Acadia Healthcare Company, Inc. · NASDAQ:ACHC
Acadia Healthcare — Q2 2026 Earnings Presentation
21 slides from Acadia Healthcare's earnings presentation, Jul 29, 2026
Slide 1: 2026 Earnings – 2nd Quarter
Orlando Health Behavioral Health Hospital (Orlando Health Joint Venture) Apopka, Florida 2026 Earnings – 2nd Quarter July 28, 2026
Slide 2: Safe Harbor
Safe Harbor This presentation contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements related to our strategy, growth and anticipated operating results
Slide 3: Strong performance in Q2
Strong performance in Q2 Key themes from Q2 • 2Q26 Revenue was above high end of guidance; Adj. EBITDA and Adj. EPS near high end of guidance Achieved strong results and updated 2026 outlook • Updating 2026 Guidance for Revenue ($3.40 - $3.45B), Adj. EBITDA ($590 - $615M), Adj. EPS ($1.45 - $1.60),
Slide 4: 2nd Quarter 2026 Results
2nd Quarter 2026 Results 2Q 2026 Results 2Q 2025 Results % Change Revenue $866 $869 0% Adj. EBITDA $149 $202 (26)% Adj. EPS $0.38 $0.83 (54)% Operating Cash $162 $134 21% Flow Total Capital $39 $168 (77)% Expenditures $ in Millions, except per share values 4
Slide 5: Revenue Bridge
Revenue Bridge 2Q25 Actual to 2Q26 Actual Revenue $ in Millions Same Facility Non-Same Facility3 9 (12) $869 $866 (9) (26) 43 (7) 2Q25 Actual NY MDCD1 Net OOP Bad Debts Core Growth LTM Closures 2Q26 Actual Supplementals & Denials 2 Startups Note: all bridge amounts shown are on an approximate basis.
Slide 6: Adjusted EBITDA Bridge
Adjusted EBITDA Bridge 2Q25 Actual to 2Q26 Actual Adj. EBITDA $ in Millions Same Facility Non-Same Facility3 $202 (6) (13) (39) (12) $149 21 4 (7) 2Q25 Actual NY MDCD Net PLGL2 Bad Debts Core LTM Closures 2Q26 Actual Supplemental1 & Denials Growth Startups Note: all bridge amounts shown are on an ap
Slide 7: Same Facility Volume Growth Drivers
Same Facility Volume Growth Drivers 2Q26 Actual Same Facility Patient Day Growth1 % Growth 0.8% 1.5% (2.9)% 2.2% Underlying "Core NY MDCD ‘23 - ’25 Ramping Same Facility Business" Growth Facilities Patient Day Note: all bridge amounts shown are on an approximate basis. Numbers may not add due to rou
Slide 8: Same Facility Revenue per Patient Day Drivers
Same Facility Revenue per Patient Day Drivers 2Q26 Actual Same Facility Revenue per Patient Day % Growth ~1.2% ~(3.0)% ~2.0% ~(0.9)% (0.8)% Underlying Mix Shift Net Supplemental Bad Debts Same Facility Rate Growth Payments & Denials Revenue per Note: all bridge amounts shown are on an approximate ba
Slide 9: New facility openings represent >$200M incremental EBITDA opportunity
New facility openings represent >$200M incremental EBITDA opportunity Bed adds by year1 # of Beds +1,871 12,859 299 299 707 Gross bed adds: ~500- 1,572 At full maturity, 2023-2025 de 665 Gross bed 600 novo/JV cohorts and 2026 facilities 10,988 200 adds: 1,089 Gross bed currently under construction G
Slide 10: Total Capital Expenditures and Cash Flow from Operations
Total Capital Expenditures and Cash Flow from Operations 2Q25 Actual to 2Q26 Actual Total Capital Expenditures Cash Flow from Operations $ in Millions $ in Millions -129 +29 $168 $162 $134 139 $39 29 29 10 2Q25 2Q26 2Q25 2Q26 Growth CapEx Routine CapEx Cash Flow from Operations 2Q26 Free Cash Flow1
Slide 11: Key Balance Sheet Statistics
Key Balance Sheet Statistics Debt Balances as of June 30, 2026 $ in Millions $2,470 • Net Leverage2 is ~4.1x TTM June 30, (150) 2026 Adjusted EBITDA $2,320 • Expected 2026 Net Leverage 2 Ratio between 3.8x – 4.0x • Total Cash & Cash Equivalents of $171M as of June 30, 2026 Gross Debt1 Cash3 Net Debt
Slide 12: Full Year 2026 Guidance
Full Year 2026 Guidance Full Year 2026 Full Year 2026 Guidance Guidance Change at (July) (April) Midpoint Revenue $3,400 – $3,450 $3,370 – $3,450 +$15 Adj. EBITDA $590 – $615 $580 – $615 +$5 Adj. EPS $1.45 – $1.60 $1.35 – $1.60 +$0.05 Operating Cash Flow $350 – $400 $285 – $325 +$70 Capital Expendit
Slide 13: Full Year 2026 Guidance Assumptions
Full Year 2026 Guidance Assumptions Change at Assumption Midpoint Same Facility Patient Day Growth 1 – 2% - Same Facility Revenue per Patient Day Growth 2 – 3% +1% Total Bed Additions 500 – 600 beds +50 beds Startup Losses $45 – $49 ($2) Depreciation and Amortization Expense $198 – $203 - Interest E
Slide 14: Health Care
H EA LTH C A RE
Slide 15: Revenue by Service Line
Revenue by Service Line Three Months Ended June 30, 2026 2025 % Change Acute Inpatient Psychiatric Facilities $495 $495 0% Specialty Treatment Facilities $133 $146 (8)% Comprehensive Treatment Centers $141 $141 0% Residential Treatment Centers $97 $87 12% Total Revenue $866 $869 0% $ in Millions. Nu
Slide 16: Adjusted EBITDA Reconciliation
Adjusted EBITDA Reconciliation Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 (in thousands) Net income attributable to Acadia Healthcare Company, Inc. $ 10,928 $ 30,127 $ 15,033 $ 38,501 Net income attributable to noncontrolling interests 1,332 7,809 1,691 8,499 Provision
Slide 17: Adjusted Earnings per Share Reconciliation
Adjusted Earnings per Share Reconciliation Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 (in thousands, except per share amounts) Net income attributable to Acadia Healthcare Company, Inc. $ 10,928 $ 30,127 $ 15,033 $ 38,501 Adjustments to income: Transaction, legal and o
Slide 18: Other Information (1/4)
Other Information (1/4) We have included certain financial measures in this press release, including those listed below, which are “non-GAAP financial measures” as defined under the rules and regulations promulgated by the SEC. These non-GAAP financial measures include, and are defined, as follows:
Slide 19: Other Information (2/4)
Other Information (2/4) Total facility results include operating results for all of our facilities and services but exclude general and administrative costs related to our corporate functions. Such costs related to our corporate functions include, amongst others, costs for accounting and finance, in
Slide 20: Other Information (3/4)
Other Information (3/4) (a) Represents the equity-based compensation expense of Acadia. Equity-based compensation expense is excluded from Adjusted EBITDA because we believe that the cost of equity awards granted to employees does not contribute to the earnings potentially available for distribution
Slide 21: Other Information (4/4)
Other Information (4/4) (d) Represents legal settlements expense in excess of the Company's primary and excess insurance policies. Legal settlements expense for the six months ended June 30, 2026, relates to costs associated with the settlement of Sandoval v. Acadia Healthcare Company, Inc., Marin C
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