Acadia Healthcare — Third Quarter 2026 Earnings Summary

Financial Performance:

• Total revenue for the third quarter of 2026 was $895.3 million, an increase of 5.1% compared to the prior-year period.
• Net income attributable to Acadia was $34.5 million ($0.38 per diluted share), down from $36.2 million ($0.40 per diluted share) in the prior-year period.
• Adjusted net income attributable to Acadia was $54.6 million ($0.60 per diluted share), down from $64.8 million ($0.72 per diluted share) in the prior-year period.
• Adjusted EBITDA was $176.4 million, an increase of 2.0% compared to $173.0 million in the prior-year period.
• Operating cash flows were $97.9 million, with capital expenditures of $50.7 million.
• Total operating expenses were $728.1 million, an increase of 6.4% year-over-year.
• Salaries, wages, and benefits totaled $490.3 million, up 6.1% year-over-year; same-facility salaries, wages, and benefits increased 4.3%.
• As of September 30, 2026, the Company held $163.3 million in cash and cash equivalents and had $710.1 million available under a $1.0 billion revolving credit facility.
• The net leverage ratio was 3.9x Adjusted EBITDA as of September 30, 2026.

Guidance and Future Outlook:

• Full-year 2026 revenue guidance was raised to $3.44–$3.46 billion (previously $3.40–$3.45 billion).
• Full-year 2026 Adjusted EBITDA guidance was raised to $615–$625 million (previously $590–$615 million).
• Full-year 2026 Adjusted earnings per diluted share guidance was raised to $1.70–$1.80 (previously $1.45–$1.60).
• Full-year 2026 operating cash flow guidance was raised to $375–$400 million (previously $350–$400 million).
• Full-year 2026 capital expenditures guidance was lowered to $210–$230 million (previously $235–$255 million).
• Management expects approximately $60 million of incremental EBITDA from 16 new acute facilities opened over the last four years in 2027 relative to 2026.
• Guidance excludes the impact of future acquisitions, divestitures, transaction costs, legal costs, or non-recurring legal settlements.

Business Segments and Product Lines:

• Acute inpatient psychiatric facility revenue was $524.8 million, up 11.3% year-over-year, driven by a 7.5% increase in volumes from expanded capacity.
• Specialty treatment facility revenue was $136.0 million, down 8.2% year-over-year, impacted by facility closures in Pennsylvania and over the last 12 months.
• Comprehensive treatment center revenue was $141.1 million, down 2.3% year-over-year.
• Residential treatment center revenue was $93.4 million, up 6.7% year-over-year.
• The Company added 220 licensed beds during the quarter, including 144 beds at a new de novo facility near Jacksonville, Florida, and 76 beds at existing facilities.
• One new CTC location was opened and one existing CTC location was closed during the quarter.
• Same-facility revenue increased 5.2% year-over-year, driven by a 1.1% increase in patient days and a 4.0% increase in revenue per patient day.

Market and Competitive Landscape:

• Facilities closed over the last twelve months represented a negative 1.3% impact to reported revenue growth in the quarter.
• The Company operates 280 behavioral health facilities across 40 states and Puerto Rico, serving more than 85,000 patients daily.

Risks and Challenges:

• Potential reductions or delays in payments from government, commercial, and other third-party payors, including impacts from the One Big Beautiful Bill Act (OBBBA) enacted July 4, 2025.
• Patient incidents, governmental investigations, litigation, and adverse regulatory actions.
• Risk of insufficient cash from operations to service debt and meet working capital and capital expenditure requirements.
• Changes in expectations regarding liability reserves and actuarial reviews.
• Potential disruptions to information technology systems or cybersecurity incidents.
• Operating difficulties including disruption to the U.S. economy, reduced admissions due to OBBBA work or community engagement requirements, and increased labor or supply chain costs.

Management Commentary and Tone:

• CEO Debbie Osteen stated the Company delivered strong results with positive momentum driving increased full-year guidance.
• Management emphasized a continued focus on expanding access to quality patient care and consistent operational execution with financial discipline.
• Management expressed confidence in the capabilities to drive Acadia forward and deliver value for patients, partners, and investors.

Other Key Points:

• Third quarter 2026 Adjusted EBITDA included a favorable pre-tax benefit of $13.4 million related to an accrual for expected payments from the Florida supplemental payment program year ended September 30, 2026 (compared to $5.6 million in previous guidance).
• Transaction, legal, and other costs for the quarter were $23.7 million, down from $42.9 million in the prior-year period.
• Legal settlements resulted in a gain of $7.2 million for the quarter, primarily related to insurance proceeds exceeding attorney fees in derivative cases.
• No acquisitions were completed during the quarter; cash paid for acquisitions was $0 for the nine months ended September 30, 2026.
• No share repurchases occurred during the quarter; repurchases of shares for payroll tax withholding were $4.2 million for the nine months ended September 30, 2026.
• A conference call to discuss results is scheduled for November 5, 2026, at 8:00 a.m. Central Time.