Franklin, Tenn.-based Acadia Healthcare raised its 2026 operating cash flow guidance and lowered projected capital expenditures after reporting second-quarter results that included flat revenue and a 64% decline in net income, according to its July 28 financial report.
Here are eight things to know:
- Revenue totaled $865.8 million in the second quarter, approximately flat compared with the second quarter of 2025. After normalizing for supplemental payment program revenue, total revenue grew 2.8%.
- Net income attributable to the company totaled $10.9 million, or $0.12 per diluted share, down from $30.1 million, or $0.33 per diluted share, in the prior-year period. Adjusted net income totaled $35.1 million, or $0.38 per diluted share, compared with $74.8 million, or $0.83 per diluted share, a year earlier.
- Adjusted EBITDA declined to $149.2 million from $201.8 million in the prior-year period. The quarter included a $28.6 million adjustment to professional and general liability reserves, partially offset by a $26.1 million benefit tied to the Florida supplemental payment program and provider tax adjustments.
- Operating cash flow increased to $162.1 million from $133.5 million in the prior-year period, while capital expenditures fell to $38.6 million from $167.7 million.
- The company expanded capacity by adding 240 licensed beds through two newly constructed facilities and opened two new comprehensive treatment center locations during the quarter.
- Acadia updated its 2026 guidance. The company now expects revenue of $3.4 billion to $3.45 billion, adjusted EBITDA of $590 million to $615 million, adjusted earnings per diluted share of $1.45 to $1.60, operating cash flow of $350 million to $400 million and capital expenditures of $235 million to $255 million.
- Liquidity remained strong. As of June 30, 2026, Acadia had $171.3 million in cash and cash equivalents and $669.8 million available under its $1 billion revolving credit facility.
- Acadia’s footprint included 279 behavioral healthcare facilities with approximately 12,600 beds across 40 states and Puerto Rico, employing approximately 25,000 people and serving more than 84,000 patients daily as of June 30, 2026.
The company flagged the One Big Beautiful Bill Act as a factor that could affect future results, citing the law’s changes to Medicaid financing mechanisms and its new work or community engagement requirements for the Medicaid expansion population as risks to future admissions and payments.
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