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Dec 31, 2025
CHS Q4 2025 Earnings Report
Estimated Revenue:$3.14B
-0.4% YoY
Estimated EPS:-$0.25
402.5% YoY
Key Takeaways
Community Health Systems, Inc. reported a significant increase in net income for Q4 2025, reaching $110 million compared to a net loss of $(70) million in Q4 2024, primarily driven by a net gain on the sale of businesses. Despite a decrease in net operating revenues, same-store revenues showed growth. The company also made substantial progress in debt reduction through note redemptions.
Net income attributable to stockholders increased to $110 million ($0.81 diluted EPS) in Q4 2025, from a net loss of $(70) million ($(0.53) diluted EPS) in Q4 2024.
Adjusted EBITDA for Q4 2025 was $395 million, a decrease from $428 million in Q4 2024, primarily due to lower volumes and lower net benefit from supplemental reimbursement programs.
Net operating revenues for Q4 2025 totaled $3.106 billion, a 4.9% decrease from $3.265 billion in Q4 2024, though same-store net operating revenues increased by 2.1%.
The company redeemed $223 million in principal amount of 10.875% Senior Secured Notes due 2032 and all $14 million of 5.625% Senior Secured Notes due 2027.
Forward Guidance
For the year ending December 31, 2026, Community Health Systems projects net operating revenues between $11.6 billion and $12.0 billion, with Adjusted EBITDA ranging from $1.34 billion to $1.49 billion. Diluted net loss per share is expected to be between $(0.60) and $0.00.
Positive Outlook
- Projections include the effect of completed divestitures on net operating revenues, Adjusted EBITDA, and net loss per share.
- Depreciation and amortization are estimated at approximately 3.2% of net operating revenues, indicating a relatively stable fixed cost.
- Total fixed rate debt is expected to average approximately 98% of total debt during 2026, suggesting stability in interest expenses.
- Net income attributable to noncontrolling interests is projected at approximately 1.2% of net operating revenues.
- Net cash provided by operating activities is projected to be between $600 million and $700 million, indicating healthy cash generation.
Challenges Ahead
- Projections exclude the impact of any future divestitures for which definitive agreements have not yet been executed, introducing potential variability.
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