Form 8-K

8-K — Acadia Healthcare Company, Inc.

Accession: 0001437749-26-013916

Filed: 2026-04-29

Period: 2026-04-29

CIK: 0001520697

SIC: 8093 (SERVICES-SPECIALTY OUTPATIENT FACILITIES, NEC)

Item: Results of Operations and Financial Condition

Item: Regulation FD Disclosure

Item: Financial Statements and Exhibits

Documents

8-K — achc20260429_8k.htm (Primary)

EX-99.1 — EXHIBIT 99.1 (ex_953214.htm)

EX-99.2 — EXHIBIT 99.2 (ex_953219.htm)

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8-K — FORM 8-K

8-K (Primary)

Filename: achc20260429_8k.htm · Sequence: 1

achc20260429_8k.htm

false

0001520697

2026-04-29

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 8-K

CURRENT REPORT PURSUANT

TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of report (Date of earliest event reported): April 29, 2026 (April 29, 2026)

Acadia Healthcare Company, Inc.

(Exact Name of Registrant as Specified in Its Charter)

Delaware

001-35331

45-2492228

(State or Other Jurisdiction of Incorporation)

(Commission File Number)

(IRS Employer Identification No.)

4020 Aspen Grove Drive, Suite 900

Franklin, Tennessee

(Address of Principal Executive Offices)

37067

(Zip Code)

(615) 861-6000

(Registrant’s Telephone Number, including Area Code)

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (See General Instruction A.2. below):

☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol

Name of each exchange on which registered

Common Stock, $0.01 par value

ACHC

NASDAQ Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On April 29, 2026, Acadia Healthcare Company, Inc. (the “Company”) issued a press release announcing, among other things, the Company’s operating and financial results for the first quarter ended March 31, 2026. The press release is furnished herewith as Exhibit 99.1 hereto and is incorporated herein by reference.

Item 7.01. Regulation FD Disclosure.

The Company will conduct a conference call to discuss its first quarter 2026 financial results on Thursday, April 30, 2026 at 9:00 a.m. Eastern Time. In discussing the Company’s results, Company representatives may refer to information described on the slides furnished with this Current Report on Form 8-K as Exhibit 99.2 hereto. The live broadcast of the conference call and the slides will be available on the Company’s website, www.acadiahealthcare.com, by clicking on the “Investors” link. The webcast of the conference call will be available on the Company’s website for thirty days.

The information furnished pursuant to Item 2.02 and Item 7.01 of this Current Report on Form 8-K, including the information in Exhibit 99.1 and Exhibit 99.2 hereto, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

Cautionary Note Regarding Forward-Looking Statements

This Current Report on Form 8-K and the exhibits furnished herewith contain “forward-looking statements” within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act, including statements related to the Company’s strategy, growth and anticipated operating results for future periods. Generally, words such as “may,” “will,” “should,” “could,” “anticipate,” “expect,” “intend,” “estimate,” “plan,” “continue” and “believe” or the negative of or other variation on these and other similar expressions identify forward-looking statements. These forward-looking statements are made only as of the date of this report. The Company does not undertake to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Forward-looking statements are based on current expectations and involve risks and uncertainties, and the Company’s future results could differ significantly from those expressed or implied by its forward-looking statements. Factors that may cause actual results to differ materially include, without limitation, (i) potential difficulties in successfully integrating the operations of acquired facilities or realizing the expected benefits and synergies of facility expansions, acquisitions, joint ventures and de novo transactions; (ii) the Company’s ability to add beds, expand services, enhance marketing programs and improve efficiencies at its facilities; (iii) potential reductions in payments received by the Company from government and commercial payors, including because of the significant changes to Medicaid financing mechanisms introduced by the One Big Beautiful Bill Act (the “OBBBA”) enacted on July 4, 2025; (iv) the occurrence of patient incidents, governmental investigations, litigation and adverse regulatory actions, which could adversely affect the price of the Company’s common stock and result in substantial payments and incremental regulatory burdens; (v) the risk that the Company may not generate sufficient cash from operations to service its debt and meet its working capital and capital expenditure requirements; (vi) changes in expectations resulting from actuarial and other reviews of the Company’s liability reserves and other aspects of its business; (vii) potential disruptions to the Company’s information technology systems or adverse impacts of a cybersecurity incident; and (viii) potential operating difficulties, including, without limitation, disruption to the U.S. economy and financial markets; reduced admissions and patient volumes, including, without limitation, due to the OBBBA’s introduction of work or community engagement requirements in the Medicaid expansion population; increased costs relating to labor, supply chain and other expenditures; changes in competition and client preferences; and general economic or industry conditions that may prevent the Company from realizing the expected benefits of its business strategies. These factors and others are more fully described in the Company’s periodic reports and other filings with the Securities and Exchange Commission.

