Ardent Health, Inc. · NYSE:ARDT
Ardent Health — Q3 2026 Earnings Presentation
15 slides from Ardent Health's earnings presentation, Nov 4, 2026
Slide 1: 3Q26 Earnings Presentation
3Q26 Earnings Presentation November 4, 2026
Slide 2: Important Disclaimers: Forward-Looking Statements
Important Disclaimers Forward-Looking Statements This presentation may contain certain “forward-looking statements,” as that term is defined in the U.S. federal securities laws. These forward-looking statements include, but are not limited to, statements other than statements of historical facts, in
Slide 3: Important Disclaimers: Non-GAAP Financial Information
Important Disclaimers Non-GAAP Financial Information We have included certain financial measures in this presentation that have not been prepared in a manner that complies with U.S. generally accepted accounting principles ("GAAP"), including Adjusted EBITDA, Adjusted EBITDA margin, Adjusted EBITDAR
Slide 4: 3-Part Growth Strategy Supports Long-Term Value Creation
3-Part Growth Strategy Supports Long-Term Value Creation Moving up the value chain and expanding our footprint through strategic focus and operational excellence Strategic Organic Growth in Intentional Capital Allocation for Operational Excellence Core Markets Value Creation Strengthen Margins Organ
Slide 5: 3Q26 Results Summary
3Q26 Results Summary 3Q26 results reflect improving financial and operating performance 3Q26 3Q26 YTD Reduced 3Q26 SWB expense by 4% compared to the prior year YoY % YoY % (300bps YoY improvement as % Amount Change Amount Change of revenue) Total Revenue (in millions) $1,625 3.1% $4,849 2.7% Lowered
Slide 6: 3Q26 Volume Summary
3Q26 Volume Summary 3Q26 3Q26 YTD YoY % Change YoY % Change 3Q26 volume trends improved compared to 2Q26 performance Admissions 0.1% (0.7%) 3Q26 admissions modestly grew 0.1% YoY vs Adjusted Admissions 2.9% 2.5% -1.0% in 2Q26 and adjusted admissions growth improved to 2.9% in 3Q26 vs +2.5% in 2Q26 I
Slide 7: Payor Mix
Payor Mix 3Q26 Payor Mix 3Q25 Payor Mix % of Net Patient Service Revenue % of Net Patient Service Revenue 5.5% Self-Pay and Other 40.2% 5.6% 38.9% Medicare Self-Pay and Other Medicare 44.8% Managed Care 9.5% 45.5% 10.0% Medicaid Managed Care Medicaid 7
Slide 8: Capital Structure to Support Opportunistic Growth
Capital Structure to Support Opportunistic Growth Strong balance sheet and ample liquidity to support growth strategy Available Liquidity Net Leverage Ratio Profile 1 2 1. Net leverage is calculated as net debt / Adjusted EBITDA, with net debt calculated as total debt less cash and cash equivalents;
Slide 9: Increasing Full-Year 2026 Adjusted EBITDA Guidance Midpoint
Increasing Full-Year 2026 Adjusted EBITDA Guidance Midpoint Dollars in millions, except per share data Previous Revised Low High Low High Guidance Assumptions Update Increasing 2026 adjusted EBITDA Total revenue $6,400 – $6,700 $6,400 – $6,700 guidance midpoint by 1.5%. This reflects strong executio
Slide 10: APPENDIX
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Slide 11: Non-GAAP Reconciliation
Non-GAAP Reconciliation Three Months Ended September 30, Nine Months Ended September 30, 2026 2025 2026 2025 (in thousands) Net income $ 63,387 $ 1,207 $ 156,564 $ 155,873 Income tax expense (benefit) 17,638 (3,410) 42,255 38,114 Interest expense 15,317 13,914 40,097 42,819 Depreciation and amortiza
Slide 12: Non-GAAP Reconciliation (continued)
Non-GAAP Reconciliation (continued) 1. Other non-operating losses include losses realized on certain non-recurring events or events that are non-operational in nature. 2. Cybersecurity Incident recoveries, net primarily represent gains on insurance recovery proceeds associated with the Cybersecurity
Slide 13: Non-GAAP Reconciliation (continued)
Non-GAAP Reconciliation (continued) Three Months Ended September 30, Nine Months Ended September 30, 2026 2025 2026 2025 (in thousands) Operating cash flow $ 121,927 $ 154,372 $ 258,440 $ 247,075 Capital expenditures (48,810) (58,804) (115,576) (127,909) Free cash flow $ 73,117 $ 95,568 $ 142,864 $
Slide 14: Non-GAAP Reconciliation: Full-Year 2026 Guidance
Non-GAAP Reconciliation: Full-Year 2026 Guidance Previous Revised Dollars in millions Low High Low High Net income $202 $260 $209 $254 Income tax expense 53 69 56 69 Interest expense, net 56 53 56 54 Depreciation and amortization 175 170 171 167 Noncontrolling interest earnings (92) (97) (77) (87) C
Slide 15: Non-GAAP Reconciliation: Full-Year 2026 Guidance (continued)
Non-GAAP Reconciliation: Full-Year 2026 Guidance (continued) 1. Cybersecurity Incident recoveries, net primarily represent gains on insurance recovery proceeds associated with the Cybersecurity Incident, net of incremental information technology and litigation costs. 2. Enterprise restructuring cost