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Ardent Health Q2 2026 profit falls, cash flow jumps

Ardent Health reported second quarter 2026 revenue of $1.62 billion, down 1.4% year-over-year, as net patient service revenue per adjusted admission fell 3.9% after a prior-year benefit from the New Mexico state directed payment program.

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Form Type
8-K

Rhea-AI Filing Summary

Ardent Health reported second quarter 2026 revenue of $1.62 billion, down 1.4% year-over-year, as net patient service revenue per adjusted admission fell 3.9% after a prior-year benefit from the New Mexico state directed payment program. Net income attributable to Ardent was $17 million or $0.12 per diluted share, compared with $73 million or $0.52, and Adjusted EBITDA declined to $115 million, a 32.3% decrease. Adjusted admissions grew 2.5% while total surgeries fell 2.9%.

Operating cash flow strengthened to $197 million, up 67% from $117 million, contributing to cash of $724 million, total debt of $1.1 billion, a net leverage ratio of 0.8x and lease-adjusted net leverage of 2.6x as of June 30, 2026. Available liquidity was $992 million, and the company repurchased 1.4 million shares for $13 million, with $34 million remaining under its authorization.

For full-year 2026, Ardent reaffirmed total revenue guidance of $6.4–$6.7 billion and Adjusted EBITDA of $485–$535 million, while lowering net income attributable guidance to $110–$163 million and diluted EPS guidance to $0.78–$1.15. Targets for adjusted admissions growth of 1.5–2.5% and capital expenditures of $225–$265 million were maintained.

Positive

  • Operating cash flow rose 67% to $197 million in Q2 2026, supporting balance-sheet strength with available liquidity of $992 million and lease-adjusted net leverage of 2.6x.
  • 2026 revenue and Adjusted EBITDA guidance were reaffirmed at $6.4–$6.7 billion and $485–$535 million, indicating expectations for stable sales and core profitability despite near-term pressures.

Negative

  • Net income attributable to Ardent dropped to $17 million ($0.12 diluted EPS) from $73 million ($0.52) in Q2 2025, while Adjusted EBITDA fell 32.3% to $115 million.
  • 2026 net income and EPS guidance were cut, with net income attributable now forecast at $110–$163 million and diluted EPS at $0.78–$1.15, below prior ranges.

Insights

Analyzing...

Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
Total revenue Q2 2026 $1,622 million Second quarter 2026 total revenue, declined 1.4% year-over-year from $1,645 million
Net income attributable Q2 2026 $17 million Net income attributable to Ardent Health in Q2 2026 vs $73 million in Q2 2025
Diluted EPS Q2 2026 $0.12 Q2 2026 diluted earnings per share compared with $0.52 in Q2 2025
Adjusted EBITDA Q2 2026 $115 million Adjusted EBITDA for Q2 2026, a 32.3% year-over-year decrease
Operating cash flow Q2 2026 $197 million Net cash provided by operating activities in Q2 2026, up 67% from $117 million
Available liquidity $992 million Total available liquidity as of June 30, 2026
2026 revenue guidance $6,400–$6,700 million Reaffirmed full-year 2026 total revenue guidance range
2026 Adjusted EBITDA guidance $485–$535 million Reaffirmed full-year 2026 Adjusted EBITDA guidance range
Adjusted EBITDA financial
"Adjusted EBITDA decreased 32.3% year-over-year to $115 million."
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
Adjusted EBITDAR financial
"Adjusted EBITDAR is defined as Adjusted EBITDA further adjusted to add back rent expense payable to REITs."
Adjusted EBITDAR is a company’s reported profit measure that starts with operating earnings and then adds back interest, taxes, depreciation, amortization and rent, plus any one‑time items companies exclude. It aims to show how much cash a business generates from its core operations before the costs of financing, non‑cash accounting charges and property leases, like comparing two stores’ underlying sales by ignoring rent and loan payments. Investors use it to compare operating performance across firms and assess ability to cover fixed obligations, but companies may calculate it differently, so comparisons require caution.
lease-adjusted net leverage ratio financial
"The Company’s net leverage ratio was 0.8x and its lease-adjusted net leverage ratio1 was 2.6x."
A lease-adjusted net leverage ratio measures a company’s debt burden after treating long-term lease commitments as if they were debt, then comparing that total to the company’s operating earnings (often EBITDA, a common proxy for recurring cash profit). It gives investors a clearer, apples-to-apples view of how much fixed obligation the business carries relative to its ability to pay, useful when comparing firms with different leasing practices — like adding a car lease to a mortgage before judging monthly affordability.
Cybersecurity Incident technical
"recoveries from the cybersecurity incident in November 2023 (the "Cybersecurity Incident")."
A cybersecurity incident is an event where someone's computer systems or data are attacked or broken into without permission. It matters because it can lead to stolen information, financial loss, or disruptions in services, similar to a break-in at a store that damages property or steals valuable items.
Ventas Master Lease financial
"rent expense pursuant to the master lease agreement (the "Ventas Master Lease") with Ventas, Inc."
variable interest entities financial
"included total liabilities of consolidated variable interest entities of $331.2 million."
A variable interest entity (VIE) is a business that a company controls through contracts or special arrangements instead of owning a majority of its shares, like steering a puppet without holding its ticket. Investors care because these arrangements can hide who really bears the financial risks and rewards, affect how assets and liabilities appear on financial statements, and create extra legal or enforcement uncertainty that can change the value and risk of an investment.
Total revenue $1,622 million declined 1.4% year-over-year from $1,645 million
Net income attributable to Ardent Health, Inc. $17 million down from $73 million in Q2 2025
Diluted EPS $0.12 down from $0.52 in Q2 2025
Adjusted EBITDA $115 million decreased 32.3% year-over-year
Operating cash flow $197 million increased 67% from $117 million in Q2 2025
Guidance

For full-year 2026, Ardent reaffirmed total revenue guidance of $6.4–$6.7 billion and Adjusted EBITDA of $485–$535 million, while lowering net income attributable guidance to $110–$163 million and diluted EPS guidance to $0.78–$1.15.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How did Ardent Health (ARDT) perform financially in Q2 2026?
Ardent Health reported Q2 2026 revenue of $1.62 billion, down 1.4% year-over-year, and net income attributable of $17 million, or $0.12 diluted EPS, compared with $73 million and $0.52 in Q2 2025.

