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Investor releaseQuarter not tagged2026-08-27Acadia Healthcare (ACHC) Up 11.8% Since Last Earnings Report: Can It Continue?
Zacks
Acadia Healthcare (ACHC) Up 11.8% Since Last Earnings Report: Can It Continue?
A month has gone by since the last earnings report for Acadia Healthcare (ACHC). Shares have added about 11.8% in that time frame, outperforming the S&P 500. Will the recent positive trend continue leading up to its next earnings release, or is Acadia Healthcare due for a pullback? Well, first let's take a quick look at its latest earnings report in order to get a better handle on the recent drivers for Acadia Healthcare Company, Inc. before we dive into how investors and analysts have reacted as of late. Acadia Healthcare Q2 Earnings Beat Estimates on Higher Admissions Acadia Healthcare reported adjusted second-quarter earnings of 38 cents per share, which beat the Zacks Consensus Estimate by 15.2%. However, the bottom line declined 54% year over year. Total revenues declined 0.4% year over year to $865.8 million. The top line surpassed the Zacks Consensus Estimate by 2.5%. The better-than-expected quarterly results reflected strong patient demand, as admissions increased and same-facility patient days improved. Residential Treatment Facilities also delivered double-digit revenue growth. However, lower revenue per patient day, a shorter average length of stay and higher operating expenses weighed on profitability. Acute Inpatient Psychiatric Facilities revenues totaled $494.6 million, which remained flat year over year but beat the Zacks Consensus Estimate by 4.3%. Specialty Treatment Facilities' revenues declined 8.4% year over year to $133.5 million. Comprehensive Treatment Facilities revenues amounted to $141.2 million, flat year over year. Residential Treatment Facilities revenues increased 11.6% to $96.5 million. Same-facility revenues of $856.4 million edged down 0.1% year over year but beat the Zacks Consensus Estimate by 3.6%. Patient days increased 0.8%, while revenue per patient day declined 0.8%. Admissions grew 6.4% year over year. The average length of stay decreased 5.3% year over year and missed the consensus estimate by 3.2%. Overall facility patient days remained flat year over year, while admissions increased 6.3%. Revenue per patient day declined 0.4% year over year, and the average length of stay decreased 5.9%. Total operating expenses increased 7.3% year over year to $727.6 million, primarily due to higher salaries, wages and benefits, professional fees, supplies and other operating expenses. Total adjusted EBITDA declined 26% year ove…Read full documentShow less
A month has gone by since the last earnings report for Acadia Healthcare (ACHC). Shares have added about 11.8% in that time frame, outperforming the S&P 500. Will the recent positive trend continue leading up to its next earnings release, or is Acadia Healthcare due for a pullback? Well, first let's take a quick look at its latest earnings report in order to get a better handle on the recent drivers for Acadia Healthcare Company, Inc. before we dive into how investors and analysts have reacted as of late. Acadia Healthcare Q2 Earnings Beat Estimates on Higher Admissions Acadia Healthcare reported adjusted second-quarter earnings of 38 cents per share, which beat the Zacks Consensus Estimate by 15.2%. However, the bottom line declined 54% year over year. Total revenues declined 0.4% year over year to $865.8 million. The top line surpassed the Zacks Consensus Estimate by 2.5%. The better-than-expected quarterly results reflected strong patient demand, as admissions increased and same-facility patient days improved. Residential Treatment Facilities also delivered double-digit revenue growth. However, lower revenue per patient day, a shorter average length of stay and higher operating expenses weighed on profitability. Acute Inpatient Psychiatric Facilities revenues totaled $494.6 million, which remained flat year over year but beat the Zacks Consensus Estimate by 4.3%. Specialty Treatment Facilities' revenues declined 8.4% year over year to $133.5 million. Comprehensive Treatment Facilities revenues amounted to $141.2 million, flat year over year. Residential Treatment Facilities revenues increased 11.6% to $96.5 million. Same-facility revenues of $856.4 million edged down 0.1% year over year but beat the Zacks Consensus Estimate by 3.6%. Patient days increased 0.8%, while revenue per patient day declined 0.8%. Admissions grew 6.4% year over year. The average length of stay decreased 5.3% year over year and missed the consensus estimate by 3.2%. Overall facility patient days remained flat year over year, while admissions increased 6.3%. Revenue per patient day declined 0.4% year over year, and the average length of stay decreased 5.9%. Total operating expenses increased 7.3% year over year to $727.6 million, primarily due to higher salaries, wages and benefits, professional fees, supplies and other operating expenses. Total adjusted EBITDA declined 26% year over year to $149.2 million. During the quarter, the company added 240 licensed beds from newly constructed facilities. Acadia Healthcare exited the second quarter with cash and cash equivalents of $171.3 million, which increased from the 2025-end level of $133.2 million. It had remaining borrowing capacity of $669.8 million under its $1 billion revolving credit facility at the end of the second quarter. Total assets of $5.5 billion increased 0.3% from the 2025-end figure. Long-term debt amounted to $2.4 billion, which declined from $2.5 billion as of Dec. 31, 2025. The current portion of long-term debt was $32.5 million. Total equity of $2 billion increased from the 2025-end level of $1.9 billion. Net cash provided by operating activities totaled $223.6 million in the first six months of 2026 compared with $145.0 million in the prior-year period. The company did not buy back shares in the second quarter of 2026. Acadia Healthcare updated its 2026 guidance. The company now expects revenues to be in the range of $3.40-$3.45 billion compared with the previous guidance of $3.37-$3.45 billion. Adjusted EBITDA is now projected to be in the band of $590-$615 million compared with the previous outlook of $580-$615 million. Adjusted EPS is now expected to be $1.45-$1.60 compared with the earlier guidance of $1.35-$1.60. Management also raised its operating cash flow forecast to $350-$400 million from $285-$325 million. Capital expenditures are now expected to be $235-$255 million, down from the prior guidance of $255-$280 million. Management previously guided for the addition of 400-600 licensed beds in 2026. It turns out, fresh estimates have trended downward during the past month. The consensus estimate has shifted -7.71% due to these changes. Currently, Acadia Healthcare has a nice Growth Score of B, though it is lagging a lot on the Momentum Score front with an F. However, the stock has a score of C on the value side, putting it in the middle 20% for value investors. Overall, the stock has an aggregate VGM Score of C. If you aren't focused on one strategy, this score is the one you should be interested in. Estimates have been broadly trending downward for the stock, and the magnitude of these revisions indicates a downward shift. Notably, Acadia Healthcare has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months. Acadia Healthcare belongs to the Zacks Medical - Hospital industry. Another stock from the same industry, Community Health Systems (CYH), has gained 7.8% over the past month. More than a month has passed since the company reported results for the quarter ended June 2026. Community Health Systems reported revenues of $2.83 billion in the last reported quarter, representing a year-over-year change of -9.8%. EPS of -$0.19 for the same period compares with -$0.05 a year ago. Community Health Systems is expected to post a loss of $0.22 per share for the current quarter, representing a year-over-year change of -117.3%. Over the last 30 days, the Zacks Consensus Estimate has changed -116.7%. The overall direction and magnitude of estimate revisions translate into a Zacks Rank #3 (Hold) for Community Health Systems. Also, the stock has a VGM Score of D. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Acadia Healthcare Company, Inc. (ACHC) : Free Stock Analysis Report Community Health Systems, Inc. (CYH) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research
Investor releaseQuarter not tagged2026-07-30Acadia Healthcare (ACHC) Edges Up Guidance After Mixed Q2 2026 Results – What’s the Real Signal?
Simply Wall St.
Acadia Healthcare (ACHC) Edges Up Guidance After Mixed Q2 2026 Results – What’s the Real Signal?
