Ardent Health次季淨利潤挫77%至1690萬美元 受重組及CEO交接費用拖累

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UNITED STATES 
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_______________________________________________________ 
FORM 10-Q 
_______________________________________________________ 
(Mark One)

☒

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2026

or

☐

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                   to                   

Commission File Number: 001-42180

Ardent Health, Inc.

(Exact name of Registrant as specified in its charter)

Delaware

61-1764793

(State or other jurisdiction of 
incorporation or organization)

(I.R.S. Employer 
Identification No.)

340 Seven Springs Way, Suite 100, 
Brentwood, Tennessee

37027

(Address of principal executive offices)

(Zip Code)

(615) 296-3000

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, $0.01 par value per share

ARDT

New York Stock Exchange

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the 
preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 
days. Yes ☒ No ☐
Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation 
S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging 
growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the 
Exchange Act.

Large accelerated filer

☐

Accelerated filer

☒

Smaller reporting company

☐

Non-accelerated filer

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the Registrant has elected not to use the extended transition period for complying with any new or 
revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
As of August 7, 2026, the Registrant had 141,045,907 shares of common stock outstanding. 

i

Table of Contents

Page

PART I.

FINANCIAL INFORMATION

Item 1.

Financial Statements

Condensed Consolidated Income Statements for the three and six months ended June 30, 2026 and 2025 
(Unaudited)

1

Condensed Consolidated Comprehensive Income Statements for the three and six months ended June 30, 2026 
and 2025 (Unaudited)

2

Condensed Consolidated Balance Sheets as of June 30, 2026 and December 31, 2025 (Unaudited)

3

Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2026 and 2025 
(Unaudited)

4

Condensed Consolidated Statements of Changes in Equity for the three and six months ended June 30, 2026 
and 2025 (Unaudited)

5

Notes to Condensed Consolidated Financial Statements (Unaudited)

7

Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

19

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

37

Item 4.

Controls and Procedures

37

PART II.

OTHER INFORMATION

Item 1.

Legal Proceedings

38

Item 1A.

Risk Factors

38

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds 

38

Item 3.

Defaults Upon Senior Securities

38

Item 4.

Mine Safety Disclosures

38

Item 5.

Other Information

38

Item 6.

Exhibits

39

Signatures

40

1

Table of Contents

 ARDENT HEALTH, INC.
CONDENSED CONSOLIDATED INCOME STATEMENTS 
Unaudited
(Dollars in thousands, except per share amounts) 

Three Months Ended June 30,

Six Months Ended June 30,

2026

2025

2026

2025

Total revenue

$1,622,245

$1,645,280

$3,224,115

$3,142,514

Expenses:

 

 

Salaries and benefits

676,186

671,697

1,337,617

1,329,349

Professional fees

327,843

297,012

644,913

577,869

Supplies

279,621

270,639

548,174

529,494

Rents and leases

27,957

27,825

55,038

55,586

Rents and leases, related party

38,686

37,819

77,372

75,869

Other operating expenses

174,838

163,698

339,989

294,465

Interest expense

12,569

14,729

24,780

28,905

Depreciation and amortization

41,342

39,309

84,328

75,510

Other non-operating losses (gains)

—

560

(5,890)

(20,723)

Total operating expenses

1,579,042

1,523,288

3,106,321

2,946,324

Income before income taxes

43,203

121,992

117,794

196,190

Income tax expense

8,514

26,291

24,617

41,524

Net income

34,689

95,701

93,177

154,666

Net income attributable to noncontrolling interests

17,790

22,751

36,428

40,333

Net income attributable to Ardent Health, Inc.

$16,899

$72,950

$56,749

$114,333

Net income per share:

Basic

$0.12

$0.52

$0.40

$0.82

Diluted

$0.12

$0.52

$0.40

$0.81

Weighted-average common shares outstanding:

Basic

141,688,279

140,374,892

141,478,312

140,219,452

Diluted

143,052,519

141,517,661

142,414,946

141,111,732

The accompanying notes are an integral part of these condensed consolidated financial statements.

