EarningsQ2 2026 Earnings Report
MX:ACHC Q2 2026 EPS Results
Actual EPS$6.74
Consensus EPS$6.14
Beat/MissBeat by +$0.60
One Year Ago EPS$14.72
MX:ACHC Q2 2026 Revenue Results
Actual Revenue$15.36B
Expected Revenue$14.97B
Beat/MissBeat by +$383.97M
YoY Revenue Growth-0.39%
Earnings Announcement Details
QuarterQ2 2026
Date07/28/2026
TimeAfter Close
Conference CallTuesday, July 28, 2026
MX:ACHC Upcoming Earnings
Acadia Healthcare's next earnings date is estimated for November 4, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MX:ACHC Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call was predominantly positive: management reported results at or above guidance, strong free cash flow, substantial debt reduction, improving performance from new facilities, operational gains, and confidence in the full-year outlook. Offsetting issues included flat reported revenue, the impact of New York Medicaid changes, a significant professional liability reserve adjustment, CTC performance below expectations, start-up losses, and uncertainty around government investigation costs. The highlights significantly outweighed the lowlights.Company Guidance
Revenue and Earnings Performance Met or Exceeded Guidance
Second-quarter revenue was above the high end of guidance, while adjusted EBITDA and adjusted EPS were near the high end of guidance. Adjusted EBITDA was $149.2 million.
Strong Free Cash Flow and Debt Reduction
Acadia generated $124 million of free cash flow from $162 million of operating cash flow and $39 million of capital expenditures, repaid $113 million of debt, and ended the quarter with $171 million in cash and cash equivalents. Net leverage was approximately 4.1x adjusted EBITDA.
Updated Full-Year Financial Guidance
Updated 2026 guidance calls for revenue of $3.4 billion to $3.45 billion, adjusted EBITDA of $590 million to $615 million, adjusted EPS of $1.45 to $1.60, and operating cash flow of $350 million to $400 million.
Normalized Revenue Growth
Reported revenue was $866 million and flat year-over-year, but revenue growth would have been 2.8% after normalizing for supplemental payments related to prior periods. Same-facility revenue growth would have been 3.2% on the same basis.
Acute Business Volume Growth and Facility Expansion
Acute revenue was $495 million and flat year-over-year, representing 6% growth after normalizing for supplemental payments related to prior periods. The company reported strong volume and admissions growth from existing acute facilities and new JV and de novo facilities.
Specialty Revenue Improvement
Specialty revenue was $134 million, a 4% sequential increase from the first quarter and a $5 million sequential increase. The team also made progress mitigating the impact of changes in the New York Medicaid program on Pennsylvania facilities.
RTC Revenue Growth
RTC revenue was $97 million, up 12% year-over-year, driven by solid volume growth and growth in revenue per day, as well as capacity expansions completed last year.
Successful New Facility and Bed Openings
The company opened two new acute facilities on schedule during the quarter: a 144-bed JV facility with Orlando Health in Florida and a 96-bed JV facility with Methodist Jennie Edmundson in Iowa. Acadia added more than 300 beds in the first half of 2026 and remains on track to add 500 to 600 beds for the full year, including a planned third-quarter opening near Jacksonville, Florida.
New Facility Cohorts Ahead of Expectations
Revenue and facility-level EBITDA for the 2023 through 2026 facility cohorts were ahead of expectations. The company said the cohorts have outperformed start-up targets for two consecutive quarters, and an increasing number of new facilities are contributing positive adjusted EBITDA.
Confidence in $200 Million Incremental EBITDA Target
Management maintained confidence in delivering $200 million of incremental adjusted EBITDA relative to 2025 from the 2023 through 2026 cohorts. Coachella Valley, a 2024 de novo facility, was above 90% occupancy, and the company was evaluating adding beds there.
Operational Execution and Expense Discipline
Management cited accelerated licensing, accreditation, and payer-contracting timelines; disciplined expense management during occupancy ramps; stronger referral partnerships; improved communication with JV partners; and new dashboards and strategic plans to build occupancy. Same-facility adjusted EBITDA was $200.9 million.
Corporate and Acute Leadership Improvements
The company strengthened its leadership team, restructured the acute service line to flatten parts of the structure and align leadership by geography and scope, and removed a level of corporate middle management to facilitate problem solving and support facilities.
Quality and Measurement-Based Care Initiatives
Acadia is expanding its measurement-based care initiative to additional acute facilities and to its specialty and CTC service lines, using evidence-based practices and real-time symptom data to guide clinical decision-making, adjust treatment plans, and support patient engagement.
Stable Labor Environment
Management described the labor environment as stable and positive, with strong recruiting and retention and success hiring teams for new facilities and beds. Wage cost growth was approximately 3% year-over-year, varying by role and geography.
Revenue Cycle Progress
Bad debt and denials were stable sequentially, while the year-over-year headwind improved from $9 million in the first quarter to $7 million in the second quarter. Days sales outstanding declined to 49, and management cited progress in processes, technology, payer-level interventions, appeals, and documentation.
Disciplined Capital Deployment and Working Capital Trends
Acadia revised full-year CapEx guidance to $235 million to $255 million, including $120 million to $140 million in the second half, reflecting project timing and a disciplined approach to capital deployment. Management also reported positive working capital trends and expects positive free cash flow in the second half of 2026.
Potential Supplemental Payment Upside
The company has not fully reflected expanded 2026 supplemental payment programs in guidance beyond a $5 million historical baseline amount for Florida included in third-quarter expectations. Programs in Florida and Ohio under regulatory review could add more than $20 million in incremental EBITDA.
Payer Relationships and Rate Increases
Management characterized payer relationships as strong overall, while acknowledging ongoing push and pull in certain geographies. Payers have provided rate increases in the low- to single mid-single digits, and Acadia is sharing outcomes and working collaboratively with payers.
Continued CTC Demand and Clinic Expansion
Demand for CTC services remains steady and management said the incidence of opioid use remains high. Acadia opened two new CTC clinics during the quarter and continues to see opportunities to add clinics selectively in other markets.
Expansion of Outpatient Continuum
Acadia continues to grow intensive outpatient and partial hospitalization services as step-down options after stabilization, and management said it will evaluate additional opportunities across the continuum of care.
MX:ACHC Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed