Ardent Health, Inc. filed a Current Report on Form 8-K dated September 4, 2026, to revise its non-GAAP financial measures within its 2025 Annual Report on Form 10-K. The company stated that the revisions were made in connection with discussions with the Securities and Exchange Commission’s Division of Corporation Finance to remove specific non-GAAP adjustments.
The adjustments being removed relate to a change in accounting estimate regarding the collectability of accounts receivable and a New Mexico professional liability accrual. These items were previously included in the company’s Adjusted EBITDA and Adjusted EBITDAR calculations for the year ended December 31, 2025. The company noted that the footnotes to the 2025 Form 10-K had previously identified these amounts in detail, but the company is now removing them from the aggregate non-GAAP presentations.
After removing these two adjustments, the company’s Adjusted EBITDA for the year ended December 31, 2025, decreased from $545.0 million to $447.3 million. Similarly, Adjusted EBITDAR for the same period decreased from $709.3 million to $611.6 million. The company clarified that these adjustments were limited to the third quarter of 2025 and that there are no revisions to the 2023 or 2024 Adjusted EBITDA or Adjusted EBITDAR figures.
Ardent Health emphasized that the removal of these adjustments has no impact on its GAAP consolidated financial statements, financial condition, results of operations, or cash flows. The revisions also do not affect the company’s 2026 financial results, including Adjusted EBITDA or Adjusted EBITDAR.
The filing includes updated sections titled “Supplemental Non-GAAP Information,” “Supplemental Non-GAAP Performance Measure,” and “Supplemental Non-GAAP Valuation Measure” as Exhibit 99.1.
