activities, net	1,744	1,279
Change in operating assets and liabilities
Accounts receivable	(29,618)	(9,025)
Prepaid income taxes	(17,943)	(10,453)
Prepaid expenses and other assets	614	(469)
Cash surrender value of life insurance policy premiums	(16,485)	(12,295)
Deferred compensation liability	16,124	12,162
Operating lease obligations	(200)	(3,169)
Accounts payable	20,578	4,952
Accrued wages and related liabilities	(39,407)	(17,523)
Other accrued liabilities	(4,100)	1,817
Accrued self-insurance liabilities	47,961	22,564
NET CASH PROVIDED BY OPERATING ACTIVITIES	272,108	227,950
Cash flows from investing activities:
Purchase of property and equipment	(88,301)	(92,521)
Cash payments for acquisitions	(375,983)	(213,611)
Cash proceeds from insurance recoveries and sale of assets	1,692	2,990
Purchases of investments	(61,511)	(62,678)
Maturities of investments	44,722	53,249
Other investing activities	488	647
NET CASH USED IN INVESTING ACTIVITIES	(478,893)	(311,924)
Cash flows from financing activities:
Payments on debt	(2,094)	(2,025)
Issuance of common stock upon exercise of options	15,874	13,702
Repurchase of shares of common stock to satisfy tax withholding obligations	(980)	(1,071)
Repurchase of shares of common stock (Note 19)	(40,000)	(20,000)
Dividends paid	(7,572)	(7,186)
Other financing activities	(24)	(75)
NET CASH USED IN FINANCING ACTIVITIES	(34,796)	(16,655)
Net decrease in cash and cash equivalents	(241,581)	(100,629)
Cash and cash equivalents beginning of period	503,881	464,598
Cash and cash equivalents end of period	262,300	363,969
Cash paid during the period for:
Interest	3,327	3,567
Income taxes	81,217	64,621
Lease liabilities	133,064	117,256
Non-cash financing and investing activity
Accrued capital expenditures	10,870	6,800
Accrued dividends declared	3,788	3,605
Right-of-use assets obtained in exchange for new and modified operating lease obligations	$ 106,727	$ 113,553

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 262,300	$ 503,881
Accounts receivable—less allowance for doubtful accounts of $7,895 and $7,805 at June 30, 2026 and December 31, 2025, respectively	668,902	636,985
Investments—current	58,544	68,506
Prepaid expenses and other current assets	81,742	62,932
Total current assets	1,071,488	1,272,304
Property and equipment, net	2,096,977	1,696,863
Right-of-use assets	2,143,787	2,097,862
Insurance subsidiary deposits and investments	210,077	166,841
Deferred tax assets	83,068	83,138
Restricted and other assets	39,755	41,600
Intangible assets, net	6,263	6,381
Goodwill	97,981	97,981
TOTAL ASSETS	5,749,396	5,462,970
Current liabilities:
Accounts payable	119,675	97,327
Accrued wages and related liabilities	368,817	422,326
Lease liabilities—current	121,117	114,816
Accrued self-insurance liabilities—current	100,007	81,623
Other accrued liabilities	171,001	174,027
Current maturities of long-term debt	4,182	4,227
Total current liabilities	884,799	894,346
Long-term lease liabilities—less current portion	1,989,485	1,949,213
Accrued self-insurance liabilities—less current portion	195,813	164,792
Other long-term liabilities	98,428	82,266
Long-term debt—less current maturities	135,562	137,529
TOTAL LIABILITIES	3,304,087	3,228,146
Commitments and contingencies (Notes 13 and 18)
Ensign Group, Inc. stockholders' equity:
Common stock: $0.001 par value; 150,000 shares authorized; 62,102 and 58,272 shares issued and shares outstanding at June 30, 2026, respectively, and 61,652 and 58,085 shares issued and shares outstanding at December 31, 2025, respectively	62	62
Additional paid-in capital	673,846	614,724
Retained earnings	1,947,958	1,756,137
Treasury stock, at cost, 3,830 and 3,567 shares at June 30, 2026 and December 31, 2025	(180,178)	(139,198)
Total Ensign Group, Inc. stockholders' equity	2,441,688	2,231,725
Non-controlling interest	3,621	3,099
Total equity	2,445,309	2,234,824
TOTAL LIABILITIES AND EQUITY	$ 5,749,396	$ 5,462,970