Acadia Healthcare Reports Slight Revenue Decline but Increased Net Income in Q2 2026

Acadia Healthcare Company, Inc. reported its financial results for the second quarter of 2026, revealing a slight decline in revenue but a notable increase in net income compared to the same period last year. For the three months ended June 30, 2026, the company generated revenue of $865.8 million, a decrease of 0.4% from $869.2 million in the same quarter of 2025. However, net income attributable to Acadia increased to $10.9 million, or $0.12 per diluted share, down from $30.1 million, or $0.33 per diluted share, in the prior year. For the six months ended June 30, 2026, revenue rose to $1.69 billion, a 3.3% increase from $1.64 billion in the same period of 2025.

The company experienced significant changes in its operational metrics, with same-facility revenue growth of 3.4% for the first half of 2026, driven by a 6.5% increase in admissions and a 1.2% rise in patient days. Acadia operated 279 behavioral healthcare facilities with approximately 12,600 beds across 40 states and Puerto Rico as of June 30, 2026. The company added 322 beds during the first half of the year, including new facilities and expansions of existing ones, which contributed to the growth in patient admissions.

Acadia's expenses also saw notable changes, with salaries, wages, and benefits increasing to $474.1 million for the second quarter, up from $452.4 million in the same quarter of 2025. This increase was attributed to higher labor costs amid a tight labor market. Additionally, the company recorded a non-cash property impairment charge of $7.4 million during the quarter, compared to $1.5 million in the prior year. Legal settlements expense rose significantly to $13.8 million for the first half of 2026, primarily related to ongoing litigation matters.

In terms of liquidity, Acadia reported cash and cash equivalents of $171.3 million as of June 30, 2026, an increase from $133.2 million at the end of 2025. The company generated $223.6 million in cash from operating activities during the first half of 2026, compared to $145.0 million in the same period of 2025. Cash used in investing activities decreased significantly to $92.9 million, down from $334.0 million in the prior year, primarily due to reduced capital expenditures.

Looking ahead, Acadia Healthcare remains focused on expanding its footprint and enhancing its service offerings. The company plans to continue pursuing growth through acquisitions, joint ventures, and the development of new facilities. However, it also faces challenges, including potential impacts from recent legislative changes affecting Medicaid funding and eligibility, which could influence its financial performance in the coming years.