Ardent Health, Inc 10-Q for FY2026 Q2

Ardent Health, Inc. (ARDT)

10-Q 2026-08-10 For: 2026-06-30

Added on August 10, 2026

About this 10-Q

Ardent Health, Inc filed this 10-Q on August 10, 2026, covering the quarter ended June 30, 2026 (FY2026 Q2).

Headline figures

Quarter ended June 30, 2026, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $1.62B; down 1.4% from $1.65B a year earlier
Net income: $16.9M; down 76.8% from net income of $72.95M a year earlier
Diluted EPS: $0.12; down 76.9% from $0.52 a year earlier

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☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
	For the quarterly period ended June 30, 2026

	or

☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
	For the transition period from to

	Commission File Number: 001-42180

	Ardent Health, Inc.
	(Exact name of Registrant as specified in its charter)


Delaware		61-1764793
(State or other jurisdiction of incorporation or organization)		(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)


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $0.01 par value per share	ARDT	New York Stock Exchange


Large accelerated filer	☐	Accelerated filer	☒	Smaller reporting company	☐
Non-accelerated filer	☐			Emerging growth company	☐


		Page
PART I.	FINANCIAL INFORMATION
Item 1.	Financial Statements
	Condensed Consolidated Income Statements for the three and six months ended June 30, 2026 and 2025 (Unaudited)	1
	Condensed Consolidated Comprehensive Income Statements for the three and six months ended June 30, 2026 and 2025 (Unaudited)	2
	Condensed Consolidated Balance Sheets as of June 30, 2026 and December 31, 2025 (Unaudited)	3
	Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2026 and 2025 (Unaudited)	4
	Condensed Consolidated Statements of Changes in Equity for the three and six months ended June 30, 2026 and 2025 (Unaudited)	5
	Notes to Condensed Consolidated Financial Statements (Unaudited)	7
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	19
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	37
Item 4.	Controls and Procedures	37


PART II.	OTHER INFORMATION
Item 1.	Legal Proceedings	38
Item 1A.	Risk Factors	38
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	38
Item 3.	Defaults Upon Senior Securities	38
Item 4.	Mine Safety Disclosures	38
Item 5.	Other Information	38
Item 6.	Exhibits	39
Signatures		40


	Three Months Ended June 30,		Six Months Ended June 30,
	2026	2025	2026	2025
Total revenue	$1,622,245	$1,645,280	$3,224,115	$3,142,514
Expenses:
Salaries and benefits	676,186	671,697	1,337,617	1,329,349
Professional fees	327,843	297,012	644,913	577,869
Supplies	279,621	270,639	548,174	529,494
Rents and leases	27,957	27,825	55,038	55,586
Rents and leases, related party	38,686	37,819	77,372	75,869
Other operating expenses	174,838	163,698	339,989	294,465
Interest expense	12,569	14,729	24,780	28,905
Depreciation and amortization	41,342	39,309	84,328	75,510
Other non-operating losses (gains)	—	560	(5,890)	(20,723)
Total operating expenses	1,579,042	1,523,288	3,106,321	2,946,324
Income before income taxes	43,203	121,992	117,794	196,190
Income tax expense	8,514	26,291	24,617	41,524
Net income	34,689	95,701	93,177	154,666
Net income attributable to noncontrolling interests	17,790	22,751	36,428	40,333
Net income attributable to Ardent Health, Inc.	$16,899	$72,950	$56,749	$114,333

Net income per share:
Basic	$0.12	$0.52	$0.40	$0.82
Diluted	$0.12	$0.52	$0.40	$0.81
Weighted-average common shares outstanding:
Basic	141,688,279	140,374,892	141,478,312	140,219,452
Diluted	143,052,519	141,517,661	142,414,946	141,111,732


	June 30, 2026 (1)	December 31, 2025 (1)
Assets
Current assets:
Cash and cash equivalents	$724,476	$709,601
Accounts receivable	695,950	686,102
Inventories	116,022	118,593
Prepaid expenses	147,895	112,646
Other current assets	370,533	431,882
Total current assets	2,054,876	2,058,824
Property and equipment, net	920,044	935,769
Operating lease right of use assets	300,509	292,651
Operating lease right of use assets, related party	908,233	915,599
Goodwill	879,262	879,451
Other intangible assets	87,678	89,335
Deferred income taxes	5,821	6,888
Other assets	123,655	111,691
Total assets	$5,280,078	$5,290,208

