Acadia Healthcare Company, Inc. (ACHC) reported first‑quarter 2026 results, posting revenue of $828.8 million, up 7.6% from $770.5 million in the same period a year earlier. The increase was driven by a 7.3% rise in same‑facility revenue, which itself grew 5.6% through higher revenue per patient day and 1.6% through more patient days.
Net income attributable to shareholders fell to $4.1 million, or $0.05 per diluted share, compared with $8.4 million ($0.09 per diluted share) in Q1 2025. Adjusted net income attributable to Acadia was $33.3 million, or $0.37 per diluted share, versus $36.9 million ($0.40 per diluted share) a year earlier. The decline in GAAP earnings was largely driven by a $38.3 million increase in interest expense and a $13.8 million legal settlement related to the Sandoval litigation, as well as higher reserve and provider‑tax costs.
Revenue growth was concentrated in the acute inpatient psychiatric segment, which grew 14% to $X, while specialty treatment facilities saw a 7% decline, offsetting some of the top‑line momentum. The company’s same‑facility revenue growth reflects stronger utilization and pricing power in its core acute‑care segment.
"The good start to the year reflects disciplined execution throughout Acadia as we provide quality care for individuals seeking treatment for mental health and substance abuse issues," said CEO Debbie Osteen. She added, "Strong patient volumes across our Acute and RTC businesses, along with continued operating efficiencies across the Company, enabled us to exceed the high end of our Adjusted EBITDA guidance. I am very pleased with how the team has responded in my first few months back as CEO, and we are building on this progress with a clear focus on sustained performance and long‑term value."
The company’s adjusted earnings per share of $0.37 beat analyst consensus of $0.28 by $0.09, while GAAP diluted EPS of $0.05 missed estimates of $0.24. Investors reacted to the year‑over‑year decline in adjusted EPS and the significant increase in interest and legal costs, which tempered enthusiasm for the revenue growth.
Acadia maintained its full‑year guidance, but the Q2 revenue outlook fell short of analyst expectations, contributing to a cautious market reaction. The company’s guidance signals confidence in continued operational performance, but the headwinds from rising costs and a weaker specialty segment suggest near‑term uncertainty.
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