Ardent Health, Inc. — Form 8-K

Ardent Health filed an 8-K amending only Item 7 (MD&A) of its 2025 Form 10-K (filed March 16, 2026) to revise and clarify supplemental non-GAAP performance and valuation measures. The company detailed Adjusted EBITDA ($447.3M in 2025, down from $498.5M in 2024) and Adjusted EBITDAR ($611.6M in 2025, annualized), with reconciliations to GAAP net income ($230.1M). Key adjustments include REIT rent expense ($164.3M annually—primarily Ventas Master Lease $152.9M plus MPT $11.4M for 12 leased hospitals and 18 medical office buildings), Epic system implementation costs ($4.8M in 2025), restructuring/severance ($10.3M in 2025), and cybersecurity incident net recoveries ($22.7M in 2025). No changes to core business operations, financials, or other 10-K sections were disclosed.