Revenue growth decelerated to -0.4% YoY in Q2 2026, while gross margin fell to 16.6% from 96.7% in Q2 2025, and net income dropped to $10.9M from $78.5M in Q2 2024, indicating strained profitability.
Acadia Healthcare Company, Inc. (ACHC) annual income statement — 15-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 |
|---|
| Sales/Revenue | 3.41B | 3.31B | 3.15B | 2.93B | 2.61B | 2.31B | 2.09B | 2.01B | 3.01B | 2.84B | 2.81B | 1.79B | 1B | 713.41M | 407.46M | 221.37M |
| Revenue Growth % | 4.47% | 5.04% | 7.69% | 12.2% | 12.79% | 10.74% | 4.06% | -33.33% | 6.21% | 0.9% | 56.64% | 78.63% | 40.82% | 75.09% | 84.06% | - |
| Cost of Goods Sold | 2.86B | 2.73B | 2.44B | 2.25B | 100.2M | 90.7M | 87.24M | 1.19B | 1.78B | 1.65B | 1.66B | 1.05B | 623.83M | 445.53M | 259.13M | 167.94M |
| COGS % of Revenue | - | 82.39% | 77.43% | 76.69% | 3.84% | 3.92% | 4.17% | 59.4% | 59.04% | 58.2% | 59.03% | 58.76% | 62.1% | 62.45% | 63.6% | 75.86% |
| Gross Profit | 549.27M | 583.44M | 711.98M | 682.61M | 2.51B | 2.22B | 2B | 815.49M | 1.23B | 1.19B | 1.15B | 740.1M | 380.77M | 267.88M | 148.33M | 53.44M |
| Gross Margin % | 16.1% | 17.61% | 22.57% | 23.31% | 96.16% | 96.08% | 95.83% | 40.6% | 40.96% | 41.8% | 40.97% | 41.24% | 37.9% | 37.55% | 36.4% | 24.14% |
| Gross Profit Growth % | - | -18.05% | 4.3% | -72.81% | 12.88% | 11.04% | 145.58% | -33.9% | 4.05% | 2.96% | 55.61% | 94.37% | 42.14% | 80.6% | 177.58% | - |
| Operating Expenses | 215.95M | 195.47M | 189.71M | 176.01M | 2.04B | 1.81B | 2B | 153.94M | 821.04M | 747.84M | 706.49M | 419.29M | 208M | 144.88M | 77.62M | 82.5M |
| OpEx % of Revenue | - | 5.9% | 6.01% | 6.01% | 78.24% | 78.17% | 95.83% | 7.66% | 27.25% | 26.37% | 25.13% | 23.37% | 20.71% | 20.31% | 19.05% | 37.27% |
| Selling, General & Admin | 215.95M | 195.47M | 189.71M | 176.01M | 1.6B | 1.42B | 1.31B | 153.94M | 307.71M | 273M | 258.83M | 148.99M | 64.68M | 47.22M | 26.86M | 57.74M |
| SG&A % of Revenue | - | 5.9% | 6.01% | 6.01% | 61.17% | 61.31% | 62.8% | 7.66% | 10.21% | 9.63% | 9.21% | 8.3% | 6.44% | 6.62% | 6.59% | 26.08% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 445.6M | 390.16M | 690.32M | 0 | -34.51M | -24.27M | -48.32M | -36.57M | -13.65M | -7.15M | -8.11M | 24.76M |
| Operating Income | 333.32M | 387.96M | 522.28M | 506.6M | 467.69M | 414.47M | 0 | 661.55M | 412.74M | 437.88M | 445.14M | 320.81M | 172.76M | 123M | 70.71M | -29.07M |
| Operating Margin % | 9.77% | 11.71% | 16.56% | 17.3% | 17.92% | 17.91% | - | 32.94% | 13.7% | 15.44% | 15.84% | 17.88% | 17.2% | 17.24% | 17.35% | -13.13% |
| Operating Income Growth % | - | -25.72% | 3.1% | 8.32% | 12.84% | - | -100% | 60.28% | -5.74% | -1.63% | 38.76% | 85.69% | 40.46% | 73.94% | 343.28% | - |
| EBITDA | 535.06M | 577.21M | 671.87M | 638.95M | 585.46M | 521.19M | 437.16M | 749.48M | 571.58M | 580.89M | 580.25M | 384.36M | 205.43M | 140.09M | 78.69M | -24.78M |
| EBITDA Margin % | 15.68% | 17.42% | 21.3% | 21.82% | 22.43% | 22.52% | 20.92% | 37.32% | 18.97% | 20.48% | 20.64% | 21.42% | 20.45% | 19.64% | 19.31% | -11.19% |
| EBITDA Growth % | -4.76% | -14.09% | 5.15% | 9.13% | 12.33% | 19.22% | -41.67% | 31.12% | -1.6% | 0.11% | 50.96% | 87.1% | 46.65% | 78.02% | 417.6% | - |
| D&A (Non-Cash Add-back) | 201.74M | 189.25M | 149.59M | 132.35M | 117.77M | 106.72M | 95.26M | 87.92M | 158.83M | 143.01M | 135.1M | 63.55M | 32.67M | 17.09M | 7.98M | 4.29M |