Description of Business

Unless the context otherwise requires, all references herein to “Acadia,” “the Company,” “we,” “us” or “our” mean Acadia Healthcare Company, Inc. and its consolidated subsidiaries. Acadia Healthcare Company, Inc. is a holding company whose direct and indirect subsidiaries own and operate acute inpatient psychiatric facilities, specialty treatment facilities, comprehensive treatment centers, residential treatment centers and facilities providing outpatient behavioral healthcare services to serve the behavioral healthcare and recovery needs of communities throughout the U.S. and Puerto Rico. The terms “facilities,” “centers,” “clinics” and “hospitals” refer to entities owned, operated or managed by subsidiaries of Acadia Healthcare Company, Inc. References herein to “employees” refer to employees of subsidiaries of Acadia Healthcare Company, Inc.

Item 9.01 Financial Statements and Exhibits.

(d)

Exhibits

99.1

Press Release of Acadia Healthcare Company, Inc., dated April 29, 2026.

99.2

Slide Presentation, dated April 29, 2026.

104

Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

ACADIA HEALTHCARE COMPANY, INC.

Date: April 29, 2026

By:

/s/ Todd Young

Todd Young

Chief Financial Officer

EX-99.1 — EXHIBIT 99.1

EX-99.1

Filename: ex_953214.htm · Sequence: 2

ex_953214.htm

Exhibit 99.1

ACADIA HEALTHCARE ANNOUNCES FIRST QUARTER 2026 RESULTS

Company Increases Full Year 2026 Adjusted EBITDA and Adjusted EPS Guidance

FRANKLIN, Tenn. (April 29, 2026) – Acadia Healthcare Company, Inc. (“Acadia” or the “Company”) (NASDAQ: ACHC) today announced financial results for the first quarter ended March 31, 2026.

First Quarter 2026 Results

●

Revenue totaled $828.8 million, a 7.6% increase compared with the first quarter of 2025

●

Same-facility revenue increased 7.3% compared with the first quarter of 2025, including an increase in revenue per patient day of 5.6% and an increase in patient days of 1.6%

●

Net income attributable to Acadia totaled $0.05 per diluted share, compared with $0.09 per diluted share in the prior-year period

●

Adjusted net income attributable to Acadia totaled $33.3 million, or $0.37 per diluted share, compared with $36.9 million, or $0.40 per diluted share, in the prior-year period

●

Adjusted EBITDA was $144.2 million, compared with $134.2 million in the prior-year period

●

Added 82 newly licensed beds during the first quarter, including 42 beds to existing facilities and 40 beds from newly constructed facilities

Adjusted net income attributable to Acadia, Adjusted EBITDA and Adjusted earnings per diluted share are non-GAAP financial measures. A reconciliation of all non-GAAP financial measures in this press release begins on page 10.

“The good start to the year reflects disciplined execution throughout Acadia as we provide quality care for individuals seeking treatment for mental health and substance abuse issues,” said Debbie Osteen, Chief Executive Officer of Acadia. “Strong patient volumes across our Acute and RTC businesses, along with continued operating efficiencies across the Company, enabled us to exceed the high end of our Adjusted EBITDA guidance. I am very pleased with how the team has responded in my first few months back as CEO, and we are building on this progress with a clear focus on sustained performance and long‑term value.”

First Quarter Financial Summary

(dollars in millions, except per share amounts)

2026

2025

Change (%)

Acute Inpatient Psychiatric Facilities

471

412

Specialty Treatment Facilities

128

137

Comprehensive Treatment Facilities

140

137

Residential Treatment Facilities

Total Revenue

829

771

Reported Net Income

(56

Adjusted EBITDA

144

134

Reported EPS

0.05

0.09

(44

Adjusted EPS

0.37

0.40

- MORE -

ACHC Announces First Quarter 2026 Results

Page 2

April 29, 2026

Discussion of First Quarter Results

Acadia reported first quarter revenue of $828.8 million, an increase of 7.6% year-over-year. Same-facility revenue increased 7.3%, driven by a 1.6% increase in patient days and a 5.6% increase in revenue per patient day. A portion of the increase in revenue per patient day reflects supplemental payments received from Tennessee and Ohio that were not included in the prior-year period, but were contemplated in the first-quarter 2026 guidance issued in February. Same-facility admissions increased 6.5% compared with the prior-year period. Facilities closed over the last twelve months represented a 1.5% drag to reported revenue growth in the first quarter.

