Ardent Health, Inc.

Listed Company

ARDTCIK 0001756655NYSEAcceleratedServices-General Medical & Surgical Hospitals, NecDelawareFY ends Dec 31

Period

FY 2025

Revenue

$6.32B

Net Income

$135.81M

Total Assets

$5.29B

Equity

$1.29B

Shares Out

142.90M

Op. Cash Flow

$470.51M

Business

Ardent Health, Inc. is a holding company whose affiliates operate acute care hospitals and other healthcare facilities and employ physicians to deliver integrated healthcare services. It offers a wide range of inpatient and outpatient services, including internal medicine, general surgery, cardiology, oncology, orthopedics, women’s services, neurology, urology, emergency care, ambulatory surgery, diagnostic imaging and virtual care. The Company operates through a differentiated joint venture model in which it is typically the majority owner and day-to-day operator of hospital JVs and centrally provides management services. Ardent serves growing mid‑sized urban markets across Texas, Oklahoma, New Mexico, New Jersey, Idaho and Kansas through hospitals, ambulatory clinics, urgent care, freestanding emergency departments, imaging centers and telehealth channels.

Summary from filing dated 2025-02-27

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31
Total revenue	6,324	5,966	5,409	5,130
Salaries and benefits	2,658	2,535	2,384	2,412
Professional fees	1,193	1,097	980	736
Supplies	1,083	1,033	993	955
Other operating expenses	647	496	452	464
Government stimulus income	0	0	−9	−17
Interest expense	55	66	74	—
Depreciation and amortization	156	146	141	138
Loss on extinguishment and modification of debt	7	3	0	0
Other non-operating gains	−23	−26	−2	−19
Total operating expenses	6,038	5,603	5,258	4,818
Income before income taxes	286	363	152	311
Income tax expense	56	63	23	46
Net income	230	300	129	265
Net income attributable to noncontrolling interests	94	89	75	76
Net income attributable to Ardent Health, Inc.	136	210	54	189
Net income per common share, basic (in USD per share)	0.96	1.59	0.43	1.5
Net income per common share, diluted (in USD per share)	0.96	1.58	0.43	1.5
Weighted average number of common shares, basic (in shares)	141	132	126	126
Weighted average number of common shares, diluted (in shares)	141	133	126	126

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	710	557	438	—	—
Accounts receivable	686	743	775	—	—
Inventories	119	115	105	—	—
Prepaid expenses	113	114	77	—	—
Other current assets	432	304	222	—	—
Total current assets	2,059	1,833	1,618	—	—
Property and equipment, net	936	862	—	—	—
Goodwill	879	852	845	845	—
Other intangible assets	89	77	77	—	—
Deferred income taxes	7	12	32	—	—
Other assets	112	143	147	—	—
Total assets	5,290	4,956	4,732	—	—
Current installments of long-term debt	23	9	19	—	—
Accounts payable	458	401	475	—	—
Accrued salaries and benefits	296	295	268	—	—
Other accrued expenses and liabilities	269	240	233	—	—
Total current liabilities	1,047	945	994	—	—
Long-term debt, less current installments	1,076	1,086	1,168	—	—
Long-term operating lease liability	1,165	1,141	—	—	—
Self-insured liabilities	241	227	244	—	—
Other long-term liabilities	77	35	76	—	—
Total liabilities	3,605	3,434	3,649	—	—
Commitments and contingencies (see Note 13)	—	—	—	—	—
Redeemable noncontrolling interests	−1	1	7	11	—
Preferred stock, par value $0.01 per share; 50,000,000 shares authorized; no shares issued and outstanding	0	0	0	—	—
Common stock, par value $0.01 per share; 750,000,000 shares authorized; 142,864,171 and 142,747,818 shares issued and outstanding as of December 31, 2025 and 2024, respectively	1	1	0	—	—
Additional paid-in capital	788	754	0	—	—
Accumulated other comprehensive (loss) income	−4	10	19	—	—
Retained earnings	502	366	155	—	—
Equity attributable to Ardent Health, Inc.	1,288	1,131	671	—	—
Noncontrolling interests	398	390	404	—	—
Total equity	1,686	1,521	1,075	1,040	978
Total liabilities and equity	5,290	4,956	4,732	—	—

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31
Depreciation and amortization	156	146	141	138
Loss on extinguishment and modification of debt	515,000	2	0	0
Amortization of deferred financing costs and debt discounts	4	5	5	6
Deferred income taxes	44	24	4	46
Equity-based compensation	39	18	904,000	611,000
(Income) loss from non-consolidated affiliates	−1	6	−2	−8
Accounts receivable	59	40	−181	−17
Inventories	−3	−9	2	5
Prepaid expenses and other current assets	−122	−136	−37	8
Accounts payable and other accrued expenses and liabilities	62	−104	137	14
Accrued salaries and benefits	686,000	28	23	−19
Net cash provided by operating activities	471	315	222	−38
Investment in acquisitions, net of cash acquired	−3	−36	0	0
Purchases of property and equipment	−212	−188	−137	−151
Other	179,000	−2	−575,000	−9
Net cash used in investing activities	−214	−220	−138	47
Proceeds from initial public offering, net of underwriting discounts and commissions	0	209	0	0
Proceeds from revolving line of credit	0	0	125	0
Proceeds from insurance financing arrangements	16	11	25	4
Proceeds from long-term debt	0	4	7	878,000
Payments of principal on revolving line of credit	0	0	−125	0
Payments of principal on insurance financing arrangements	−15	−10	−23	−4
Payments of principal on long-term debt	−8	−108	−14	−17
Debt issuance costs	−3	−2	0	0
Payments of initial public offering costs	0	−10	0	−2
Distributions to noncontrolling interests	−88	−73	−64	−69
Redemption of equity attributable to noncontrolling interests	0	0	−26	0
Other	−5	5	−7	−10
Net cash (used in) provided by financing activities	−103	25	−102	−270
Net increase (decrease) in cash and cash equivalents	153	119	−19	−262
Non-cash purchases of property and equipment	16	9	16	10
Offering costs not yet paid	0	330,000	0	0
Income tax payments, net	37	42	19	56

Filings

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