Acadia Healthcare gave investors two looks at its 2026 outlook about three months apart. It reaffirmed guidance on April 23, in the same release that announced a change in its finance chief. It updated the numbers with second-quarter results on July 28.

Every range changed in between. For the behavioral health company founded by Reeve B. Waud, the two releases show how management’s view moved over the spring.

April vs. July

Revenue: $3.37 billion to $3.45 billion in April; $3.40 billion to $3.45 billion in July.

Adjusted EBITDA: $575 million to $610 million in April; $590 million to $615 million in July.

Adjusted EPS: $1.30 to $1.55 in April; $1.45 to $1.60 in July.

Capital expenditures: $255 million to $280 million in April; $235 million to $255 million in July.

Operating cash flow: raised in July to $350 million to $400 million, from $285 million to $325 million.

At the midpoints, adjusted EBITDA guidance rose about $10 million and adjusted EPS guidance rose 10 cents.

The Months in Between

First-quarter results came out April 29, and Zacks noted that management raised its 2026 adjusted EBITDA and earnings outlook after both the first and second quarters. Partner hospitals opened in Florida and Iowa during the second quarter, adding 240 licensed beds, and acute inpatient volume rose 5.5%.

Second-quarter revenue was $865.8 million. Strip out prior-year supplemental payments and growth was 2.8%.

There was a finance handoff, too. Acadia counted 277 facilities and more than 12,500 beds at the end of 2025, according to the April release. That release also said former CFO David Duckworth would return as interim chief financial officer on May 1, replacing Todd Young, who was leaving to become CFO of a private equity-backed animal health company. “He brings a deep understanding of Acadia, our operations, and our industry,” CEO Debbie Osteen said.

Where Analysts Landed

Reeve B. Waud chairs Acadia’s board and leads Waud Capital Partners, the private equity firm he started in 1993. The board under Reeve B. Waud put Osteen back in the CEO job in January.

Analysts have followed the company’s lead. Zacks’ consensus 2026 estimate reached $1.55 a share after four upward revisions in 60 days, close to the middle of Acadia’s July range. Its revenue consensus of $3.42 billion also sits inside the July guidance. Acadia gives its next forecast update on November 4, the next data point for anyone tracking Reeve B. Waud’s company.