Companies · ACHC
Acadia Healthcare
AI-generated · informational only · not investment advice · verify before relying.
Latest analysis
Updated Nov 5, 2026
Acadia raises full-year guidance for third consecutive quarter as new facility ramp accelerates toward $200M EBITDA target
Acadia Healthcare delivered Q3 2026 revenue of $895 million, up 5.1% year over year, with same-facility revenue growth of 5.2% at the high end of guidance — driven by 1.1% patient day growth and 4.0% revenue-per-patient-day expansion. Management quantified $60 million of incremental adjusted EBITDA expected from new facilities in 2027 versus 2026, underpinned by reducing startup losses from $45 million to approximately $10 million as 16 facilities opened over four years ramp toward break-even occupancy of roughly 40%. Full-year 2026 guidance was raised to $3.44–$3.46 billion in revenue and $615–$625 million in adjusted EBITDA, with more than $20 million in additional supplemental payment upside not yet included.
Tone: bullishRevenue
$3.3B
ACHC 10-K · FY 2025
Employees
25,000
Revenue FY2024
$3.2B
Headquarters
Franklin, TN
Profile
ACHC 10-K Item 1 · Feb 27, 2026Acadia Healthcare is the leading publicly traded pure-play behavioral healthcare provider in the U.S., operating 277 facilities with over 12,500 beds across 40 states and Puerto Rico. The company serves high-acuity and complex-needs patients across acute inpatient psychiatric, specialty treatment, comprehensive treatment center, and residential treatment center settings. Revenue is heavily weighted toward Medicaid (57.7%), with growth driven by five pathways: facility expansions, joint ventures, de novo builds, acquisitions, and continuum-of-care expansion.
Read filing description ↓ Collapse description ↑
Our business strategy is to become the indispensable behavioral healthcare provider for the high-acuity and complex needs patient population. We are committed to providing the communities we serve with high-quality, cost-effective behavioral healthcare services, while growing our business, increasing profitability and creating long-term value for our stockholders. This strategy includes five growth pathways: expansions of existing facilities, joint venture partnerships, de novo facilities, acquisitions and expansion across our continuum of care. At December 31, 2025, we operated 277 behavioral healthcare facilities with over 12,500 beds in 40 states and Puerto Rico. We are the leading publicly traded pure-play provider of behavioral healthcare services in the U.S. Management believes that we are positioned as a leading platform in a highly fragmented industry under the direction of an experienced management team that has significant industry expertise. Management expects to take advantage of several strategies that are more accessible as a result of our increased size and geographic scale, including continuing a national marketing strategy to attract new patients and referral sources, increasing our volume of out-of-state referrals, providing a broader range of services to new and existing patients and clients and selectively pursuing opportunities to expand our facility and bed count through acquisitions, wholly-owned de novo facilities, joint ventures and bed additions in existing facilities. For the years ended December 31, 2025 and 2024, our operations generated revenue of $3,312.8 million and $3,154.0 million, respectively. Our payor, patient and geographic diversity mitigates the potential risk associated with any single facility. For the year ended December 31, 2025, we received 57.7% of our revenue from Medicaid, 24.6% from commercial payors, 14.3% from Medicare and 3.4% from other payors.
Primary products
- Acute inpatient psychiatric facilities
- Specialty treatment facilities
- Comprehensive treatment centers (CTCs)
- Residential treatment centers
End markets
Geographies
Named customers
No facility accounted for more than 4% of revenue for the year ended December 31, 2025, and no state or U.S. territory accounted for more than 14% of revenue for the year ended December 31, 2025.
Named competitors
“We are the leading publicly traded pure-play provider of behavioral healthcare services in the U.S.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Revenue increased from $3,154.0 million in 2024 to $3,312.8 million in 2025, driven by bed additions, new facility openings, and CTC expansion.
The rest of ACHC is for subscribers
Analysis, signals, diligence answers, M&A activity and every quote, each citing the filing it came from.