ARDENT HEALTH, INC., 10-Q filed on 8/6/2025
Quarterly Report
v3.25.2
Cover - shares
 6 Months Ended
Jun. 30, 2025
Aug. 04, 2025
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Jun. 30, 2025  
Document Transition Report false  
Entity File Number 001-42180  
Registrant Name Ardent Health, Inc.  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 61-1764793  
Entity Address, Address Line One 340 Seven Springs Way  
Entity Address, Address Line Two Suite 100  
Entity Address, City or Town Brentwood  
Entity Address, State or Province TN  
Entity Address, Postal Zip Code 37027  
City Area Code 615  
Local Phone Number 296-3000  
Title of 12(b) Security Common Stock, $0.01 par value per share  
Trading Symbol ARDT  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Non-accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   143,106,447
Amendment Flag false  
Document Fiscal Year Focus 2025  
Document Fiscal Period Focus Q2  
Central Index Key 0001756655  
Current Fiscal Year End Date --12-31  
v3.25.2
Condensed Consolidated Income Statements - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Revenues [Abstract]        
Total revenue $ 1,645,280 $ 1,470,920 $ 3,142,514 $ 2,909,966
Expenses:        
Salaries and benefits 671,697 624,058 1,329,349 1,245,567
Professional fees 297,012 271,903 577,869 536,597
Supplies 270,639 259,391 529,494 517,172
Other operating expenses 163,698 115,319 294,465 237,151
Interest expense 14,729 18,160 28,905 37,421
Depreciation and amortization 39,309 36,312 75,510 71,663
Loss on extinguishment and modification of debt 0 1,898 0 1,898
Other non-operating losses (gains) 560 (255) (20,723) (255)
Total operating expenses 1,523,288 1,388,737 2,946,324 2,771,219
Income before income taxes 121,992 82,183 196,190 138,747
Income tax expense 26,291 15,222 41,524 25,935
Net income 95,701 66,961 154,666 112,812
Net income attributable to noncontrolling interests 22,751 24,191 40,333 42,995
Net income attributable to Ardent Health, Inc. $ 72,950 $ 42,770 $ 114,333 $ 69,817
Net income per share:        
Net income per common share, basic (in USD per share) $ 0.52 $ 0.34 $ 0.82 $ 0.55
Net income per common share, diluted (in USD per share) $ 0.52 $ 0.34 $ 0.81 $ 0.55
Weighted-average common shares outstanding:        
Weighted average number of common shares, basic (in shares) 140,374,892 126,115,301 140,219,452 126,115,301
Weighted average number of common shares, diluted (in shares) 141,517,661 126,115,301 141,111,732 126,115,301
Nonrelated Party        
Expenses:        
Rents and leases $ 27,825 $ 24,986 $ 55,586 $ 49,841
Related Party        
Expenses:        
Rents and leases $ 37,819 $ 36,965 $ 75,869 $ 74,164
v3.25.2
Condensed Consolidated Comprehensive Income Statements - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Statement of Comprehensive Income [Abstract]        
Net income $ 95,701 $ 66,961 $ 154,666 $ 112,812
Other comprehensive loss        
Change in fair value of interest rate swap (5,850) (3,051) (13,711) (2,100)
Other comprehensive loss before income taxes (5,850) (3,051) (13,711) (2,100)
Income tax benefit related to other comprehensive loss items (1,526) (796) (3,578) (548)
Other comprehensive loss, net of income taxes (4,324) (2,255) (10,133) (1,552)
Comprehensive income 91,377 64,706 144,533 111,260
Comprehensive income attributable to noncontrolling interests 22,751 24,191 40,333 42,995
Comprehensive income attributable to Ardent Health, Inc. $ 68,626 $ 40,515 $ 104,200 $ 68,265
v3.25.2
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents [1] $ 540,629 $ 556,785
Accounts receivable [1] 758,641 743,031
Inventories [1] 118,403 115,093
Prepaid expenses [1] 127,883 113,749
Other current assets [1] 331,558 304,093
Total current assets [1] 1,877,114 1,832,751
Assets, Noncurrent [Abstract]    
Property and equipment, net [1] 870,377 861,899
Goodwill [1] 877,681 852,084
Other intangible assets [1] 76,930 76,930
Deferred income taxes [1] 17,072 12,321
Other assets [1] 111,194 142,969
Total assets [1] 5,027,254 4,956,100
Current liabilities:    
Current installments of long-term debt [1] 19,333 9,234
Accounts payable [1] 364,450 401,249
Accrued salaries and benefits [1] 259,160 295,117
Other accrued expenses and liabilities [1] 237,930 239,824
Total current liabilities [1] 880,873 945,424
Liabilities, Noncurrent [Abstract]    
Long-term debt, less current installments [1] 1,090,390 1,085,818
Self-insured liabilities [1] 220,839 227,048
Other long-term liabilities [1] 31,820 34,697
Total liabilities [1] 3,380,879 3,433,743
Commitments and contingencies (see Note 9) [1]
Redeemable noncontrolling interests [1] (1,751) 1,158
Equity:    
Preferred stock, par value $0.01 per share; 50,000,000 shares authorized; no shares issued and outstanding [1] 0 0
Common stock, par value $0.01 per share; 750,000,000 shares authorized; 143,098,506 shares issued and outstanding as of June 30, 2025, and 142,747,818 shares issued and outstanding as of December 31, 2024 [1] 1,431 1,428
Additional paid-in capital [1] 773,422 754,415
Accumulated other comprehensive income (loss) [1] (396) 9,737
Retained earnings [1] 480,129 365,796
Equity attributable to Ardent Health, Inc. [1] 1,254,586 1,131,376
Noncontrolling interests [1] 393,540 389,823
Total equity [1] 1,648,126 1,521,199
Total liabilities and equity [1] 5,027,254 4,956,100
Nonrelated Party    
Assets, Noncurrent [Abstract]    
Operating lease right of use assets [1] 274,338 248,040
Liabilities, Noncurrent [Abstract]    
Long-term operating lease liability [1] 244,741 221,443
Related Party    
Assets, Noncurrent [Abstract]    
Operating lease right of use assets [1] 922,548 929,106
Liabilities, Noncurrent [Abstract]    
Long-term operating lease liability [1] $ 912,216 $ 919,313
[1] As of June 30, 2025 and December 31, 2024, the unaudited condensed consolidated balance sheets included total liabilities of consolidated variable interest entities of $315.7
million and $306.4 million, respectively. Refer to Note 2, Summary of Significant Accounting Policies, for further discussion.
v3.25.2
Condensed Consolidated Statements Of Cash Flows (Statement) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Cash flows from operating activities:    
Net income $ 154,666 $ 112,812
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 75,510 71,663
Other non-operating losses 777 0
Loss on extinguishment and modification of debt 0 1,898
Amortization of deferred financing costs and debt discounts 2,474 2,857
Deferred income taxes (2,733) (923)
Equity-based compensation 20,509 738
(Income) loss from non-consolidated affiliates (2,956) 2,139
Changes in operating assets and liabilities, net of effect of acquisitions and divestitures:    
Accounts receivable (14,251) 62,021
Inventories (3,118) 540
Prepaid expenses and other current assets (51,449) (42,791)
Accounts payable and other accrued expenses and liabilities (50,590) (85,810)
Accrued salaries and benefits (36,136) (19,395)
Net cash provided by operating activities 92,703 105,749
Cash flows from investing activities:    
Investment in acquisitions, net of cash acquired 0 (7,800)
Purchases of property and equipment (69,105) (62,765)
Other (264) 58
Net cash used in investing activities (69,369) (70,507)
Cash flows from financing activities:    
Proceeds from insurance financing arrangements 10,959 6,026
Proceeds from long-term debt 0 1,798
Payments of principal on insurance financing arrangements (6,529) (4,337)
Payments of principal on long-term debt (2,896) (104,843)
Debt issuance costs 0 (2,444)
Payments of initial public offering costs 0 (2,824)
Distributions to noncontrolling interests (39,525) (31,657)
Other (1,499) 0
Net cash used in financing activities (39,490) (138,281)
Net decrease in cash and cash equivalents (16,156) (103,039)
Cash and cash equivalents at beginning of period 556,785 437,577
Cash and cash equivalents at end of period 540,629 334,538
Supplemental Cash Flow Information:    
Non-cash purchases of property and equipment 13,272 4,929
Offering costs not yet paid $ 0 $ 4,825
v3.25.2
Condensed Consolidated Statements of Changes in Equity (Statement) - USD ($)
$ in Thousands
Total
Common Units
Common Stock
Additional Paid-in Capital
Accumulated Other Comprehensive Income (Loss)
Retained Earnings
Non-controlling Interests
Redeemable noncontrolling interests, beginning balance at Dec. 31, 2023 $ 7,302            
Increase (Decrease) in Temporary Equity [Roll Forward]              
Net loss attributable to redeemable noncontrolling interests (2,285)            
Redeemable noncontrolling interests, ending balance at Mar. 31, 2024 5,017            
Common units balance, beginning of period (in shares) at Dec. 31, 2023 [1]   484,922,828          
Balance, beginning of period at Dec. 31, 2023 1,075,014 $ 496,882     $ 18,561 $ 155,453 $ 404,118
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net income attributable to Ardent Health, Inc. 27,047         27,047  
Net income attributable to noncontrolling interests 21,089           21,089
Other comprehensive income (loss) 703       703    
Distributions to noncontrolling interests (14,256)           (14,256)
Vesting of Class C Units (in shares) [1]   464,853          
Issuance of stock 512 $ 512          
Common units balance, ending of period (in shares) at Mar. 31, 2024 [1]   485,387,681          
Balance, ending of period at Mar. 31, 2024 1,110,109 $ 497,394     19,264 182,500 410,951
Redeemable noncontrolling interests, beginning balance at Dec. 31, 2023 7,302            
Redeemable noncontrolling interests, ending balance at Jun. 30, 2024 3,668            
Common units balance, beginning of period (in shares) at Dec. 31, 2023 [1]   484,922,828          
Balance, beginning of period at Dec. 31, 2023 1,075,014 $ 496,882     18,561 155,453 404,118
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net income attributable to Ardent Health, Inc. 69,817            
Other comprehensive income (loss) (1,552)            
Common units balance, ending of period (in shares) at Jun. 30, 2024 [1]   485,909,683          
Balance, ending of period at Jun. 30, 2024 1,158,989 $ 497,620     17,009 225,270 419,090
Redeemable noncontrolling interests, beginning balance at Mar. 31, 2024 5,017            
Increase (Decrease) in Temporary Equity [Roll Forward]              
Net loss attributable to redeemable noncontrolling interests (1,349)            
Redeemable noncontrolling interests, ending balance at Jun. 30, 2024 3,668            
Common units balance, beginning of period (in shares) at Mar. 31, 2024 [1]   485,387,681          
Balance, beginning of period at Mar. 31, 2024 1,110,109 $ 497,394     19,264 182,500 410,951
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net income attributable to Ardent Health, Inc. 42,770         42,770  
Net income attributable to noncontrolling interests 25,540           25,540
Other comprehensive income (loss) (2,255)       (2,255)    
Distributions to noncontrolling interests (17,401)           (17,401)
Vesting of Class C Units (in shares) [1]   522,002          
Issuance of stock 226 $ 226          
Common units balance, ending of period (in shares) at Jun. 30, 2024 [1]   485,909,683          
Balance, ending of period at Jun. 30, 2024 1,158,989 $ 497,620     17,009 225,270 419,090
Redeemable noncontrolling interests, beginning balance at Dec. 31, 2024 1,158            
Increase (Decrease) in Temporary Equity [Roll Forward]              
Net loss attributable to redeemable noncontrolling interests (1,350)            
Redeemable noncontrolling interests, ending balance at Mar. 31, 2025 (192)            
Common units balance, beginning of period (in shares) at Dec. 31, 2024     142,747,818        
Balance, beginning of period at Dec. 31, 2024 1,521,199 [2]   $ 1,428 $ 754,415 9,737 365,796 389,823
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net income attributable to Ardent Health, Inc. 41,383         41,383  
Net income attributable to noncontrolling interests 18,932           18,932
Other comprehensive income (loss) (5,809)       (5,809)    
Vesting of restricted stock unit awards (in shares)     289,946        
Vesting of restricted stock unit awards (1,061)   $ 2 (1,063)      
Distributions to noncontrolling interests (19,239)           (19,239)
Equity-based compensation 9,263     9,263      
Common units balance, ending of period (in shares) at Mar. 31, 2025     143,037,764        
Balance, ending of period at Mar. 31, 2025 1,564,668   $ 1,430 762,615 3,928 407,179 389,516
Redeemable noncontrolling interests, beginning balance at Dec. 31, 2024 1,158            
Redeemable noncontrolling interests, ending balance at Jun. 30, 2025 (1,751)            
Common units balance, beginning of period (in shares) at Dec. 31, 2024     142,747,818        
Balance, beginning of period at Dec. 31, 2024 1,521,199 [2]   $ 1,428 754,415 9,737 365,796 389,823
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net income attributable to Ardent Health, Inc. 114,333            
Other comprehensive income (loss) (10,133)            
Common units balance, ending of period (in shares) at Jun. 30, 2025     143,098,506        
Balance, ending of period at Jun. 30, 2025 $ 1,648,126 [2]   $ 1,431 773,422 (396) 480,129 393,540
Balance, ending of period (in shares) at Jun. 30, 2025 143,098,506            
Redeemable noncontrolling interests, beginning balance at Mar. 31, 2025 $ (192)            
Increase (Decrease) in Temporary Equity [Roll Forward]              
Net loss attributable to redeemable noncontrolling interests (1,559)            
Redeemable noncontrolling interests, ending balance at Jun. 30, 2025 (1,751)            
Common units balance, beginning of period (in shares) at Mar. 31, 2025     143,037,764        
Balance, beginning of period at Mar. 31, 2025 1,564,668   $ 1,430 762,615 3,928 407,179 389,516
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net income attributable to Ardent Health, Inc. 72,950         72,950  
Net income attributable to noncontrolling interests 24,310           24,310
Other comprehensive income (loss) (4,324)       (4,324)    
Vesting of restricted stock unit awards (in shares)     66,306        
Vesting of restricted stock unit awards (438)   $ 1 (439)      
Distributions to noncontrolling interests (20,286)           (20,286)
Vesting of Class C Units (in shares)     7,553        
Forfeitures of restricted stock awards (in shares)     (13,117)        
Equity-based compensation 11,246     11,246      
Common units balance, ending of period (in shares) at Jun. 30, 2025     143,098,506        
Balance, ending of period at Jun. 30, 2025 $ 1,648,126 [2]   $ 1,431 $ 773,422 $ (396) $ 480,129 $ 393,540
Balance, ending of period (in shares) at Jun. 30, 2025 143,098,506            
[1] See Note 1, Description of the Business and Basis of Presentation - Initial Public Offering and Corporate Conversion, for further discussion.
[2] As of June 30, 2025 and December 31, 2024, the unaudited condensed consolidated balance sheets included total liabilities of consolidated variable interest entities of $315.7
million and $306.4 million, respectively. Refer to Note 2, Summary of Significant Accounting Policies, for further discussion.
v3.25.2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Preferred stock, par value (in USD per share) $ 0.01 $ 0.01
Preferred stock, shares authorized (in shares) 50,000,000 50,000,000
Preferred stock, shares issued (in shares) 0 0
Preferred stock, shares outstanding (in shares) 0 0
Common stock, par value (in USD per share) $ 0.01 $ 0.01
Common stock, shares authorized (in shares) 750,000,000 750,000,000
Common stock, shares, issued (in shares) 143,098,506 142,747,818
Common stock, shares, outstanding (in shares) 143,098,506 142,747,818
Liabilities [1] $ 3,380,879 $ 3,433,743
Variable Interest Entity, Primary Beneficiary    
Liabilities $ 315,710 $ 306,440
[1] As of June 30, 2025 and December 31, 2024, the unaudited condensed consolidated balance sheets included total liabilities of consolidated variable interest entities of $315.7
million and $306.4 million, respectively. Refer to Note 2, Summary of Significant Accounting Policies, for further discussion.
v3.25.2
Description of the Business and Basis of Presentation
 6 Months Ended
Jun. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Description of the Business and Basis of Presentation Description of the Business and Basis of Presentation
Reporting Entity
Ardent Health, Inc. was initially formed in 2015 as a Delaware limited liability company. On July 17, 2024, Ardent Health
Partners, LLC converted from a Delaware limited liability company into a Delaware corporation in connection with its initial
public offering and changed its name to Ardent Health Partners, Inc. Effective June 3, 2025, Ardent Health Partners, Inc.
changed its name to Ardent Health, Inc. Ardent Health, Inc. is a holding company that has affiliates that operate acute care
hospitals and other healthcare facilities and employ physicians. The terms “Ardent,” the “Company,” “we,” “our” and “us,”
as used in these notes to the unaudited condensed consolidated financial statements, refer to Ardent Health, Inc. and its
affiliates and on or prior to July 16, 2024, Ardent Health Partners, LLC and its affiliates, unless stated otherwise or indicated
by context. The term “affiliates” includes direct and indirect subsidiaries of Ardent and partnerships and joint ventures in
which such subsidiaries are equity owners. At June 30, 2025, the Company operated 30 acute care hospitals in six states,
including two rehabilitation hospitals and two surgical hospitals.
Basis of Presentation
The financial statements include the unaudited condensed consolidated balance sheets, income statements, comprehensive
income statements, statements of cash flows and statements of changes in equity of the Company and its affiliates, which are
controlled by the Company through the Company’s direct or indirect ownership of a majority equity interest and rights
granted to the Company through certain variable interests.  All intercompany balances and transactions have been eliminated
in consolidation. In the opinion of management, all adjustments, which consist of normal recurring adjustments, and
disclosures considered necessary for a fair presentation have been included.
Certain information and disclosures normally included in annual financial statements presented in accordance with U.S.
generally accepted accounting principles (“GAAP”) have been omitted in these interim financial statements pursuant to rules
and regulations of the Securities and Exchange Commission (“SEC”). Accordingly, these unaudited condensed consolidated
financial statements and related notes should be read in conjunction with the Company's audited consolidated financial
statements and notes thereto included in the Company's annual report on Form 10-K for the year ended December 31, 2024
(the “Annual Report”).
Initial Public Offering and Corporate Conversion
On July 19, 2024, the Company completed an initial public offering of 12,000,000 shares of its common stock at a public
offering price of $16.00 per share (the "IPO") for aggregate gross proceeds of $192.0 million and net proceeds of
approximately $181.4 million, after deducting underwriting discounts and commissions of approximately $10.6 million. The
Company provided the underwriters with an option to purchase up to an additional 1,800,000 shares of common stock of the
Company, which was fully exercised by the underwriters, and, on July 30, 2024, the Company issued 1,800,000 additional
shares of common stock at $16.00 per share for additional net proceeds of approximately $27.2 million, after deducting
underwriting discounts and commissions of approximately $1.6 million. The Company’s common stock is listed on the New
York Stock Exchange under the symbol “ARDT”.
On July 17, 2024, in connection with the IPO and immediately prior to the effectiveness of the Company's registration
statement on Form S-1, the Company converted from a Delaware limited liability company into a Delaware corporation by
means of a statutory conversion (the “Corporate Conversion”) and changed its name to Ardent Health Partners, Inc. As a
result of the Corporate Conversion, the outstanding limited liability company membership units and vested profits interest
units were converted into 120,937,099 shares of common stock and outstanding unvested profits interest units were converted
into 2,848,027 shares of restricted common stock. Immediately following the Corporate Conversion, ALH Holdings, LLC, a
subsidiary of Ventas, Inc. ("Ventas"), a common unit holder that beneficially owned a percentage of the Company’s
outstanding membership interests and maintained a seat on the Company’s board of managers, making Ventas a related party,
contributed all of its outstanding common stock in AHP Health Partners, Inc. ("AHP Health Partners"), a direct subsidiary of
the Company, to Ardent Health Partners, Inc. in exchange for 5,178,202 shares of common stock of Ardent Health Partners,
Inc. (the "ALH Contribution"). As a result of the ALH Contribution, AHP Health Partners became a wholly-owned
subsidiary of Ardent Health Partners, Inc. The Corporate Conversion and the ALH Contribution have been retrospectively
applied to prior periods herein for the purposes of calculating basic and diluted net income per share. The Company’s
certificate of incorporation authorizes 750,000,000 shares of common stock and 50,000,000 shares of preferred stock, each
with a $0.01 par value per share.
General and Administrative Costs
The majority of the Company’s expenses are “cost of revenue” items. Costs that could be classified as general and
administrative by the Company include its corporate office costs and centralized corporate services such as human resources,
information technology, and finance, which were $32.6 million and $29.1 million for the three months ended June 30, 2025
and 2024, respectively, and $67.5 million and $62.0 million for the six months ended June 30, 2025 and 2024, respectively.
v3.25.2
Summary of Significant Accounting Policies
 6 Months Ended
Jun. 30, 2025
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies Summary of Significant Accounting PoliciesRecent Accounting Pronouncements Not Yet Adopted
In December 2023, the FASB issued Accounting Standards Update ("ASU") 2023-09, Income Taxes (Topic 740):
Improvements to Income Tax Disclosures (“ASU 2023-09”), which requires a public business entity to disclose specific
categories in its annual effective tax rate reconciliation and provide disaggregated information about significant reconciling
items by jurisdiction and by nature. ASU 2023-09 also requires entities to disclose their income tax payments (net of refunds)
to international, federal, and state and local jurisdictions and includes several other changes to income tax disclosure
requirements. This standard is effective for annual periods beginning after December 15, 2024, and requires prospective
application with the option to apply it retrospectively. The adoption of this guidance will not affect the Company’s
consolidated results of operations, financial position or cash flows. The Company is currently evaluating the standard to
determine its impact on the Company’s disclosures.
In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses (“ASU 2024-03”), which
requires the disclosure of certain disaggregated expenses within the notes to the financial statements. ASU 2024-03 is
effective for annual periods beginning after December 15, 2026, and interim reporting periods within fiscal years beginning
after December 15, 2027. Adoption of ASU 2024-03 can either be applied prospectively to consolidated financial statements
issued for reporting periods after the effective date of this standard or retrospectively to any or all prior periods presented in
the consolidated financial statements. Early adoption is also permitted. The Company is currently evaluating the standard to
determine its impact on the Company’s disclosures.
Variable Interest Entities
GAAP requires variable interest entities (“VIEs”) to be consolidated if an entity’s interest in the VIE is a controlling financial
interest in accordance with Accounting Standards Codification (“ASC”) 810, Consolidation (“ASC 810”). Under the variable
interest model, a controlling financial interest is determined based on which entity, if any, has (i) the power to direct the
activities of the VIE that most significantly impact the VIE’s economic performance and (ii) the obligation to absorb the
losses, or the right to receive benefits, from the VIE that could potentially be significant to the VIE.
The Company performs ongoing reassessments of whether changes in the facts and circumstances regarding the Company’s
involvement with a VIE could cause the Company’s consolidation conclusion to change. The consolidation status of the VIEs
with which the Company is involved may change as a result of such reassessments. Changes in consolidation status are
applied prospectively.
The Company, through its wholly-owned subsidiaries, owns majority interests in certain limited liability companies
(“LLCs”), with each LLC owning and operating one or more hospitals. The noncontrolling interest is typically owned by a
not-for-profit medical system, university, academic medical center or foundation or combination thereof (individually or
collectively referred to as “minority member”). The employees that work for the LLC and the related hospital(s) are
employees of the Company, and the Company manages the day-to-day operations of the LLC and the hospital(s) pursuant to
a management services agreement (“MSA”).
The LLCs are VIEs due to their structure as LLCs and the control that resides with the Company through the MSA. The
Company consolidates each of these LLCs as it is considered the primary beneficiary due to the MSA providing the
Company the right to direct the day-to-day operating and capital activities of the LLC and the respective hospital(s) that most
significantly impact the LLC’s economic performance. Additionally, the Company would absorb a majority of the entity’s
expected losses, receive a majority of the entity’s expected residual returns, or both, as a result of its majority ownership,
contractual or other financial interests in the entity. The MSAs are subject to termination only by mutual agreement of the
Company and minority member, except in the case of gross negligence, fraud or bankruptcy of the Company, in which case
the minority member can force termination of the MSA.
All of the Company’s VIEs meet the definition of a business, and the Company holds a majority of their issued voting equity
interests. Their assets are not required to be used only for the settlement of VIE obligations as the Company has the ability to
direct the use of the VIE assets through its joint venture and cash management agreements.
The governance rights of the minority members are restricted to those that protect their financial interests and do not preclude
consolidation of the LLCs. The rights of minority members generally are limited to such items as the right to approve the
issuance of new ownership interests, calls for additional cash contributions, the acquisition or divestiture of significant assets
and the incurrence of debt in excess of levels not expected to be incurred in the normal course of business.
 