Acute inpatient psychiatric facility revenue was $470.7 million, an increase of 14% over the prior year’s first quarter. First quarter acute inpatient volumes increased 6.2%, driven primarily by expanded capacity from both newly constructed and existing facilities.

Specialty treatment facility revenue was $128.1 million, a decrease of 6.5% compared with the prior year’s first quarter. The revenue decline was related to Specialty facilities in Pennsylvania and the impact from having closed a number of Specialty facilities after the first quarter of 2025.

Comprehensive treatment facility (“CTC”) revenue was $140.4 million, an increase of 2.5% compared with the prior year’s first quarter. Residential treatment facility (“RTC”) revenue of $89.6 million increased by 6.3% compared to the prior year’s first quarter.

Total operating expenses were $684.6 million for the first quarter of 2026, an increase of $48.3 million, or 7.6%, over the prior year’s first quarter. Total operating expenses included an increase related to the Company’s reserve for PLGL costs of $10.3 million, in line with the Company’s guidance for 2026, and a $6.0 million increase in provider taxes related to state Medicaid supplemental payment programs.

Salaries, wages and benefits increased by 4.9% primarily due to new facility openings, which generally run net loss positions as occupancy builds, as well as routine annual wage increases. On a per-patient-day basis, total salaries, wages and benefits increased by 3.3%. Same-facility salaries, wages and benefits increased by 3.7%. On a per-patient-day basis, same-facility salaries, wages and benefits increased by 2.0%.

Adjusted EBITDA for the quarter was $144.2 million, compared with $134.2 million in the prior-year period with volume growth in Acute and RTC, along with disciplined cost controls driving the increase. The Company’s Adjusted EBITDA was favorably impacted by $3.2 million less in benefit expenses that are expected to reverse in the second half of 2026.

Interest expense was $38 million in the first quarter of 2026, compared with $29 million in the first quarter of 2025. The increase was primarily driven by increased borrowings.

Transaction, legal and other costs were $22 million for the first quarter of 2026, compared with $31 million in the first quarter of 2025. Transaction, legal and other costs include the cost of government investigations, which was $12.4 million for the first quarter of 2026 compared to $31.0 million in the first quarter of 2025.

Development Activity

The Company added 42 beds to existing facilities in the first quarter and added 40 beds from newly constructed facilities, including the Company’s joint venture with Tufts Medicine.

- MORE -

ACHC Announces First Quarter 2026 Results

Page 3

April 29, 2026

Cash and Liquidity

As of March 31, 2026, the Company had $158.5 million in cash and cash equivalents and $564.8 million available under its $1.0 billion revolving credit facility. As of March 31, 2026, Acadia’s net leverage ratio was 3.9x Adjusted EBITDA, calculated in accordance with its Credit Agreement as disclosed in the Company’s latest periodic reports and other filings with the Securities and Exchange Commission (“SEC”).

Q2 and Full Year 2026 Financial Guidance

While Acadia does not typically provide financial guidance for the second quarter, given the substantial out-of-period supplemental payments received from the state of Tennessee in the second quarter of 2025, the Company is choosing to do so this year. Acadia’s financial guidance for the second quarter of 2026 and its updated 2026 full year guidance is as follows, subject to the assumptions described below:

Second Quarter 2026

Guidance Range

Revenue

$835 to $850 million

Adjusted EBITDA

$142 to $152 million

Adjusted earnings per diluted share

$0.30 to $0.40

The Company’s second quarter guidance includes the following assumptions:

●

Startup losses of approximately $15 million

●

No incremental new supplemental payments

●

Net leverage at the end of the second quarter is expected at 4.4x-4.5x Adjusted EBITDA (calculated in accordance with the Credit Agreement) because of the significant out-of-period benefit from Tennessee supplemental payments in Q2 of 2025. The Company expects net leverage at year-end 2026 to be in the range of 3.9x to 4.2x.

Full Year 2026

April Guidance Range

Full Year 2026

February Guidance Range

Revenue

$3.37 to $3.45 billion

Adjusted EBITDA

$580 to $615 million

$575 to $610 million

Adjusted earnings per diluted share

$1.35 to $1.60

$1.30 to $1.55

Operating Cash Flow

$285 to $325 million

$280 to $320 million

Capital expenditures

$255 to $280 million

The Company expects its Specialty revenue and contribution to Adjusted EBITDA to increase relative to its guidance provided in February; however, the increase in Specialty is expected to be off-set by modestly higher bad debts and denials.

