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More patients came through Acadia Healthcare’s acute psychiatric hospitals this spring. Acute inpatient volume rose 5.5% in the second quarter of 2026 compared with a year earlier, the company reported July 28.
Acute care is the biggest of Acadia’s four business lines. It brought in $494.6 million of the company’s $865.8 million in second-quarter revenue. Reeve Waud, who founded Acadia in 2005, chairs the board of the Franklin, Tennessee, company.
Segment by Segment
Reported acute inpatient revenue was flat year over year, though at $494.6 million it still made up more than half of Acadia’s quarterly total. Adjust for supplemental payments booked in the 2025 quarter and the segment grew 5.7%. Volume was up 5.5% over the same stretch.
The other lines went their own ways. Residential treatment center revenue grew 12%, Comprehensive Treatment Center revenue was flat and specialty revenue fell 8%.
Same-facility patient days rose 0.8%. Revenue per patient day slipped 0.8%, and normalized same-facility revenue growth came to 3.2%.
What’s Behind the Admissions
Acadia opened two joint venture hospitals during the quarter, with 240 licensed beds in Florida and Iowa. Zacks reported that newer facilities are taking on more patients and should add about $200 million in adjusted EBITDA over 2025 levels as they ramp up. Operating cash flow for the quarter was $162.1 million, up from $133.5 million.
When Methodist Jennie Edmundson Hospital and Acadia planned their Council Bluffs hospital, they cited a gap of more than 300 inpatient behavioral health beds across Iowa and Nebraska.
Zacks reported that Acadia is on track to add 500 to 600 beds in 2026. Reeve Waud, who took Acadia public in 2011, chairs a company whose sites include inpatient hospitals, residential programs and outpatient clinics.
How Peers Did
Universal Health Services, a behavioral health peer, grew its behavioral health revenue 7.4% in the second quarter, according to Zacks. The Ensign Group, another company in Zacks’ coverage, lifted same-facility occupancy to 84.1%. Acadia’s shares rose 28.8% over the 12 months through Sept. 22, versus 14.2% for its industry.
“Acadia delivered solid results in the second quarter that were driven by our continued focus on disciplined operational execution and providing quality care for our patients,” Acadia CEO Debbie Osteen said. The company now serves more than 84,000 patients a day across 40 states and Puerto Rico. Reeve Waud’s board gets the next set of volume figures with the November 4 report.
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