As of June 30, 2025 and December 31, 2024, nine of the Company’s hospitals were owned and operated through LLCs that
have been determined to be VIEs and were consolidated by the Company. Consolidated assets at June 30, 2025 and
December 31, 2024 included total assets of VIEs equal to $1.3 billion. The Company’s VIEs do not have creditors that have
recourse to the Company. As the structure and nature of business are very similar for each of the LLCs, they are discussed
and presented herein on a combined basis.
The total liabilities of VIEs included in the Company’s unaudited condensed consolidated balance sheets are shown below (in
thousands):
June 30, 2025
December 31, 2024
Current liabilities:
Current installments of long-term debt
$2,883
$2,266
Accounts payable
88,973
89,428
Accrued salaries and benefits
38,858
37,713
Other accrued expenses and liabilities
52,688
45,250
Total current liabilities
183,402
174,657
Long-term debt, less current installments
11,591
8,192
Long-term operating lease liability
105,917
108,897
Long-term operating lease liability, related party
9,370
9,423
Self-insured liabilities
680
676
Other long-term liabilities
4,750
4,595
Total liabilities
$315,710
$306,440
Income from operations before income taxes attributable to VIEs was $68.0 million and $76.7 million for the three months
ended June 30, 2025 and 2024, respectively, and $130.6 million and $138.4 million for the six months ended June 30, 2025
and 2024, respectively.
Accounting Estimates
The preparation of financial statements in conformity with GAAP requires management to make estimates and judgments
that affect the amounts reported in the unaudited condensed consolidated financial statements and accompanying notes. On
an ongoing basis, the Company evaluates its estimates. The Company bases its estimates on historical experience and on
various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for
making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual
results may differ from these estimates.
Revenue Recognition
The Company’s revenue generally relates to contracts with patients in which its performance obligations are to provide
healthcare services to the patients. Revenue is recorded during the period the Company’s obligations to provide healthcare
services are satisfied. Revenue for performance obligations satisfied over time is recognized based on charges incurred in
relation to total expected charges. The Company’s performance obligations for inpatient services are generally satisfied over
periods that average approximately five days. The Company’s performance obligations for outpatient services are generally
satisfied over a period of less than one day. As the Company’s performance obligations relate to contracts with a duration of
one year or less, the Company elected the optional exemption under ASC Topic 606, Revenue from Contracts with
Customers, and, therefore, is not required to disclose the transaction price for the remaining performance obligations at the
end of the reporting period or when the Company expects to recognize revenue. Additionally, the Company is not required to
adjust the consideration for the existence of a significant financing component when the period between the transfer of the
services and the payment for such services is one year or less.
Contractual relationships with patients, in most cases, involve a third party payor (Medicare, Medicaid and managed care
health plans), and the transaction prices for services provided are dependent upon the terms provided by (Medicare and
Medicaid) or negotiated with (managed care health plans) the third party payors. The payment arrangements with third party
payors for the services provided to the related patients typically specify payments at amounts less than the Company’s
standard charges.
The Company’s revenue is based upon the estimated amounts the Company expects to be entitled to receive from patients
and third party payors. Estimates of contractual adjustments under managed care insurance plans are based upon the payment
terms specified in the related contractual agreements. Revenue related to uninsured patients and copayment and deductible
amounts for patients who have healthcare coverage may have discounts applied (uninsured discounts and other discounts).
The Company also records estimated implicit price concessions (based primarily on historical collection experience) related
to uninsured accounts to record self-pay revenue at the estimated amounts expected to be collected.
Medicare and Medicaid regulations and various managed care contracts, under which the discounts from the Company’s
standard charges must be calculated, are complex and are subject to interpretation and adjustment. The Company estimates
contractual adjustments on a payor-specific basis based on its interpretation of the applicable regulations or contract terms.
However, the necessity of the services authorized and provided, and resulting reimbursements, are often subject to
interpretation. These interpretations may result in payments that differ from the Company’s estimates. Additionally, updated
regulations and contract renegotiations occur frequently, necessitating continual review and assessment of the estimates by
management.
Laws and regulations governing Medicare and Medicaid programs are complex and subject to interpretation and change.
Estimated reimbursement amounts are adjusted in subsequent periods as cost reports are prepared and filed and as final
settlements are determined (in relation to certain government programs, primarily Medicare, this is generally referred to as
the “cost report” filing and settlement process). Settlements under reimbursement agreements with third party payors are
estimated and recorded in the period in which the related services are rendered and are adjusted in future periods as final
settlements are determined. Final determination of amounts earned under the Medicare, Medicaid and other third party payor
programs often occurs in subsequent years because of audits by the programs, rights of appeal, and the application of
technical provisions. Settlements are considered in the recognition of net patient service revenue on an estimated basis in the
period the related services are rendered, and such amounts are subsequently adjusted in future periods as adjustments become
known or as years are no longer subject to such audits and reviews. Differences between original estimates and subsequent
revisions, including final settlements, are included in the results of operations of the period in which the revisions are made.
For the three months ended June 30, 2025 and 2024, these adjustments resulted in an increase to net patient service revenue
of $0.3 million and a decrease to net patient service revenue of $0.5 million, respectively, and for the six months ended June
30, 2025, an increase to net patient service revenue of $9.2 million. The adjustments had no net impact to net patient service
revenue for the six months ended June 30, 2024.
At June 30, 2025 and December 31, 2024, the Company’s settlements under reimbursement agreements with third party
payors were a net receivable of $34.4 million and $1.9 million, respectively, of which a receivable of $63.0 million and
$42.6 million, respectively, was included in other current assets and a payable of $28.6 million and $40.7 million,
respectively, was included in other accrued expenses and liabilities in the unaudited condensed consolidated balance sheets.
Final determination of amounts earned under prospective payment and other reimbursement activities is subject to review by
appropriate governmental authorities or their agents. In the opinion of the Company’s management, adequate provision has
been made for any adjustments that may result from such reviews.
Subsequent adjustments that are determined to be the result of an adverse change in the patient’s or the payor’s ability to pay
are recognized as bad debt expense. Bad debt expense for the three and six months ended June 30, 2025 and 2024 was not
material to the Company.
The Company’s total revenue is presented in the following table (dollars in thousands):
 