2

Table of Contents

 ARDENT HEALTH, INC.
CONDENSED CONSOLIDATED COMPREHENSIVE INCOME STATEMENTS
Unaudited
(In thousands) 

Three Months Ended June 30,

Six Months Ended June 30,

 

2026

2025

2026

2025

Net income

$34,689

$95,701

$93,177

$154,666

Other comprehensive income (loss)

Change in fair value of interest rate swaps

2,446

(5,850)

4,021

(13,711)

Other comprehensive income (loss) before income taxes

2,446

(5,850)

4,021

(13,711)

Income tax expense (benefit) related to other comprehensive 
income (loss) items

638

(1,526)

1,049

(3,578)

Other comprehensive income (loss), net of income taxes

1,808

(4,324)

2,972

(10,133)

Comprehensive income

36,497

91,377

96,149

144,533

Comprehensive income attributable to noncontrolling interests

17,790

22,751

36,428

40,333

Comprehensive income attributable to Ardent Health, Inc.

$18,707

$68,626

$59,721

$104,200

The accompanying notes are an integral part of these condensed consolidated financial statements.

3

Table of Contents

ARDENT HEALTH, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS 
Unaudited
(Dollars in thousands, except per share amounts) 

June 30, 2026 
(1)

December 31, 
2025 (1)

Assets

 

Current assets:

 

 

Cash and cash equivalents

$724,476

$709,601

Accounts receivable

695,950

686,102

Inventories

116,022

118,593

Prepaid expenses

147,895

112,646

Other current assets

370,533

431,882

Total current assets

2,054,876

2,058,824

Property and equipment, net

920,044

935,769

Operating lease right of use assets

300,509

292,651

Operating lease right of use assets, related party

908,233

915,599

Goodwill

879,262

879,451

Other intangible assets

87,678

89,335

Deferred income taxes

5,821

6,888

Other assets

123,655

111,691

Total assets

$5,280,078

$5,290,208

 

 

 

Liabilities and Equity

 

 

Current liabilities:

 

 

Current installments of long-term debt

$28,572

$23,444

Accounts payable

429,769

457,936

Accrued salaries and benefits

279,244

296,260

Other accrued expenses and liabilities

238,738

268,904

Total current liabilities

976,323

1,046,544

Long-term debt, less current installments

1,073,210

1,075,782

Long-term operating lease liability

268,054

260,600

Long-term operating lease liability, related party

896,492

904,632

Self-insured liabilities

242,771

241,050

Other long-term liabilities

81,824

76,636

Total liabilities

3,538,674

3,605,244

Commitments and contingencies (see Note 9)

Redeemable noncontrolling interests

(4,658)

(1,250)

Equity:

Preferred stock, par value $0.01 per share; 50,000,000 shares authorized; no shares issued and outstanding 

—

—

Common stock, par value $0.01 per share; 750,000,000 shares authorized; 141,910,898 and 142,864,171 
shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively

1,419

1,429

Additional paid-in capital 

791,411

788,472

Accumulated other comprehensive loss

(638)

(3,610)

Retained earnings

558,356

501,607

Equity attributable to Ardent Health, Inc.

1,350,548

1,287,898

Noncontrolling interests

395,514

398,316

Total equity

1,746,062

1,686,214

Total liabilities and equity

$5,280,078

$5,290,208

(1)  As of June 30, 2026 and December 31, 2025, the unaudited condensed consolidated balance sheets included total liabilities of consolidated variable interest entities of $331.2 
million and $335.1 million, respectively. Refer to Note 2, Summary of Significant Accounting Policies, for further discussion.
The accompanying notes are an integral part of these condensed consolidated financial statements.

4

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ARDENT HEALTH, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS 
Unaudited
(In thousands) 
 

Six Months Ended June 30,

 

2026

2025

Cash flows from operating activities:

 

 

Net income

$93,177

$154,666

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation and amortization

84,328

75,510

Other non-operating (gains) losses

(1,886)

777

Amortization of deferred financing costs and debt discounts

1,622

2,474

Deferred income taxes

3,068

(2,733)

Equity-based compensation

16,881

20,509

Income from non-consolidated affiliates

(8,079)

(2,956)

Changes in operating assets and liabilities, net of effect of acquisitions and divestitures:

Accounts receivable

(9,838)

(14,251)

Inventories

2,571

(3,118)

Prepaid expenses and other current assets

32,009

(51,449)

Accounts payable and other accrued expenses and liabilities

(60,400)

(50,590)

Accrued salaries and benefits

(16,940)

(36,136)

Net cash provided by operating activities

136,513

92,703

Cash flows from investing activities:

 

 

Purchases of property and equipment

(66,766)

(69,105)

Other

(316)

(264)

Net cash used in investing activities

(67,082)

(69,369)

Cash flows from financing activities:

