Ardent Health, Inc. filed a Form 8-K on September 4, 2026, disclosing revisions to its non-GAAP Adjusted EBITDA and Adjusted EBITDAR figures for the year ended December 31, 2025, removing $97.7 million in aggregate adjustments following discussions with the SEC's Division of Corporation Finance.

Key Highlights

  • Adjusted EBITDA revised downward: The company's Adjusted EBITDA for the year ended December 31, 2025 decreased from $545.0 million (as previously presented) to $447.3 million.
  • Adjusted EBITDAR revised downward: Adjusted EBITDAR for the same period decreased from $709.3 million (as previously presented) to $611.6 million.
  • Total adjustments removed: $97.7 million in aggregate was removed, related to two items both limited to the third quarter of 2025.
  • Two adjustments eliminated: The removed items relate to a change in accounting estimate for accounts receivable collectability and a New Mexico professional liability accrual.
  • SEC staff discussions cited: The revisions were made "in connection with the Company's discussions with the staff of the Securities and Exchange Commission's Division of Corporation Finance."
  • GAAP financials unchanged: According to the filing, the removal has no impact on the company's GAAP consolidated financial statements, financial condition, results of operations, or cash flows.
  • No impact on 2023, 2024, or 2026: The filing states there are no revisions to 2023 or 2024 Adjusted EBITDA or Adjusted EBITDAR, and no impact to the company's 2026 financial results.

Ardent Health Removes Two Non-GAAP Adjustments After SEC Staff Review

Ardent Health, Inc. (NYSE:ARDT), a Delaware-incorporated healthcare company headquartered in Brentwood, Tennessee, filed this 8-K to revise non-GAAP financial measures originally presented in its Annual Report on Form 10-K for the year ended December 31, 2025. According to the filing, the revisions affect sections within "Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations" of the 2025 Form 10-K, specifically the Supplemental Non-GAAP Information, Non-GAAP Performance Measure, and Non-GAAP Valuation Measure sections. Updated versions of these sections are attached as Exhibit 99.1.

The filing states that the company is removing $97.7 million in aggregate adjustments that had previously been included in Adjusted EBITDA and Adjusted EBITDAR calculations. Both adjustments were limited to the third quarter of 2025: one related to a change in accounting estimate concerning the collectability of accounts receivable, and one related to a New Mexico professional liability accrual. The filing notes that "the Company believes the presentation of Adjusted EBITDA and Adjusted EBITDAR was materially accurate and fairly presented within the 2025 Form 10-K," but that the revisions are being made following discussions with the SEC's Division of Corporation Finance staff. The underlying dollar amounts for the two items, previously disclosed in footnotes to the non-GAAP presentations, are not themselves being revised.

According to the filing, all other portions of the 2025 Form 10-K remain unchanged. The company stated that its future periodic reports will reflect the revised presentation and that its next applicable periodic report will include additional enhanced disclosures. The filing was signed by Alfred Lumsdaine, Executive Vice President and Chief Financial Officer.

What Was Disclosed

Ardent Health disclosed revisions to its 2025 non-GAAP Adjusted EBITDA and Adjusted EBITDAR, removing $97.7 million in adjustments tied to two third-quarter 2025 items, following discussions with SEC staff. GAAP financials, and 2023, 2024, and 2026 non-GAAP figures, remain unchanged.