Results
Second Quarter 2026 Operating and Financial Summary
Total Revenue $1.62 billionNet Income Attributable to Ardent Health $17 million
Adjusted EBITDA (1) $115 millionAdjusted EBITDAR (1) $157 million
Admissions Decrease of 1.0% Y/YAdjusted Admissions 2.5% growth Y/Y
Outlook
8Operating Cash Flow $197 million , increase of 67% Y/YReaffirming Full-Year 2026 Guidance Total Revenue: $6,400 - $6,700 million Adjusted EBITDA (1) : $485 - $535 millionGuidance reaffirmed
Management commentary
Second Quarter 2026 Commentary • "As I transition to the CEO role, I’m looking forward to building on the momentum of key initiatives launched during my COO tenure as well as Ardent's strong foundation in attractive, growing markets," said Dave Caspers, President and Chief Executive Officer of Ardent Health.
"I see clear opportunities to further improve performance and unlock the full potential of the platform.
Our growth strategy remains unchanged, but sharpening operational execution is my highest priority.
We are focused on the levers we can control — staffing, contracting, capital allocation, standardization and accountability — while continuing to deliver high-quality care to the patients and communities we serve." • "Second quarter operating and financial performance was impacted by lower surgeries and admissions, but volumes improved after our intra-quarter update in early June, and we moved quickly to address the earnings pressure," Caspers continued.
1"Those actions included an improved payor contract in a key market and incremental benefit from our IMPACT program, which we now expect to generate at least $70 million of savings in 2026, compared with $55 million previously.Guidance raised
3Additionally, we reported strong second quarter operating cash flow of $197 million ." • "Our actions give us confidence to reaffirm our 2026 Adjusted EBITDA guidance of $485 million to $535 million , even as we factor in a lower volume outlook," Caspers said.Guidance reaffirmed
"We remain focused on disciplined execution, consistent performance and creating long-term value for shareholders."
Results
Financial Performance Summary
Second quarter 2026 year-over-year growth rates were negatively impacted by the Company recording two quarters of
financial benefit from the New Mexico state directed payment program in the prior year quarter as a result of delayed
Capital return
renewal of the program in 2025.
Results
For the second quarter of 2026 :
5Total revenue declined 1.4% year-over-year to $1,622 million driven primarily by a 3.9% decrease in net patient
service revenue per adjusted admission.
This decrease was largely attributable to recording two quarters of the
Management commentary
New Mexico state directed payment program benefit in the prior year quarter.
Results
Net income attributable to Ardent Health was $17 million , or $0.12 per diluted share, compared to net income
attributable to Ardent Health of $73 million , or $0.52 per diluted share, for the second quarter of 2025 .
2Adjusted EBITDA decreased 32.3% year-over-year to $115 million .
Operating Performance Summary
The following table provides a summary of certain key operating metrics for the second quarter of 2026 compared to the
6Admissions for the second quarter of 2026 decreased 1.0% year-over-year.
7Surgeries for the second quarter of 2026 decreased 2.9% year-over-year.
The decrease in total surgeries reflected
declines in outpatient and inpatient surgery volume of 0.9% and 7.5% , respectively.
Balance Sheet, Cash Flow & Liquidity Update
As of June 30, 2026 , the Company had total cash and cash equivalents of $724 million and total debt of $1.1 billion .
T he
Company’s net leverage ratio was 0.8x and its lease-adjusted net leverage ratio 1 was 2.6x as of June 30, 2026 .
At the end of
the second quarter, the Company’s available liquidity was $992 million .
4During the second quarter of 2026 , net cash provided by operating activities was $197 million , or an increase of 67%
compared to $117 million provided by operating activities in the same prior year period.
Capital return
During the second quarter of 2026 , the Company repurchased 1.4 million shares of its common stock for $13 million .
The
Company had $34 million remaining under its repurchase authorization as of June 30, 2026 .
Outlook
2026 Financial Guidance
The Company is reaffirming its full-year 2026 revenue and adjusted EBITDA financial guidance.Guidance reaffirmed
All guidance is current as of
debt, legal claim costs (benefits) and impairments of long-lived assets.
The Company does not believe that it can forecastGuidance withdrawn
Corporate events
"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
Management commentary
management views the long-term lease agreements with Ventas and MPT, as more like financing arrangements than
structure is different than many of our competitors, especially those whose real estate portfolio is predominately
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