Acadia Healthcare Company, Inc. reported financial results for the second quarter ended June 30, 2026, with total revenue approximately flat year-over-year at $865.8 million, while profitability metrics declined due to elevated professional and general liability costs and supplemental payment timing differences. The company also updated its full-year 2026 financial and cash flow guidance.

Second Quarter 2026 Financial Performance

The following table summarizes key financial metrics for the second quarter of 2026 compared with the prior-year period (dollars in millions, except per share amounts):

Total revenue in the second quarter was $865.8 million, which was approximately flat compared with the prior-year period. After normalizing for prior period supplemental payment program revenue in each of the respective quarters, total revenue growth was 2.8%. Closed facilities represented a 1.4% negative impact to reported revenue growth in the second quarter.

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%. 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% compared with the prior-year period.

Revenue by Facility Type

The table below presents revenue by facility type for the second quarter (dollars in millions):

Acute inpatient psychiatric facility revenue was $494.6 million, flat compared with the prior-year period. After normalizing for supplemental payment revenue related to prior periods in Florida and Tennessee, Acute revenue increased 5.7% in the second quarter. 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 revenue was $141.2 million, flat compared with the prior-year period. Residential treatment facility revenue was $96.5 million, an increase of 11.6% compared with the prior-year period.

Operating Expenses and Adjusted EBITDA

Total operating expenses were $727.6 million in the second quarter of 2026, an increase of 7.3% compared with the prior-year period. This included a $28.6 million adjustment to professional and general liability reserves for expected settlements of certain claims from the 2025 policy year. Excluding this adjustment, 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, driven primarily by new facility openings and 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 was primarily driven by a $39.3 million increase in professional and general liability costs, which includes the $28.6 million adjustment to reserves, 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.

Cash Flow and Liquidity

Operating cash flows were $162.1 million in the second quarter of 2026, compared to $133.5 million in the prior-year period. Capital expenditures were $38.6 million, compared to $167.7 million in the prior-year period.

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. Acadia's net leverage ratio was 4.1x Adjusted EBITDA as of June 30, 2026, calculated in accordance with its Credit Agreement.

Development Activity

During the second quarter, Acadia opened two new joint venture facilities, adding 240 licensed beds:

In addition to these inpatient facilities, the company also opened two new comprehensive treatment center locations during the second quarter.

Updated Full-Year 2026 Financial Guidance

Acadia updated its full-year 2026 financial guidance 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.

Company Overview

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. The company provides behavioral healthcare services in a variety of settings, including inpatient psychiatric hospitals, specialty treatment facilities, residential treatment centers and outpatient clinics.

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 begins on page 10 of the company's press release.

Acadia Healthcare Co has refined its financial guidance for FY2026, providing a more precise outlook that aligns closely with analyst expectations. The company adjusted its adjusted earnings per share (EPS) forecast from a previous range of $1.35 to $1.60 to a new, narrower range of $1.45 to $1.60. This updated estimate sits comfortably around the consensus analyst estimate of $1.51, suggesting management’s confidence in meeting market expectations without significant upside surprise.

In parallel, Acadia Healthcare Co tightened its top-line projections for FY2026. The company now expects sales to fall between $3.400 billion and $3.450 billion, replacing its earlier broader guidance of $3.370 billion to $3.450 billion. This revised sales outlook is nearly in line with the market’s estimated expectation of $3.409 billion, indicating a stabilized revenue trajectory rather than the aggressive growth previously misreported.

Guidance Revisions

The following table details the changes in Acadia Healthcare Co’s FY2026 financial guidance compared to prior estimates and analyst consensus:

What the Numbers Show

The adjustment represents a narrowing of uncertainty rather than a fundamental shift in growth trajectory. By raising the floor of the EPS guidance from $1.35 to $1.45 and the sales floor from $3.370 billion to $3.400 billion, Acadia Healthcare Co signals improved visibility into its operational performance. The new guidance ranges are tighter, reflecting reduced volatility in expectations. Investors should note that the new midpoint for EPS ($1.525) slightly exceeds the analyst estimate ($1.51), while the sales midpoint ($3.425 billion) also modestly beats the consensus ($3.409 billion). This alignment suggests that the company’s operational execution is tracking in line with external forecasts, providing stability for investors seeking predictable returns.