Ardent Health Reports Third Quarter 2026 Results
Ardent Health, Inc. (ARDT) filed an SEC Form 8-K — Results of Operations and Financial Condition. 1 Exhibit 99.1 Ardent Health Reports Third Quarter 2026 Results Brentwood, Tenn. ( November 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 re
How this was made
The 30-second read
Why it matters
The earnings beat and raised EBITDA guidance could trigger buying interest, especially from investors focused on healthcare profitability trends.
Market read
The Q3 earnings release and guidance raise are the primary catalysts for ARDT's near‑term price movement.
What to watch
Potential risks from the Kansas hospital divestiture and future M&A execution.
Ardent Health Q3 2026: total revenue up 3.1% to $1,624,856 thousand, net income attributable to Ardent Health of $44,516 thousand, and full-year adjusted EBITDA guidance raised to $500 - $535 million
Third-quarter revenue rose 3.1% year over year and adjusted admissions rose 2.9%, after 2.5% in the second quarter. Net income attributable to Ardent Health turned positive at $44,516 thousand against a loss of $(23,478) thousand a year earlier, and adjusted EBITDA rose to $137,747 thousand from $45,252 thousand. The company raised the low end of its full-year adjusted EBITDA range. Admissions were nearly flat at 0.1%, surgeries fell 1.9%, and nine-month enterprise restructuring and ERP conversion costs were higher than a year earlier.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Total revenue (Q3 2026)GAAP | $1.62B | – | 3.1% |
| Salaries and benefits (Q3 2026)GAAP | $647.9M | – | – |
| Professional fees (Q3 2026)GAAP | $327.8M | – | – |
| Supplies (Q3 2026)GAAP | $283.1M | – | – |
| Other operating expenses (Q3 2026)GAAP | $162.8M | – | – |
| Interest expense (Q3 2026)GAAP | $15.32M | – | – |
| Depreciation and amortization (Q3 2026)GAAP | $41.06M | – | – |
| Total operating expenses (Q3 2026)GAAP | $1.54B | – | – |
| Income (loss) before income taxes (Q3 2026)GAAP | $81.03M | – | – |
| Income tax expense (benefit) (Q3 2026)GAAP | $17.64M | – | – |
| Net income (Q3 2026)GAAP | $63.39M | – | – |
| Net income attributable to noncontrolling interests (Q3 2026)GAAP | $18.87M | – | – |
| Net income (loss) attributable to Ardent Health, Inc. (Q3 2026)GAAP | $44.52M | – | – |
| Diluted EPS (Q3 2026)GAAP | $0.31 | – | – |
| Basic EPS (Q3 2026)GAAP | $0.32 | – | – |
| Adjusted EBITDA (Q3 2026)non-GAAP | $137.7M | – | – |
| Adjusted EBITDA margin (Q3 2026)non-GAAP | 8.5% | – | – |
| Adjusted EBITDAR (Q3 2026)non-GAAP | $179.6M | – | – |
| Rent expense payable to REITs (Q3 2026)non-GAAP | $41.88M | – | – |
| Admissions (Q3 2026)other | 41,899 | – | 0.1% |
| Adjusted admissions (Q3 2026)other | 91,933 | – | 2.9% |
| Inpatient surgeries (Q3 2026)other | 9,250 | – | (5.0%) |
| Outpatient surgeries (Q3 2026)other | 22,684 | – | (0.6%) |
| Total surgeries (Q3 2026)other | 31,934 | – | (1.9%) |
| Emergency room visits (Q3 2026)other | 163,909 | – | 1.7% |
| Net patient service revenue per adjusted admission (Q3 2026)other | $17,370 | – | 0.7% |
| Net cash provided by operating activities (Q3 2026)GAAP | $122M | – | – |
| Total revenue (nine months 2026)GAAP | $4.85B | – | 2.7% |
| Total operating expenses (nine months 2026)GAAP | $4.65B | – | – |
| Interest expense (nine months 2026)GAAP | $40.10M | – | – |
| Depreciation and amortization (nine months 2026)GAAP | $125.4M | – | – |
| Income before income taxes (nine months 2026)GAAP | $198.8M | – | – |
| Net income (nine months 2026)GAAP | $156.6M | – | – |
| Net income attributable to Ardent Health, Inc. (nine months 2026)GAAP | $101.3M | – | – |
| Diluted EPS (nine months 2026)GAAP | $0.71 | – | – |
| Adjusted EBITDA (nine months 2026)non-GAAP | $376.7M | – | – |
| Adjusted EBITDA margin (nine months 2026)non-GAAP | 7.8% | – | – |
| Adjusted EBITDAR (nine months 2026)non-GAAP | $501.7M | – | – |
| Admissions (nine months 2026)other | 123,935 | – | (0.7%) |
| Adjusted admissions (nine months 2026)other | 267,503 | – | 2.5% |
| Inpatient surgeries (nine months 2026)other | 27,612 | – | (4.2%) |
| Outpatient surgeries (nine months 2026)other | 67,419 | – | 0.1% |
| Total surgeries (nine months 2026)other | 95,031 | – | (1.2%) |
| Emergency room visits (nine months 2026)other | 476,973 | – | (0.4%) |
| Net patient service revenue per adjusted admission (nine months 2026)other | $17,857 | – | 0.6% |
| Net cash provided by operating activities (nine months 2026)GAAP | $258.4M | – | 5% |
| Purchases of property and equipment (nine months 2026)GAAP | −$115.6M | – | – |
Amounts quoted below without a unit are in thousands, as in the filing’s tables. Per-share figures are as printed.
