Full Press Release Details
Ardent Health Reports Second Quarter 2025 Results
Brentwood, Tenn. (August 5, 2025) - Ardent Health, Inc. (NYSE ARDT) ( Ardent Health or the Company ), a leading
provider of healthcare in growing mid-sized urban communities across the U.S., today announced results for the quarter
ended June 30, 2025.
Second Quarter 2025 Operating and Financial Summary
All comparisons are versus the same prior year period. See the footnotes to the Operating Statistics table of this press
release for definitions of the metrics below and a full list of key operating metrics.
| Total Revenue $1.65 billion 11.9% growth Y Y | Net Income Attributable to Ardent Health $73 million |
| Adjusted EBITDA (1) $170 million 38.9% growth Y Y | Adjusted EBITDAR (1) $211 million |
| Admissions 6.6% growth Y Y | Adjusted Admissions 1.6% growth Y Y |
| Net Patient Service Revenue per Adjusted Admission 10.2% growth Y Y | Reaffirming 2025 Guidance Total Revenue $6,200 - $6,450 million Adjusted EBITDA (1) $575 - $615 million |
(1) Adjusted EBITDA and Adjusted EBITDAR are financial measures that have not been prepared in a manner that complies with U.S. generally accepted
accounting principles ( GAAP ). See Supplemental Non-GAAP Financial Information and reconciliations of non-GAAP measures to their most
comparable GAAP financial measures contained later in this press release.
1 Lease-adjusted net leverage ratio is defined as the Company's net debt as of June 30, 2025, plus 8x trailing twelve-month real estate investment trust
( REIT ) rent expense as of the end of the second quarter of 2025, divided by trailing twelve-month Adjusted EBITDAR as of June 30, 2025.
Financial Performance Summary
For the second quarter of 2025
Total revenue grew 11.9% year-over-year to $1,645 million. This revenue growth primarily resulted from a 1.6%
year-over-year increase in adjusted admissions and 10.2% year-over-year growth in net patient service revenue per
Net income attributable to Ardent Health was $73 million, or $0.52 per diluted share, compared to $43 million, or
$0.34 per diluted share, in the second quarter of 2024.
Adjusted EBITDA increased 38.9% year-over-year to $170 million.
Operating Performance Summary
The following table provides a summary of certain key operating metrics for the second quarter of 2025 compared to the
same prior year period. See the footnotes to the Operating Statistics table of this press release for definitions of the metrics
below and a full list of key operating metrics.
| Three Months Ended June 30, | |||||
| (Unaudited) | 2025 | 2024 | % Change | ||
| Adjusted admissions | 87,167 | 85,763 | 1.6 % | ||
| Admissions | 41,535 | 38,958 | 6.6 % | ||
| Inpatient surgeries | 9,840 | 9,012 | 9.2 % | ||
| Outpatient surgeries | 22,860 | 23,758 | (3.8) % | ||
| Total surgeries | 32,700 | 32,770 | (0.2) % | ||
| Emergency room visits | 156,622 | 156,287 | 0.2 % | ||
| Net patient service revenue per adjusted admission | $ 18,581 | $ 16,859 | 10.2 % |
Admissions for the second quarter of 2025 increased 6.6% year-over-year, driven by strong inpatient surgery growth.
Surgeries for the second quarter of 2025 decreased 0.2% year-over-year, a modest improvement from a comparable
decline of 0.7% in the first quarter of 2025. The total surgery year-over-year decline of 0.2% in the second quarter of
2025 reflected inpatient surgery growth of 9.2% and outpatient surgery decline of 3.8%.
Balance Sheet, Cash Flow Liquidity Update
As of June 30, 2025, the Company had total cash and cash equivalents of $541 million and total debt of $1.1 billion. The
Company's net leverage ratio as of June 30, 2025 was 1.2x, as calculated under the Company's credit agreements, and its
lease-adjusted net leverage ratio1 was 2.7x, an improvement from 3.0x as of March 31, 2025. At the end of the second
quarter, the Company's available liquidity was $835 million.
During the second quarter of 2025, net cash provided by operating activities was $117 million, compared to $120 million in
the same prior year period.
2025 Financial Guidance
The Company is reaffirming its full-year 2025 financial guidance. All guidance is current as of the time provided and is
| (Unaudited dollars in millions, except per share amount) | Full Year 2025 Guidance | ||
| Total revenue | $6,200 | - | $6,450 |
| Net income attributable to Ardent Health, Inc. | $245 | - | $285 |
| Adjusted EBITDA | $575 | - | $615 |
| Rent expense payable to REITs | $164 | - | $164 |
| Diluted earnings per share | $1.73 | - | $2.01 |
| Adjusted admissions growth | 2.0% | - | 3.0% |
| Net patient service revenue per adjusted admission growth | 2.1% | - | 4.4% |
| Capital expenditures | $215 | - | $235 |
The Company's forecasted guidance is based on current plans and expectations and is subject to a number of known and
unknown uncertainties and risks, including those set forth below under the heading Forward-Looking Statements. The
Company does not forecast the impact of items such as, but not limited to, losses (gains) on sales of facilities, losses on
retirement of debt, legal claim costs (benefits) and impairments of long-lived assets. The Company does not believe that it
can forecast these items with sufficient accuracy because of the inherent difficulty of forecasting the timing or amount of
various items that have not yet occurred and are out of the Company's control or cannot be reasonably predicted.
