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Acadia Healthcare Company, Inc. reports full-year 2025 revenue of $3,312.8 million, up from $3,154.0 million, reflecting growth across its behavioral health platform. The company operated 277 facilities with over 12,500 beds in 40 states and Puerto Rico as of December 31, 2025.
Acadia’s revenue mix is diversified, with 57.7% from Medicaid, 24.6% from commercial payors, 14.3% from Medicare and 3.4% from other payors, and no single facility exceeding 4% of revenue. The business focuses on acute inpatient psychiatric facilities, specialty treatment facilities, comprehensive treatment centers and residential treatment centers.
During 2025, Acadia refinanced its capital structure with a new $1.0 billion senior secured revolving credit facility and a $650.0 million term loan maturing in 2030, and issued $550.0 million of 7.375% senior notes due 2033. Management highlights adequate covenant headroom and maintenance capital expenditures of about 3% of revenue.
Acadia Healthcare reported fourth quarter 2025 revenue of $821.5 million, up 6.1%, but posted a net loss of $1.18 billion versus net income of $33.5 million a year earlier, driven largely by a non-cash goodwill impairment of $996.2 million and higher legal and PLGL-related costs.
Adjusted EBITDA fell to $99.8 million from $153.1 million as PLGL expenses rose and a $147 million securities litigation settlement hit results. For full year 2025, revenue grew to $3.31 billion while net loss reached $1.10 billion. For 2026, the company guides to revenue of $3.37–$3.45 billion, adjusted EBITDA of $575–$610 million, and adjusted EPS of $1.30–$1.55, assuming modest same-facility volume and pricing growth and continued startup losses from new facilities.
The Goldman Sachs Group, Inc. and Goldman Sachs & Co. LLC report beneficial ownership of 4,707,486.16 shares of Acadia Healthcare Company, Inc. common stock, representing 5.1% of the outstanding class. All voting and dispositive power over these shares is shared, with no sole voting or dispositive authority.
The firms state that the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of Acadia Healthcare. The filing is made jointly under a written agreement, with both entities represented by an attorney-in-fact.
Wellington Management Group LLP and affiliates filed an amended Schedule 13G reporting a significant ownership position in Acadia Healthcare Company, Inc. common stock as of 12/31/2025.
The Wellington entities report beneficial ownership of 11,774,308 shares, representing 12.8% of Acadia Healthcare’s common stock. They report no sole voting or dispositive power, but shared voting power over 11,386,678 shares and shared dispositive power over 11,774,308 shares, reflecting holdings managed on behalf of investment advisory clients.
The securities are owned of record by clients of various Wellington investment advisers. One such client, Vanguard Health Care Fund, is identified as having rights to more than five percent of the class through these managed positions. Wellington certifies that the shares were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of Acadia Healthcare.
Acadia Healthcare Company, Inc. received an updated ownership filing showing that investment entities affiliated with Khrom Capital report a significant stake in the company’s common stock. Khrom Investments Fund is the direct beneficial owner of 8,124,609 shares, while Eric Khrom directly owns an additional 6,928 shares, for a total of 8,131,537 shares reported as beneficially owned by him.
The filing states that this position represents 8.81% of Acadia’s common stock, based on 92,258,166 shares outstanding as of November 4, 2025. Khrom Capital Management LLC is reported to share voting and dispositive power over the 8,124,609 shares held by Khrom Investments, and Eric Khrom may be deemed to share authority over those shares through his roles in the related entities, while disclaiming beneficial ownership except to the extent of any pecuniary interest.
Acadia Healthcare Company, Inc. reported that Chief Executive Officer Christopher H. Hunter departed his role and resigned from the Board of Directors effective January 20, 2026. Acadia and Mr. Hunter entered into a separation and release agreement that provides several cash and benefit components.
Under the agreement, Mr. Hunter remains eligible to earn his 2025 annual bonus, will receive 1.5 times the sum of his 2025 base salary and target bonus paid over 18 months, and will be reimbursed for 18 months of health and dental insurance premiums. He will also receive a lump-sum cash payment of $1,785,000 tied to a prior retention bonus agreement. A prorated portion of his performance-based restricted stock units may still vest based on actual performance, while all other unvested equity awards were forfeited. These benefits are contingent on his release of claims and compliance with restrictive covenants.
Acadia Healthcare Company, Inc. granted Chief Executive Officer and director Debra K. Osteen a stock option on January 20, 2026 covering 1,125,000 shares of common stock. The option has an exercise price of $11.68 per share, expires on January 20, 2036, and was awarded at a price of $0 for the derivative itself.
The vesting is performance- and time-based. 250,000 shares vest when the 30‑day share price VWAP reaches at least $25.00, another 250,000 at a VWAP of $35.00, and another 250,000 at a VWAP of $45.00. Three additional tranches of 125,000 shares each vest on the later of achieving the corresponding VWAP hurdle and January 20, 2027.
Acadia Healthcare Company, Inc. director and Chief Executive Officer Debra K. Osteen filed a Form 3 reporting her beneficial ownership in the company’s common stock. She reported ownership of 3,765 shares of common stock, held directly, as of the event date of January 20, 2026. The filing does not list any derivative securities such as options or warrants.
Acadia Healthcare Company, Inc. announced a leadership transition in which Christopher H. Hunter departed as Chief Executive Officer and resigned from the Board, effective January 20, 2026. The Board appointed Debra K. Osteen as Chief Executive Officer, principal executive officer and a Class I director, with her Board term running until the 2027 annual meeting, and she will not receive additional pay for Board service.
Under a new employment agreement effective on the transition date, Ms. Osteen will receive a $1,061,000 annual base salary and be eligible for an annual cash bonus targeted at 125% of base salary. She also received a non-qualified stock option to purchase 1,125,000 shares of Acadia common stock at the January 20, 2026 closing price, with vesting tied to future stock price VWAP hurdles of $25.00, $35.00, and $45.00 and continued service conditions. The agreement includes severance protections for certain terminations and customary confidentiality, non-compete, non-solicitation and non-disparagement covenants.
Acadia Healthcare Company, Inc. is participating in the 44th Annual J.P. Morgan Healthcare Conference and is reaffirming its previously issued 2025 financial guidance that was provided in a November 5, 2025 earnings release and updated in a December 2, 2025 press release. Company representatives will discuss information contained in a slide presentation furnished as an exhibit.
The presentation will be webcast live through Acadia’s investor relations website starting at 5:15 p.m. Pacific / 7:15 p.m. Central on January 13, 2026, with a replay available online for thirty days. The company also reiterates that its forward-looking statements involve risks and uncertainties, highlighting factors such as integration of acquisitions, changes in Medicaid financing following the One Big Beautiful Bill Act, reimbursement trends, liability exposure, debt service needs, cybersecurity risks, and broader economic and industry conditions affecting its behavioral healthcare facilities in the U.S. and Puerto Rico.