Ardent Health’s 2025 net income fell to $230.1 million from $299.7 million in 2024, a decline of $69.6 million. Adjusted EBITDA also moved lower, dropping to $447.3 million from $498.5 million, down $51.2 million year over year.
The company’s top-line reconciliation showed several offsetting changes. Income tax expense eased to $56.2 million from $63.4 million, while interest expense declined to $55.2 million from $65.6 million. Depreciation and amortization increased to $155.7 million from $146.3 million.
Noncontrolling interest earnings widened slightly to $94.3 million from $89.4 million, reducing the adjusted figure by a larger amount. The biggest upward adjustment came from equity-based compensation, which more than doubled to $39.3 million from $18.0 million. Epic implementation costs rose to $4.8 million from $3.2 million, and restructuring, exit and acquisition-related costs edged up to $13.3 million from $12.8 million.
Cybersecurity incident recoveries, net, were $22.7 million in 2025, compared with $21.5 million in 2024. Loss on extinguishment and modification of debt increased to $7.3 million from $3.4 million, and certain legal matters and related costs declined to $0.9 million from $2.0 million.
For the fourth quarter, net income was $74.3 million, and Adjusted EBITDAR was $175.7 million. Full-year Adjusted EBITDAR reached $611.6 million, up from the year’s net income by $381.4 million after adding back $164.3 million of rent expense payable to REITs. The quarterly rent expense payable to REITs was $41.8 million, including $38.9 million tied to Ventas leases and $2.9 million tied to the MPT lease. The market has reacted to these announcements by moving the company's shares 1.39% to a price of $10.91. If you want to know more, read the company's complete 8-K report here.