| EBIT | -862.49M | -927.08M | 458.25M | 56.77M | 443.9M | 352.75M | 341.9M | 314.09M | 251.93M | 437.88M | 445.14M | 320.81M | 172.76M | 123M | 62.6M | -29.27M |
| Net Interest Income | -151.71M | -138.86M | -116.37M | -82.13M | -69.76M | -76.99M | -158.1M | -187.32M | -184.53M | -176.01M | -181.32M | -106.74M | -48.22M | -37.25M | -29.77M | -9.19M |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 876K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 151.71M | 138.86M | 116.37M | 82.13M | 69.76M | 76.99M | 158.1M | 187.32M | 185.41M | 176.01M | 181.32M | 106.74M | 48.22M | 37.25M | 29.77M | 9.19M |
| Other Income/Expense | -1.41B | -1.45B | -180.4M | -531.96M | -93.55M | -138.71M | 183.8M | -583.16M | -581.7M | -201.08M | -412.19M | -156.06M | -46.61M | -53.75M | -37.88M | -5.38M |
| Pretax Income | -1.08B | -1.07B | 341.88M | -25.36M | 374.14M | 275.76M | 183.8M | 78.39M | -168.95M | 236.8M | 32.95M | 164.75M | 126.15M | 69.25M | 32.83M | -38.26M |
| Pretax Margin % | -31.66% | -32.18% | 10.84% | -0.87% | 14.33% | 11.92% | 8.79% | 3.9% | -5.61% | 8.35% | 1.17% | 9.18% | 12.56% | 9.71% | 8.06% | -17.28% |
| Income Tax | 41.91M | 25.98M | 77.39M | -9.7M | 94.11M | 67.56M | 40.61M | 25.09M | 6.53M | 37.21M | 28.78M | 46.4M | 42.92M | 25.98M | 12.32M | -5.38M |
| Effective Tax Rate % | -3.88% | -2.44% | 22.64% | 38.25% | 25.15% | 24.5% | 22.09% | 32% | -3.87% | 15.71% | 87.33% | 28.16% | 34.02% | 37.51% | 37.54% | 14.07% |
| Net Income | -1.13B | -1.1B | 255.61M | -21.67M | 273.14M | 190.63M | -672.13M | 108.92M | -175.75M | 199.84M | 6.14M | 119.55M | 83.04M | 42.58M | 20.4M | -34.89M |
| Net Margin % | -33.07% | -33.29% | 8.1% | -0.74% | 10.46% | 8.24% | -32.16% | 5.42% | -5.83% | 7.05% | 0.22% | 6.66% | 8.27% | 5.97% | 5.01% | -15.76% |
| Net Income Growth % | -1150.65% | -531.42% | 1279.73% | -107.93% | 43.28% | 128.36% | -717.07% | 161.98% | -187.95% | 3153.05% | -94.86% | 43.96% | 95.03% | 108.69% | 158.47% | - |
| Net Income (Continuing) | -1.12B | -1.09B | 264.48M | -15.66M | 280.03M | 208.2M | 143.19M | 53.31M | 57.49M | 199.59M | 4.18M | 111.36M | 83.23M | 43.27M | 20.5M | -32.87M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | -12.64M | -812.39M | 56.81M | 0 | 0 | 0 | 111K | 0 | 0 | 0 | 0 |
| Minority Interest | 229.88M | 191.59M | 117.12M | 105.69M | 88.26M | 65.39M | 0 | 0 | 28.81M | 22.42M | 17.75M | 8.05M | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -12.29 | -12.16 | 2.78 | -0.24 | 2.98 | 2.10 | -7.65 | 1.24 | -2.01 | 2.30 | 0.07 | 1.75 | 1.50 | 0.85 | 0.53 | -1.86 |
| EPS Growth % | -1166.22% | -537.41% | 1258.33% | -108.05% | 41.9% | 127.45% | -716.94% | 161.69% | -187.39% | 3185.71% | -96% | 16.67% | 76.47% | 60.38% | 128.49% | - |
| EPS (Basic) | - | -12.16 | 2.79 | -0.24 | 3.05 | 2.15 | -7.65 | 1.24 | -2.01 | 2.30 | 0.07 | 1.75 | 1.51 | 0.85 | 0.53 | -1.86 |
| Diluted Shares Outstanding | 91.75M | 90.7M | 92.06M | 90.95M | 91.56M | 90.79M | 88.59M | 87.82M | 87.29M | 87.06M | 85.97M | 68.39M | 55.33M | 50.26M | 38.7M | 18.76M |
| Basic Shares Outstanding | 90.89M | 90.7M | 91.62M | 90.95M | 89.68M | 88.77M | 87.88M | 87.61M | 87.29M | 86.95M | 85.7M | 68.08M | 55.06M | 50M | 38.48M | 18.76M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying ACHC stock.
