Ardent Health revised its 2025 non-GAAP presentations by removing $97.7 million from Adjusted EBITDA and Adjusted EBITDAR, reducing them to $447.3 million and $611.6 million. Investors will see the revised presentation in future periodic reports, while 2026 results, net income, GAAP statements, financial condition, results and cash flows remain unchanged.

Key Highlights

  • Adjusted EBITDA for 2025 was reduced from $545.0 million to $447.3 million.
  • Adjusted EBITDAR for 2025 was reduced from $709.3 million to $611.6 million.
  • The revisions apply only to 2025, with 2023 and 2024 Adjusted EBITDA and Adjusted EBITDAR unchanged.

Ardent Health, Inc. (NYSE: ARDT) now presents 2025 Adjusted EBITDA at $447.3 million, down from $545.0 million, after removing $97.7 million tied to two non-GAAP adjustments. The removed adjustments related to a change in the collectability estimate for Accounts Receivable and a New Mexico professional Liability accrual. The filing was dated September 4, 2026. The company said the adjustments were removed following discussions with staff of the Securities and Exchange Commission’s Division of Corporation Finance. The underlying amounts separately identified in the 2025 disclosures were not themselves revised.

$97.7M Removed From Metrics

Both adjustments were limited to the third quarter of 2025, according to the updated presentation. Adjusted EBITDAR declined from $709.3 million as previously presented to $611.6 million after the removal. Ardent Health said it continues to regard the original presentation as materially accurate and fairly presented, while revising the measures to stop including the two adjustments. The revised figures are non-GAAP measures.

Earlier Periods Remain Unchanged

Ardent Health’s 2026 financial results, including Adjusted EBITDA and Adjusted EBITDAR, are also unaffected. Adjusted EBITDA is presented as a performance measure used by management and external users to evaluate financial performance and allocate resources.

Future Reports Adopt Revised Presentation

Ardent Health’s future periodic reports will use the revised presentation. Its next applicable periodic report will include enhanced disclosures described in the updated sections. The revised disclosures cover the supplemental non-GAAP information, performance measure and valuation measure sections related to the 2025 presentation. Other information in the 2025 Annual Report remains unchanged. The company said Adjusted EBITDA and Adjusted EBITDAR are not prepared under U.S. generally accepted accounting principles and should not be viewed in isolation or as substitutes for Net Income or other GAAP measures. The revised presentation therefore changes the reported non-GAAP figures without changing the company’s GAAP financial statements or 2026 results.