Acadia Healthcare Company (ACHC) Q2 2026 earnings summary

Executive summary

• Operated 279 behavioral healthcare facilities with 12,600 beds in 40 states and Puerto Rico as of June 30, 2026, adding 322 beds and opening four new facilities in the first half of 2026, including two new joint venture facilities (144 beds in Florida, 96 beds in Iowa) and two new CTC locations.

• Revenue for the six months ended June 30, 2026, grew 3.3% year-over-year to $1.69 billion, with Q2 2026 revenue at $865.8 million, flat year-over-year but up 2.8% after normalizing for supplemental payment program revenue timing.

• Net income attributable to the company was $10.9 million for Q2 2026 and $15.0 million for the first half, down from $30.1 million and $38.5 million in the prior year periods; adjusted net income was $35.1 million ($0.38 per diluted share), down from $74.8 million ($0.83 per share) year-over-year.

• Adjusted EBITDA was $149.2 million, down 26% from $201.8 million in Q2 2025, impacted by higher PLGL reserves and lower supplemental payment benefits.

• Medicaid remained the largest payor, accounting for 62.4% of Q2 2026 revenue.

Financial highlights

• Q2 2026 revenue: $865.8 million, down 0.4% year-over-year due to timing of state program approvals; same-facility revenue was flat, with patient days up 0.8% and revenue per patient day down 0.8%.

• Q2 2026 net income: $10.9 million (1.3% margin), down from $30.1 million (3.5% margin) in Q2 2025; Q2 2026 EPS: $0.12 basic and diluted, compared to $0.33 in Q2 2025.

• Operating cash flow for the first half: $223.6 million, up from $145.0 million in the prior year.

• Q2 2026 salaries, wages, and benefits rose to $474.1 million (54.8% of revenue), reflecting labor market pressures and a 4.8% increase year-over-year.

• Effective tax rate increased to 44.3% in Q2 2026, primarily due to nondeductible legal settlements and valuation allowances.

Outlook and guidance

• Management expects continued demand for behavioral healthcare services and ongoing expansion through new facilities and joint ventures.

• Full-year 2026 revenue guidance raised to $3.40–$3.45 billion, Adjusted EBITDA guidance increased to $590–$615 million, and Adjusted EPS guidance raised to $1.45–$1.60.

• Operating cash flow guidance increased to $350–$400 million; capital expenditures forecast at $235–$255 million.

• Legislative changes (OBBBA) may impact Medicaid funding and eligibility, but exemptions for key populations are expected to limit negative effects.