Acadia Healthcare (ACHC) FY2025 results: revenue $3.3 billion, up 5.0% on the year
Acadia Healthcare Company, Inc. (ACHC) reported revenue of $3.3 billion for fiscal 2025, the year ended 31 December 2025, up 5.0% on the year before. Net income was -$1.1 billion, and diluted earnings per share $-12.16. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2026.
Revenue
$3.3 billion
+5.0% on the year
FY2018FY2025
Operating margin
-32.2%
10.8% a year earlier
FY2018FY2025
Net income
-$1.1 billion
FY2018FY2025
Diluted EPS
-$12.16
FY2018FY2025
this yearthe year beforeHover a bar for its figure.
The year in brief
What management said about the year
Guidance figures: 23 new.
Fourth quarter revenue rose 6.1%: Quarterly revenue was $821.5 million. Full-year revenue of $3,312.8 million, up 5.0%, was above the previously issued guidance range.
Quarterly Adjusted EBITDA fell 35%: Adjusted EBITDA was $99.8 million, down from $153.1 million. The fourth-quarter figure includes a $52.7 million adjustment to PLGL reserves.
Acute psychiatric revenue grew 10%: Acute inpatient psychiatric revenue was $451 million, up 10%, driven by expanded capacity from new and existing facilities.
PLGL reserve adjustment drove other costs: Other operating expenses were $176 million, up $58 million, including the $52.7 million PLGL adjustment. Full-year PLGL expenses were $115 million, against $54 million.
Goodwill impairment of $996.2 million: The fourth-quarter impairment loss of $1,006 million included a non-cash goodwill charge of $996.2 million. Year-end goodwill was $1,296 million, against $2,265 million.
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Operating cash flow
132
130
462
+1.7%
Capital expenditure
572
690
424
-17.2%
Free cash flow
-440
-561
38.2
Free cash flow margin
-13.3%
-17.8%
1.3%
Cash from investing
-556
-736
-397
Cash from financing
481
583
-62.7
-17.5%
Depreciation and amortisation
189
150
132
+26.5%
Share-based compensation
31.7
37.1
32.3
-14.6%
Buybacks
50.0
n/a
n/a
Diluted shares, weighted
91m
92m
91m
-1.5%
Shares outstanding at period end
90m
92m
91m
-1.4%
Balance sheet
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Shareholders' equity
1,949
3,074
2,782
-36.6%
Redeemable equity
192
117
106
+63.6%
Debt
2,500
1,957
1,372
+27.8%
Operating lease liabilities
122
102
101
+19.8%
Finance lease liabilities
10.7
10.8
10.9
-0.8%
Other liabilities
754
697
988
+8.3%
Total liabilities and equity
5,527
5,957
5,359
-7.2%
Fixed assets
3,111
2,853
2,267
+9.0%
Goodwill
1,296
2,265
2,226
-42.8%
Intangible assets
96.7
70.0
73.3
+38.1%
Cash and equivalents
133
76.3
100
+74.6%
Receivables
441
365
361
+20.6%
Inventory
5.7
5.7
5.3
+0.6%
Other assets
444
322
326
+38.0%
Total assets
5,527
5,957
5,359
-7.2%
10-K for the year ended 31 December 2025, filed 27 February 2026: the filing.