Liabilities and Equity
Current liabilities:
Current installments of long-term debt	$28,572	$23,444
Accounts payable	429,769	457,936
Accrued salaries and benefits	279,244	296,260
Other accrued expenses and liabilities	238,738	268,904
Total current liabilities	976,323	1,046,544
Long-term debt, less current installments	1,073,210	1,075,782
Long-term operating lease liability	268,054	260,600
Long-term operating lease liability, related party	896,492	904,632
Self-insured liabilities	242,771	241,050
Other long-term liabilities	81,824	76,636
Total liabilities	3,538,674	3,605,244
Commitments and contingencies (see Note 9)
Redeemable noncontrolling interests	(4,658)	(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; 141,910,898 and 142,864,171 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively	1,419	1,429
Additional paid-in capital	791,411	788,472
Accumulated other comprehensive loss	(638)	(3,610)
Retained earnings	558,356	501,607
Equity attributable to Ardent Health, Inc.	1,350,548	1,287,898
Noncontrolling interests	395,514	398,316
Total equity	1,746,062	1,686,214
Total liabilities and equity	$5,280,078	$5,290,208


		Equity Attributable to Ardent Health, Inc.					Non- controlling Interests	Total Equity
	Redeemable Noncontrolling Interests	Common Stock		Additional Paid-in Capital	Accumulated Other Comprehensive Income (Loss)	Retained Earnings
	Redeemable Noncontrolling Interests	Shares	Amount	Additional Paid-in Capital	Accumulated Other Comprehensive Income (Loss)	Retained Earnings
Balance at December 31, 2024	$1,158	142,747,818	$1,428	$754,415	$9,737	$365,796	$389,823	$1,521,199
Net income attributable to Ardent Health, Inc.	—	—	—	—	—	41,383	—	41,383
Net income attributable to noncontrolling interests	—	—	—	—	—	—	18,932	18,932
Net loss attributable to redeemable noncontrolling interests	(1,350)	—	—	—	—	—	—	—
Other comprehensive loss	—	—	—	—	(5,809)	—	—	(5,809)
Distributions to noncontrolling interests	—	—	—	—	—	—	(19,239)	(19,239)
Vesting of restricted stock unit awards	—	289,946	2	(1,063)	—	—	—	(1,061)
Equity-based compensation	—	—	—	9,263	—	—	—	9,263
Balance at March 31, 2025	$(192)	143,037,764	$1,430	$762,615	$3,928	$407,179	$389,516	$1,564,668
Net income attributable to Ardent Health, Inc.	—	—	—	—	—	72,950	—	72,950
Net income attributable to noncontrolling interests	—	—	—	—	—	—	24,310	24,310
Net loss attributable to redeemable noncontrolling interests	(1,559)	—	—	—	—	—	—	—
Other comprehensive loss	—	—	—	—	(4,324)	—	—	(4,324)
Distributions to noncontrolling interests	—	—	—	—	—	—	(20,286)	(20,286)
Issuance of common stock	—	7,553	—	—	—	—	—	—
Vesting of restricted stock unit awards	—	66,306	1	(439)	—	—	—	(438)
Forfeitures of restricted stock awards	—	(13,117)	—	—	—	—	—	—
Equity-based compensation	—	—	—	11,246	—	—	—	11,246
Balance at June 30, 2025	$(1,751)	143,098,506	$1,431	$773,422	$(396)	$480,129	$393,540	$1,648,126


	June 30, 2026	December 31, 2025
Current liabilities:
Current installments of long-term debt	$3,669	$3,635
Accounts payable	97,552	102,482
Accrued salaries and benefits	38,166	36,900
Other accrued expenses and liabilities	77,131	67,419
Total current liabilities	216,518	210,436
Long-term debt, less current installments	8,118	9,734
Long-term operating lease liability	93,201	101,153
Long-term operating lease liability, related party	9,253	9,313
Self-insured liabilities	680	677
Other long-term liabilities	3,403	3,826
Total liabilities	$331,173	$335,139


	Carrying Amount		Fair Value
	June 30, 2026	December 31, 2025	June 30, 2026	December 31, 2025
Senior secured term loan facility	$766,987	$770,499	$770,821	$770,499
5.75% Senior Notes	$299,731	$299,686	$295,610	$295,191


