Acadia Healthcare (ACHC) Q2 FY26 earnings call

Acadia Healthcare delivered solid Q2 FY26 results, exceeding revenue guidance and achieving adjusted EBITDA and EPS near the high end of expectations, driven by strong operational execution and successful ramp-up of new facilities. The company generated significant free cash flow, reduced debt, and remains focused on disciplined capital deployment and optimizing its existing capacity. While facing some headwinds from Medicaid program changes and a PLGL reserve adjustment, management expressed confidence in achieving its long-term incremental EBITDA targets from new beds and expects continued o