ARDT on NYSE

Ardent Health Services

American healthcare company

Ardent Health, Inc., formerly known as Behavioral Healthcare Corporation is a for-profit healthcare company based in Brentwood, Tennessee, United States.3 It was founded by Charles A. Elcan.1 Its shares trade on NYSE under the symbol ARDT.1 Wikipedia text CC BY-SA 4.0

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Last updated Oct 21, 2026.

Overview

1993Founded1

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  • TickerARDT on NYSE1
  • IndustryServices-General Medical & Surgical Hospitals, NEC1
  • HeadquartersNashville1
  • Websitewww.ardenthealth.com
  • Legal formcorporation1
  • Incorporated inDE4
  • Business address340 Seven Springs Way, Suite 100, Brentwood, Tn 370274
  • Filer categoryAccelerated filer4

Ardent Health, Inc., formerly known as Behavioral Healthcare Corporation is a for-profit healthcare company based in Brentwood, Tennessee, United States.3

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

2.1%Net margin7
6.0%Revenue growth, 20257
10.5%Return on equity7
0.84×Debt to equity7

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Other costs97¢$6.1B
  • Income tax1¢$56.2M
  • Profit2¢$135.8M

Out of $6.3B in revenue.7

Where each dollar of operating cash went, fiscal 2025

  • Kept or used elsewhere100¢$470.5M

Out of $470.5M of cash from operations.7

Financial statements

Revenue87$6.3B in 2025+23% since 2022
0$2.0B$4.0B$6.0B$8.0B2022: $5.1B$5.1B20222023: $5.4B$5.4B2023+5%2024: $6.0B$6.0B2024+10%2025: $6.3B$6.3B2025+6%
Net income87$135.8M in 2025−28% since 2022
0$100.0M$200.0M$300.0M2022: $188.9M$188.9M20222023: $53.9M$53.9M2023−71%2024: $210.3M$210.3M2024+290%2025: $135.8M$135.8M2025−35%

Every line of the income statement as filed: the last 3 fiscal years, latest first.7

Period ending2025-12-312024-12-312023-12-31
Total revenue$6.3B$6.0B$5.4B
Salaries and benefits$2.7B$2.5B$2.4B
Professional fees$1.2B$1.1B$980.3M
Supplies$1.1B$1.0B$993.4M
Other operating expenses$647.3M$496.2M$451.7M
Government stimulus income$0$0-$8.5M
Interest expense$55.2M$65.6M$74.3M
Depreciation and amortization$155.7M$146.3M$140.8M
Loss on extinguishment and modification of debt$7.3M$3.4M$0
Other non-operating gains-$23.3M-$26.3M-$1.6M
Total operating expenses$6.0B$5.6B$5.3B
Income before income taxes$286.4M$363.1M$151.6M
Income tax expense$56.2M$63.4M$22.6M
Net income$230.1M$299.7M$129.0M
Net income attributable to noncontrolling interests$94.3M$89.4M$75.1M
Net income attributable to Ardent Health, Inc.$135.8M$210.3M$53.9M
Net income per common share, basic (in USD per share)$0.96$1.59$0.43
Net income per common share, diluted (in USD per share)$0.96$1.58$0.43
Weighted average number of common shares, basic (in shares)140.8M shares132.4M shares126.1M shares
Weighted average number of common shares, diluted (in shares)141.5M shares132.7M shares126.1M shares

Compare Ardent Health Services with another company

Corporate structure

Ardent Health Services sits at the top of its group. 125 entities, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Ardent Health Services