 

 

Proceeds from insurance financing arrangements

17,033

10,959

Payments of principal on insurance financing arrangements

(8,192)

(6,529)

Payments of principal on long-term debt

(6,937)

(2,896)

Distributions to noncontrolling interests

(44,143)

(39,525)

Repurchase of common stock 

(13,031)

—

Other

714

(1,499)

Net cash used in financing activities

(54,556)

(39,490)

Net increase (decrease) in cash and cash equivalents

14,875

(16,156)

Cash and cash equivalents at beginning of period

709,601

556,785

Cash and cash equivalents at end of period

$724,476

$540,629

Supplemental Cash Flow Information:

Non-cash purchases of property and equipment

$677

$13,272

The accompanying notes are an integral part of these condensed consolidated financial statements.

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Table of Contents

ARDENT HEALTH, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY 
Unaudited
(Dollars in thousands)  

Equity Attributable to 
Ardent Health, Inc.

Non-
controlling 
Interests

Total 
Equity

Redeemable 
Noncontrolling 
Interests

Common Stock

Additional 
Paid-in 
Capital

Accumulated 
Other 
Comprehensive 
Income (Loss)

Retained 
Earnings

Shares

Amount

Balance at December 31, 2024

$1,158

142,747,818

$1,428

$754,415

$9,737

$365,796

$389,823

$1,521,199

Net income attributable to 
Ardent Health, Inc.

—

—

—

—

—

41,383

—

41,383

Net income attributable to 
noncontrolling interests

—

—

—

—

—

—

18,932

18,932

Net loss attributable to 
redeemable noncontrolling 
interests

(1,350)

—

—

—

—

—

—

—

Other comprehensive loss

—

—

—

—

(5,809)

—

—

(5,809)

Distributions to noncontrolling 
interests

—

—

—

—

—

—

(19,239)

(19,239)

Vesting of restricted stock unit 
awards

—

289,946

2

(1,063)

—

—

—

(1,061)

Equity-based compensation

—

—

—

9,263

—

—

—

9,263

Balance at March 31, 2025

$(192)

143,037,764

$1,430

$762,615

$3,928

$407,179

$389,516

$1,564,668

Net income attributable to 
Ardent Health, Inc.

—

—

—

—

—

72,950

—

72,950

Net income attributable to 
noncontrolling interests

—

—

—

—

—

—

24,310

24,310

Net loss attributable to 
redeemable noncontrolling 
interests

(1,559)

—

—

—

—

—

—

—

Other comprehensive loss

—

—

—

—

(4,324)

—

—

(4,324)

Distributions to noncontrolling 
interests

—

—

—

—

—

—

(20,286)

(20,286)

Issuance of common stock

—

7,553

—

—

—

—

—

—

Vesting of restricted stock unit 
awards

—

66,306

1

(439)

—

—

—

(438)

Forfeitures of restricted stock 
awards

—

(13,117)

—

—

—

—

—

—

Equity-based compensation

—

—

—

11,246

—

—

—

11,246

Balance at June 30, 2025

$(1,751)

143,098,506

$1,431

$773,422

$(396)

$480,129

$393,540

$1,648,126

The accompanying notes are an integral part of these condensed consolidated financial statements.

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ARDENT HEALTH, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY 
Unaudited
(Dollars in thousands)  

Equity Attributable to 
Ardent Health, Inc.

 Non-
controlling 
Interests

Total 
Equity

Redeemable 
Noncontrolling 
Interests

Common Stock

Additional 
Paid-in 
Capital

Accumulated 
Other 
Comprehensive 
Loss

Retained 
Earnings

Shares

Amount

Balance at December 31, 2025

$(1,250)

142,864,171

$1,429

$788,472

$(3,610)

$501,607

$398,316

$1,686,214

Net income attributable to 
Ardent Health, Inc.

—

—

—

—

—

39,850

—

39,850

Net income attributable to 
noncontrolling interests

—

—

—

—

—

—

21,151

21,151

Net loss attributable to 
redeemable noncontrolling 
interests

(2,513)

—

—

—

—

—

—

—

Other comprehensive income

—

—

—

—

1,164

—

—

1,164

Distributions to noncontrolling 
interests

—

—

—

—

—

—

(21,314)

(21,314)

Vesting of restricted stock unit 
awards

—

275,928

2

(1,016)

—

—

—

(1,014)

Forfeiture of restricted stock 
awards

—

(6,274)

—

—

—

—

—

—

Equity-based compensation

—

—

—

8,929

—

—

—

8,929

Balance at March 31, 2026

$(3,763)

143,133,825

$1,431

$796,385

$(2,446)

$541,457

$398,153

$1,734,980

Net income attributable to 
Ardent Health, Inc.

