What move does the options market price into Ardent Health's report?

Implied ±12.1%, either direction.

How often does Ardent Health move more than the options market prices?

2 of the last 8 reports moved at least as far as the implied move.

ARDTNYSEServices-General Medical & Surgical Hospitals, NEC

Ardent Health, Inc. (ARDT) earnings date, market-implied expected move, and options open interest by expiry

11.73

−0.30 · −2.52%

post 11.73 −0.01%

Closed16:00 ET

Open11.64Volume380,272Mkt cap$1.7BP/E21.71EPS0.54

Day11.64 – 11.8542%52-wk7.71 – 14.9955%

ARDT

Ardent Health, Inc.

OpenVolumeMkt capP/EEPSDiv yield

Day – 52-wk –

Expected move

Inputs

±12.1%implied · straddle

10.3113.15

spot 11.73exp Nov 20ATM strike 12.5ATM straddle 1.67IV 73%

Nov 2 closethin chain

Expected move

Inputs

Next report

Nov 11

after close · in 8 days

est.Q3 FY26

Calendar

Next report

Last report

+3.81%

vs ±12.3% implied · ×0.31

shaded = implied · ▲▼ = realized

Aug 4 '26 · confirmed

Implied vs realized

Largest filed tie

filed ties

13F top-10 QoQ

+0.47%

shares held · 10 largest managers

13F · Jun 30 '26126d lag

138 managers

Top fund weight

0.01%

ARDT weight · IWM

N-PORTJun 30 '26

3 funds

Last reportshaded = implied▲▼ = realized× = |realized| ÷ implied

Ardent Health (ARDT) is expected to report on Nov 11 after close (estimated date).

Implied vs realized

8 reports

2 of 8≥ implied

avg implied: ±11.9%
avg realized: ±10.4%

Jan 13 '25Jan 13 '25confirmed±11.5%▼−12.46%×1.08

Feb 26 '25Feb 26 '25confirmed±11.9%▲+8.21%×0.69

May 6 '25May 6 '25confirmed±12.0%▲+9.22%×0.77

Aug 5 '25Aug 5 '25confirmed±13.5%▲+6.10%×0.45

Q3 FY25Nov 12 '25confirmed±11.5%▼−33.81%×2.94

Q1 FY26Mar 4 '26confirmed±11.8%▼−2.07%×0.18

May 5 '26May 5 '26confirmed±10.9%▼−7.50%×0.69

Q2 FY26Aug 4 '26confirmed±12.3%▲+3.81%×0.31

quarterimplied−35%0+35%realized×

Q2 FY26±12.3%▲+3.81%×0.31

May '26±10.9%

Shaded = implied · tick ▲▼ = realized · × = |realized| ÷ impliedSource: options EOD · implied at prior close · realized close to close

Implied vs realized

Positioning

OI · 3 expiries · Oct 30 close

0.19OI · 3 expiries · Oct 30 closeP/C open interest · Nov 20 · first expiry after the report

PUTS · chgexpiry · days · P/CCALLS · chgP/C

470%Nov 2017d248−1%

1990%Jan 1573d0.161,2080%0.16

820%Feb 19108d0.45181+1%0.45

ExpiryPutsCallsP/C

Nov 2017d470%248−1%0.19

Jan 1573d1990%1,2080%0.16

Feb 19108d820%181+1%0.45

Hatched = puts · solid = calls · bars scaled per expiry · chg = OI vs prior sessionSource: options EOD

Positioning

Linked exposure

scenario · straddle±12.1%

Funds 3

IWM±0.0%

UWM±0.0%

VTI±0.0%

Dashed = straddleMethod Source: SEC filings · N-PORT · market data

Linked exposure

Revenue flow

as filedQ2 FY26

2.14%as filednet margin · revenue +1.27% QoQ · −1.40% YoY

Revenue

$1.6B+1.27% QoQ

Gross profit

$946M+0.60% QoQ

58.32% margin

Operating income

$43M−37.11% QoQ

2.66% margin

Pre-tax income

$43M−42.08% QoQ

Net income

$35M−40.69% QoQ

2.14% margin

Cost of revenue

$676M+2.23% QoQ

Operating expenses

$903M+3.57% QoQ

SG&A $782M

Other operating $79M

Depreciation $41M

Tax

$9M−47.13% QoQ

Revenue$1.6B+1.27%

Gross profit

$946M+0.60%

58.32% margin

Operating income

$43M−37.11%

2.66% margin

Pre-tax income

$43M−42.08%

Net income

$35M−40.69%

2.14% margin

Cost of revenue

$676M+2.23%

Operating expenses

$903M+3.57%

SG&A $782M

Other operating $79M

Depreciation $41M

Tax$9M−47.13%

flow · deduction · signed % = QoQSource: SEC filings · standardized · QE Jun 30 '26 · width = $

Revenue flow

Intraday

15m bars

Long dash = implied range · Nov 2 close · Hatch = extended hours · ▯ up · ▮ downSource: market data · 16:00 ET

Intraday

Event sensitivity

NFP ×1.19· ±2.6% vs ±2.2% · 10 releases

eventrelease day|move|up · n×base

NFPjobs report±2.6%7 of 10×1.19

FOMCrate decision±2.4%5 of 18×1.09

PPIproducer prices±1.6%2 of 10×0.75

GDPgross domestic product±1.5%9 of 19×0.70

PCEpersonal income & outlays±1.2%9 of 19×0.57

CPROFcorporate profits±1.1%5 of 12×0.51

CPIconsumer prices±1.0%4 of 10×0.46

Bar = avg |move| to ±3% · tick = ±2.2% avg day · ×base = |move| ÷ ±2.2% · min 6 releases

Earnings history

EPS 0.12 · consensus —

Quarter	Reported	EPS	Consensus
Q2 FY26	Aug 4 '26 · confirmed	0.12	—
Q1 FY26	Mar 4 '26 · confirmed	0.28	—
Q3 FY25	Nov 12 '25 · confirmed	-0.17	—

Source: filed financials

Methodology

ties · implied moves · holdersMethod