For fiscal year 2025, Acadia Healthcare Company, Inc. (ACHC) reported total revenue of $3.31B. This represents a 1396.5% increase compared to $221.4M in 2011.
Acadia Healthcare Company, Inc. (ACHC) reported a net loss of $1.10B for the fiscal year ending 2025.
Acadia Healthcare Company, Inc. (ACHC) reported an operating income of $388.0M, resulting in an operating profit margin of 11.7%. This margin reflects the operational efficiency of the business before interest and taxes.
Acadia Healthcare Company, Inc. (ACHC) generated $583.4M in gross profit for the year, representing a gross profit margin of 17.6%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Labor shortages and litigation
Metrics are mathematically derived from official filings.
Revenue Growth Stalls Amid Capacity Constraints
Revenue growth decelerated to -0.4% year-over-year in Q2 2026, down from 8.8% in Q2 2024, suggesting capacity constraints and pricing pressures are limiting expansion, as per recent financial statements.
The sharp deceleration from mid-single-digit growth in 2024 to flat in 2026 indicates that bed additions are not translating into revenue, likely due to staffing shortages that keep beds unoccupied. The sequential increase from Q1 2026 ($828.8M) to Q2 2026 ($865.8M) is modest, but the year-over-year decline signals a loss of momentum. Investors should monitor whether the JV pipeline can offset these headwinds.
Gross Margin Volatility Masks Structural Pressures
Gross margin swung from 96.7% in Q2 2025 to 16.6% in Q2 2026, reflecting a reclassification of costs; underlying labor inflation and fixed reimbursement rates likely cap sustainable margins, as reported in quarterly filings.
The dramatic swings in gross margin are largely due to inconsistent classification of COGS versus SG&A across quarters, making trend analysis unreliable. However, the recent quarters show gross margins in the mid-teens, which is more consistent with a high fixed-cost, labor-intensive model. The negative net margin in Q4 2025 (-143.3%) was driven by a massive non-cash charge, but the underlying operating margin of ~10% in 2026 is below the 17-18% seen in mid-2024, suggesting structural margin compression from wage inflation.
Operating Leverage Fades as Costs Outpace Revenue
Operating income fell from $142.7M in Q2 2024 to $87.8M in Q2 2026, despite similar revenue levels, indicating that SG&A and other costs are consuming a larger share of gross profit, based on reported income statements.
The operating margin contracted from 17.9% in Q2 2024 to 10.1% in Q2 2026, even as revenue remained roughly flat. This suggests that the company is not achieving economies of scale, and fixed costs such as labor and insurance are rising faster than revenue. The elevated SG&A in quarters like Q3 2025 ($525.4M) versus Q2 2026 ($55.8M) is partly due to classification changes, but the overall trend points to reduced operating leverage.
Earnings Quality Clouded by One-Time Charges
Net income swung from $78.5M in Q2 2024 to $10.9M in Q2 2026, with a -$1.2B loss in Q4 2025, likely reflecting legal settlements or impairments; adjusted earnings may be higher, as per SEC filings.
The massive loss in Q4 2025 and the subsequent low net income in 2026 suggest significant non-recurring items, possibly related to litigation or goodwill impairment. The EPS miss in Q2 2026 ($0.12 actual vs. $0.38 consensus) indicates that operational earnings are also under pressure, not just one-time charges. Investors should adjust for these items to assess the underlying profitability, but the persistent low net margins warrant caution.
Labor Costs and Legal Reserves Pressure Cost Structure
COGS and SG&A combined have risen from 80% of revenue in 2024 to over 90% in 2026, driven by clinical labor shortages and legal contingencies, as disclosed in recent financial reports.
The cost structure is heavily weighted toward labor, and the inability to pass on wage increases to payers is eroding margins. The spike in SG&A in Q3 2025 ($525.4M) likely includes a legal reserve, while the low COGS in that quarter suggests a reclassification. The persistent high cost base, even with flat revenue, indicates that management's expense discipline is being challenged by external factors.
Short Thesis: Margin Compression and Litigation Overhang
Despite the JV moat, the -33.3% TTM net margin and ongoing patient safety litigation suggest that the market may be underestimating systemic risks, as per recent earnings reports.
Short-sellers would argue that the company's growth is capital-intensive and that labor shortages will persist, keeping margins below historical levels. The legal overhang could lead to higher insurance premiums and settlement costs, structurally raising the cost of operations. Additionally, the reliance on JVs may limit pricing power, as non-profit partners may resist aggressive rate increases. If the pure-play premium erodes, the stock could de-rate significantly.