In the past week, Acadia Healthcare Company, Inc. reported second-quarter 2026 results showing US$865.84 million in sales and a decline in net income to US$10.93 million, while also slightly lifting full-year 2026 revenue guidance to a range of US$3.40 billion to US$3.45 billion. Despite flat year-on-year quarterly revenue and higher liability reserves, the company beat consensus earnings forecasts, generated strong free cash flow, and raised its full-year adjusted EPS outlook, supported by new facility openings and disciplined financial management. We’ll now examine how Acadia’s upgraded full-year revenue and earnings guidance influences its existing investment narrative and risk profile. Rare earth metals are an input to most high-tech devices, military and defence systems and electric vehicles. The global race is on to secure supply of these critical minerals. Beat the pack to uncover the 29 best rare earth metal stocks of the very few that mine this essential strategic resource. To own Acadia, you need to believe that long term demand for behavioral health services and new facility growth can ultimately outweigh current profitability and reimbursement pressures. The latest quarter supports that narrative only modestly: revenue was flat and net income fell, but stronger free cash flow, reduced debt, and slightly higher 2026 guidance suggest the near term catalyst remains execution on new beds, while the biggest risk continues to be pressure from Medicaid reimbursement and liability and legal costs. The most relevant update here is Acadia’s decision to raise 2026 revenue guidance to US$3.40 billion to US$3.45 billion after reporting Q2 sales of US$865.84 million. That move, alongside a higher full year adjusted EPS outlook, ties directly into the key catalyst that many investors are watching: whether newly opened facilities and bed additions can contribute enough to offset Medicaid headwinds, start up losses, and underperforming locations without eroding margins. Yet beneath the higher guidance, investors should still be aware of rising liability reserves and ongoing legal and regulatory risks that could... Read the full narrative on Acadia Healthcare Company (it's free!) Acadia Healthcare Company's narrative projects $3.9 billion revenue and $189.9 million earnings by 2029. This requires 4.9% yearly revenue growth and an earnings increase of about $1.3 bi…Read full documentShow less
In the past week, Acadia Healthcare Company, Inc. reported second-quarter 2026 results showing US$865.84 million in sales and a decline in net income to US$10.93 million, while also slightly lifting full-year 2026 revenue guidance to a range of US$3.40 billion to US$3.45 billion. Despite flat year-on-year quarterly revenue and higher liability reserves, the company beat consensus earnings forecasts, generated strong free cash flow, and raised its full-year adjusted EPS outlook, supported by new facility openings and disciplined financial management. We’ll now examine how Acadia’s upgraded full-year revenue and earnings guidance influences its existing investment narrative and risk profile. Rare earth metals are an input to most high-tech devices, military and defence systems and electric vehicles. The global race is on to secure supply of these critical minerals. Beat the pack to uncover the 29 best rare earth metal stocks of the very few that mine this essential strategic resource. To own Acadia, you need to believe that long term demand for behavioral health services and new facility growth can ultimately outweigh current profitability and reimbursement pressures. The latest quarter supports that narrative only modestly: revenue was flat and net income fell, but stronger free cash flow, reduced debt, and slightly higher 2026 guidance suggest the near term catalyst remains execution on new beds, while the biggest risk continues to be pressure from Medicaid reimbursement and liability and legal costs. The most relevant update here is Acadia’s decision to raise 2026 revenue guidance to US$3.40 billion to US$3.45 billion after reporting Q2 sales of US$865.84 million. That move, alongside a higher full year adjusted EPS outlook, ties directly into the key catalyst that many investors are watching: whether newly opened facilities and bed additions can contribute enough to offset Medicaid headwinds, start up losses, and underperforming locations without eroding margins. Yet beneath the higher guidance, investors should still be aware of rising liability reserves and ongoing legal and regulatory risks that could... Read the full narrative on Acadia Healthcare Company (it's free!) Acadia Healthcare Company's narrative projects $3.9 billion revenue and $189.9 million earnings by 2029. This requires 4.9% yearly revenue growth and an earnings increase of about $1.3 billion from -$1.1 billion today. Uncover how Acadia Healthcare Company's forecasts yield a $32.21 fair value, a 18% upside to its current price. Some of the most optimistic analysts were already assuming revenues near US$4.0 billion and earnings above US$260 million by 2029, which is a much rosier view than the baseline narrative. This new quarter and guidance raise may either support that faster ramp thesis or force a rethink on risks like start up losses and Medicaid pressure, so it is worth comparing these different expectations before deciding which story you find more convincing. Explore 4 other fair value estimates on Acadia Healthcare Company - why the stock might be worth over 3x more than the current price! Don't just follow the ticker - dig into the data and build a conviction that's truly your own. A great starting point for your Acadia Healthcare Company research is our analysis highlighting 3 key rewards and 1 important warning sign that could impact your investment decision. Our free Acadia Healthcare Company research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate Acadia Healthcare Company's overall financial health at a glance. Our top stock finds are flying under the radar-for now. Get in early: Find 49 companies with promising cash flow potential yet trading below their fair value. Uncover the next big thing with 20 elite penny stocks that balance risk and reward. Invest in the nuclear renaissance through our list of 90 elite nuclear energy infrastructure plays powering the global AI revolution. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include ACHC. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]
Investor releaseQuarter not tagged2026-07-29Acadia Healthcare Q2 Earnings Beat Estimates on Higher Admissions
Zacks
Acadia Healthcare Q2 Earnings Beat Estimates on Higher Admissions
Acadia Healthcare Company, Inc. ACHC reported adjusted second-quarter earnings of 38 cents per share, which beat the Zacks Consensus Estimate by 15.2%. However, the bottom line declined 54% year over year. Total revenues declined 0.4% year over year to $865.8 million. The top line surpassed the Zacks Consensus Estimate by 2.5%. The better-than-expected quarterly results reflected strong patient demand, as admissions increased and same-facility patient days improved. Residential Treatment Facilities also delivered double-digit revenue growth. However, lower revenue per patient day, a shorter average length of stay and higher operating expenses weighed on profitability. Acadia Healthcare Company, Inc. price-consensus-eps-surprise-chart | Acadia Healthcare Company, Inc. Quote Acute Inpatient Psychiatric Facilities revenues totaled $494.6 million, which remained flat year over year but beat the Zacks Consensus Estimate by 4.3%. Specialty Treatment Facilities' revenues declined 8.4% year over year to $133.5 million. Comprehensive Treatment Facilities revenues amounted to $141.2 million, flat year over year. Residential Treatment Facilities revenues increased 11.6% to $96.5 million. Same-facility revenues of $856.4 million edged down 0.1% year over year but beat the Zacks Consensus Estimate by 3.6%. Patient days increased 0.8%, while revenue per patient day declined 0.8%. Admissions grew 6.4% year over year. The average length of stay decreased 5.3% year over year and missed the consensus estimate by 3.2%. Overall facility patient days remained flat year over year, while admissions increased 6.3%. Revenue per patient day declined 0.4% year over year, and the average length of stay decreased 5.9%. Total operating expenses increased 7.3% year over year to $727.6 million, primarily due to higher salaries, wages and benefits, professional fees, supplies and other operating expenses. Total adjusted EBITDA declined 26% year over year to $149.2 million. During the quarter, the company added 240 licensed beds from newly constructed facilities. Acadia Healthcare exited the second quarter with cash and cash equivalents of $171.3 million, which increased from the 2025-end level of $133.2 million. It had remaining borrowing capacity of $669.8 million under its $1 billion revolving credit facility at the end of the second quarter. Total assets of $5.5 billion increased 0.3% fr…Read full documentShow less
Acadia Healthcare Company, Inc. ACHC reported adjusted second-quarter earnings of 38 cents per share, which beat the Zacks Consensus Estimate by 15.2%. However, the bottom line declined 54% year over year. Total revenues declined 0.4% year over year to $865.8 million. The top line surpassed the Zacks Consensus Estimate by 2.5%. The better-than-expected quarterly results reflected strong patient demand, as admissions increased and same-facility patient days improved. Residential Treatment Facilities also delivered double-digit revenue growth. However, lower revenue per patient day, a shorter average length of stay and higher operating expenses weighed on profitability. Acadia Healthcare Company, Inc. price-consensus-eps-surprise-chart | Acadia Healthcare Company, Inc. Quote Acute Inpatient Psychiatric Facilities revenues totaled $494.6 million, which remained flat year over year but beat the Zacks Consensus Estimate by 4.3%. Specialty Treatment Facilities' revenues declined 8.4% year over year to $133.5 million. Comprehensive Treatment Facilities revenues amounted to $141.2 million, flat year over year. Residential Treatment Facilities revenues increased 11.6% to $96.5 million. Same-facility revenues of $856.4 million edged down 0.1% year over year but beat the Zacks Consensus Estimate by 3.6%. Patient days increased 0.8%, while revenue per patient day declined 0.8%. Admissions grew 6.4% year over year. The average length of stay decreased 5.3% year over year and missed the consensus estimate by 3.2%. Overall facility patient days remained flat year over year, while admissions increased 6.3%. Revenue per patient day declined 0.4% year over year, and the average length of stay decreased 5.9%. Total operating expenses increased 7.3% year over year to $727.6 million, primarily due to higher salaries, wages and benefits, professional fees, supplies and other operating expenses. Total adjusted EBITDA declined 26% year over year to $149.2 million. During the quarter, the company added 240 licensed beds from newly constructed facilities. Acadia Healthcare exited the second quarter with cash and cash equivalents of $171.3 million, which increased from the 2025-end level of $133.2 million. It had remaining borrowing capacity of $669.8 million under its $1 billion revolving credit facility at the end of the second quarter. Total assets of $5.5 billion increased 0.3% from the 2025-end figure. Long-term debt amounted to $2.4 billion, which declined from $2.5 billion as of Dec. 31, 2025. The current portion of long-term debt was $32.5 million. Total equity of $2 billion increased from the 2025-end level of $1.9 billion. Net cash provided by operating activities totaled $223.6 million in the first six months of 2026 compared with $145.0 million in the prior-year period. The company did not buy back shares in the second quarter of 2026. Acadia Healthcare updated its 2026 guidance. The company now expects revenues to be in the range of $3.40-$3.45 billion compared with the previous guidance of $3.37-$3.45 billion. Adjusted EBITDA is now projected to be in the band of $590-$615 million compared with the previous outlook of $580-$615 million. Adjusted EPS is now expected to be $1.45-$1.60 compared with the earlier guidance of $1.35-$1.60. Management also raised its operating cash flow forecast to $350-$400 million from $285-$325 million. Capital expenditures are now expected to be $235-$255 million, down from the prior guidance of $255-$280 million. Management previously guided for the addition of 400-600 licensed beds in 2026. Acadia Healthcare currently has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. Here are some stocks from the broader Medical space that have also reported their quarterly