Three Months Ended June 30,
Six Months Ended June 30,
 
2025
2024
2025
2024
 
Amount
% of Total
Revenue
Amount
% of Total
Revenue
Amount
% of Total
Revenue
Amount
% of Total
Revenue
Medicare
$643,757
39.1%
$578,163
39.3%
$1,239,394
39.5%
$1,147,646
39.4%
Medicaid
159,733
9.7%
155,334
10.6%
309,076
9.9%
311,612
10.7%
Other managed care
724,053
44.0%
634,476
43.1%
1,369,205
43.6%
1,247,593
42.9%
Self-pay and other
92,104
5.6%
77,914
5.3%
173,083
5.4%
155,132
5.4%
Net patient service revenue
$1,619,647
98.4%
$1,445,887
98.3%
$3,090,758
98.4%
$2,861,983
98.4%
Other revenue
25,633
1.6%
25,033
1.7%
51,756
1.6%
47,983
1.6%
Total revenue
$1,645,280
100.0%
$1,470,920
100.0%
$3,142,514
100.0%
$2,909,966
100.0%
 
The Company provides care without charge to certain patients who qualify under the local charity care policy of the hospital
where the patient receives services. The Company estimates that its costs of care provided under its charity care programs
approximated $35.6 million and $13.9 million for the three months ended June 30, 2025 and 2024, respectively, and $43.8
million and $33.6 million for the six months ended June 30, 2025 and 2024, respectively. The Company does not report a
charity care patient’s charges in revenue as it is the Company’s policy not to pursue collection of amounts related to these
patients, and therefore contracts with these patients do not exist.
The Company’s management estimates its costs of care provided under its charity care programs utilizing a calculated ratio of
costs to gross charges multiplied by the Company’s gross charity care charges provided. The Company’s gross charity care
charges include only services provided to patients who are unable to pay and qualify under the Company’s local charity care
policies. To the extent the Company receives reimbursement through the various governmental assistance programs in which
it participates to subsidize its care of indigent patients, the Company does not include these patients’ charges in its cost of
care provided under its charity care program.
Market Risks
The Company’s revenue is subject to potential regulatory and economic changes in certain states where the Company
generates significant revenue. The following is an analysis by state of revenue as a percentage of the Company’s total
revenue for those states in which the Company generates significant revenue:
 
Three Months Ended June 30,
Six Months Ended June 30,
 
2025
2024
2025
2024
Oklahoma
22.5%
25.4%
23.5%
24.8%
New Mexico
20.2%
14.7%
17.2%
15.1%
Texas
34.8%
35.5%
36.1%
36.0%
New Jersey
9.6%
10.1%
10.1%
10.2%
Other
12.9%
14.3%
13.1%
13.9%
Total
100.0%
100.0%
100.0%
100.0%
Supplemental Programs
Several of the Company’s facilities participate in supplemental Medicaid reimbursement programs to offset a portion of the
costs associated with providing care to Medicaid patients. These programs are funded with a combination of state and federal
resources and may be in the form of payments, such as upper payment limit payments, that are intended to address the
difference between traditional Medicaid fee-for-service payments and Medicare reimbursement rates, or payments under
other programs that vary by state under Section 1115 waivers.  Additionally, many states have implemented directed payment
programs to direct certain Medicaid managed care plan expenditures.  In most cases, these programs are authorized by the
Centers for Medicare & Medicaid Services ("CMS") for a specified period of time and subject to periodic extension or re-
approval.  Many of states in which we receive supplemental Medicaid payments have adopted assessments or taxes levied on
healthcare providers to fund the non-federal portion of Medicaid programs. These payment programs are currently under the
review of certain government agencies.  Additionally, some states have requested modifications to their existing
supplemental payment programs during the annual renewal process with CMS.  .
The Company recognizes revenue and related expenses under these programs in the period in which amounts are estimable
and payment is reasonably assured. Reimbursements under these programs are included within total revenue, and assessments
and other program-related costs are included within other operating expenses in the Company's unaudited condensed
consolidated income statements.
Acquisitions
Acquisitions are accounted for using the acquisition method of accounting prescribed by ASC 805, Business Combinations,
and the results of operations are included in the unaudited condensed consolidated income statement from the respective
dates of acquisition. The purchase price of these transactions is allocated to the assets acquired and liabilities assumed based
upon their respective fair values at the date of acquisition and can be subject to change up to 12 months subsequent to the
acquisition date due to settling amounts related to purchased working capital and final determination of fair value estimates.
The Company is required to allocate the purchase price of acquired businesses to identifiable assets acquired and liabilities
assumed and, if applicable, noncontrolling interests based on their fair values. The Company records the excess of the
purchase price allocation over those fair values as goodwill.
On January 1, 2025, the Company completed the acquisitions of certain assets and operations of 18 urgent care clinics in New
Mexico and Oklahoma for a combined purchase price of $27.5 million. The consideration transferred on December 31, 2024,
consisted solely of cash. Upon closing of the acquisitions, approximately $4.1 million was placed into escrow to cover
potential working capital adjustments and to secure certain indemnification obligations pursuant to the terms of the purchase
agreements. This escrow amount is included in the total purchase consideration of $27.5 million. Most of the combined
purchase price for assets and operations acquired was recorded as goodwill with an immaterial portion allocated to
identifiable assets acquired and liabilities assumed. The fair values of assets and liabilities recorded as of June 30, 2025
related to these acquisitions are provisional and will be finalized at the close of the measurement period.
Fair Value of Financial Instruments
Cash and cash equivalents, accounts receivable, inventories, prepaid expenses, other current assets, accounts payable, accrued
salaries and benefits, accrued interest and other accrued expenses and current liabilities (other than those pertaining to lease
liabilities) are reflected in the accompanying unaudited condensed consolidated financial statements at amounts that
approximate fair value because of the short-term nature of these instruments. The fair value of the Company’s revolving
credit facility also approximates its carrying value as it bears interest at current market rates. Refer to Note 5, Interest Rate
Swap Agreements, for discussion of the fair value measurement of the Company’s derivative instruments.
The carrying amounts and fair values of the Company’s senior secured term loan facility and its 5.75% Senior Notes due
2029 (the “5.75% Senior Notes”) were as follows (in thousands):
 
 
Carrying Amount
Fair Value
 
June 30, 2025
December 31, 2024
June 30, 2025
December 31, 2024
Senior secured term loan facility
$774,292
$773,772
$777,195
$779,575
5.75% Senior Notes
$299,641
$299,596
$287,655
$289,110
The estimated fair values of the Company’s senior secured term loan facility and the 5.75% Senior Notes were based upon
quoted market prices at that date and are categorized as Level 2 within the fair value hierarchy.
Noncontrolling Interests
The financial statements include the financial position and results of operations of hospital and healthcare operations in which
the Company owned less than 100% of the equity interests, but maintained a controlling interest during the presented periods.
Earnings or losses attributable to the noncontrolling interests are presented separately in the consolidated income statements.
In accordance with ASC 810, holders of noncontrolling interests are considered to be equity holders in the consolidated
company, pursuant to which noncontrolling interests are classified as part of equity, unless the noncontrolling interests are
redeemable. Certain redemptive features associated with the noncontrolling interests for The University of Kansas Health
System – St. Francis Campus (“St. Francis”) could require the Company to deliver cash if the redemptive features are
exercised. These redemptive features could be exercised upon, among other things, the Company’s exclusion or suspension
from participation in any federal or state government healthcare payor program. Therefore, the noncontrolling interests
balance for St. Francis is classified outside the permanent equity section of the Company’s unaudited condensed consolidated
balance sheets.
 
The redeemable noncontrolling interests related to St. Francis at June 30, 2025 and December 31, 2024 have not been
subsequently measured at fair value since the acquisition date in 2017. The noncontrolling interests are not currently
redeemable and it is not probable that the noncontrolling interests will become redeemable as the possibility of the Company
being excluded or suspended from participation in any federal or state government healthcare payor program is remote.
Earnings Per Share
Basic net income per share is computed by dividing net income available to common stockholders by the weighted-average
common shares outstanding during the period. Diluted net income per share takes into account the potential dilution that
could occur if securities or other contracts to issue shares, such as unvested restricted stock units, were exercised and
converted into shares. Diluted net income per share is computed by dividing net income available to common stockholders by
the weighted-average common shares outstanding during the period, increased by the number of additional shares that would
have been outstanding if the potential shares had been issued and were dilutive.
Description of the Business and Basis of Presentation Description of the Business and Basis of Presentation
Reporting Entity
Ardent Health, Inc. was initially formed in 2015 as a Delaware limited liability company. On July 17, 2024, Ardent Health
Partners, LLC converted from a Delaware limited liability company into a Delaware corporation in connection with its initial
public offering and changed its name to Ardent Health Partners, Inc. Effective June 3, 2025, Ardent Health Partners, Inc.
changed its name to Ardent Health, Inc. Ardent Health, Inc. is a holding company that has affiliates that operate acute care
hospitals and other healthcare facilities and employ physicians. The terms “Ardent,” the “Company,” “we,” “our” and “us,”
as used in these notes to the unaudited condensed consolidated financial statements, refer to Ardent Health, Inc. and its
affiliates and on or prior to July 16, 2024, Ardent Health Partners, LLC and its affiliates, unless stated otherwise or indicated
by context. The term “affiliates” includes direct and indirect subsidiaries of Ardent and partnerships and joint ventures in
which such subsidiaries are equity owners. At June 30, 2025, the Company operated 30 acute care hospitals in six states,
including two rehabilitation hospitals and two surgical hospitals.
Basis of Presentation
The financial statements include the unaudited condensed consolidated balance sheets, income statements, comprehensive
income statements, statements of cash flows and statements of changes in equity of the Company and its affiliates, which are
controlled by the Company through the Company’s direct or indirect ownership of a majority equity interest and rights
granted to the Company through certain variable interests.  All intercompany balances and transactions have been eliminated
in consolidation. In the opinion of management, all adjustments, which consist of normal recurring adjustments, and
disclosures considered necessary for a fair presentation have been included.
Certain information and disclosures normally included in annual financial statements presented in accordance with U.S.
generally accepted accounting principles (“GAAP”) have been omitted in these interim financial statements pursuant to rules
and regulations of the Securities and Exchange Commission (“SEC”). Accordingly, these unaudited condensed consolidated
financial statements and related notes should be read in conjunction with the Company's audited consolidated financial
statements and notes thereto included in the Company's annual report on Form 10-K for the year ended December 31, 2024
(the “Annual Report”).
Initial Public Offering and Corporate Conversion
On July 19, 2024, the Company completed an initial public offering of 12,000,000 shares of its common stock at a public
offering price of $16.00 per share (the "IPO") for aggregate gross proceeds of $192.0 million and net proceeds of
approximately $181.4 million, after deducting underwriting discounts and commissions of approximately $10.6 million. The
Company provided the underwriters with an option to purchase up to an additional 1,800,000 shares of common stock of the
Company, which was fully exercised by the underwriters, and, on July 30, 2024, the Company issued 1,800,000 additional
shares of common stock at $16.00 per share for additional net proceeds of approximately $27.2 million, after deducting
underwriting discounts and commissions of approximately $1.6 million. The Company’s common stock is listed on the New
York Stock Exchange under the symbol “ARDT”.
On July 17, 2024, in connection with the IPO and immediately prior to the effectiveness of the Company's registration
statement on Form S-1, the Company converted from a Delaware limited liability company into a Delaware corporation by
means of a statutory conversion (the “Corporate Conversion”) and changed its name to Ardent Health Partners, Inc. As a
result of the Corporate Conversion, the outstanding limited liability company membership units and vested profits interest
units were converted into 120,937,099 shares of common stock and outstanding unvested profits interest units were converted
into 2,848,027 shares of restricted common stock. Immediately following the Corporate Conversion, ALH Holdings, LLC, a
subsidiary of Ventas, Inc. ("Ventas"), a common unit holder that beneficially owned a percentage of the Company’s
outstanding membership interests and maintained a seat on the Company’s board of managers, making Ventas a related party,
contributed all of its outstanding common stock in AHP Health Partners, Inc. ("AHP Health Partners"), a direct subsidiary of
the Company, to Ardent Health Partners, Inc. in exchange for 5,178,202 shares of common stock of Ardent Health Partners,
Inc. (the "ALH Contribution"). As a result of the ALH Contribution, AHP Health Partners became a wholly-owned
subsidiary of Ardent Health Partners, Inc. The Corporate Conversion and the ALH Contribution have been retrospectively
applied to prior periods herein for the purposes of calculating basic and diluted net income per share. The Company’s
certificate of incorporation authorizes 750,000,000 shares of common stock and 50,000,000 shares of preferred stock, each
with a $0.01 par value per share.
General and Administrative Costs
The majority of the Company’s expenses are “cost of revenue” items. Costs that could be classified as general and
administrative by the Company include its corporate office costs and centralized corporate services such as human resources,
information technology, and finance, which were $32.6 million and $29.1 million for the three months ended June 30, 2025
and 2024, respectively, and $67.5 million and $62.0 million for the six months ended June 30, 2025 and 2024, respectively.
v3.25.2
Related Party Transactions
 6 Months Ended
Jun. 30, 2025
Related Party Transactions [Abstract]  
Related Party Transactions Related Party Transactions
Effective August 4, 2015, Ventas acquired ownership of the Company’s real estate in exchange for a $1.4 billion payment
from Ventas and the Company’s agreement to lease the acquired real estate back from Ventas (the “Ventas Master Lease”).
The Ventas Master Lease is a 20-year master lease agreement (with a renewal option for an additional 10 years) with certain
subsidiaries of Ventas, pursuant to which the Company currently leases 10 of the Company’s hospitals. The Ventas Master
Lease includes an annual rent escalator equal to the lesser of four times the Consumer Price Index or 2.5%. In accordance
with ASC 842, Leases, variable lease payments are excluded from the Company’s minimum rental payments used to
determine the right-of-use assets and lease obligations and are recognized as expense when incurred. The Ventas Master
Lease includes a number of operating and financial restrictions on the Company. Management believes it was in compliance
with all financial covenants as of June 30, 2025.
The Company recorded rent expense related to the Ventas Master Lease and other lease agreements with Ventas for certain
medical office buildings of $37.8 million and $37.0 million for the three months ended June 30, 2025 and 2024, respectively,
and $75.9 million and $74.2 million for the six months ended June 30, 2025 and 2024, respectively.
v3.25.2
Long-Term Debt and Financing Matters
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
Long-Term Debt and Financing Matters Long-Term Debt and Financing Matters
Long-term debt consists of the following (in thousands):
 