What was Ardent Health (ARDT)'s Q2 2026 Adjusted EBITDA?
Ardent Health generated Adjusted EBITDA of $115 million in Q2 2026, a 32.3% year-over-year decrease, reflecting lower net patient service revenue per adjusted admission and the absence of a prior-year benefit from a New Mexico payment program.

What guidance did Ardent Health (ARDT) give for full-year 2026?
For 2026, Ardent reaffirmed revenue guidance of $6.4–$6.7 billion and Adjusted EBITDA of $485–$535 million, while lowering net income attributable guidance to $110–$163 million and diluted EPS guidance to $0.78–$1.15.

How strong is Ardent Health (ARDT)'s balance sheet and liquidity?
As of June 30, 2026, Ardent held $724 million in cash and cash equivalents and $1.1 billion in total debt, with a net leverage ratio of 0.8x, lease-adjusted net leverage of 2.6x, and available liquidity of $992 million.

Did Ardent Health (ARDT) repurchase shares in Q2 2026?
Yes. Ardent repurchased 1.4 million shares of common stock for $13 million during Q2 2026 and had $34 million remaining under its share repurchase authorization as of June 30, 2026.

How did Ardent Health (ARDT)'s operating cash flow change in Q2 2026?
Net cash provided by operating activities in Q2 2026 was $197 million, an increase of 67% compared to $117 million in the prior-year quarter, supporting liquidity and funding for capital investments and share repurchases.

AI-generated analysis. How Rhea-AI works. Not financial advice.