results: Tenet Healthcare Corporation THC, UnitedHealth Group Incorporated UNH and Universal Health Services, Inc. UHS. Here's how they have performed: Tenet Healthcare reported second-quarter 2026 adjusted earnings per share of $6.12, which surpassed the Zacks Consensus Estimate by 50%. The bottom line increased 52.2% year over year. THC’s net operating revenues advanced 6.8% year over year to $5.63 billion. The top line surpassed the consensus mark by 4.4%. The quarterly results were driven by strong same-facility revenue growth, higher patient acuity, disciplined expense management and higher Medicaid supplemental revenues. However, the gains were partly offset by an unfavorable payer mix due to lower exchange admissions. UnitedHealth Group reported second-quarter 2026 adjusted earnings per share of $6.38, which beat the Zacks Consensus Estimate of $4.94. The bottom line rose 56.4% year over year. Revenues rose 0.4% year over year to $112 billion. The top line beat the consensus mark by 1.7%. UNH’s strong quarterly results were aided by growth in commercial fee-based membership and the strength in Optum Insight. Medical cost management, pricing discipline and benefit design changes also contributed to the upside. However, weaker performance at Optum Health and Optum Rx, along with declining risk-based membership, partially offset these gains. Universal Health Services reported second-quarter 2026 adjusted earnings per share of $5.98, which beat the Zacks Consensus Estimate by 5.7%. The bottom line rose 10.1% year over year. Net revenues of $4.6 billion improved 8.3% year over year. The top line beat the consensus mark by 2.6%. UHS’ strong quarterly results were driven by healthy revenue growth across both the Acute Care and Behavioral Health segments. Higher adjusted admissions, increased patient days and improved unit revenues on a same-facility basis supported performance in both businesses. However, the upside was partly offset by elevated operating costs. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Acadia Healthcare Company, Inc. (ACHC) : Free Stock Analysis Report UnitedHealth Group Incorporated (UNH) : Free Stock Analysis Report Universal Health Services, Inc. (UHS) : Free Stock Analysis Report Tenet Healthcare Corporation (THC) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research
Investor releaseQuarter not tagged2026-07-29Acadia Healthcare Q2 Earnings Call Highlights
MarketBeat
Acadia Healthcare Q2 Earnings Call Highlights
Interested in Acadia Healthcare Company, Inc.? Here are five stocks we like better. Second-quarter revenue was $866 million, flat year over year, while adjusted EBITDA reached $149.2 million. Excluding the impact of supplemental payment programs, revenue grew 2.8% and same-facility revenue increased 3.2%. Acadia continued expanding its network, adding more than 300 beds in the first half and remaining on track to add 500–600 beds in 2026. Recently opened facilities are ramping ahead of expectations, while start-up losses and corporate overhead remained under control. The company generated $124 million in free cash flow and repaid $113 million of debt, ending the quarter with net leverage of about 4.1 times adjusted EBITDA. Acadia updated its 2026 outlook to revenue of $3.4–$3.45 billion and adjusted EBITDA of $590–$615 million. Neurogene Stock Plummets 44%: Is All Hope Lost for This Biotech?" Acadia Healthcare (NASDAQ:ACHC) reported second-quarter 2026 results that management said were in line with expectations, supported by progress at recently opened facilities, disciplined spending and strong free cash flow generation. Revenue totaled $866 million, unchanged from the prior-year quarter. The comparison was affected by supplemental payment programs: second-quarter 2025 included $48.7 million from Tennessee payments related to prior periods, while the latest quarter included $22.3 million from Florida payments related to the 2025 program year. Excluding those items, revenue would have increased 2.8% year over year, according to Interim Chief Financial Officer David Duckworth. → This Tiny AI Supplier Could Be More Important Than the Chipmakers Adjusted EBITDA was $149.2 million. The result included a $26.1 million benefit from Florida supplemental payments, offset by a $28.6 million actuarial adjustment increasing professional and general liability reserves for prior-year cases. Together, those items reduced adjusted EBITDA by $2.5 million relative to the company’s April guidance, Duckworth said. Same-facility revenue was flat year over year, as a 0.8% increase in patient days was offset by a 0.8% decline in revenue per patient day. After adjusting for the Florida and Tennessee supplemental payments related to prior periods, same-facility revenue growth would have been 3.2%. → Refiner Stocks Are Near Record Highs—Can Iran-Driven Margins Keep Them There? Duckw…Read full documentShow less
Interested in Acadia Healthcare Company, Inc.? Here are five stocks we like better. Second-quarter revenue was $866 million, flat year over year, while adjusted EBITDA reached $149.2 million. Excluding the impact of supplemental payment programs, revenue grew 2.8% and same-facility revenue increased 3.2%. Acadia continued expanding its network, adding more than 300 beds in the first half and remaining on track to add 500–600 beds in 2026. Recently opened facilities are ramping ahead of expectations, while start-up losses and corporate overhead remained under control. The company generated $124 million in free cash flow and repaid $113 million of debt, ending the quarter with net leverage of about 4.1 times adjusted EBITDA. Acadia updated its 2026 outlook to revenue of $3.4–$3.45 billion and adjusted EBITDA of $590–$615 million. Neurogene Stock Plummets 44%: Is All Hope Lost for This Biotech?" Acadia Healthcare (NASDAQ:ACHC) reported second-quarter 2026 results that management said were in line with expectations, supported by progress at recently opened facilities, disciplined spending and strong free cash flow generation. Revenue totaled $866 million, unchanged from the prior-year quarter. The comparison was affected by supplemental payment programs: second-quarter 2025 included $48.7 million from Tennessee payments related to prior periods, while the latest quarter included $22.3 million from Florida payments related to the 2025 program year. Excluding those items, revenue would have increased 2.8% year over year, according to Interim Chief Financial Officer David Duckworth. → This Tiny AI Supplier Could Be More Important Than the Chipmakers Adjusted EBITDA was $149.2 million. The result included a $26.1 million benefit from Florida supplemental payments, offset by a $28.6 million actuarial adjustment increasing professional and general liability reserves for prior-year cases. Together, those items reduced adjusted EBITDA by $2.5 million relative to the company’s April guidance, Duckworth said. Same-facility revenue was flat year over year, as a 0.8% increase in patient days was offset by a 0.8% decline in revenue per patient day. After adjusting for the Florida and Tennessee supplemental payments related to prior periods, same-facility revenue growth would have been 3.2%. → Refiner Stocks Are Near Record Highs—Can Iran-Driven Margins Keep Them There? Duckworth said changes to New York’s Medicaid program affected Acadia’s Pennsylvania facilities and reduced same-facility revenue growth by about 1 percentage point. The company said it has been working to expand referral sources in Pennsylvania and other states. Acute care: Revenue was $495 million, flat year over year but up 6% after normalizing for supplemental payments. Management cited strong volumes and admissions at existing acute facilities as well as newer joint-venture and de novo locations. Specialty care: Revenue was $134 million, up 4% sequentially from the first quarter. The business experienced the full-quarter impact of the New York Medicaid decision. Residential treatment centers: Revenue rose 12% year over year to $97 million, driven by volume growth and higher revenue per day. Comprehensive treatment centers: Revenue was $141 million, flat year over year. Acadia opened two CTC clinics during the quarter and said it continues to see demand for opioid-treatment services, although the segment performed slightly below its expectations. Chief Executive Officer Debbie Osteen said Acadia’s facilities opened between 2023 and 2026 generated revenue and facility-level EBITDA ahead of management’s expectations during the quarter. The company continues to target $200 million of incremental adjusted EBITDA from that group of facilities relative to 2025. → Innovative ETF Strategies That Are Paying Off This Summer Osteen pointed to Coachella Valley, a 2024 de novo facility, as an example of the ramp-up progress. The facility is above 90% occupancy, she said, and Acadia is evaluating additional bed capacity there. Acadia opened two acute facilities during the quarter: a 144-bed joint-venture facility with Orlando Health in Florida and a 96-bed joint-venture facility with Methodist Jennie Edmundson in Iowa. The company added more than 300 beds in the first half and remains on track to add 500 to 600 beds in 2026, including a planned de novo acute-facility opening near Jacksonville, Florida, in the third quarter. Management said it has shortened timelines for licensing, accreditation and payer contracting at new facilities. Osteen also cited closer communication with joint-venture partners and greater expense discipline as factors helping new sites ramp more quickly. Start-up facility losses were $12 million in the second quarter, better than management expected, although Duckworth said losses could rise to roughly $12 million to $14 million in the third quarter because of recent and planned openings. He said the company expects the amount to decline below $12 million in the fourth quarter as facilities mature. Duckworth said the labor market remained stable, with wage-cost growth running around 3% overall, though results vary by role and geography. Acadia also reported that corporate overhead declined by about $3 million from the first quarter and was flat year over year. Operating cash flow was $162 million in the second quarter, while capital expenditures were $39 million, resulting in free cash flow of $124 million. Acadia repaid $113 million of debt and ended the quarter with $171 million in cash and cash equivalents. Its net leverage ratio was approximately 4.1 times adjusted EBITDA as of June 30. The company revised its full-year capital-expenditure forecast to $235 million to $255 million, including $120 million to $140 million expected in the second half. Duckworth said the revision reflects the timing of projects and a more disciplined approach to capital deployment. Acadia expects positive free cash flow in the second half. For 2026, Acadia updated its outlook to: Revenue of $3.4 billion to $3.45 billion; Adjusted EBITDA of $590 million to $615 million; Adjusted earnings per share of $1.45 to $1.60; and Operating cash flow of $350 million to $400 million. The guidance does not fully include potential expansion of supplemental payment programs. Duckworth said Florida and Ohio programs under regulatory review for the 2026 program year could add more than $20 million in incremental EBITDA, while the company included a $5 million historical baseline amount for Florida in its third-quarter expectations. On liability reserves, Duckworth said the $28.6 million second-quarter adjustment was primarily tied to prior-year cases from the 2025 policy year moving toward settlement. He said reserves for the current year remain consistent with prior expectations of $100 million to $110 million, while the inclusion of the prior-year adjustment puts the total annual amount in a range of roughly $130 million to $135 million. Acadia Healthcare Company, Inc (NASDAQ: ACHC) is a publicly traded provider of behavioral healthcare services headquartered in Franklin, Tennessee. Founded in 2005, the company has grown through organic expansion and strategic acquisitions to establish itself as a leading specialist in mental health and addiction treatment across the United States. Acadia operates a diversified network of inpatient psychiatric hospitals, residential treatment centers, outpatient clinics and intensive outpatient programs. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Acadia Healthcare Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for July 2026.
Investor releaseQuarter not tagged2026-07-29Acadia Healthcare Co Inc (ACHC) Q2 2026 Earnings Call Highlights: Strong Financial Management ...
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Acadia Healthcare Co Inc (ACHC) Q2 2026 Earnings Call Highlights: Strong Financial Management ...
