Ardent Health Revises 2025 Adjusted EBITDA and Adjusted EBITDAR

What Happened
Ardent Health, Inc. (ARDT) filed an 8‑K on September 4, 2026 to revise the non‑GAAP presentations in its 2025 Form 10‑K. The company removed two prior adjustments — a change in the accounts receivable collectability estimate and a New Mexico professional liability accrual — that were limited to the third quarter of 2025. Those adjustments totaled $97.7 million and, after removal, Adjusted EBITDA for the year ended December 31, 2025 decreased from $545.0 million to $447.3 million, and Adjusted EBITDAR decreased from $709.3 million to $611.6 million. The underlying amounts were already disclosed in footnotes and are not themselves revised; the change follows discussions with the SEC’s Division of Corporation Finance.

Key Details

• Filing date: September 4, 2026 (Current Report on Form 8‑K).
• Amount removed: $97.7 million aggregate (both adjustments confined to Q3 2025).
• Adjusted EBITDA (2025): revised from $545.0M to $447.3M.
• Adjusted EBITDAR (2025): revised from $709.3M to $611.6M.
• No change to GAAP consolidated financial statements, net income for any period, 2023 or 2024 non‑GAAP figures, or 2026 financial results. Updated supplemental non‑GAAP sections are filed as Exhibit 99.1.

Why It Matters
This change alters Ardent’s headline non‑GAAP profitability metrics for 2025, which investors often use to compare operating performance and assess covenants or valuation multiples. Importantly, GAAP results, cash flows and previously reported net income are unchanged — the revision only affects how certain non‑GAAP adjustments are presented. Future periodic reports will adopt the revised presentation and include enhanced non‑GAAP disclosures.