Ardent Health, Inc. · NYSE:ARDT
Ardent Health — Q4 2025 Earnings Presentation
13 slides from Ardent Health's earnings presentation, Mar 5, 2026
Slide 1: 4Q25 Earnings Presentation
4Q25 Earnings Presentation March 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: 4Q25 Results Summary
4Q25 Results Summary Solid finish to 2025 resulting in full-year revenue growth of 6%, Adjusted EBITDA growth of 9% and 20bps of margin expansion 4Q25 FY25 2025 Guidance (as of Nov. 12. 2025) YoY % YoY % Amount Change Amount Change Range Midpoint Total Revenue (in millions) $1,605 (0.1%) $6,324 6.0%
Slide 5: Strong cash flows and strengthened balance sheet
Strong cash flows and strengthened balance sheet During 2025, the Company increased operating cash flow by nearly 50% and decreased lease-adjusted net leverage to 2.5x. Dollars in millions FY 2024 FY 2025 Change Operating Cash Flow $315 $471 49% Total Cash and Cash Equivalents $557 $710 +$153 Increa
Slide 6: 4Q25 Volume Summary
4Q25 Volume Summary 4Q25 FY25 YoY % Change YoY % Change Admissions 1.5% 5.3% Adjusted Admissions 2.0% 2.3% FY2025 adjusted admissions growth of 2.3% consistent with Inpatient Surgeries 3.9% 6.5% 2025 guidance of 2% - 3% Outpatient Surgeries (1.3%) (2.3%) Total Surgeries 0.1% 0.2% 6
Slide 7: 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. Net leverage is calculated as net debt / Adjusted EBITDA, with net debt calculated as total debt less cash and cash equivalents; 2.
Slide 8: Full-Year 2026 Guidance
Full-Year 2026 Guidance Dollars in millions, except per share data Full-Year 2026 Guidance 2026 Adjusted EBITDA Guidance Midpoint Assumptions Low High Approximately 4% core Total revenue $6,400 – $6,700 Adjusted EBITDA growth on a normalized 2025 base of Net income attributable to Ardent Health, Inc
Slide 9: Appendix
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Slide 10: Non-GAAP Reconciliation
Non-GAAP Reconciliation Three Months Ended December 31, Year Ended December 31, 2025 2024 2025 2024 (in thousands) Net income $ 74,262 $ 140,891 $ 230,135 $ 299,708 Income tax expense 18,109 26,355 56,223 63,352 Interest expense 12,383 13,528 55,202 65,578 Depreciation and amortization 41,037 37,854
Slide 11: Non-GAAP Reconciliation (continued)
Non-GAAP Reconciliation (continued) Three Months Ended December 31, Years Ended December 31, 2025 2024 2025 2024 (in thousands) Operating cash flow $ 223,435 $ 119,569 $ 470,510 $ 315,026 Capital expenditures (83,995) (81,274) (211,904) (187,508) Free cash flow $ 139,440 $ 38,295 $ 258,606 $ 127,518
Slide 12: Non-GAAP Reconciliation (continued)
Non-GAAP Reconciliation (continued) 1. Other non-operating (gains) losses include gains and losses realized on certain non-recurring events or events that are non-operational in nature. 2. Cybersecurity Incident recoveries, net represent insurance recovery proceeds associated with the Cybersecurity
Slide 13: Non-GAAP Reconciliation: Full-Year 2026 Guidance
Non-GAAP Reconciliation: Full-Year 2026 Guidance Full Year Ending December 31, 2026 Dollars in millions Low High Net income $221 $280 Income tax expense 58 73 Interest expense, net 56 53 Depreciation and amortization 175 170 Noncontrolling interest earnings (92) (97) Cybersecurity Incident recoverie