Ardent Health Reports Decrease in Net Income for 2025

By Bobby Samwell • Sunday, September 06 13:03 • Permanent Link

Ardent Health reported 2025 net income of $230.1 million, down from $299.7 million in 2024, while adjusted EBITDA fell to $447.3 million from $498.5 million a year earlier.

For the fourth quarter, net income was $74.3 million, and adjusted EBITDAR was $175.7 million.

The 2025 adjusted EBITDA total reflected several sizable swings versus 2024: Income tax expense declined to $56.2 million from $63.4 million. Interest expense fell to $55.2 million from $65.6 million. Depreciation and amortization rose to $155.7 million from $146.3 million. Noncontrolling interest earnings increased in magnitude to $94.3 million from $89.4 million. Loss on extinguishment and modification of debt increased to $7.3 million from $3.4 million. Other non-operating losses were $1.1 million, compared with a $4.9 million gain in 2024. Cybersecurity incident recoveries, net were $22.7 million, compared with $21.5 million in 2024. Certain legal matters and related costs were $900,000, down from $2.0 million. Restructuring, exit and acquisition-related costs edged up to $13.3 million from $12.8 million. Epic implementation expenses rose to $4.8 million from $3.2 million. Equity-based compensation more than doubled to $39.3 million from $18.0 million. Loss from disposed operations was $207,000, compared with income of $79,000 in 2024.

Adjusted EBITDAR for 2025 was $611.6 million, up from the year’s adjusted EBITDA because it added back $164.3 million of rent expense payable to REITs. For the fourth quarter alone, 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 fourth quarter also included: Net income of $74.3 million Income tax expense of $18.1 million Interest expense of $12.4 million Depreciation and amortization of $41.0 million Noncontrolling interest earnings of $29.3 million Restructuring, exit and acquisition-related costs of $5.3 million Epic expenses of $1.9 million Equity-based compensation of $9.1 million Following these announcements, the company's shares moved 1.39%, and are now trading at a price of $10.91. If you want to know more, read the company's complete 8-K report here.

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