This article first appeared on GuruFocus. Release Date: July 29, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Acadia Healthcare Co Inc (NASDAQ:ACHC) delivered revenue above the high end of their guidance range, with adjusted EBITDA and adjusted EPS near the high end as well. The company generated $124 million of free cash flow and reduced debt by $113 million, indicating strong financial management. Two new acute facilities were opened on schedule, expanding their capacity and service reach. The RTC business showed strong revenue growth driven by volume growth and capacity expansions. Acadia Healthcare Co Inc (NASDAQ:ACHC) has maintained strong referral partnerships and improved operational discipline, contributing to better-than-expected facility performance. Total revenue was flat compared to the prior year, indicating challenges in achieving growth. The company faced a $2.5 million reduction in adjusted EBITDA due to an increase in professional and general liability reserves. Revenue in the CTC service line was flat year-over-year, suggesting challenges in this segment. There was a negative impact on revenue growth due to changes in the New York Medicaid program affecting Pennsylvania facilities. The company had to make a $28.6 million actuarial adjustment to increase liability reserves, reflecting ongoing legal and settlement challenges. Warning! GuruFocus has detected 6 Warning Signs with ACHC. Is ACHC fairly valued? Test your thesis with our free DCF calculator. Q: Debbie, can you share any measures or qualitative comments on the progress of the $200 million ramp in the beds opened from 2023 through 2026? A: Debbie Osteen, CEO: We have confidence in delivering the $200 million of incremental adjusted EBITDA. We've made progress in revenue volume and facility-level EBITDA, which were ahead of expectations. For example, Coachella Valley, a 2024 de novo facility, is now above 90% occupancy, and we're planning additional beds to meet market demand. Q: David, you raised the EBITDA guidance, but the free cash flow guidance is notable. What is driving that delta, and how did you manage to lower the CapEx spend target? A: David Duckworth, Interim CFO: The strong free cash flow performance is due to core business performance, new facilities, and positive trends in working capital. AR days declined, co…Read full documentShow less
This article first appeared on GuruFocus. Release Date: July 29, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Acadia Healthcare Co Inc (NASDAQ:ACHC) delivered revenue above the high end of their guidance range, with adjusted EBITDA and adjusted EPS near the high end as well. The company generated $124 million of free cash flow and reduced debt by $113 million, indicating strong financial management. Two new acute facilities were opened on schedule, expanding their capacity and service reach. The RTC business showed strong revenue growth driven by volume growth and capacity expansions. Acadia Healthcare Co Inc (NASDAQ:ACHC) has maintained strong referral partnerships and improved operational discipline, contributing to better-than-expected facility performance. Total revenue was flat compared to the prior year, indicating challenges in achieving growth. The company faced a $2.5 million reduction in adjusted EBITDA due to an increase in professional and general liability reserves. Revenue in the CTC service line was flat year-over-year, suggesting challenges in this segment. There was a negative impact on revenue growth due to changes in the New York Medicaid program affecting Pennsylvania facilities. The company had to make a $28.6 million actuarial adjustment to increase liability reserves, reflecting ongoing legal and settlement challenges. Warning! GuruFocus has detected 6 Warning Signs with ACHC. Is ACHC fairly valued? Test your thesis with our free DCF calculator. Q: Debbie, can you share any measures or qualitative comments on the progress of the $200 million ramp in the beds opened from 2023 through 2026? A: Debbie Osteen, CEO: We have confidence in delivering the $200 million of incremental adjusted EBITDA. We've made progress in revenue volume and facility-level EBITDA, which were ahead of expectations. For example, Coachella Valley, a 2024 de novo facility, is now above 90% occupancy, and we're planning additional beds to meet market demand. Q: David, you raised the EBITDA guidance, but the free cash flow guidance is notable. What is driving that delta, and how did you manage to lower the CapEx spend target? A: David Duckworth, Interim CFO: The strong free cash flow performance is due to core business performance, new facilities, and positive trends in working capital. AR days declined, contributing to operating cash flows. We reviewed our capital projects, leading to a revised CapEx forecast, reflecting a disciplined approach to capital deployment. Q: Debbie, since you returned, where have you made progress, and where are there still opportunities, particularly regarding managed care contracting and litigation? A: Debbie Osteen, CEO: We've focused on building a strong operations team, improving relationships with referral sources, and problem-solving. We've developed dashboards to monitor progress and manage expenses, ensuring staffing matches patient needs. This momentum is expected to continue into the second half of the year. Q: What are you seeing in the labor market, particularly regarding wage rates and turnover? A: David Duckworth, Interim CFO: We see a stable and positive labor environment with strong recruiting and retention. Wage growth is around 3%, depending on role and market. Our JV partnerships help us bring experienced staff to new facilities, which is advantageous. Q: Can you update us on the trends in bad debt and payer denials? A: David Duckworth, Interim CFO: We've seen stability in bad debts and denials, with a year-over-year improvement from a $9 million headwind in Q1 to $7 million in Q2. Our revenue cycle initiatives focus on strengthening processes, leveraging technology, and improving documentation to drive further improvements. For the complete transcript of the earnings call, please refer to the full earnings call transcript.
TranscriptFY2026 Q22026-07-29FY2026 Q2 earnings call transcript
Earnings source - 84 paragraphs
FY2026 Q2 earnings call transcript
Good morning, and welcome to the Acadia Healthcare Second Quarter 2026 Earnings Conference Call. All participants will be in listen only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's remarks, there will be an opportunity to ask questions. To ask a question, you may press star then one on your touchtone phone. To withdraw your question, please press star then two. Please note this event is being recorded. I would now like to turn the conference over to Jason Plagman. Please go ahead. We're having technical difficulties at this time. Just give us one moment. Sorry for the interruption, everybody. I would now like to announce the speakers into the call. You may now begin.
Thank you, and good morning. Yesterday, after the market closed, we issued a press release announcing our second quarter 2026 financial results. This press release can be found on the Investor Relations section of the acadiahealthcare.com website. Today, Debbie Osteen, Acadia's Chief Executive Officer, and David Duckworth, Interim Chief Financial Officer, will discuss the results. To the extent any non-GAAP financial measure is discussed in today's call, you will also find a reconciliation of that measure to the most directly comparable financial measure calculated according to GAAP in the press release that is posted on our website. This conference call may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements, among others, regarding Acadia's expected quarterly and annual financial performance for 2026 and beyond.
These statements may be affected by the important factors, among others, set forth in Acadia's filings with the Securities and Exchange Commission in the company's second quarter news release, consequently, actual operations and results may differ materially from the results discussed in the forward-looking statements. At this time, I would like to turn the conference call over to Debbie.
Good morning, and thank you for joining us. I'm pleased to be with you today to discuss Acadia's results for the second quarter of 2026. Overall, Acadia delivered solid results in the second quarter that were consistent with our expectations across our key financial and operating metrics, including revenue, adjusted EBITDA, adjusted EPS, and free cash flow. David and I will discuss our results in more detail. As always, Acadia is guided by our mission to provide compassionate care that improves lives, inspires hope, and elevates communities. Our capabilities allow us to stand as a leader in the behavioral healthcare industry through the important work we do. Since I returned as CEO six months ago, we have refocused on our key priorities in order to create lasting value for our patients and communities, our partners, our employees, and our investors. We are building on our strong foundation with operational discipline.
As I discussed last quarter, our primary focus in 2026 continues to be on operational execution and serving patients through our existing facilities and our new locations. I'm pleased to say that we have made significant advances on these priorities in the first half of the year, and we are confident in our ability to deliver further progress in the coming quarters. Looking at our second quarter results, a few notable highlights include the following. We delivered revenue that was above the high end of our guidance range, as well as adjusted EBITDA and adjusted EPS that were near the high end of our guidance. We generated $124 million of free cash flow and reduced our debt by $113 million. We are taking a disciplined approach to capital deployment, including CapEx, and we expect to generate additional free cash flow in the second half of the year.
During the quarter, we opened two new acute facilities on schedule: a 144-bed JV facility with Orlando Health in Florida and a 96-bed JV facility with Methodist Jennie Edmundson in Iowa. For the second quarter, our total revenue was flat compared with the prior year period. After normalizing for the impact of the timing of supplemental payments related to prior periods in Florida and Tennessee, our total revenue growth would have been 2.8% on a year-over-year basis and 3.2% on same-facility revenue growth. In our acute business, we saw continued progress in ramping occupancy and revenue at our new facilities that have opened over the last few years, and our growth in same-facility volumes was consistent with our expectations. Our specialty business delivered solid performance in the second quarter, including a $5 million sequential increase in revenue.
The team also made progress in mitigating some of the impact on our Pennsylvania facilities related to changes in the New York Medicaid program that we've discussed in prior quarters. Our RTC business delivered strong revenue growth in the second quarter, driven by volume growth and capacity expansions that were completed last year. In our CTC service line, revenue was flat on a year-over-year basis. Our CTC clinics provide important services that are highly valued by patients, families, and payers, and we opened two new CTC clinics during the second quarter. Our adjusted EBITDA for the second quarter was $149.2 million. Adjusted EBITDA includes two items that were not included in our guidance. A benefit related to the Florida Supplemental Payment Program, and an expense related to an increase in our professional and general liability reserves for prior years.
The combined impact of these two items was a $2.5 million reduction to adjusted EBITDA in the second quarter. David will provide additional details. Switching to our key operational priorities, we continue to focus on delivering more value from our increased bed capacity and the new facilities that we've opened over the last few years. During the second quarter, we made further progress with that group, including revenue and facility-level EBITDA results for those 2023 to 2026 cohorts that were ahead of our expectations. I am pleased with the progress we've made in these facilities, and I want to highlight a few contributing factors that have enabled this success. First, our team has been operating with a heightened sense of urgency and focus, which has allowed us to accelerate timelines across multiple critically important milestones for new facilities, including licensing, accreditation, and payer contracting.
