Acadia Healthcare Company Stock Earnings Reports

Acadia Healthcare reported a strong start to 2026, with Q1 revenue of $828.8M (up 7.6% y/y) and adjusted EBITDA of $144.2M, beating the high end of guidance. Growth was driven by acute inpatient facilities (14% growth) and RTCs, with inpatient volumes up 6.2%. Management raised full-year adjusted EBITDA and adjusted EPS guidance (adjusted EBITDA range increased by $5M at the midpoint to $580M–$615M; adjusted EPS to $1.35–$1.60) and reiterated full-year revenue guidance of $3.37B–$3.45B. Operational execution is the primary strategic focus: leadership changes, acute service-line reorganization, stronger referral development, better ramp playbook for de novos/JVs, and cost/efficiency programs. Development activity includes adding 82 beds in Q1 and a plan to add 400–600 beds in 2026, while reducing capital investment by >$300M vs. 2025. Balance sheet: $158M cash, ~$565M available on revolver, net leverage ~3.9x LTM EBITDA (expected ~4.4x–4.5x at end of Q2 due to lapping last year’s supplemental timing) with leverage expected to improve to ~3.9x–4.2x by year-end. Key risks called out: higher-than-expected bad debt and payer denials (management has added documentation, appeals and revenue-cycle focus), seasonality of supplemental payments, and start-up losses (Q1 start-up losses improved to $12M). Management expects positive free cash flow for 2026 and remains focused on maintaining quality metrics and improving referrals and outcomes tracking to support payer and referral relationships.