  • Ardent Health Services Nashville
    • 22 Walnut Crescent, LLC Subsidiary · Delaware, United States
    • 4 George, LLC Subsidiary · Delaware, United States
    • Access Direct-A Preferred Provider Network, Inc. Subsidiary · Texas, United States
    • AHP Health Partners, Inc. Subsidiary · Delaware, United States
    • AHS Acquisitions, LLC Subsidiary · Delaware, United States
    • AHS Albuquerque Holdings, LLC Subsidiary · New Mexico, United States
    • AHS BSA, LLC Subsidiary · Delaware, United States
    • AHS Claremore Regional Hospital, LLC Subsidiary · Delaware, United States
    • AHS Cushing Hospital, LLC Subsidiary · Delaware, United States
    • AHS East Texas Health System, LLC Subsidiary · Texas, United States
    • AHS Henryetta Hospital, LLC Subsidiary · Delaware, United States
    • AHS Hillcrest Healthcare System, LLC Subsidiary · Delaware, United States
    • AHS Hillcrest Medical Center, LLC Subsidiary · Delaware, United States
    • AHS Innovation Enterprises, LLC Subsidiary · Delaware, United States
    • AHS Kansas Health System, Inc. Subsidiary · Delaware, United States
    • AHS Management Company, Inc. Subsidiary · Tennessee, United States
    • AHS Management Services of Oklahoma, LLC Subsidiary · Delaware, United States
    • AHS Newco 17, LLC Subsidiary · Delaware, United States
    • AHS Newco 18, LLC Subsidiary · Delaware, United States
    • AHS Nurse Staffing Solutions, LLC Subsidiary · New Mexico, United States
    • AHS Oklahoma Heart, LLC Subsidiary · Delaware, United States
    • AHS Oklahoma Physician Group, LLC Subsidiary · Delaware, United States
    • AHS Oklahoma, LLC Subsidiary · Delaware, United States
    • AHS Operations Holdings, LLC Subsidiary · Delaware, United States
    • AHS Physician Partners, LLC Subsidiary · Delaware, United States
    • and 99 more

Built from subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Ardent Health Services reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, before depreciation$1.9B8 Dec 31, 2024$1.7B8 Dec 31, 2023+8.0%
Accumulated depreciation$989.5M8 Dec 31, 2024$902.5M8 Dec 31, 2023+9.6%
Property and equipment, net$861.9M8 Dec 31, 2024$811.1M8 Dec 31, 2023+6.3%
Finance-lease assets$53.9M7 Dec 31, 2025$51.2M7 Dec 31, 2024+5.3%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$709.6M7 Dec 31, 2025$556.8M7 Dec 31, 2024+27.4%

Intangibles and goodwill

ItemLatestA year beforeChange
Goodwill$879.5M7 Dec 31, 2025$852.1M7 Dec 31, 2024+3.2%
Finite-lived intangibles, gross$13.2M7 Dec 31, 2025
Finite-lived intangibles, net$12.4M7 Dec 31, 2025

Inventory

ItemLatestA year beforeChange
Inventory, total$118.6M7 Dec 31, 2025$115.1M7 Dec 31, 2024+3.0%

Properties, in its own words

The disclosure required under this Item is included in "Item 1. Business—Our Properties and Facilities" and "Item 1. Business—Our Platform" of this Annual Report.

Item 2 of the 10-K filed Mar 16, 2026.11

The story

Founded by Charles A. Elcan in 1993.1

The Behavioral Healthcare Corporation was founded in 1993 by Edward Stack. Until 2001, it was a privately held company owned by Kindred Healthcare and Welsh Carson Anderson & Stowe and several individual investors and focused owning and operating behavioral health facilities. It currently owns and operates hospitals in Tulsa, Oklahoma, Albuquerque, New Mexico, Amarillo, Texas, Pocatello, Idaho, Topeka, Kansas, 2 in New Jersey and, as of March 1, 2018, UTHET in Tyler, Texas.

By 2001, the private equity firm Welsh, Carson, Anderson & Stowe became majority shareholders and changed the name of the company.

The company sold its behavioral health operations to Psychiatric Solutions, Inc. in 2005.

In 2015, Ventas acquired the company for $1.75b through a traditional sale-leaseback transaction where Ventas remained the owner of essentially all of Ardent's real property interests while a joint venture between Equity Group Investments, Ventas and several members of management acquired its hospital operations.

In February 2018, Ardent Health Services acquired the East Texas Medical Center (ETMC) hospital system, and created the Tyler Regional Hospital, LLC, purchased the name-rights of the University of Texas Health Sciences Brand, and created a Doing-Business-As name of "UT Health Tyler." Tyler Regional Hospital, LLC continues operating under the UT Health Brand but is not currently under the University of Texas umbrella of administration. Currently, the University of Texas system owns a 30% share in the hospital while Ardent Health owns a 70% share.

In February 2020, Ardent Health Services president and CEO David T. Vandewater announced his plans to retire from the company. He remained president and CEO until a successor was named.

In August 2020, Ardent Health Services appointed Martin J. Bonick as president and CEO. Today the company has 26,000 employees, 30 hospitals, and over 200 sites of care in six states.

