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Ardent Health (NYSE: ARDT) posts Q1 growth and reaffirms 2026 outlook

Filing Impact
(High)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

Ardent Health, Inc. reported first quarter 2026 results showing solid top-line and profit growth. Total revenue rose 7.0% year-over-year to $1.60 billion, driven by a 2.0% increase in adjusted admissions and a 5.5% increase in net patient service revenue per adjusted admission.

Net income attributable to Ardent Health was $39.9 million, or $0.28 per diluted share, compared with $41.4 million, or $0.29, a year earlier as margin mix and non-operating items shifted. Adjusted EBITDA increased 26.3% to $124 million, and excluding a $10.9 million investment gain, grew 15%.

Operationally, total surgeries grew 1.2% while admissions declined 1.1%, reflecting severe weather and a lighter respiratory season. As of March 31, 2026, Ardent held $610 million of cash, $1.1 billion of total debt, and a lease-adjusted net leverage ratio of 2.6x, improved from 3.0x a year earlier. The company reaffirmed full-year 2026 guidance, including total revenue of $6.4–$6.7 billion and Adjusted EBITDA of $485–$535 million.

Positive

  • Strong profit growth and leverage improvement: Q1 2026 Adjusted EBITDA rose 26.3% year-over-year to $124 million, and the lease-adjusted net leverage ratio improved to 2.6x from 3.0x, signaling healthier earnings and balance sheet metrics while full-year 2026 guidance was reaffirmed.

Negative

  • None.

Insights

Revenue grew 7% and Adjusted EBITDA rose 26%, with 2026 guidance reaffirmed.

Ardent Health delivered Q1 2026 revenue of $1.60 billion, up 7.0% year-over-year, helped by 2.0% adjusted admissions growth and higher revenue per adjusted admission. This indicates stronger case mix and pricing despite slightly lower admissions and emergency room visits.

Adjusted EBITDA climbed to $123.986 million, up 26.3%. Even excluding a $10.9 million gain on a private investment option, management notes Adjusted EBITDA growth of 15%, suggesting underlying margin expansion. Net income attributable to Ardent Health was stable at about $40 million, while GAAP margins remained in the mid‑single digits.

Leverage metrics improved: the lease-adjusted net leverage ratio fell to 2.6x from 3.0x as of March 31, 2025, with cash of $609.7 million and available liquidity of $0.9 billion. Management reaffirmed 2026 guidance for revenue of $6.4–$6.7 billion and Adjusted EBITDA of $485–$535 million, framing Q1 performance as consistent with full‑year plans.

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.
Q1 2026 revenue $1,601.9M Total revenue, three months ended March 31, 2026; 7.0% YoY growth
Q1 2026 net income attributable to Ardent $39.9M Net income attributable to Ardent Health, three months ended March 31, 2026
Q1 2026 Adjusted EBITDA $124.0M Adjusted EBITDA for the quarter, up 26.3% year-over-year
Net patient revenue per adjusted admission $18,367 Q1 2026 net patient service revenue per adjusted admission, up 5.5% YoY
Cash and cash equivalents $609.7M Balance as of March 31, 2026
Total debt $1.1B Total debt outstanding as of March 31, 2026
Lease-adjusted net leverage ratio 2.6x As of March 31, 2026; improved from 3.0x a year earlier
2026 Adjusted EBITDA guidance $485M–$535M Full-year 2026 projected Adjusted EBITDA range
Adjusted EBITDA financial
"Adjusted EBITDA increased 26.3% year-over-year to $124 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 real estate investment trusts"
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 1.0x and its lease-adjusted net leverage ratio1 was 2.6x as of March 31, 2026"
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"), net of incremental information technology and litigation costs"
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.
One Big Beautiful Bill Act regulatory
"including the One Big Beautiful Bill Act (the "OBBBA") and any other reforms that have or may be undertaken"
A "one big beautiful bill act" is a single, large piece of legislation that bundles many policy changes and measures into one package instead of passing them separately. For investors, it matters because such omnibus bills can swiftly change tax rules, spending levels, industry regulations or subsidies all at once—like a single shopping cart that suddenly adds many items to a household budget—creating broad, rapid shifts in company costs, revenues and market expectations.
noncontrolling interest earnings financial
"Adjusted EBITDA is defined as net income plus (i) provision for income taxes, (ii) interest expense and (iii) depreciation and amortization expense, as adjusted to deduct noncontrolling interest earnings"
Revenue $1,601.9M +7.0% YoY
Net income attributable to Ardent Health, Inc. $39.9M vs. $41.4M in Q1 2025
Adjusted EBITDA $124.0M +26.3% YoY
Diluted EPS $0.28 vs. $0.29 in Q1 2025
Guidance

For full-year 2026, Ardent guides to total revenue of $6.4–$6.7 billion and Adjusted EBITDA of $485–$535 million.