 
June 30, 2025
December 31, 2024
Senior secured term loan facility
$774,292
$773,772
5.75% Senior Notes
299,641
299,596
Finance leases
28,650
20,907
Other debt
20,140
15,672
Deferred financing costs
(13,000)
(14,895)
Total debt
1,109,723
1,095,052
Less current maturities
(19,333)
(9,234)
Long-term debt, less current maturities
$1,090,390
$1,085,818
As of June 30, 2025 and December 31, 2024, the senior secured term loan facility reflected an original issue discount
(“OID”) of $3.2 million and $3.7 million, respectively. As of June 30, 2025 and December 31, 2024, the 5.75% Senior Notes
balance reflected an OID of $0.4 million.
Senior Secured Credit Facilities  
On August 24, 2021, the Company entered into a credit agreement (the "Term Loan B Credit Agreement") for its senior
secured term loan facility (the "Term Loan B Facility"), which provided funding up to a principal amount of $900.0 million
with a seven year maturity. Principal under the Term Loan B Facility was due in consecutive equal quarterly installments of
0.25% of the initial $900.0 million principal amount as of the execution of the credit agreement (subject to certain reductions
from time to time as a result of the application of prepayments), with the remaining balance due upon maturity of the Term
Loan B Facility. The proceeds from the Term Loan B Facility were used to prepay in full the Company's then-outstanding
$825.0 million senior secured term loan facility, including any accrued and unpaid interest, fees and other expenses related to
the transaction. On June 8, 2023, the Company further amended the Term Loan B Credit Agreement to replace the London
Interbank Offered Rate ("LIBOR") with the Term Secured Overnight Financing Rate ("SOFR") and Daily Simple SOFR
(each as defined in the amended Term Loan B Credit Agreement) as the reference interest rate. On June 26, 2024, the
Company used cash on hand to prepay $100.0 million of the $877.5 million outstanding principal on the Term Loan B
Facility, which prepaid all remaining required quarterly principal payments; and no modification was made to the Term Loan
B Credit Agreement as a result of this prepayment. Effective July 19, 2024, pursuant to the terms of the Term Loan B Credit
Agreement and as a result of the IPO, the applicable margin was automatically reduced by 25 basis points to 3.25% over
Term SOFR and 2.25% over base rate. On September 18, 2024, the Company executed an amendment to reprice its Term
Loan B Credit Agreement. The repricing reduced the applicable interest rate by 50 basis points from Term SOFR plus 3.25%
to Term SOFR plus 2.75% and from the base rate plus 2.25% to the base rate plus 1.75%, and it eliminated the credit spread
adjustment. No modifications were made to the maturity of the loans as a result of the repricing and all other terms were
substantially unchanged.
Effective July 8, 2021, the Company entered into an amended and restated senior credit agreement for its $225.0 million
senior secured asset-based revolving credit facility (the “ABL Credit Agreement”). The ABL Credit Agreement consisted of
a $225.0 million senior secured asset-based revolving credit facility with a five-year maturity. On April 21, 2023, the
Company further amended and restated the ABL Credit Agreement to replace LIBOR with the Term SOFR and Daily Simple
SOFR (each as defined in the amended ABL Credit Agreement) as the reference interest rate. On June 26, 2024, the
Company further amended the ABL Credit Agreement to increase the revolving commitment to $325.0 million and extend its
maturity date to June 26, 2029.
The Term Loan B Credit Agreement and ABL Credit Agreement contain a number of customary affirmative and negative
covenants that limit or restrict the ability of the Company and its subsidiaries to (subject, in each case, to a number of
important exceptions, thresholds and qualifications as set forth in the Term Loan B Credit Agreement and ABL Credit
Agreement):
•incur additional indebtedness (including guarantee obligations);
•incur liens;
•make certain investments;
•make certain dispositions and engage in certain sale / leaseback transactions;
•make certain payments or other distributions; and
•engage in certain transactions with affiliates.
In addition, the ABL Credit Agreement contains a springing financial covenant that requires the maintenance, after failure to
maintain a specified minimum amount of availability to borrow under the senior secured asset-based revolving credit facility,
of a minimum fixed charge coverage ratio of 1.00 to 1.00, as determined at the end of each fiscal quarter. Management
believes that as of June 30, 2025 the Company maintained more than the minimum amount of availability under the senior
secured asset-based revolving credit facility and, therefore, the minimum fixed charge ratio described herein was not
applicable.
Borrowings under the Term Loan B Facility bear interest at a rate per annum equal to, at the Company’s option, either (i) a
base rate (the “base rate”) determined by reference to the highest of (a) the federal funds effective rate plus 0.50%, (b) the
rate last quoted by Bank of America as the “Prime Rate” in the United States for U.S. dollar loans, and (c) Term SOFR
applicable for an interest period of one month (not to be less than 0.50% per annum), plus 1.00% per annum, in each case,
plus an applicable margin, or (ii) Term SOFR (not to be less than 0.50% per annum) for the interest period selected, in each
case, plus an applicable margin. The applicable margins are as follows:
•under the Term Loan B Credit Agreement, the applicable margin was equal to 2.50% for base rate borrowings and
3.50% for Term SOFR borrowings;
•effective July 19, 2024, pursuant to the terms of the Term Loan B Credit Agreement and as a result of the IPO, the
applicable margin was automatically reduced to 2.25% for base rate borrowings and 3.25% for Term SOFR
borrowings; and
•effective September 18, 2024, the Company completed a repricing of its Term Loan B Credit Agreement, upon
which the applicable margin was reduced to 1.75% for base rate borrowings and 2.75% for Term SOFR borrowings.
The $325.0 million senior secured asset-based revolving credit facility is comprised of two tranches: (1) a $275.0 million
non-UT Health East Texas borrowers’ tranche and (2) a $50.0 million UT Health East Texas borrowers’ tranche available to
the Company’s East Texas Health System, LLC subsidiary (collectively referred to as the “ABL Facilities”). At the election
of the borrowers under the applicable ABL Facility loan, the interest rate per annum applicable to loans under the ABL
Facilities is based on a fluctuating rate of interest determined by reference to either (i) the base rate determined by reference
to the highest of (A) the federal funds effective rate plus 0.50%, (B) the rate last quoted by The Wall Street Journal as the
“Prime Rate” in the United States for U.S. dollar loans from time to time, and (C) Term SOFR (as adjusted for any applicable
statutory reserve rate) applicable for an interest period of one month, plus 1.00% per annum, in each case, plus an applicable
margin, or (ii) the higher of Term SOFR or 0.00% per annum for the interest period selected, in each case, plus an applicable
margin. The applicable margin is determined based on the percentage of the average daily availability of the applicable ABL
Facility. The applicable margin for the non-UT Health East Texas ABL Facility loan ranges from 0.5% to 1.0% for base rate
borrowings and 1.5% to 2.0% for Term SOFR borrowings. The applicable margin for the UT Health East Texas ABL Facility
loan ranges from 1.5% to 2.0% for base rate borrowings and 2.5% to 3.0% for Term SOFR borrowings.
The Term Loan B Facility and ABL Facilities are collectively referred to herein as the “Senior Secured Credit Facilities.”
The Senior Secured Credit Facilities are guaranteed by the Company and certain of the Company’s subsidiaries. Guarantees
of the Company’s subsidiaries that are tenants under the Ventas Master Lease (“Tenants”) are limited to (i) the Term Loan B
Facility and (ii) the obligations of the loan parties under the ABL Facilities (excluding any obligations of the entities that
constitute the UT Health East Texas system). In addition, the guarantees of the Tenants with respect to the indebtedness
incurred under both the Term Loan B Facility and ABL Facilities are subject to an aggregate dollar cap amount.
The non-UT Health East Texas ABL Facility is secured by first priority liens over substantially all of the Company’s and
each guarantor’s accounts and other receivables, chattel paper, deposit accounts and securities accounts, general intangibles,
instruments, investment property, commercial tort claims and letters of credit relating to the foregoing, along with books,
records and documents, and proceeds thereof, subject to certain exceptions (the “ABL Priority Collateral”), and a second
priority lien over substantially all of the Company’s and each guarantor’s other assets (including all of the capital stock of the
domestic guarantors), subject to certain exceptions (the “Term Priority Collateral”). The obligations of the UT Health East
Texas ABL Facility and obligations in excess of the maximum aggregate dollar cap amount permitted to be guaranteed by the
Tenants under the Term Loan B Facility and ABL Facilities, in each case, are not secured by the assets of the subsidiaries that
are also Tenants.
The Term Loan B Facility is secured by a first priority lien on the Term Priority Collateral and a second priority lien on the
ABL Priority Collateral. Certain excluded assets are not included in the Term Priority Collateral or the ABL Priority
Collateral. The obligations in excess of the maximum aggregate dollar cap amount permitted to be guaranteed by the Tenants
under the Term Loan B Facility and ABL Facilities, in each case, are not secured by the assets of the subsidiaries that are also
Tenants.
Subject to certain exceptions (including with regard to the ABL Priority Collateral), thresholds and reinvestment rights, the
Term Loan B Facility is subject to mandatory prepayments with respect to:
•net cash proceeds of issuances of debt by AHP Health Partners or any of its restricted subsidiaries that are not
permitted by the Term Loan B Facility;
•subject to certain thresholds, reinvestment permissions and carve-outs, 100% (with step-downs to 50% and 0%,
based upon achievement of specified senior secured net leverage ratio levels) of net cash proceeds of certain asset
sales;
•subject to certain thresholds, reinvestment permissions and carve-outs, 100% (with step-downs to 50% and 0%,
based upon achievement of specified senior secured net leverage ratio levels) of net cash proceeds of certain
insurance and condemnation events;
•50% (with step-downs to 25% and 0%, based upon achievement of specified senior secured net leverage ratio levels)
of annual excess cash flow, net of certain voluntary prepayments of secured indebtedness, of AHP Health Partners
and its subsidiaries commencing with the fiscal year ending December 31, 2022; and
•net cash proceeds received in connection with any exercise of the purchase option of the loans by Ventas under the
Relative Rights Agreement.
5.75% Senior Notes due 2029
On July 8, 2021, AHP Health Partners (the “Issuer”) issued the 5.75% Senior Notes, which mature on July 15, 2029, pursuant
to an indenture (the “2029 Notes Indenture”). The 2029 Notes Indenture provides that the 5.75% Senior Notes are general
unsecured, senior obligations of the Issuer and are unconditionally guaranteed on a senior unsecured basis by the Company
and certain subsidiaries of the Issuer. In addition, the guarantees of the Tenants are subject to an aggregate dollar cap amount.
The 5.75% Senior Notes are subordinate to the Senior Secured Credit Facilities.
The 5.75% Senior Notes bear interest at a rate of 5.75% per annum and accrue from July 8, 2021. Interest is payable semi-
annually, in cash in arrears on January 15 and July 15 of each year, commencing on January 15, 2022. The Issuer may
redeem the 5.75% Senior Notes, in whole or in part, at any time and from time to time, at the redemption prices set forth
below, plus accrued and unpaid interest, if any, to the redemption date, subject to compliance with certain conditions:
Date (if redeemed during the 12 month period beginning on July 15 of the years indicated below)
Percentage
2025
101.438%
2026 and thereafter
100.000%
If the Issuer experiences certain change of control events, the Issuer must offer to repurchase all of the 5.75% Senior Notes
(unless otherwise redeemed) at a price equal to 101% of the principal amount thereof, plus accrued and unpaid interest, if
any, to the repurchase date. If the Issuer sells certain assets and does not reinvest the net proceeds or repay senior debt in
compliance with the 2029 Notes Indenture, it must offer to repurchase the 5.75% Senior Notes at 100% of the principal
amount thereof, plus accrued and unpaid interest, if any, to the repurchase date.
Future Installments
Future installments of long-term debt at June 30, 2025, excluding unamortized discounts and unamortized deferred financing
costs, are as follows (in thousands):
 
