Acadia Healthcare Announces Second Quarter 2026 Results and Updates Full Year 2026 Financial and Cash Flow Guidance

FRANKLIN, Tenn.--(BUSINESS WIRE)--Acadia Healthcare Company, Inc. (“Acadia” or the “Company”) (NASDAQ: ACHC) today announced financial results for the second quarter ended June 30, 2026. Second Quarter 2026 Results Revenue totaled $865.8 million, which was approximately flat compared with the second quarter of 2025. As described on page 2, total revenue growth in the second quarter was 2.8%1 after normalizing for prior period supplemental payment program revenue in each of the respective quarters. Same-facility revenue was flat compared with the second quarter of 2025, as patient days increased 0.8% and revenue per patient day decreased 0.8% Net income attributable to Acadia totaled $10.9 million, or $0.12 per diluted share, compared with $30.1 million, or $0.33 per diluted share, in the prior-year period Adjusted net income attributable to Acadia totaled $35.1 million, or $0.38 per diluted share, compared with $74.8 million, or $0.83 per diluted share, in the prior-year period Adjusted EBITDA was $149.2 million, compared with $201.8 million in the prior-year period. Second quarter 2026 Adjusted EBITDA includes a $28.6 million adjustment to professional and general liability (“PLGL”) reserves, which is partially offset by a benefit of $26.1 million related to the Florida supplemental payment program and provider tax adjustments. Operating cash flows were $162.1 million compared to $133.5 million in the prior-year period and capital expenditures were $38.6 million compared to $167.7 million in the prior-year period Added 240 licensed beds during the second quarter from newly constructed facilities Adjusted net income attributable to Acadia, Adjusted EBITDA and Adjusted earnings per diluted share are non-GAAP financial measures. A reconciliation of all non-GAAP financial measures in this press release begins on page 10. “Acadia delivered solid results in the second quarter that were driven by our continued focus on disciplined operational execution and providing quality care for our patients,” said Debbie Osteen, Chief Executive Officer of Acadia. “We made significant progress on our key priorities during the second quarter, including opening two new facilities with JV partners, continuing to ramp occupancy at our new facilities opened over the last few years, and generating strong free cash flow. We are well-positioned for additional progress in the second half of the year as we build upon our leadership position in the behavioral healthcare industry and continue expanding access to quality care for our patients.” _________________________ 1 Calculated as (A)/(B) minus 1, where (A) equals total revenue in the second quarter of 2026 of $865.8 million minus $22.3 million of revenue from the Florida supplement payment program related to prior periods, and (B) equals total revenue in the second quarter of 2025 of $869.2 million minus $48.7 million of revenue from the Tennessee supplemental payment program for prior periods Second Quarter Financial Summary (dollars in millions, except per share amounts) 2026 2025 Change (%) Acute Inpatient Psychiatric Facilities $494.6 $495.4 0% Specialty Treatment Facilities $133.5 $145.8 (8%) Comprehensive Treatment Facilities $141.2 $141.5 0% Residential Treatment Facilities $96.5 $86.5 12% Total Revenue $865.8 $869.2 0% Reported Net Income $10.9 $30.1 (64%) Adjusted EBITDA $149.2 $201.8 (26%) Reported EPS $0.12 $0.33 (64%) Adjusted EPS $0.38 $0.83 (54%) Discussion of Second Quarter Results Total revenue in the second quarter was $865.8 million, which was approximately flat compared with the prior-year period. Second quarter revenue includes $22.3 million from the Florida supplemental payment program related to the state fiscal year ended September 30, 2025. The second quarter of 2025 included $48.7 million of revenue from the Tennessee supplemental payment program for prior periods. Total revenue growth in the second quarter was 2.8%2 after normalizing for prior period supplemental payment program revenue in each of the respective quarters. Additionally, closed facilities represented a 1.4% negative impact to reported revenue growth in the second quarter. Same-facility revenue in the second quarter was flat compared with the prior-year period. Same-facility patient days increased 0.8%, and same-facility revenue per patient day decreased 0.8%. The decline in same-facility revenue per patient day was driven by the timing of supplemental payment revenue in certain states. After normalizing for the impact of the timing of supplemental payment revenue related to prior periods in Florida and Tennessee, same-facility revenue growth would have been 3.2%3 compared with the prior-year period. Acute inpatient psychiatric facility (“Acute”) revenue was $494.6 million, which was flat compared with the prior-year period. After normalizing for the impact of supplemental payment revenue related to prior periods in Florida and Tennessee, Acute