ACHC · Acadia Healthcare Company, Inc.

Acadia Healthcare's Q1 2026 results demonstrated resilient execution amid operational challenges, with revenue reaching $828.8 million, up 7.6% year-over-year, primarily fueled by a 14% surge in acute inpatient psychiatric facilities to $470.7 million from expanded capacity and 6.2% volume growth. Same-facility revenue rose 7.3%, supported by 1.6% higher patient days and 5.6% revenue per patient day increase, partly from supplemental payments in Tennessee and Ohio. RTC revenue grew 6.3% to $89.6 million, while CTC increased 2.5% to $140.4 million; specialty facilities declined 6.5% to $128.1 million due to closures in Pennsylvania. Adjusted EBITDA expanded 7% to $144.2 million, surpassing the high end of prior guidance, driven by strong acute and RTC volumes, operating efficiencies, and $3.2 million lower benefit expenses (expected to reverse later). Cost pressures included 4.9% higher salaries, wages, and benefits, a $10.3 million PLGL reserve increase, and $6.0 million more provider taxes. CEO Debbie Osteen highlighted disciplined execution and team response in her early tenure. Guidance was raised for full-year Adjusted EBITDA to $580-615 million and EPS to $1.35-1.60, reflecting Specialty improvements offset by higher bad debts. Q2 outlook incorporates $15 million startup losses and no new supplemental payments, with net leverage expected at 4.4-4.5x by quarter-end but 3.9-4.2x year-end. Bed additions of 82 underscore growth strategy, with 275 facilities and 12,400 beds as of quarter-end supporting scale in behavioral health.