From Wikipedia’s article on Ardent Health, shared under CC BY-SA 4.0.5

Leadership

Who has led Ardent Health Services, and when. Pick a name to see everywhere that person has worked.

Board members and other officers (14)

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • 22 Walnut Crescent, LLC Delaware6
  • 4 George, LLC Delaware6
  • AHP Health Partners, Inc. Delaware6
  • AHS Acquisitions, LLC Delaware6
  • AHS Albuquerque Holdings, LLC New Mexico6
  • AHS BSA, LLC Delaware6
  • AHS Claremore Regional Hospital, LLC Delaware6
  • AHS Cushing Hospital, LLC Delaware6
  • AHS East Texas Health System, LLC Texas6
  • AHS Henryetta Hospital, LLC Delaware6
  • AHS Hillcrest Healthcare System, LLC Delaware6
  • AHS Hillcrest Medical Center, LLC Delaware6
  • AHS Innovation Enterprises, LLC Delaware6
  • AHS Kansas Health System, Inc. Delaware6
  • AHS Management Company, Inc. Tennessee6
  • AHS Management Services of Oklahoma, LLC Delaware6
  • AHS Newco 17, LLC Delaware6
  • AHS Newco 18, LLC Delaware6
  • AHS Nurse Staffing Solutions, LLC New Mexico6
  • AHS Oklahoma Heart, LLC Delaware6
  • AHS Oklahoma Physician Group, LLC Delaware6
  • AHS Oklahoma, LLC Delaware6
  • AHS Operations Holdings, LLC Delaware6
  • AHS PSO, LLC Delaware6
All 124 listed subsidiaries
  • AHS Physician Partners, LLC Delaware6
  • AHS Pryor Hospital, LLC Delaware6
  • AHS Southcrest Hospital, LLC Delaware6
  • AHS Strategic Ventures, LLC Delaware6
  • AHS Texas, LLC Delaware6
  • AHS Tulsa Holdings, LLC Delaware6
  • Access Direct-A Preferred Provider Network, Inc. Texas6
  • Amarillo Surgery And Endoscopy, LP Texas6
  • Ardent Legacy Holdings, LLC Delaware6
  • Athens Hospital, LLC Delaware6
  • BSA Amarillo Diagnostic Clinic, Inc. Texas6
  • BSA Amarillo Surgery and Endoscopy GP, LLC Texas6
  • BSA Cardiac ASC, LLC Texas6
  • BSA Cardiac Care Group, Inc. Texas6
  • BSA Harrington Physicians, Inc. Texas6
  • BSA Health System Holdings, LLC Texas6
  • BSA Health System Management, LLC Texas6
  • BSA Health System of Amarillo, LLC Texas6
  • BSA Hospital, LLC Texas6
  • BSA Physicians Group, Inc. Texas6
  • Bailey Medical Center, LLC Delaware6
  • Bay County Sacred Heart Leasing Co, LLC Florida6
  • Belton Imaging Center, LLC Delaware6
  • Carthage Hospital, LLC Delaware6
  • Centralized Credentialing Services, Inc. Texas6
  • Cyberknife, Ltd. Texas6
  • ETMC EMS Texas6
  • ETMC Physician Group, Inc. Texas6
  • East Texas Air One, LLC Delaware6
  • East Texas Health System, LLC Texas6
  • East Texas Holdings, LLC Delaware6
  • East Texas UC Acquisition, LLC Delaware6
  • East Texas Urgent Care Holdings, LLC Delaware6
  • East Texas Urgent Care, LLC Delaware6
  • FMC Services, LLC Texas6
  • Freedom Urgent Care, PLLC Texas6
  • HH/Killeen Health System, LLC Delaware6
  • Henderson Hospital, LLC Delaware6
  • Hillcrest Urgent Care, LLC Delaware6
  • Jacksonville Hospital, LLC Delaware6
  • LHP Bay County, LLC Delaware6
  • LHP HH/Killeen, LLC Delaware6
  • LHP Hospital Group, Inc. Delaware6
  • LHP IT Services, LLC Delaware6
  • LHP Management Services, LLC Delaware6
  • LHP Montclair LLC New Jersey6
  • LHP Operations Co., LLC Delaware6
  • LHP Pascack Valley, LLC New Jersey6
  • LHP Pocatello, LLC Delaware6
  • LHP Sherman/Grayson, LLC Texas6
  • LHP Southwest Connecticut, LLC Delaware6
  • LHP Texas MD Services, Inc. Texas6
  • LHP Texas Physicians, LLC Texas6
  • LHS Services, Inc. New Mexico6
  • LHS Valencia County, LLC New Mexico6
  • Lovelace Health System, LLC New Mexico6
  • Lovelace IP, LLC New Mexico6
  • Lovelace UNM Rehabilitation Hospital, LLC New Mexico6
  • Lovelace Urgent Care, LLC New Mexico6
  • MPV New Jersey MD Services, P.C. New Jersey6
  • Montclair Health Services, LLC New Jersey6
  • Montclair Health System, LLC New Jersey6
  • Montclair Hospital, LLC Delaware6
  • New Mexico Heart Institute, LLC New Mexico6
  • Open Air Imaging Center, LLP Texas6
  • PHS Ambulatory Services, LLC Delaware6
  • PHS MD #1, LLC Delaware6
  • PHS MD #2, LLC Delaware6
  • PHS/MVH JV, LLC Delaware6
  • Pascack Valley Health Services, LLC New Jersey6
  • Pascack Valley Health System, LLC New Jersey6
  • Pascack Valley Hospital, LLC New Jersey6
  • Patient Quality Alliance VCO, LLC Idaho6
  • Patient Quality Alliance, LLC Delaware6
  • Physicians Surgical Hospitals, LLC Texas6
  • Physicians Surgical Real Estate, LLC Texas6
  • Pittsburg Hospital, LLC Delaware6
  • Pocatello Health Services, LLC Delaware6
  • Pocatello Health System, LLC Delaware6
  • Pocatello Hospital, LLC Delaware6
  • Portneuf ASC, LLC Delaware6
  • Quitman Hospital, LLC Delaware6
  • Rehabilitation Hospital, LLC Delaware6
  • Rose City Benefits, Inc. Texas6
  • Rose City Brokerage, Inc. Texas6
  • Rose City Care Management, Inc. Texas6
  • Seton Urgent Care, LLC Delaware6
  • Sherman/Grayson Health System, LLC Texas6
  • Southwest Medical Associates, LLC New Mexico6
  • Specialty Hospital, LLC Delaware6
  • Tallgrass Surgical Center, LLC Kansas6
  • Topeka Health System, LLC Delaware6
  • Topeka Holdings, LLC Delaware6
  • Topeka Hospital, LLC Delaware6
  • Topeka Physician Group, LLC Delaware6
  • Topeka Urgent Care, LLC Delaware6
  • Tulsa Spine And Specialty Hospital, LLC Oklahoma6
  • Tyler Regional Hospital, LLC Delaware6
  • UK St. Francis Urgent Care, LLC Delaware6
  • UT East Texas Urgent Care Centers, PLLC Texas6

