Shares of Acadia Healthcare (ACHC) tumbled 8.09% in after-hours trading on Tuesday, despite reporting better-than-expected second-quarter results. The behavioral healthcare services provider posted an adjusted EBITDA of $201.8 million, surpassing the IBES estimate of $176.8 million. However, the positive earnings surprise was overshadowed by the announcement of a key executive departure.

In a surprising turn of events, Acadia Healthcare disclosed that CFO Heather Dixon would be stepping down from her position effective August 15, 2025. The company named Tim Sides as the interim CFO, raising questions about the continuity of financial leadership during a critical period. This unexpected change in the C-suite appears to have rattled investor confidence, contributing to the sharp decline in stock price.

While Acadia provided its full-year outlook, with revenue projected between $3,300 million and $3,350 million and adjusted EBITDA expected to range from $675 million to $700 million, the market reaction suggests that investors may be concerned about the company's future performance and strategy in light of the CFO transition. Additionally, the company's substantial capital expenditure outlook of $495-535 million for the fiscal year might be raising questions about the impact on future profitability. As the market digests these mixed signals, Acadia Healthcare faces the challenge of reassuring investors about its long-term prospects amidst this leadership change.