Segment Information (Tables)

12 Months Ended

Dec. 31, 2025

The following tables summarize selected financial data for the Company’s reportable segments.


	For the Year Ended December 31, 2023
	Critical Illness Recovery Hospital		Rehabilitation Hospital		Outpatient Rehabilitation		Other		Total
	(in thousands)
Revenue	$	2,299,773	$	979,585	$	1,188,914	$	357,705	$	4,825,977
Personnel expense	1,326,448		554,899		825,907
Other segment items (1)	727,310		202,811		251,139
Adjusted EBITDA	246,015		221,875		111,868
Total assets	2,496,886		1,233,888		1,380,447		248,204		5,359,425
Capital expenditures	93,036		21,922		38,776		6,126		159,860


	For the Year Ended December 31, 2024
	Critical Illness Recovery Hospital		Rehabilitation Hospital		Outpatient Rehabilitation		Other		Total
	(in thousands)
Revenue	$	2,444,196	$	1,110,592	$	1,250,294	$	382,023	$	5,187,105
Personnel expense	1,376,917		629,149		888,290
Other segment items (1)	765,645		235,695		253,427
Adjusted EBITDA	301,634		245,748		108,577
Total assets	2,654,474		1,366,922		1,404,379		182,176		5,607,951
Capital expenditures	65,861		53,620		36,142		3,285		158,908


	For the Year Ended December 31, 2025
	Critical Illness Recovery Hospital		Rehabilitation Hospitals		Outpatient Rehabilitation		Other		Total
	(in thousands)
Revenue	$	2,477,814	$	1,288,954	$	1,284,873	$	401,189	$	5,452,830
Personnel Expense	1,404,061		722,897		931,702
Other segment items (1)	808,306		287,435		263,008
Adjusted EBITDA	265,447		278,622		90,163
Total assets	2,669,940		1,602,879		1,399,975		178,795		5,851,589
Capital expenditures	76,412		112,550		37,250		3,013		229,225

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(1) Other segment items consist of facilities expense, other operating expenses, and other operating income.

A reconciliation of Adjusted EBITDA to income from continuing operations before income taxes is as follows:


	For the Year Ended December 31,
	2023		2024		2025
	(in thousands)
Adjusted EBITDA - Critical Illness Recovery Hospital Segment	$	246,015	$	301,634	$	265,447
Adjusted EBITDA - Rehabilitation Hospital Segment	221,875		245,748		278,622
Adjusted EBITDA - Outpatient Rehabilitation Segment	111,868		108,577		90,163
Other revenue	357,705		382,023		401,189
Other cost of services (1)	(357,705)		(382,023)		(401,189)
Other general and administrative expenses (1)	(134,153)		(145,939)		(141,129)
Other operating income	486		375		72
Depreciation and amortization	(135,691)		(142,866)		(140,303)
Stock compensation expense	(43,158)		(99,214)		(16,702)

Loss on early retirement of debt	(14,692)		(28,845)		—
Equity in earnings of unconsolidated subsidiaries	41,339		63,904		54,521


Interest expense	(154,165)		(128,605)		(117,942)
Income from continuing operations before income taxes	$	139,724	$	174,769	$	272,749

_______________________________________________________________________________

(1) Exclusive of depreciation, amortization, and stock compensation expense.

SELECT MEDICAL HOLDINGS CORP 10-K