Full year 2026 (revised guidance) outlook
- Revenue$6,400 - $6,700 million (maintained; previous and revised identical)
- NoteAdjusted EBITDA: previous $485 - $535 million; revised $500 - $535 million (filing states the company is increasing this guidance)
- NoteNet income attributable to Ardent Health, Inc.: previous $110 - $163 million; revised $132 - $167 million
- NoteDiluted earnings per share: previous $0.78 - $1.15; revised $0.93 - $1.18
- NoteAdjusted admissions growth: 1.5% - 2.5% (previous and revised identical)
- NoteRent expense payable to REITs: $168 million (previous and revised identical)
- NoteCapital expenditures: previous $225 - $265 million; revised $210 - $250 million
- NoteNet income in non-GAAP guidance reconciliation (in millions): previous $202 - $260; revised $209 - $254
- NoteAdjusted EBITDA reconciliation guidance addbacks, revised (in millions): income tax expense $56 - $69; interest expense $56 - $54; depreciation and amortization $171 - $167; noncontrolling interest earnings $(77) - $(87); equity-based compensation $35 - $31
Capital returns
- During Q3 2026 the company repurchased 1.0 million shares of common stock for $11 million.
- Nine-month repurchase of common stock was $(24,011) thousand in 2026, versus no repurchases in the nine months of 2025 as printed in the cash flow statement.
- The Board authorized a $25 million increase to the share repurchase program. Inclusive of this update, approximately $48 million remained under the repurchase authorization as of September 30, 2026.
- Distributions to noncontrolling interests were $(68,371) thousand in the nine months of 2026 versus $(62,366) thousand in the nine months of 2025.
- Nine-month capital expenditures in the cash flow statement were $(115,576) thousand in 2026 versus $(127,909) thousand in 2025.
What drove it
- Company explanation: adjusted EBITDA of $137,747 thousand 'includes benefits from IMPACT program initiatives, improving volume trends, and operational execution.'
- CEO Dave Caspers cited a 4% reduction in SWB expense and said IMPACT initiatives 'remain on track to achieve at least $70 million of savings this year.'
- Adjusted admissions grew 2.9% year over year in Q3 2026, which the release describes as an acceleration from 2.5% in Q2 2026.
- Emergency room visits rose 1.7% in Q3 2026, versus a 0.2% increase in Q2 2026 as stated in the release.
- Net patient service revenue per adjusted admission rose 0.7% to $17,370 in Q3 2026.
- Total revenue growth of 3.1% is described by the company as consisting of a 2.9% increase in adjusted admissions.
- Inpatient surgeries fell 5.0% and outpatient surgeries fell 0.6% in Q3 2026. The release says surgeries improved from a 2.9% decline in Q2 2026 to a 1.9% decline in Q3 2026.
- Company says the Kansas hospital transaction is expected to 'enhance margins while allowing us to redeploy capital toward growth in core markets.'
Concerns
- Admissions grew only 0.1% in Q3 2026 and fell 0.7% for the nine months, and surgeries declined in both periods.
- Enterprise restructuring costs in the nine-month non-GAAP reconciliation were $32,160 thousand in 2026 versus $6,043 thousand in 2025. Q3 2026 alone was $5,360 thousand versus $2,846 thousand.
- ERP system conversion costs were $11,651 thousand for the nine months of 2026 versus $1,319 thousand in 2025.
