Ardent Health (ARDT) Q2 2026 earnings summary

Executive summary

• Q2 2026 revenue was $1.62 billion, down 1.4% year-over-year, mainly due to the absence of prior-year New Mexico state directed payment program benefits.

• Adjusted EBITDA for Q2 2026 was $115 million, a 32.3% decrease year-over-year, with net income dropping to $17 million.

• Operating cash flow was strong at $197 million, up 67% year-over-year, and adjusted admissions grew 2.5%.

• IMPACT program savings target was raised to at least $70 million for 2026, with cost initiatives and payor re-contracting expected to offset volume softness.

• Leadership transition to a new CEO, with a focus on operational execution and cost savings.

Financial highlights

• Q2 2026 revenue: $1.62 billion; adjusted EBITDA: $115 million; net income: $17 million.

• Adjusted EBITDA margin for Q2 2026 was 7.1%, down from 10.3% in Q2 2025.

• Net patient service revenue per adjusted admission fell 3.9% year-over-year; adjusted admissions increased 2.5%.

• Operating cash flow for Q2 was $197 million, up from $117 million a year ago.

• Contract labor spend reduced by 42% year-over-year.

Outlook and guidance

• Full-year 2026 revenue guidance reaffirmed at $6.4–$6.7 billion, with a bias toward the lower end.

• Adjusted EBITDA guidance maintained at $485–$535 million, with cost savings and payor re-contracting expected to offset lower volumes.

• Net income guidance for 2026: $110–$163 million; diluted EPS: $0.78–$1.15.

• Adjusted admissions growth expected at 1.5–2.5% for the year.

• Capital expenditures projected at $225–$265 million for 2026.