The Company’s guidance does not include the impact of any future acquisitions, divestitures, transaction, legal and other costs or non-recurring legal settlements expense.

- MORE -

ACHC Announces First Quarter 2026 Results

Page 4

April 29, 2026

Conference Call

Acadia will hold a conference call to discuss its first quarter financial results at 8:00 a.m. Central Time / 9:00 a.m. Eastern Time on Thursday, April 30, 2026. A live webcast of the conference call will be available at www.acadiahealthcare.com in the “Investors” section of the website. The webcast of the conference call will be available for 30 days.

About Acadia

Acadia is a leading provider of behavioral healthcare services across the United States (the “U.S.”). As of March 31, 2026, Acadia operated a network of 275 behavioral healthcare facilities with approximately 12,400 beds in 40 states and Puerto Rico. With approximately 25,000 employees serving more than 84,000 patients daily, Acadia is the largest stand-alone behavioral healthcare company in the U.S. Acadia provides behavioral healthcare services to its patients in a variety of settings, including inpatient psychiatric hospitals, specialty treatment facilities, RTCs and outpatient clinics.

Description of Business

Unless the context otherwise requires, all references herein to “Acadia,” “the Company,” “we,” “us” or “our” mean Acadia Healthcare Company, Inc. and its consolidated subsidiaries. Acadia Healthcare Company, Inc. is a holding company whose direct and indirect subsidiaries own and operate acute inpatient psychiatric facilities, specialty treatment facilities, CTCs, RTCs and facilities providing outpatient behavioral healthcare services to serve the behavioral healthcare and recovery needs of communities throughout the U.S. and Puerto Rico. The terms “facilities,” “centers,” “clinics,” and “hospitals” refer to entities owned, operated, or managed by subsidiaries of Acadia Healthcare Company, Inc. References herein to “employees” refer to employees of subsidiaries of Acadia Healthcare Company, Inc.

Forward-Looking Information

This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), including statements related to our strategy, growth and anticipated operating results for future periods. Generally, words such as “may,” “will,” “should,” “could,” “anticipate,” “expect,” “intend,” “estimate,” “plan,” “continue” and “believe” or the negative of or other variation on these and other similar expressions identify forward-looking statements. These forward-looking statements are made only as of the date of this press release. We do not undertake to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Forward-looking statements are based on current expectations and involve risks and uncertainties, and our future results could differ significantly from those expressed or implied by our forward-looking statements. Factors that may cause actual results to differ materially include, without limitation, (i) potential difficulties in successfully integrating the operations of acquired facilities or realizing the expected benefits and synergies of facility expansions, acquisitions, joint ventures and de novo transactions; (ii) Acadia’s ability to add beds, expand services, enhance marketing programs and improve efficiencies at its facilities; (iii) potential reductions in payments received by Acadia from government and commercial payors, including because of the significant changes to Medicaid financing mechanisms introduced by the One Big Beautiful Bill Act (the “OBBBA”) enacted on July 4, 2025; (iv) the occurrence of patient incidents, governmental investigations, litigation and adverse regulatory actions, which could adversely affect the price of our common stock and result in substantial payments and incremental regulatory burdens; (v) the risk that Acadia may not generate sufficient cash from operations to service its debt and meet its working capital and capital expenditure requirements; (vi) changes in expectations resulting from actuarial and other reviews of the Company’s liability reserves and other aspects of its business; (vii) potential disruptions to our information technology systems or adverse impacts of a cybersecurity incident; and (viii) potential operating difficulties, including, without limitation, disruption to the U.S. economy and financial markets; reduced admissions and patient volumes, including, without limitation, due to the OBBBA’s introduction of work or community engagement requirements in the Medicaid expansion population; increased costs relating to labor, supply chain and other expenditures; changes in competition and client preferences; and general economic or industry conditions that may prevent Acadia from realizing the expected benefits of its business strategies. These factors and others are more fully described in Acadia’s periodic reports and other filings with the SEC.

- MORE -

ACHC Announces First Quarter 2026 Results

Page 5

April 29, 2026

Acadia Healthcare Company, Inc.