2025 (remaining six months)
$9,444
2026
13,979
2027
7,801
2028
782,274
2029
303,790
Thereafter
9,002
Total
$1,126,290
v3.25.2
Interest Rate Swap Agreements
 6 Months Ended
Jun. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Interest Rate Swap Agreements Interest Rate Swap Agreements
Market risks relating to the Company’s operations result primarily from changes in interest rates. The Company’s exposure to
interest rate risk results from the entry into financial debt instruments that arose from transactions entered into during the
normal course of business. As part of an overall risk management program, the Company evaluates and manages exposure to
changes in interest rates on an ongoing basis. The Company has no intention of entering into financial derivative contracts,
other than to hedge a specific financial risk. To mitigate the Company’s exposure to fluctuations in interest rates, the
Company uses pay-fixed interest rate swaps, generally designated as cash flow hedges of interest payments on floating rate
borrowings. Pay-fixed swaps effectively convert floating-rate borrowings to fixed-rate borrowings. Unrealized gains or losses
from the designated cash flow hedges and related tax effects are deferred in accumulated other comprehensive income
(“AOCI”) and recognized in earnings as the interest payments occur. Hedges and derivative financial instruments may
continue to be used in the future in order to manage interest rate exposure. 
The Company has entered into interest rate swap agreements to manage its exposure to fluctuations in interest rates. The
valuation of these instruments is determined using widely accepted valuation techniques, including discounted cash flow
analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives,
including the period to maturity, and uses observable market-based inputs, including interest rate curves and implied
volatilities. The Company has determined the inputs used to value its derivatives fall within Level 2 of the fair value
hierarchy.
On October 8, 2021, the Company executed interest rate swap agreements (the “October 2021 Agreements”) with Barclays
Bank PLC and Bank of America, N.A. as counterparties, with initial notional amounts totaling $529.0 million and an
effective date of August 31, 2023 and expiring June 30, 2026. The notional amounts decline over time until expiration. Under
the October 2021 Agreements, the Company was required to make monthly fixed rate payments at annual rates ranging from
1.53% to 1.55%, and the counterparties were obligated to make monthly floating rate payments to the Company based on
one-month LIBOR, each subject to a floor of 0.50%. Effective August 31, 2023, the Company amended the October 2021
Agreements to adjust the fixed rates and replace the LIBOR floating interest rate options with Term SOFR floating rate
options. Under the amended October 2021 Agreements, the Company is required to make monthly fixed rate payments at
annual rates ranging from 1.47% to 1.48%, and the counterparties are obligated to make monthly floating rate payments to
the Company based on one-month Term SOFR, each subject to a floor of 0.39%. As of June 30, 2025, the notional amounts
under the October 2021 Agreements were $399.8 million.
On February 5, 2025, the Company executed new interest rate swap agreements (the "February 2025 Agreements") with
Truist Bank and Royal Bank of Canada, as counterparties, with an effective date of June 30, 2025 and expiring June 26, 2029.
As of the effective date, the notional amounts totaled $0.6 million, and will accrete up to $400.4 million by June 30, 2026,
when the October 2021 Agreements expire. Under the February 2025 Agreements, the Company is required to make monthly
fixed payments at annual rates ranging from 3.97% to 3.98% and the counterparties are required to make monthly floating
rate payments to the Company based on one-month Term SOFR, each subject to a floor of 0.50%. As of June 30, 2025, the
notional amounts under the February 2025 Agreements were $0.6 million.
The Company accounts for its interest rate swap agreements in accordance with ASC 815, Derivatives and Hedging. The
October 2021 Agreements and February 2025 Agreements are designated as cash flow hedges and recorded at fair value on
the Company’s unaudited condensed consolidated balance sheets with changes in fair value included in AOCI as a
component of equity and reclassified into interest expense in the same periods during which the hedge transactions affect
earnings.
The Company performs assessments of effectiveness for its cash flow hedges on a quarterly basis to confirm that the hedges
continue to meet the highly effective criteria required to continue applying cash flow hedge accounting. During the six
months ended June 30, 2025 and the year ended December 31, 2024, these hedges were highly effective. Accordingly, no
unrealized gain or loss related to these hedges was reflected in the accompanying unaudited condensed consolidated income
statements, and the change in fair value was included in AOCI as a component of equity. Realized gains and losses during the
periods have been reclassified from AOCI to interest expense.
The following table presents the effects of derivatives in cash flow hedging relationships on the Company’s AOCI and
earnings (in thousands):
Three Months Ended June 30,
Six Months Ended June 30,
Classification
2025
2024
2025
2024
Unrealized (loss) income recognized
AOCI
$(2,960)
$2,052
$(7,946)
$8,139
Reclassification from AOCI into earnings
Interest expense, net
(2,890)
(5,103)
(5,765)
(10,239)
Net change in AOCI
$(5,850)
$(3,051)
$(13,711)
$(2,100)
In the 12 months following June 30, 2025, the Company estimates that an additional $7.3 million will be reclassified as a
reduction to interest expense.
As of June 30, 2025 and December 31, 2024, the fair value of the Company’s interest rate swap agreements reflected a net
liability balance of $0.5 million and a net asset balance of $13.2 million, respectively. The following table presents the fair
value of the Company’s interest rate swap agreements as recorded in the unaudited condensed consolidated balance sheets (in
thousands):
Classification
June 30, 2025
December 31, 2024
Assets:
Other current assets
$7,574
$9,914
Other assets
—
3,264
Total interest rate swap assets
7,574
13,178
Liabilities:
Other accrued expenses and liabilities
302
—
Other long-term liabilities
7,804
—
Total interest rate swap liabilities
8,106
—
Fair value of interest rate swap agreements
$(532)
$13,178
v3.25.2
Income Taxes
 6 Months Ended
Jun. 30, 2025
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
The Company’s income tax provision was $26.3 million and $15.2 million, which equates to an effective tax rate of 21.6%
and 18.5%, for the three months ended June 30, 2025 and 2024, respectively. The Company’s income tax provision was
$41.5 million and $25.9 million, which equates to an effective tax rate of 21.2% and 18.7%, for the six months ended June
30, 2025 and 2024, respectively.
The Company follows the provisions of ASC 740, Income Taxes, regarding unrecognized tax benefits. At June 30, 2025 and
December 31, 2024, the Company had no accrual for unrecognized tax benefits.
As of June 30, 2025, the Company had no ongoing or pending federal examinations for prior years. The Company has
outstanding federal income tax refund claims for the 2016 and 2018 tax years. At June 30, 2025, the refund claims totaled
$10.0 million and were included in other current assets on the Company’s unaudited condensed consolidated balance sheet.
These refund claims are subject to ongoing Joint Committee on Taxation reviews, as well as a statute waiver through
December 31, 2026 that has been agreed to for the years 2016 through 2018. As of June 30, 2025, the Company has accrued
$0.5 million of interest income related to the refund claim, which was included in the Company's income tax expense for the
six months ended June 30, 2025. The Company’s tax years from 2021 through 2024 remain open to examination by federal
and state taxing authorities.
v3.25.2
Self-Insured Liabilities
 6 Months Ended
Jun. 30, 2025
Other Liabilities Disclosure [Abstract]  
Self-Insured Liabilities Self-Insured Liabilities
The liabilities for professional, general, workers’ compensation and occupational injury liability risks are based on actuarially
determined estimates. Liabilities for professional, general, workers’ compensation and occupational injury liability risks
represent the estimated ultimate cost of all reported and unreported losses incurred through the respective balance sheet dates.
The Company provides an accrual for actuarially determined claims reported but not paid and estimates of claims incurred
but not reported.
Professional and General Liability
The total costs for professional and general liability losses are based on the Company’s premiums and retention costs, and
were $24.3 million and $16.4 million for the three months ended June 30, 2025 and 2024, respectively, and $41.3 million and
$34.9 million for the six months ended June 30, 2025 and 2024, respectively.
Workers' Compensation and Occupational Injury Liability
The total amounts for workers’ compensation liability insurance are based on the Company’s premiums and retention costs,
and were a benefit of $1.8 million and an expense of $0.9 million for the three months ended June 30, 2025 and 2024,
respectively, and an expense of $0.5 million and $3.3 million for the six months ended June 30, 2025 and 2024, respectively.
v3.25.2
Employee Benefit Plans
 6 Months Ended
Jun. 30, 2025
Retirement Benefits [Abstract]  
Employee Benefit Plans Employee Benefit Plans
Defined Contribution Plan
The Company maintains defined contribution retirement plans that cover its eligible employees. The Company incurred total
costs related to the retirement plans of $13.2 million and $11.8 million for the three months ended June 30, 2025 and 2024,
respectively, and $27.8 million and $25.0 million for the six months ended June 30, 2025 and 2024, respectively.
Employee Health Plan
The Company maintains a self-insured medical and dental plan for substantially all of its employees. Amounts are accrued
under the Company’s medical and dental plans as the claims that give rise to them occur, and the Company includes a
provision for incurred but not reported claims. Incurred but not reported claims are estimated based on an average lag time
and experience. Accruals are based on the estimated ultimate cost of settlement, including claim settlement expenses.
The total costs of employee health coverage were $45.5 million and $42.9 million for the three months ended June 30, 2025
and 2024, respectively, and $90.0 million and $86.7 million for the six months ended June 30, 2025 and 2024, respectively.
v3.25.2
Commitment and Contingencies
 6 Months Ended
Jun. 30, 2025
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Litigation and Regulatory Matters
From time to time, claims and suits arise in the ordinary course of the Company’s business. The Company has been, is
currently, and may in the future be subject to claims, lawsuits, qui tam actions, civil investigative demands, subpoenas,
investigations, audits and other inquiries related to its operations. In certain of these actions, plaintiffs request punitive or
other damages against the Company that may not be covered by insurance. These claims, lawsuits, and proceedings are in
various stages of adjudication or investigation and involve a wide variety of claims and potential outcomes. Depending on
whether the underlying conduct in these or future inquiries or investigations could be considered systemic, their resolution
could have a material adverse effect on the Company’s results of operations, financial position or liquidity. 
The Company records accruals for such contingencies to the extent that the Company concludes it is probable that a liability
has been incurred and the amount of the loss can be reasonably estimated. Management does not believe that the Company is
party to any proceeding that, either individually or in the aggregate could have a material adverse effect on the business,
financial condition, results of operations or liquidity of the Company.
In November 2023, the Company determined that a ransomware cybersecurity incident had impacted and disrupted a number
of the Company’s operational and information technology systems (the “Cybersecurity Incident”). During this time, the
Company’s hospitals remained operational and continued to deliver patient care utilizing established downtime procedures.
The Company immediately suspended user access to impacted information technology applications, executed cybersecurity
protection protocols, and took steps to restrict further unauthorized activity. Additionally, because of the time taken to contain
and remediate the Cybersecurity Incident, online electronic billing systems were not functioning at their full capacities and
certain billing, reimbursement and payment functions were delayed, which had an adverse impact on the Company’s results
of operations and cash flows for 2023 and the first quarter of 2024.
As a result of the Cybersecurity Incident, three putative class actions were filed against the Company in the U.S. District
Court for the Middle District of Tennessee: Burke v. AHS Medical Holdings LLC, No. 3:23-cv-01308; Redd v. AHS Medical
Holdings, LLC, No. 3:23-cv-01342; and Epperson v. AHS Management Company, Inc., No. 3:24-cv-00396. These cases
were consolidated by the District Court on April 24, 2024, under the caption Hodge v. AHS Management Company, Inc., No.
3:23-cv-01308 (M.D. Tenn.). The complaint for the consolidated class action, filed on behalf of approximately 38,000
individuals who allege their personal information and protected health information were affected by the Cybersecurity
Incident, generally asserts state common law claims of negligence, breach of implied contract, unjust enrichment, breach of
fiduciary duty, and invasion of privacy with respect to how the Company managed sensitive data. On October 4, 2024, the
Company executed a settlement agreement to resolve the consolidated class action litigation. On October 9, 2024, the District
Court preliminarily approved the settlement. Plaintiffs filed a Motion for Final Approval of the Settlement (“Motion for Final
Approval”), which the Company did not oppose. Following a hearing on the Motion for Final Approval that was conducted
on August 1, 2025, the Court ordered Class Counsel, the Settlement Administrator and the Company to implement the agreed
upon settlement of the consolidated case. Pursuant to the settlement,  the Company will make settlement payments, the total
of which will not have a material impact on the Company’s results of operations, financial position or liquidity. Upon entry of
the Final Order, the clerk was ordered to close the case.
During the six months ended June 30, 2025, the Company received $21.5 million of business insurance recovery proceeds
related to the Cybersecurity Incident, all of which was included in other non-operating gains on the Company's condensed
consolidated income statement.  No business insurance recovery proceeds related to the Cybersecurity Incident were received
during the three months ended June 30, 2025.
Acquisitions
The Company has acquired, and plans to continue to acquire, businesses with prior operating histories. Acquired companies
may have unknown or contingent liabilities, including liabilities for failure to comply with healthcare laws and regulations,
such as billing and reimbursement, fraud and abuse and anti-kickback laws. The Company has from time to time identified
certain past practices of acquired companies that do not conform to its standards. Although the Company institutes policies
designed to conform such practices to its standards following completion of acquisitions, there can be no assurance that the
Company will not become liable for the past activities of these acquired facilities that may later be asserted to be improper by
private plaintiffs or government agencies. Although the Company generally seeks to obtain indemnification from prospective
sellers covering such matters, there can be no assurance that any such matter will be covered by indemnification or, if
covered, that such indemnification will be adequate to cover potential losses and fines.
v3.25.2
Segments
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Segments Segments
The Company has one reportable segment: healthcare services. The healthcare services segment generates revenues by
delivering care to its customers, or patients, through its integrated network of hospitals, ambulatory facilities, and physician
practices. The Company's Chief Operating Decision Maker ("CODM") is its President and Chief Executive Officer, who
regularly reviews financial operating results on a consolidated basis for purposes of allocating resources and evaluating
financial performance. The Company’s CODM manages the operations on a consolidated basis to make decisions about
overall company resource allocation and to assess overall company performance.
The CODM’s assessment of segment performance and allocation of segment resources is based on consolidated net income
attributable to Ardent Health, Inc. The CODM uses this consolidated profitability measure to monitor budget versus actual
results, compare Company profitability period-over-period and make capital investment decisions.
The following table presents the composition of consolidated net income attributable to Ardent Health, Inc. for the healthcare
services segment, including significant expenses that are regularly provided to and reviewed by the CODM (in thousands):
Three Months Ended June 30,
Six Months Ended June 30,
2025
2024
2025
2024
Total revenue
$1,645,280
$1,470,920
$3,142,514
$2,909,966
Less:
Employee salaries and benefits
646,401
597,135
1,279,244
1,191,330
Contract labor
25,296
26,923
50,105
54,237
Supplies
270,639
259,391
529,494
517,172
Medical professional fees
112,331
96,803
216,202
194,291
Contract services
184,681
175,100
361,667
342,306
Other segment items (1)
332,982
272,798
591,469
540,813
Net income attributable to Ardent Health, Inc.
$72,950
$42,770
$114,333
$69,817
(1)
Other segment items included in net income attributable to Ardent Health, Inc. for each of the periods presented primarily consists of rent expense,
interest expense, depreciation and amortization, income tax expense, other operating expenses, other non-operating losses (gains) and net income
attributable to noncontrolling interests.
The measure of segment assets is reported on the unaudited condensed consolidated balance sheets as total consolidated
assets. The accounting policies for the segment are consistent with the consolidated accounting policies provided in Note 2.
As of June 30, 2025 and December 31, 2024, all of the Company’s long-lived assets were located in the United States, and
for the three and six months ended June 30, 2025 and 2024, all revenue was earned in the United States.
v3.25.2
Earnings Per Share
 6 Months Ended
Jun. 30, 2025
Earnings Per Share [Abstract]  
Earnings Per Share Earnings Per Share
Basic net income per share is computed by dividing net income attributable to common stockholders by the weighted-average
number of common shares outstanding. Diluted net income per share is computed by dividing net income attributable to
common stockholders by the weighted-average number of common shares outstanding plus the dilutive effect of outstanding
securities, and such dilutive effect is computed using the treasury stock method.
For the purposes of determining the basic and diluted weighted-average number of common shares outstanding during the
periods presented that are prior to the Corporate Conversion and ALH Contribution, the Company retrospectively reflected
the effects of the Corporate Conversion and the ALH Contribution. As such, the basic and diluted weighted-average number
of common shares outstanding for those periods reflect the conversion of the Company's membership units into common
stock on the date of the Corporate Conversion and ALH Contribution, assuming that all common stock issued in conjunction
with the Corporate Conversion and ALH Contribution was issued and outstanding as of the beginning of the earliest period
presented.
The following table sets forth the computation of basic and diluted net income per share (in thousands, except share and per
share amounts):
Three Months Ended June 30,
Six Months Ended June 30,
2025
2024
2025
2024
Basic:
Net income attributable to common stockholders
$72,950
$42,770
$114,333
$69,817
Weighted-average number of common shares
140,374,892
126,115,301
140,219,452
126,115,301
Net income per common share
$0.52
$0.34
$0.82
$0.55
Diluted:
Net income attributable to common stockholders
$72,950
$42,770
$114,333
$69,817
Weighted-average number of common shares
141,517,661
126,115,301
141,111,732
126,115,301
Net income per common share
$0.52
$0.34
$0.81
$0.55
The following table sets forth the components of the denominator for the computation of basic and diluted net income per
share for net income attributable to Ardent Health, Inc. stockholders:
Three Months Ended June 30,
Six Months Ended June 30,
2025
2024
2025
2024
Weighted-average number of common shares - basic
140,374,892
126,115,301
140,219,452
126,115,301
Effect of dilutive securities(1)
1,142,769
—
892,280
—
Weighted-average number of common shares - diluted
141,517,661
126,115,301
141,111,732
126,115,301
(1)The effect of dilutive securities does not reflect 850,744 and 641,768 weighted-average potential common shares from restricted stock awards and
restricted stock units for the three and six months ended June 30, 2025, respectively, because their effect was antidilutive as calculated under the
treasury stock method.
v3.25.2
Insider Trading Arrangements
 3 Months Ended
Jun. 30, 2025
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.2
Summary of Significant Accounting Policies (Policies)
 6 Months Ended
Jun. 30, 2025
Accounting Policies [Abstract]  
Basis of Presentation Basis of Presentation
The financial statements include the unaudited condensed consolidated balance sheets, income statements, comprehensive
income statements, statements of cash flows and statements of changes in equity of the Company and its affiliates, which are
controlled by the Company through the Company’s direct or indirect ownership of a majority equity interest and rights
granted to the Company through certain variable interests.  All intercompany balances and transactions have been eliminated
in consolidation. In the opinion of management, all adjustments, which consist of normal recurring adjustments, and
disclosures considered necessary for a fair presentation have been included.
Certain information and disclosures normally included in annual financial statements presented in accordance with U.S.
generally accepted accounting principles (“GAAP”) have been omitted in these interim financial statements pursuant to rules
and regulations of the Securities and Exchange Commission (“SEC”). Accordingly, these unaudited condensed consolidated
financial statements and related notes should be read in conjunction with the Company's audited consolidated financial
statements and notes thereto included in the Company's annual report on Form 10-K for the year ended December 31, 2024
(the “Annual Report”).
Adoption of recently issued accounting standards, and pronouncements not yet adopted Recent Accounting Pronouncements Not Yet Adopted
In December 2023, the FASB issued Accounting Standards Update ("ASU") 2023-09, Income Taxes (Topic 740):
Improvements to Income Tax Disclosures (“ASU 2023-09”), which requires a public business entity to disclose specific
categories in its annual effective tax rate reconciliation and provide disaggregated information about significant reconciling
items by jurisdiction and by nature. ASU 2023-09 also requires entities to disclose their income tax payments (net of refunds)
to international, federal, and state and local jurisdictions and includes several other changes to income tax disclosure
requirements. This standard is effective for annual periods beginning after December 15, 2024, and requires prospective
application with the option to apply it retrospectively. The adoption of this guidance will not affect the Company’s
consolidated results of operations, financial position or cash flows. The Company is currently evaluating the standard to
determine its impact on the Company’s disclosures.
In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses (“ASU 2024-03”), which
requires the disclosure of certain disaggregated expenses within the notes to the financial statements. ASU 2024-03 is
effective for annual periods beginning after December 15, 2026, and interim reporting periods within fiscal years beginning
after December 15, 2027. Adoption of ASU 2024-03 can either be applied prospectively to consolidated financial statements
issued for reporting periods after the effective date of this standard or retrospectively to any or all prior periods presented in
the consolidated financial statements. Early adoption is also permitted. The Company is currently evaluating the standard to
determine its impact on the Company’s disclosures.
Variable interest entities Variable Interest Entities
GAAP requires variable interest entities (“VIEs”) to be consolidated if an entity’s interest in the VIE is a controlling financial
interest in accordance with Accounting Standards Codification (“ASC”) 810, Consolidation (“ASC 810”). Under the variable
interest model, a controlling financial interest is determined based on which entity, if any, has (i) the power to direct the
activities of the VIE that most significantly impact the VIE’s economic performance and (ii) the obligation to absorb the
losses, or the right to receive benefits, from the VIE that could potentially be significant to the VIE.
The Company performs ongoing reassessments of whether changes in the facts and circumstances regarding the Company’s
involvement with a VIE could cause the Company’s consolidation conclusion to change. The consolidation status of the VIEs
with which the Company is involved may change as a result of such reassessments. Changes in consolidation status are
applied prospectively.
The Company, through its wholly-owned subsidiaries, owns majority interests in certain limited liability companies
(“LLCs”), with each LLC owning and operating one or more hospitals. The noncontrolling interest is typically owned by a
not-for-profit medical system, university, academic medical center or foundation or combination thereof (individually or
collectively referred to as “minority member”). The employees that work for the LLC and the related hospital(s) are
employees of the Company, and the Company manages the day-to-day operations of the LLC and the hospital(s) pursuant to
a management services agreement (“MSA”).
The LLCs are VIEs due to their structure as LLCs and the control that resides with the Company through the MSA. The
Company consolidates each of these LLCs as it is considered the primary beneficiary due to the MSA providing the
Company the right to direct the day-to-day operating and capital activities of the LLC and the respective hospital(s) that most
significantly impact the LLC’s economic performance. Additionally, the Company would absorb a majority of the entity’s
expected losses, receive a majority of the entity’s expected residual returns, or both, as a result of its majority ownership,
contractual or other financial interests in the entity. The MSAs are subject to termination only by mutual agreement of the
Company and minority member, except in the case of gross negligence, fraud or bankruptcy of the Company, in which case
the minority member can force termination of the MSA.
All of the Company’s VIEs meet the definition of a business, and the Company holds a majority of their issued voting equity
interests. Their assets are not required to be used only for the settlement of VIE obligations as the Company has the ability to
direct the use of the VIE assets through its joint venture and cash management agreements.
Accounting estimates Accounting Estimates
The preparation of financial statements in conformity with GAAP requires management to make estimates and judgments
that affect the amounts reported in the unaudited condensed consolidated financial statements and accompanying notes. On
an ongoing basis, the Company evaluates its estimates. The Company bases its estimates on historical experience and on
various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for
making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual
results may differ from these estimates.
Revenue recognition Revenue Recognition
The Company’s revenue generally relates to contracts with patients in which its performance obligations are to provide
healthcare services to the patients. Revenue is recorded during the period the Company’s obligations to provide healthcare
services are satisfied. Revenue for performance obligations satisfied over time is recognized based on charges incurred in
relation to total expected charges. The Company’s performance obligations for inpatient services are generally satisfied over
periods that average approximately five days. The Company’s performance obligations for outpatient services are generally
satisfied over a period of less than one day. As the Company’s performance obligations relate to contracts with a duration of
one year or less, the Company elected the optional exemption under ASC Topic 606, Revenue from Contracts with
Customers, and, therefore, is not required to disclose the transaction price for the remaining performance obligations at the
end of the reporting period or when the Company expects to recognize revenue. Additionally, the Company is not required to
adjust the consideration for the existence of a significant financing component when the period between the transfer of the
services and the payment for such services is one year or less.
Contractual relationships with patients, in most cases, involve a third party payor (Medicare, Medicaid and managed care
health plans), and the transaction prices for services provided are dependent upon the terms provided by (Medicare and
Medicaid) or negotiated with (managed care health plans) the third party payors. The payment arrangements with third party
payors for the services provided to the related patients typically specify payments at amounts less than the Company’s
standard charges.
The Company’s revenue is based upon the estimated amounts the Company expects to be entitled to receive from patients
and third party payors. Estimates of contractual adjustments under managed care insurance plans are based upon the payment
terms specified in the related contractual agreements. Revenue related to uninsured patients and copayment and deductible
amounts for patients who have healthcare coverage may have discounts applied (uninsured discounts and other discounts).
The Company also records estimated implicit price concessions (based primarily on historical collection experience) related
to uninsured accounts to record self-pay revenue at the estimated amounts expected to be collected.
Medicare and Medicaid regulations and various managed care contracts, under which the discounts from the Company’s
standard charges must be calculated, are complex and are subject to interpretation and adjustment. The Company estimates
contractual adjustments on a payor-specific basis based on its interpretation of the applicable regulations or contract terms.
However, the necessity of the services authorized and provided, and resulting reimbursements, are often subject to
interpretation. These interpretations may result in payments that differ from the Company’s estimates. Additionally, updated
regulations and contract renegotiations occur frequently, necessitating continual review and assessment of the estimates by
management.
Laws and regulations governing Medicare and Medicaid programs are complex and subject to interpretation and change.
Estimated reimbursement amounts are adjusted in subsequent periods as cost reports are prepared and filed and as final
settlements are determined (in relation to certain government programs, primarily Medicare, this is generally referred to as
the “cost report” filing and settlement process). Settlements under reimbursement agreements with third party payors are
estimated and recorded in the period in which the related services are rendered and are adjusted in future periods as final
settlements are determined. Final determination of amounts earned under the Medicare, Medicaid and other third party payor
programs often occurs in subsequent years because of audits by the programs, rights of appeal, and the application of
technical provisions. Settlements are considered in the recognition of net patient service revenue on an estimated basis in the
period the related services are rendered, and such amounts are subsequently adjusted in future periods as adjustments become
known or as years are no longer subject to such audits and reviews. Differences between original estimates and subsequent
revisions, including final settlements, are included in the results of operations of the period in which the revisions are made.
Acquisitions Acquisitions
Acquisitions are accounted for using the acquisition method of accounting prescribed by ASC 805, Business Combinations,
and the results of operations are included in the unaudited condensed consolidated income statement from the respective
dates of acquisition. The purchase price of these transactions is allocated to the assets acquired and liabilities assumed based
upon their respective fair values at the date of acquisition and can be subject to change up to 12 months subsequent to the
acquisition date due to settling amounts related to purchased working capital and final determination of fair value estimates.
Fair value financial instruments Fair Value of Financial Instruments
Cash and cash equivalents, accounts receivable, inventories, prepaid expenses, other current assets, accounts payable, accrued
salaries and benefits, accrued interest and other accrued expenses and current liabilities (other than those pertaining to lease
liabilities) are reflected in the accompanying unaudited condensed consolidated financial statements at amounts that
approximate fair value because of the short-term nature of these instruments. The fair value of the Company’s revolving
credit facility also approximates its carrying value as it bears interest at current market rates. Refer to Note 5, Interest Rate
Swap Agreements, for discussion of the fair value measurement of the Company’s derivative instruments.
Noncontrolling interests Noncontrolling Interests
The financial statements include the financial position and results of operations of hospital and healthcare operations in which
the Company owned less than 100% of the equity interests, but maintained a controlling interest during the presented periods.
Earnings or losses attributable to the noncontrolling interests are presented separately in the consolidated income statements.
In accordance with ASC 810, holders of noncontrolling interests are considered to be equity holders in the consolidated
company, pursuant to which noncontrolling interests are classified as part of equity, unless the noncontrolling interests are
redeemable. Certain redemptive features associated with the noncontrolling interests for The University of Kansas Health
System – St. Francis Campus (“St. Francis”) could require the Company to deliver cash if the redemptive features are
exercised. These redemptive features could be exercised upon, among other things, the Company’s exclusion or suspension
from participation in any federal or state government healthcare payor program. Therefore, the noncontrolling interests
balance for St. Francis is classified outside the permanent equity section of the Company’s unaudited condensed consolidated
balance sheets.
 