		Three Months Ended June 30,		Six Months Ended June 30,
	Classification	2026	2025	2026	2025
Unrealized income (loss) recognized	AOCI	$3,862	$(2,960)	$6,905	$(7,946)
Reclassification from AOCI into earnings	Interest expense, net	(1,416)	(2,890)	(2,884)	(5,765)
Net change in AOCI		$2,446	$(5,850)	$4,021	$(13,711)


	Three Months Ended June 30,
(Unaudited, dollars in thousands)	2026		2025
	Amount	%	Amount	%
Total revenue	$1,622,245	100.0%	$1,645,280	100.0%
Expenses:
Salaries and benefits	676,186	41.7%	671,697	40.8%
Professional fees	327,843	20.2%	297,012	18.1%
Supplies	279,621	17.2%	270,639	16.4%
Rents and leases	27,957	1.7%	27,825	1.7%
Rents and leases, related party	38,686	2.4%	37,819	2.3%
Other operating expenses	174,838	10.8%	163,698	10.0%
Interest expense	12,569	0.8%	14,729	0.9%
Depreciation and amortization	41,342	2.5%	39,309	2.4%
Other non-operating losses	—	0.0%	560	0.0%
Total operating expenses	1,579,042	97.3%	1,523,288	92.6%
Income before income taxes	43,203	2.7%	121,992	7.4%
Income tax expense	8,514	0.6%	26,291	1.6%
Net income	34,689	2.1%	95,701	5.8%
Net income attributable to noncontrolling interests	17,790	1.1%	22,751	1.4%
Net income attributable to Ardent Health, Inc.	$16,899	1.0%	$72,950	4.4%


	Three Months Ended June 30,		Six Months Ended June 30,
(in thousands)	2026	2025	2026	2025
Net income	$34,689	$95,701	$93,177	$154,666
Adjusted EBITDA Addbacks:
Income tax expense	8,514	26,291	24,617	41,524
Interest expense	12,569	14,729	24,780	28,905
Depreciation and amortization	41,342	39,309	84,328	75,510
Noncontrolling interest earnings	(17,790)	(22,751)	(36,428)	(40,333)
Other non-operating losses (a)	—	560	—	777
Cybersecurity Incident recoveries, net (b)	—	—	—	(19,705)
Certain legal matters and related costs	462	—	2,464	—
Other expenses, including development, restructuring and enterprise system conversion costs (c)	27,207	4,781	34,995	6,188
Equity-based compensation	7,952	11,246	16,881	20,509
Loss (income) from disposed operations	6	7	(5,877)	33
Adjusted EBITDA	$114,951	$169,873	$238,937	$268,074


	Payments Due by Period
	Total	Less than 1 Year	1-3 Years	3-5 Years	After 5 Years

Long-term debt obligations, with interest	$1,466,412	$50,846	$163,512	$423,303	$828,751
Deferred financing obligations, with interest	42,483	7,456	20,274	13,644	1,109
Operating leases	2,821,626	101,826	393,974	354,162	1,971,664
Estimated self-insurance liabilities	214,781	28,351	28,762	104,388	53,280
Total	$4,545,302	$188,479	$606,522	$895,497	$2,854,804


	Three Months Ended June 30,	Six Months Ended June 30,
(in thousands)	2026	2026
Net income	$34,689	$93,177
Adjusted EBITDAR Addbacks:
Income tax expense	8,514	24,617
Interest expense	12,569	24,780
Depreciation and amortization	41,342	84,328
Noncontrolling interest earnings	(17,790)	(36,428)
Certain legal matters and related costs	462	2,464
Other expenses, including development, restructuring and enterprise system conversion costs (a)	27,207	34,995
Equity-based compensation	7,952	16,881
Loss (income) from disposed operations	6	(5,877)
Rent expense payable to REITs (b)	41,579	83,135
Adjusted EBITDAR	$156,530	$322,072


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
	Amount	% of Total	Amount	% of Total	Amount	% of Total Revenue	Amount	% of Total Revenue
Medicare	$651,544	40.2%	$643,757	39.1%	$1,320,712	41.0%	$1,239,394	39.5%
Medicaid	159,640	9.8%	159,733	9.7%	318,501	9.9%	309,076	9.9%
Other managed care	688,448	42.4%	724,053	44.0%	1,373,012	42.6%	1,369,205	43.6%
Self-pay and other	96,128	6.0%	92,104	5.6%	167,611	5.1%	173,083	5.4%
Net patient service revenue	$1,595,760	98.4%	$1,619,647	98.4%	$3,179,836	98.6%	$3,090,758	98.4%
Other revenue	26,485	1.6%	25,633	1.6%	44,279	1.4%	51,756	1.6%
Total revenue	$1,622,245	100.0%	$1,645,280	100.0%	$3,224,115	100.0%	$3,142,514	100.0%


