Acadia Healthcare Posts Mixed Q4 2025 Results Amid Goodwill Impairment

Event summary

  • Acadia Healthcare reported Q4 2025 revenue of $821.5M, up 6.1% YoY, but posted a net loss of $13.02 per diluted share due to a $996.2M goodwill impairment charge.
  • Same-facility revenue increased 4.4% YoY, driven by a 3.1% rise in patient days and a 1.3% increase in revenue per patient day.
  • Full-year 2025 revenue reached $3.31B, a 5.0% increase, but net loss attributable to Acadia was $12.16 per diluted share.
  • The company added 1,089 licensed beds in 2025, including 778 beds from new facilities opened during the year.
  • Acadia provided 2026 guidance with revenue expected between $3.37B and $3.45B and adjusted EBITDA between $575M and $610M.

The big picture

Acadia Healthcare's Q4 2025 results highlight the tension between revenue growth and significant non-cash impairments, reflecting broader industry challenges in behavioral healthcare. The company's strategic focus on expanding capacity and improving operational discipline comes amid regulatory shifts and rising costs, testing its ability to maintain profitability in a competitive market. With a network of 277 facilities and over 12,500 beds, Acadia's performance will be closely watched as it navigates these headwinds.

What we're watching

Regulatory Impact
How changes in New York Medicaid policy and Pennsylvania specialty facilities will affect Acadia's adjusted EBITDA.
Operational Efficiency
Whether Acadia can sustain same-facility volume growth amid ongoing challenges.
Financial Strategy
The pace at which Acadia can address higher PLGL expenses and other operational costs.