FAQ

How did Ardent Health (ARDT) perform financially in Q1 2026?
Ardent Health reported Q1 2026 revenue of $1.60 billion, up 7.0% year-over-year. Net income attributable to Ardent was $39.9 million, or $0.28 per diluted share, while Adjusted EBITDA increased 26.3% to $124 million, reflecting stronger operating performance.

What guidance did Ardent Health (ARDT) provide for full-year 2026?
For full-year 2026, Ardent Health reaffirmed guidance for total revenue of $6.4–$6.7 billion and Adjusted EBITDA of $485–$535 million. The company also projected diluted EPS of $0.90–$1.27 and capital expenditures between $225 million and $265 million.

How strong is Ardent Health’s (ARDT) balance sheet and liquidity after Q1 2026?
As of March 31, 2026, Ardent Health held $609.7 million in cash and cash equivalents and $1.1 billion in total debt. The company reported a net leverage ratio of 1.0x and a lease-adjusted net leverage ratio of 2.6x, with available liquidity of $0.9 billion.

What non-GAAP measures does Ardent Health (ARDT) highlight and why?
Ardent Health emphasizes Adjusted EBITDA, Adjusted EBITDA margin, and Adjusted EBITDAR. These metrics add back items like interest, taxes, depreciation, rent to REITs, and certain non-recurring costs, aiming to show underlying operating performance and support comparisons across healthcare companies with different capital structures.

Did Ardent Health (ARDT) experience any notable non-recurring items in Q1 2026?
Yes. Q1 2026 results included a $10.9 million gain from an increase in the carrying value of an investment option in a privately held company. Management notes that excluding this gain, Adjusted EBITDA still grew about 15%, indicating meaningful underlying improvement.

