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Acadia Healthcare Reports Second Quarter 2025 Results

Provides Updated Guidance for 2025; Announces Chief Financial Officer Transition

FRANKLIN, Tenn.--(BUSINESS WIRE)-- Acadia Healthcare Company, Inc. (鈥淎cadia鈥� or the 鈥淐ompany鈥�) (NASDAQ: ACHC) today announced financial results for the second quarter ended June 30, 2025.

Second Quarter 2025 Highlights

• Revenue totaled $869.2 million, an increase of 9.2% over the second quarter of 2024
• Same facility revenue increased 9.5% compared with the second quarter of 2024, including an increase in revenue per patient day of 7.5% and an increase in patient days of 1.8%
• Net income attributable to Acadia totaled $30.1 million, or $0.33 per diluted share
• Adjusted income attributable to Acadia totaled $74.8 million, or $0.83 per diluted share
• Adjusted EBITDA increased 7.6% to $201.8 million in the second quarter
• Added 101 newly licensed beds to existing facilities in the second quarter

Adjusted income attributable to Acadia and Adjusted EBITDA are non-GAAP financial measures. A reconciliation of all non-GAAP financial measures in this press release begins on page 9.

Second Quarter Results

Chris Hunter, Chief Executive Officer of Acadia, remarked, 鈥淥ur results for the second quarter of 2025 reflect solid execution of our growth strategy as we continued to address the critical demand for behavioral health services in the United States. Revenue for the second quarter increased 9.2% over the second quarter last year, and Adjusted EBITDA improved 7.6% over the prior-year period. Importantly, we have made significant progress to date in 2025 in meeting our stated goals for bed additions and expanding access to care. With our proven operating model and strong focus on clinical quality, Acadia is uniquely positioned across the care continuum to fill a critical gap for evidence-based specialized behavioral health services. As we continue to expand our market reach, we also remain focused on strengthening our capabilities and leveraging technology to drive greater efficiencies in care delivery and deliver favorable clinical outcomes. We are proud of the important work we are doing, and we commend our extraordinary team of dedicated employees and clinicians across Acadia who continue to provide safe, quality patient care for those seeking treatment for mental health and substance use issues.鈥�

In the second quarter of 2025 the Company recognized a favorable pre-tax benefit of $51.8 million associated with the recently approved state supplemental program in Tennessee, including $28.5 million related to fiscal year 2024, $11.0 million related to the first quarter of 2025, and $12.3 million related to the second quarter of 2025. This compares to $8.6 million of total net pre-tax benefit from similar programs in the state of Tennessee recognized in the second quarter of 2024.

Also included in results for the second quarter of 2025 were $14.2 million of startup losses associated with newly constructed facilities, compared to $4.6 million in the second quarter of 2024.

Strategic Investments for Long-Term Growth

During the second quarter of 2025, the Company continued to make progress in meeting its strategic growth objectives, adding 101 beds to existing facilities, bringing the total to 191 beds added to existing facilities for the first half of 2025. Including the 288 beds added to newly constructed facilities in the first quarter, the Company has added a total of 479 beds to date in 2025.

In addition, Acadia added four new comprehensive treatment centers (鈥淐TCs鈥�), extending the Company鈥檚 market reach to 174 CTCs across 33 states, treating over 74,000 patients daily in this critical area of care.

Acadia has 21 joint venture partnerships for 22 hospitals, with 13 hospitals already in operation and nine additional hospitals expected to open in the coming years, including three expected to open later this year.

Cash and Liquidity

Acadia has continued to maintain a strong financial position with sufficient capital to make strategic investments in its business. As of June 30, 2025, the Company had $131.4 million in cash and cash equivalents and $828.3 million available under its $1.0 billion revolving credit facility.

During the second quarter of 2025, the Company repurchased 103,939 shares for a total of $3.2 million, bringing total year-to-date repurchases to 1,706,625 shares for a total of $50.4 million.