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Former names

  • Ardent Health Partners, Inc.Apr 12, 2024 to May 23, 20254
  • Ardent Health Partners, LLCOct 26, 2018 to Jul 16, 20244

Timeline

  1. Sep 4, 20268-K Other events30
  2. Aug 4, 20268-K Results of operations31
  3. Jul 2, 2026New chief executive Dave Caspers becomes CEO12
  4. Jun 30, 20268-K Executive or director change32
  5. Jun 2, 20268-K Executive or director change; Regulation FD disclosure33
  6. May 26, 20268-K Shareholder vote34
  7. May 5, 20268-K Results of operations35
  8. Mar 27, 20268-K Executive or director change36
  9. Mar 4, 20268-K Results of operations37
  10. Nov 18, 20258-K Regulation FD disclosure; Other events38
  11. Nov 12, 20258-K Results of operations39
  12. Sep 23, 20258-K Entered a material agreement; New debt or obligation40
  13. Aug 5, 20258-K Results of operations41
  14. Jul 17, 2024New chief executive Martin Bonick becomes CEO13
  15. 1993Founded Founded1

Calendar

Coming up

  1. Nov 4, 2026 · After the closeReports results for the quarter ending Sep/2026 A year earlier it reported $0.52 a share, on Nov 12, 2025.42

When it reported results

  1. Aug 4, 2026Reported quarterly or annual results31
  2. May 5, 2026Reported quarterly or annual results35
  3. Mar 4, 2026Reported quarterly or annual results37
  4. Nov 12, 2025Reported quarterly or annual results39
  5. Aug 5, 2025Reported quarterly or annual results41
  6. May 6, 2025Reported quarterly or annual results43
  7. Feb 26, 2025Reported quarterly or annual results44
  8. Jan 13, 2025Reported quarterly or annual results45