Understanding 8-K Material Events →
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FALSE000175665500017566552026-08-042026-08-04
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): August 4, 2026
Ardent Health, Inc.
(Exact Name of Registrant as Specified in its Charter)
Delaware
001-42180
61-1764793
(State or Other Jurisdiction
of Incorporation)
(Commission
File Number)
(I.R.S. Employer
Identification No.)
340 Seven Springs Way, Suite 100,
Brentwood, Tennessee
37027
(Address of Principal Executive Offices)
(Zip Code)
(615) 296-3000
(Registrant’s Telephone Number, including Area Code)
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
___________________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the Registrant under
any of the following provisions:
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each Class
Trading
Symbol(s)
Name of each exchange
on which registered
Common Stock, $.01 par value per
share
ARDT
New York Stock Exchange
Indicate by check mark whether the Registrant is an emerging growth company as defined in Rule 405 of the Securities Act
of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company  ☐
If an emerging growth company, indicate by check mark if the Registrant has elected not to use the extended transition
period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the
Exchange Act.  o
Item 2.02. Results of Operations and Financial Condition.
On August 4, 2026, Ardent Health, Inc. issued a press release announcing its financial results for the second quarter ended
June 30, 2026. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is
incorporated herein by reference.
The information in this Current Report on Form 8-K furnished pursuant to Item 2.02, including Exhibit 99.1, shall not be
deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”),
or otherwise subject to the liabilities of that Section. This information shall not be incorporated by reference into any filing
under the Securities Act of 1933, as amended, or the Exchange Act, except to the extent specifically provided in any such
filing.
Item 9.01. Financial Statements and Exhibits.
(d)Exhibits:
Exhibit No.
Exhibit Description
Exhibit 99.1
Press Release, dated August 4, 2026
Exhibit 104
Cover Page Interactive Data File (embedded within the Inline XBRL document)
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed
on its behalf by the undersigned hereunto duly authorized.
Dated: August 4, 2026
ARDENT HEALTH, INC.
By:
/s/ Alfred Lumsdaine
Name:
Alfred Lumsdaine
Title:
Executive Vice President, Chief Financial Officer
1
Exhibit 99.1
ardentbannera.jpg
Ardent Health Reports Second Quarter 2026 Results
Brentwood, Tenn. (August 4, 2026) – Ardent Health, Inc. (NYSE: ARDT) ("Ardent Health" or the "Company"), a leading
provider of healthcare in growing mid-sized urban communities across the U.S., today announced results for the quarter
ended June 30, 2026.
Second Quarter 2026 Operating and Financial Summary
All comparisons are versus the same prior year period. See the footnotes to the Operating Statistics table of this press
release for definitions of the metrics below and a full list of key operating metrics.
Total Revenue
$1.62 billion
Net Income Attributable to Ardent Health
$17 million 
Adjusted EBITDA(1)
$115 million
Adjusted EBITDAR(1)
$157 million
Admissions
Decrease of 1.0% Y/Y
Adjusted Admissions
2.5% growth Y/Y
Operating Cash Flow
$197 million, increase of 67% Y/Y
Reaffirming Full-Year 2026 Guidance
Total Revenue: $6,400 - $6,700 million
Adjusted EBITDA(1): $485 - $535 million
(1)    Adjusted EBITDA and Adjusted EBITDAR are financial measures that have not been prepared in a manner that complies with U.S. generally accepted
accounting principles ("GAAP"). See "Supplemental Non-GAAP Financial Information" and reconciliations of non-GAAP measures to their most
comparable GAAP financial measures contained later in this press release.
Second Quarter 2026 Commentary
•"As I transition to the CEO role, I’m looking forward to building on the momentum of key initiatives launched
during my COO tenure as well as Ardent's strong foundation in attractive, growing markets," said Dave Caspers,
President and Chief Executive Officer of Ardent Health. "I see clear opportunities to further improve performance
and unlock the full potential of the platform. Our growth strategy remains unchanged, but sharpening operational
execution is my highest priority. We are focused on the levers we can control — staffing, contracting, capital
allocation, standardization and accountability — while continuing to deliver high-quality care to the patients and
communities we serve."
•"Second quarter operating and financial performance was impacted by lower surgeries and admissions, but
volumes improved after our intra-quarter update in early June, and we moved quickly to address the earnings
pressure," Caspers continued. "Those actions included an improved payor contract in a key market and
incremental benefit from our IMPACT program, which we now expect to generate at least $70 million of savings in
2026, compared with $55 million previously. Additionally, we reported strong second quarter operating cash flow
of $197 million."
•"Our actions give us confidence to reaffirm our 2026 Adjusted EBITDA guidance of $485 million to $535 million,
even as we factor in a lower volume outlook," Caspers said. "We remain focused on disciplined execution,
consistent performance and creating long-term value for shareholders."
1  Lease-adjusted net leverage ratio is defined as the Company's net debt, plus 8x trailing twelve-month real estate investment trust ("REIT") rent expense,
divided by trailing twelve-month Adjusted EBITDAR as of June 30, 2026.
2
Financial Performance Summary
Second quarter 2026 year-over-year growth rates were negatively impacted by the Company recording two quarters of
financial benefit from the New Mexico state directed payment program in the prior year quarter as a result of delayed
renewal of the program in 2025.
For the second quarter of 2026:
•Total revenue declined 1.4% year-over-year to $1,622 million driven primarily by a 3.9% decrease in net patient
service revenue per adjusted admission. This decrease was largely attributable to recording two quarters of the
New Mexico state directed payment program benefit in the prior year quarter.
•Net income attributable to Ardent Health was $17 million, or $0.12 per diluted share, compared to net income
attributable to Ardent Health of $73 million, or $0.52 per diluted share, for the second quarter of 2025. 
•Adjusted EBITDA decreased 32.3% year-over-year to $115 million.
Operating Performance Summary
The following table provides a summary of certain key operating metrics for the second quarter of 2026 compared to the
same prior year period. See the footnotes to the Operating Statistics table of this press release for definitions of the metrics
below and a full list of key operating metrics.
Three Months Ended June 30,
(Unaudited)
2026
2025
% Change
Adjusted admissions
89,326
87,167
2.5%
Admissions
41,104
41,535
(1.0%)
Inpatient surgeries
9,106
9,840
(7.5%)
Outpatient surgeries
22,649
22,860
(0.9%)
Total surgeries
31,755
32,700
(2.9%)
Emergency room visits
156,896
156,622
0.2%
Net patient service revenue per adjusted admission
$17,864
$18,581
(3.9%)
•Admissions for the second quarter of 2026 decreased 1.0% year-over-year.
•Surgeries for the second quarter of 2026 decreased 2.9% year-over-year. The decrease in total surgeries reflected
declines in outpatient and inpatient surgery volume of 0.9% and 7.5%, respectively.
Balance Sheet, Cash Flow & Liquidity Update
As of June 30, 2026, the Company had total cash and cash equivalents of $724 million and total debt of $1.1 billion. The
Company’s net leverage ratio was 0.8x and its lease-adjusted net leverage ratio1 was 2.6x as of June 30, 2026. At the end of
the second quarter, the Company’s available liquidity was $992 million.
During the second quarter of 2026, net cash provided by operating activities was $197 million, or an increase of 67%
compared to $117 million provided by operating activities in the same prior year period.
During the second quarter of 2026, the Company repurchased 1.4 million shares of its common stock for $13 million. The
Company had $34 million remaining under its repurchase authorization as of June 30, 2026.
3
2026 Financial Guidance
The Company is reaffirming its full-year 2026 revenue and adjusted EBITDA financial guidance. All guidance is current as of
the time provided and is subject to change.
Full Year 2026 Guidance
(Unaudited; dollars in millions, except per share amount)
Previous Guidance
Revised Guidance
Total revenue
$6,400
—
$6,700
$6,400
—
$6,700
Net income attributable to Ardent Health, Inc.
$129
—
$183
$110
—
$163
Adjusted EBITDA
$485
—
$535
$485
—
$535
Rent expense payable to REITs
$168
—
$168
$168
—
$168
Diluted earnings per share
$0.90
—
$1.27
$0.78
—
$1.15
Adjusted admissions growth
1.5%
—
2.5%
1.5%
—
2.5%
Capital expenditures
$225
—
$265
$225
—
$265
The Company’s guidance is based on current plans and expectations and is subject to a number of known and unknown
uncertainties and risks, including those set forth below under the heading "Forward-Looking Statements." The Company
does not forecast the impact of items such as, but not limited to, losses (gains) on sales of facilities, losses on retirement of
debt, legal claim costs (benefits) and impairments of long-lived assets. The Company does not believe that it can forecast
these items with sufficient accuracy because of the inherent difficulty of forecasting the timing or amount of various items
that have not yet occurred and are out of the Company’s control or cannot be reasonably predicted.
Second Quarter 2026 Results Conference Call
The Company will host a conference call to discuss its second quarter financial results on August 5, 2026, at 10:00 a.m.
Eastern Time. A webcast of the conference call will be available in the Investor Relations section of the Company’s
corporate website at https://ir.ardenthealth.com. To listen to a live broadcast, go to the site at least 15 minutes prior to the
scheduled start time in order to register, download, and install any necessary audio software.
To participate in the live teleconference:
United States Live:    1-888-596-4144
International Live:    1-646-968-2525
Access Code:              4437657
To listen to a replay of the teleconference, which will be available through August 19, 2026:
United States Replay:  1-800-770-2030
International Replay:  1-647-362-9199
Access Code:              4437657
About Ardent Health
Ardent Health (NYSE: ARDT) is a leading provider of healthcare in growing mid-sized urban communities across the U.S.  The
Company delivers care through its subsidiaries, which include 30 acute care hospitals and more than 280 sites of care with
over 1,800 employed and affiliated providers across six states. Anchored by a shared operating model and a commitment to
investing in innovative services and technologies that improve quality, access and experience, Ardent is focused on
delivering strong clinical outcomes and improving the health of the patients and communities it serves.   
4
Investor Contact:
Dave Styblo, CFA
Investor.Relations@ardenthealth.com
(615) 296-3016
Media Contact:
Rebecca Kirkham
rebecca.kirkham@ardenthealth.com
(615) 296-3000
Supplemental Non-GAAP Financial Information
We have included certain non-GAAP financial measures in this press release, including Adjusted EBITDA, Adjusted EBITDA
margin, and Adjusted EBITDAR. We define these terms as follows:
•Adjusted EBITDA and Adjusted EBITDA Margin. Adjusted EBITDA is defined as net income plus (i) provision for income
taxes, (ii) interest expense and (iii) depreciation and amortization expense (or EBITDA), as adjusted to deduct
noncontrolling interest earnings, and excludes the effects of other non-operating losses; recoveries from the
cybersecurity incident in November 2023 (the "Cybersecurity Incident"), net of incremental information technology and
litigation costs; certain legal matters and related costs; other expenses, including development, restructuring and
enterprise system conversion costs; equity-based compensation expense; and loss (income) from disposed operations.
Adjusted EBITDA margin is defined as Adjusted EBITDA divided by total revenue.
Adjusted EBITDA and Adjusted EBITDA margin are non-GAAP performance measures used by our management and
external users of our financial statements, such as investors, analysts, lenders, rating agencies and other interested
parties, to evaluate companies in our industry. Adjusted EBITDA and Adjusted EBITDA margin are performance
measures that are not prepared in accordance with GAAP and are presented in this press release because our
management considers them important analytical indicators commonly used within the healthcare industry to evaluate
financial performance and allocate resources. Further, our management believes that Adjusted EBITDA and Adjusted
EBITDA margin are useful financial metrics to assess our operating performance from period to period by excluding
certain material non-cash items and unusual or non-recurring items that we do not expect to continue in the future and
certain other adjustments we believe are not reflective of our ongoing operations and our performance.
Because not all companies use identical calculations, our presentation of Adjusted EBITDA and Adjusted EBITDA margin
may not be comparable to other similarly titled measures of other companies. While we believe these are useful
supplemental performance measures for investors and other users of our financial information, you should not
consider Adjusted EBITDA and Adjusted EBITDA margin in isolation or as a substitute for net income or any other items
calculated in accordance with GAAP. Adjusted EBITDA and Adjusted EBITDA margin have inherent material limitations
as performance measures, because they add back certain expenses to net income, resulting in those expenses not
being taken into account in the performance measures. We have borrowed money, so interest expense is a necessary
element of our costs. Because we have material capital and intangible assets, depreciation and amortization expense
are necessary elements of our costs. Likewise, the payment of taxes is a necessary element of our operations. Because
Adjusted EBITDA and Adjusted EBITDA margin exclude these and other items, they have material limitations as
measures of our performance.
•Adjusted EBITDAR. Adjusted EBITDAR is defined as Adjusted EBITDA further adjusted to add back rent expense payable
to real estate investment trusts ("REITs"), which consists of rent expense pursuant to the master lease agreement (the
"Ventas Master Lease") with Ventas, Inc. ("Ventas"), lease agreements with Ventas for 18 medical office buildings and a
lease arrangement with Medical Properties Trust, Inc. ("MPT") for the Hackensack Meridian Mountainside Medical
Center.
5
Adjusted EBITDAR is a commonly used non-GAAP valuation measure used by our management, research analysts,
investors and other interested parties to evaluate and compare the enterprise value of different companies in our
industry. Adjusted EBITDAR excludes: (1) certain material noncash items and unusual or non-recurring items that we do
not expect to continue in the future; (2) certain other adjustments that do not impact our enterprise value; and (3) rent
expense payable to REITs. We operate 30 acute care hospitals, 12 of which we lease from two REITs, Ventas and MPT,
pursuant to long-term lease agreements. Additionally, we lease 18 medical office buildings from Ventas pursuant to
lease agreements with initial terms of 12 years and eight options to renew for additional five-year terms. Our
management views the long-term lease agreements with Ventas and MPT, as more like financing arrangements than
true operating leases, with the rent payable to such REITs being similar to interest expense. As a result, our capital
structure is different than many of our competitors, especially those whose real estate portfolio is predominately
owned and not leased. Excluding the rent payable to such REITs allows investors to compare our enterprise value to
those of other healthcare companies without regard to differences in capital structures, leasing arrangements and
geographic markets, which can vary significantly among companies. Our management also uses Adjusted EBITDAR as
one measure in determining the value of prospective acquisitions or divestitures. Finally, financial covenants in certain
of our lease agreements, including the Ventas Master Lease, use Adjusted EBITDAR as a measure of compliance.
Adjusted EBITDAR does not reflect our cash requirements for leasing commitments. As such, our presentation of
Adjusted EBITDAR should not be construed as a performance or liquidity measure.
Because not all companies use identical calculations, our presentation of Adjusted EBITDAR may not be comparable to
other similarly titled measures of other companies. While we believe this is a useful supplemental valuation measure
for investors and other users of our financial information, you should not consider Adjusted EBITDAR in isolation or as a
substitute for net income or any other items calculated in accordance with GAAP. Adjusted EBITDAR has inherent
material limitations as a valuation measure, because it adds back certain expenses to net income, resulting in those
expenses not being taken into account in the valuation measure. The payment of rent is a necessary element of our
valuation. Because Adjusted EBITDAR excludes this and other items, it has material limitations as a measure of our
valuation.
Forward-Looking Statements
This press release may contain "forward-looking statements," as that term is defined in the U.S. federal securities laws.
These forward-looking statements include, but are not limited to, statements other than statements of historical facts,
including, among others, statements relating to our future financial performance, our business prospects and strategy,
anticipated financial position, liquidity and capital needs, the industry in which we operate and other similar matters.
Words such as "anticipates," "expects," "intends," "plans," "predicts," "believes," "seeks," "estimates," "could," "would,"
"will," "may," "can," "continue," "potential," "should" and the negative of these terms or other comparable terminology
often identify forward-looking statements. When reviewing this press release, you should keep in mind the substantive risk
and uncertainties that could impact our business. These forward-looking statements are not guarantees of future
performance and are subject to risks and uncertainties that could cause actual results to differ materially from the results
contemplated by the forward-looking statements. These risks and uncertainties could cause actual results to differ
materially from those projected in forward-looking statements contained in this press release or implied by past results and
trends. Our historical results are not necessarily indicative of the results that may be expected for any period in the future.
Factors, risks, and uncertainties that could cause actual outcomes and results to be materially different from those
contemplated include, among others: (1) general economic and business conditions, both nationally and in the regions in
which we operate, including the impact of challenging macroeconomic conditions and inflationary pressures, current
geopolitical instability, and impacts from the imposition of, or changes in, tariffs, as well as the potential impact on us of
uncertain political, financial, credit and capital conditions; (2) possible reductions or other changes in Medicare, Medicaid
and other state programs, including Medicaid supplemental payment programs, Medicaid waiver programs or state
directed payments, that could have an adverse effect on our revenues and business; (3) reduction in the reimbursement
rates paid by commercial payors, increased reimbursement denials or payment delays by commercial payors, our inability
to retain and negotiate favorable contracts with private third party payors, or an increasing volume of uninsured or
underinsured patients; (4) effects of changes in healthcare policy or legislation, including the One Big Beautiful Bill Act (the
"OBBBA") and any other reforms that have or may be undertaken by the current presidential administration, and legal and
regulatory restrictions on our hospitals that have physician owners; (5) the ability to achieve operating and financial targets,
develop and execute mitigation plans to offset to the extent possible impacts from the OBBBA, the expiration of temporary
enhanced subsidies for individuals eligible to purchase insurance coverage through health insurance marketplaces and
imposition of tariffs, attain expected levels of patient volumes and revenues, and control the costs of providing services; (6)
security threats, catastrophic events and other disruptions affecting our, our service providers’ or our joint venture ("JV")
partners’ information technology and related systems, which have adversely affected, and could in the future adversely
affect, our relationships with patients and business partners and subject us to legal claims and liabilities, reputational harm
and business disruption and adversely affect our financial condition; (7) the highly competitive nature of the healthcare
industry and continued industry trends towards clinical transparency and value-based purchasing may impact our
6
competitive position; (8) inability to recruit and retain quality physicians and increased labor costs resulting from increased
competition for staffing or a continued or increased shortage of experienced nurses, as well as the loss of key personnel,
including key members of our management team; (9) changes to physician utilization practices and treatment
methodologies and other factors outside our control that impact demand for medical services and may reduce our
revenues and ability to grow profitability; (10) continued industry trends toward value-based purchasing, third party payor
consolidation and care coordination among healthcare providers; (11) inability to successfully complete acquisitions or
strategic JVs or inability to realize all of the anticipated benefits; (12) liabilities because of professional liability and other
claims brought against our hospitals, physician practices, outpatient facilities or other business operations; (13) exposure to
certain risks and uncertainties by the JVs through which we conduct a significant portion of our operations, including
anticipated synergies of past acquisitions and the risk that transactions may not receive necessary government clearances;
(14) failure to obtain drugs and medical supplies at favorable prices or sufficient volumes; (15) operational, legal and
financial risks associated with outsourcing functions to third parties; (16) our facilities are heavily concentrated in Texas and
Oklahoma, which makes us sensitive to regulatory, economic and competitive conditions and changes in those states; (17)
negative impact of severe weather, climate change, and other factors beyond our control, which could restrict patient
access to care or cause one or more facilities to close temporarily or permanently; (18) risks related to the Master Lease
with Ventas (“Ventas Master Lease”) and its restrictions and limitations on our business; (19) the impact of our significant
indebtedness and the ability to refinance such indebtedness on acceptable terms; (20) our failure to comply with complex
laws and regulations applicable to the healthcare industry or to adjust our operations in response to changing laws and
regulations; (21) the impact of governmental claims or governmental investigations, payor audits and litigation brought
against our hospitals, physician practices, outpatient facilities or other business operations; (22) actual or perceived failures
to comply with applicable data protection, privacy and security laws, regulations, standards and other requirements; (23)
the impact of a deterioration of public health conditions associated with a future pandemic, epidemic or outbreak of
infectious disease; (24) actual or perceived failures to comply with applicable data protection, privacy and security laws,
regulations, standards and other requirements could adversely affect our business, results of operations and financial
condition; (25) inability to or delay in building, acquiring, selling, renovating or expanding our healthcare facilities; (26)
failure to comply with federal and state laws relating to Medicare and Medicaid enrollment, permit, licensing and
accreditation requirements; (27) the results of our efforts to use technology, including artificial intelligence (“AI”) and
machine learning, to drive efficiencies, better outcomes and an enhanced patient experience; (28) our status as a controlled
company; (29) conflicts of interest between our controlling stockholder and other holders of our common stock; and (30)
other risk factors described in our filings with the Securities and Exchange Commission.
Many of the important factors that will determine these results are beyond our ability to control or predict. You are
cautioned not to put undue reliance on any forward-looking statements, which speak only as of the date of this press
release. Except as otherwise required by law, we do not assume any obligation to publicly update or release any revisions to
these forward-looking statements to reflect events or circumstances after the date of this news release or to reflect the
occurrence of unanticipated events. All references to "Company," "Ardent Health," "Ardent," "we," "our" and "us" as used
throughout this release refer to Ardent Health, Inc. and its affiliates, unless stated otherwise or indicated by context.
7
Ardent Health, Inc.
Condensed Consolidated Income Statements
(Unaudited; dollars in thousands, except per share amounts)
Three Months Ended June 30,
2026
2025
 
