Encompass Health Corporation is the largest owner and operator of inpatient rehabilitation hospitals in the United States. Headquartered in Birmingham, Alabama, the company operates over 170 hospitals across 39 states and Puerto Rico. It specializes in providing facility-based rehabilitative care to patients recovering from major illnesses, surgeries, and neurological conditions.
Financial Statements
In thousands, USD
FY 2025
FY 2024
FY 2023
FY 2022
Total Revenues
5,935,200
5,373,200
4,801,200
4,348,600
Gross Profit
5,935,200
5,373,200
4,801,200
4,348,600
Selling, General & Administrative Expenses
3,352,100
3,110,200
2,801,800
2,547,600
Depreciation & Amortization Expenses
327,900
299,600
273,900
243,600
Other Operating Expenses
1,202,100
1,098,900
993,700
927,200
Operating Profit
1,053,100
864,500
731,800
630,200
Interest and Investment Income
4,300
3,000
3,200
2,900
Interest Expense
(123,200)
(138,000)
(143,500)
(177,100)
Non-Operating Income
18,800
20,100
15,700
(5,200)
Total Non-Operating Income
(100,100)
(114,900)
(124,600)
(179,400)
Income Before Provision for Income Taxes
953,000
749,600
607,200
450,800
Provision for Income Taxes
192,900
150,200
132,200
100,100
Consolidated Net Income
760,100
599,400
475,000
350,700
Net Income Attributable to Minority Interests and Other
192,900
140,900
111,000
93,600
Net Income Attributable to Discontinued Operations
(1,000)
(2,800)
(12,000)
15,200
Net Income Attributable to Common Shareholders
566,200
455,700
352,000
272,300
Basic EPS
5.62
4.53
3.51
2.58
Diluted EPS
5.54
4.46
3.47
2.56
Basic Weighted Average Shares Outstanding
100,500
99,900
99,500
99,200
Diluted Weighted Average Shares Outstanding
102,200
102,200
101,300
100,400
Shares Outstanding
100,000
100,775
100,300
99,800
FY 2025
FY 2024
FY 2023
FY 2022
Cash and Cash Equivalents
102,900
123,100
104,200
53,400
Total Cash and Cash Equivalents
102,900
123,100
104,200
53,400
Accounts Receivable
619,200
598,800
611,600
536,800
Total Trade Receivables
619,200
598,800
611,600
536,800
Other Current Assets
183,800
165,000
126,000
127,000
Total Current Assets
905,900
886,900
841,800
717,200
Net Property, Plant & Equipment
4,314,200
3,846,800
3,509,500
3,151,700
Net Intangible Assets
308,300
297,800
278,200
282,300
Goodwill
1,317,600
1,284,000
1,281,300
1,263,200
Other Long-Term Assets
243,700
219,200
191,600
222,100
Total Assets
7,089,700
6,534,700
6,102,400
5,636,500
Accounts Payable
178,200
171,000
170,000
132,900
Accrued Expenses
533,300
473,700
437,500
392,200
Current Portion of Long-Term Debt
43,600
138,600
24,800
25,200
Current Portion of Leases
26,500
26,300
24,100
25,600
Other Current Liabilities
54,800
31,400
—
—
Total Current Liabilities
836,400
841,000
656,400
575,900
Long-Term Debt
2,447,200
2,359,200
2,687,800
2,741,800
Leases
196,600
189,700
196,100
199,700
Other Long-Term Liabilities
333,700
295,600
264,900
257,200
Total Long-Term Liabilities
2,977,500
2,844,500
3,148,800
3,198,700
Total Liabilities
3,813,900
3,685,500
3,805,200
3,774,600
Common Stock
1,200
1,200
1,200
1,100
Treasury Stock
(722,500)
(577,900)
(547,200)
(536,700)
Additional Paid-in Capital
1,869,600
1,847,000
1,787,000
1,730,200
Accumulated Other Comprehensive Income
500
—
—
—
Retained Earnings
1,289,400
796,700
406,500
115,700
Total Common Shareholders' Equity
2,438,200
2,067,000
1,647,500
1,310,300
Minority Interests and Other
837,600
782,200
649,700
551,600
Total Shareholders' Equity
3,275,800
2,849,200
2,297,200
1,861,900
Total Liabilities and Shareholders' Equity
7,089,700
6,534,700
6,102,400
5,636,500
FY 2025
FY 2024
FY 2023
FY 2022
Net Income
759,100
596,600
463,000
365,900
Depreciation & Amortization
327,900
299,600
273,900
243,600
Share-Based Compensation Expense
56,500
48,300
50,600
29,200
Other Adjustments
28,200
36,700
17,000
60,400
Changes in Trade Receivables
(15,200)
3,000
(22,400)
(16,900)
Changes in Accounts Payable
(22,600)
3,000
11,800
2,300
Changes in Accrued Expenses
15,900
20,400
39,200
(31,200)
Changes in Other Operating Activities
26,200
(4,500)
21,700
15,400
Cash from Operating Activities
1,175,600
1,002,800
850,800
705,800
Capital Expenditure
(736,400)
(642,500)
(583,100)
(584,100)
Purchases of Investments
(184,400)
(22,500)
(23,000)
(35,200)
Proceeds from Sale of Investments
172,800
18,900
7,400
—
Other Investing Activities
(16,600)
(7,200)
(4,100)
(4,200)
Cash from Investing Activities
(764,600)
(653,300)
(602,800)
(627,000)
Issuance of Short-Term Debt
210,000
80,000
60,000
240,000
Repayments of Short-Term Debt
(100,000)
(60,000)
(115,000)
(385,000)
Net Issuance / (Repayments) of Short-Term Debt
110,000
20,000
(55,000)
(145,000)
Issuance of Long-Term Debt
—
15,000
20,000
11,800
Repayments of Long-Term Debt
(115,100)
(255,200)
(7,200)
(345,800)
Net Issuance / (Repayments) of Long-Term Debt
(115,100)
(240,200)
12,800
(334,000)
Repurchases of Common Shares
(158,000)
(31,100)
—
—
Net Issuance / (Repurchases) of Common Shares
(158,000)
(31,100)
—
—
Common Share Dividends Paid
(71,100)
(62,800)
(60,400)
(99,000)
Other Financing Activities
(197,000)
(16,500)
(94,600)
(82,800)
Cash from Financing Activities
(431,200)
(330,600)
(197,200)
(145,700)
Increase / (Decrease) in Cash, Cash Equivalents and Restricted Cash