Acadia Healthcare Company (ACHC) Company Report

Debra K. Osteen has been appointed Chief Executive Officer of Acadia Healthcare Company, Inc. (ACHC), effective January 20, 2026, succeeding Chris Hunter, who is departing the company and its Board of Directors.
The company reaffirmed its full-year 2025 financial guidance, expecting revenue between $3.28 billion and $3.30 billion, Adjusted EBITDA between $601 million and $611 million, and Adjusted earnings per share between $1.94 and $2.04.
Ms. Osteen's compensation package includes an annualized base salary of $1,061,000 and eligibility for an annual cash bonus with a target opportunity of 125% of her base salary.
She also received an initial equity award of 1,125,000 non-qualified stock options with a per share exercise price of $11.68, granted on January 20, 2026, with vesting tied to specific volume-weighted average price (VWAP) targets and time-based conditions.

Jan 20, 2026, 1:06 PM

8-K

Acadia Healthcare Appoints Debbie Osteen as CEO

ACHC

CEO Change

Management Change

Guidance Update

Acadia Healthcare has appointed Debra K. Osteen as its new Chief Executive Officer, effective immediately, succeeding Chris Hunter.
The company reaffirmed its full-year 2025 financial guidance, projecting revenue between $3.28 billion and $3.30 billion, Adjusted EBITDA between $601 million and $611 million, and Adjusted earnings per share between $1.94 and $2.04.

Jan 20, 2026, 1:00 PM

Press Release

Acadia Healthcare Reiterates 2025 Guidance and Outlines 2026 Strategy

ACHC

Guidance Update

New Projects/Investments

Demand Weakening

Acadia Healthcare reiterated its 2025 guidance, expecting revenue of $3.28-$3.3 billion, adjusted EBITDA of $601-$611 million, and adjusted EPS of $1.94 to $2.04. The company faced a difficult financial year in 2025 due to higher professional liability costs, softer volume trends in Medicaid-heavy markets, and increased pressure on revenue yield.
The company anticipates significant future growth from its new facilities, with over 2,500 new beds added in the past three years and 500-700 more planned for 2026. These investments are projected to unlock at least $150 million of future EBITDA at maturity, or over $200 million incrementally when accounting for startup losses.
Acadia expects a material reduction in CapEx in 2026 by at least $300 million from its $610-$630 million 2025 guidance, with further declines in 2027, leading to the generation of positive free cash flow in 2026. Key headwinds for 2026 include continued Medicaid volume softness and payer pressures, while tailwinds include ramping contributions from new beds and expanded supplemental payments.

Jan 14, 2026, 1:15 AM

Transcript

Acadia Healthcare Reiterates 2025 Guidance and Outlines 2026 Outlook

ACHC

Guidance Update

New Projects/Investments

Demand Weakening

Acadia Healthcare reiterated its 2025 guidance, expecting revenue of $3.28-$3.3 billion, adjusted EBITDA of $601-$611 million, and adjusted EPS of $1.94 to $2.04.
The company reported a difficult financial performance year in 2025, primarily due to higher professional liability costs, softer-than-anticipated volume growth, and pressure on revenue yield per patient day, which also led to a slower occupancy ramp for new facilities.
For 2026, Acadia anticipates CapEx to decline by at least $300 million from its 2025 guidance of $610-$630 million, while still adding 500-700 beds, and expects to generate positive free cash flow.
New facilities opened between 2023 and 2026 represent a significant embedded growth opportunity, with over $200 million in future EBITDA at maturity.
Key headwinds for 2026 include continued softness in acute care Medicaid volumes and payer-related pressures, with a potential $25-$30 million annual EBITDA impact from a New York Medicaid policy change.

Jan 14, 2026, 1:15 AM

Transcript

Acadia Healthcare Reiterates 2025 Guidance and Reviews 2025 Performance

ACHC

Guidance Update

Demand Weakening

New Projects/Investments

Acadia Healthcare reiterated its 2025 guidance, projecting Revenue between $3.28B – $3.30B, Adjusted EBITDA between $601M - $611M, and Adjusted EPS between $1.94 – $2.04.
The company's 2025 financial results were below expectations, primarily due to increased PLGL litigation costs (-$54M), volume underperformance (~-$30M), and rate pressure (~-$10M).
In 2025, Acadia added 1,089 new beds and closed 382 beds, resulting in 707 net beds added across Acute, Specialty, and RTC facilities.
For 2026, Acadia anticipates an improvement in free cash flow driven by a planned reduction in capital expenditures by at least $300M.