Second, we've been emphasizing expense discipline alongside the occupancy ramp through a focus on execution, ensuring our facilities have the resources necessary to support patient care and operational needs. Third, we're maintaining strong referral partnerships in the markets we serve. We've increased our focus on consistent communication with our JV partners to better align around shared growth objectives, patient access, and ensuring that patients are receiving the right care at the right level and in the right setting. The organization is now operating with a clear set of priorities and has the right resources in place, the combination of ramping volumes and disciplined expense control has allowed us to outperform our startup targets for two quarters in a row. An increasing number of our new facilities are beginning to contribute positive adjusted EBITDA.
We remain confident in this group delivering on the $200 million of incremental adjusted EBITDA relative to 2025 that we've discussed previously. We also continue to strengthen our leadership team at both the corporate level and at our facilities. As we focus on having the right leaders in place to support our facilities, we are seeing increasing benefits from our decision to refine the structure of our acute service line. We are confident that we will continue to see clinical excellence and consistent value over the coming quarters. We are also advancing in our initiatives to deliver quality care for the patients that we serve. For example, we are expanding our measurement-based care initiative to additional acute facilities, as well as to our specialty and CTC service lines. We are leveraging evidence-based practices to guide clinical decision-making and improve treatment outcomes.
It allows clinicians to use real-time data to identify changes in symptoms, adjust treatment plans, and help patients remain engaged in their own care. As I previewed earlier, we are also pleased to share that we successfully opened two new acute facilities in June in partnership with Premier Health Systems. In total, we've added over 300 beds in the first half of the year, and we remain on track to add 500-600 beds in 2026, including our planned opening in the third quarter of a de novo acute facility near Jacksonville, Florida. As we look ahead, we see that demand for our services remains strong, and we are well-positioned with added capacity to meet this demand. Above all, we remain committed to our mission and to providing clinical excellence for patients and the communities we serve.
With that, I will turn it over to David to review the financial details.
Thanks, Debbie, and good morning, everyone. I am glad to be back at Acadia Healthcare and collaborating with the team as we execute on our mission and build upon our leadership position in the behavioral healthcare industry. Looking at our second quarter results, we reported revenue of $866 million, which was flat compared to the second quarter of last year. As previously discussed, the second quarter of 2025 included $48.7 million of revenue from the Tennessee Supplemental Payment Program that related to prior periods. Our second quarter results this year include $22.3 million of revenue from the Florida Supplemental Payment Program related to the 2025 program year. After normalizing for these two items, our total revenue growth would have been 2.8%. Same-facility revenue in the second quarter was flat on a year-over-year basis, with a 0.8% increase in patient days offset by a 0.8% decrease in revenue per patient day.
After normalizing for the impact of the Florida and Tennessee supplemental payments related to prior periods, our same-facility revenue growth would have been 3.2%. Our same-facility revenue growth rate was further impacted by approximately 1% from the changes in the New York Medicaid program on our Pennsylvania facilities. Revenue in our acute business was $495 million in the second quarter, which was flat on a year-over-year basis, but reflects 6% growth after normalizing for the supplemental payments related to prior periods. We delivered strong volume and admissions growth in the second quarter from both existing acute facilities and our new JV and de novo facilities. Specialty revenue in the second quarter was $134 million and increased 4% sequentially as compared with the first quarter.
The second quarter included a full quarter of impact on our specialty business from the New York Medicaid decision that was implemented at the beginning of the year. Our team continues to work to build upon and expand our referral sources within Pennsylvania and in additional states. In our RTC service line, revenue in the second quarter was $97 million and increased 12% year-over-year, driven by solid volume growth as well as growth in revenue per day. In our CTC business, second quarter revenue was $141 million. Demand for CTC services remains steady, and our team is focused on meeting the needs of current and potential patients. Moving down the income statement, adjusted EBITDA for the second quarter was $149.2 million.
Adjusted EBITDA includes two significant items that were not included in our guidance, a $26.1 million benefit from Florida Supplemental Payments related to the 2025 program year, which is offset by a $28.6 million actuarial adjustment to increase the company's professional and general liability, or PLGL, reserves. The total impact of these two items was a negative $2.5 million impact on second quarter adjusted EBITDA relative to our guidance provided in April. With respect to the PLGL adjustment, we made a proactive decision going into 2026 to conduct mid-year actuarial reviews in addition to our traditional fourth quarter review. This quarter's PLGL adjustment is primarily driven by our progress in moving towards settlement related to certain prior year cases from the 2025 policy year.
While reserves for the current year are trending in line with our expectations, the resolution of these prior year matters was incorporated into the mid-year actuarial reserve estimates and were the primary driver of the adjustment. On a same-facility basis, adjusted EBITDA was $200.9 million in the second quarter. Our focus on operational discipline helped drive strong cost efficiencies at both the corporate level and at our facilities in the second quarter. Our corporate overhead cost declined by approximately $3 million compared with the first quarter, and were flat on a year-over-year basis. Outside of the same-facility group, our losses from start-up facilities were $12 million in the second quarter, which was better than our expectation. Start-up losses in the second quarter included a ramp-up in pre-opening expenses as we prepared for the two new facility openings that Debbie mentioned.
For closed facilities, we had $1 million in operating losses during the second quarter. Moving to the balance sheet, we remain in a solid financial position. As of June 30, 2026, we had $171 million in cash and cash equivalents. Operating cash flow in the second quarter was $162 million, and capital expenditures were $39 million, resulting in free cash flow of $124 million. We repaid $113 million on our debt during the second quarter, and our net leverage ratio at the end of the quarter stood at approximately 4.1x adjusted EBITDA. From a revenue cycle perspective, our bad debt and denials in the second quarter were stable, and our Days Sales Outstanding, or DSOs, declined compared to the first quarter.
With respect to capital expenditures, following a review of our ongoing and planned capital projects, we have revised our full year forecast for CapEx to a range of $235 million-$255 million, which includes a range of $120 million-$140 million for the second half of the year. This updated expectation reflects our focus on free cash flow and our disciplined approach to capital deployment, as well as the timing of our capital projects. We expect positive free cash flow in the second half of 2026.
Turning to our guidance, we are updating our guidance ranges based on progress made this year. Our updated full year guidance now reflects revenue in a range of $3.4 billion-$3.45 billion, adjusted EBITDA in a range of $590 million-$615 million, adjusted EPS in a range of $1.45-$1.60, and operating cash flow in a range of $350 million-$400 million. Our team continues to monitor supplemental payment programs that we believe could be approved in 2026. We have not fully reflected expanded programs in our guidance at this time, beyond a $5 million historical baseline amount for Florida that is included in our Q3 expectations. We estimate that programs in Florida and Ohio currently under regulatory review for the 2026 program year could add more than $20 million in incremental EBITDA. I will now turn the call back over to Debbie.
We've made significant progress on our key priorities in the first half of the year. We expect to deliver consistent operational performance in the coming quarters. Acadia is fortunate to have an experienced and dedicated team who work every day to improve the lives of the patients we serve. We have an important mission to provide safe, quality care. We share a clear purpose, meeting a critical need and making a difference in the communities we serve. With that, we will now turn it over to the operator for questions.
Thank you. We'll now begin the question and answer session. To ask a question, you may press star then one on your touch tone phone. If you're using a speakerphone, please pick up your handset before pressing the keys. In the interest of time, please limit yourself to one question and one follow-up. To withdraw your question, please press star then two. Our first question comes from Brian Tanquilut from Jefferies. Please go ahead.
You guys, congrats on a solid quarter. Debbie, maybe first as I think about your comments on the continuing confidence in the $200 million of ramp in the beds that were open from 2023 through 2026. Just thinking, are there any measures or qualitative comments you can share with us in terms of the progress that you're already seeing there other than the 2.5% or so growth rate that we saw in those, in that cohort? Just curious, anything you can share with us in terms of achievability of that path and the progress you're making there? Thanks.
Thank you, Brian. I mean, we have confidence in delivering on the $200 million of the incremental adjusted EBITDA. It's been a significant focus for the team. I think we've made further progress during the second quarter with really revenue volume, facility level EBITDA. They were ahead of our expectations for each cohort. We expect to deliver additional progress and visibility over the second half of 2026. As the facilities continue to ramp, each step gives us more confidence and visibility to the $200 million that we feel very, very confident about. I'll give an example of the cohort, just one, which is Coachella Valley. We have made very, very good progress there, and it was one of our 2024 de novo facilities.
It's now above 90% occupancy, we're actually planning and looking at building additional beds, which we think we can do with the space that may already be there. We want to meet the demand in the market, that's one facility that I can point out, we have others that are now positive EBITDA. It's really a result of, you know, all of what the team has done to focus on, you know, new dashboards, strategic plans, to build occupancy, and really to be ready to meet the needs of our partners and the community.
I appreciate that. Maybe David, just really quickly, obviously you raised the EBITDA guidance, the free cash flow, the operating cash flow guidance is pretty notable. Just curious, what is driving that delta? What are the levers that you've pulled to get that CapEx spend target down? Thanks.
Yeah. Thank you, Brian. We were pleased with the free cash flow performance during the second quarter and expect that to continue into the back half of the year. It is attributable to strong performance in the core business and strong execution on many of our new facilities, in addition to just some EBITDA visibility and confidence in the full-year number that we have after being through the first part of the year, moving into the second half of the year. We're also seeing positive trends in our working capital and would highlight that AR days declined relative to where they were, not only in the first quarter, but the forecast that we had going into the year with respect to AR days.