The redeemable noncontrolling interests related to St. Francis at June 30, 2025 and December 31, 2024 have not been
subsequently measured at fair value since the acquisition date in 2017. The noncontrolling interests are not currently
redeemable and it is not probable that the noncontrolling interests will become redeemable as the possibility of the Company
being excluded or suspended from participation in any federal or state government healthcare payor program is remote.
Earnings per share Earnings Per Share
Basic net income per share is computed by dividing net income available to common stockholders by the weighted-average
common shares outstanding during the period. Diluted net income per share takes into account the potential dilution that
could occur if securities or other contracts to issue shares, such as unvested restricted stock units, were exercised and
converted into shares. Diluted net income per share is computed by dividing net income available to common stockholders by
the weighted-average common shares outstanding during the period, increased by the number of additional shares that would
have been outstanding if the potential shares had been issued and were dilutive.
v3.25.2
Summary of Significant Accounting Policies (Tables)
 6 Months Ended
Jun. 30, 2025
Accounting Policies [Abstract]  
Schedule of Variable Interest Entities The total liabilities of VIEs included in the Company’s unaudited condensed consolidated balance sheets are shown below (in
thousands):
June 30, 2025
December 31, 2024
Current liabilities:
Current installments of long-term debt
$2,883
$2,266
Accounts payable
88,973
89,428
Accrued salaries and benefits
38,858
37,713
Other accrued expenses and liabilities
52,688
45,250
Total current liabilities
183,402
174,657
Long-term debt, less current installments
11,591
8,192
Long-term operating lease liability
105,917
108,897
Long-term operating lease liability, related party
9,370
9,423
Self-insured liabilities
680
676
Other long-term liabilities
4,750
4,595
Total liabilities
$315,710
$306,440
Disaggregation of Revenue The Company’s total revenue is presented in the following table (dollars in thousands):
 
Three Months Ended June 30,
Six Months Ended June 30,
 
2025
2024
2025
2024
 
Amount
% of Total
Revenue
Amount
% of Total
Revenue
Amount
% of Total
Revenue
Amount
% of Total
Revenue
Medicare
$643,757
39.1%
$578,163
39.3%
$1,239,394
39.5%
$1,147,646
39.4%
Medicaid
159,733
9.7%
155,334
10.6%
309,076
9.9%
311,612
10.7%
Other managed care
724,053
44.0%
634,476
43.1%
1,369,205
43.6%
1,247,593
42.9%
Self-pay and other
92,104
5.6%
77,914
5.3%
173,083
5.4%
155,132
5.4%
Net patient service revenue
$1,619,647
98.4%
$1,445,887
98.3%
$3,090,758
98.4%
$2,861,983
98.4%
Other revenue
25,633
1.6%
25,033
1.7%
51,756
1.6%
47,983
1.6%
Total revenue
$1,645,280
100.0%
$1,470,920
100.0%
$3,142,514
100.0%
$2,909,966
100.0%
Revenue from External Customers by Geographic Areas The following is an analysis by state of revenue as a percentage of the Company’s total
revenue for those states in which the Company generates significant revenue:
 
Three Months Ended June 30,
Six Months Ended June 30,
 
2025
2024
2025
2024
Oklahoma
22.5%
25.4%
23.5%
24.8%
New Mexico
20.2%
14.7%
17.2%
15.1%
Texas
34.8%
35.5%
36.1%
36.0%
New Jersey
9.6%
10.1%
10.1%
10.2%
Other
12.9%
14.3%
13.1%
13.9%
Total
100.0%
100.0%
100.0%
100.0%
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments The carrying amounts and fair values of the Company’s senior secured term loan facility and its 5.75% Senior Notes due
2029 (the “5.75% Senior Notes”) were as follows (in thousands):
 
 
Carrying Amount
Fair Value
 
June 30, 2025
December 31, 2024
June 30, 2025
December 31, 2024
Senior secured term loan facility
$774,292
$773,772
$777,195
$779,575
5.75% Senior Notes
$299,641
$299,596
$287,655
$289,110
v3.25.2
Long-Term Debt and Financing Matters (Tables)
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
Schedule of Long-Term Debt Instruments Long-term debt consists of the following (in thousands):
 
 
June 30, 2025
December 31, 2024
Senior secured term loan facility
$774,292
$773,772
5.75% Senior Notes
299,641
299,596
Finance leases
28,650
20,907
Other debt
20,140
15,672
Deferred financing costs
(13,000)
(14,895)
Total debt
1,109,723
1,095,052
Less current maturities
(19,333)
(9,234)
Long-term debt, less current maturities
$1,090,390
$1,085,818
Debt Instrument Redemption The Issuer may
redeem the 5.75% Senior Notes, in whole or in part, at any time and from time to time, at the redemption prices set forth
below, plus accrued and unpaid interest, if any, to the redemption date, subject to compliance with certain conditions:
Date (if redeemed during the 12 month period beginning on July 15 of the years indicated below)
Percentage
2025
101.438%
2026 and thereafter
100.000%
Contractual Obligation, Fiscal Year Maturity Future installments of long-term debt at June 30, 2025, excluding unamortized discounts and unamortized deferred financing
costs, are as follows (in thousands):
 
