Ardent Health, Inc. · NYSE:ARDT
Ardent Health — Q2 2026 Earnings Presentation
13 slides from Ardent Health's earnings presentation, Aug 4, 2026
Slide 1: 2Q26 Earnings Presentation
2Q26 Earnings Presentation August 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: 2Q26 Results Summary
2Q26 Results Summary 2Q26 performance was impacted by lower surgeries and admissions, but volumes improved after our intra-quarter update in early June 2Q26 2Q26 YTD The first two months of 2Q26 experienced volume pressure YoY % YoY % followed by meaningful Amount Change Amount Change improvement in
Slide 5: 2Q26 Volume Summary
2Q26 Volume Summary 2Q26 2Q26 YTD YoY % Change YoY % Change Admissions (1.0%) (1.1%) 2Q26 adjusted admissions growth of 2.5% was consistent with 2026 guidance of 1.5% - 2.5%. Adjusted Admissions 2.5% 2.3% Inpatient Surgeries (7.5%) (3.8%) 2Q26 total surgeries declined 2.9%, approximately Outpatient
Slide 6: Payor Mix
Payor Mix 2Q26 Payor Mix 2Q25 Payor Mix % of Net Patient Service Revenue % of Net Patient Service Revenue 6.1% Self-Pay and Other 40.8% 5.7% 39.7% Medicare Self-Pay and Other Medicare 43.1% Managed Care 10.0% 44.7% 9.9% Medicaid Managed Care Medicaid 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 2 1. Net leverage is calculated as net debt / Adjusted EBITDA, with net debt calculated as total debt less cash and cash equivalents;
Slide 8: Reaffirming Full-Year 2026 Guidance
Reaffirming Full-Year 2026 Guidance Dollars in millions, except per share data Previous Revised Low High Low High Guidance Assumptions Update Biased to lower end of 2026 Total revenue $6,400 – $6,700 $6,400 – $6,700 revenue range to reflect a lower volume outlook. Net income attributable to Ardent H
Slide 9: Appendix
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Slide 10: Non-GAAP Reconciliation
Non-GAAP Reconciliation Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 (in thousands) Net income $ 34,689 $ 95,701 $ 93,177 $ 154,666 Income tax expense 8,514 26,291 24,617 41,524 Interest expense 12,569 14,729 24,780 28,905 Depreciation and amortization 41,342 39,309 84,3
Slide 11: 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 represent insurance recovery proceeds associated with the Cybersecurity Incident, net of i
Slide 12: Non-GAAP Reconciliation (continued)
Non-GAAP Reconciliation (continued) Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 (in thousands) Operating cash flow $ 196,735 $ 117,490 $ 136,513 $ 92,703 Capital expenditures (38,678) (46,197) (66,766) (69,105) Free cash flow $ 158,057 $ 71,293 $ 69,747 $ 23,598 Distrib
Slide 13: 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 $221 $280 $202 $260 Income tax expense 58 73 53 69 Interest expense, net 56 53 56 53 Depreciation and amortization 175 170 175 170 Noncontrolling interest earnings (92) (97) (92) (97) C