Amount
%
Amount
%
Total revenue
$1,622,245
100.0%
$1,645,280
100.0%
Expenses:
Salaries and benefits
676,186
41.7%
671,697
40.8%
Professional fees
327,843
20.2%
297,012
18.1%
Supplies
279,621
17.2%
270,639
16.4%
Rents and leases
27,957
1.7%
27,825
1.7%
Rents and leases, related party
38,686
2.4%
37,819
2.3%
Other operating expenses
174,838
10.8%
163,698
10.0%
Interest expense
12,569
0.8%
14,729
0.9%
Depreciation and amortization
41,342
2.5%
39,309
2.4%
Other non-operating losses
—
0.0%
560
0.0%
Total operating expenses
1,579,042
97.3%
1,523,288
92.6%
Income before income taxes
43,203
2.7%
121,992
7.4%
Income tax expense
8,514
0.6%
26,291
1.6%
Net income
34,689
2.1%
95,701
5.8%
Net income attributable to noncontrolling interests
17,790
1.1%
22,751
1.4%
Net income attributable to Ardent Health, Inc.
$16,899
1.0%
$72,950
4.4%
Net income per share:
Basic
$0.12
$0.52
Diluted
$0.12
$0.52
Weighted-average common shares outstanding:
Basic
141,688,279
140,374,892
Diluted
143,052,519
141,517,661
8
Ardent Health, Inc.
Condensed Consolidated Income Statements
(Unaudited; dollars in thousands, except per share amounts)
Six Months Ended June 30,
2026
2025
 