	Three Months Ended June 30,			Six Months Ended June 30,
	2026	% Change	2025	2026	% Change	2025
Operating Statistics
Total revenue (in thousands)	$1,622,245	(1.4)%	$1,645,280	$3,224,115	2.6%	$3,142,514
Hospitals operated (at period end) (1)	30	0.0%	30	30	0.0%	30
Licensed beds (at period end) (2)	4,281	0.0%	4,281	4,281	0.0%	4,281
Utilization of licensed beds (3)	49%	(2.0)%	50%	50%	0.0%	50%
Admissions (4)	41,104	(1.0)%	41,535	82,036	(1.1)%	82,924
Adjusted admissions (5)	89,326	2.5%	87,167	175,570	2.3%	171,703
Inpatient surgeries (6)	9,106	(7.5)%	9,840	18,362	(3.8)%	19,090
Outpatient surgeries (7)	22,649	(0.9)%	22,860	44,735	0.4%	44,572
Total surgeries	31,755	(2.9)%	32,700	63,097	(0.9)%	63,662
Emergency room visits (8)	156,896	0.2%	156,622	313,064	(1.5)%	317,871
Patient days (9)	189,223	(2.8)%	194,738	386,352	(1.2)%	390,952
Total encounters (10)	1,581,207	6.0%	1,491,905	3,145,321	6.9%	2,942,534
Average length of stay (11)	4.60	(1.7)%	4.68	4.71	0.0%	4.71
Net patient service revenue per adjusted admission (12)	$17,864	(3.9)%	$18,581	$18,111	0.6%	$18,001


Period		Total Number of Shares Purchased(1)	Average Price Paid per Share	Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs	Maximum Dollar Value That May Yet Be Purchased Under Publicly Announced Plans or Programs
April 1, 2026 - April 30, 2026		84,837	$8.73	—	$46.8
May 1, 2026 - May 31, 2026		7,970	$9.97	—	$46.8
June 1, 2026 - June 30, 2026		1,544,665	$9.38	1,397,765	$33.7
Total		1,637,472	$9.35	1,397,765

(1)	Includes 239,707 shares withheld by us to satisfy the payment of tax obligations related to the vesting of restricted stock unit awards.


			ARDENT HEALTH, INC.


Exhibit Number		Description

2.1		Plan of Conversion (incorporated by reference to Exhibit 2.1 to the Company’s Quarterly Report on Form 10-Q filed on August 14, 2024)
3.1		Certificate of Incorporation of the Company, as amended (incorporated by reference to Exhibit 3.1 to the Company’s Quarterly Report on Form 10-Q filed on August 6, 2025)
3.2		Amended and Restated Bylaws of the Company (incorporated by reference to Exhibit 3.2 to the Company’s Current Report on Form 8-K filed on May 23, 2025)
10.1		Employment Agreement, effective as of June 2, 2026, by and between AHS Management Company, Inc. and Dave Caspers (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on June 2, 2026)
10.2		Separation Agreement and General Release, dated as of June 26, 2026, by and between AHS Management Company, Inc. and Martin J. Bonick (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on June 30, 2026)
31.1*		Certification of Principal Executive Officer pursuant to SEC Rule 13a-14(a)/15d-14(a)
31.2*		Certification of Principal Financial Officer pursuant to SEC Rule 13a-14(a)/15d-14(a)
32.1**		Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
32.2**		Certification of Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101.INS*		Inline XBRL Instance Document (the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document)
101.SCH*		Inline XBRL Taxonomy Extension Schema Document
101.CAL*		Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF*		Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB*		Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE*		Inline XBRL Taxonomy Extension Presentation Linkbase Document
104*		Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)


Date: August 10, 2026	By:	/s/ Alfred Lumsdaine
		Alfred Lumsdaine
		Executive Vice President, Chief Financial Officer
		(Principal Financial Officer)


Date:	August 10, 2026


		By:	/s/ David Caspers
			Name:	David Caspers
			Title:	President and Chief Executive Officer
				(Principal Executive Officer)