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

168 filings to the SEC since October 2021: 2 annual reports, 7 quarterly reports, 21 major events, 89 insider forms, 3 large holders, 46 other. The latest 20:

  1. Sep 29, 20264 EDGAR
  2. Sep 29, 20264 EDGAR
  3. Sep 29, 20264 EDGAR
  4. Sep 4, 20268-K EDGAR
  5. Aug 27, 2026144 EDGAR
  6. Aug 25, 2026144 EDGAR
  7. Aug 20, 2026144 EDGAR
  8. Aug 18, 2026144 EDGAR
  9. Aug 10, 202610-Q EDGAR
  10. Aug 4, 20268-K EDGAR
  11. Jul 2, 20264 EDGAR
  12. Jun 30, 20268-K EDGAR
  13. Jun 8, 20264 EDGAR
  14. Jun 8, 20264 EDGAR
  15. Jun 2, 20268-K EDGAR
  16. May 26, 20268-K EDGAR
  17. May 6, 202610-Q EDGAR
  18. May 5, 20268-K EDGAR
  19. Apr 8, 2026ARS EDGAR
  20. Apr 8, 2026DEFA14A EDGAR

The 168 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

3 open-market trades by officers, directors and large owners since October 2021: 3 buys and 0 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Jun 5, 2026DeMichiei RobertDirectorBuy11,260$8.73$98.3KForm 4
Jun 5, 2026LUMSDAINE ALFREDChief Financial OfficerBuy10,000$8.81$88.1KForm 4
Nov 8, 2024Webb Robert ThomasDirectorBuy20,000$16.98$339.6KForm 4

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2025Marty BonickPresident and Chief Executive Officer52$1.1M$6.1M49
2025Alfred LumsdaineChief Financial Officer60$650.2K$2.7M49
2025David CaspersChief Operating Officer55$511.5K$2.4M49
2025David SchultzFormer President, Hospital Operations$389.9K$2.1M49
2025Ethan CherninFormer President, Health Services$612.5K$1.5M49
2025Stephen C. PetrovichExecutive Vice President and General Counsel59$547.1K$1.4M49
2024Marty BonickPresident and Chief Executive Officer52$1.1M$6.9M49
2024Alfred LumsdaineChief Financial Officer60$622.6K$3.4M49
2024David SchultzFormer President, Hospital Operations$652.1K$3.0M49
2024Stephen C. PetrovichExecutive Vice President and General Counsel59$531.1K$2.0M49
2024Ethan CherninFormer President, Health Services$343.9K$1.5M49
2023Marty BonickPresident and Chief Executive Officer52$988.6K$2.2M49
2023Alfred LumsdaineChief Financial Officer60$594.3K$1.3M49
2023Stephen C. PetrovichExecutive Vice President and General Counsel59$508.6K$958.2K49
2023David SchultzFormer President, Hospital Operations$342.9K$725.6K49

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Chai Trust Co LLC77,246,499$760.1M52.3%No change
Ventas, Inc.9,342,501$91.9M100.0%No change
BlackRock, Inc.2,176,348$21.4M0.0%+418,133
Ameriprise Financial Inc2,110,599$20.8M0.0%+333,873
Goldentree Asset Management LP1,580,423$15.5M0.9%−722,690
Aqr Capital Management LLC1,447,810$14.2M0.0%+505,457
CastleKnight Management LP1,076,967$10.6M0.4%No change
Vanguard Capital Management LLC963,833$9.5M0.0%−44,605
Bridgeway Capital Management, LLC841,126$8.3M0.1%−89,542
Geode Capital Management, LLC620,947$6.1M0.0%+59,504
Algert Global LLC597,745$5.9M0.1%+554,345
State Street Corp566,205$5.6M0.0%−19,853
First Trust Advisors LP562,278$5.5M0.0%+83,483
Empowered Funds, LLC551,293$5.4M0.0%+15,458
SageView Advisory Group, LLC480,447$4.7M0.2%−160,149
Hotchkis & Wiley Capital Management LLC444,896$4.4M0.0%+2,300
UBS Group AG442,619$4.4M0.0%−8,061
Bank Of America Corp /de/390,241$3.8M0.0%+29,203
Wedge Capital Management L L P/nc327,242$3.2M0.1%+222,447
Morgan Stanley315,960$3.1M0.0%+23,929
American Century Companies Inc309,359$3.0M0.0%+254,167
Goldman Sachs Group Inc304,449$3.0M0.0%+85,438
Jane Street Group, LLC300,343$3.0M0.0%+106,322
Jpmorgan Chase & Co242,329$2.4M0.0%+73,721
Bank of New York Mellon Corp241,587$2.4M0.0%+535