- Noncontrolling interest earnings fell to $18,871 thousand in Q3 2026 from $24,685 thousand, while income tax expense in Q3 2026 was $17,638 thousand against a benefit of $(3,410) thousand in Q3 2025.
- Full-year capital expenditure guidance was lowered to $210 - $250 million from $225 - $265 million.
- Operating expense lines not identified as costs of revenue: Q3 2026 professional fees rose to $327,805 thousand from $305,083 thousand.
- Nine-month net income attributable to noncontrolling interests was $55,299 thousand, versus $65,018 thousand in the prior year period, as printed in the income statement.
What to watch
- Whether adjusted admissions growth holds near the 2.9% Q3 rate, given the full-year adjusted admissions guidance range of 1.5% - 2.5%.
- Delivery of the 'at least $70 million' of IMPACT savings the company references for 2026.
- Closing and financial effect of the Kansas hospital ownership transfer, including the held-for-sale balances of $133,649 thousand in assets and $55,262 thousand in liabilities.
- Enterprise restructuring and ERP conversion costs, which the non-GAAP reconciliation shows rising year over year in the nine-month period.
- Use of capital given $766 million of cash, the $25 million repurchase authorization increase, and the stated priority on organic investments and M&A.
- Surgery volume trends, since inpatient and outpatient surgeries declined in Q3 2026 and for the nine months.
- Whether the Q4 call on November 5, 2026 adds detail on the drivers of the raised adjusted EBITDA guidance low end.
Balance sheet and cash flow
- Cash and cash equivalents: $766,238 thousand at September 30, 2026, versus $709,601 thousand at December 31, 2025.
- Total debt: $1.1 billion at September 30, 2026, as printed in the release text.
- Long-term debt, less current installments: $1,069,688 thousand at September 30, 2026, versus $1,075,782 thousand at December 31, 2025. Current installments of long-term debt: $28,763 thousand versus $23,444 thousand.
- Net leverage ratio: 0.8x. Lease-adjusted net leverage ratio: 2.5x, both as of September 30, 2026.
- Available liquidity: $1 billion at the end of the third quarter.
- Total assets: $5,353,019 thousand at September 30, 2026, versus $5,290,208 thousand at December 31, 2025.
- Assets held for sale: $133,649 thousand at September 30, 2026, with liabilities held for sale of $55,262 thousand. The release links these to the agreement to transfer full ownership of the Kansas hospital to its joint venture partner.
- Total equity: $1,789,009 thousand at September 30, 2026, versus $1,686,214 thousand at December 31, 2025. Equity attributable to Ardent Health, Inc.: $1,396,184 thousand versus $1,287,898 thousand.
- Total liabilities of consolidated variable interest entities: $301.7 million at September 30, 2026, versus $335.1 million at December 31, 2025.
- Nine-month net cash used in investing activities: $(107,219) thousand in 2026 versus $(128,001) thousand in 2025. Nine-month net cash used in financing activities: $(94,584) thousand versus $(66,418) thousand.
Analysis
Ardent Health reported third-quarter 2026 total revenue of $1,624,856 thousand, up 3.1% from $1,576,746 thousand, with the release attributing that growth to a 2.9% increase in adjusted admissions. Net income attributable to Ardent Health was $44,516 thousand, or $0.31 per diluted share, against a loss of $(23,478) thousand, or $(0.17) per diluted share, in the third quarter of 2025. Adjusted EBITDA rose to $137,747 thousand from $45,252 thousand, and the adjusted EBITDA margin was 8.5% against 2.9%. Both figures are non-GAAP. The company says the improvement reflects IMPACT program initiatives, improving volume trends and operational execution.
Volume trends were mixed. Adjusted admissions accelerated to 2.9% from 2.5% in the second quarter, and emergency room visits rose 1.7%. Reported admissions were nearly flat at 0.1%, and total surgeries fell 1.9%, with inpatient surgeries down 5.0% and outpatient surgeries down 0.6%. Net patient service revenue per adjusted admission was $17,370, up 0.7%. For the nine months, total revenue was $4,848,971 thousand, up 2.7%, and adjusted EBITDA was $376,684 thousand against $313,326 thousand, with the margin at 7.8% against 6.6%.
The income statement shows a shift in cost lines. Salaries and benefits were $647,940 thousand in the quarter against $676,962 thousand, and other operating expenses were $162,814 thousand against $198,714 thousand. Professional fees rose to $327,805 thousand from $305,083 thousand. Non-GAAP reconciliation lines show enterprise restructuring costs of $32,160 thousand for the nine months of 2026 against $6,043 thousand, and ERP conversion costs of $11,651 thousand against $1,319 thousand. The company's own description of these items is in the reconciliation footnotes. Income tax expense was $17,638 thousand in the quarter, compared with a benefit of $(3,410) thousand a year earlier.
