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Ardent Health cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$122M in Q3 2026 · $482M over twelve months

Operating cash flow$122M
Free cash flow+$122M
Cash / net income1.9×

Analysis

In Q3 2026, Ardent Health generated $122M of operating cash flow. That is $32.4M less than in Q3 2025 ($154M).

Over the twelve months to Sep 30, 2026, operating cash flow was $482M; the largest uses were other investing ($193M), partners ($94.2M), other financing ($23.1M); the cash balance rose by $157M.

Operating cash flow was $122M against net income of $63.4M — 1.9× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$41.1M, prepaid and other assets +$22.9M, deferred taxes +$7.1M.

Free cash flow

Ardent Health: free cash flow by quarterArdent Health: free cash flow by quarter$120MQ4 2024−$24.8MQ1 2025$117MQ2 2025$154MQ3 2025$223MQ4 2025−$60.2MQ1 2026$197MQ2 2026$122MQ3 2026
Operating cash flow less capital spending.
Ardent Health: operating cash flow against capital spendingArdent Health: operating cash flow against capital spendingOperating cash flowCapital spending$120M$0Q4 2024−$24.8M$0Q1 2025$117M$0Q2 2025$154M$0Q3 2025$223M$0Q4 2025−$60.2M$0Q1 2026$197M$0Q2 2026$122M$0Q3 2026
Latest (Q3 2026): Operating cash flow $122M, Capital spending $0.

Capital allocation, year by year

Ardent Health: where the cash came from (up) and went (down), by fiscal yearArdent Health: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAcquisitionsDividendsFY2022: Operating cash flow −$38.4MFY2022: Net borrowing −$16.4MFY2022: Dividends −$175MFY2022FY2023: Operating cash flow $222MFY2023: Net borrowing −$7.0M$222MFY2023FY2024: Operating cash flow $315MFY2024: Net borrowing −$105MFY2024: Shares issued $209MFY2024: Acquisitions −$35.5M$524MFY2024FY2025: Operating cash flow $471MFY2025: Net borrowing −$8.0MFY2025: Acquisitions −$2.5M$471MFY2025
Over these 4 years operating cash flow totalled $969M; the largest uses were dividends ($175M) and net borrowing ($136M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$766M
Debt$1.1B
Net debt$350M
Due within a year$23.4M

Ardent Health funds itself: free cash flow was $482M over the last twelve months, and $766M of cash and investments stands against $1.1B of debt ($23.4M due within a year, 32.7× covered by cash).

Ardent Health: debt maturities by year (FY2025)Ardent Health: debt maturities by year (FY2025)$23.4MYear 1$15.1MYear 2$12.5MYear 3$312MYear 4$8.6MYear 5$745MAfter year 5
Principal due in each year as disclosed in the annual report, against $766M of cash and investments now.

Where the cash came from and went

Ardent Health: sources (+) and uses (−) of cash, Q3 2026Ardent Health: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$122MCash drawn (+) / kept (−)−$41.8MOther investing−$40.1MPartners−$24.2MBuybacks−$11.0MNet borrowing (+) / repaid (−)−$3.8MOther financing−$979K
Ardent Health: sources (+) and uses (−) of cash, TTM to Q3 2026Ardent Health: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$482MOther investing−$193MCash drawn (+) / kept (−)−$157MPartners−$94.2MOther financing−$23.1MNet borrowing (+) / repaid (−)−$14.3M

From profit to cash

Ardent Health: net income to operating cash flow, Q3 2026Ardent Health: net income to operating cash flow, Q3 2026Net income$63.4MDepreciation & amortization$41.1MDeferred taxes$7.1MReceivables$709KInventory−$610KPrepaid and other assets$22.9MOperating cash flow$122M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowAcquisitionsBuybacksNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$122M—−$11.0M−$3.8M−$41.8M$122M
Q2 2026$197M——−$3.3M−$115M$197M
Q1 2026−$60.2M——−$3.6M$99.9M−$60.2M
Q4 2025$223M−$2.5M—−$3.5M−$100M$223M
Q3 2025$154M——−$1.6M−$68.8M$154M
Q2 2025$117M——−$1.5M−$45.6M$117M
Q1 2025−$24.8M——−$1.4M$61.7M−$24.8M
Q4 2024$120M−$27.5M—−$2.0M$6.4M$120M

Ardent Health: income statement and cash flow

Ardent Health, Q3 2026: revenue $1.6B (+3% year over year), operating margin 5.0%. The chart follows the revenue to costs, profit and cash.

Ardent Health: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.