Acadia Healthcare Company, Inc. (NASDAQ: ACHC) reported fourth‑quarter and full‑year 2025 financial results on February 25, 2026, showing revenue of $821.5 million for the quarter and $3.312 billion for the year, a 6.1% year‑over‑year increase. The company’s adjusted EBITDA fell 35% to $99.8 million, down from $153.1 million a year earlier, while the net loss attributable to Acadia widened to $1.18 billion, largely driven by a $996.2 million goodwill impairment charge and additional legal and professional liability expenses.
The revenue beat was driven by a 10% rise in acute inpatient psychiatric facility revenue, which reached $451 million, offsetting a 4% decline in specialty treatment revenue to $136 million. Same‑facility revenue grew 4.4%, reflecting stronger demand in core segments. The sharp decline in adjusted EBITDA was largely due to a $147 million legal settlements expense related to securities litigation and a $52.7 million adjustment to professional liability and PLGL reserves, which together eroded margins.
Acadia’s guidance for 2026 projects revenue between $3.37 billion and $3.45 billion, adjusted EBITDA of $575 million to $610 million, and diluted earnings per share of $1.30 to $1.55. The company also expects capital expenditures of $255 million to $280 million, a reduction of $300 million compared with the prior year, signaling a focus on improving cash flow and reducing debt exposure.
Management emphasized that the company is pursuing operational discipline and steady leadership under newly appointed CEO Debbie Osteen. “Our results for the fourth quarter reflect improved volume growth with year‑over‑year revenue growth of 6%,” Osteen said. She added that the company is “bringing steady leadership, reinforcing operational discipline, and positioning the Company for long‑term success.” The guidance reflects a cautious outlook, with modest revenue growth and a focus on reducing capital spend to improve cash flow.
Market reaction to the results was positive, driven by the revenue beat, the significant reduction in capital expenditures, and the potential for a short‑squeeze given the company’s high short interest. Investors appeared to focus on the company’s ability to stabilize its financial position and the strong demand for behavioral health services, despite the large goodwill impairment and ongoing legal costs.
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