Ardent Health reported full-year 2025 net income of $230.1 million, down from $299.7 million in 2024, even as revenue-related operating adjustments shifted in several directions.
Adjusted EBITDA fell to $447.3 million from $498.5 million a year earlier, a decline of $51.2 million. The drop came despite higher depreciation and amortization, which rose to $155.7 million from $146.3 million, and a larger equity-based compensation charge of $39.3 million versus $18.0 million in 2024.
Interest expense eased to $55.2 million from $65.6 million, while income tax expense declined to $56.2 million from $63.4 million. Noncontrolling interest earnings were $94.3 million, compared with $89.4 million in 2024.
Cybersecurity incident recoveries, net improved slightly to a $22.7 million benefit in 2025 from a $21.5 million benefit in 2024. Restructuring, exit and acquisition-related costs were little changed at $13.3 million, versus $12.8 million a year earlier. Epic-related implementation costs increased to $4.8 million from $3.2 million. Loss on extinguishment and modification of debt rose to $7.3 million from $3.4 million.
For the fourth quarter, net income was $74.3 million, with Adjusted EBITDAR at $175.7 million. That quarterly EBITDAR included $41.8 million of rent expense payable to REITs, made up of $38.9 million tied to Ventas leases and $2.9 million tied to the MPT lease.
For the full year, rent expense payable to REITs totaled $164.3 million, including $152.9 million related to Ventas and $11.4 million related to MPT. Today the company's shares have moved 1.39% to a price of $10.91. For more information, read the company's full 8-K submission here.