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

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Understanding 8-K Material Events →
FALSE000175665500017566552026-03-042026-03-04
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): May 5, 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 May 5, 2026, Ardent Health, Inc. issued a press release announcing its financial results for the first quarter ended
March 31, 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 May 5, 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: May 5, 2026
ARDENT HEALTH, INC.
By:
/s/ Alfred Lumsdaine
Name:
Alfred Lumsdaine
Title:
Executive Vice President, Chief Financial Officer
1
Exhibit 99.1
ardentbanner.jpg
Ardent Health Reports First Quarter 2026 Results
Brentwood, Tenn. (May 5, 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 March 31, 2026.
First 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
$1.60 billion
7.0% growth Y/Y
Net Income Attributable to Ardent Health
$40 million 
Adjusted EBITDA(1)
$124 million
26.3% growth Y/Y
Adjusted EBITDAR(1)
$166 million
Admissions
Decrease of 1.1% Y/Y
Adjusted Admissions
2.0% growth Y/Y
Total Surgeries
1.2% growth 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.
Strong First Quarter Execution; Reaffirming 2026 Guidance
•"I'm pleased with our strong first quarter financial and operating results, underscored by adjusted EBITDA growth
of 26% and an adjusted admissions increase of 2.0%," stated Marty Bonick, President and Chief Executive Officer of
Ardent Health. "While seasonal volumes were impacted by transient factors – including severe weather in multiple
markets and a lighter respiratory season – we delivered solid operating performance, driven by disciplined
execution, effective cost management and the ability to respond decisively in a dynamic environment.”
•"Execution against our IMPACT program continued to deliver tangible results in the first quarter, and we remain on
track to generate $55 million of savings this year,” said Bonick. “For a second consecutive quarter, we achieved
significant SWB expense improvement, particularly in contract labor, while payor denial trends remained stable
and professional fee expenses developed as expected."
•"Today, we are reaffirming 2026 guidance," continued Bonick. “We are pleased with our strong start to the year,
but remain vigilant as the Exchange market dynamics continue to evolve."
1  Lease-adjusted net leverage ratio is defined as the Company's net debt as of March 31, 2026, plus 8x trailing twelve-month real estate investment trust
("REIT") rent expense as of the end of the first quarter of 2026, divided by trailing twelve-month Adjusted EBITDAR as of March 31, 2026.
2
Financial Performance Summary
The Company's first quarter 2026 results included a $10.9 million gain, included in other operating expenses, from an
increase in the carrying value of an investment option it holds in a privately held company.
For the first quarter of 2026:
•Total revenue grew 7.0% year-over-year to $1,602 million, driven primarily by a 2.0% increase in adjusted
admissions and a 5.5% increase in net patient service revenue per adjusted admission.
•Net income attributable to Ardent Health was $40 million, or $0.28 per diluted share, compared to net income
attributable to Ardent Health of $41 million, or $0.29 per diluted share, in the first quarter of 2025. 
•Adjusted EBITDA increased 26.3% year-over-year to $124 million. Excluding the $10.9 million gain discussed above,
adjusted EBITDA grew 15%.
Operating Performance Summary
The following table provides a summary of certain key operating metrics for the first 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 March 31,
(Unaudited)
2026
2025
% Change
Adjusted admissions
86,244
84,536
2.0%
Admissions
40,932
41,389
(1.1%)
Inpatient surgeries
9,256
9,250
0.1%
Outpatient surgeries
22,086
21,712
1.7%
Total surgeries
31,342
30,962
1.2%
Emergency room visits
156,168
161,249
(3.2%)
Net patient service revenue per adjusted admission
$18,367
$17,402
5.5%
•Admissions for the first quarter of 2026 decreased 1.1% year-over-year and were impacted by severe weather in
certain markets and a lighter respiratory season.
•Surgeries for the first quarter of 2026 increased 1.2% year-over-year. The increase in total surgeries reflected
outpatient surgery growth of 1.7% and an inpatient surgery increase of 0.1%.
Balance Sheet, Cash Flow & Liquidity Update
As of March 31, 2026, the Company had total cash and cash equivalents of $610 million and total debt of $1.1 billion. The
Company’s net leverage ratio was 1.0x and its lease-adjusted net leverage ratio1 was 2.6x as of March 31, 2026, an
improvement from 3.0x as of March 31, 2025. At the end of the first quarter, the Company’s available liquidity was $0.9
billion.
During the first quarter of 2026, net cash used in operating activities was $60 million, compared to $25 million used in the
same prior year period.
3
2026 Financial Guidance
The Company is reaffirming its full-year 2026 financial guidance. All guidance is current as of the time provided and is
subject to change.
(Unaudited; dollars in millions, except per share amount)
Full Year 2026 Guidance
Total revenue
$6,400
—
$6,700
Net income attributable to Ardent Health, Inc.
$129
—
$183
Adjusted EBITDA
$485
—
$535
Rent expense payable to REITs
$168
—
$168
Diluted earnings per share
$0.90
—
$1.27
Adjusted admissions growth
1.5%
—
2.5%
Capital expenditures
$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.
First Quarter 2026 Results Conference Call
The Company will host a conference call to discuss its first quarter financial results on May 6, 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 May 20, 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.
With a focus on people and investments in innovative services and technologies, Ardent is passionate about making
healthcare better and easier to access. Through its subsidiaries, the Company delivers care through a system of 30 acute
care hospitals, more than 280 sites of care, and over 2,000 employed and affiliated providers across six states. For more
information, please visit ardenthealth.com.
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 (income) loss 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 our 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 March 31,
2026
2025
 
Amount
%
Amount
%
Total revenue
$1,601,870
100.0%
$1,497,234
100.0%
Expenses:
Salaries and benefits
661,431
41.3%
657,652
43.9%
Professional fees
317,070
19.8%
280,857
18.8%
Supplies
268,553
16.8%
258,855
17.3%
Rents and leases
27,081
1.7%
27,761
1.9%
Rents and leases, related party
38,686
2.4%
38,050
2.5%
Other operating expenses
165,151
10.2%
130,767
8.7%
Interest expense
12,211
0.8%
14,176
0.9%
Depreciation and amortization
42,986
2.7%
36,201
2.4%
Other non-operating gains
(5,890)
(0.4)%
(21,283)
(1.4)%
Total operating expenses
1,527,279
95.3%
1,423,036
95.0%
Income before income taxes
74,591
4.7%
74,198
5.0%
Income tax expense
16,103
1.0%
15,233
1.1%
Net income
58,488
3.7%
58,965
3.9%
Net income attributable to noncontrolling interests
18,638
1.2%
17,582
1.1%
Net income attributable to Ardent Health, Inc.
$39,850
2.5%
$41,383
2.8%
Net income per share:
Basic
$0.28
$0.30
Diluted
$0.28
$0.29
Weighted-average common shares outstanding:
Basic
141,266,013
140,062,284
Diluted
141,775,040
140,704,075
8
 Ardent Health, Inc.
Condensed Consolidated Statements of Cash Flows
(Unaudited; in thousands)
Three Months Ended March 31,
 
