Acadia Healthcare Reports Q3 Revenue Growth, Bed Expansion Gains
Acadia Healthcare reported third-quarter revenue of $895.3 million, up 5.1% year over year, as its multi-year bed expansion strategy begins generating returns, executives said on the company's November earnings call. The company added 220 licensed beds in Q3 and 542 beds for 2026 overall, nearing its full-year target, though net additions were lower due to bed closures tied to changes in New York Medicaid. CFO David Duckworth said the company has realized about $15 million of more than $200 million in potential long-term earnings from facilities added since 2022, with $60 million in additional EBITDA improvement expected in 2027. Free cash flow improved to $47 million from negative $63 million a year earlier. CEO Debbie Osteen said about 50% of Acadia's Medicaid patients are in expansion states and the company does not expect significant impact from new Medicaid work requirements under the One Big Beautiful Bill Act, as most of its patients are expected to be exempt.