ACHCHIGH SIGNALFINANCIAL10-K

ACHC experienced a catastrophic swing from $255.6M profit to -$1.1B loss while simultaneously taking on $500M in additional debt.

This represents a fundamental deterioration in financial performance with net income swinging negative by over 500%, suggesting either massive one-time charges, operational collapse, or accounting adjustments that investors need to investigate immediately. The combination of massive losses with increased debt load raises serious concerns about financial stability and debt covenant compliance.

Comparing 2026-02-27 vs 2025-02-27View on EDGAR →
FINANCIAL ANALYSIS

ACHC's financial profile deteriorated dramatically with the company swinging from $255.6M in profits to over $1B in losses while adding $500M in debt and seeing stockholders' equity decline by 37% to $1.9B. Despite the operational expansion (adding over 1,000 beds and expanding to 40 states), the company required significantly more cash and debt financing while generating massive losses. The substantial increase in accounts receivable alongside higher cash balances suggests potential collection issues or aggressive revenue recognition, making this financial performance particularly concerning for investors.

FINANCIAL STATEMENT CHANGES
Net Income
P&L
-531.4%
$255.6M→-$1.1B

Net income declined 531.4% — review whether driven by operations, interest costs, or non-recurring items.

Interest Expense
P&L
+223.9%
$9.2M→$29.8M

Interest expense surged 223.9% — significant debt increase or rising rates materially impacting earnings.

Cash & Equivalents
Balance Sheet
+74.6%
$76.3M→$133.2M

Cash position surged 74.6% — strong cash generation or capital raise providing significant financial cushion.

Current Assets
Balance Sheet
+41%
$577.5M→$814.1M

Current assets grew 41% — improving short-term liquidity or inventory/receivables build.

Stockholders Equity
Balance Sheet
-36.6%
$3.1B→$1.9B

Equity declined sharply — large losses, buybacks, or write-downs reducing book value significantly.

Total Debt
Balance Sheet
+27.8%
$2.0B→$2.5B

Debt rose 27.8% — additional borrowing for investment or operations; monitor coverage ratios.

Total Liabilities
Balance Sheet
+22.4%
$2.8B→$3.4B

Liabilities increased 22.4% — monitor debt-to-equity ratio and interest coverage.

Accounts Receivable
Balance Sheet
+20.6%
$365.3M→$440.6M

Receivables grew 20.6% — monitor days sales outstanding for collection efficiency.

LANGUAGE CHANGES
NEW — 2026-02-27
PRIOR — 2025-02-27
ADDED
As of February 25, 2026, there were 92,211,777 s hares of the registrant s common stock outstanding.
Form 10-K Summary 60 SIGNATURES 61 PAR T I Unless the context otherwise requires, all references herein to Acadia, the Company, we, us or our mean Acadia Healthcare Company, Inc.
is a holding company whose direct and indirect subsidiaries own and operate acute inpatient psychiatric facilities, specialty treatment facilities, comprehensive treatment centers ( CTCs ), residential treatment centers and facilities providing outpatient behavioral healthcare services to serve the behavioral healthcare and recovery needs of communities throughout the United States (the U.S.
References herein to employees refer to employees of subsidiaries of Acadia Healthcare Company, Inc.
At December 31, 2025, we operated 277 behavioral healthcare facilities with over 12,500 beds in 40 states and Puerto Rico.
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REMOVED
As of February 27, 2025, there were 92,913,042 shares of the registrant s common stock outstanding.
Form 10-K Summary 54 SIGNATURES 55 PAR T I Unless the context otherwise requires, all references in this Annual Report on Form 10-K to Acadia, the Company, we, us or our mean Acadia Healthcare Company, Inc.
is a holding company whose direct or indirect subsidiaries own and operate behavioral healthcare facilities and conduct healthcare and management operations.
References herein to Acadia employees or to our employees refer to employees of subsidiaries of Acadia Healthcare Company, Inc.
At December 31, 2024, we operated 262 behavioral healthcare facilities with approximately 11,850 beds in 39 states and Puerto Rico.
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