2026
2025
Cash flows from operating activities:
 
 
Net income
$58,488
$58,965
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation and amortization
42,986
36,201
Other non-operating (gains) losses
(1,886)
217
Amortization of deferred financing costs and debt discounts
811
1,237
Deferred income taxes
(429)
(1,940)
Equity-based compensation
8,929
9,263
Income from non-consolidated affiliates
(8,989)
(1,229)
Changes in operating assets and liabilities, net of effect of acquisitions and divestitures:
Accounts receivable
32
(30,717)
Inventories
(1,245)
(5,192)
Prepaid expenses and other current assets
(79,130)
36,049
Accounts payable and other accrued expenses and liabilities
(14,199)
(46,695)
Accrued salaries and benefits
(65,590)
(80,946)
Net cash used in operating activities
(60,222)
(24,787)
Cash flows from investing activities:
Purchases of property and equipment
(28,088)
(22,908)
Other
187
(214)
Net cash used in investing activities
(27,901)
(23,122)
Cash flows from financing activities:
Proceeds from insurance financing arrangements
17,033
10,959
Payments of principal on insurance financing arrangements
(2,848)
(3,104)
Payments of principal on long-term debt
(3,643)
(1,387)
Distributions to noncontrolling interests
(21,314)
(19,239)
Other
(1,014)
(1,061)
Net cash used in financing activities
(11,786)
(13,832)
Net decrease in cash and cash equivalents
(99,909)
(61,741)
Cash and cash equivalents at beginning of period
709,601
556,785
Cash and cash equivalents at end of period
$609,692
$495,044
Supplemental Cash Flow Information:
Non-cash purchases of property and equipment
$936
$6,662
9
Ardent Health, Inc.
Condensed Consolidated Balance Sheets
(Unaudited; dollars in thousands, except per share amounts)
March 31,
2026(1)
December 31,
2025 (1)
Assets
Current assets:
Cash and cash equivalents
$609,692
$709,601
Accounts receivable
685,988
686,102
Inventories
119,838
118,593
Prepaid expenses
166,489
112,646
Other current assets
438,137
431,882
Total current assets
2,020,144
2,058,824
Property and equipment, net
922,806
935,769
Operating lease right of use assets
307,388
292,651
Operating lease right of use assets, related party
911,970
915,599
Goodwill
879,262
879,451
Other intangible assets
88,336
89,335
Deferred income taxes
6,646
6,888
Other assets
116,273
111,691
Total assets
$5,252,825
$5,290,208
 
 
 
Liabilities and Equity
Current liabilities:
Current installments of long-term debt
$37,635
$23,444
Accounts payable
419,723
457,936
Accrued salaries and benefits
230,670
296,260
Other accrued expenses and liabilities
263,456
268,904
Total current liabilities
951,484
1,046,544
Long-term debt, less current installments
1,072,765
1,075,782
Long-term operating lease liability
274,680
260,600
Long-term operating lease liability, related party
900,643
904,632
Self-insured liabilities
255,987
241,050
Other long-term liabilities
66,049
76,636
Total liabilities
3,521,608
3,605,244
Redeemable noncontrolling interests
(3,763)
(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; 143,133,825 and 142,864,171
shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively
1,431
1,429
Additional paid-in capital
796,385
788,472
Accumulated other comprehensive loss
(2,446)
(3,610)
Retained earnings
541,457
501,607
Equity attributable to Ardent Health, Inc.
1,336,827
1,287,898
Noncontrolling interests
398,153
398,316
Total equity
1,734,980
1,686,214
Total liabilities and equity
$5,252,825
$5,290,208
(1)As of March 31, 2026 and December 31, 2025, the consolidated balance sheets included total liabilities of consolidated variable interest entities of $341.8 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 three months ended March 31, 2026 for further discussion.
10
 Ardent Health, Inc.
Operating Statistics
(Unaudited)
 
