---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-26-053056"
form_type: "8-K"
ticker: "SEM"
cik: "0001320414"
company_name: "SELECT MEDICAL HOLDINGS CORP"
filed_at: "2026-04-30T23:59:59+00:00"
generated_at: "2026-05-15T00:35:35.798027+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.65
calibrated_materiality_score: 0.65
confidence: "high"
source: SEC EDGAR
---

# Select Medical Q1 EPS $0.35 vs $0.44; revenue +5% to $1.42B; merger on track

## Summary
- Revenue $1,421.5M +5.0% YoY; net income $63.8M vs $74.7M; diluted EPS $0.35 vs $0.44.
- Adj EBITDA $141.6M down from $151.4M; critical illness hospital margin fell to 11.5% from 13.6%.
- Rehab hospital revenue +14.5% to $351.9M, Adj EBITDA +15.1% to $81.1M, margin stable at 23.0%.
- Merger with WCAS XIV on track; HSR waiting period expired Apr 27; expected close mid-2026 at $16.50/share.
- FY 2026 outlook reaffirmed: rev $5.6-5.8B, Adj EBITDA $520-540M, diluted EPS $1.22-1.32.

## SEC filing metadata
- accession: 0001104659-26-053056
- form_type: 8-K
- ticker: SEM
- cik: 0001320414
- company_name: SELECT MEDICAL HOLDINGS CORP
- filed_at: 2026-04-30T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.65
- calibrated_materiality_score: 0.65
- confidence: high
- sec_items: 2.02, 5.02, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1320414/000110465926053056/0001104659-26-053056-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1320414/000110465926053056/tm2613082d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-26-053056
- JSON: https://secwatch.observer/filing/0001104659-26-053056.json
- Plain text: https://secwatch.observer/filing/0001104659-26-053056.txt

## Key facts
- Earnings Releases
  SELECT MEDICAL HOLDINGS CORP reported first quarter ended March 31, 2026 results: revenue $1,421.5 million, net income $63.8 million, EPS $0.35.
  - Period: first quarter ended March 31, 2026
  - Revenue: $1,421.5 million
  - Net income: $63.8 million
  - EPS: $0.35
  - Result: reported results
  source text: For the first quarter ended March 31, 2026, revenue increased 5.0% to $1,421.5 million, compared to $1,353.2 million for the same quarter, prior year. Income from operations was $98.4 million for the first quarter ended March 31, 2026, compared to $112.7 million for the same quarter, prior year. Net income was $63.8 million for the first quarter ended March 31, 2026, compared to $74.7 million for the same quarter, prior year. Adjusted EBITDA was $141.6 million for the first quarter ended March 31, 2026, compared to $151.4 million for the same quarter, prior year. Earnings per common share was $0.35 for the first quarter ended March 31, 2026, compared to $0.44 for the same quarter, prior year.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1320414/000110465926053056/0001104659-26-053056-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.