Condensed Consolidated Statements of Income

(Unaudited)

Three Months Ended March 31,

2026

2025

(In thousands, except per share amounts)

Revenue

828,802

770,505

Salaries, wages and benefits (including equity-based compensation expense of $7,956 and $8,677, respectively)

467,040

445,271

Professional fees

53,197

45,707

Supplies

29,491

28,342

Rents and leases

11,733

11,656

Other operating expenses

131,079

114,002

Depreciation and amortization

52,426

47,032

Interest expense, net

38,330

29,182

Debt extinguishment costs

—

1,269

Legal settlements expense

13,751

3,504

Gain on sale of property, net

(1,222

)

—

Transaction, legal and other costs

22,013

31,072

Total expenses

817,838

757,037

Income before income taxes

10,964

13,468

Provision for income taxes

6,500

4,404

Net income

4,464

9,064

Net income attributable to noncontrolling interests

(359

)

(690

)

Net income attributable to Acadia Healthcare Company, Inc.

4,105

8,374

Earnings per share attributable to Acadia Healthcare Company, Inc. stockholders:

Basic

0.05

0.09

Diluted

0.05

0.09

Weighted-average shares outstanding:

Basic

90,530

91,654

Diluted

90,859

92,038

- MORE -

ACHC Announces First Quarter 2026 Results

Page 6

April 29, 2026

Acadia Healthcare Company, Inc.

Condensed Consolidated Balance Sheets

(Unaudited)

March 31,

December 31,

2026

2025

(In thousands)

ASSETS

Current assets:

Cash and cash equivalents

158,472

133,242

Accounts receivable, net

471,752

440,604

Other current assets

206,974

240,293

Total current assets

837,198

814,139

Property and equipment, net

3,106,635

3,111,212

Goodwill

1,301,412

1,296,342

Intangible assets, net

98,585

96,672

Deferred tax assets

2,493

2,528

Operating lease right-of-use assets

132,159

134,005

Other assets

67,969

72,550

Total assets

5,546,451

5,527,448

LIABILITIES AND EQUITY

Current liabilities:

Current portion of long-term debt

32,500

28,438

Accounts payable

142,201

150,403

Accrued salaries and benefits

157,057

188,638

Current portion of operating lease liabilities

20,735

21,160

Other accrued liabilities

136,863

136,555

Total current liabilities

489,356

525,194

Long-term debt

2,494,293

2,471,529

Deferred tax liabilities

76,909

66,605

Operating lease liabilities

121,362

121,961

Other liabilities

196,271

201,607

Total liabilities

3,378,191

3,386,896

Redeemable noncontrolling interests

209,983

191,592

Equity:

Common stock

908

905

Additional paid-in capital

2,719,105

2,713,896

Accumulated deficit

(761,736

)

(765,841

)

Total equity

1,958,277

1,948,960

Total liabilities and equity

5,546,451

5,527,448

- MORE -

ACHC Announces First Quarter 2026 Results

Page 7

April 29, 2026

Acadia Healthcare Company, Inc.

Condensed Consolidated Statements of Cash Flows

(Unaudited)

Three Months Ended March 31,

2026

2025

(In thousands)

Operating activities:

Net income

4,464

9,064

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation and amortization

52,426

47,032

Amortization of debt issuance costs

1,253

1,056

Equity-based compensation expense

7,956

8,677

Deferred income taxes

10,340

(5,621

)

Debt extinguishment costs

—

1,269

Non-cash legal settlements expense

—

3,504

Gain on sale of property, net

(1,222

)

—

Other

401

Change in operating assets and liabilities, net of effect of acquisitions:

Accounts receivable, net

(31,148

)

(30,993

)

Other current assets

27,501

(9,019

)

Other assets

(542

)

(1,214

)

Accounts payable and other accrued liabilities

24,402

(9,242

)

Accrued salaries and benefits

(34,570

)

(19,801

)

Other liabilities

270

16,692

Net cash provided by operating activities

61,531

11,477

Investing activities:

Cash paid for acquisitions, net of cash acquired

—

(8,594

)

Cash paid for capital expenditures

(76,564

)

(174,631

)

Proceeds from sale of property and equipment

16,383

Other

(30

)

(56

)

Net cash used in investing activities

(60,211

)

(183,238

)

Financing activities:

Borrowings on long-term debt

—

1,200,000

Borrowings on revolving credit facility

85,000

760,000

Principal payments on revolving credit facility

(55,000

)

(1,035,000

)

Principal payments on long-term debt

(4,063

)

—

Repayment of long-term debt

—

(670,856

)