Three Months Ended March 31,
 
2026
%
Change
2025
Total revenue (in thousands)
$1,601,870
7.0%
$1,497,234
Hospitals operated (at period end) (1)
30
0.0%
30
Licensed beds (at period end) (2)
4,281
0.0%
4,281
Utilization of licensed beds (3)
51%
2.0%
50%
Admissions (4)
40,932
(1.1)%
41,389
Adjusted admissions (5)
86,244
2.0%
84,536
Inpatient surgeries (6)
9,256
0.1%
9,250
Outpatient surgeries (7)
22,086
1.7%
21,712
Total surgeries
31,342
1.2%
30,962
Emergency room visits (8)
156,168
(3.2)%
161,249
Patient days (9)
197,129
0.5%
196,214
Total encounters (10)
1,564,114
7.8%
1,450,629
Average length of stay (11)
4.82
1.7%
4.74
Net patient service revenue per adjusted admission (12)
$18,367
5.5%
$17,402
(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.
11
 Ardent Health, Inc.
Supplemental Non-GAAP Disclosures
(Unaudited; in thousands)
 
Three Months Ended March 31,
2026
2025
Net income
$58,488
$58,965
Adjusted EBITDA Addbacks:
Income tax expense
16,103
15,233
Interest expense
12,211
14,176
Depreciation and amortization
42,986
36,201
Noncontrolling interest earnings
(18,638)
(17,582)
Other non-operating losses (1)
—
217
Cybersecurity Incident recoveries, net (2)
—
(19,705)
Certain legal matters and related costs
2,002
—
Other expenses, including development, restructuring and enterprise system conversion
costs (3)
7,788
1,407
Equity-based compensation
8,929
9,263
(Income) loss from disposed operations
(5,883)
26
Adjusted EBITDA
$123,986
$98,201
Total revenue
$1,601,870
$1,497,234
Adjusted EBITDA margin
7.7%
6.6%
(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 include (i) salaries and benefits of $4.3 million for the three
months ended March 31, 2026, (ii) professional fees of $3.3 million and $1.2 million for the three months ended March 31, 2026 and 2025, respectively, and
(iii) other expenses of $0.2 million for each of the three months ended March 31, 2026 and 2025.
12
 Ardent Health, Inc.
Supplemental Non-GAAP Disclosures
(Unaudited; in thousands)
 
Three Months
Ended March 31,
2026
Net income
$58,488
Adjusted EBITDAR Addbacks:
Income tax expense
16,103
Interest expense
12,211
Depreciation and amortization
42,986
Noncontrolling interest earnings
(18,638)
Certain legal matters and related costs
2,002
Other expenses, including development, restructuring and enterprise system conversion costs (1)
7,788
Equity-based compensation
8,929
Income from disposed operations
(5,883)
Rent expense payable to REITs (2)
41,556
Adjusted EBITDAR
$165,542
(1)Other expenses, including development, restructuring and enterprise system conversion costs include (i) salaries and benefits of $4.3 million, (ii)
professional fees of $3.3 million, and (iii) other expenses of $0.2 million.
(2)Rent expense payable to REITs consists of rent expense of $38.7 million related to the Ventas Master Lease and other lease agreements with Ventas for
medical office buildings and rent expense of $2.9 million related to a lease arrangement with MPT for the lease of Hackensack Meridian Mountainside
Medical Center.
13
Ardent Health, Inc.
Supplemental Non-GAAP Disclosures
(Unaudited; in millions)
 
Guidance for the Full Year Ending 
December 31, 2026
Low
High
Net income
$221
$280
Adjusted EBITDA Addbacks:
Income tax expense
58
73
Interest expense
56
53
Depreciation and amortization
175
170
Noncontrolling interest earnings
(92)
(97)
Cybersecurity Incident recoveries (1)
(7)
(7)
Other expenses, including restructuring and enterprise system conversion costs
28
21
Equity-based compensation
46
42
Adjusted EBITDA
$485
$535
(1)Cybersecurity Incident recoveries represent insurance recovery proceeds associated with the Cybersecurity Incident.

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