Acadia Raises 2026 Adjusted EBITDA Outlook After Acute Growth

The Tip Desk · November 11, 2026 · 3 min read

Third-quarter revenue was $895.3 million, up 5.1%, as the company lifted full-year Adjusted EBITDA to $615 million to $625 million.

Acadia Healthcare Company (ACHC), the largest stand-alone behavioral healthcare company in the United States, raised its full-year 2026 Adjusted EBITDA outlook to $615 million to $625 million after third-quarter revenue of $895.3 million, up 5.1% from a year earlier, and a $13.4 million Florida supplemental-payment accrual that exceeded the $5.6 million previously embedded in guidance.

The company also lifted full-year revenue guidance to $3.44 billion to $3.46 billion from $3.40 billion to $3.45 billion, adjusted earnings per diluted share to $1.70 to $1.80 from $1.45 to $1.60, and operating cash flow to $375 million to $400 million from $350 million to $400 million. It lowered capital-expenditure guidance to $210 million to $230 million from $235 million to $255 million. Guidance excludes future acquisitions, divestitures, transactions, legal costs and non-recurring settlements.

Chief Executive Officer Debbie Osteen said the company’s positive momentum was driving the increased full-year guidance. She said Acadia has opened 16 new acute facilities over the last four years and, based on progress so far in 2026, now expects to deliver approximately $60 million of incremental EBITDA from those facilities in 2027 relative to 2026.

Acute inpatient psychiatric facilities were the growth engine. Segment revenue was $524.8 million, up 11.3% from $471.5 million a year earlier. Acute inpatient volumes increased 7.5%, which the company said was driven primarily by expanded capacity from both newly constructed and existing facilities.

Same-facility revenue rose 5.2%, with patient days up 1.1% and revenue per patient day up 4.0%. Same-facility admissions were 56,999, up 6.6%, and average length of stay was 14.4 days. Same-facility Adjusted EBITDA was $228.8 million. Facilities closed over the last twelve months represented a negative 1.3% impact to reported revenue growth.

Specialty treatment facilities remained a drag. Revenue was $136.0 million, down 8.2% from $148.1 million a year earlier. The company said the decline was related to Specialty facilities in Pennsylvania and the impact from having closed several Specialty facilities over the last 12 months. Comprehensive treatment centers posted $141.1 million, down 2.3%. Residential treatment centers posted $93.4 million, up 6.7%.

Adjusted EBITDA was $176.4 million, compared with $173.0 million in the prior-year period. The third-quarter figure included the $13.4 million favorable pre-tax Florida supplemental-payment accrual. Net income attributable to Acadia was $34.5 million, or $0.38 a share, compared with $36.2 million, or $0.40 a share, a year earlier. Adjusted net income attributable to Acadia was $54.6 million, or $0.60 a share, compared with $64.8 million, or $0.72 a share.

Total operating expenses were $728.1 million, up 6.4%. Salaries, wages and benefits were $490.3 million, up 6.1%, which the company said was primarily due to new facility openings and routine annual wage increases; same-facility salaries, wages and benefits increased 4.3%.

The company added 220 licensed beds in the third quarter, including a 144-bed de novo facility near Jacksonville, Florida, and 76 beds at existing facilities. It opened one new CTC location and closed one existing CTC location. Operating cash flows were $97.9 million and capital expenditures were $50.7 million.

As of September 30, 2026, Acadia had $163.3 million in cash and cash equivalents and $710.1 million available under its $1.0 billion revolving credit facility. Net leverage was 3.9 times Adjusted EBITDA.