Community Health Systems, Inc. · NYSE:CYH
Community Health Systems — Q4 2025 Earnings Presentation
16 slides from Community Health Systems's earnings presentation, Feb 19, 2026
Slide 1: Earnings Presentation 4th Quarter, 2025
Earnings Presentation 4th Quarter, 2025 February 18, 2026
Slide 2: Disclaimer Statement
Disclaimer Statement This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995 that involve risk and uncer
Slide 3: Community Health Systems
Community Health Systems Kevin J. Hammons Chief Executive Officer Jason K. Johnson Executive VP and Chief Financial Officer Earning Presentation – 4th Quarter, 2025 3
Slide 4: Income Summary
Income Summary (Amounts in millions, except margin and per share amounts) Three Months Ended Year Ended December 31, December 31, 2025 2024 Change 2025 2024 Change Net Operating Revenues $ 3,106 $ 3,265 -4.9% $ 12,485 $ 12,634 -1.2% Adjusted EBITDA(1) $ 395 $ 428 -7.7% $ 1,526 $ 1,540 -0.9% Adjusted
Slide 5: Diluted EPS – Excluding Adjustments
Diluted EPS – Excluding Adjustments Three Months Ended Year Ended December 31, December 31, 2025 2024 2025 2024 Net income (loss), as reported $ 0.81 $ (0.53) $ 3.77 $ (3.90) Adjustments: Loss (gain) from early extinguishment of debt 0.04 - (0.79) (0.20) Impairment and (gain) loss on sale of busines
Slide 6: 4Q 2025 Summary
4Q 2025 Summary 4Q 2025 FY 2025 compared to compared to 4Q 2024 FY 2024 Consolidated Same Store Consolidated Same Store Net Operating Revenue -4.9% 2.1% -1.2% 4.6% Net Revenue per AA 2.4% 4.0% Admissions -6.6% -0.3% -5.4% 1.5% Adjusted Admissions -6.8% -0.3% -6.3% 0.6% Surgeries -9.2% -1.9% -7.4% -1
Slide 7: Payor Mix (Consolidated)
Payor Mix (Consolidated) Key 1.1% 1.0% Managed Care & Other 16.5% 17.2% Medicaid 4Q 49.2% 4Q 48.5% Medicare Managed Care 18.3% 2025 17.2% 2024 Medicare Self-Pay 14.9% 16.1% • Payor mix as % of net revenue. 0.8% 1.3% • Total consolidated 17.4% 18.1% uncompensated care as % of adjusted net revenue (ne
Slide 8: Cash Flow & Capital Expenditures
Cash Flow & Capital Expenditures Cash Flows from Operations Capital Expenditures ($ in millions) ($ in millions) $750 $712 * $ 500 $467 $415 $600 $ 400 $497 * $360 $335 $450 $ 300 $300 $300 $257 * $ 200 $150 $ 100 $0 $0 Reported Cash Flows from Operations are provided in the 2022 2023 2024 2025 Form
Slide 9: Balance Sheet Data
Balance Sheet Data ($ in millions) December 31, 2025 December 31, 2024 Working Capital $ 1,026 $ 956 Total Assets $ 13,204 $ 14,054 Total Debt $ 10,396 $ 11,452 Stockholders’ Deficit $ (1,394) $ (1,914) • At December 31, 2025, all of our debt was fixed rate debt. • Days revenue outstanding for same-
Slide 10: Debt Maturity Profile
Debt Maturity Profile December 31, 2025 ($ in millions) $ 2,800 $1,227 $ 2,100 $2,003 $ 1,400 $1,244 $1,780 $1,790 $ 700 $1,535 (pro forma) $1,058 $644 $700 $42 $0 2028 2029 2030 2031 2032 2033 2034 First Lien Notes Second Lien Notes Unsecured Notes Debt maturity profile does not include amounts out
Slide 11: 2026 Guidance Provided February 18, 2026
2026 Guidance Provided February 18, 2026 2026 Projection Range • Net operating revenues (in millions) $11,600 to $12,000 • Adjusted EBITDA (in millions) $1,340 to $1,490 • Depreciation and amortization as a percentage of net operating revenues 3.2% • Net loss per share – diluted $(0.60) to $0.00 • W
Slide 12: Medium-Term Financial Goals
Medium-Term Financial Goals Medium-Term Within 1-3 Years Net Revenue Growth Mid-Single Digit Adjusted EBITDA Margin Mid-Teens Annual Free Cash Flow Positive Financial Leverage (Net Debt / EBITDA) Below 5.5x 12
Slide 13: Top Five Priorities
Top Five Priorities
Slide 14: APPENDIX: Other Financial Information
APPENDIX: Other Financial Information
Slide 15: Unaudited Supplemental Information
Unaudited Supplemental Information EBITDA is a non-GAAP financial measure which consists of net income (loss) attributable to Community Health Systems, Inc. before interest, income taxes, and depreciation and amortization. Adjusted EBITDA, also a non-GAAP financial measure, is EBITDA adjusted to add
Slide 16: Unaudited Supplemental Information
Unaudited Supplemental Information The following table reflects the reconciliation of Adjusted EBITDA, as defined, to net income (loss) attributable to Community Health Systems, Inc. stockholders from our condensed consolidated financial statements (in millions): Three Months Ended Year Ended Decemb
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