—

—

—

—

—

16,899

—

16,899

Net income attributable to 
noncontrolling interests

—

—

—

—

—

—

18,685

18,685

Net loss attributable to 
redeemable noncontrolling 
interests

(895)

—

—

—

—

—

—

—

Other comprehensive income

—

—

—

—

1,808

—

—

1,808

Proceeds from the sale of 
noncontrolling interest

—

—

—

1,218

—

—

1,505

2,723

Distributions to noncontrolling 
interests

—

—

—

—

—

—

(22,829)

(22,829)

Repurchase of common stock

—

(1,397,765)

(14)

(13,146)

—

—

—

(13,160)

Vesting of restricted stock 
unit awards

—

640,199

7

(998)

—

—

—

(991)

Forfeiture of restricted stock 
awards

—

(465,361)

(5)

—

—

—

—

(5)

Equity-based compensation

—

—

—

7,952

—

—

—

7,952

Balance at June 30, 2026

$(4,658)

141,910,898

$1,419

$791,411

$(638)

$558,356

$395,514

$1,746,062

The accompanying notes are an integral part of these condensed consolidated financial statements.

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Table of Contents

ARDENT HEALTH, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 
June 30, 2026
(Unaudited)

1.  Description of the Business and Basis of Presentation
Reporting Entity
Ardent Health, Inc. was initially formed in Delaware in 2015 as Ardent Health Partners, LLC. On July 17, 2024, Ardent 
Health Partners, LLC converted from a Delaware limited liability company into a Delaware corporation in connection with its 
initial public offering and changed its name to Ardent Health Partners, Inc. On June 3, 2025, Ardent Health Partners, Inc. 
changed its name to Ardent Health, Inc. Ardent Health, Inc. is a holding company that has affiliates that operate acute care 
hospitals and other healthcare facilities and employ physicians. The terms "Ardent," the "Company," "we," "our" and "us," as 
used in these notes to the unaudited condensed consolidated financial statements, refer to Ardent Health, Inc. and its affiliates 
unless stated otherwise or indicated by context. The term "affiliates" includes direct and indirect subsidiaries of Ardent and 
partnerships and joint ventures in which such subsidiaries are equity owners. At June 30, 2026, the Company operated 30 
acute care hospitals in six states, including one managed hospital, two rehabilitation hospitals and two surgical hospitals.

Basis of Presentation
The financial statements include the unaudited condensed consolidated balance sheets, income statements, comprehensive 
income statements, statements of cash flows and statements of changes in equity of the Company and its affiliates, which are 
controlled by the Company through the Company's direct or indirect ownership of a majority equity interest and rights 
granted to the Company through certain variable interests. All intercompany balances and transactions have been eliminated 
in consolidation. In the opinion of management, all adjustments, which consist of normal recurring adjustments, and 
disclosures considered necessary for a fair presentation have been included.
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. 
generally accepted accounting principles ("GAAP") for interim financial information and with the instructions to Form 10-Q 
and Rule 10-01 of Regulation S-X. Certain information and disclosures normally included in annual financial statements 
presented in accordance with GAAP have been omitted in these interim financial statements pursuant to rules and regulations 
of the Securities and Exchange Commission ("SEC"). Accordingly, these unaudited condensed consolidated financial 
statements and related notes should be read in conjunction with the Company's audited consolidated financial statements and 
notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2025 (the "Annual 
Report"). 

General and Administrative Costs 
The majority of the Company's expenses are "cost of revenue" items. Costs that could be classified as general and 
administrative by the Company include its corporate office costs and centralized corporate services, such as human resources, 
information technology, and finance, which were $61.2 million and $32.6 million for the three months ended June 30, 2026 
and 2025, respectively, and $109.8 million and $67.5 million for the six months ended June 30, 2026 and 2025, respectively. 
The increase in general and administrative costs for the three and six months ended June 30, 2026 compared to the respective 
prior year periods was primarily attributable to increased salaries and benefits expense related to non-recurring severance 
costs incurred for workforce reductions in connection with enterprise restructuring activity and transition of the Company's 
chief executive officer ("CEO") during the current period.

