Acadia Healthcare ACHC Q2 2026 earnings

Same-facility revenue in the second quarter was flat compared with the prior-year period. Same-facility patient days increased 0.8%, and same-facility revenue per patient day decreased 0.8%. The decline in same-facility revenue per patient day was driven by the timing of supplemental payment revenue in certain states. After normalizing for the impact of the timing of supplemental payment revenue related to prior periods in Florida and Tennessee, same-facility revenue growth would have been 3.2% compared with the prior-year period.

Acute inpatient psychiatric facility (“Acute”) revenue was $494.6 million, which was flat compared with the prior-year period. After normalizing for the impact of supplemental payment revenue related to prior periods in Florida and Tennessee, Acute revenue increased 5.7% in the second quarter compared to the prior-year period. Second quarter Acute inpatient volumes increased 5.5% compared with the prior-year period, driven primarily by expanded capacity from both newly constructed and existing facilities.

² Calculated as (A)/(B) minus 1, where (A) equals total revenue in the second quarter of 2026 of $865.8 million minus $22.3 million of revenue from the Florida supplement payment program related to prior periods, and (B) equals total revenue in the second quarter of 2025 of $869.2 million minus $48.7 million of revenue from the Tennessee supplemental payment program for prior periods

³ Calculated as (A)/(B) minus 1, where (A) equals same-facility revenue in the second quarter of 2026 of $856.4 million minus $22.3 million of revenue from the Florida supplement payment program related to prior periods, and (B) equals same same-facility revenue in the second quarter of 2025 of $856.8 million minus $48.7 million of revenue from the Tennessee supplemental payment program for prior periods

⁴ Calculated as (A)/(B) minus 1, where (A) equals Acute revenue in the second quarter of 2026 of $494.6 million minus $22.3 million of revenue from the Florida supplement payment program related to prior periods, and (B) equals Acute revenue in the second quarter of 2025 of $495.4 million minus $48.7 million of revenue from the Tennessee supplemental payment program for prior periods Specialty treatment facility revenue was $133.5 million, a decrease of 8.4% compared with the prior-year period. The revenue decline was related to Specialty facilities in Pennsylvania and the impact from having closed several Specialty facilities after the second quarter of 2025.

ACHC Announces Second Quarter 2026 Results Page 3 July 28, 2026 Comprehensive treatment facility (“CTC”) revenue was $141.2 million, which was flat compared with the prior-year period. Residential treatment facility (“RTC”) revenue was $96.5 million, an increase of 11.6% compared with the prior-year period.

Total operating expenses were $727.6 million in the second quarter of 2026, an increase of 7.3% compared with the prior-year period. Total operating expenses for the second quarter of 2026 include a $28.6 million adjustment to PLGL reserves for expected settlements of certain claims from the 2025 policy year. Excluding the $28.6 million adjustment to PLGL reserves, total operating expenses increased by 3.1% compared with the prior-year period.

Salaries, wages and benefits were $474.1 million for the second quarter of 2026, an increase of 4.8% compared with the prior-year period. The increase is primarily due to new facility openings as well as routine annual wage increases. Same-facility salaries, wages and benefits increased by 4.4%.

Adjusted EBITDA for the second quarter was $149.2 million, compared with $201.8 million in the prior-year period. The decline in Adjusted EBITDA compared with the prior-year period was primarily driven by a $39.3 million increase in PLGL costs, which includes the $28.6 million adjustment to the Company’s reserve for PLGL costs, and by the timing of supplemental payments related to prior periods in certain states. Second quarter Adjusted EBITDA includes a $26.1 million benefit related to the Florida supplemental payment program and provider tax adjustments, compared to a $39.5 million benefit in the second quarter of 2025 from the Tennessee supplemental payment program related to prior periods.

Development Activity

In June, the Company opened a 144-bed joint venture facility with Orlando Health in Florida, and a 96-bed joint venture facility with Methodist Jennie Edmundson Hospital in Iowa. In addition to the 240 beds added from these new facilities, the Company also opened two new CTC locations during the second quarter.

Cash and Liquidity

As of June 30, 2026, the Company had $171.3 million in cash and cash equivalents and $669.8 million available under its $1.0 billion revolving credit facility. As of June 30, 2026, Acadia’s net leverage ratio was 4.1x Adjusted EBITDA, calculated in accordance with its Credit Agreement as disclosed in the Company’s latest periodic reports and other filings with the Securities and Exchange Commission (“SEC”).

2026 Financial Guidance

ACHC Announces Second Quarter 2026 Results Page 4 July 28, 2026 Acadia today updated its financial guidance for 2026, as follows: The Company’s guidance does not include the impact of any future acquisitions, divestitures, transaction, legal and other costs or non-recurring legal settlements expense.

