Acadia Healthcare Company, Inc. · NASDAQ:ACHC
Acadia Healthcare — Q4 2025 Earnings Presentation
21 slides from Acadia Healthcare's earnings presentation, Feb 25, 2026
Slide 1: 2025 Earnings – Fourth Quarter
2025 Earnings – Fourth Quarter February 25, 2026
Slide 2: Safe Harbor
Safe Harbor This presentation contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include any statements that address future results or occurrences. In some cases, you can identify forward-looking statements by
Slide 3: Full Year 2026 Guidance and Full Year 2025 Results
Full Year 2026 Guidance and Full Year 2025 Results Full Year 2026 Guidance Full Year 2025 Results Revenue $3,370 – $3,450 $3,313 Adj. EBITDA $575 – $610 $609 Adj. EPS $1.30 – $1.55 $2.00 $ in Millions, except per share values 3
Slide 4: 2026 Guidance Assumptions
2026 Guidance Assumptions Same Facility Volume Growth 0 – 1% Same Facility Revenue per Patient Day Growth 2 – 3% Total Bed Additions 400 – 600 beds Startup Losses $47 – $53 Operating Cash Flow $280 – $320 Total Capital Expenditures $255 – $280 Depreciation and Amortization Expense $198 – $203 Intere
Slide 5: Revenue Bridge
Revenue Bridge FY25 to FY26 Guidance Revenue $ in Millions $3,410 11 ~8 $3,313 ~ -38 ~191 -34 ~ -40 FY25 NY MDCD1 TN Closed Core Growth 2026 New Out of Period FY26 Revenue Supplemental2 Facilities Facility Supplemental Guidance Openings (Midpoint) 1. New York Medicaid has implemented restrictions an
Slide 6: Adjusted EBITDA Bridge
Adjusted EBITDA Bridge FY25 to FY26 Guidance Adj. EBITDA $ in Millions $609 ~ -30 ~ -28 $593 ~ 40 10 -18 ~9 FY25 EBITDA NY MDCD Net Closed Core Growth 2026 New PLGL2 FY26 Supplemental Facilities Facility Guidance Payments1 Openings (Midpoint) 1. ($29M) out-of-period TN Supplemental recognized in FY2
Slide 7: Same Facility Volume Growth Drivers
Same Facility Volume Growth Drivers Same Facility Volume Growth1 % Growth ~2.0% 0 - 1% ~ -3.5% ~2.0% Underlying "Core NY MDCD ‘23 - ’25 Ramping Same Facility Business" Growth Cohorts Volume Growth 1. Includes Acute, RTC, and Specialty service lines Guidance 7
Slide 8: Same Facility Revenue per Patient Day Drivers
Same Facility Revenue per Patient Day Drivers Same Facility Revenue per Patient Day % Growth ~ -0.7% 2 – 3% ~1 - 2% ~1 - 2% Underlying Rate Mix Net Supplemental Same Facility Growth Shift payments Revenue per Patient Day Guidance 8
Slide 9: New facility openings represents >$200M incremental EBITDA opportunity
New facility openings represents >$200M incremental EBITDA opportunity Bed adds by year from de novos and JVs1 # of Beds +17% 12,905 345 345 707 Gross bed adds: ~400- 1,572 At full maturity, 2023-2025 de 665 10,988 200 Gross bed 600 novo/JV cohorts and 2026 facilities adds: 1,089 Gross bed currently
Slide 10: Total Capital Expenditures and Cash Flow from Operations
Total Capital Expenditures and Cash Flow from Operations FY25 to FY26 Guidance Total Capital Expenditures Cash Flow from Operations1 $ in Millions $ in Millions -$303 +$168 $571 $467 $255 - $280 $280 - $320 $140 - $155 $132 $104 $115 - $125 FY25 FY26 Guidance FY25 FY26 Guidance Growth CapEx Routine
Slide 11: Key Balance Sheet Statistics
Key Balance Sheet Statistics Debt Balances as of December 31, 2025 $ in Millions $2,561 133 • Net Leverage(2) is 4.0x 2025 Adjusted EBITDA $2,428 • Expected 2026 Net Leverage (2) Ratio between 3.9x and 4.2x Gross Debt1 Cash Net Debt1 1. Gross Debt is a non-GAAP measure calculated as total outstandin
Slide 12: Adjusted Earnings per Share Bridge
Adjusted Earnings per Share Bridge FY25 to FY26 Guidance Adjusted Earnings Per Share $ in per diluted share $2.00 -0.25 -0.06 -0.14 -0.07 -0.05 $1.43 FY25 EBITDA Depreciation Interest Stock Tax FY26 Adjusted EPS and Expense Compensation Guidance Amortization / Other (Midpoint) 12
Slide 13: 1Q 2026 Guidance
1Q 2026 Guidance 1st Quarter Guidance includes: • ~$14M in startup losses • Recognition of ~$11M in supplemental 1Q26 Guidance payments from 2025 Revenue $820 – $830 • ~$3.7M impact of severe weather Adj. EBITDA $130 – $137 Adj. EPS $0.25 – $0.30 Notable tailwinds moving forward: $ in Millions, exce
Slide 14: Healthcare
H EA LTH C A RE
Slide 15: Revenue by Service Line
Revenue by Service Line Three Months Ended December 31, Year Ended December 31, 2025 2024 % Change 2025 2024 % Change Acute Inpatient Psychiatric Facilities $451 $409 10% $1,830 $1,678 9% Specialty Treatment Facilities $136 $141 (4%) $567 $592 (4%) Comprehensive Treatment Centers $144 $137 5% $567 $
Slide 16: Adjusted EBITDA Reconciliation
Adjusted EBITDA Reconciliation Three Months Ended December 31, Year Ended December 31, 2025 2024 2025 2024 (in thousands) Net (loss) income attributable to Acadia Healthcare Company, Inc. $ (1,177,519) $ 32,615 $ (1,102,772) $ 255,612 Net income attributable to noncontrolling interests 279 914 10,84
Slide 17: Adjusted Earnings per Share Reconciliation
Adjusted Earnings per Share Reconciliation Three Months Ended December 31, Year Ended December 31, 2025 2024 2025 2024 (in thousands, except per share amounts) Net (loss) income attributable to Acadia Healthcare Company, Inc. $ (1,177,519) $ 32,615 $ (1,102,772) $ 255,612 Adjustments to (loss) incom
Slide 18: Other Information (1/4)
Other Information (1/4) We have included certain financial measures in this presentation, 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) (e) Represents non-cash impairment charges related to the closure of certain facilities. Additionally, the three months and year ended December 31, 2025 includes a non-cash goodwill impairment charge of $996.2 million. Non-cash impairment charges are excluded from Adjusted EB
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