We are pleased to be at 49 at the end of the second quarter, and that is a key contributor to not only our second quarter performance on operating cash flows, but our outlook in the back half of the year. There are a few other items that we would point to just related to other working capital management initiatives that we have as a company, in addition to cash interest and a few other items being lower than we had forecasted with our ability to pay down some debt during the quarter. Pleased with that performance. From a CapEx perspective, we also went through all of our projects in detail, our expansion and other projects in detail.
Some of the lower number during the second quarter does just reflect timing, and you can see in our second half outlook, there is some increase relative to where we were in the second quarter. We have a disciplined approach to not only managing our existing projects, but managing any additional expansion or maintenance projects moving forward, and are pleased to just see the free cash flow performance of the business, really across both earnings items, working capital, and just a more disciplined approach to capital expenditures.
Our next question comes from A.J. Rice from UBS. Please go ahead.
Hi, everybody. Debbie, when you came on six, seven months ago, the company over the last year or two had faced a number of challenges, some related to managed care contracting, some related to litigation. I think there was also some uncertainty around the pacing of development JVs and so forth, and how the returns on those would look. Maybe just if you could comment on where you've made progress, where there's still opportunities to be had, maybe in those areas or any other that you'd highlight.
Sure, A.J. We really have the back to basics. You mentioned some of the challenges that the company faced, I think just building a strong, experienced operations team has just made a big difference to our focus and our execution. As I think about what we've been able to accomplish in the first two quarters, we are seeing those facilities and the cohorts, which I talked about just one minute ago, ramp, actually exceeding our expectations on that. I think that we continue to have positive, strong relationships with our referral sources. We're now able to show them outcomes, which has been a very keen focus for not just the clinical team, but the operational team in the field to be able to demonstrate what we do.
We're focused on problem-solving, as things come up and we see something that is not going as we expected, the team is really doing a good job of saying: What can we do to change this? What actions do we need to take? We've developed additional dashboards that we can look at to monitor our progress, not just on the cohorts, the 2023 to 2026, but on our same facility metrics as well as looking at expense management. The team has done a great job there of just let's make sure we're matching our staffing to the needs of our patients. All of that has come together, and there's a real momentum that I think we have.
As we look for the second half of the year, I think we're going to continue to see the progress, I believe that as we start to execute as we're doing now, that that's going to be sustainable. I'm very encouraged, and I know the team. They work very well together, and they're also working very hard to make sure that we improve what we can control and that we are able to see the value of the investments that we've made.
Okay. Maybe just labor. I know in this segment, that's sometimes a gating factor on your ability to get growth and ability to get people at reasonable rates. What are you seeing in labor? What is the wage rates turnover? Any updated thoughts on that?
A.J., we are continuing to see a stable and positive labor environment and have seen for several quarters just a strong recruiting ability to recruit as well as just a retention of our existing employees. Importantly, as we bring on new facilities and new beds, we have had success bringing on new teams and are just very excited to bring on new leadership teams at our new facilities and build staff, and have been able to do that at our new facilities. At the same time, we mentioned operating discipline, just making sure across the company, corporate and at our facilities, we have the right discipline and focus on staffing just as we ramp up our census in certain facilities. The team's done a great job just managing and having the right resources for our facilities.
From a wage perspective, it has been trending in the 3% or so level. It does depend on just the role and the geographic market and other factors. Overall, for the company, we've seen a stable year-over-year wage cost growth.
A.J., I'll just add, with our JVs, one of the advantages of our partnership is many of them have had units in, actually, hospitals. As we open and we prepare for all of the processes that we go through, we very often can bring those staff to the new facility. That's been a real advantage of just having those partnerships.
Our next question comes from Matthew Gillmor from KeyBanc. Please go ahead. Hello, Matthew, is your line muted?
Hey, good morning. Can you hear me?
Yes.
Hey, thanks. I wanted to ask about bad debt and payer denials. I think the year-over-year impact for bad debt was $7 million, which is a little bit better than last quarter. Can you just update us on the trends you're seeing and some of the progress that Larry has made as he's come back to the team and tried to tackle this?
Yeah, we are encouraged to see some progress in our revenue cycle initiatives, which have been a focus in the first half of the year. The team's doing just a good job, just assisting where we do have isolated issues in certain markets and facilities, related to either bad debts, denials, AR, collection, et cetera. The team is doing a nice job just making progress there. We were encouraged in the second quarter to see stability in our bad debts and denials as we look at that sequentially versus Q1. We did see a stable number sequentially compared to the first quarter. On a year-over-year basis, you mentioned just the improvement on a year-over-year headwind basis from $9 million in the first quarter to a $7 million year-over-year headwind in the second quarter.
That improves as we go through the second half of the year because the second quarter or the second half of 2025 is where we saw a step-up in overall bad debts and denials. We continue to have just a three-pronged approach to improving revenue cycle performance. We mentioned the team, the revenue cycle leaders, the specialists that we have are doing a nice job just strengthening our processes, leveraging technology. Secondly, just the tools that we have to proactively intervene and assist with specific issues that we have at the payer and local level.
In select cases, the appeals and the process for appeals is important to just the way that we respond, the way we learn from one market and apply that to other markets, and documentation of the care we provide and how we can just control what we can control to drive improvement going forward. We've seen just good progress in the second half of the year with more opportunity as we look ahead into the second half of the year.
Okay. I was hoping to get an update on the de novo pipeline. I think you mentioned you had another opening scheduled for the third quarter. Can you just remind us what the pace is over the next few quarters and if you had any comments on the trajectory of the startup losses and cash flows, even as you look out to 2027? If you're able to comment on that'd be great.
We did mention we have one other de novo facility to bring online, and that's our facility near Jacksonville, Florida. Have confidence just having made so much progress in the first part of the year around new facilities and expansion projects at other facilities, have just high level of visibility at this point in the year as to the 500-600 beds that we're adding in total for the year. Beyond that de novo facility, we believe the opportunity that we have as a company is the capacity that we've added over the last several years. We do not have, at this point, another de novo or JV project that begins in the fourth quarter or in early 2027, just based on the current pipeline. Of course, we continue to look at attractive opportunities.
Some focus there just on existing facilities and not as much joint ventures and de novos, we do continue to look at those opportunities as well. The bed additions for the year is a strong number with high visibility and a lot of that having already happened, in the first part of the year or are getting close to happening in the third quarter. With respect to the startup losses, we have had two quarters in a row where our losses for the facilities opening in the last 12 months has been around $12 million. Those facilities are doing a great job in the early stages of opening and are ahead of our expectations.
We revised our full year expectation there slightly and would guide everyone towards a little bit of a step up in that $12 million as we think about the third quarter, just given two new facilities at the end of the second quarter, as well as one more facility opening in the third quarter. I think it could get a little bit larger, not significantly, but maybe in the $12 million-$14 million range, before we really have an opportunity, starting in the fourth quarter, to see that number come back down certainly below the $12 million as we think about what's possible for the fourth quarter based on progress that we've made so far with those new facilities.
I'll just add, as you look at the facilities that we have, and certainly we have our cohort group, but we also have same facility that we've had for some a number of years. When they become 75% or higher in occupancy, they really are at a point where they have to start turning away patients due to age and sex and male, female, the kind of program. We are looking at those facilities, and we believe that we have potential to add additional beds. That's really the best return on our capital. We have a focus on that. In fact, we had a meeting earlier this week to look at what's out there, where are facilities at, and how many of them can we start to really do our due diligence around whether bed additions are needed.
Our next question comes from Whit Mayo from Leerink Partners. Please go ahead.
To come back to the MedMal PLGL stuff for a minute. You knew a lot about the cases that you referenced. Has the frequency of claims changed, or the settlement per claim changed, or is this all just new information on the movement in current legal proceedings? Just to be clear, is this viewed as one time and not having an impact on forward reserves? Lastly, just how we get comfortable that there won't be additional actuarial reserves that you have to take. Thanks.
Whit, thanks for your question. We did plan just moving into 2026 to conduct a mid-year review in addition to our fourth quarter review that we've traditionally done. I'd point you back to last year's actuarial adjustment. It was somewhat broad. The company talked about frequency of claims. As we went through the update process with our actuary in the second quarter, we did see just for some of those 2025 claims that the company talked about last year that had a higher frequency, where we have seen the team be able to successfully move towards settlement, just in a real intentional and proactive way of managing through some of those cases. We saw an adjustment, $28.6 million, related specifically to some of those 2025 claims. Would attribute this year's adjustment to just the higher case severity.
Certainly something that we believe is consistent with the litigation environment, the industry trend that many others in healthcare are seeing. Was specifically related, from our perspective, to the 2025 cases that we highlighted. In terms of thinking about that as one time or making a prediction as to going forward, are we going to see this again, that is very difficult to predict. We do a tremendous job as a team, from my perspective, just on our risk management programs, controlling what we can control and focusing on safety, reducing events and negative outcomes. This involves technology, this involves people, processes at our facility.
There continues to be a tremendous focus on that, as well as our approach for defending and managing claims, which is customized for each case that we have that we are working to resolve in a strategic and an aggressive way to defend those cases that we do have for previous years. I will highlight for the current year, our recent actuarial report did not change the forecast that we had for 2026 from the previous year's actuarial report. We've talked with investors about seeing a PLGL step up over the last several years and having a range of expected costs for 2026 of $100 million-$110 million. Our mid-year review continues to have that expectation for the current year.
As we think about adding the prior year adjustment to that, the current year will now be trending in more of $130 million-$135 million range. Continue to see and be encouraged by the current year being in line with our expectations.
Okay, my follow-up just on Medicaid work requirements. A lot of this is very confusing to me. I don't understand the definition of a lot of stuff around the definition of treatment and disabling. Just wanted to get any updated views, Debbie, that you may have.
