Acadia Healthcare’s revenue barely budged in the second quarter: $865.8 million, compared with $869.2 million a year earlier. Supplemental payments booked in the 2025 quarter account for the gap. Take them out, and revenue grew 2.8%.
The headline figure hides a busier quarter underneath. Acadia, which Reeve B. Waud founded in 2005 and still chairs, released the results on July 28. Five numbers from that report, plus analyst coverage that followed, are worth a closer look.
New Capacity
1. 240 licensed beds. Two joint venture hospitals opened between April and June: a 144-bed facility in Florida and a 96-bed facility in Iowa. Zacks named the partners as Orlando Health and Methodist Jennie Edmundson Hospital.
2. Two new outpatient sites. Acadia also opened two Comprehensive Treatment Center locations, part of the network it uses to treat opioid use disorder.
“We made significant progress on our key priorities during the second quarter, including opening two new facilities with JV partners, continuing to ramp occupancy at our new facilities opened over the last few years, and generating strong free cash flow,”CEO Debbie Osteen said.
Cash and Demand
3. $162.1 million in operating cash flow. That’s up from $133.5 million in the year-earlier quarter.
4. 5.5% more acute inpatient volume. Acute care is Acadia’s biggest segment, and it brought in $494.6 million.
Not every line grew. Residential treatment revenue rose 12%, Comprehensive Treatment Center revenue was flat and specialty revenue fell 8%. Same-facility patient days edged up 0.8%, and normalized same-facility revenue grew 3.2%.
5. A $350 million to $400 million cash flow forecast for 2026. The earlier range was $285 million to $325 million.
Spending fell over the same stretch. Second-quarter capital expenditures were $38.6 million, down from $167.7 million a year before, and Zacks reported that $113 million went toward paying down debt.
The Board and the Rest of 2026
Reeve B. Waud holds the chairman’s seat alongside his day job as founder and managing partner of Waud Capital Partners. It was the board under Reeve B. Waud that put Osteen back in the CEO job in January. The company finished 2025 with 277 facilities.
Full-year revenue guidance is now $3.40 billion to $3.45 billion, a bit tighter than the earlier $3.37 billion to $3.45 billion. Acadia’s next update arrives November 4 with third-quarter results. Osteen said the company wants to “continue expanding access to quality care for our patients” in the back half of the year.
