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Acadia Healthcare Q1 Earnings Beat Estimates on Rising Patient Days
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Key Takeaways
Acadia Healthcare's Q1 EPS of 37 cents beat estimates as revenues rose 7.6% YoY to $828.8M.
ACHC's growth was driven by higher patient days, admissions and a 14% Acute Inpatient revenue gain.
ACHC raised its 2026 EBITDA outlook to $580-$615M and lifted EPS guidance despite rising expenses.
Acadia Healthcare Company, Inc. (ACHC - Free Report) reported adjusted first-quarter earnings of 37 cents per share, which beat the Zacks Consensus Estimate of 28 cents. However, the bottom line declined 7.5% year over year.
Total revenues increased 7.6% year over year to $828.8 million. The top line beat the consensus mark of $824 million.
The better-than-expected quarterly results were driven by increased patient days and revenues per patient day, and higher admissions, which were partially offset by lower average length of stay and higher expenses.
Acadia Healthcare Company, Inc. Price, Consensus and EPS Surprise
ACHC’s top line benefited most from its Acute Inpatient Psychiatric Facilities business, where revenues increased 14% year over year to $470.7 million and beat the Zacks Consensus Estimate by 6.4%. The metric benefited from higher volumes, aided by expanded capacity from both new construction and additions at existing facilities.
Specialty Treatment Facilities’ revenues declined 6.5% from the prior-year period to $128.1 million. Comprehensive Treatment Facilities’ revenues rose 2.5% year over year to $140.4 million, while Residential Treatment Facilities’ revenues increased 6.3% to $89.6 million.
Same-facility revenues of $813.4 million rose 7.3% year over year and beat the Zacks Consensus Estimate by 2%. The year-over-year improvement was driven by a 1.6% increase in patient days. Admissions grew 6.5% year over year. The average length of stay declined 4.6% year over year and missed the consensus estimate by 5.5%. Revenue per patient day increased 5.6% year over year.
In the overall facility, patient days improved 1.5% year over year, while admissions grew 7.8%. Revenue per patient day increased 5.9% year over year. The average length of stay declined 5.8% year over year.
Total expenses of $817.8 million rose from $757 million in the prior-year period due to higher salaries, wages and benefits, other operating expenses, supply costs and professional fees.
Total adjusted EBITDA rose 7.5% year over year to $144.2 million.
During the quarter, the company added 82 newly licensed beds, including 42 beds at existing facilities and 40 beds from newly constructed facilities, including a joint venture with Tufts Medicine.
Financial Update (as of March 31, 2026)
Acadia Healthcare exited the first quarter with cash and cash equivalents of $158.5 million, which increased from $133.2 million at the 2025-end level. It had a leftover capacity of $564.8 million under its $1 billion revolving credit facility at the first-quarter end.
Total assets of $5.5 billion increased 0.3% from the figure at the end of 2025.
Long-term debt amounted to $2.5 billion, which rose from $0.9 billion as of Dec. 31, 2025. The current portion of long-term debt was $32.5 million.
Total equity of $2 billion increased from the 2025-end level of $1.9 billion.
Net cash provided by operations totaled $61.5 million in the first quarter of 2026 compared with $11.5 million in the prior-year comparable period.
Acadia Healthcare’s Share Repurchase Update
The company did not buy back shares in the first quarter of 2026.
Q2 Guidance by ACHC
For the second quarter of 2026, revenues are projected to be between $835 million and $850 million. Adjusted earnings per share (EPS) are predicted to be between 30 cents and 40 cents.
Adjusted EBITDA is estimated to be in the range of $142-$152 million.
Acadia Healthcare’s Revised 2026 Outlook
Revenues are still projected to be in the range of $3.37 to $3.45 billion. Adjusted EBITDA is now estimated to be in the range of $580 to $615 million, up from the previous guidance range of $575 to $610 million. Adjusted EPS are now predicted to be between $1.35 and $1.60, up from the previous guidance range of $1.30 and $1.55.
Operating cash flows are now forecasted in the range of $285 to $325 million. Capital expenditures are expected to be in the range of $255-$280 million.
Management earlier estimated bed additions between 400 and 600 in 2026.
Several companies in the Medical space, including Molina Healthcare Inc. (MOH - Free Report) , UnitedHealth Group Incorporated (UNH - Free Report) and Elevance Health, Inc. (ELV - Free Report) , have already reported their financial results for the March quarter of 2026. Here’s how they had performed:
Molina Healthcare reported first-quarter 2026 adjusted earnings per share of $2.35, which beat the Zacks Consensus Estimate of $1.57. The bottom line declined 61.3% from the year-ago period's level. Revenues amounted to $10.8 billion, which decreased 3.1% year over year. The first-quarter performance was supported by lower medical care costs, partially offset by declining premiums, membership and investment income.
UnitedHealth reported first-quarter 2026 EPS of $7.23, which beat the Zacks Consensus Estimate of $6.46. The bottom line rose 0.4% year over year. Revenues rose 2% year over year to $111.7 billion. The quarterly earnings were aided by growth in commercial fee-based membership and the strength witnessed in Optum Rx. However, weakness in UnitedHealth’s Optum Health and declining risk-based membership partially offset the positives.
Elevance Health reported first-quarter 2026 adjusted earnings per share of $12.58, which surpassed the Zacks Consensus Estimate by 17.8%. The bottom line rose 5.1% year over year. Operating revenues advanced 1.5% year over year to $49.5 billion. The quarterly results benefited on the back of strong growth in premiums. Segment-wise, the Carelon division posted a robust revenue surge, aided by scaling risk-based services, while Health Benefits saw increased premium yields. However, Elevance Health’s upside was partly offset by a decline in overall medical membership and an elevated expense level.