Payment of debt issuance costs

—

(18,615

)

Repurchase of shares for payroll tax withholding, net of proceeds from stock option exercises

(2,744

)

(1,936

)

Repurchase of common stock

—

(46,880

)

Contributions from noncontrolling partners in joint ventures

743

—

Other

(26

)

(21

)

Net cash provided by financing activities

23,910

186,692

Net increase in cash and cash equivalents

25,230

14,931

Cash and cash equivalents at beginning of the period

133,242

76,305

Cash and cash equivalents at end of the period

158,472

91,236

Effect of acquisitions:

Assets acquired, excluding cash

17,290

19,768

Liabilities assumed

—

(300

)

Redeemable noncontrolling interest resulting from an acquisition

(17,290

)

(10,874

)

Cash paid for acquisitions, net of cash acquired

—

8,594

- MORE -

ACHC Announces First Quarter 2026 Results

Page 8

April 29, 2026

Acadia Healthcare Company, Inc.

Operating Statistics (1)

(Unaudited, $ in thousands except per Patient Day metrics)

Three Months Ended March 31,

2026

2025

% Change

Same Facility Results (2)

Revenue

813,384

758,346

7.3

Patient Days

772,858

760,664

1.6

Admissions

51,959

48,776

6.5

Average Length of Stay (3)

14.9

15.6

-4.6

Revenue per Patient Day

1,052

997

5.6

Adjusted EBITDA

199,490

178,449

11.8

Total Facility Results

Revenue

828,802

770,505

7.6

Patient Days

786,780

774,933

1.5

Admissions

53,558

49,683

7.8

Average Length of Stay (3)

14.7

15.6

-5.8

Revenue per Patient Day

1,053

994

5.9

Adjusted EBITDA

185,489

172,361

7.6

(1) Total facility and same facility results may not be indicative of the overall performance of our business and should not be considered as alternatives for net income or any other performance measures in accordance with GAAP (as defined herein).

(2) Same facility results for the periods presented include facilities we have operated for more than one year and exclude certain closed services.

(3) Average length of stay is defined as patient days divided by admissions.

- MORE -

ACHC Announces First Quarter 2026 Results

Page 9

April 29, 2026

Acadia Healthcare Company, Inc.

Reconciliation of Net Income Attributable to Acadia Healthcare Company, Inc. to Adjusted EBITDA and

Same Facility Adjusted EBITDA

(Unaudited)

Three Months Ended March 31,

2026

2025

(in thousands)

Net income attributable to Acadia Healthcare Company, Inc.

4,105

8,374

Net income attributable to noncontrolling interests

359

690

Provision for income taxes

6,500

4,404

Interest expense, net

38,330

29,182

Depreciation and amortization

52,426

47,032

EBITDA

101,720

89,682

Adjustments:

Equity-based compensation expense (a)

7,956

8,677

Transaction, legal and other costs (b)

22,013

31,072

Debt extinguishment costs (c)

—

1,269

Legal settlements expense (d)

13,751

3,504

Gain on sale of property, net (e)

(1,222

)

—

Adjusted EBITDA

144,218

134,204

Corporate general and administrative costs (f)

(41,271

)

(38,157

)

Total Facility Adjusted EBITDA

185,489

172,361

De novos, acquisitions, and closed facilities (g)

(14,001

)

(6,088

)

Same Facility Adjusted EBITDA

199,490

178,449

See footnotes on pages 12-13.

- MORE -

ACHC Announces First Quarter 2026 Results

Page 10

April 29, 2026

Acadia Healthcare Company, Inc.

Reconciliation of Net Income Attributable to Acadia Healthcare Company, Inc. to

Adjusted Income Attributable to Acadia Healthcare Company, Inc.

(Unaudited)

Three Months Ended March 31,

2026

2025

(in thousands, except per share amounts)

Net income attributable to Acadia Healthcare Company, Inc.

4,105

8,374

Adjustments to income:

Transaction, legal and other costs (b)

22,013

31,072

Debt extinguishment costs (c)

—

1,269

Legal settlements expense (d)

13,751

3,504

Gain on sale of property, net (e)

(1,222

)

—

Provision for income taxes

6,500

4,404

Adjusted income before income taxes attributable to Acadia Healthcare Company, Inc.

45,147

48,623

Income tax effect of adjustments to income (h)

11,824

11,694

Adjusted income attributable to Acadia Healthcare Company, Inc.