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How Ardent Health Services is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARArdent Health, Inc.2
  • CIK0001756655
  • Employer ID (EIN)61-176479311
  • Filer statusAccelerated filer not an emerging growth company; not a smaller reporting company; not a shell company11
  • Incorporated inDelaware11
  • Fiscal year endsDecember 312
  • Industry code (SIC)8062 Services-General Medical & Surgical Hospitals, NEC2
  • SEC reviewing officeOffice of Industrial Applications and Services, Division of Corporation Finance2
  • Business address340 Seven Springs Way, Suite 100, Brentwood, TN 370272
  • Phone61529630002
  • Shares outstanding141,045,907 as of Aug 7, 202610
  • Public float$324.3M as of Jun 30, 202511
  • AuditorErnst & Young LLP, Nashville, Tennessee, United States of America PCAOB ID 42; it also attests to the company’s internal control over financial reporting11
  • On EDGAR sinceOct 26, 20182
  • Filings173 in all: 4 (70), 8-K (21), 3 (19), 10-Q (7), CORRESP (6), UPLOAD (6), S-1/A (5), 144 (4)2
    All 27 form types

    DRSLTR (4), DRS (3), SC 13G (3), SEC STAFF LETTER (3), 10-K (2), ARS (2), DEF 14A (2), DEFA14A (2), DRS/A (2), EFFECT (2), S-1 (2), 424B2 (1), 424B4 (1), 8-A12B (1), ARS/A (1), CERT (1), RW (1), S-3 (1), S-8 (1)

  • Latest filingsAnnual report (10-K) Mar 16, 2026
    Quarterly report (10-Q) Aug 10, 2026
    Proxy statement (DEF 14A) Apr 8, 2026
    Latest 8-K (8-K) Sep 4, 2026

Securities registered for trading

ClassSymbolExchange
Common Stock, $0.01 par value per shareARDTNew York Stock Exchange

From the cover page of the 10-K filed Mar 16, 2026 (Section 12(b) of the Exchange Act).11

Risk factors and legal proceedings

The risks Ardent Health Services names in Item 1A of its 10-K filed Mar 16, 2026: 54 risks under these headings, as written.11

