Ardent Health reported 2025 net income of $230.1 million, down from $299.7 million in 2024, as higher equity-based compensation and lower cybersecurity-related recoveries offset a year of solid operating results.
Adjusted EBITDA fell to $447.3 million from $498.5 million a year earlier, a decline of $51.2 million. The biggest swing came from cybersecurity incident recoveries, net, which improved to a $22.7 million benefit in 2025 from a $21.5 million benefit in 2024, but that was not enough to counter a sharp increase in equity-based compensation expense, which more than doubled to $39.3 million from $18.0 million.
Interest expense eased to $55.2 million from $65.6 million, while income tax expense declined to $56.2 million from $63.4 million. Depreciation and amortization rose to $155.7 million from $146.3 million. Loss on extinguishment and modification of debt increased to $7.3 million from $3.4 million.
Restructuring, exit and acquisition-related costs were little changed at $13.3 million, compared with $12.8 million in 2024. Epic implementation costs climbed to $4.8 million from $3.2 million, and certain legal matters and related costs fell to $0.9 million from $2.0 million.
For the fourth quarter, net income was $74.3 million. Adjusted EBITDAR was $175.7 million for the quarter and $611.6 million for the full year. Rent expense payable to REITs totaled $41.8 million in the quarter and $164.3 million for 2025.
Compared with 2024, full-year Adjusted EBITDAR rose from the prior-year level implied by the company’s figures, while quarterly rent expense remained a major component of the measure at nearly $42 million. As a result of these announcements, the company's shares have moved 1.39% on the market, and are now trading at a price of $10.91. For more information, read the company's full 8-K submission here.
