Ardent Health, Inc. Form 8-K Summary
Business Context and Reporting Period
This Current Report on Form 8-K, dated September 4, 2026, concerns Ardent Health, Inc. (NYSE: ARDT). The filing addresses revisions to non-GAAP financial measures previously disclosed in the Company's Annual Report on Form 10-K for the year ended December 31, 2025. The revisions were made following discussions with the SEC Division of Corporation Finance.
Key Financial Metrics and Revisions
The filing revises the presentation of Adjusted EBITDA and Adjusted EBITDAR for the fiscal year 2025 by removing specific adjustments related to a change in accounting estimate for accounts receivable collectability and a New Mexico professional liability accrual. These adjustments, totaling $97.7 million, were previously excluded from non-GAAP metrics but are now included in the revised calculations.
- Revised Adjusted EBITDA (2025): Decreased from $545.0 million to $447.3 million.
- Revised Adjusted EBITDAR (2025): Decreased from $709.3 million to $611.6 million.
- GAAP Impact: No impact on GAAP consolidated financial statements, net income, financial condition, results of operations, or cash flows.
- Other Periods: No revisions to 2023, 2024, or 2026 financial results.
Material Changes Versus Prior Period
The material change is strictly a restatement of non-GAAP metrics for the 2025 fiscal year. The underlying GAAP financial data remains unchanged. The revision removes $97.7 million in aggregate adjustments that were previously excluded from the non-GAAP measures for the third quarter of 2025. There are no changes to the amounts disclosed in the footnotes regarding the accounts receivable estimate or the liability accrual; only their treatment in the non-GAAP reconciliation has changed.
Management Commentary and Outlook
Management states that while the previous presentation was believed to be materially accurate, the revisions align with SEC staff guidance to no longer include these specific items as adjustments. The Company confirms that future periodic reports will reflect this revised presentation. There is no impact on the Company's 2026 financial results or outlook. The filing includes revised sections of the 2025 Form 10-K as Exhibit 99.1.
Investor Verification Checklist
- Verify the revised Adjusted EBITDA and Adjusted EBITDAR figures in the attached Exhibit 99.1.
- Confirm that GAAP net income and cash flow statements for 2025 remain unchanged.
- Review the specific details of the $97.7 million adjustment removal in the footnotes of the 2025 Form 10-K.
- Ensure future filings (2026 and beyond) utilize the new non-GAAP presentation methodology.