2025 (remaining six months)
$9,444
2026
13,979
2027
7,801
2028
782,274
2029
303,790
Thereafter
9,002
Total
$1,126,290
v3.25.2
Interest Rate Swap Agreements (Tables)
 6 Months Ended
Jun. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Interest Rate Derivatives The following table presents the effects of derivatives in cash flow hedging relationships on the Company’s AOCI and
earnings (in thousands):
Three Months Ended June 30,
Six Months Ended June 30,
Classification
2025
2024
2025
2024
Unrealized (loss) income recognized
AOCI
$(2,960)
$2,052
$(7,946)
$8,139
Reclassification from AOCI into earnings
Interest expense, net
(2,890)
(5,103)
(5,765)
(10,239)
Net change in AOCI
$(5,850)
$(3,051)
$(13,711)
$(2,100)
The following table presents the fair
value of the Company’s interest rate swap agreements as recorded in the unaudited condensed consolidated balance sheets (in
thousands):
Classification
June 30, 2025
December 31, 2024
Assets:
Other current assets
$7,574
$9,914
Other assets
—
3,264
Total interest rate swap assets
7,574
13,178
Liabilities:
Other accrued expenses and liabilities
302
—
Other long-term liabilities
7,804
—
Total interest rate swap liabilities
8,106
—
Fair value of interest rate swap agreements
$(532)
$13,178
v3.25.2
Segments (Tables)
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information, by Segment The following table presents the composition of consolidated net income attributable to Ardent Health, Inc. for the healthcare
services segment, including significant expenses that are regularly provided to and reviewed by the CODM (in thousands):
Three Months Ended June 30,
Six Months Ended June 30,
2025
2024
2025
2024
Total revenue
$1,645,280
$1,470,920
$3,142,514
$2,909,966
Less:
Employee salaries and benefits
646,401
597,135
1,279,244
1,191,330
Contract labor
25,296
26,923
50,105
54,237
Supplies
270,639
259,391
529,494
517,172
Medical professional fees
112,331
96,803
216,202
194,291
Contract services
184,681
175,100
361,667
342,306
Other segment items (1)
332,982
272,798
591,469
540,813
Net income attributable to Ardent Health, Inc.
$72,950
$42,770
$114,333
$69,817
(1)
Other segment items included in net income attributable to Ardent Health, Inc. for each of the periods presented primarily consists of rent expense,
interest expense, depreciation and amortization, income tax expense, other operating expenses, other non-operating losses (gains) and net income
attributable to noncontrolling interests.
v3.25.2
Earnings Per Share (Tables)
 6 Months Ended
Jun. 30, 2025
Earnings Per Share [Abstract]  
Schedule of Earnings Per Share, Basic and Diluted The following table sets forth the computation of basic and diluted net income per share (in thousands, except share and per
share amounts):
Three Months Ended June 30,
Six Months Ended June 30,
2025
2024
2025
2024
Basic:
Net income attributable to common stockholders
$72,950
$42,770
$114,333
$69,817
Weighted-average number of common shares
140,374,892
126,115,301
140,219,452
126,115,301
Net income per common share
$0.52
$0.34
$0.82
$0.55
Diluted:
Net income attributable to common stockholders
$72,950
$42,770
$114,333
$69,817
Weighted-average number of common shares
141,517,661
126,115,301
141,111,732
126,115,301
Net income per common share
$0.52
$0.34
$0.81
$0.55
Schedule of Earnings Per Share, Diluted, by Common Class, Including Two Class Method The following table sets forth the components of the denominator for the computation of basic and diluted net income per
share for net income attributable to Ardent Health, Inc. stockholders:
Three Months Ended June 30,
Six Months Ended June 30,
2025
2024
2025
2024
Weighted-average number of common shares - basic
140,374,892
126,115,301
140,219,452
126,115,301
Effect of dilutive securities(1)
1,142,769
—
892,280
—
Weighted-average number of common shares - diluted
141,517,661
126,115,301
141,111,732
126,115,301
(1)The effect of dilutive securities does not reflect 850,744 and 641,768 weighted-average potential common shares from restricted stock awards and
restricted stock units for the three and six months ended June 30, 2025, respectively, because their effect was antidilutive as calculated under the
treasury stock method.
v3.25.2
Description of the Business and Basis of Presentation (Details)
 6 Months Ended
Jun. 30, 2025
hospital
state
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Number of hospitals 30
Number of states | state 6
Number of rehabilitation hospitals 2
Number of surgical hospitals 2
v3.25.2
Description of the Business and Basis of Presentation - IPO and Corporate Conversion (Details) - USD ($)
$ / shares in Units, $ in Thousands
 6 Months Ended
Jul. 30, 2024
Jul. 19, 2024
Jul. 17, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Subsequent Event [Line Items]            
Payment of stock offering costs       $ 0 $ 2,824  
Common stock, shares authorized (in shares)     750,000,000 750,000,000   750,000,000
Preferred stock, shares authorized (in shares)     50,000,000 50,000,000   50,000,000
Common stock, par value (in USD per share)     $ 0.01 $ 0.01   $ 0.01
Preferred stock, par value (in USD per share)     $ 0.01 $ 0.01   $ 0.01
Restricted Stock | Limited Liability Company            
Subsequent Event [Line Items]            
Conversion of units into stock (in shares)     2,848,027      
Common Stock | Limited Liability Company            
Subsequent Event [Line Items]            
Conversion of units into stock (in shares)     120,937,099      
Common Stock | Majority-Owned Subsidiary, Nonconsolidated            
Subsequent Event [Line Items]            
Conversion of units into stock (in shares)     5,178,202      
IPO            
Subsequent Event [Line Items]            
Shares sold in offering (in shares)   12,000,000        
Offering price per share (in USD per share)   $ 16.00        
Gross proceeds from stock offering   $ 192,000        
Net proceeds from stock offering   181,400        
Payment of stock offering costs   $ 10,600        
Over-Allotment Option            
Subsequent Event [Line Items]            
Shares sold in offering (in shares) 1,800,000 1,800,000        
Offering price per share (in USD per share) $ 16.00          
Net proceeds from stock offering $ 27,200          
Payment of stock offering costs $ 1,600          
v3.25.2
Description of the Business and Basis of Presentation - General and Administrative Costs (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]        
Corporate office costs $ 32.6 $ 29.1 $ 67.5 $ 62.0
v3.25.2
Summary of Significant Accounting Policies - Variable Interest Entities (Details)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
USD ($)
variableInterestEntity
Jun. 30, 2024
USD ($)
Jun. 30, 2025
USD ($)
variableInterestEntity
Jun. 30, 2024
USD ($)
Dec. 31, 2024
USD ($)
variableInterestEntity
Variable Interest Entity [Line Items]          
Number of consolidated variable interest entities | variableInterestEntity 9   9   9
Assets [1] $ 5,027,254   $ 5,027,254   $ 4,956,100
Income before income taxes 121,992 $ 82,183 196,190 $ 138,747  
Variable Interest Entity, Primary Beneficiary          
Variable Interest Entity [Line Items]          
Assets 1,300,000   1,300,000   $ 1,300,000
Income before income taxes $ 68,000 $ 76,700 $ 130,600 $ 138,400  
[1] As of June 30, 2025 and December 31, 2024, the unaudited condensed consolidated balance sheets included total liabilities of consolidated variable interest entities of $315.7
million and $306.4 million, respectively. Refer to Note 2, Summary of Significant Accounting Policies, for further discussion.
v3.25.2
Summary of Significant Accounting Policies - Schedule of Variable Interest Entities (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Variable Interest Entity [Line Items]    
Current installments of long-term debt [1] $ 19,333 $ 9,234
Accounts payable [1] 364,450 401,249
Accrued salaries and benefits [1] 259,160 295,117
Other accrued expenses and liabilities [1] 237,930 239,824
Total current liabilities [1] 880,873 945,424
Long-term debt, less current installments [1] 1,090,390 1,085,818
Self-insured liabilities [1] 220,839 227,048
Other long-term liabilities [1] 31,820 34,697
Total liabilities [1] 3,380,879 3,433,743
Nonrelated Party    
Variable Interest Entity [Line Items]    
Long-term operating lease liability [1] 244,741 221,443
Related Party    
Variable Interest Entity [Line Items]    
Long-term operating lease liability [1] 912,216 919,313
Variable Interest Entity, Primary Beneficiary    
Variable Interest Entity [Line Items]    
Current installments of long-term debt 2,883 2,266
Accounts payable 88,973 89,428
Accrued salaries and benefits 38,858 37,713
Other accrued expenses and liabilities 52,688 45,250
Total current liabilities 183,402 174,657
Long-term debt, less current installments 11,591 8,192
Self-insured liabilities 680 676
Other long-term liabilities 4,750 4,595
Total liabilities 315,710 306,440
Variable Interest Entity, Primary Beneficiary | Nonrelated Party    
Variable Interest Entity [Line Items]    
Long-term operating lease liability 105,917 108,897
Variable Interest Entity, Primary Beneficiary | Related Party    
Variable Interest Entity [Line Items]    
Long-term operating lease liability $ 9,370 $ 9,423
[1] As of June 30, 2025 and December 31, 2024, the unaudited condensed consolidated balance sheets included total liabilities of consolidated variable interest entities of $315.7
million and $306.4 million, respectively. Refer to Note 2, Summary of Significant Accounting Policies, for further discussion.
v3.25.2
Summary of Significant Accounting Policies - Revenue Recognition (Details) - Health Care, Patient Service - USD ($)
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Disaggregation of Revenue [Line Items]          
Charity care program, costs $ 35,600,000 $ 13,900,000 $ 43,800,000 $ 33,600,000  
Third-Party Payor          
Disaggregation of Revenue [Line Items]          
Revenue adjustment, net 300,000 $ (500,000) 9,200,000 $ 0  
Receivable (payable), net 34,400,000   34,400,000   $ 1,900,000
Receivables, current 63,000,000.0   63,000,000.0   42,600,000
Payables, current $ (28,600,000)   $ (28,600,000)   $ (40,700,000)
v3.25.2
Summary of Significant Accounting Policies - Disaggregation of Revenue (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Disaggregation of Revenue [Line Items]        
Other revenue $ 25,633 $ 25,033 $ 51,756 $ 47,983
Other revenue, percentage of revenue 0.016 0.017 0.016 0.016
Total revenue $ 1,645,280 $ 1,470,920 $ 3,142,514 $ 2,909,966
Percentage of revenue 1.000 1.000 1.000 1.000
Revenue Benchmark | Product Concentration Risk | Third-Party Payor        
Disaggregation of Revenue [Line Items]        
Net patient service revenue $ 1,619,647 $ 1,445,887 $ 3,090,758 $ 2,861,983
Third party payers, percentage of revenue 98.40% 98.30% 98.40% 98.40%
Medicare | Revenue Benchmark | Product Concentration Risk | Third-Party Payor        
Disaggregation of Revenue [Line Items]        
Net patient service revenue $ 643,757 $ 578,163 $ 1,239,394 $ 1,147,646
Third party payers, percentage of revenue 39.10% 39.30% 39.50% 39.40%
Medicaid | Revenue Benchmark | Product Concentration Risk | Third-Party Payor        
Disaggregation of Revenue [Line Items]        
Net patient service revenue $ 159,733 $ 155,334 $ 309,076 $ 311,612
Third party payers, percentage of revenue 9.70% 10.60% 9.90% 10.70%
Other managed care | Revenue Benchmark | Product Concentration Risk | Third-Party Payor        
Disaggregation of Revenue [Line Items]        
Net patient service revenue $ 724,053 $ 634,476 $ 1,369,205 $ 1,247,593
Third party payers, percentage of revenue 44.00% 43.10% 43.60% 42.90%
Self-pay and other | Revenue Benchmark | Product Concentration Risk | Third-Party Payor        
Disaggregation of Revenue [Line Items]        
Net patient service revenue $ 92,104 $ 77,914 $ 173,083 $ 155,132
Third party payers, percentage of revenue 5.60% 5.30% 5.40% 5.40%
v3.25.2
Summary of Significant Accounting Policies - Revenue by Geographical Areas (Details) - Revenue Benchmark - Geographic Concentration Risk
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Disaggregation of Revenue [Line Items]        
Third party payers, percentage of revenue 100.00% 100.00% 100.00% 100.00%
Oklahoma        
Disaggregation of Revenue [Line Items]        
Third party payers, percentage of revenue 22.50% 25.40% 23.50% 24.80%
New Mexico        
Disaggregation of Revenue [Line Items]        
Third party payers, percentage of revenue 20.20% 14.70% 17.20% 15.10%
Texas        
Disaggregation of Revenue [Line Items]        
Third party payers, percentage of revenue 34.80% 35.50% 36.10% 36.00%
New Jersey        
Disaggregation of Revenue [Line Items]        
Third party payers, percentage of revenue 9.60% 10.10% 10.10% 10.20%
Other        
Disaggregation of Revenue [Line Items]        
Third party payers, percentage of revenue 12.90% 14.30% 13.10% 13.90%
v3.25.2
Summary of Significant Accounting Policies - Acquisitions (Details)
$ in Millions
 12 Months Ended
Jan. 01, 2025
USD ($)
business
Dec. 31, 2024
USD ($)
Accounting Policies [Abstract]    
Number of businesses acquired | business 18  
Prepayments to acquire businesses   $ 27.5
Escrow deposit $ 4.1  
v3.25.2
Summary of Significant Accounting Policies - Fair Value of Financial Instruments (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Jul. 08, 2021
Debt Instrument [Line Items]      
Long-term debt $ 1,126,290    
5.75% Senior Notes      
Debt Instrument [Line Items]      
Interest rate 5.75% 5.75% 5.75%
Long-term debt $ 299,641 $ 299,596  
Long-term debt, fair value 287,655 289,110  
Senior secured term loan facility | Senior Secured Term Loan Facility      
Debt Instrument [Line Items]      
Long-term debt 774,292 773,772  
Long-term debt, fair value $ 777,195 $ 779,575  
v3.25.2
Related Party Transactions (Details) - Related Party
$ in Millions
 3 Months Ended 6 Months Ended
Aug. 04, 2015
USD ($)
Jun. 30, 2025
USD ($)
Jun. 30, 2024
USD ($)
Jun. 30, 2025
USD ($)
hospital
Jun. 30, 2024
USD ($)
Related Party Transaction [Line Items]          
Real estate acquisition payment $ 1,400.0        
Lease term       20 years  
Renewal term       10 years  
Number of hospitals leased | hospital       10  
Annual rent increase       0.025  
Rent expense   $ 37.8 $ 37.0 $ 75.9 $ 74.2
v3.25.2
Long-Term Debt and Financing Matters - Long-Term Debt Instruments (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Aug. 24, 2021
Jul. 08, 2021
Debt Instrument [Line Items]        
Finance leases $ 28,650 $ 20,907    
Deferred financing costs (13,000) (14,895)    
Total debt 1,109,723 1,095,052    
Less current maturities (19,333) (9,234)    
Long-term debt, less current maturities 1,090,390 1,085,818    
Senior secured term loan facility        