Amount
%
Amount
%
Total revenue
$3,224,115
100.0%
$3,142,514
100.0%
Expenses:
Salaries and benefits
1,337,617
41.5%
1,329,349
42.3%
Professional fees
644,913
20.0%
577,869
18.4%
Supplies
548,174
17.0%
529,494
16.8%
Rents and leases
55,038
1.7%
55,586
1.8%
Rents and leases, related party
77,372
2.4%
75,869
2.4%
Other operating expenses
339,989
10.5%
294,465
9.5%
Interest expense
24,780
0.8%
28,905
0.9%
Depreciation and amortization
84,328
2.6%
75,510
2.4%
Other non-operating gains
(5,890)
(0.2)%
(20,723)
(0.7)%
Total operating expenses
3,106,321
96.3%
2,946,324
93.8%
Income before income taxes
117,794
3.7%
196,190
6.2%
Income tax expense
24,617
0.8%
41,524
1.3%
Net income
93,177
2.9%
154,666
4.9%
Net income attributable to noncontrolling interests
36,428
1.1%
40,333
1.3%
Net income attributable to Ardent Health, Inc.
$56,749
1.8%
$114,333
3.6%
Net income per share:
Basic
$0.40
$0.82
Diluted
$0.40
$0.81
Weighted-average common shares outstanding:
Basic
141,478,312
140,219,452
Diluted
142,414,946
141,111,732
9
 Ardent Health, Inc.
Condensed Consolidated Statements of Cash Flows
(Unaudited; in thousands)
Six Months Ended June 30,
 
