Companies · CYH
Community Health Systems
AI-generated · informational only · not investment advice · verify before relying.
Latest analysis
Updated Oct 29, 2026
CYH Q3 2026: Same-Store Revenue Grows 3.8% as Nine Hospital Divestitures Shrink Consolidated Footprint and Self-Pay Surge Signals Policy-Driven Payer Mix Deterioration
Community Health Systems divested nine hospitals in the nine months ended September 30, 2026, reducing its consolidated hospital count to 60 and generating approximately $1.2 billion in net proceeds, the majority of which was deployed to retire roughly $600 million of senior secured notes. Same-store net operating revenues grew 3.8% in Q3 2026 on volume and rate gains, but consolidated revenues fell 10.7% due to the portfolio reduction, and the company recorded a net loss of $50 million in the quarter as operating expenses as a percentage of revenue expanded 250 basis points. The single most consequential development is a near-doubling of self-pay revenue as a share of net operating revenues — from 0.8% in Q3 2025 to 1.7% in Q3 2026 — concurrent with a sharp rise in charity care foregone revenue (13.6% to 21.2%), a direct consequence of the ACA marketplace subsidy expiration and the 2025 Reconciliation Law's Medicaid eligibility restrictions.
Tone: defensiveRevenue
$12.5B
CYH 10-K · FY 2025
Employees
57,000
Revenue FY2024
$12.6B
Headquarters
Franklin, TN
Profile
CYH 10-K Item 1 · Feb 19, 2026Community Health Systems (CYH) is one of the largest for-profit hospital operators in the United States, owning or leasing 69 hospitals across 14 states with more than 10,000 licensed beds and over 1,000 sites of care as of December 31, 2025. The company generates revenue by providing general and specialized inpatient and outpatient healthcare services, paid by government programs, managed care plans, and self-pay patients. CYH is executing a deliberate portfolio contraction strategy, divesting lower-margin and non-core hospitals while strengthening regional networks in key markets.
Read filing description ↓ Collapse description ↑
We are one of the nation's largest healthcare companies. Our affiliates are leading providers of healthcare services, developing and operating healthcare delivery systems in 36 distinct markets across 14 states. At December 31, 2025, our subsidiaries own or lease 69 affiliated hospitals, with more than 10,000 beds, and operate more than 1,000 sites of care, including physician practices, urgent care centers, freestanding emergency departments, occupational medicine clinics, imaging centers, cancer centers and ambulatory surgery centers. We generate revenues by providing a broad range of general and specialized hospital healthcare services and outpatient services to patients in the communities in which we are located. For the hospitals and other sites of care that we own and operate, we are paid for our services by governmental agencies, private insurers and directly by the patients we serve. Services provided through our hospitals and outpatient facilities include general acute care, emergency room, general and specialty surgery, critical care, internal medicine, obstetrics, diagnostic, psychiatric and rehabilitation services. An integral part of providing these services is our network of affiliated physicians at our hospitals and affiliated businesses. At December 31, 2025, we employed approximately 1,700 physicians and an additional 1,400 licensed healthcare practitioners. Through our management and operation of these businesses, we provide standardization and centralization of operations across key business areas; strategic assistance to expand and improve services and facilities; implementation of patient safety and quality of care improvement programs and assistance in the recruitment of additional physicians and licensed healthcare practitioners to the markets in which our hospitals are located. In a number of our markets, we have partnered with local physicians, for-profit entities and/or not-for-profit providers in the ownership of our facilities.
Primary products
- General acute care
- Emergency room services
- General and specialty surgery
- Critical care
- Internal medicine
- Obstetrics
End markets
Geographies
Named customers
As of December 31, 2025, Indiana, Alabama, Texas, Florida and Tennessee represented our only areas of significant geographic concentration. Net operating revenues generated by our hospitals in Indiana, as a percentage of consolidated net operating revenues, were 16.8% in 2025, 16.7% in 2024 and 17.1% in 2023. Net operating revenues generated by our hospitals in Alabama, as a percentage of consolidated net operating revenues, were 15.8% in 2025, 15.4% in 2024 and 14.4% in 2023.
“The majority of our hospitals are located in generally larger non-urban service areas in which we believe we are the primary, if not the sole, provider of general acute care health services.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Net operating revenues declined from $12.634 billion in 2024 to $12.485 billion in 2025, primarily reflecting the impact of hospital divestitures completed during the year, partially offset by same-store revenue growth of 4.6%.
The rest of CYH is for subscribers
Analysis, signals, diligence answers, M&A activity and every quote, each citing the filing it came from.