Acadia Healthcare Company Stock Earnings Reports

Acadia reported Q3 2025 revenue of $851.6M (up 4.4% YoY) and adjusted EBITDA of $173.0M (down from $194.3M a year ago). Management lowered full‑year 2025 adjusted EBITDA guidance to $650M–$660M (from $675M–$700M) due to softer-than-expected Medicaid volumes—particularly in acute care—higher denials/bad debt, increased employee health benefit costs and an anticipated incremental professional & general liability (PLGL) charge. Same‑facility volume growth was 1.3% in Q3; same‑facility revenue per patient day grew 2.3%. Management added substantial capacity in 2024–2025 (over 1,700 beds added across 2024 and YTD 2025; 945–1,076 beds expected for full‑year 2025) and expects another 500–700 beds in 2026, much of which has already been funded in 2025. To respond to near‑term headwinds, Acadia is prioritizing higher‑return projects, pausing lower‑return developments, closing five underperforming facilities, and cutting planned CapEx (management expects 2026 CapEx to be at least $300M lower than revised 2025 guidance of $610M–$630M). The company expects adjusted free cash flow to be positive for full‑year 2026 (a year‑earlier-than‑previously-expected milestone), sees PLGL and payer pressures as partially transitory, and highlights quality and outcomes investments as strategic differentiators. Financial position: ~$119M cash, ~$790M available on a $1B revolver, and net leverage ~3.4x. Legal/government investigation costs were $39M in Q3 (down 28% from Q2) and expected to moderate. Management also noted up to $22M of potential supplemental Medicaid payments under CMS review that were not included in the 2025 outlook.