Ardent Health, Inc.
For the period ended Dec 31, 2025. Filed Mar 16, 2026.
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FY2025 · Filed Mar 16, 2026
ARDT$17.93-0.2%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Consolidated Statements of Cash Flows for the Years Ended
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
| Years Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Cash flows from operating activities: | |||
| Net income | $230,135 | $299,708 | $128,977 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Depreciation and amortization | 155,703 | 146,288 | 140,842 |
| Other non-operating losses (gains) | 1,275 | (4,702) | (45) |
| Loss on extinguishment and modification of debt | 515 | 2,158 | — |
| Amortization of deferred financing costs and debt discounts | 4,379 | 5,468 | 4,988 |
| Deferred income taxes | 43,594 | 24,044 | 3,996 |
| Equity-based compensation | 39,293 | 17,978 | 904 |
| (Income) loss from non-consolidated affiliates | (1,043) | 5,835 | (1,653) |
| Changes in operating assets and liabilities, net of effect of acquisitions and divestitures: | |||
| Accounts receivable | 59,155 | 40,001 | (181,099) |
| Inventories | (3,148) | (9,407) | 1,665 |
| Prepaid expenses and other current assets | (122,094) | (136,009) | (36,606) |
| Accounts payable and other accrued expenses and liabilities | 62,060 | (103,860) | 136,824 |
| Accrued salaries and benefits | 686 | 27,524 | 22,905 |
| Net cash provided by operating activities | 470,510 | 315,026 | 221,698 |
| Cash flows from investing activities: | |||
| Investment in acquisitions, net of cash acquired | (2,504) | (35,542) | — |
| Purchases of property and equipment | (211,904) | (187,508) | (137,408) |
| Proceeds from divestitures | — | 4,297 | — |
| Other | 179 | (1,707) | (575) |
| Net cash used in investing activities | (214,229) | (220,460) | (137,983) |
| Cash flows from financing activities: | |||
| Proceeds from initial public offering, net of underwriting discounts and commissions | — | 208,656 | — |
| Proceeds from revolving line of credit | — | — | 125,000 |
| Proceeds from insurance financing arrangements | 15,607 | 10,797 | 24,749 |
| Proceeds from long-term debt | — | 3,600 | 6,619 |
| Payments of principal on revolving line of credit | — | — | (125,000) |
| Payments of principal on insurance financing arrangements | (15,041) | (10,443) | (22,877) |
| Payments of principal on long-term debt | (7,988) | (108,371) | (13,645) |
| Debt issuance costs | (2,573) | (2,450) | — |
| Payments of initial public offering costs | — | (9,534) | — |
| Distributions to noncontrolling interests | (88,239) | (72,856) | (63,875) |
| Redemption of equity attributable to noncontrolling interests | — | — | (26,024) |
| Other | (5,231) | 5,243 | (7,209) |
| Net cash (used in) provided by financing activities | (103,465) | 24,642 | (102,262) |
| Net increase (decrease) in cash and cash equivalents | 152,816 | 119,208 | (18,547) |
| Cash and cash equivalents at beginning of year | 556,785 | 437,577 | 456,124 |
| Cash and cash equivalents at end of year | $709,601 | $556,785 | $437,577 |
| Supplemental Cash Flow Information: | |||
| Interest payments, net of capitalized interest | $65,740 | $74,976 | $81,610 |
| Non-cash purchases of property and equipment | $16,369 | $9,276 | $16,392 |
| Offering costs not yet paid | $— | $330 | $— |
| Income tax payments, net | $36,510 | $41,603 | $19,433 |
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