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Acadia Healthcare Q1 Earnings Beat Estimates on Rising Patient Days
Key Takeaways
Acadia Healthcare Company, Inc. (ACHC - Free Report) reported adjusted first-quarter earnings of 37 cents per share, which beat the Zacks Consensus Estimate of 28 cents. However, the bottom line declined 7.5% year over year.
Total revenues increased 7.6% year over year to $828.8 million. The top line beat the consensus mark of $824 million.
The better-than-expected quarterly results were driven by increased patient days and revenues per patient day, and higher admissions, which were partially offset by lower average length of stay and higher expenses.
Acadia Healthcare Company, Inc. Price, Consensus and EPS Surprise
Acadia Healthcare Company, Inc. price-consensus-eps-surprise-chart | Acadia Healthcare Company, Inc. Quote
ACHC’s Q1 Operations
ACHC’s top line benefited most from its Acute Inpatient Psychiatric Facilities business, where revenues increased 14% year over year to $470.7 million and beat the Zacks Consensus Estimate by 6.4%. The metric benefited from higher volumes, aided by expanded capacity from both new construction and additions at existing facilities.
Specialty Treatment Facilities’ revenues declined 6.5% from the prior-year period to $128.1 million. Comprehensive Treatment Facilities’ revenues rose 2.5% year over year to $140.4 million, while Residential Treatment Facilities’ revenues increased 6.3% to $89.6 million.
Same-facility revenues of $813.4 million rose 7.3% year over year and beat the Zacks Consensus Estimate by 2%. The year-over-year improvement was driven by a 1.6% increase in patient days. Admissions grew 6.5% year over year. The average length of stay declined 4.6% year over year and missed the consensus estimate by 5.5%. Revenue per patient day increased 5.6% year over year.
In the overall facility, patient days improved 1.5% year over year, while admissions grew 7.8%. Revenue per patient day increased 5.9% year over year. The average length of stay declined 5.8% year over year.
Total expenses of $817.8 million rose from $757 million in the prior-year period due to higher salaries, wages and benefits, other operating expenses, supply costs and professional fees.
Total adjusted EBITDA rose 7.5% year over year to $144.2 million.
During the quarter, the company added 82 newly licensed beds, including 42 beds at existing facilities and 40 beds from newly constructed facilities, including a joint venture with Tufts Medicine.
Financial Update (as of March 31, 2026)
Acadia Healthcare exited the first quarter with cash and cash equivalents of $158.5 million, which increased from $133.2 million at the 2025-end level. It had a leftover capacity of $564.8 million under its $1 billion revolving credit facility at the first-quarter end.
Total assets of $5.5 billion increased 0.3% from the figure at the end of 2025.
Long-term debt amounted to $2.5 billion, which rose from $0.9 billion as of Dec. 31, 2025. The current portion of long-term debt was $32.5 million.
Total equity of $2 billion increased from the 2025-end level of $1.9 billion.
Net cash provided by operations totaled $61.5 million in the first quarter of 2026 compared with $11.5 million in the prior-year comparable period.
Acadia Healthcare’s Share Repurchase Update
The company did not buy back shares in the first quarter of 2026.
Q2 Guidance by ACHC
For the second quarter of 2026, revenues are projected to be between $835 million and $850 million. Adjusted earnings per share (EPS) are predicted to be between 30 cents and 40 cents.
Adjusted EBITDA is estimated to be in the range of $142-$152 million.
Acadia Healthcare’s Revised 2026 Outlook
Revenues are still projected to be in the range of $3.37 to $3.45 billion. Adjusted EBITDA is now estimated to be in the range of $580 to $615 million, up from the previous guidance range of $575 to $610 million. Adjusted EPS are now predicted to be between $1.35 and $1.60, up from the previous guidance range of $1.30 and $1.55.
Operating cash flows are now forecasted in the range of $285 to $325 million. Capital expenditures are expected to be in the range of $255-$280 million.
Management earlier estimated bed additions between 400 and 600 in 2026.
ACHC’s Zacks Rank
ACHC currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
How Did Peers Perform?
Several companies in the Medical space, including Molina Healthcare Inc. (MOH - Free Report) , UnitedHealth Group Incorporated (UNH - Free Report) and Elevance Health, Inc. (ELV - Free Report) , have already reported their financial results for the March quarter of 2026. Here’s how they had performed:
Molina Healthcare reported first-quarter 2026 adjusted earnings per share of $2.35, which beat the Zacks Consensus Estimate of $1.57. The bottom line declined 61.3% from the year-ago period's level. Revenues amounted to $10.8 billion, which decreased 3.1% year over year. The first-quarter performance was supported by lower medical care costs, partially offset by declining premiums, membership and investment income.
UnitedHealth reported first-quarter 2026 EPS of $7.23, which beat the Zacks Consensus Estimate of $6.46. The bottom line rose 0.4% year over year. Revenues rose 2% year over year to $111.7 billion. The quarterly earnings were aided by growth in commercial fee-based membership and the strength witnessed in Optum Rx. However, weakness in UnitedHealth’s Optum Health and declining risk-based membership partially offset the positives.
Elevance Health reported first-quarter 2026 adjusted earnings per share of $12.58, which surpassed the Zacks Consensus Estimate by 17.8%. The bottom line rose 5.1% year over year. Operating revenues advanced 1.5% year over year to $49.5 billion. The quarterly results benefited on the back of strong growth in premiums. Segment-wise, the Carelon division posted a robust revenue surge, aided by scaling risk-based services, while Health Benefits saw increased premium yields. However, Elevance Health’s upside was partly offset by a decline in overall medical membership and an elevated expense level.