Debt Instrument [Line Items]        
Long-term debt 774,292 773,772 $ 825,000  
5.75% Senior Notes        
Debt Instrument [Line Items]        
Long-term debt $ 299,641 $ 299,596    
Interest rate 5.75% 5.75%   5.75%
Other debt        
Debt Instrument [Line Items]        
Long-term debt $ 20,140 $ 15,672    
v3.25.2
Long-Term Debt and Financing Matters (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Jul. 08, 2021
Senior secured term loan facility      
Debt Instrument [Line Items]      
Discount $ 3.2 $ 3.7  
5.75% Senior Notes      
Debt Instrument [Line Items]      
Discount $ 0.4    
Interest rate 5.75% 5.75% 5.75%
v3.25.2
Long-Term Debt and Financing Matters - Senior Secured Credit Facilities (Details)
$ in Thousands
 6 Months Ended
Sep. 18, 2024
Jul. 19, 2024
Jun. 26, 2024
USD ($)
Aug. 24, 2021
USD ($)
Jun. 30, 2025
USD ($)
Jun. 30, 2024
USD ($)
Dec. 31, 2024
USD ($)
Jul. 08, 2021
USD ($)
Debt Instrument [Line Items]                
Repayments of long-term debt         $ 2,896 $ 104,843    
Senior secured term loan facility                
Debt Instrument [Line Items]                
Long-term debt       $ 825,000 $ 774,292   $ 773,772  
2021 Term Loan B Facility | Senior secured term loan facility                
Debt Instrument [Line Items]                
Sales threshold percentage         1      
Sales threshold 1st step down, percentage         0.50      
Sales threshold 2nd step down, percentage         0      
2021 Term Loan B Facility | Senior secured term loan facility                
Debt Instrument [Line Items]                
Initial principal amount     $ 877,500 $ 900,000        
Debt instrument term       7 years        
Percent of principal       0.0025        
Repayments of long-term debt     100,000          
reduction of interest rate, basis points 0.0050 0.0025            
Variable rate 2.75%     3.25%        
Insurance and condemnation threshold percentage         1      
Insurance and condemnation threshold, 1st step down, percentage         0.50      
Insurance and condemnation threshold, 2nd step down, percentage         0      
Cash flow, percentage         0.50      
Cash flow, 1st step down, percentage         0.25      
Cash flow, 2nd step down, percentage         0      
2021 Term Loan B Facility | Senior secured term loan facility | Asset-Based Revolving Credit Facility                
Debt Instrument [Line Items]                
Interest rate         1.00%      
2021 Term Loan B Facility | Senior secured term loan facility | Secured Overnight Financing Rate (SOFR)                
Debt Instrument [Line Items]                
Variable rate 2.75% 3.25%     3.50%      
2021 Term Loan B Facility | Senior secured term loan facility | Secured Overnight Financing Rate (SOFR) | Asset-Based Revolving Credit Facility                
Debt Instrument [Line Items]                
Variable rate         0.50%      
2021 Term Loan B Facility | Senior secured term loan facility | Base Rate                
Debt Instrument [Line Items]                
Variable rate 1.75% 2.25%   2.25% 2.50%      
2021 Term Loan B Facility | Senior secured term loan facility | Fed Funds Effective Rate Overnight Index Swap Rate | Asset-Based Revolving Credit Facility                
Debt Instrument [Line Items]                
Variable rate         0.50%      
Revolving Credit Facility | Secured Overnight Financing Rate (SOFR) | Asset-Based Revolving Credit Facility | Tranche 1 | Maximum                
Debt Instrument [Line Items]                
Variable rate         2.00%      
Revolving Credit Facility | Secured Overnight Financing Rate (SOFR) | Asset-Based Revolving Credit Facility | Tranche 1 | Minimum                
Debt Instrument [Line Items]                
Variable rate         1.50%      
Revolving Credit Facility | Secured Overnight Financing Rate (SOFR) | Asset-Based Revolving Credit Facility | Tranche 2 | Maximum                
Debt Instrument [Line Items]                
Variable rate         3.00%      
Revolving Credit Facility | Secured Overnight Financing Rate (SOFR) | Asset-Based Revolving Credit Facility | Tranche 2 | Minimum                
Debt Instrument [Line Items]                
Variable rate         2.50%      
Revolving Credit Facility | Base Rate | Asset-Based Revolving Credit Facility | Tranche 1 | Maximum                
Debt Instrument [Line Items]                
Variable rate         1.00%      
Revolving Credit Facility | Base Rate | Asset-Based Revolving Credit Facility | Tranche 1 | Minimum                
Debt Instrument [Line Items]                
Variable rate         0.50%      
Revolving Credit Facility | Base Rate | Asset-Based Revolving Credit Facility | Tranche 2 | Maximum                
Debt Instrument [Line Items]                
Variable rate         2.00%      
Revolving Credit Facility | Base Rate | Asset-Based Revolving Credit Facility | Tranche 2 | Minimum                
Debt Instrument [Line Items]                
Variable rate         1.50%      
Revolving Credit Facility | Senior secured term loan facility | Asset-Based Revolving Credit Facility                
Debt Instrument [Line Items]                
Debt instrument term       5 years        
Maximum borrowing capacity     $ 325,000   $ 325,000     $ 225,000
Minimum fixed charge coverage ratio         1.00      
Interest rate         1.00%      
Revolving Credit Facility | Senior secured term loan facility | Asset-Based Revolving Credit Facility | Maximum                
Debt Instrument [Line Items]                
Interest rate         0.00%      
Revolving Credit Facility | Senior secured term loan facility | Asset-Based Revolving Credit Facility | Tranche 1                
Debt Instrument [Line Items]                
Maximum borrowing capacity         $ 275,000      
Revolving Credit Facility | Senior secured term loan facility | Asset-Based Revolving Credit Facility | Tranche 2                
Debt Instrument [Line Items]                
Maximum borrowing capacity         $ 50,000      
Revolving Credit Facility | Senior secured term loan facility | Fed Funds Effective Rate Overnight Index Swap Rate | Asset-Based Revolving Credit Facility                
Debt Instrument [Line Items]                
Variable rate         0.50%      
v3.25.2
Long-Term Debt and Financing Matters - Senior Notes Due 2029 (Details) - 5.75% Senior Notes
 6 Months Ended
Jun. 30, 2025
Dec. 31, 2024
Jul. 08, 2021
Debt Instrument [Line Items]      
Interest rate 5.75% 5.75% 5.75%
Redemption price, percentage of principal 100.00%    
Debt Instrument, Redemption, Change Of Control Event      
Debt Instrument [Line Items]      
Redemption price, percentage of principal 101.00%    
v3.25.2
Long-Term Debt and Financing Matters - Debt Instrument Redemption (Details) - 5.75% Senior Notes
 6 Months Ended
Jun. 30, 2025
Dec. 31, 2024
Jul. 08, 2021
Debt Instrument [Line Items]      
Interest rate 5.75% 5.75% 5.75%
2025      
Debt Instrument [Line Items]      
Redemption price, percentage 101.438%    
2026 and thereafter      
Debt Instrument [Line Items]      
Redemption price, percentage 100.00%    
v3.25.2
Long-Term Debt and Financing Matters - Contractual Obligation, Fiscal Year Maturity (Details)
$ in Thousands
Jun. 30, 2025
USD ($)
Debt Disclosure [Abstract]  
2025 (remaining six months) $ 9,444
2026 13,979
2027 7,801
2028 782,274
2029 303,790
Thereafter 9,002
Total $ 1,126,290
v3.25.2
Interest Rate Swap Agreements (Details) - USD ($)
$ in Thousands
 12 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Feb. 05, 2025
Dec. 31, 2024
Aug. 31, 2023
Oct. 08, 2021
Forecast | Reclassification out of Accumulated Other Comprehensive Income            
Derivative Instruments and Hedging Activities Disclosures [Line Items]            
Reclassification amount $ (7,300)          
Interest Rate Swap            
Derivative Instruments and Hedging Activities Disclosures [Line Items]            
Fair value of interest rate swap agreements   $ (532)   $ 13,178    
Interest Rate Swap | One-Month London Interbank Offered Rate            
Derivative Instruments and Hedging Activities Disclosures [Line Items]            
Interest rate swap agreement notional amount   399,800       $ 529,000
Floor rate           0.50%
Interest Rate Swap | One-Month London Interbank Offered Rate | Minimum            
Derivative Instruments and Hedging Activities Disclosures [Line Items]            
Annual rates           1.53%
Interest Rate Swap | One-Month London Interbank Offered Rate | Maximum            
Derivative Instruments and Hedging Activities Disclosures [Line Items]            
Annual rates           1.55%
Interest Rate Swap | One-Month Secured Overnight Financing Rate            
Derivative Instruments and Hedging Activities Disclosures [Line Items]            
Interest rate swap agreement notional amount   $ 600 $ 600      
Floor rate     0.50%   0.39%  
Interest Rate Swap | One-Month Secured Overnight Financing Rate | Forecast            
Derivative Instruments and Hedging Activities Disclosures [Line Items]            
Interest rate swap agreement notional amount $ 400,400          
Interest Rate Swap | One-Month Secured Overnight Financing Rate | Minimum            
Derivative Instruments and Hedging Activities Disclosures [Line Items]            
Annual rates     3.97%   1.47%  
Interest Rate Swap | One-Month Secured Overnight Financing Rate | Maximum            
Derivative Instruments and Hedging Activities Disclosures [Line Items]            
Annual rates     3.98%   1.48%  
v3.25.2
Interest Rate Swap Agreements - Derivative Cash Flow Hedging Relationships on AOCI (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Derivative Instruments and Hedging Activities Disclosures [Line Items]        
Net change in AOCI $ (5,850) $ (3,051) $ (13,711) $ (2,100)
Interest Rate Swap        
Derivative Instruments and Hedging Activities Disclosures [Line Items]        
Unrealized (loss) income recognized (2,960) 2,052 (7,946) 8,139
Reclassification from AOCI into earnings (2,890) (5,103) (5,765) (10,239)
Net change in AOCI $ (5,850) $ (3,051) $ (13,711) $ (2,100)
v3.25.2
Interest Rate Swap Agreements - Derivative Asset Classification (Details) - Interest Rate Swap - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Total interest rate swap assets $ 7,574 $ 13,178
Total interest rate swap liabilities 8,106 0
Fair value of interest rate swap agreements (532) 13,178
Other Current Assets    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Total interest rate swap assets 7,574 9,914
Other Assets    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Total interest rate swap assets 0 3,264
Other Current Liabilities    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Total interest rate swap liabilities 302 0
Other Noncurrent Liabilities    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Total interest rate swap liabilities $ 7,804 $ 0
v3.25.2
Income Taxes (Details) - USD ($)
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Operating Loss Carryforwards [Line Items]          
Income tax expense $ 26,291,000 $ 15,222,000 $ 41,524,000 $ 25,935,000  
Effective income tax rate 21.60% 18.50% 21.20% 18.70%  
Unrecognized tax benefits $ 0   $ 0   $ 0
Tax refund receivable     (500,000)    
Domestic Tax Jurisdiction          
Operating Loss Carryforwards [Line Items]          
Claim receivable     $ 10,000,000.0    
v3.25.2
Self-Insured Liabilities (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Other Liabilities Disclosure [Abstract]        
Professional fees and general liability losses $ 24.3 $ 16.4 $ 41.3 $ 34.9
Worker's compensation benefit (cost) $ (1.8) $ 0.9 $ (0.5) $ (3.3)
v3.25.2
Employee Benefit Plans (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Retirement Benefits [Abstract]        
Defined contribution plan, cost $ 13.2 $ 11.8 $ 27.8 $ 25.0
Insurance expense $ 45.5 $ 42.9 $ 90.0 $ 86.7
v3.25.2
Commitment and Contingencies (Details) - Cyber Security Incident
state in Thousands, $ in Millions
 1 Months Ended 3 Months Ended 6 Months Ended
Nov. 30, 2023
state
lawsuit
Jun. 30, 2025
USD ($)
Jun. 30, 2025
USD ($)
Loss Contingencies [Line Items]      
Punitive class action lawsuits | lawsuit 3    
Number of individuals | state 38    
Insurance recoveries | $   $ 0.0 $ 21.5
v3.25.2
Segments (Details)
 6 Months Ended
Jun. 30, 2025
segment
Segment Reporting [Abstract]  
Number of operating segments 1
Number of reportable segments 1
v3.25.2
Segments - Segment reporting information by segment (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Mar. 31, 2025
Jun. 30, 2024
Mar. 31, 2024
Jun. 30, 2025
Jun. 30, 2024
Segment Reporting Information [Line Items]            
Revenue $ 1,645,280   $ 1,470,920   $ 3,142,514 $ 2,909,966
Salaries and benefits 671,697   624,058   1,329,349 1,245,567
Supplies 270,639   259,391   529,494 517,172
Professional fees 297,012   271,903   577,869 536,597
Net income attributable to Ardent Health, Inc. 72,950 $ 41,383 42,770 $ 27,047 114,333 69,817
Reportable Segment            
Segment Reporting Information [Line Items]            
Revenue 1,645,280   1,470,920   3,142,514 2,909,966
Salaries and benefits 646,401   597,135   1,279,244 1,191,330
Contract labor 25,296   26,923   50,105 54,237
Supplies 270,639   259,391   529,494 517,172
Professional fees 112,331   96,803   216,202 194,291
Contract services 184,681   175,100   361,667 342,306
Other segment items 332,982   272,798   591,469 540,813
Net income attributable to Ardent Health, Inc. $ 72,950   $ 42,770   $ 114,333 $ 69,817
v3.25.2
Earnings Per Share (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Earnings Per Share [Abstract]        
Net income attributable to common stockholders, basic $ 72,950 $ 42,770 $ 114,333 $ 69,817
Weighted average number of common shares, basic (in shares) 140,374,892 126,115,301 140,219,452 126,115,301
Net income per common share, basic (in USD per share) $ 0.52 $ 0.34 $ 0.82 $ 0.55
Net income attributable to common stockholders, diluted $ 72,950 $ 42,770 $ 114,333 $ 69,817
Weighted average number of common shares, diluted (in shares) 141,517,661 126,115,301 141,111,732 126,115,301
Net income per common share, diluted (in USD per share) $ 0.52 $ 0.34 $ 0.81 $ 0.55
v3.25.2
Earnings Per Share - Schedule of Earnings Per Share (Details) - USD ($)
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Weighted average number of common shares, basic (in shares) 140,374,892 126,115,301 140,219,452 126,115,301
Restricted stock and restricted stock unit awards (in shares) $ 1,142,769 $ 0 $ 892,280 $ 0
Weighted average number of common shares, diluted (in shares) 141,517,661 126,115,301 141,111,732 126,115,301
Restricted Stock and Restricted Stock Units        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Antidilutive securities (in shares) 850,744   641,768