33,323

36,929

Weighted-average shares outstanding - diluted

90,859

92,038

Adjusted income attributable to Acadia Healthcare Company, Inc.

per diluted share

0.37

0.40

See footnotes on pages 12-13.

- MORE -

ACHC Announces First Quarter 2026 Results

Page 11

April 29, 2026

Acadia Healthcare Company, Inc.

Footnotes

We have included certain financial measures in this press release, 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:

• EBITDA: net income attributable to Acadia Healthcare Company, Inc. adjusted for net income attributable to noncontrolling interests, provision for income taxes, net interest expense and depreciation and amortization.

• Adjusted EBITDA: EBITDA adjusted for equity-based compensation expense, transaction, legal and other costs, debt extinguishment costs, legal settlements expense, and gain on sale of property, net.

• Adjusted income before income taxes attributable to Acadia Healthcare Company, Inc.: net income attributable to Acadia Healthcare Company, Inc. adjusted for transaction, legal and other costs, debt extinguishment costs, legal settlements expense, gain on sale of property, net, and provision for income taxes.

• Adjusted income attributable to Acadia Healthcare Company, Inc.: Adjusted income before income taxes attributable to Acadia Healthcare Company, Inc. adjusted for the income tax effect of adjustments to income.

• Total facility adjusted EBITDA: Adjusted EBITDA adjusted for general and administrative costs related to our corporate functions. General and administrative costs directly related to the facilities are included in total facility results.

• Same facility adjusted EBITDA: Adjusted EBITDA for facilities and services to those facilities operated in both the current and prior year. These metrics exclude the operating results associated with facilities under operation for less than one year and facilities acquired, divested or removed from service during the current or prior year.

The non-GAAP financial measures presented herein are supplemental measures of our performance and are not required by, or presented in accordance with, generally accepted accounting principles in the United States (“GAAP”). The non-GAAP financial measures presented herein are not measures of our financial performance under GAAP and should not be considered as alternatives to net income or any other performance measures derived in accordance with GAAP or as an alternative to cash flow from operating activities as measures of our liquidity. Our measurements of these non-GAAP financial measures may not be comparable to similarly titled measures of other companies. We have included information concerning the non-GAAP financial measures in this press release because we believe that such information is used by certain investors as measures of a company’s historical performance. We believe these measures are frequently used by securities analysts, investors and other interested parties in the evaluation of issuers of equity securities, many of which present similar non-GAAP financial measures when reporting their results. Because the non-GAAP financial measures are not measurements determined in accordance with GAAP and are thus susceptible to varying calculations, the non-GAAP financial measures, as presented, may not be comparable to other similarly titled measures of other companies. Our presentation of these non-GAAP financial measures should not be construed as an inference that our future results will be unaffected by unusual or nonrecurring items.

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, information systems, human resources, legal and operational and executive leadership. General and administrative costs directly related to the facilities are included in facility results. Such costs directly related to our facilities include, amongst others, labor at the facility level, insurance, including property, professional, legal and general liability insurance, hospital supplies, including medication, utilities and food service, and general maintenance costs for the facility. We determine which general and administrative costs to exclude and include in total facility results by ensuring those costs directly associated with facility operations are captured at the facility level for reporting. Note that total facility costs include those related to new facilities and the cost of closure and run-out costs related to facilities we have closed. We believe that providing results on a total facility basis is helpful to our investors as a measure of our financial and operating performance because it neutralizes the impact of corporate-level items that do not arise out of our core operations at our facilities.

Same facility results include operating results only for facilities and services operated in both the current and prior year. These metrics exclude the operating results associated with facilities under operation for less than one year and facilities acquired during the current or prior year, as well as facilities divested or removed from service. We believe that providing results on a same facility basis is helpful to investors because it neutralizes the impact of new facilities that are in early stages of operation and facilities that we no longer operate, each of which may distort investors’ understanding of the Company’s underlying performance at our existing and continuing facilities. Further, we believe that providing same facility information is helpful to our investors as a measure of the financial and operating performance of our existing and continuing facilities on a comparable basis, and same facility results provide investors with information useful in understanding underlying organic growth in such facilities. For these reasons, we believe that same facility results are particularly useful during periods of significant expansion or contraction.

Total facility results reflect adjustments that are intended to provide the specific presentation described above, and same facility results reflect adjustments that may be irregular in timing from period to period related to newly opened or acquired facilities or facilities that we no longer operate, and may omit certain results that investors may view as important. Total facility and same facility results may therefore not be indicative of the overall performance of our business and should be not be considered as alternatives for net income or any other performance measures derived in accordance with GAAP.