As we think about the work requirements, I'm sure you know that it doesn't impact all of the states. That's the first point here. As they implement this in January, it will be for those that have expanded Medicaid. What I think the association, NABH, which is our association, and just various groups have done is really show that our patients need to have some provision for these work requirements. I think that as we look at it and how it will impact Acadia, we don't believe that there will be a material impact. We think our patients will qualify for the exemptions that have been laid out. I think they've been very thoughtful about how they've done that and with respect to severe mental illness as well as substance use. There are provisions in there. We feel like they will cover our patients.
We worked in collaboration, just trying to lay out how the difference between a behavioral health and substance use patient and a med surg patient.
Our next question comes from Pito Chickering from Deutsche Bank. Please go ahead.
I guess, the first question is, could you talk about the revenue growth within the CTC clinics? I think it's down just a smidgen year-over-year, just by adding six more centers. I guess, how is the methadone market, how is the macro demand there, and how should we think about two key results of decelerating trends? What do you see in the guidance for the rest of the year?
Yeah. Pito, we mentioned earlier, we are pleased with just the demand, the opportunity that we continue to see, and the team that we have leading the CTC service line. It did perform slightly behind our expectations for the second quarter, and was flat on a year-over-year basis from a revenue perspective. We have seen growth in the number of clinics in that market and continue to see some opportunities in other markets to continue to add clinics selectively and based on where we now see some opportunity and ability to think about capital investments and growth in that space. We do see an opportunity there, given some of the slight underperformance in the second quarter.
With the strong demand capacity and team that we have and demand that we still see in that service line, we do see continued opportunity there to improve the revenue growth and the performance of that business.
I'll just add, 25% of Americans receive treatment, which leaves a very large group of individuals in the country that do not seek care, and the incidence of opioid use remains high. I think that there's, as David said, we see continued demand. What we want to do is make sure that our clinics are the first choice. We're looking at all aspects of that business to make sure that our services and just the patient-client experience is positive and other things with respect to just how we might deploy our marketing dollars. It's an area that we still feel very positive about and demand remains strong, but we want to make sure that all of our clinics are a first choice in all the regions that we're in.
A follow-up here. Debbie, you're brought in to turn this company around a second time. Can you give color on the initiations you put in place in this second quarter as it relates specifically to corporate changes and why the de novos are amping better in 2026 than they were in 2025? Thanks.
Well, I think I've said in previous calls that to me, the people are one of the most important things that we have. We have to have the right experienced people. I've given a lot of focus to just reviewing our talent across, not just at the corporate level, but at the facility level as well. We made some changes around how we are organized within the operational structure, particularly in the acute service line. We restructured that really to flatten some of the structure and to think about geography and think about scope as the leaders in acute assist the facilities and assist the CEOs. That's been a key focus, and I think it's working, and as I said in my remarks, I think we're seeing the benefit of that.
At the corporate level, we did take out a level of middle management just to facilitate problem-solving to assist the facilities. We looked at what is essential for them to have and support. We also, with respect to just the cohorts, they're not just JV partners, as you mentioned, they're de novos as well. We have improved our alignment and communication. Part of that was bringing in management to focus on the JVs. I think there are best practices that can be really deployed across our company, with respect, even though they're all very different. As we have looked at those cohorts, as we looked at the process last year, that was difficult, and in some cases took longer than was expected, we've been able to cut the time in half for those approvals, and I think that's really just a matter of focus.
We are working with our partners, we're leveraging them, and we're moving faster to those approvals so that then we can begin ramping and taking patients with respect to Medicare and Medicaid. Also just accelerating our payer contracting and other pieces that have to work together to see those facilities ramp. Our goal is to ramp faster, and we are pleased with what we see in the second quarter.
Our next question comes from Ryan Langston from TD Cowen. Please go ahead.
Good morning. Thanks. Government investigation costs continue to decline. Should we read anything into that in terms of settling some of the outstanding issues you're dealing with there? Is this maybe more of just a good run rate expense we should be thinking about modeling in the near term?
It's difficult to provide any sort of outlook on those costs. Yeah, it was lower in the quarter, certainly lower than what we incurred in the second quarter of last year. The expense going forward will just be a function of the next steps in that process. We're cooperating fully and heavily focused on the process and wouldn't make a prediction at this point in time as to where those costs will be in the second half of the year or going forward.
Okay. Obviously over the last few quarters, you've highlighted some friction with your payer partners. Maybe just give us a sense sort of where you're at in those payer relationships and if you've been able to make any progress on improving those relationships in general or maybe settling any particular disagreements we've had over maybe the last year or so. Thank you.
I think I've said before, that there's always the push and pull that we have and over my career in behavioral health, there's always that push and pull. As far as our relationships with payers, I think that they are strong. I think that they want to ensure that their patients get the right care. We want that, too. We advocate for our patients, and we make sure that we're able to document acuity. As I think about just where we sit today, I think that we have good relationships, really in many of our markets. It's really specific, I think, to certain geographies. Sometimes you find a payer that might be more aggressive than others. We are prepared to step up and make sure we're doing our job, make sure we're giving them what they need with documentation.
We've been receiving rate increases from our payers low to mid-single digits. On the other hand, we also now have outcomes which we're sharing with our payers. I think that my view on payers is we need to be collaborative. In many cases, I can think of several, they've asked us to do certain services, we want to work with them. There's still going to be that tension, and I've seen it over many years. They respect our clinical expertise, and I think that what we want to do is make sure that we're doing our job with providing clinical excellence, and we have to demonstrate that to them. I think that's always going to be there, this kind of tension that happens between us and restricting care.
Our job is to make sure that our patients get the right care at the right setting at the right time. That's what we're focused on.
Our next question comes from Ann Hynes from Mizuho Securities. Please go ahead.
Great. Thank you. Your same-store admission growth was very strong at over 6%, but your revenue same-store growth adjusted for the DPP was only 3.2%, and I would think those should kind of align. Maybe can you tell us why the revenue grew under admission? Then maybe, I don't know if you've ever done this, but can you break out admission by your service line and how that trended through the quarter?
Ann, we would just highlight the service mix changes that we've talked about with bed additions being heavily weighted on the acute side. What we're seeing and will continue to see is just a stable mix within the service lines as we look at metrics on admissions and patient days. With the heavier mix of acute, within our bed count and within our business, the acute admissions are at a much higher level just given the longer stay associated with RTC and specialty. It's a mix item. We were pleased with the performance of the individual service lines, but acute being a heavier mix of the company both this quarter and even continuing moving forward, we are going to continue to see that dynamic.
Great. Thank you. I know some of the payers are pushing for more outpatient intensive care rather than inpatient admit. Is that trend still continuing? Can you remind us what your exposure is to outpatient intensive? Thanks.
Well, we want our patients to get the right care, if they do meet inpatient criteria and medical necessity, and that's where they need to be. However, we believe fully in the continuum, I think, you used the word push. I think what we want to do is make sure that they're getting the right level of care. We have, in many of our hospitals, a step-down in either IOP, which is intensive outpatient, and partial, which is partial hospital. As we look at that, we see that as a natural part of where a patient, after they get stabilized, then they would go to outpatient. I think that we want to make sure that we have those resources available.
We have continued to grow that line, we're going to seek to look at that in total to see if there are other opportunities. We're very much a believer that a patient needs to be in the right setting. If outpatient is appropriate and they're ready for that, then we support that fully.
Due to time constraints, this concludes our question-and-answer session. I would like to turn the conference back over to Debbie Osteen for any closing remarks.
I want to thank you for your time this morning and for your interest in Acadia Healthcare. Please feel free to contact us if you have any additional questions. Have a good day.
Conference is now concluded. Thank you for attending today's presentation. You may now disconnect.