2026
2025
Cash flows from operating activities:
 
 
Net income
$93,177
$154,666
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization
84,328
75,510
Other non-operating (gains) losses
(1,886)
777
Amortization of deferred financing costs and debt discounts
1,622
2,474
Deferred income taxes
3,068
(2,733)
Equity-based compensation
16,881
20,509
Income from non-consolidated affiliates
(8,079)
(2,956)
Changes in operating assets and liabilities, net of effect of acquisitions and divestitures:
Accounts receivable
(9,838)
(14,251)
Inventories
2,571
(3,118)
Prepaid expenses and other current assets
32,009
(51,449)
Accounts payable and other accrued expenses and liabilities
(60,400)
(50,590)
Accrued salaries and benefits
(16,940)
(36,136)
Net cash provided by operating activities
136,513
92,703
Cash flows from investing activities:
Purchases of property and equipment
(66,766)
(69,105)
Other
(316)
(264)
Net cash used in investing activities
(67,082)
(69,369)
Cash flows from financing activities:
Proceeds from insurance financing arrangements
17,033
10,959
Payments of principal on insurance financing arrangements
(8,192)
(6,529)
Payments of principal on long-term debt
(6,937)
(2,896)
Distributions to noncontrolling interests
(44,143)
(39,525)
Repurchase of common stock
(13,031)
—
Other
714
(1,499)
Net cash used in financing activities
(54,556)
(39,490)
Net increase (decrease) in cash and cash equivalents
14,875
(16,156)
Cash and cash equivalents at beginning of period
709,601
556,785
Cash and cash equivalents at end of period
$724,476
$540,629
Supplemental Cash Flow Information:
Non-cash purchases of property and equipment
$677
$13,272
10
Ardent Health, Inc.
Condensed Consolidated Balance Sheets
(Unaudited; dollars in thousands, except per share amounts)
June 30,
2026(1)
December 31,
2025 (1)
Assets
Current assets:
Cash and cash equivalents
$724,476
$709,601
Accounts receivable
695,950
686,102
Inventories
116,022
118,593
Prepaid expenses
147,895
112,646
Other current assets
370,533
431,882
Total current assets
2,054,876
2,058,824
Property and equipment, net
920,044
935,769
Operating lease right of use assets
300,509
292,651
Operating lease right of use assets, related party
908,233
915,599
Goodwill
879,262
879,451
Other intangible assets
87,678
89,335
Deferred income taxes
5,821
6,888
Other assets
123,655
111,691
Total assets
$5,280,078
$5,290,208
 
 
 