  • Risks Related to Our Business and Industry
  • Changes in government healthcare programs, including Medicare and Medicaid, could have an adverse effect on our revenues and business.
  • If reimbursement rates paid by commercial payors are reduced or we experience increased reimbursement denials or payment delays by commercial payors, if we are unable to retain and negotiate favorable contracts with private third party payors, if insured individuals move to health plans with greater coverage exclusions or restrictions or narrower networks, or if our volume of uninsured or underinsured patients increases, our revenues may decline.
  • Our business may be adversely impacted by changes in healthcare laws, regulations, policies and government programs.
  • Our business could be negatively affected by security threats, catastrophic events and other disruptions affecting our, our service providers’ or our JV partners’ information technology and related systems, which have adversely affected, and could in the future adversely affect, our relationships with patients and business partners and subject us to legal claims and liabilities, reputational harm and business disruption and adversely affect our financial condition.
  • Our hospitals, outpatient centers and other healthcare businesses operate in competitive environments, and competition in our markets may adversely affect patient volumes and other aspects of our business.
  • Our performance depends on our ability to recruit and retain quality physicians.
  • Our financial performance could be adversely affected by competition for staffing, the shortage of experienced nurses and other healthcare professionals, labor union activity and factors related to our employment of physicians.
  • Changes to physician utilization practices and treatment methodologies and other factors outside our control that impact demand for medical services may reduce our revenues and ability to grow profitably.
  • Third party payor controls designed to reduce costs and other payor practices intended to decrease inpatient services, surgical procedure volumes or reimbursement for services rendered may reduce our revenues.
  • Industry trends towards value-based purchasing and care coordination among healthcare providers may present us with operational, financial and competitive challenges.
  • We depend on key personnel, and losing one or more of our senior management team or local management personnel could have a material adverse effect on our business.
The other 43 risks
  • We may not be able to successfully complete acquisitions or strategic JVs on acceptable terms, which may slow our growth rate.
  • We may fail to realize all of the anticipated benefits of our past and any future acquisitions, or those benefits may take longer to realize than expected. We may also encounter significant difficulties in integrating these acquired businesses into our operations.
  • We may be subject to liabilities because of claims brought against our hospitals, physician practices, outpatient facilities or other business operations or against healthcare providers that provide services at our facilities.
  • We conduct a significant portion of our operations through JVs, which may expose us to certain risks and uncertainties, including risks as a result of our lack of sole decision-making authority. In addition, we may be required under certain circumstances to purchase our JV partners’ equity interests, which could adversely affect our liquidity and financial condition.
  • The failure to obtain our medical supplies and drugs at favorable prices or in sufficient volumes could cause our operating results to decline.
  • We are subject to a variety of operational, legal and financial risks associated with outsourcing functions to third parties.
  • Our facilities are heavily concentrated in Texas and Oklahoma, which makes us sensitive to regulatory, economic and competitive conditions and changes in those states.
  • General economic and business conditions, both nationally and in the regions in which we operate, including the impact of challenging macroeconomic conditions and inflationary pressures, current geopolitical instability, and impacts from the imposition of, or changes in, tariffs, as well as the potential impact of federal government shut downs or other uncertain political, financial, credit and capital conditions, have affected, and may continue to impact, our business, financial condition and results of operations.
  • Our hospitals and other healthcare facilities may be negatively impacted by severe weather, climate change, and other factors beyond our control, which could restrict patient access to care or cause one or more of our facilities to close temporarily or permanently.
  • We face certain risks related to the Ventas Master Lease, pursuant to which we lease ten of our hospitals and the associated Relative Rights Agreement.
  • Our principal equity holders’ interests may conflict with yours.
  • Our significant level of indebtedness, and the ability to refinance such indebtedness on acceptable terms, could adversely affect our ability to raise additional capital to fund our operations, limit our ability to react to changes in the economy or our industry, and prevent us from meeting our obligations under our debt instruments.
  • The agreements that govern our existing indebtedness impose significant operating and financial restrictions on us and our subsidiaries, which may prevent us from capitalizing on business opportunities, and we may be unable to refinance such indebtedness on acceptable terms.
  • Despite our current level of indebtedness, we may be able to incur substantially more debt and enter into other transactions which could further exacerbate the risks to our financial condition described above.
  • Our variable rate indebtedness subjects us to interest rate risk, which could cause our debt service obligations to increase significantly. We are also exposed to interest rate volatility, which could result in higher-than market interest rates and may have a material adverse effect on our business, financial condition, results of operations and prospects.
  • A deterioration of public health conditions associated with a future pandemic, epidemic or outbreak of an infectious disease in the markets in which we operate or that otherwise affects our facilities could adversely impact our business.
  • The estimates of market opportunity and forecasts of market growth included in this report may prove to be inaccurate, and even if our addressable markets achieve the forecasted growth, our business could fail to grow at similar rates.
  • If certain large employers in the local markets where our hospitals operate cease or substantially reduce their business operations, a disproportionately large number of community residents who depend on our hospitals and other healthcare facilities for their care may lose insurance coverage or decide to move elsewhere, which could adversely affect our business and results of operations.
  • Our cash and cash equivalents could be adversely affected if the financial institutions in which we hold our cash and cash equivalents fail.
  • Risks Related to Regulation
  • If we fail to comply with extensive laws and government regulations, we could suffer penalties or be required to make significant changes to our operations.
  • We may be the subject of government investigations, claims, audits, whistleblower and other litigation and payor audits.
  • We are required to treat patients with emergency medical conditions regardless of ability to pay.
  • Actual or perceived failures to comply with applicable data protection, privacy and security laws, regulations, standards and other requirements could adversely affect our business, results of operations and financial condition.
  • We may not be able to construct, acquire, sell, renovate or expand healthcare facilities. In addition, the acquisition of minority interests, including of ten percent (10%) or more of the outstanding equity of certain of our hospital facilities, may be subject to prior approval by certain state regulators where we operate, and the failure to obtain any such required approval may result in the imposition of significant fines on us and/or the loss of licensure, which could have an adverse effect on our results of operations.
  • Failure to comply with federal and state laws and regulations relating to Medicare and Medicaid enrollment, permit, licensing and accreditation requirements, or the expansion of existing or the enactment of new laws or regulation relating to permit, licensing and accreditation requirements, could result in fines, penalties and other adverse action, the loss of Medicare and Medicaid enrollment, licenses, permits and accreditations and adversely affect our business and our financial condition.
  • There are significant legal and regulatory restrictions on our hospitals that have physician owners.
  • Tax matters, including disagreements with taxing authorities and imposition of new taxes, could impact our results of operations and financial condition.
  • We incur substantial costs as a result of operating as a public company and our management is required to devote substantial time to new compliance initiatives and corporate governance practices of which we have limited experience.
  • If we fail to maintain proper and effective internal control over financial reporting, our ability to produce accurate and timely financial statements could be impaired and investors’ views of us could be harmed.
  • Risks Related to Technology
  • Healthcare technology initiatives, particularly those related to sharing patient data and interoperability, may adversely affect our operations.
  • If we do not continually enhance our hospitals with the most recent technological advances in diagnostic and surgical equipment or obtain reimbursement from third party payors for the cost of such new technologies, our business and results of operations may be adversely affected.
  • Our efforts to implement new technologies, including AI and machine learning, could have an adverse impact on our business, financial condition, results of operations, or growth plans.
  • Risks Related to Ownership of our Common Stock
  • Our stock price could be volatile, and, as a result, our stockholders may not be able to resell their shares at or above the price paid for them.
  • We are currently, and may in the future be, subject to securities litigation, which is expensive and could divert management’s time and attention from our business, and could have a material adverse effect on our results of operations, financial condition, prospects and stock price.
  • If our operating and financial performance in any given period does not meet the guidance that we provide to the public, the price of our common stock may decline.
  • We are a “controlled company” within the meaning of the rules of the NYSE and, as a result we rely on, exemptions from certain corporate governance requirements; you will not have the same protections afforded to stockholders of companies that are subject to all such requirements.
  • Certain of our directors have relationships with our controlling stockholder, EGI-AM, and other affiliated entities of Equity Group Investments (“EGI”), which may cause conflicts of interest with respect to our business.
  • Our certificate of incorporation contains a provision renouncing our interest and expectancy in certain corporate opportunities.
  • Some provisions of Delaware law and our governing documents could discourage a takeover that stockholders may consider favorable.
  • Our certificate of incorporation designates the Court of Chancery of the State of Delaware as the sole and exclusive forum for certain types of actions and proceedings that may be initiated by our stockholders, which could limit our stockholders’ ability to obtain a favorable judicial forum for disputes with us or our directors, officers or other employees.
  • Future sales, or the perception of future sales, of our common stock may depress the price of our common stock.
  • If securities or industry analysts do not publish research or publish misleading or unfavorable research about our business, our share price and trading volume may decline.
  • We do not intend to pay cash dividends for the foreseeable future.