Investor releaseQuarter not tagged2026-07-28Acadia Healthcare: Q2 Earnings Snapshot
Associated Press
Acadia Healthcare: Q2 Earnings Snapshot
FRANKLIN, Tenn. (AP) — FRANKLIN, Tenn. (AP) — Acadia Healthcare Co. (ACHC) on Tuesday reported second-quarter earnings of $10.9 million. The Franklin, Tennessee-based company said it had net income of 12 cents per share. Earnings, adjusted for non-recurring costs and asset impairment costs, were 38 cents per share. The results exceeded Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 33 cents per share. The provider of inpatient behavioral health care services posted revenue of $865.8 million in the period, which also topped Street forecasts. Three analysts surveyed by Zacks expected $844.7 million. Acadia Healthcare expects full-year earnings in the range of $1.45 to $1.60 per share, with revenue in the range of $3.4 billion to $3.45 billion. Acadia Healthcare shares have more than doubled since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $32.69, an increase of 44% in the last 12 months. _____ This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on ACHC at https://www.zacks.com/ap/ACHC
Investor releaseQuarter not tagged2026-07-28Acadia Healthcare Announces Second Quarter 2026 Results and Updates Full Year 2026 Financial and Cash Flow Guidance
Business Wire
Acadia Healthcare Announces Second Quarter 2026 Results and Updates Full Year 2026 Financial and Cash Flow Guidance
FRANKLIN, Tenn., July 28, 2026--(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 i…Read full documentShow less
FRANKLIN, Tenn., July 28, 2026--(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." 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. 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: 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 Call Acadia will hold a conference call to discuss its second quarter financial results at 8:00 a.m. Central Time / 9:00 a.m. Eastern Time on Wednesday, July 29, 2026. A live webcast of the conference call will be available at www.acadiahealthcare.com in the "Investors" section of the website. The archived webcast will be available after the call has ended. About Acadia Acadia is a leading provider of behavioral healthcare services across the United States (the "U.S."). As of June 30, 2026, Acadia operated a network of 279 behavioral healthcare facilities with approximately 12,600 beds in 40 states and Puerto Rico. With approximately 25,000 employees serving more than 84,000 patients daily, Acadia is the largest stand-alone behavioral healthcare company in the U.S. Acadia provides behavioral healthcare services to its patients in a variety of settings, including inpatient psychiatric hospitals, specialty treatment facilities, RTCs and outpatient clinics. Description of Business Unless the context otherwise requires, all references herein to "Acadia," "the Company," "we," "us" or "our" mean Acadia Healthcare Company, Inc. and its consolidated subsidiaries. Acadia Healthcare Company, Inc. is a holding company whose direct and indirect subsidiaries own and operate acute inpatient psychiatric facilities, specialty treatment facilities, CTCs, RTCs and facilities providing outpatient behavioral healthcare services to serve the behavioral healthcare and recovery needs of communities throughout the U.S. and Puerto Rico. The terms "facilities," "centers," "clinics," and "hospitals" refer to entities owned, operated, or managed by subsidiaries of Acadia Healthcare Company, Inc. References herein to "employees" refer to employees of subsidiaries of Acadia Healthcare Company, Inc. Forward-Looking Information This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), including statements related to our strategy, growth and anticipated operating results for future periods. Generally, words such as "may," "will," "should," "could," "anticipate," "expect," "intend," "estimate," "plan," "continue" and "believe" or the negative of or other variation on these and other similar expressions identify forward-looking statements. These forward-looking statements are made only as of the date of this press release. We do not undertake to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Forward-looking statements are based on current expectations and involve risks and uncertainties, and our future results could differ significantly from those expressed or implied by our forward-looking statements. Factors that may cause actual results to differ materially include, without limitation, (i) potential difficulties in successfully integrating the operations of acquired facilities or realizing the expected benefits and synergies of facility expansions, acquisitions, joint ventures and de novo transactions; (ii) Acadia’s ability to add beds, expand services, enhance marketing programs and improve efficiencies at its facilities; (iii) potential reductions in payments received by Acadia from government and commercial payors, including because of the significant changes to Medicaid financing mechanisms introduced by the One Big Beautiful Bill Act (the "OBBBA") enacted on July 4, 2025; (iv) the occurrence of patient incidents, governmental investigations, litigation and adverse regulatory actions, which could adversely affect the price of our common stock and result in substantial payments and incremental regulatory burdens; (v) the risk that Acadia may not generate sufficient cash from operations to service its debt and meet its working capital and capital expenditure requirements; (vi) changes in expectations resulting from actuarial and other reviews of the Company’s liability reserves and other aspects of its business; (vii) potential disruptions to our information technology systems or adverse impacts of a cybersecurity incident; and (viii) potential operating difficulties, including, without limitation, disruption to the U.S. economy and financial markets; reduced admissions and patient volumes, including, without limitation, due to the OBBBA’s introduction of work or community engagement requirements in the Medicaid expansion population; increased costs relating to labor, supply chain and other expenditures; changes in competition and client preferences; and general economic or industry conditions that may prevent Acadia from realizing the expected benefits of its business strategies. These factors and others are more fully described in Acadia’s periodic reports and other filings with the SEC. View source version on businesswire.com: https://www.businesswire.com/news/home/20260728636852/en/ Contacts Investor Contact:[email protected]
Investor releaseQuarter not tagged2026-07-28Acadia Healthcare Q2 Adjusted Earnings, Revenue Fall; Raises 2026 Guidance; Shares Drop After-Hours
MT Newswires
Acadia Healthcare Q2 Adjusted Earnings, Revenue Fall; Raises 2026 Guidance; Shares Drop After-Hours
Acadia Healthcare (ACHC) reported Q2 adjusted earnings late Tuesday of $0.38 per diluted share, down
Investor releaseQuarter not tagged2026-07-28Acadia Healthcare (ACHC) Surpasses Q2 Earnings and Revenue Estimates
Zacks
Acadia Healthcare (ACHC) Surpasses Q2 Earnings and Revenue Estimates
Acadia Healthcare (ACHC) came out with quarterly earnings of $0.38 per share, beating the Zacks Consensus Estimate of $0.33 per share. This compares to earnings of $0.83 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of +15.15%. A quarter ago, it was expected that this provider of inpatient behavioral health care services would post earnings of $0.28 per share when it actually produced earnings of $0.37, delivering a surprise of +32.14%. Over the last four quarters, the company has surpassed consensus EPS estimates four times. Acadia Healthcare, which belongs to the Zacks Medical - Hospital industry, posted revenues of $865.84 million for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 2.50%. This compares to year-ago revenues of $869.23 million. The company has topped consensus revenue estimates four times over the last four quarters. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. Acadia Healthcare shares have added about 129% since the beginning of the year versus the S&P 500's gain of 8.3%. While Acadia Healthcare has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions. Ahead of this earnings release, the estimate revisions trend for Acadia Healthcare was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near fut…Read full documentShow less
Acadia Healthcare (ACHC) came out with quarterly earnings of $0.38 per share, beating the Zacks Consensus Estimate of $0.33 per share. This compares to earnings of $0.83 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of +15.15%. A quarter ago, it was expected that this provider of inpatient behavioral health care services would post earnings of $0.28 per share when it actually produced earnings of $0.37, delivering a surprise of +32.14%. Over the last four quarters, the company has surpassed consensus EPS estimates four times. Acadia Healthcare, which belongs to the Zacks Medical - Hospital industry, posted revenues of $865.84 million for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 2.50%. This compares to year-ago revenues of $869.23 million. The company has topped consensus revenue estimates four times over the last four quarters. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. Acadia Healthcare shares have added about 129% since the beginning of the year versus the S&P 500's gain of 8.3%. While Acadia Healthcare has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions. Ahead of this earnings release, the estimate revisions trend for Acadia Healthcare was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.50 on $871.47 million in revenues for the coming quarter and $1.50 on $3.4 billion in revenues for the current fiscal year. Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Medical - Hospital is currently in the bottom 12% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1. Foghorn Therapeutics Inc. (FHTX), another stock in the broader Zacks Medical sector, has yet to report results for the quarter ended June 2026. This company is expected to post quarterly loss of $0.23 per share in its upcoming report, which represents a year-over-year change of +17.9%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days. Foghorn Therapeutics Inc.'s revenues are expected to be $8.12 million, up 7.4% from the year-ago quarter. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Acadia Healthcare Company, Inc. (ACHC) : Free Stock Analysis Report Foghorn Therapeutics Inc. (FHTX) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research
Investor releaseQuarter not tagged2026-07-27What To Expect From Acadia Healthcare’s (ACHC) Q2 Earnings
StockStory
What To Expect From Acadia Healthcare’s (ACHC) Q2 Earnings
Behavioral health company Acadia Healthcare (NASDAQ:ACHC) will be announcing earnings results this Tuesday after the bell. Here’s what you need to know. Acadia Healthcare beat analysts’ revenue expectations last quarter, reporting revenues of $828.8 million, up 7.6% year on year. It was a slower quarter for the company, with EBITDA guidance for next quarter missing analysts’ expectations significantly and full-year revenue guidance meeting analysts’ expectations. Is Acadia Healthcare a buy or sell going into earnings? Read our full analysis here, it’s free for active Edge members. This quarter, the market is expecting Acadia Healthcare’s revenue to decline 2.3% year on year, a reversal from the 9.2% increase it recorded in the same quarter last year. Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business will stay the course heading into earnings. Acadia Healthcare has missed Wall Street’s revenue estimates multiple times over the last two years. Looking at Acadia Healthcare’s peers in the healthcare providers & services segment, some have already reported their Q2 results, giving us a hint as to what we can expect. Tenet Healthcare delivered year-on-year revenue growth of 6.8%, beating analysts’ expectations by 3.9%, and HCA Healthcare reported revenues up 8.7%, topping estimates by 2.4%. Tenet Healthcare traded up 17.2% following the results. Read our full analysis of Tenet Healthcare’s results here and HCA Healthcare’s results here. Investors in the healthcare providers & services segment have had steady hands going into earnings, with share prices up 1.3% on average over the last month. Acadia Healthcare is up 24.2% during the same time and is heading into earnings with an average analyst price target of $32.21 (compared to the current share price of $34.51). ONE MORE THING: The $21 AI Application Stock Wall Street Forgot. While Wall Street obsesses over who’s building AI, one company is already using it to print money. And nobody’s paying attention. AI chip stocks trade at ridiculous valuations. This company processes a trillion consumer signals monthly using AI and trades at a third of the price. The gap won’t last. The institutions will figure it out. You need to see this first. Read the FREE Report Before They Notice.
Investor releaseQuarter not tagged2026-07-09Acadia Healthcare Announces Date for Second Quarter 2026 Earnings Release
Business Wire
Acadia Healthcare Announces Date for Second Quarter 2026 Earnings Release
FRANKLIN, Tenn., July 09, 2026--(BUSINESS WIRE)--Acadia Healthcare Company, Inc. (NASDAQ: ACHC) today announced that it will release its second quarter 2026 results on Tuesday, July 28, 2026, after the close of the market. Acadia will host a conference call with institutional investors and analysts on Wednesday, July 29, 2026 at 9:00 a.m. ET. A live broadcast of the conference call will be available at www.acadiahealthcare.com in the "Investors" section of the website, and the archived webcast will be available after the call has ended. About Acadia Healthcare Acadia is a leading provider of behavioral healthcare services across the United States. As of March 31, 2026, Acadia operated a network of 275 behavioral healthcare facilities with approximately 12,400 beds in 40 states and Puerto Rico. With approximately 25,000 employees serving more than 84,000 patients daily, Acadia is the largest stand-alone behavioral healthcare company in the U.S. Acadia provides behavioral healthcare services to its patients in a variety of settings, including inpatient psychiatric hospitals, specialty treatment facilities, RTCs and outpatient clinics. View source version on businesswire.com: https://www.businesswire.com/news/home/20260709210549/en/ Contacts Jason PlagmanVice President, Investor [email protected]