Andrew Mok

Brian Tanquilut

Albert Rice

Benjamin Mayo

John Ransom

Matthew Gillmor

Benjamin Hendrix

Joanna Gajuk

Pito Chickering

Scott Fidel

A.J. Rice

Ben Hendrix

Gabrielle Ingoglia

Jason Cassorla

Joanna Dudjuk

Raj Kumar

Ryan Langston

Sarah James

Whit Mayo

- Acadia Healthcare Company (ACHC) reported a **challenging 2025**, with volumes below expectations, primarily due to **weaker Medicaid volumes** and underperforming facilities, especially in Q3.  **[1520697_2160830_1]** 
- To address this, ACHC announced plans to reduce 2026 CapEx by at least **$300 million** compared to 2025 levels, which were guided at $600 million to $650 million.  **[1520697_2160830_1]** **[1520697_2160830_3]**  This reduction is expected to accelerate positive free cash flow for the full year 2026.  **[1520697_2160830_3]** 
- The company also announced the closure of **five facilities** that were underperforming or non-strategic, while still planning to add **500 to 700 beds** in 2026.  **[1520697_2160830_1]** **[1520697_2160830_5]** 
- These strategic adjustments are anticipated to drive **improved EBITDA growth** and an **acceleration in free cash flow generation** in 2026 and 2027.  **[1520697_2160830_2]** 
- **No update on full-year 2025 guidance** was provided at this time, with further details expected during the Q3 earnings call.  **[1520697_2160830_2]**

Acadia Healthcare Company outlines strategic adjustments for 2026 after challenging 2025

- Acadia Healthcare Company, Inc. (ACHC) announced preliminary guidance for **2026**, projecting total capital expenditures to **decline by at least $300 million** relative to its **2025 guidance of $600 million to $650 million**.  **[1520697_0001193125-25-221545_d95090d8k.htm:1]** 
- The company also expects to **add 500 to 700 beds in 2026**, which includes beds currently under construction in 2025.  **[1520697_0001193125-25-221545_d95090d8k.htm:1]** 
- For the third quarter of 2025, Acadia Healthcare reported **same facility patient days growth to date of approximately 1.3%**.  **[1520697_0001193125-25-221545_d95090d8k.htm:1]** 
- The company highlighted potential reductions in payments from government and commercial payors and operating difficulties due to the **One Big Beautiful Bill Act (OBBBA)**, enacted on **July 4, 2025**, which introduced significant changes to Medicaid financing mechanisms and work requirements.  **[1520697_0001193125-25-221545_d95090d8k.htm:2]**

Acadia Healthcare Company, Inc. Updates 2026 Guidance and Provides Q3 2025 Interim Operating Result

- **Engine Capital**, an activist hedge fund, has acquired approximately a **3% stake** in Acadia Healthcare, placing it among the company's **10 biggest investors**.  **[1520697_0a5800725fd44ed78a8ed533defecd3b]** 
- The fund is advocating for **strategic and governance changes**, including halting capital-intensive growth projects, prioritizing operational improvements, exploring asset sales, and **repurchasing undervalued shares**.  **[1520697_0a5800725fd44ed78a8ed533defecd3b]** 
- Engine Capital also calls for a **board refresh** to add directors with relevant behavioral health operating experience and capital allocation expertise.  **[1520697_0a5800725fd44ed78a8ed533defecd3b]** 
- These demands are made amidst ongoing **federal investigations** by the Department of Justice and SEC into Acadia Healthcare regarding allegations of patient treatment and insurance claims.  **[1520697_0a5800725fd44ed78a8ed533defecd3b]** 
- Following the report of Engine Capital's stake and demands, Acadia's stock **rose 5%**.  **[1520697_0a5800725fd44ed78a8ed533defecd3b]**

Acadia Healthcare Faces Activist Pressure from Engine Capital