Liabilities and Equity
Current liabilities:
Current installments of long-term debt
$28,572
$23,444
Accounts payable
429,769
457,936
Accrued salaries and benefits
279,244
296,260
Other accrued expenses and liabilities
238,738
268,904
Total current liabilities
976,323
1,046,544
Long-term debt, less current installments
1,073,210
1,075,782
Long-term operating lease liability
268,054
260,600
Long-term operating lease liability, related party
896,492
904,632
Self-insured liabilities
242,771
241,050
Other long-term liabilities
81,824
76,636
Total liabilities
3,538,674
3,605,244
Redeemable noncontrolling interests
(4,658)
(1,250)
Equity:
Preferred stock, par value $0.01 per share; 50,000,000 shares authorized; no shares issued and
outstanding
—
—
Common stock, par value $0.01 per share; 750,000,000 shares authorized; 141,910,898 and
142,864,171 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively
1,419
1,429
Additional paid-in capital
791,411
788,472
Accumulated other comprehensive loss
(638)
(3,610)
Retained earnings
558,356
501,607
Equity attributable to Ardent Health, Inc.
1,350,548
1,287,898
Noncontrolling interests
395,514
398,316
Total equity
1,746,062
1,686,214
Total liabilities and equity
$5,280,078
$5,290,208
(1)As of June 30, 2026 and December 31, 2025, the unaudited condensed consolidated balance sheets included total liabilities of consolidated variable interest entities of
$331.2 million and $335.1 million, respectively. Refer to Note 2 of the Company's unaudited condensed consolidated financial statements included in its Quarterly
Report on Form 10-Q for the six months ended June 30, 2026 for further discussion.
11
 Ardent Health, Inc.
Operating Statistics
(Unaudited)
 
Three Months Ended June 30,
Six Months Ended June 30,
 
2026
%
Change
2025
2026
%
Change
2025
Total revenue (in thousands)
$1,622,245
(1.4)%
$1,645,280
$3,224,115
2.6%
$3,142,514
Hospitals operated (at period end) (1)
30
0.0%
30
30
0.0%
30
Licensed beds (at period end) (2)
4,281
0.0%
4,281
4,281
0.0%
4,281
Utilization of licensed beds (3)
49%
(2.0)%
50%
50%
0.0%
50%
Admissions (4)
41,104
(1.0)%
41,535
82,036
(1.1)%
82,924
Adjusted admissions (5)
89,326
2.5%
87,167
175,570
2.3%
171,703
Inpatient surgeries (6)
9,106
(7.5)%
9,840
18,362
(3.8)%
19,090
Outpatient surgeries (7)
22,649
(0.9)%
22,860
44,735
0.4%
44,572
Total surgeries
31,755
(2.9)%
32,700
63,097
(0.9)%
63,662
Emergency room visits (8)
156,896
0.2%
156,622
313,064
(1.5)%
317,871
Patient days (9)
189,223
(2.8)%
194,738
386,352
(1.2)%
390,952
Total encounters (10)
1,581,207
6.0%
1,491,905
3,145,321
6.9%
2,942,534
Average length of stay (11)
4.60
(1.7)%
4.68
4.71
0.0%
4.71
Net patient service revenue per adjusted admission (12)
$17,864
(3.9)%
$18,581
$18,111
0.6%
$18,001
(1)Hospitals operated (at period end). This metric represents the total number of hospitals operated by us at the end of the applicable period, irrespective of
whether the hospital real estate is (i) owned by us, (ii) leased by us or (iii) held through a controlling interest in a JV. This metric includes the managed
clinical operations of the hospital at UT Health North Campus in Tyler, Texas ("UT Health North Campus Tyler"), a hospital owned by The University of
Texas Health Science Center at Tyler ("UTHSCT"), an affiliate of The University of Texas System. Since we only manage the clinical operations of UT Health
North Campus Tyler, the financial results of such entity are not consolidated under Ardent Health, Inc.
(2)Licensed beds (at period end). This metric represents the total number of beds for which the appropriate state agency licenses a facility, regardless of
whether the beds are actually available for patient use.
(3)Utilization of licensed beds. This metric represents a measure of the actual utilization of our inpatient facilities, computed by (i) dividing patient days by
the number of days in each period, and (ii) further dividing that number by average licensed beds, which is calculated by dividing total licensed beds (at
period end) by the number of days in the period, multiplied by the number of days in the period the licensed beds were in existence.
(4)Admissions. This metric represents the number of patients admitted for inpatient treatment during the applicable period.
(5)Adjusted admissions. This metric is used by management as a general measure of combined inpatient and outpatient volume. Adjusted admissions
provides management with a key performance indicator that considers both inpatient and outpatient volumes by applying an inpatient volume measure
(admissions) to a ratio of gross inpatient and outpatient revenue to gross inpatient revenue. Gross inpatient and outpatient revenue reflect gross inpatient
and outpatient charges prior to estimated contractual adjustments, uninsured discounts, implicit price concessions, and other discounts. The calculation of
adjusted admissions is summarized as follows:
Adjusted Admissions
=
Admissions
x
(Gross Inpatient Revenue + Gross Outpatient Revenue)
Gross Inpatient Revenue
(6)Inpatient surgeries. This metric represents the number of surgeries performed on patients who have been admitted to our hospitals. Pain management, c-
sections, and certain diagnostic procedures are excluded from inpatient surgeries.
(7)Outpatient surgeries. This metric represents the number of surgeries performed on patients who have not been admitted to our hospitals. Pain
management, c-sections, and certain diagnostic procedures are excluded from outpatient surgeries.
(8)Emergency room visits. This metric represents the total number of patients provided with emergency room treatment during the applicable period.
(9)Patient days. This metric represents the total number of days of care provided to patients admitted to our hospitals during the applicable period.
(10)Total encounters. This metric represents the total number of events where healthcare services are rendered resulting in a billable event during the
applicable period. This includes both hospital and ambulatory patient interactions.
(11)Average length of stay. This metric represents the average number of days admitted patients stay in our hospitals.
(12)Net patient service revenue per adjusted admission. This metric represents net patient service revenue divided by adjusted admissions for the applicable
period. Net patient service revenue reflects gross inpatient and outpatient charges less estimated contractual adjustments, uninsured discounts, implicit
price concessions, and other discounts.
12
 Ardent Health, Inc.
Supplemental Non-GAAP Disclosures
(Unaudited; in thousands)
 