2.  Summary of Significant Accounting Policies

Recent Accounting Pronouncements Not Yet Adopted
In November 2024, the Financial Accounting Standards Board (the "FASB") issued Accounting Standards Update ("ASU") 
2024-03, Disaggregation of Income Statement Expenses ("ASU 2024-03"), which requires the disclosure of certain 
disaggregated expenses within the notes to the financial statements. ASU 2024-03 is effective for annual periods beginning 
after December 15, 2026, and interim reporting periods within fiscal years beginning after December 15, 2027. Adoption of 
ASU 2024-03 can either be applied prospectively to consolidated financial statements issued for reporting periods after the 

8

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effective date of this standard or retrospectively to any or all prior periods presented in the consolidated financial statements. 
Early adoption is also permitted. The Company is currently evaluating the standard to determine its impact on the Company’s 
disclosures.
In September 2025, the FASB issued ASU 2025-06, Intangibles - Goodwill and Other - Internal-Use Software (Topic 350): 
Targeted Improvements to the Accounting for Internal-Use Software ("ASU 2025-06"), which modernizes the current 
internal-use software accounting guidance by removing all references to software project development stages. Under ASU 
2025-06, an entity begins capitalizing software costs when (i) management has implicitly or explicitly authorized and 
committed to funding a computer software project and (ii) it is probable the project will be completed and the software will 
be used to perform the function intended (referred to as the "probable-to-complete recognition threshold"). This ASU is 
effective for annual reporting periods beginning after December 15, 2027, and interim periods within those annual reporting 
periods, with early adoption permitted. The Company is currently evaluating the standard to determine its impact on the 
Company's disclosures. 

Variable Interest Entities
Variable interest entities ("VIEs") must be consolidated if an entity’s interest in the VIE is a controlling financial interest. 
Under the variable interest model, a controlling financial interest is determined based on which entity, if any, has (i) the 
power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and (ii) the 
obligation to absorb the losses, or the right to receive the benefits, from the VIE that could potentially be significant to the 
VIE.
The Company performs ongoing reassessments of whether changes in the facts and circumstances regarding the Company's 
involvement with a VIE could cause the Company’s consolidation conclusion to change. The consolidation status of the VIEs 
with which the Company is involved may change as a result of such reassessments. Changes in consolidation status are 
applied prospectively.
The Company, through its wholly-owned subsidiaries, owns majority interests in certain limited liability companies 
("LLCs"), with each LLC owning and operating one or more hospitals. The noncontrolling interest is typically owned by a 
not-for-profit medical system, university, academic medical center or foundation or combination thereof (individually or 
collectively referred to as "minority member"). The employees that work for the LLC and the related hospital(s) are 
employees of the Company, and the Company manages the day-to-day operations of the LLC and the hospital(s) pursuant to 
a management services agreement ("MSA").
The LLCs are VIEs due to their structure as LLCs and the control that resides with the Company through the MSA. The 
Company consolidates each of these LLCs as it is considered the primary beneficiary due to the MSA providing the 
Company the right to direct the day-to-day operating and capital activities of the LLC and the respective hospital(s) that most 
significantly impact the LLC’s economic performance. Additionally, the Company would absorb a majority of the entity's 
expected losses, receive a majority of the entity's expected residual returns, or both, as a result of its majority ownership, 
contractual or other financial interests in the entity. The MSAs are subject to termination only by mutual agreement of the 
Company and minority member, except in the case of gross negligence, fraud or bankruptcy of the Company, in which case 
the minority member can force termination of the MSA.
All of the Company's VIEs meet the definition of a business, and the Company holds a majority of their issued voting equity 
interests. Their assets are not required to be used only for the settlement of VIE obligations as the Company has the ability to 
direct the use of the VIE assets through its joint venture and cash management agreements. 
The governance rights of the minority members are restricted to those that protect their financial interests and do not preclude 
consolidation of the LLCs. The rights of minority members generally are limited to such items as the right to approve the 
issuance of new ownership interests, calls for additional cash contributions, the acquisition or divestiture of significant assets 
and the incurrence of debt in excess of levels not expected to be incurred in the normal course of business.
 
As of June 30, 2026 and December 31, 2025, nine of the Company's hospitals were owned and operated through LLCs that 
have been determined to be VIEs and were consolidated by the Company. Consolidated assets at June 30, 2026 and 
December 31, 2025 included total assets of VIEs equal to $1.3 billion. The Company's VIEs do not have creditors that have 
recourse to the Company. As the structure and nature of business are very similar for each of the LLCs, they are discussed 
and presented herein on a combined basis.

