Ardent Health Cuts 2025 Adjusted EBITDA by $97.7M After SEC Discussions
ARDT sits 42% above its 52-week low of $7.71.
Summary
Ardent Health revised its 2025 non-GAAP metrics downward by $97.7 million after SEC discussions, cutting Adjusted EBITDA to $447.3 million and Adjusted EBITDAR to $611.6 million. No impact to GAAP results or 2026 figures.
Key Events · Corporate Governance and Compliance · ARDT
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Non-GAAP Metrics Revised Downward
2025 Adjusted EBITDA reduced from $545.0M to $447.3M and Adjusted EBITDAR from $709.3M to $611.6M, removing $97.7M in aggregate adjustments.
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SEC Discussions Prompted Revision
Changes made in connection with discussions with the SEC's Division of Corporation Finance to no longer include accounts receivable collectability and New Mexico professional liability accrual adjustments.
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No GAAP or 2026 Impact
Company states the removal has no impact on GAAP consolidated financial statements, financial condition, results of operations, cash flows, or 2026 financial results.
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Prior SEC Inquiry Context
Follows the August 10-Q disclosure of an SEC inquiry into a prior revenue adjustment, suggesting heightened regulatory scrutiny of the company's financial reporting.
Analysis · ARDT · Industrial Applications And Services
Following discussions with the SEC's Division of Corporation Finance, Ardent Health removed $97.7 million in non-GAAP adjustments from its 2025 Adjusted EBITDA and Adjusted EBITDAR. The revision lowers 2025 Adjusted EBITDA from $545.0 million to $447.3 million and Adjusted EBITDAR from $709.3 million to $611.6 million. While the company states the changes have no impact on GAAP financials or 2026 results, the downward revision to a key performance metric—prompted by SEC staff—raises questions about the aggressiveness of prior non-GAAP presentations. This comes amid a difficult period for Ardent: Q2 2026 net income fell 77% to $16.9 million, and the company already disclosed an SEC inquiry into a prior revenue adjustment in its August 10-Q.
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At the time of this filing, ARDT was trading at $10.91 on NYSE in the Industrial Applications And Services sector, with a market capitalization of approximately $1.5B. The 52-week trading range was $7.71 to $15.48. This filing was assessed with negative market sentiment and an importance score of 7 out of 10.