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Edge20 Feb 2026
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Community Health Systems
Community Health Systems (CYH) investor relations material
Community Health Systems Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary19 Feb, 2026
Executive summary
Fourth quarter 2025 results met updated expectations, with sequential margin expansion, improved payer mix, and cost controls, but net operating revenues declined 4.9% year-over-year and Adjusted EBITDA decreased 7.7% in Q4 2025.
Full-year 2025 net operating revenues were $12.485 billion, down 1.2% year-over-year, while Adjusted EBITDA was $1.526 billion, down 0.9% year-over-year.
Net income attributable to stockholders in Q4 2025 was $110 million ($0.81 per diluted share), with full-year net income of $509 million ($3.77 per share), both improved from prior year losses.
Divestitures in 2025 and early 2026 streamlined the portfolio, reduced leverage, and enabled reinvestment in growth and debt reduction.
Leadership transition completed, with new CEO and CFO focused on quality, experience, satisfaction, and cash flow growth.
Financial highlights
Adjusted EBITDA for Q4 2025 was $395 million (12.7% margin), slightly up year-over-year after adjusting for divestitures and one-time items.
Q4 2025 net operating revenues were $3.106 billion; same-store net revenue for Q4 increased 2.1% year-over-year, driven by a 2.4% rise in net revenue per adjusted admission.
Cash flows from operations were $266 million in Q4 and $543 million for the full year; adjusted for divestiture taxes, full-year operating cash flow was $712 million.
Adjusted free cash flow for 2025 was $150 million.
Net income benefited from a net gain on sale of businesses in Q4 2025.
Outlook and guidance
2026 guidance: net revenue of $11.6–$12.0 billion, Adjusted EBITDA of $1.34–$1.49 billion, operating cash flow of $600–$700 million, and capital expenditures of $350–$400 million.
Net loss per share (diluted) expected between $(0.60) and $0.00 for 2026.
Guidance reflects impact of completed and pending divestitures, and excludes one-time 2025 items and potential new state payment programs.
Core operations expected to grow about 4% off the adjusted 2025 base, net of a $20–$30 million EBITDA impact from reduced health insurance exchange (HIX) enrollment.
An extra payroll period in 2026 will create a $140 million headwind to operating cash flow.
Quantify divestiture impact on 2026 revenue guidance
Explain same-store vs. consolidated revenue trends
What factors drove 2025 Adjusted EBITDA decrease?
Post-divestiture, what drives core portfolio growth?
How will AI/ERP mature to boost future EBITDA?
How will CHS manage payer mix and volume shifts?
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Next Community Health Systems earnings date
J.P. Morgan 2026 Global Leveraged Finance Conference3 Mar, 2026
Community Health Systems
Next Community Health Systems earnings date
J.P. Morgan 2026 Global Leveraged Finance Conference3 Mar, 2026
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Frequently asked questions
Community Health Systems Inc owns, leases, and operates acute care hospitals and outpatient centers across the United States. The company provides general and specialized medical services, including emergency care, surgery, and diagnostic services. The company is headquartered in Franklin, Tennessee, and its shares are listed on the NYSE.
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