0001193125-26-078266
SEC filingAcadia Healthcare Company, Inc. reported a net loss of $1.10 billion for fiscal year 2025, driven by a $1.01 billion non-cash impairment charge primarily related to goodwill. Revenue increased to $3.31 billion, up from $3.15 billion in 2024. The company generated $131.9 million in operating cash flow but used $556.2 million in investing activities, primarily for capital expenditures of $571.8 million. The balance sheet shows total assets of $5.53 billion, with long-term debt of $2.47 billion and total equity of $1.95 billion. The significant impairment reflects revised earnings forecasts due to higher professional liability expenses and lower revenue projections.
Acadia Healthcare reported revenue of $3.31 billion for fiscal year 2025, representing a 5.0% increase from $3.15 billion in 2024. However, the company recorded a net loss attributable to Acadia Healthcare of $1.10 billion, primarily due to a $1.01 billion non-cash impairment charge. The impairment resulted from revised earnings forecasts reflecting higher professional and general liability expenses and lower revenue projections. Basic and diluted earnings per share were both -$12.00. The company generated $131.9 million in operating cash flow despite the significant net loss, demonstrating operational cash generation capability.
Revenue breakdown by payor type shows Medicaid as the largest source at 57.7% ($1.91 billion), followed by Commercial at 24.6% ($813.8 million), Medicare at 14.3% ($473.5 million), Self-Pay at 2.0% ($64.8 million), and Other at 1.4% ($48.5 million). The aging of accounts receivable at December 31, 2025, shows 55.7% current, 15.1% 30-90 days, 9.9% 90-150 days, and 19.3% over 150 days. Commercial payors represented 30.8% of total accounts receivable, Medicaid 49.2%, Medicare 13.0%, and Self-Pay 7.0%.
The company's total expenses were $4.38 billion, resulting in a loss before income taxes of $1.07 billion. Major expense components included salaries, wages and benefits of $1.82 billion, other operating expenses of $553.3 million, legal settlements expense of $151.0 million, transaction, legal and other costs of $163.6 million, and depreciation and amortization of $189.2 million. The $1.01 billion impairment charge consisted of $996.2 million in goodwill impairment and additional property and intangible asset impairments. Professional and general liability reserve adjustments totaled $52.7 million unfavorable for the year.
Operating activities generated $131.9 million in cash flow, with adjustments including $189.2 million in depreciation and amortization and $1.01 billion in impairment charges. Investing activities used $556.2 million, primarily for $571.8 million in capital expenditures. Financing activities provided $481.3 million, including $1.20 billion in long-term debt borrowings and $1.07 billion in revolving credit facility borrowings, offset by $670.9 million in long-term debt repayments. The balance sheet shows total assets of $5.53 billion, including $3.11 billion in property and equipment and $1.30 billion in goodwill. Total liabilities are $3.39 billion, with long-term debt of $2.47 billion. The company had $133.2 million in cash and cash equivalents and $594.8 million available under its revolving facility.
The company faces risks from changes in Medicaid reimbursement, particularly related to New York State exclusion of Medicaid referrals to facilities in Pennsylvania. Professional and general liability expenses remain a significant concern, with unfavorable adjustments of $52.7 million recorded in 2025. The company's debt structure includes $1,462.2 million of fixed-rate debt and $1,037.8 million of variable-rate debt, with a hypothetical 1% interest rate increase estimated to decrease pretax income by approximately $10.4 million annually. Contractual obligations total $3.39 billion, including $3.17 billion in long-term debt payments due over various periods.