Ardent Health, Inc. 10-K

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities Our common stock is traded on the NYSE under the symbol “ARDT.” As of March 10, 2026, there were approximately 158 holders of record of our common stock. A substantially greater number of holders of our common stock are street name or beneficial holders, whose shares of record are held by banks, brokers, and other financial institutions. Purchases of Equity Securities by Issuer In November 2025, our Board of Directors authorized a stock repurchase program pursuant to which we may repurchase an aggregate of up to $50.0 million of our common stock through open market purchases, privately negotiated transactions, block trades or other transactions in accordance with applicable securities laws, subject to market conditions and other factors. The program has no expiration date. At December 31, 2025, there was approximately $46.8 million of stock repurchase authorization remaining under the stock repurchase program. All repurchases under the program during the three months ended December 31, 2025, as shown below, were made in the open market. During the three months ended December 31, 2025, we made the following purchases of our equity securities that are registered pursuant to Section 12(b) of the Securities Exchange Act of 1934 (dollars in millions, except per share amounts): Period Total Number of Shares Purchased (1) Average Price Paid per Share Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs Maximum Dollar Value That May Yet Be Purchased Under Publicly Announced Plans or Programs October 1, 2025 - October 31, 2025 7,755 $ 14.06 — $ — November 1, 2025 - November 30, 2025 225,311 $ 8.97 225,311 $ 48.0 December 1, 2025 - December 31, 2025 129,845 $ 9.01 125,701 $ 46.8 Total 362,911 $ 9.09 351,012 (1) Includes 11,899 shares withheld by us to satisfy the payment of tax obligations related to the vesting of restricted stock unit awards. Dividend Policy We did not pay any cash dividends during the year ended December 31, 2025 and do not intend to declare or pay any cash dividends on our common stock for the foreseeable future. We currently intend to continue to retain earnings to fund the operation and growth of our business and to repay indebtedness. Stock Performance Graph The graph below compares the cumulative total stockholder return on our common stock with the cumulative total return on the S&P 500 Index and the S&P Health Care Index, assuming an initial investment of $100 at the market close of July 18, 2024, the date our stock commenced trading on the NYSE at an opening price of $16.00 per share. Data for the S&P 500 Index and the S&P Health Care Index assumes reinvestment of dividends. As noted above, no dividends have been declared on our common stock to date. The comparisons in the graph below are based on historical data and are not indicative of, nor intended to forecast, future performance of our common stock. 57 COMPARISON OF 17 MONTH CUMULATIVE TOTAL RETURN Among Ardent Health, Inc., the S&P 500 Index and the S&P Health Care Index July 18, 2024 September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 Ardent Health, Inc. $ 100.00 $ 114.45 $ 106.35 $ 85.62 $ 85.06 $ 82.50 $ 54.98 S&P 500 $ 100.00 $ 103.93 $ 106.08 $ 101.21 $ 111.91 $ 120.63 $ 123.46 S&P Health Care $ 100.00 $ 104.80 $ 93.61 $ 99.30 $ 91.73 $ 94.73 $ 105.35 The performance graph and related information shall not be deemed “soliciting material,” is not deemed “filed” with the SEC, and is not to be incorporated by reference into any future filing under the Securities Act or Exchange Act. Item 6. Reserved 58