The beat on adjusted EPS and the raised guidance (especially the large operating cash flow upgrade) provide a near-term positive catalyst, but the 26% YoY decline in Adjusted EBITDA and the PLGL reserve overhang are significant headwinds. Traders should watch the Q3 2026 earnings call for commentary on PLGL trends and the trajectory of same-facility revenue growth, as the normalized 3.2% growth is a key metric to validate the guidance upgrade.
Price Chart
Executive Summary
Acadia Healthcare reported Q2 2026 adjusted EPS of $0.38, beating consensus of $0.35 by 8.6%, but total revenue of $865.8M was roughly flat YoY and slightly above the $844.2M estimate. Adjusted EBITDA plunged 26% to $149.2M, driven by a $28.6M reserve adjustment for PLGL costs and unfavorable timing of supplemental payments. The company raised the low end of its full-year 2026 Adjusted EBITDA and EPS guidance, and meaningfully increased its operating cash flow guidance to $350-400M from $285-325M, signaling improved cash generation. However, the core earnings power is clearly deteriorating on a YoY basis, making this a mixed report with a bearish lean on profitability trends offset by a cash flow and guidance upgrade.
Key Financial Metrics
Key Facts
- Q2 2026 revenue was $865.8M, approximately flat YoY vs $869.2M; normalized growth was 2.8% after adjusting for prior-period supplemental payments.
- Adjusted EPS of $0.38 beat consensus of $0.35 by 8.6%, but fell 54% from $0.83 in Q2 2025.
- Adjusted EBITDA was $149.2M, down 26% from $201.8M in Q2 2025, impacted by a $28.6M PLGL reserve adjustment.
- Full-year 2026 guidance: Revenue raised to $3.40-3.45B (from $3.37-3.45B); Adjusted EBITDA raised to $590-615M (from $580-615M); Adjusted EPS raised to $1.45-1.60 (from $1.35-1.60).
- Operating cash flow guidance raised significantly to $350-400M from $285-325M; capital expenditure guidance lowered to $235-255M from $255-280M.
- Same-facility revenue was flat YoY; same-facility patient days increased 0.8% but revenue per patient day decreased 0.8%.
- Net leverage was 4.1x Adjusted EBITDA as of June 30, 2026.
- The company added 240 licensed beds from newly constructed facilities in Q2.
Financial Impact
Adjusted EBITDA declined $52.6M YoY to $149.2M; operating cash flow improved to $162.1M in Q2 vs $133.5M in Q2 2025.
Risk Factors
- PLGL reserve adjustments could continue to pressure Adjusted EBITDA in future quarters.
- Flat same-facility revenue and declining revenue per patient day suggest pricing pressure or unfavorable payer mix.
- Net leverage of 4.1x is elevated and limits financial flexibility.
- Ongoing government investigations and legal costs (transaction, legal and other costs of $22.6M in Q2) create uncertainty.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001437749-26-024693 |
| Document: achc20260728c_8k.htm | 0001437749-26-024693 |
| Document: 0001437749-26-024693-index-headers.html | 0001437749-26-024693 |
| Document: 0001437749-26-024693-index.html | 0001437749-26-024693 |
| Document: 0001437749-26-024693.txt | 0001437749-26-024693 |
| 8-K Data (Synthetic) | 0001437749-26-024693 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 8, 2026 18d ago | SC 13G | $28.48 $29.25 | ▲ +2.70% | ▲ +2.10% | $29.96 (+5.20%) |
Sep 25, 2026 4w ago | 8-K | $27.91 $28.04 | ▲ +0.47% | ▲ +0.65% | $29.96 (+7.35%) |
Aug 5, 2026 11w ago | Institutional Cluster | $30.72 $31.53 | ▲ +2.64% | ▲ +2.03% | $29.96 (−2.47%) |
Jul 28, 2026 12w ago | 8-K | $27.35 $28.14 | ▲ +2.89% | ▲ +1.21% | $29.96 (+9.54%) |
May 27, 2026 21w ago | Court Ruling | $24.09 $23.76 | ▼ −1.37% | ▼ −1.92% | $29.96 (+24.37%) |
May 18, 2026 23w ago | 8-K | $24.92 $24.07 | ▲ +3.41% | ▲ +4.45% | $29.96 (−20.22%) |
Apr 29, 2026 25w ago | 8-K | $25.90 $27.85 | ▲ +7.53% | ▲ +7.31% | $29.96 (+15.68%) |
Apr 7, 2026 29w ago | Court Ruling | $25.39 $26.31 | ▼ −3.62% | ▼ −1.08% | $29.96 (−18.00%) |
Mar 25, 2026 30w ago | DEFA14A | $23.85 $22.91 | ▼ −3.94% | ▼ −2.26% | $29.96 (+25.62%) |
Feb 25, 2026 34w ago | 8-K | $20.84 $22.29 | ▼ −6.96% | ▼ −7.50% | $29.96 (−43.76%) |
US Market Status
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