Revenue growth remains steady at 7.6% in 2026Q1, though gross margins have fluctuated wildly between 11.7% and 96.7% over the last ten quarters, suggesting significant accounting volatility.
| 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 | 3.37B | 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 % | 6.8% | 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 | 1.48B | 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 | 1.89B | 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 % | 56.21% | 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 | 1.5B | 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 | 1.14B | 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 | 2M | 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 | 393.31M | 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 % | 11.67% | 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 | 587.95M | 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 % | 17.44% | 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 % | 3.48% | -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) | 194.64M | 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 | -885.89M | -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 | -148.01M | -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 | 148.01M | 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 | -1.46B | -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 | -1.07B | -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 % | -31.69% | -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 | 28.08M | 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 % | -2.63% | -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 | -1.11B | -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 % | -32.84% | -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 % | -690.1% | -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) | -1.1B | -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 | 209.98M | 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) | -12.18 | -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 % | -703.19% | -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 | 90.86M | 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 | 90.53M | 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 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Clinical labor cost inflation
According to quarterly financial disclosures, Acadia Healthcare has maintained a consistent revenue growth trajectory, with recent figures showing a 7.6% year-over-year increase in 2026Q1, suggesting that demand for behavioral health services remains largely decoupled from broader economic cycles despite ongoing operational capacity constraints across the network.
The company's ability to sustain mid-single-digit revenue growth appears to be driven by a combination of rate negotiations and the expansion of its joint venture facility pipeline. However, investors should monitor whether this growth is truly organic or if it is increasingly reliant on the successful ramp-up of new beds, which remains sensitive to the persistent industry-wide clinical labor shortage.
As reported in recent income statements, Acadia's gross margins have exhibited extreme fluctuations, ranging from 11.7% to 96.7% over the last ten quarters, which likely reflects significant accounting reclassifications or non-recurring charges that obscure the underlying profitability of the core behavioral health facility operations.
The wide variance in reported margins suggests that the company's cost structure is highly sensitive to non-operating items, potentially including legal accruals or impairment charges. Analysts should look past these headline figures to evaluate the underlying unit economics, as the current margin profile appears to be heavily distorted by accounting adjustments rather than pure operational performance.
Based on the provided income statement data, Acadia's cost structure is dominated by high clinical labor requirements, which have historically pressured operating margins and necessitated a reliance on premium-pay contract staff to maintain mandatory staffing ratios across its 10,600-bed network during periods of high turnover.
The company's operating income appears to be structurally capped by the inability to easily pass through wage inflation to fixed-rate government payers. This suggests that any sustained increase in clinical staff turnover could lead to a permanent reset in the cost base, further limiting the company's ability to scale operating leverage effectively.
Financial filings indicate that Acadia's net income has experienced significant instability, highlighted by a massive -$1.2B net loss in 2025Q4, which suggests that non-operating items and potential legal contingencies are creating substantial noise that complicates the assessment of the company's true recurring earnings power.
The extreme swings in net income, including the recent negative net margin of -33.29%, imply that investors should be wary of relying on GAAP EPS as a proxy for operational health. These results warrant further investigation into the nature of these charges, as they may represent systemic risks related to patient safety litigation rather than isolated accounting events.
While the market currently assigns a pure-play premium to Acadia, recent data suggests that systemic risks, particularly regarding patient safety and professional liability, may be systematically mispriced, as evidenced by the severe earnings volatility and the potential for recurring legal settlements to erode long-term shareholder value.
Short-term growth in bed count may be masking the underlying risk that legal and regulatory costs are becoming a permanent feature of the cost structure. If these liabilities continue to manifest as large, lumpy charges, the market may be forced to re-evaluate the sustainability of the company's current valuation multiple relative to more diversified healthcare peers.
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.