Acadia Healthcare to Add 400–600 Beds in 2026, Targets $200M EBITDA Gain
Acadia Healthcare generated $3.3 billion in 2025 revenue, treated 84,000 daily patients across 277 facilities and will add 400–600 beds in 2026 for a $200 million EBITDA boost. It reaffirmed guidance of $3.37–3.45 billion revenue and $575–610 million adjusted EBITDA, and anticipates positive free cash flow after cutting growth CapEx by over $300 million.
1. 2025 Financial Performance
Acadia Healthcare generated $3.3 billion in 2025 revenue and treated an average of 84,000 patients per day across 277 facilities in 40 states, with Medicaid accounting for 57% of payers and no single state exceeding 15% of revenue.
2. 2026 Outlook and Guidance
Management reaffirmed 2026 guidance calling for $3.37–3.45 billion in revenue, $575–610 million in adjusted EBITDA and 0–1% same-facility growth, and expects to achieve positive free cash flow driven by a greater than $300 million reduction in growth capital expenditures.
3. Bed Expansion and EBITDA Opportunity
After adding 2,500 beds over the past three years, the company plans to bring 400–600 additional beds online in 2026, aiming to accelerate ramp-up and capture an estimated $200 million adjusted EBITDA opportunity as occupancy improves.
4. Medical Malpractice Expense Trends
Acadia recorded $115 million of medical malpractice expense in 2025 and guides to $100–110 million in 2026, reflecting a sizable Q4 accrual adjustment, higher insurance coverage thresholds and enhanced real-time facility monitoring to reduce incident risk.