Legal proceedings

Because we provide healthcare services in a highly regulated industry, we have been, are, and expect to continue to be, party to various lawsuits and regulatory investigations from time to time. In addition to the information set forth in this section, refer to the "Litigation and Regulatory Matters" section of Note 13, Commitments and Contingencies, in the notes to the consolidated financial statements contained elsewhere in this Annual Report.

Securities Litigation

On January 7, 2026, a purported stockholder filed a putative securities class action against the Company and certain current officers in the lawsuit styled Postiwala v. Ardent Health, Inc., et al., Case No. 3:26-cv-00022, which is pending in the United States District Court for the Middle District of Tennessee, Nashville Division. The complaint is brought on behalf of a putative class consisting of all persons (other than defendants) who purchased our securities between July 18, 2024 and November 12, 2025, and alleges that defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the "Exchange Act") and Rule 10b-5 promulgated thereunder based on allegedly false and misleading statements and omissions. Specifically, the complaint alleges that we incorrectly accounted for and reported on certain accounts receivable and certain insurance reserves during 2024 and 2025 which caused our stock price to be inflated. The complaint seeks unspecified monetary damages, recovery of fees and costs, and other relief that the court may find appropriate.

We intend to vigorously defend the claims made; however, currently no assessment can be made as to the likely outcome. At this time, we are not able to reasonably estimate the amount or range of the ultimate liability, if any, in connection with this case.

The opening of Item 3, Legal Proceedings.11

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