The Company is not able to provide a reconciliation of projected Adjusted EBITDA and adjusted earnings per diluted share, where provided, to expected results due to the unknown effect, timing and potential significance of transaction-related expenses and the tax effect of such expenses.

- MORE -

ACHC Announces First Quarter 2026 Results

Page 12

April 29, 2026

Acadia Healthcare Company, Inc.

Footnotes (continued)

(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 distributions to Acadia's equity holders or reinvestment into the Company's business.

(b) Represents transaction, legal, and other costs incurred by Acadia primarily related to the following categories: (1) government investigations; (2) termination and restructuring costs; (3) management transition costs; and (4) legal, accounting, and other acquisition-related costs. Government investigations include legal fees and settlement costs related to certain litigation. Termination and restructuring costs include costs, net of gains, incurred related to workforce reductions, contract amendments, and the closure and disposition of certain facilities, including related lease terminations. Management transition costs consist primarily of severance benefits incurred with the departure of the Company’s former Chief Executive Officer, Christopher H. Hunter. Legal, accounting and other acquisition-related costs include costs incurred for the development of new facilities ($0.2 million and $0.9 million for the three months ended March 31, 2026 and 2025, respectively) and legal and settlement costs incurred related to certain litigation not included in government investigations ($0.5 million and ($3.0) million for the three months ended March 31, 2026 and 2025, respectively). The table below quantifies each of the components of transaction, legal and other costs for the periods presented. Such transaction, legal and other costs are excluded from Adjusted EBITDA because we believe that the nature, size, and number of these costs can vary dramatically from period to period and between Acadia and its peers and can also obscure underlying business trends and make comparisons of long-term performance difficult.

Three Months Ended March 31,

2026

2025

(in thousands)

Government investigations

12,422

31,011

Termination and restructuring costs

4,962

2,166

Management transition costs

3,913

—

Legal, accounting and other acquisition-related costs

716

(2,105

)

Transaction, legal, and other costs

22,013

31,072

(c) Represents debt extinguishment costs recorded during the first quarter of 2025 in connection with the refinancing of the prior credit facility. Debt extinguishment is excluded from Adjusted EBITDA because we believe that this expense is unrelated to Acadia’s day-to-day business operations and not indicative of Acadia’s ongoing operating results.

(d) Represents legal settlements expense in excess of the Company's primary and excess insurance policies. Legal settlements expense for the three months ended March 31, 2026, relates to costs associated with the settlement of Sandoval v. Acadia Healthcare Company, Inc., Marin County Super. Ct. No. CIV1802171. Legal settlements expense for the three months ended March 31, 2025, relates to costs associated with the Desert Hills litigation. Legal settlements expense is excluded from Adjusted EBITDA because we believe that this expense is unrelated to Acadia’s day-to-day business operations and not indicative of Acadia’s ongoing operating results.

(e) Represents gain on facility property sales, net. Net gains from facility property sales are excluded from Adjusted EBITDA because we believe that these gains are unrelated to Acadia’s day-to-day business operations and not indicative of Acadia’s ongoing operating results.

(f) Represents general and administrative costs related to our corporate functions, including, amongst others, costs for accounting and finance, information systems, human resources, legal and operational and executive leadership. We determine which general and administrative costs to exclude and include in total facility results by ensuring those costs directly associated with facility operations are captured at the facility level for reporting. Corporate general and administrative costs are excluded to present Total Facility Adjusted EBITDA because we believe that providing results on a total facility basis is helpful to our investors as a measure of the financial and operating performance of our core operations at our facilities.

(g) Represents the portion of EBITDA for the periods presented attributable to de novos and acquired facilities in operation for less than one year and facilities closed during such period. De novos are newly developed facilities built by Acadia or with a joint venture partner. Such amounts are excluded from Adjusted EBITDA to present Same Facility Adjusted EBITDA because we believe providing same facility information is helpful to our investors as a measure of the financial and operating performance of our existing and continuing facilities on a comparable basis, and same facility results provide investors with information useful in understanding underlying organic growth in such facilities.

(h) Represents the income tax effect of adjustments to income based on tax rates of 26.2% and 24.1% for the three months ended March 31, 2026 and 2025, respectively. We believe excluding the income tax effect of adjustments to income assists investors in understanding the tax provision associated with those adjustments and the effect on net income.

Investor Contact:

investorrelations@acadiahealthcare.com

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