2025 Financial Guidance

Acadia today updated its previously announced financial guidance for 2025, as follows:

The Company鈥檚 full-year guidance includes the following assumptions:

• Same-facility volume growth in the range of 2 to 3 percent.
• Same-facility revenue per patient day growth in the low single digits.
• Startup losses in the range of $60 to $65 million, for the full year 2025 related to newly opened facilities. The $10 million increase relative to prior expectations is primarily a result of current year facility construction running ahead of schedule.
• A net increase in Medicaid supplemental payments of $30 to $40 million for the full year 2025. This includes a $10 million to $11 million per quarter recurring benefit related to the new Tennessee program in the second half of the year.

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

Chief Financial Officer Transition

Acadia also announced that Heather Dixon will be stepping down from her role as Chief Financial Officer, effective August 15, 2025, to pursue the role of President and Chief Operating Officer at another company. Tim Sides, who currently serves as Senior Vice President, Operations Finance, will serve as interim Chief Financial Officer while the Company undertakes a search for a permanent replacement.

鈥淲e are grateful for Heather鈥檚 leadership and contributions over the past two years. Heather played a key role in strengthening our financial foundation and supporting our growth strategy,鈥� said Hunter. 鈥淎s she moves on to pursue this new opportunity, we extend our sincere thanks to Heather and wish her well. We are fortunate to have a strong finance leadership team to take on additional responsibilities and help ensure a smooth transition during our search.鈥�

鈥淚t has been a privilege working with Chris, the Board, and the leadership team of Acadia. I am proud of the work we鈥檝e done together, and I believe Acadia is positioned well for continued success,鈥� said Dixon.

Sides joined Acadia in February of 2020 and has served as the Senior Vice President, Operations Finance since June of 2023. In this role, Sides holds supervisory responsibilities for the operational finance teams for all of the Company's lines of business, cash management, government reimbursement, revenue cycle and procurement. He is also highly involved in driving financial and operational improvements across Acadia.

Conference Call

Acadia will hold a conference call to discuss its second quarter financial results at 8:00 a.m. Central Time/9:00 a.m. Eastern Time on Wednesday, August 6, 2025. A live webcast of the conference call will be available at in the 鈥淚nvestors鈥� 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. As of June 30, 2025, Acadia operated a network of 274 behavioral healthcare facilities with approximately 12,100 beds in 39 states and Puerto Rico. With approximately 25,000 employees serving more than 82,000 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, residential treatment centers and outpatient clinics.

Forward-Looking Information

This press release contains 鈥渇orward-looking statements鈥� 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 鈥淓xchange Act鈥�), including statements related to our strategy, growth, anticipated operating results for future periods and our share repurchase program. Generally, words such as 鈥渕ay,鈥� 鈥渨ill,鈥� 鈥渟hould,鈥� 鈥渃ould,鈥� 鈥渁nticipate,鈥� 鈥渆xpect,鈥� 鈥渋ntend,鈥� 鈥渆stimate,鈥� 鈥減lan,鈥� 鈥渃ontinue,鈥� and 鈥渂elieve鈥� 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 the 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 our facility expansions, acquisitions, joint ventures and de novo transactions; (ii) Acadia鈥檚 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 (鈥淥BBBA鈥�) 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) potential disruptions to our information technology systems or a cybersecurity incident; and (vii) 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 OBBBA鈥檚 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鈥檚 periodic reports and other filings with the SEC.

Share Repurchase Authorization Disclaimer

Acadia鈥檚 share repurchase program permits the Company to make repurchases on a discretionary basis as determined by management, subject to market conditions, applicable legal requirements, available liquidity, compliance with the Company's debt agreements, and other appropriate factors. Repurchases under the share repurchase program are to be made through open market or privately negotiated transactions and may be made pursuant to plans entered into in accordance with Rule 10b5-1 and/or Rule 10b-18 of the Exchange Act. The share repurchase program does not have a termination date, does not obligate Acadia to acquire any particular amount of common stock, and may be modified, extended, suspended, or discontinued by the Company鈥檚 Board of Directors at any time without prior notice. No assurance can be given that any particular amount of common stock will be repurchased.

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Investor Contact:

Patrick Feeley

Senior Vice President, Investor Relations

(615) 861-6000

Source: Acadia Healthcare Company, Inc.