Conference Call

Acadia will hold a conference call to discuss its second quarter financial results at 8:00 a.m. Central Time / 9:00 a.m. Eastern Time on Wednesday, July 29, 2026. A live webcast of the conference call will be available at www.acadiahealthcare.com in the “Investors” section of the website. The archived webcast will be available after the call has ended.

About Acadia

Acadia is a leading provider of behavioral healthcare services across the United States (the “U.S.”). As of June 30, 2026, Acadia operated a network of 279 behavioral healthcare facilities with approximately 12,600 beds in 40 states and Puerto Rico. With approximately 25,000 employees serving more than 84,000 patients daily, Acadia is the largest stand-alone behavioral healthcare company in the U.S. Acadia provides behavioral healthcare services to its patients in a variety of settings, including inpatient psychiatric hospitals, specialty treatment facilities, RTCs and outpatient clinics.

Description of Business

Unless the context otherwise requires, all references herein to “Acadia,” “the Company,” “we,” “us” or “our” mean Acadia Healthcare Company, Inc. and its consolidated subsidiaries. Acadia Healthcare Company, Inc. is a holding company whose direct and indirect subsidiaries own and operate acute inpatient psychiatric facilities, specialty treatment facilities, CTCs, RTCs and facilities providing outpatient behavioral healthcare services to serve the behavioral healthcare and recovery needs of communities throughout the U.S. and Puerto Rico. The terms “facilities,” “centers,” “clinics,” and “hospitals” refer to entities owned, operated, or managed by subsidiaries of Acadia Healthcare Company, Inc. References herein to “employees” refer to employees of subsidiaries of Acadia Healthcare Company, Inc.

Forward-Looking Information

ACHC Announces Second Quarter 2026 Results Page 5 July 28, 2026 This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), including statements related to our strategy, growth and anticipated operating results for future periods. Generally, words such as “may,” “will,” “should,” “could,” “anticipate,” “expect,” “intend,” “estimate,” “plan,” “continue” and “believe” or the negative of or other variation on these and other similar expressions identify forward-looking statements. These forward-looking statements are made only as of the date of this press release. We do not undertake to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Forward-looking statements are based on current expectations and involve risks and uncertainties, and our future results could differ significantly from those expressed or implied by our forward-looking statements. Factors that may cause actual results to differ materially include, without limitation, (i) potential difficulties in successfully integrating the operations of acquired facilities or realizing the expected benefits and synergies of facility expansions, acquisitions, joint ventures and de novo transactions; (ii) Acadia’s ability to add beds, expand services, enhance marketing programs and improve efficiencies at its facilities; (iii) potential reductions in payments received by Acadia from government and commercial payors, including because of the significant changes to Medicaid financing mechanisms introduced by the One Big Beautiful Bill Act (the “OBBBA”) enacted on July 4, 2025; (iv) the occurrence of patient incidents, governmental investigations, litigation and adverse regulatory actions, which could adversely affect the price of our common stock and result in substantial payments and incremental regulatory burdens; (v) the risk that Acadia may not generate sufficient cash from operations to service its debt and meet its working capital and capital expenditure requirements; (vi) changes in expectations resulting from actuarial and other reviews of the Company’s liability reserves and other aspects of its business; (vii) potential disruptions to our information technology systems or adverse impacts of a cybersecurity incident; and (viii) potential operating difficulties, including, without limitation, disruption to the U.S. economy and financial markets; reduced admissions and patient volumes, including, without limitation, due to the OBBBA’s introduction of work or community engagement requirements in the Medicaid expansion population; increased costs relating to labor, supply chain and other expenditures; changes in competition and client preferences; and general economic or industry conditions that may prevent Acadia from realizing the expected benefits of its business strategies. These factors and others are more fully described in Acadia’s periodic reports and other filings with the SEC.

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ACHC Announces Second Quarter 2026 Results Page 6 July 28, 2026

Condensed Consolidated Statements of Income

(Unaudited)

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Condensed Consolidated Balance Sheets

(Unaudited)

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ACHC Announces Second Quarter 2026 Results Page 8 July 28, 2026

Condensed Consolidated Statements of Cash Flows

(Unaudited)

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ACHC Announces Second Quarter 2026 Results Page 9 July 28, 2026

Operating Statistics (1)

(Unaudited, $ in thousands except per Patient Day metrics)

(1) Total facility and same facility results may not be indicative of the overall performance of our business and should not be considered as alternatives for net income or any other performance measures in accordance with GAAP (as defined herein).

(2) Same facility results for the periods presented include facilities we have operated for more than one year and exclude certain closed services.

(3) Average length of stay is defined as patient days divided by admissions.

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Reconciliation of Net Income Attributable to Acadia Healthcare Company, Inc. to Adjusted EBITDA and Same Facility Adjusted EBITDA

(Unaudited)

See footnotes on pages 11-12.