Three Months Ended June 30,
Six Months Ended June 30,
2026
2025
2026
2025
Net income
$34,689
$95,701
$93,177
$154,666
Adjusted EBITDA Addbacks:
Income tax expense
8,514
26,291
24,617
41,524
Interest expense
12,569
14,729
24,780
28,905
Depreciation and amortization
41,342
39,309
84,328
75,510
Noncontrolling interest earnings
(17,790)
(22,751)
(36,428)
(40,333)
Other non-operating losses (1)
—
560
—
777
Cybersecurity Incident recoveries, net (2)
—
—
—
(19,705)
Certain legal matters and related costs
462
—
2,464
—
Other expenses, including development, restructuring
and enterprise system conversion costs (3)
27,207
4,781
34,995
6,188
Equity-based compensation
7,952
11,246
16,881
20,509
Loss (income) from disposed operations
6
7
(5,877)
33
Adjusted EBITDA
$114,951
$169,873
$238,937
$268,074
Total revenue
$1,622,245
$1,645,280
$3,224,115
$3,142,514
Adjusted EBITDA margin
7.1%
10.3%
7.4%
8.5%
(1)Other non-operating losses include losses realized on certain non-recurring events or events that are non-operational in nature.
(2)Cybersecurity Incident recoveries, net represent insurance recovery proceeds associated with the Cybersecurity Incident, net of incremental information
technology and litigation costs.
(3)Other expenses, including development, restructuring and enterprise system conversion costs consist of (i) enterprise restructuring costs, including severance
costs related to workforce reductions for restructuring and CEO transition, (ii) penalties and costs incurred for terminating pre-existing contracts at acquired
facilities, (iii) third-party professional fees and expenses, salaries and benefits, and other internal expenses incurred in connection with potential and
completed acquisitions, and (iv) various costs incurred in connection with our enterprise resource planning system conversion. These costs included (i)
salaries and benefits of $17.2 million and $3.2 million for the three months ended June 30, 2026 and 2025, respectively, and $21.5 million and $3.2 million for
the six months ended June 30, 2026 and 2025, respectively, (ii) professional fees of $9.8 million and $0.8 million for the three months ended June 30, 2026
and 2025, respectively, and $13.1 million and $2.0 million for the six months ended June 30, 2026 and 2025, respectively, and (iii) other expenses of $0.2
million and $0.8 million for the three months ended June 30, 2026 and 2025, respectively, and $0.4 million and $1.0 million for the six months ended June 30,
2026 and 2025, respectively. The increase in salaries and benefits for the three and six months ended June 30, 2026, compared to the respective prior year
periods, was primarily driven by non-recurring severance costs as a result of workforce reductions in connection with enterprise restructuring activity and
transition of the CEO during the current period. The increase in professional fees for the three and six months ended June 30, 2026, compared to the
respective prior year periods, was primarily attributable to incremental third-party costs incurred in connection with enterprise restructuring activity and
enterprise resource planning system conversion during the current period.
13
 Ardent Health, Inc.
Supplemental Non-GAAP Disclosures
(Unaudited; in thousands)
 
Three Months Ended
June 30, 2026
Six Months Ended
June 30, 2026
Net income
$34,689
$93,177
Adjusted EBITDAR Addbacks:
Income tax expense
8,514
24,617
Interest expense
12,569
24,780
Depreciation and amortization
41,342
84,328
Noncontrolling interest earnings
(17,790)
(36,428)
Certain legal matters and related costs
462
2,464
Other expenses, including development, restructuring and enterprise system
conversion costs (1)
27,207
34,995
Equity-based compensation
7,952
16,881
Loss (income) from disposed operations
6
(5,877)
Rent expense payable to REITs (2)
41,579
83,135
Adjusted EBITDAR
$156,530
$322,072
(1)Other expenses, including development, restructuring and enterprise system conversion costs consist of (i) enterprise restructuring costs, including
severance costs related to workforce reductions for restructuring and CEO transition, (ii) penalties and costs incurred for terminating pre-existing contracts
at acquired facilities, (iii) third-party professional fees and expenses, salaries and benefits, and other internal expenses incurred in connection with potential
and completed acquisitions, and (iv) various costs incurred in connection with our enterprise resource planning system conversion. For the three and six
months ended June 30, 2026 these costs included (i) salaries and benefits of $17.2 million and $21.5 million, respectively, (ii) professional fees of $9.8
million and $13.1 million, respectively, and (iii) other expenses of $0.2 million and $0.4 million, respectively.
(2)Rent expense payable to REITs for the three and six months ended June 30, 2026 consists of rent expense of $38.7 million and $77.4 million, respectively,
related to the Ventas Master Lease and other lease agreements with Ventas for medical office buildings and rent expense of $2.8 million and $5.7 million,
respectively, related to a lease arrangement with MPT for the lease of Hackensack Meridian Mountainside Medical Center.
14
Ardent Health, Inc.
Supplemental Non-GAAP Disclosures
(Unaudited; in millions)
 
Guidance for the Full Year Ending 
December 31, 2026
Previous Guidance
Revised Guidance
Low
High
Low
High
Net income
$221
$280
$202
$260
Adjusted EBITDA Addbacks:
Income tax expense
58
73
53
69
Interest expense
56
53
56
53
Depreciation and amortization
175
170
175
170
Noncontrolling interest earnings
(92)
(97)
(92)
(97)
Cybersecurity Incident recoveries (1)
(7)
(7)
(7)
(7)
Other expenses, including development, restructuring and enterprise system
conversion costs (2)
28
21
56
49
Equity-based compensation
46
42
42
38
Adjusted EBITDA
$485
$535
$485
$535
(1)Cybersecurity Incident recoveries represent insurance recovery proceeds associated with the Cybersecurity Incident.
(2)Other expenses, including development, restructuring and enterprise system conversion costs consist of (i) enterprise restructuring costs, including
severance costs related to workforce reductions for restructuring and CEO transition, (ii) penalties and costs incurred for terminating pre-existing contracts
at acquired facilities, (iii) third-party professional fees and expenses, salaries and benefits, and other internal expenses incurred in connection with potential
and completed acquisitions, and (iv) various costs incurred in connection with our enterprise resource planning system conversion.

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