Second Quarter 2025 Results Conference Call
The Company will host a conference call to discuss its second quarter financial results on August 6, 2025, at 10 00 a.m.
Eastern Time. A webcast of the conference call will be available in the Investor Relations section of the Company's
corporate website at https ir.ardenthealth.com. To listen to a live broadcast, go to the site at least 15 minutes prior to the
scheduled start time in order to register, download, and install any necessary audio software.
To participate in the live teleconference
United States Live 1-888-596-4144
International Live 1-646-968-2525
To listen to a replay of the teleconference, which will be available through August 20, 2025
United States Replay 1-800-770-2030
International Replay 1-609-800-9909
Ardent Health (NYSE ARDT) is a leading provider of healthcare in growing mid-sized urban communities across the U.S.
With a focus on people and investments in innovative services and technologies, Ardent is passionate about making
healthcare better and easier to access. Through its subsidiaries, the Company delivers care through a system of 30 acute
care hospitals and approximately 280 sites of care with over 1,800 employed and affiliated providers across six states. For
more information, please visit ardenthealth.com.
Supplemental Non-GAAP Financial Information
We have included certain non-GAAP financial measures in this press release, including Adjusted EBITDA, Adjusted EBITDA
margin, and Adjusted EBITDAR. We define these terms as follows
Adjusted EBITDA and Adjusted EBITDA Margin. Adjusted EBITDA is defined as net income plus (i) provision for income
taxes, (ii) interest expense and (iii) depreciation and amortization expense (or EBITDA), as adjusted to deduct
noncontrolling interest earnings, and excludes the effects of loss on extinguishment and modification of debt other
non-operating losses (gains) recoveries from the cybersecurity incident in November 2023 (the Cybersecurity
Incident ), net of incremental information technology and litigation costs restructuring, exit and acquisition-related
costs expenses incurred in connection with the implementation of Epic Systems, our integrated health information
technology system equity-based compensation expense and loss from disposed operations. Adjusted EBITDA margin
is defined as Adjusted EBITDA divided by total revenue.
Adjusted EBITDA and Adjusted EBITDA margin are non-GAAP performance measures used by our management and
external users of our financial statements, such as investors, analysts, lenders, rating agencies and other interested
parties, to evaluate companies in our industry. Adjusted EBITDA and Adjusted EBITDA margin are performance
measures that are not prepared in accordance with GAAP and are presented in this press release because our
management considers them important analytical indicators commonly used within the healthcare industry to evaluate
financial performance and allocate resources. Further, our management believes that Adjusted EBITDA and Adjusted
EBITDA margin are useful financial metrics to assess our operating performance from period to period by excluding
certain material non-cash items and unusual or non-recurring items that we do not expect to continue in the future and
certain other adjustments we believe are not reflective of our ongoing operations and our performance.
Because not all companies use identical calculations, our presentation of Adjusted EBITDA and Adjusted EBITDA margin
may not be comparable to other similarly titled measures of other companies. While we believe these are useful
supplemental performance measures for investors and other users of our financial information, you should not
consider Adjusted EBITDA and Adjusted EBITDA margin in isolation or as a substitute for net income or any other items
calculated in accordance with GAAP. Adjusted EBITDA and Adjusted EBITDA margin have inherent material limitations
as performance measures, because they add back certain expenses to net income, resulting in those expenses not
being taken into account in the performance measures. We have borrowed money, so interest expense is a necessary
element of our costs. Because we have material capital and intangible assets, depreciation and amortization expense
are necessary elements of our costs. Likewise, the payment of taxes is a necessary element of our operations. Because
Adjusted EBITDA and Adjusted EBITDA margin exclude these and other items, they have material limitations as
measures of our performance.
Adjusted EBITDAR. Adjusted EBITDAR is defined as Adjusted EBITDA further adjusted to add back rent expense payable
to REITs, which consists of rent expense pursuant to the master lease agreement (the Ventas Master Lease ) with
Ventas, Inc. ( Ventas ), lease agreements associated with the MOB Transactions (defined below) and a lease
arrangement with Medical Properties Trust, Inc. ( MPT ) for the Hackensack Meridian Mountainside Medical Center.
Adjusted EBITDAR is a commonly used non-GAAP valuation measure used by our management, research analysts,
investors and other interested parties to evaluate and compare the enterprise value of different companies in our
industry. Adjusted EBITDAR excludes (1) certain material noncash items and unusual or non-recurring items that we do
not expect to continue in the future (2) certain other adjustments that do not impact our enterprise value and (3) rent