Ardent Health Raises 2026 Adjusted EBITDA Floor After Volume Rebound

The Tip Desk · November 11, 2026 · 3 min read

The hospital operator lifted its 2026 adjusted EBITDA range to $500 million–$535 million after third-quarter revenue of $1,625 million and $138 million of adjusted EBITDA.

Ardent Health, Inc. (ARDT), a provider of healthcare in growing mid-sized urban communities, raised the floor of its 2026 adjusted EBITDA outlook after third-quarter revenue growth returned and volumes improved from the second quarter.

The company increased full-year 2026 adjusted EBITDA guidance to $500 million–$535 million from $485 million–$535 million, a 1.5% lift to the midpoint, and raised net income guidance to $132 million–$167 million from $110 million–$163 million. Revenue guidance of $6,400 million–$6,700 million was unchanged.

Total revenue grew 3.1% year over year to $1,625 million, reversing a 1.4% year-over-year decline to $1,622 million in the second quarter. Net income attributable to Ardent Health was $45 million, or $0.31 a share, compared with a net loss of $23 million, or $0.17 a share, a year earlier. Adjusted EBITDA was $138 million, up from $115 million in the second quarter, which had declined 32.3% year over year. Adjusted EBITDAR was $180 million.

Adjusted admissions, the company’s combined inpatient and outpatient volume measure, rose 2.9% year over year to 91,933, an acceleration from 2.5% growth in the second quarter. Admissions turned to 0.1% year-over-year growth at 41,899 from a 1.0% decline in the prior quarter. Emergency room visits increased 1.7% to 163,909. Net patient service revenue per adjusted admission was $17,370, up 0.7%, after a 3.9% year-over-year decrease in the second quarter that the company attributed largely to two quarters of New Mexico state directed payment benefit in the year-ago period.

Total surgeries declined 1.9% year over year to 31,934, an improvement from a 2.9% decline in the second quarter. Inpatient surgeries fell 5.0% and outpatient surgeries 0.6%.

President and Chief Executive Officer Dave Caspers said the quarter reflected disciplined execution, with volumes improving sequentially and continued progress on operating priorities. He said IMPACT initiatives remained on track to achieve at least $70 million of savings this year, matching the outlook the company set after raising its prior $55 million target. The company said adjusted EBITDA included benefits from IMPACT initiatives, improving volume trends, and operational execution.

Salaries and benefits fell to 39.9% of revenue from 42.9% a year earlier. Other operating expenses fell to 10.1% of revenue from 12.6%. Caspers cited a 4% reduction in SWB expense.

The company entered a definitive agreement during the third quarter to transition full ownership of its Kansas hospital to its joint venture partner. Caspers said the transaction is expected to enhance margins and allow the company to redeploy capital toward growth in core markets.

Cash and cash equivalents were $766 million as of September 30, 2026, with total debt of $1.1 billion, net leverage of 0.8x and lease-adjusted net leverage of 2.5x. Available liquidity was $1 billion. Operating cash flow was $122 million in the quarter. The board authorized a $25 million increase to the share repurchase program, leaving about $48 million remaining after the company repurchased 1.0 million shares for $11 million in the quarter. Capital expenditure guidance was lowered to $210 million–$250 million from $225 million–$265 million.