Ardent Health (ARDT) Q3 2026 earnings summary

Executive summary

• Q3 revenue rose 3.1% YoY to $1,624.9M; Adjusted EBITDA was $137.7M and attributable net income was $44.5M versus a $23.5M loss.

• Adjusted admissions grew 2.9% YoY as volume trends improved; the FY26 Adjusted EBITDA guidance midpoint increased 1.5%.

Financial highlights

• Q3 operating cash flow was $122M; 9M operating cash flow was $258.4M, up from $247.1M.

• Q3 salary, wage and benefit expense declined 4.3% YoY to 39.9% of revenue; contract labor expense fell 45%.

• Q3 net patient service revenue per adjusted admission was $17,370, up 0.7% reported; excluding the prior-year estimate adjustment, it declined 2.0%.

• Q3 net income was $63.4M; diluted EPS was $0.31 versus a $0.17 loss per share in Q3 2025.

Outlook and guidance

• FY26 Adjusted EBITDA guidance increased to $500M–$535M from $485M–$535M; revenue guidance remains $6.4B–$6.7B, biased toward the lower end.

• FY26 net income attributable guidance is $132M–$167M and diluted EPS guidance is $0.93–$1.18; adjusted admissions growth guidance remains 1.5%–2.5%.

• FY26 capital expenditure guidance was reduced to $210M–$250M from $225M–$265M, with maintenance investment and current growth commitments unchanged.

• IMPACT savings target remains at least $70M for 2026; initiatives are expected to provide a $20M–$25M carryover benefit into 2027, before new initiatives.