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Ardent Health
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Latest analysis
Updated Nov 5, 2026
Ardent Health Q3 2026: Contract Labor Down 44.8%, Kansas JV Sale Signals Portfolio Rationalization Amid OBBBA Medicaid Headwinds
Ardent Health delivered Q3 2026 total revenue of $1.625 billion, up 3.1% year-over-year, driven by adjusted admissions growth of 2.9% and outpatient volume expansion — but net patient service revenue per adjusted admission fell 2.0% on an apples-to-apples basis as Medicaid supplemental payment revenue declined $29.6 million versus the prior year period. The defining operational story is labor: a 44.8% reduction in contract labor drove salaries and benefits from 42.9% to 39.9% of revenue, nearly doubling net income attributable to Ardent Health to $44.5 million. The OBBBA represents the most consequential external risk in this filing, threatening Medicaid eligibility, supplemental payment levels, and ACA exchange enrollment simultaneously across Ardent's six-state footprint.
Tone: mixedRevenue
$6.3B
ARDT 10-K · FY 2025
Employees
25,200
Revenue FY2024
$6B
Founded
2015
Profile
ARDT 10-K Item 1 · Mar 16, 2026Ardent Health is a for-profit acute care hospital operator running 30 hospitals across eight mid-sized urban markets in six states. The company operates independently and through joint ventures with academic medical centers and not-for-profit health systems, holding majority ownership and day-to-day operational control in each market. Its care model spans inpatient, ambulatory, urgent care, and virtual settings supported by a single system-wide Epic EHR platform.
Read filing description ↓ Collapse description ↑
Ardent Health, Inc. is a holding company that has affiliates that operate acute care hospitals and other healthcare facilities and employ physicians. Ardent is a provider of healthcare services in the United States, operating in eight growing mid-sized urban markets across six states: Texas, Oklahoma, New Mexico, New Jersey, Idaho, and Kansas. We deliver care through a system of 30 acute care hospitals, more than 280 sites of care, and over 2,000 providers that are either employed by or affiliated with us, as of December 31, 2025. We hold a leading position in a majority of our markets and believe we are one of the leading healthcare systems based on market share and given our integrated network of hospitals, ambulatory facilities, and physician practices. We operate either independently or in partnership with premier academic medical centers, large not-for-profit hospital systems, community physicians, and a community foundation through our well-established and differentiated joint venture model. Our healthcare delivery model is built around the consumer and seeks to optimize access for patients and continuity of care. We have built a comprehensive healthcare ecosystem that serves the unique needs of each patient over the course of his or her healthcare journey while our local physicians and providers deliver care based on the standard for their own market. We focus on establishing long-term relationships to engage with patients over their lifetime and seek to deliver superior, cost-effective health outcomes. On average, we care for approximately 17,000 people every day across our healthcare ecosystem and during 2025, we served approximately 1.2 million unique patients who had more than 6.1 million visits with our healthcare providers.
Primary products
- Inpatient acute care
- Ambulatory surgery centers
- Primary care clinics
- Specialty care clinics
- Urgent care centers
- Free-standing emergency departments
End markets
Geographies
Named customers
“We hold a leading position in a majority of our markets and believe we are one of the leading healthcare systems based on market share and given our integrated network of hospitals, ambulatory facilities, and physician practices.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Total revenue increased from $5.97 billion in 2024 to $6.32 billion in 2025, driven by higher patient volumes, increased Medicaid supplemental payments, and the January 2025 acquisition of 18 urgent care centers.
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