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Reconciliation of Net Income Attributable to Acadia Healthcare Company, Inc. to

Adjusted Income Attributable to Acadia Healthcare Company, Inc.

(Unaudited)

See footnotes on pages 11-12.

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Footnotes

We have included certain financial measures in this press release, including those listed below, which are “non-GAAP financial measures” as defined under the rules and regulations promulgated by the SEC. These non-GAAP financial measures include, and are defined, as follows:

• EBITDA: net income attributable to Acadia Healthcare Company, Inc. adjusted for net income attributable to noncontrolling interests, provision for income taxes, net interest expense and depreciation and amortization.
• Adjusted EBITDA: EBITDA adjusted for equity-based compensation expense, transaction, legal and other costs, debt extinguishment costs, legal settlements expense, loss on impairment and gain on sale of property, net.
• Adjusted income before income taxes attributable to Acadia Healthcare Company, Inc.: net income attributable to Acadia Healthcare Company, Inc. adjusted for transaction, legal and other costs, debt extinguishment costs, legal settlements expense, loss on impairment, gain on sale of property, net, and provision for income taxes.
• Adjusted income attributable to Acadia Healthcare Company, Inc.: Adjusted income before income taxes attributable to Acadia Healthcare Company, Inc. adjusted for the income tax effect of adjustments to income.
• Total facility adjusted EBITDA: Adjusted EBITDA adjusted for general and administrative costs related to our corporate functions. General and administrative costs directly related to the facilities are included in total facility results.
• Same facility adjusted EBITDA: Adjusted EBITDA for facilities and services to those facilities operated in both the current and prior year. These metrics exclude the operating results associated with facilities under operation for less than one year and facilities acquired, divested or removed from service during the current or prior year.

The non-GAAP financial measures presented herein are supplemental measures of our performance and are not required by, or presented in accordance with, generally accepted accounting principles in the United States (“GAAP”). The non-GAAP financial measures presented herein are not measures of our financial performance under GAAP and should not be considered as alternatives to net income or any other performance measures derived in accordance with GAAP or as an alternative to cash flow from operating activities as measures of our liquidity. Our measurements of these non-GAAP financial measures may not be comparable to similarly titled measures of other companies. We have included information concerning the non-GAAP financial measures in this press release because we believe that such information is used by certain investors as measures of a company’s historical performance. We believe these measures are frequently used by securities analysts, investors and other interested parties in the evaluation of issuers of equity securities, many of which present similar non-GAAP financial measures when reporting their results. Because the non-GAAP financial measures are not measurements determined in accordance with GAAP and are thus susceptible to varying calculations, the non-GAAP financial measures, as presented, may not be comparable to other similarly titled measures of other companies. Our presentation of these non-GAAP financial measures should not be construed as an inference that our future results will be unaffected by unusual or nonrecurring items.

Total facility results include operating results for all of our facilities and services but exclude general and administrative costs related to our corporate functions. Such costs related to our corporate functions include, amongst others, costs for accounting and finance, information systems, human resources, legal and operational and executive leadership. General and administrative costs directly related to the facilities are included in facility results. Such costs directly related to our facilities include, amongst others, labor at the facility level, insurance, including property, professional, legal and general liability insurance, hospital supplies, including medication, utilities and food service, and general maintenance costs for the facility. We determine which general and administrative costs to exclude and include in total facility results by ensuring those costs directly associated with facility operations are captured at the facility level for reporting. Note that total facility costs include those related to new facilities and the cost of closure and run-out costs related to facilities we have closed. We believe that providing results on a total facility basis is helpful to our investors as a measure of our financial and operating performance because it neutralizes the impact of corporate-level items that do not arise out of our core operations at our facilities.

Same facility results include operating results only for facilities and services operated in both the current and prior year. These metrics exclude the operating results associated with facilities under operation for less than one year and facilities acquired during the current or prior year, as well as facilities divested or removed from service. We believe that providing results on a same facility basis is helpful to investors because it neutralizes the impact of new facilities that are in early stages of operation and facilities that we no longer operate, each of which may distort investors’ understanding of the Company’s underlying performance at our existing and continuing facilities. Further, we believe that providing same facility information is helpful to our investors as a measure of the financial and operating performance of our existing and continuing facilities on a comparable basis, and same facility results provide investors with information useful in understanding underlying organic growth in such facilities. For these reasons, we believe that same facility results are particularly useful during periods of significant expansion or contraction.

Total facility results reflect adjustments that are intended to provide the specific presentation described above, and same facility results reflect adjustments that may be irregular in timing from period to period related to newly opened or acquired facilities or facilities that we no longer operate, and may omit certain results that investors may view as important. Total facility and same facility results may therefore not be indicative of the overall performance of our business and should be not be considered as alternatives for net income or any other performance measures derived in accordance with GAAP.

