Growth stories are easy to claim and harder to quantify. Acadia Healthcare put real figures behind its 2025 expansion, and the numbers show a company still adding capacity at scale.

Acadia Healthcare is the largest stand-alone behavioral health provider in the United States, and Reeve Waud, founder of Waud Capital Partners, chairs its board. The year’s results reflect the kind of steady building he’s long favored.

778 New Beds

During 2025, 778 beds were added through one wholly owned facility and five joint-venture hospitals. Each new bed means room for more patients in a field where waitlists are common.

Bed count is the clearest gauge of capacity in behavioral health. Adding hundreds in a single year, much of it through partnerships, shows the company can grow without shouldering every project alone. It also points to a deliberate approach of building where demand is provable, rather than expanding on speculation. Waitlists for behavioral care can stretch for weeks in some regions, so every added bed has an immediate human effect.

The Partner Roster

The joint-venture openings came with well-known health systems: Henry Ford Health, Geisinger Health, Ascension Seton, Fairview Health Services, and ECU Health. Partnering with established names gives Acadia local credibility and a built-in referral base.

These deals also spread the cost and risk of new construction across two organizations. For a company chaired by Reeve Waud, whose firm built its name on partnership, that shared approach is a familiar one. Each system refers its own patients into the new hospital, and that gives the venture a running start a stand-alone facility would lack.

The Scale Today

As of Dec. 31, 2025, Acadia operated 277 behavioral healthcare facilities with over 12,500 beds across 40 states and Puerto Rico. Roughly 25,000 employees serve more than 84,000 patients a day.

Numbers that size make Acadia Healthcare the biggest player of its kind. Reeve Waud has helped steer that growth from the board, and the 2025 figures suggest the company means to keep climbing. Reaching 40 states and Puerto Rico also lets Acadia respond to needs in big cities and small towns alike, a range few behavioral providers can claim.