The call presented a mix of clear operational and financial progress—revenue and adjusted EBITDA growth, strong bed additions, a sizable embedded EBITDA opportunity (> $200M), reduced CapEx and a move toward positive free cash flow—balanced against material challenges including a large PLGL reserve/expense, a $25M–$30M NY Medicaid policy headwind, start-up losses and ongoing legal/regulatory uncertainty. Management emphasized disciplined capital allocation, operational execution and quality/leadership changes to unlock embedded value.

Company Guidance

Acadia's 2026 guidance targets full‑year revenue of $3.37–3.45 billion, adjusted EBITDA of $575–610 million, and adjusted EPS of $1.30–1.55 while expecting positive free cash flow; assumptions include full‑year same‑facility volume growth of 0–1% (with ~630 beds being added to the same‑store bucket in Q1), same‑facility revenue per patient day up 2–3% (guidance reflects a ~350‑bp headwind from the New York Medicaid change with an estimated $25–30 million annual EBITDA impact), start‑up losses of $47–53 million (≈60% weighted to H1), PLGL expense of $100–110 million, CapEx of $255–280 million, and at least a $22 million EBITDA benefit if certain pending programs are approved; Q1 2026 outlook is revenue of $820–830 million and adjusted EBITDA of $130–137 million, which assumes ~ $14 million of start‑up losses, $11 million of out‑of‑period supplemental payments recognized in Q1, and a ~$3.7 million severe‑weather impact.

Revenue Growth and Beat

Q4 revenue of $821.5M, up 6.1% year-over-year; FY2025 revenue of $3.31B, up 5% and slightly above the high end of guidance (reflecting improved volume).

Adjusted EBITDA Performance

Q4 adjusted EBITDA of $99.8M and FY2025 adjusted EBITDA of $608.9M, near the upper end of guidance ($601M–$611M).

Same-Facility Operational Improvement

Q4 same-facility revenue growth of 4.4% YoY driven by a 1.3% increase in revenue per patient day and a 3.1% increase in patient days; same-facility adjusted EBITDA for Q4 was $152M.

Significant Capacity Expansion

Added 1,089 beds in 2025 (exceeding the high end of guidance), including 778 beds from six new facilities; Q4 added 181 beds. Company has added over 2,500 beds in the past 3 years and expects 400–600 additional beds in 2026.

Large Embedded EBITDA Opportunity

Management estimates incremental EBITDA opportunity exceeding $200M from facilities opened 2023–2026 as ramp/utilization improves (management expects realization inside a 5-year window).

CapEx Discipline and Free Cash Flow Outlook

FY2025 CapEx of $572M was nearly $50M favorable to prior guidance; guidance for 2026 CapEx of $255M–$280M and expectation to generate positive free cash flow in 2026.

Improving Investigation-Related Costs and Liquidity

Quarterly costs related to managing the government investigation were $12M in Q4, down 69% sequentially. As of Dec 31, 2025, $133.2M cash and ~$595M available on a $1B revolver; net leverage ~4x adjusted EBITDA.

Operational and Quality Initiatives

New CEO returning, prioritizing operational discipline, leadership depth, standardized new-hospital openings, expanded quality dashboards (50+ measures) and broader outcomes tracking; early outcome data being published.

Acadia Healthcare (ACHC) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

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ACHC Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Apr 23, 2026	2026 (Q1)	0.26 / -	0.4	―	―	―
Feb 25, 2026	2025 (Q4)	<0.01 / 0.07	0.64	-89.06% (-0.57)	―
Nov 05, 2025	2025 (Q3)	0.66 / 0.72	0.91	-20.88% (-0.19)	―
Aug 05, 2025	2025 (Q2)	0.69 / 0.83	0.91	-8.79% (-0.08)	―
May 12, 2025	2025 (Q1)	0.36 / 0.40	0.84	-52.38% (-0.44)	―
Feb 27, 2025	2024 (Q4)	0.71 / 0.64	0.85	-24.71% (-0.21)	―
Oct 30, 2024	2024 (Q3)	0.90 / 0.91	0.91	0.00% (0.00)	―
Jul 31, 2024	2024 (Q2)	0.88 / 0.91	0.92	-1.09% (-0.01)	―
May 01, 2024	2024 (Q1)	0.80 / 0.84	0.75	12.00% (+0.09)	―
Feb 27, 2024	2023 (Q4)	0.79 / 0.85	0.7	21.43% (+0.15)	―

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

ACHC Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Feb 25, 2026	$17.17	$20.84	+21.37%
Nov 05, 2025	$20.68	$20.26	-2.03%
Aug 05, 2025	$21.76	$18.00	-17.28%
May 12, 2025	$25.84	$26.94	+4.26%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.

FAQ

When does Acadia Healthcare (ACHC) report earnings?

Acadia Healthcare (ACHC) is schdueled to report earning on Apr 23, 2026, After Close (Confirmed).

What is Acadia Healthcare (ACHC) earnings time?

Acadia Healthcare (ACHC) earnings time is at Apr 23, 2026, After Close (Confirmed).

Where can I see when companies are reporting earnings?

You can see which companies are reporting today on our designated earnings calendar.

What companies are reporting earnings today?

You can see a list of the companies which are reporting today on TipRanks earnings calendar.

What is ACHC EPS forecast?

ACHC EPS forecast for the fiscal quarter 2026 (Q1) is 0.26.