Ardent Health cuts 2025 adjusted EBITDA by $97.7M
Ardent Health revises its 2025 non-GAAP Adjusted EBITDA and Adjusted EBITDAR downward while confirming that all GAAP results and 2026 financials remain unchanged.
Rhea-AI Filing Summary
Ardent Health, Inc. (ARDT) filed an update to revise non-GAAP financial measures in its 2025 Form 10-K, removing $97.7 million of aggregate adjustments from Adjusted EBITDA and Adjusted EBITDAR related to a third-quarter 2025 accounts receivable collectability estimate and a New Mexico professional liability accrual.
After these changes, 2025 Adjusted EBITDA decreases from $545.0 million to $447.3 million, and 2025 Adjusted EBITDAR decreases from $709.3 million to $611.6 million. Ardent states these revisions follow discussions with the SEC’s Division of Corporation Finance and that its GAAP consolidated financial statements, financial condition, results of operations and cash flows remain unchanged.
The company confirms there are no revisions to 2023 or 2024 Adjusted EBITDA or Adjusted EBITDAR and no impact on 2026 financial results. The filing also restates definitions and reconciliations of Adjusted EBITDA and Adjusted EBITDAR, highlighting material addbacks such as interest, depreciation and amortization, restructuring costs, Epic implementation expenses, cybersecurity incident effects and rent expense payable to REITs.
Positive
- None.
Negative
- 2025 Adjusted EBITDA reduced by $97.7 million, from $545.0 million to $447.3 million, after removing two non-GAAP adjustments tied to an accounts receivable estimate and a New Mexico professional liability accrual.
Filing Explained
Future reports will use revised non-GAAP measures, while Adjusted EBITDAR remains a valuation and covenant measure rather than liquidity.
This
The revised disclosures define Adjusted EBITDA as a non-GAAP performance measure and Adjusted EBITDAR as a valuation measure that adds back rent payable to REITs; the company expressly says EBITDAR does not reflect cash requirements for leasing commitments and is not a liquidity measure.
The filing also says these measures should not be considered in isolation or as substitutes for GAAP measures, and that different companies may calculate similarly titled measures differently.
8-K Event Classification
Key Figures
Key Terms
Adjusted EBITDA financial
Adjusted EBITDAR financial
noncontrolling interest earnings financial
Ventas Master Lease financial
real estate investment trusts ("REITs") financial
Epic expenses technical
FAQ
What non-GAAP changes did Ardent Health (ARDT) announce in this 8-K?
How did Ardent Health’s 2025 Adjusted EBITDA change in the revision?
How did Ardent Health’s 2025 Adjusted EBITDAR change?
Does this non-GAAP revision affect Ardent Health’s GAAP financial statements?
Are prior years or 2026 results affected by Ardent Health’s revisions?
Why is Ardent Health changing its non-GAAP adjustments now?
What were Ardent Health’s reported 2025 GAAP net income and Adjusted EBITDA?
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