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Acadia Healthcare news and analysis covering psychiatric hospitals, treatment revenue, earnings, cash flow, investment, borrowing and liability developments.
Acadia Healthcare Company, Inc. operates behavioral-health facilities, including acute psychiatric hospitals, specialty treatment facilities, comprehensive treatment centers and residential centers. It earns revenue from care funded by government programs, commercial insurers and other payers. Its common stock trades as ACHC on the Nasdaq Global Select Market.
| Measure | Q3 2025 | Q3 2026 |
|---|---|---|
| Revenue | $851.6 | $895.3 |
| Net profit attributable to Acadia, GAAP | $36.2 | $34.5 |
| Diluted EPS, GAAP | $0.40 | $0.38 |
| Adjusted net profit attributable to Acadia | $64.8 | $54.6 |
| Adjusted diluted EPS | $0.72 | $0.60 |
| Adjusted EBITDA | $173.0 | $176.4 |
Adjusted EBITDA excludes interest, tax, depreciation, amortization, stock compensation and specified transaction, legal, impairment and property-sale items. Adjusted net income retains stock compensation. Same-facility figures exclude young and certain closed facilities; they are a different scope from company totals.
Same-facility revenue grew 5.2%, with patient days up 1.1% and revenue per patient day up 4.0%. Acute psychiatric revenue rose to $524.8 million from $471.5 million. Specialty revenue fell to $136.0 million from $148.1 million and comprehensive treatment revenue fell to $141.1 million from $144.5 million. Residential revenue rose to $93.4 million from $87.5 million.
Professional-liability costs and start-up losses absorbed much of the stronger core performance. Q3 also included $13.4 million accrued for expected Florida supplemental payments, compared with $5.6 million assumed in the earlier forecast. The accrual is separate from the timing of cash receipts.
| Measure | July 28 | November 4 |
|---|---|---|
| Revenue | $3,400 to $3,450 | $3,440 to $3,460 |
| Adjusted EBITDA | $590 to $615 | $615 to $625 |
| Adjusted EPS | $1.45 to $1.60 | $1.70 to $1.80 |
| Operating cash flow | $350 to $400 | $375 to $400 |
| Capital spending | $235 to $255 | $210 to $230 |
The midpoint of operating cash less capital spending moves from $130 million to $167.5 million. The $37.5 million improvement comprises $25 million less investment and $12.5 million higher operating cash. These forecasts exclude future acquisitions, divestitures and specified legal and transaction items.
Acadia opened 16 acute hospitals over the past four years. Management expects that group to contribute about $60 million more in EBITDA in 2027 than in 2026. That gives the next results a concrete test: whether the newer capacity becomes more profitable as the investment budget falls.
Q3 added 220 licensed beds, including 144 at a new hospital near Jacksonville, Florida, and 76 at existing facilities. One comprehensive treatment center opened and another closed. The nine-month cash-flow statement reports no net cash paid for acquisitions; partner-contributed assets and minority interests are accounted for separately.
| Measure | 2025 | 2026 |
|---|---|---|
| Operating cash flow | $218.2 | $321.5 |
| Capital spending | $478.6 | $165.9 |
| Expansion spending, included above | $402.5 | $94.8 |
Cash flow improved with $31.5 million of insurance collections for an earlier securities case, state-program receipts and working-capital changes. September cash was $163.3 million, versus $133.2 million at December 31. Consolidated debt carrying value fell to $2.35 billion from $2.50 billion; operating leases were a separate $151.3 million.
The $1 billion revolving credit facility had $274 million drawn, $15.9 million in letters of credit and $710.1 million available at September 30. It and the term loan mature in February 2030. Net leverage under the credit agreement was 3.9 times, with financial covenants met. The senior notes mature in 2028, 2029 and 2033.
Nineteen facilities are operated with noncontrolling partners. Their governing agreements restrict the use of those entities' assets to pay other entities' obligations. Consolidated cash is therefore a different measure from cash available solely to the parent.
The professional and general liability reserve was $214.7 million at September 30. The remaining Desert Hills-related action is uninsured for the relevant policy year, and Acadia cannot estimate a loss range. Federal investigations into admissions, length of stay and billing practices continue. Acadia says its internal investigation has reached no findings or conclusions.
A proposed derivative-action settlement brought $12 million of insurance cash in September, with $4.75 million of plaintiff legal fees paid in October. The final-approval hearing is scheduled for December 10. The Sandoval settlement cost $15 million, paid in Q3. The Fashion Valley verdict remains subject to post-trial motions and possible appeal.
The behavioral-health operator raised its earnings targets and cut planned investment again. A comparison with July shows how the two changes reshape cash left after spending.