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Table of Contents

The total liabilities of VIEs included in the Company's unaudited condensed consolidated balance sheets are shown below (in 
thousands):

June 30, 2026

December 31, 2025

Current liabilities:

Current installments of long-term debt

$3,669

$3,635

Accounts payable

97,552

102,482

Accrued salaries and benefits

38,166

36,900

Other accrued expenses and liabilities

77,131

67,419

Total current liabilities

216,518

210,436

Long-term debt, less current installments

8,118

9,734

Long-term operating lease liability

93,201

101,153

Long-term operating lease liability, related party

9,253

9,313

Self-insured liabilities

680

677

Other long-term liabilities

3,403

3,826

Total liabilities

$331,173

$335,139

Income from operations before income taxes attributable to VIEs was $57.7 million and $68.0 million for the three months 
ended June 30, 2026 and 2025, respectively, and $120.6 million and $130.6 million for the six months ended June 30, 2026 
and 2025, respectively. 

Accounting Estimates
The preparation of financial statements in conformity with GAAP requires management to make estimates and judgments 
that affect the amounts reported in the unaudited condensed consolidated financial statements and accompanying notes. On 
an ongoing basis, the Company evaluates its estimates. The Company bases its estimates on historical experience and on 
various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for 
making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual 
results may differ from these estimates.

Revenue Recognition
Overview
The Company's revenue generally relates to contracts with patients in which its performance obligations are to provide 
healthcare services to the patients. Revenue is recorded during the period the Company's obligations to provide healthcare 
services are satisfied. Revenue for performance obligations satisfied over time is recognized based on charges incurred in 
relation to total expected charges. The Company's performance obligations for inpatient services are generally satisfied over 
periods that average approximately five days. The Company's performance obligations for outpatient services are generally 
satisfied over a period of less than one day. As the Company's performance obligations relate to contracts with a duration of 
one year or less, the Company elected the optional exemption and, therefore, is not required to disclose the transaction price 
for the remaining performance obligations at the end of the reporting period or when the Company expects to recognize 
revenue. Additionally, the Company is not required to adjust the consideration for the existence of a significant financing 
component when the period between the transfer of the services and the payment for such services is one year or less.
Contractual Adjustments, Discounts and Cost Report Settlements
Contractual relationships with patients, in most cases, involve a third party payor (Medicare, Medicaid and managed care 
health plans), and the transaction prices for services provided are dependent upon the terms provided by (Medicare and 
Medicaid) or negotiated with (managed care health plans) the third party payors. The payment arrangements with third party 
payors for the services provided to the related patients typically specify payments at amounts less than the Company's 
standard charges.
The Company's revenue is based upon the estimated amounts the Company expects to be entitled to receive from patients and 
third party payors. Estimates of contractual adjustments under managed care insurance plans are based upon the contractual 
payment terms specified in the related contractual agreements and the historical collection experience of each payor. Revenue 

