Community Health Systems (CYH) investor relations material

Executive summary

• Q3 revenue was $2.757B, down 10.7% YoY; Adjusted EBITDA was $280M, down 25.5%, while same-store revenue rose 3.8%.

• Attributable net loss was $86M, or $0.63 per diluted share, versus net income of $130M, or $0.96 per diluted share, in Q3 2025.

• Sequential volume and cash flow improved, but payor mix and acuity fell short of expectations amid challenging macro conditions.

Financial highlights

• Q3 operating income was $146M versus $243M YoY; net interest expense declined to $201M from $216M, primarily following debt redemptions.

• Q3 adjusted diluted EPS, excluding specified items, was $(0.48) versus $1.27; 9M adjusted EPS was $(1.15) versus $1.20.

• Q3 operating cash flow was $155M versus $70M; 9M operating cash flow was negative $55M versus positive $277M.

• Adjusted Q3 cash generated from operations, excluding taxes on divestiture gains, was $168M versus $121M YoY.

Outlook and guidance

• FY26 guidance is revenue of $11.3B–$11.5B, Adjusted EBITDA of $1.225B–$1.275B, and diluted net loss per share of $1.60–$1.70.

• FY26 operating cash flow guidance is $100M–$300M, capex is $350M–$400M, and interest expense is $820M–$830M.

• Updated guidance reflects higher uncompensated care from coverage losses and continued softness in commercial elective demand; Q4 adjusted cash flow is expected at $85M–$185M.

• Accepted Rural Health Transformation Year 1 awards total ~$27M; proceeds and related expenditures are expected intermittently through September 30, 2027.