Cash and capital allocation are central to this release. Net cash provided by operating activities was $122 million in the quarter, and $258,440 thousand for the nine months, versus $247,075 thousand. Cash was $766,238 thousand, total debt was $1.1 billion, and the lease-adjusted net leverage ratio was 2.5x. The company repurchased 1.0 million shares for $11 million in the quarter and the board added $25 million to the authorization, leaving approximately $48 million available. Distributions to noncontrolling interests were $(68,371) thousand for the nine months. The release also discloses a definitive agreement to transfer full ownership of a Kansas hospital to its joint venture partner, with $133,649 thousand of assets and $55,262 thousand of liabilities classified as held for sale.
On guidance, the company raised the low end of its full-year 2026 adjusted EBITDA range to $500 - $535 million from $485 - $535 million, and kept revenue at $6,400 - $6,700 million. Net income attributable to Ardent Health was raised to $132 - $167 million from $110 - $163 million, and diluted EPS to $0.93 - $1.18 from $0.78 - $1.15. Capital expenditure guidance was lowered to $210 - $250 million from $225 - $265 million. The figures to watch are adjusted admissions growth, which the company kept at 1.5% - 2.5%, the $70 million of IMPACT savings the company references, and the Q4 results and call on November 5, 2026.
Management, verbatim
We delivered strong third quarter results, highlighted by adjusted EBITDA of $138 million, a 4% reduction in SWB expense, and 2.9% adjusted admissions growth
Dave Caspers, President and Chief Executive Officer
Based on our year-to-date performance and continued operational momentum, we are raising our 2026 Adjusted EBITDA guidance midpoint 1.5%.
Dave Caspers, President and Chief Executive Officer
We expect this transaction to enhance margins while allowing us to redeploy capital toward growth in core markets where we can build scale and integrated systems of care.
Dave Caspers, President and Chief Executive Officer
Not in the filing
stated, not guessed- No prior-quarter (Q2 2026) income statement, non-GAAP, or per-share figures were printed in this release, so all prior_quarter fields are null.
- Prior-year Q3 2025 Adjusted EBITDAR was not printed in the release, so its prior_year field is null.
- Prior-year Q3 2025 rent expense payable to REITs was not printed, so its prior_year field is null.
- Year-over-year percentage changes for Q3 dollar line items (salaries and benefits, professional fees, supplies, other operating expenses, interest expense, depreciation and amortization, total operating expenses, pre-tax income, tax expense, net income, adjusted EBITDA, EPS) are not printed, so yoy_change is null.
- Q3 2026 net cash provided by operating activities prior-year figure was not printed in the quarter table, so prior_year is null.
- No gross margin figure was printed, so the guidance gross_margin field is null.
- No operating expenses guidance or tax rate guidance was printed, so those guidance fields are null.
- Total debt is printed only as $1.1 billion; no exact figure was given.
- No segment or geographic revenue split was printed in the release.
- The release does not include analyst consensus, price targets, or a share price reaction, and none is reported here.
- The prior-year nine-month and Q3 percentage change for net income attributable to Ardent Health was not printed, so yoy_change is null.
- Balance sheet figures for December 31, 2025 are printed in the balance sheet and used only where the release presents them, with no computed changes.
- The release does not print a Q3 2025 operating cash flow figure, so its prior_year is null.
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure is checked against the filing text, and a metric the filing does not print, or whose value, prior period and change do not add up, is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
Ardent Health is a provider of healthcare services in mid‑sized urban communities, listed on NYSE.
Ticker impact
Ardent Health disclosed Q3 2026 results and raised its full-year adjusted EBITDA guidance midpoint to $500‑$535 million.
likely upward pressure as investors price in higher EBITDA expectations
The company reported revenue growth, a swing to net income and an explicit raise of EBITDA guidance, which typically supports a price rally.
Market effects
Better-than-expected performance may lift other mid‑size urban health‑care operators.
Positive for U.S. healthcare stocks in the same peer group.
Limited to U.S. healthcare sector.
Counterpoint
If the guidance raise is modest relative to peers, the stock may already be priced in.
Key entities
- ExecutiveDave Caspers
President and CEO of Ardent Health, quoted on results and guidance.