revenue increased 5.7%4 in the second quarter compared to the prior-year period. Second quarter Acute inpatient volumes increased 5.5% compared with the prior-year period, driven primarily by expanded capacity from both newly constructed and existing facilities. _________________________ 2 Calculated as (A)/(B) minus 1, where (A) equals total revenue in the second quarter of 2026 of $865.8 million minus $22.3 million of revenue from the Florida supplement payment program related to prior periods, and (B) equals total revenue in the second quarter of 2025 of $869.2 million minus $48.7 million of revenue from the Tennessee supplemental payment program for prior periods 3 Calculated as (A)/(B) minus 1, where (A) equals same-facility revenue in the second quarter of 2026 of $856.4 million minus $22.3 million of revenue from the Florida supplement payment program related to prior periods, and (B) equals same same-facility revenue in the second quarter of 2025 of $856.8 million minus $48.7 million of revenue from the Tennessee supplemental payment program for prior periods 4 Calculated as (A)/(B) minus 1, where (A) equals Acute revenue in the second quarter of 2026 of $494.6 million minus $22.3 million of revenue from the Florida supplement payment program related to prior periods, and (B) equals Acute revenue in the second quarter of 2025 of $495.4 million minus $48.7 million of revenue from the Tennessee supplemental payment program for prior periods Specialty treatment facility revenue was $133.5 million, a decrease of 8.4% compared with the prior-year period. The revenue decline was related to Specialty facilities in Pennsylvania and the impact from having closed several Specialty facilities after the second quarter of 2025. Comprehensive treatment facility (“CTC”) revenue was $141.2 million, which was flat compared with the prior-year period. Residential treatment facility (“RTC”) revenue was $96.5 million, an increase of 11.6% compared with the prior-year period. Total operating expenses were $727.6 million in the second quarter of 2026, an increase of 7.3% compared with the prior-year period. Total operating expenses for the second quarter of 2026 include a $28.6 million adjustment to PLGL reserves for expected settlements of certain claims from the 2025 policy year. Excluding the $28.6 million adjustment to PLGL reserves, total operating expenses increased by 3.1% compared with the prior-year period. Salaries, wages and benefits were $474.1 million for the second quarter of 2026, an increase of 4.8% compared with the prior-year period. The increase is primarily due to new facility openings as well as routine annual wage increases. Same-facility salaries, wages and benefits increased by 4.4%. Adjusted EBITDA for the second quarter was $149.2 million, compared with $201.8 million in the prior-year period. The decline in Adjusted EBITDA compared with the prior-year period was primarily driven by a $39.3 million increase in PLGL costs, which includes the $28.6 million adjustment to the Company’s reserve for PLGL costs, and by the timing of supplemental payments related to prior periods in certain states. Second quarter Adjusted EBITDA includes a $26.1 million benefit related to the Florida supplemental payment program and provider tax adjustments, compared to a $39.5 million benefit in the second quarter of 2025 from the Tennessee supplemental payment program related to prior periods. Development Activity In June, the Company opened a 144-bed joint venture facility with Orlando Health in Florida, and a 96-bed joint venture facility with Methodist Jennie Edmundson Hospital in Iowa. In addition to the 240 beds added from these new facilities, the Company also opened two new CTC locations during the second quarter. Cash and Liquidity As of June 30, 2026, the Company had $171.3 million in cash and cash equivalents and $669.8 million available under its $1.0 billion revolving credit facility. As of June 30, 2026, Acadia’s net leverage ratio was 4.1x Adjusted EBITDA, calculated in accordance with its Credit Agreement as disclosed in the Company’s latest periodic reports and other filings with the Securities and Exchange Commission (“SEC”). 2026 Financial Guidance Acadia today updated its financial guidance for 2026, as follows: Full Year 2026 July Guidance Range Full Year 2026 April Guidance Range Revenue $3.40 to $3.45 billion $3.37 to $3.45 billion Adjusted EBITDA $590 to $615 million $580 to $615 million Adjusted earnings per diluted share $1.45 to $1.60 $1.35 to $1.60 Operating Cash Flow $350 to $400 million $285 to $325 million Capital expenditures $235 to $255 million $255 to $280 million The Company’s guidance does not include the impact of any future acquisitions, divestitures, transaction, legal and other costs or non-recurring legal settlements expense. Conference CallRead the full story here

Acadia Healthcare Announces Second Quarter 2026 Results and Updates Full Year 2026 Financial and Cash Flow Guidance

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