Medicaid was Ensign’s largest revenue line in fiscal 2025, bringing in $1.95B of $5.03B (39%).
| Customer | FY 2016 | FY 2017 | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Medicaid | $1.16B | $1.43B | $1.65B | $1.95B | ||||||
| Medicare | $832.16M | $985.75M | $1.06B | $1.19B | ||||||
| Managed Care | $525.71M | $666.13M | $789.64M | $944.32M | ||||||
| Private & Other Payors | $189.16M | $251.84M | $318.80M | $445.68M | ||||||
| Private Pay & Other | — | — | — | — | ||||||
| Medicaid-Skilled | — | $245.66M | $266.74M | $301.12M | ||||||
| Medicaid — Skilled | $200.88M | — | — | — | ||||||
| Segment Reporting, Reconciling Item, Corporate Nonsegment | $115.21M | $144.67M | $181.07M | $220.36M | ||||||
| Corporate, Non-Segment | — | — | — | — | ||||||
| Other Service Revenue | — | — | — | — | ||||||
| All Other | — | — | — | — | ||||||
| Intercompany Elimination | -$12.72M | -$15.45M | -$20.37M | -$26.06M | ||||||
| Total | $3.01B | $3.71B | $4.24B | $5.03B |
Ensign brought in $5.03B from its seven revenue lines in fiscal 2025, the year ended December 31, 2025. That was up 18.8% from $4.24B in fiscal 2024. Medicaid was the largest at $1.95B (38.8%), ahead of Medicare at $1.19B (23.7%) and Managed Care at $944.32M (18.8%). The other three revenue lines brought in $967.16M combined.
Compared with fiscal 2024, Private & Other Payors grew fastest, up 39.8% to $445.68M. Every revenue line above 2% of revenue grew.
Ensign began breaking out Medicaid-Skilled in fiscal 2023, when it brought in $245.66M. Ensign stopped reporting Medicaid — Skilled as a separate revenue line after fiscal 2022, when it brought in $200.88M. The total is net of Intercompany Elimination, which took $26.06M off revenue in fiscal 2025.
Skilled Services was Ensign’s largest segment in fiscal 2025, bringing in $4.84B of $5.06B (96%).
| Segment | FY 2016 | FY 2017 | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Skilled Services | $2.91B | $3.58B | $4.08B | $4.84B | ||||||
| Transitional & Skilled Services | — | — | — | — | ||||||
| Segment Reporting, Reconciling Item, Corporate Nonsegment | $122.61M | $144.67M | $181.07M | $232.85M | ||||||
| Assisted & Independent Living Services | — | — | — | — | ||||||
| Home Health & Hospice Services | — | — | — | — | ||||||
| All Other | — | — | — | — | ||||||
| Standard Bearer | $72.94M | — | — | $126.93M | ||||||
| Real Estate | — | — | — | — | ||||||
| Intercompany Elimination | -$76.29M | -$15.45M | -$20.37M | -$139.74M | ||||||
| Intercompany Eliminations | — | — | — | — | ||||||
| Total | $3.03B | $3.71B | $4.24B | $5.06B |
Ensign brought in $5.06B from its four segments in fiscal 2025, the year ended December 31, 2025. Ensign regrouped these segments after fiscal 2024, so the total does not compare directly with that year's $4.24B. Skilled Services was the largest at $4.84B (95.6%), ahead of Segment Reporting, Reconciling Item, Corporate Nonsegment at $232.85M (4.6%) and Standard Bearer at $126.93M (2.5%).
Compared with fiscal 2024, Segment Reporting, Reconciling Item, Corporate Nonsegment grew 28.6% to $232.85M and Skilled Services grew 18.7% to $4.84B. From fiscal 2022 to 2025, combined revenue from these segments grew from $3.03B to $5.06B, a compound annual growth rate of 18.7%. Skilled Services' share held steady at about 95.6%.
The total is net of Intercompany Elimination, which took $139.74M off revenue in fiscal 2025.
Service Revenue was Ensign’s largest product and service line in fiscal 2022, bringing in $2.91B of $3.03B (96%).
| Product and Service | FY 2016 | FY 2018 | FY 2019 | FY 2021 | FY 2022 |
|---|---|---|---|---|---|
| Service Revenue | $1.93B | $2.62B | $2.91B | ||
| Service | — | — | — | ||
| Health Care, Patient Service | — | — | — | ||
| Health Care, Resident Service | — | — | — | ||
| Segment Reporting, Reconciling Item, Corporate Nonsegment | — | — | $122.61M | ||
| All Other | $97.02M | — | — | ||
| Rental Revenue | $49.87M | $65.54M | $72.94M | ||
| Rental | — | — | — | ||
| Intercompany Elimination | — | -$56.59M | -$76.29M | ||
| Intercompany Eliminations | -$44.61M | — | — | ||
| Total | $2.04B | $2.63B | $3.03B |
Ensign brought in $3.03B from its four product and service lines in fiscal 2022, the year ended December 31, 2022. Ensign regrouped these lines after fiscal 2021, so the total does not compare directly with that year's $2.63B. Service Revenue was the largest at $2.91B (96.1%), ahead of Segment Reporting, Reconciling Item, Corporate Nonsegment at $122.61M (4.1%) and Rental Revenue at $72.94M (2.4%).
Compared with fiscal 2021, Rental Revenue grew 11.3% to $72.94M and Service Revenue grew 11.0% to $2.91B.
Ensign began breaking out Segment Reporting, Reconciling Item, Corporate Nonsegment in fiscal 2022 and Intercompany Elimination in fiscal 2021. Ensign stopped reporting All Other as a separate line after fiscal 2019, when it brought in $97.02M. The total is net of Intercompany Elimination, which took $76.29M off revenue in fiscal 2022.
Ensign (ENSG) reports its revenue by customer, by segment and by product and service. In fiscal 2025, Medicaid was its largest revenue line, bringing in $1.95B (38.8% of the total), followed by Medicare at $1.19B (23.7%).
Medicaid was Ensign's largest revenue line in fiscal 2025, bringing in $1.95B, or 38.8% of the $5.03B total across its seven revenue lines.
Skilled Services was Ensign's largest segment in fiscal 2025, bringing in $4.84B, or 95.6% of the $5.06B total across its four segments.
Service Revenue was Ensign's largest product and service line in fiscal 2022, bringing in $2.91B, or 96.1% of the $3.03B total across its four product and service lines.
Among Ensign's revenue lines that make up at least 2% of revenue, Private & Other Payors grew fastest in fiscal 2025, up 39.8% from $318.80M to $445.68M.
Every figure comes from Ensign's annual financial filings, as reported. Each line keeps the name Ensign gives it, and years follow its fiscal calendar.
Ensign's revenue by customer goes back to fiscal 2016, with figures through fiscal 2025. The latest four fiscal years are free to view, and the full history is available with a Business Quant subscription.