Key Highlights

  • Acadia Healthcare (NASDAQ:ACHC) reported third-quarter Revenue of USD 895.3 million, up 5.1% from USD 851.6 million, with same Facility revenue rising 5.2% on higher admissions and pricing.
  • Diluted EPS landed at USD 0.38 against USD 0.40 a year earlier, even though pretax income increased to USD 56.5 million from USD 40.0 million.
  • The effective tax rate jumped to 31.6% from 4.2%, mainly because of nondeductible legal settlements and higher valuation allowances on certain state deferred tax assets.
  • Transaction, legal and other costs fell to USD 23.7 million from USD 42.9 million, with government investigation costs dropping to USD 18.3 million from USD 38.7 million.

Admissions Climb 6.6% and Lift Same Facility Revenue

Acadia Healthcare (NASDAQ:ACHC) lodged its quarterly filing on November 4, 2026, for the quarter ended September 30. The behavioral healthcare operator ran 280 sites with about 12,800 beds across 40 states and Puerto Rico at quarter end. Consolidated revenue advanced 5.1% to USD 895.3 million. Same facility patient days rose 1.1% and admissions 6.6%, revenue per patient day gained 4.0%, and average length of stay shortened by 5.1%. Nine-month revenue reached USD 2.59 billion, up 4.0%, after 542 beds were added, including three joint venture hospitals opened with health system partners. According to the filing, bed additions at established sites and steady Demand explain the patient day gains.

A 31.6% Tax Rate Turns Higher Pretax Income Into Lower EPS

Net income attributable to the company totaled USD 34.5 million versus USD 36.2 million, so diluted EPS fell to USD 0.38 from USD 0.40. Income tax expense climbed to USD 17.8 million from USD 1.7 million, because the prior-year quarter held a benefit from releasing uncertain tax positions. Salaries, wages and benefits absorbed 54.8% of revenue against 54.3%, and professional fees rose to 6.6% of revenue from 6.0%. A USD 7.2 million legal settlements gain, tied to insurance proceeds from derivative case resolutions, softened the impact. Over nine months, diluted EPS was USD 0.54 against USD 0.82, and a USD 28.6 million unfavorable adjustment to self-insured Liability estimates weighed on results.

Operating Cash Flow, Leverage and Medicaid Exposure

Nine-month Operating Cash Flow came to USD 321.5 million, up from USD 218.2 million, supported by insurance proceeds from the 2019 securities litigation and state supplemental payments. Capital spending totaled USD 165.9 million, and the company repaid USD 215.0 million on its revolver while borrowing USD 85.0 million. Cash ended at USD 163.3 million with USD 710.1 million of revolver availability, and net leverage under the Credit agreement was 3.9 times, inside covenant limits. The One Big Beautiful Bill Act tightens Medicaid eligibility and caps certain state directed payments, and Days Sales Outstanding edged up to 52 from 49 at December 31, 2025.

Where Things Stand

Yes, for per-share earnings, though not for operations. Acadia Healthcare (NASDAQ:ACHC) grew revenue 5.1% and lifted pretax income by about USD 16.5 million (calculated), while cutting legal and investigation costs, yet a 31.6% tax rate pulled diluted EPS down to USD 0.38. The filing gives no guidance or consensus comparison. Watch the tax rate, labor and professional fee ratios, Medicaid policy changes and whether investigation costs keep shrinking. In other words, the pretax gain was real, but the tax charge absorbed it before it reached shareholders.