The Company is not able to provide a reconciliation of projected Adjusted EBITDA and adjusted earnings per diluted share, where provided, to expected results due to the unknown effect, timing and potential significance of transaction-related expenses and the tax effect of such expenses.

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Footnotes (continued)

(a) Represents the equity-based compensation expense of Acadia. Equity-based compensation expense is excluded from Adjusted EBITDA because we believe that the cost of equity awards granted to employees does not contribute to the earnings potentially available for distributions to Acadia's equity holders or reinvestment into the Company's business.

(b) Represents transaction, legal, and other costs incurred by Acadia primarily related to the following categories: (1) government investigations; (2) termination and restructuring costs; (3) legal, accounting, and other acquisition-related costs; and (4) management transition costs. Government investigations include legal fees and settlement costs related to certain litigation. Termination and restructuring costs include costs, net of gains, incurred related to workforce reductions, contract amendments, and the closure and disposition of certain facilities, including related lease terminations. Legal, accounting and other acquisition-related costs include costs incurred for the development of new facilities ($0.2 million and $0.3 million for the three and six months ended June 30, 2026, respectively, and $0.4 million and $1.3 million for the three and six months ended June 30, 2025, respectively) and legal and settlement costs incurred related to certain litigation not included in government investigations ($9.1 million and $9.7 million for the three and six months ended June 30, 2026, respectively, and $0.4 million and $(2.6) million for the three and six months ended June 30, 2025, respectively). Management transition costs consist primarily of severance benefits incurred with the departure of the Company’s former Chief Executive Officer, Christopher H. Hunter. The table below quantifies each of the components of transaction, legal and other costs for the periods presented. Such transaction, legal and other costs are excluded from Adjusted EBITDA because we believe that the nature, size, and number of these costs can vary dramatically from period to period and between Acadia and its peers and can also obscure underlying business trends and make comparisons of long-term performance difficult.

(c) Represents debt extinguishment costs recorded during the first quarter of 2025 in connection with the refinancing of the prior credit facility. Debt extinguishment is excluded from Adjusted EBITDA because we believe that this expense is unrelated to Acadia’s day-to-day business operations and not indicative of Acadia’s ongoing operating results.

(d) Represents legal settlements expense in excess of the Company's primary and excess insurance policies. Legal settlements expense for the six months ended June 30, 2026, relates to costs associated with the settlement of Sandoval v. Acadia Healthcare Company, Inc., Marin County Super. Ct. No. CIV1802171. Legal settlements expense for the six months ended June 30, 2025, relates to costs associated with the Desert Hills litigation. Legal settlements expense is excluded from Adjusted EBITDA because we believe that this expense is unrelated to Acadia’s day-to-day business operations and not indicative of Acadia’s ongoing operating results.

(e) Represents non-cash impairment charges. Non-cash impairment charges are excluded from Adjusted EBITDA because we believe that these charges are unrelated to Acadia’s day-to-day business operations and not indicative of Acadia’s ongoing operating results.

(f) Represents gain on facility property sales, net. Net gains from facility property sales are excluded from Adjusted EBITDA because we believe that these gains are unrelated to Acadia’s day-to-day business operations and not indicative of Acadia’s ongoing operating results.

(g) Represents general and administrative costs related to our corporate functions, including, amongst others, costs for accounting and finance, information systems, human resources, legal and operational and executive leadership. We determine which general and administrative costs to exclude and include in total facility results by ensuring those costs directly associated with facility operations are captured at the facility level for reporting. Corporate general and administrative costs are excluded to present Total Facility Adjusted EBITDA because we believe that providing results on a total facility basis is helpful to our investors as a measure of the financial and operating performance of our core operations at our facilities.

(h) Represents the portion of EBITDA for the periods presented attributable to de novos and acquired facilities in operation for less than one year and facilities closed during such period. De novos are newly developed facilities built by Acadia or with a joint venture partner. Such amounts are excluded from Adjusted EBITDA to present Same Facility Adjusted EBITDA because we believe providing same facility information is helpful to our investors as a measure of the financial and operating performance of our existing and continuing facilities on a comparable basis, and same facility results provide investors with information useful in understanding underlying organic growth in such facilities.

(i) Represents the income tax effect of adjustments to income based on tax rates of 27.3% and 24.7% for the three months ended June 30, 2026 and 2025, respectively, and 26.8% and 24.5% for the six months ended June 30, 2026 and 2025, respectively. We believe excluding the income tax effect of adjustments to income assists investors in understanding the tax provision associated with those adjustments and the effect on net income.

Investor Contact: investorrelations@acadiahealthcare.com