Jan 14, 2026, 1:15 AM

Presentation

Acadia Healthcare Reaffirms 2025 Guidance and Outlines 2026 Outlook

ACHC

Guidance Update

New Projects/Investments

Demand Weakening

Acadia Healthcare reiterated its 2025 guidance for revenue of $3.28-$3.3 billion, adjusted EBITDA of $601-$611 million, and adjusted EPS of $1.94-$2.04, despite a difficult 2025 financial performance driven by higher professional liability costs, softer volumes, and payer pressure.
The company expects CapEx to decline by at least $300 million in 2026 (from $610-$630 million in 2025) while adding 500-700 new beds, anticipating meaningful free cash flow generation and an embedded growth opportunity of at least $150 million in future EBITDA from over 2,500 new beds opened since 2023.
Key headwinds for 2026 include continued softness in acute care Medicaid volumes, ongoing payer pressures, an estimated $25-$30 million annual EBITDA impact from New York's out-of-state Medicaid policy, and the non-recurring $28.5 million benefit from Tennessee's 2024 supplemental payment recorded in Q2 2025.

Jan 14, 2026, 1:15 AM

Transcript

Acadia Healthcare Reaffirms 2025 Financial Guidance at J.P. Morgan Healthcare Conference

ACHC

Guidance Update

Acadia Healthcare Company, Inc. (ACHC) representatives are participating in the 44th Annual J.P. Morgan Healthcare Conference on January 13, 2026, with a live webcast of their presentation available.
Management is reaffirming its 2025 financial guidance for revenue, Adjusted EBITDA, and Adjusted earnings per share, which was previously provided in its November 5, 2025 earnings release and updated by its December 2, 2025 press release.
The reaffirmed 2025 guidance includes revenue in the range of $3.28 billion to $3.30 billion, Adjusted EBITDA in the range of $601 million to $611 million, and Adjusted earnings per share in the range of $1.94 to $2.04.
The company noted potential reductions in payments from government and commercial payors due to significant changes to Medicaid financing mechanisms introduced by the One Big Beautiful Bill Act (OBBBA), enacted on July 4, 2025.

Jan 13, 2026, 1:00 PM

8-K

Acadia Healthcare Lowers 2025 EPS Guidance Amid Rising Liability Costs

ACHC

Guidance Update

Profit Warning

Legal Proceedings

Acadia Healthcare (ACHC) has revised its 2025 financial guidance downward, now expecting adjusted EPS between $1.94 and $2.04 and adjusted EBITDA in the range of $601 million to $611 million.
This revision is primarily due to a significant increase in professional and general liability (PLGL) expenses, driven by higher settlement costs for claims related to prior policy years and increased claim frequency for the 2025 policy year, which exceeded expectations after an actuarial review.
The company's financial distress indicators include an Altman Z-Score of 1.07, placing it in the financial distress zone, and a price-to-book ratio of 0.48, near a 10-year low, underscoring concerns about financial stability.

Dec 2, 2025, 10:46 PM

Morningstar

Acadia Healthcare Updates PLGL Reserves and Lowers 2025 Guidance

ACHC

Guidance Update

Profit Warning

Legal Proceedings

Acadia Healthcare Company, Inc. (ACHC) has lowered its full-year 2025 guidance for Adjusted EBITDA and Adjusted EPS due to an increase in professional and general liability (PLGL) expenses identified during an annual actuarial review.
The company now expects full-year 2025 Adjusted EBITDA in the range of $601 million to $611 million (down from $650 million to $660 million) and Adjusted EPS of $1.94 to $2.04 (down from $2.35 to $2.45), reflecting an incremental $49 million in PLGL expense and a $0.41 reduction in EPS.
The projected 2025 PLGL expense is approximately $116 million, a significant increase from $54 million in 2024, driven by factors including a 168% increase in claim frequency during the 2025 policy year and higher expected settlement costs.
The net PLGL liability at year-end 2025 is expected to rise to $145 million to $165 million, compared to $78 million on December 31, 2024.

Dec 2, 2025, 9:10 PM

8-K

Acadia Healthcare Discusses Litigation Settlement, 2025 Performance, and 2026 Outlook

ACHC

Legal Proceedings

Guidance Update

CFO Change

Acadia Healthcare has agreed to settle previously disclosed shareholder litigation for $179 million, which will be funded by approximately $30 million in anticipated insurance proceeds, with the remainder from cash on hand and existing line of credit. This settlement is expected to increase net leverage modestly from 3.4 times to approximately 3.65 times.
The company's results through the third quarter of 2025 were modestly below expectations, leading to updated guidance, with the fourth quarter reflecting headwinds such as volume softness and rate pressures. However, management does not believe Q4 2025 should be viewed as a new baseline for 2026, anticipating declining startup losses, improved margin mix from facility closures, and ramping contributions from recent bed additions.
Acadia has added 1,700 new beds in 2024 and through the first three quarters of 2025, with 632 beds entering the same-store calculation in Q1 2026, and plans to reduce CapEx by $300 million in 2026. The company also closed five underperforming facilities in 2025 as part of portfolio optimization.
The company anticipates at least $22 million of annual EBITDA improvements from pending supplemental payment programs, which could be recognized in Q4 2025 or early 2026.
The labor market is showing stabilization, with base wage inflation ticking down slightly in Q3 2025 and improved employee retention for six consecutive quarters.