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related to uninsured patients and copayment and deductible amounts for patients who have healthcare coverage may have 
discounts applied (uninsured discounts and other discounts). The Company also records estimated implicit price concessions 
(based primarily on historical collection experience) related to uninsured accounts to record self-pay revenue at the estimated 
amounts expected to be collected.
Medicare and Medicaid regulations and various managed care contracts, under which the discounts from the Company's 
standard charges must be calculated, are complex and are subject to interpretation and adjustment. The Company estimates 
contractual adjustments on a payor-specific basis based on its interpretation of the applicable regulations or contract terms 
and the historical collection experience of each payor. However, the necessity of the services authorized and provided, and 
resulting reimbursements, are often subject to interpretation. These interpretations may result in payments that differ from the 
Company's estimates. Additionally, updated regulations and contract renegotiations occur frequently, necessitating continual 
review and assessment of the estimates by management.
Due to the complexities involved in the classification and documentation of healthcare services under the laws and 
regulations governing Medicare and Medicaid programs, the Company's estimates of revenue earned and related 
reimbursement are often subject to interpretation that could result in payments that are different from its estimates. Final 
determination of amounts earned under Medicare, Medicaid and other third party payor programs often occurs in subsequent 
years because of audits by the programs, rights of appeal, and the application of technical provisions. Estimated 
reimbursement amounts, which are recorded within net patient service revenue in the period in which the related services are 
rendered, are adjusted in subsequent periods as determined (in relation to certain government programs, primarily Medicare, 
this is generally referred to as the "cost report" filing and settlement process). Differences between original estimates and 
subsequent revisions, including final settlements, are recorded as adjustments to net patient service revenue in the period in 
which such revisions become known. These adjustments resulted in a decrease to net patient service revenue of $5.1 million 
and an increase to net patient service revenue of $0.3 million for the three months ended June 30, 2026 and 2025, 
respectively, and an increase to net patient service revenue of $2.4 million and $9.2 million for the six months ended June 30, 
2026 and 2025, respectively.
At June 30, 2026 and December 31, 2025, the Company's settlements under reimbursement agreements with third party 
payors were a net payable of $0.5 million and $7.8 million, respectively, reflecting a receivable of $20.9 million and 
$21.1 million, respectively, included in other current assets and a payable of $21.4 million and $28.9 million, respectively, 
included in other accrued expenses and liabilities in the unaudited condensed consolidated balance sheets.
Final determination of amounts earned under prospective payment and other reimbursement activities is subject to review by 
appropriate governmental authorities or their agents. In the opinion of the Company's management, adequate provision has 
been made for any adjustments that may result from such reviews.
Subsequent adjustments that are determined to be the result of an adverse change in the patient's or the payor's ability to pay 
are recognized as bad debt expense. Bad debt expense for the three and six months ended June 30, 2026 and 2025 was not 
material to the Company.
Currently, several states in which the Company operates utilize Medicaid supplemental payment programs for the purpose of 
providing reimbursement to providers to offset a portion of the cost of providing care to Medicaid and indigent patients. 
These programs, which are designed with input from and are subject to approval and periodic renewal by the Centers for 
Medicare & Medicaid Services ("CMS"), are funded by a combination of state and federal resources, including, in certain 
instances, fees or taxes levied on the providers. Under these supplemental programs, the Company recognizes revenue in the 
period in which amounts are estimable and collection is reasonably assured such that a significant reversal of cumulative 
revenue is not probable in the future. The Company recognizes supplemental program expenses in the period to which they 
relate. Reimbursements under these programs are reflected in total revenue, and taxes or other program-related costs are 
included in other operating expenses.

11

Table of Contents

Payor Mix
The Company's total revenue is presented in the following table (dollars in thousands):

 

Three Months Ended June 30,

Six Months Ended June 30,

 

2026

2025

2026

2025

 

Amount

% of 
Total 

Amount

% of 
Total 

Amount

% of Total 
Revenue

Amount

% of Total 
Revenue

Medicare

$651,544

40.2%

$643,757

39.1%

$1,320,712

41.0%

$1,239,394

39.5%

Medicaid

159,640

9.8%

159,733

9.7%

318,501

9.9%

309,076

9.9%

Other managed care

688,448

42.4%

724,053

44.0%

1,373,012

42.6%

1,369,205

43.6%

Self-pay and other

96,128

6.0%

92,104

5.6%

167,611

5.1%

173,083

5.4%

Net patient service revenue

$1,595,760

98.4%

$1,619,647

98.4%

$3,179,836

98.6%

$3,090,758

98.4%

Other revenue

26,485

1.6%

25,633

1.6%

44,279

1.4%

51,756

1.6%

Total revenue

$1,622,245

100.0%

$1,645,280

100.0%

$3,224,115

100.0%

$3,142,514

100.0%

 
Charity Care
The Company provides care without charge to certain patients who qualify under the local charity care policy of the hospital 
where the patient receives services. The Company estimates that its costs of care provided under its charity care programs 
approximated $7.5 million and $35.6 million for the three months ended June 30, 2026 and 2025, respectively, and $15.3 
million and $43.8 million for the six months ended June 30, 2026 and 2025, respectively. The Company does not report a 
charity care patient's charges in revenue as it is the Company's policy not to pursue collection of amounts related to these 
patients, and therefore contracts with these patients do not exist.
The Company's management estimates its costs of care provided under its charity care programs utilizing a calculated ratio of 
costs to gross charges multiplied by the Company's gross charity care charges provided. The Company's gross charity care 
charges include only services provided to patients who are unable to pay and qualify under the Company's local charity care 
policies. To the extent the Company receives reimbursement through the various governmental assistance programs in which 
it participates to subsidize its care of indigent patients, the Company does not include these patients' charges in its cost of care 
provided