The lowered 2026 guidance and ongoing divestiture program signal continued operational pressure. Monitor Q4 for further hospital sales, debt reduction progress, and any improvement in payor mix or acuity that management cited as headwinds.
Price Chart
Executive Summary
Community Health Systems reported Q3 2026 net operating revenues of $2.757B, down 10.7% YoY, and a GAAP net loss of $(0.63) per diluted share versus net income of $0.96 in Q3 2025. Adjusted EBITDA fell 25.5% to $280M. The company lowered its 2026 full-year guidance: net operating revenues now $11.3B-$11.5B (from prior $11.5B-$11.7B) and Adjusted EBITDA $1.225B-$1.275B (from $1.3B-$1.4B). Same-store revenue grew 3.8% but was offset by divestitures, unfavorable payor mix, and a $28M legal settlement in the prior-year quarter.
Key Financial Metrics
Key Facts
- Q3 2026 net operating revenues $2.757B, down 10.7% YoY from $3.087B
- GAAP diluted EPS $(0.63) vs $0.96 in Q3 2025; adjusted diluted EPS $(0.48) vs $1.27
- Adjusted EBITDA $280M, down 25.5% from $376M in Q3 2025
- Same-store admissions +2.2%, adjusted admissions +3.6% YoY
- Full-year 2026 guidance lowered: revenue $11.3B-$11.5B, Adjusted EBITDA $1.225B-$1.275B, net loss per share $(1.70)-$(1.60)
- Net cash from operations $155M in Q3 2026 vs $70M in Q3 2025
- Long-term debt $9.568B at Sep 30, 2026 vs $10.380B at Dec 31, 2025
- Company divested 10 hospitals year-to-date through Oct 1, 2026
Financial Impact
Q3 revenue miss vs $2.80B consensus; EPS of $(0.63) vs consensus $(0.32); full-year guidance lowered by ~$200M in revenue and ~$100M-$200M in Adjusted EBITDA
Risk Factors
- Further divestitures reducing revenue base and scale
- Unfavorable payor mix and lower acuity persisting into 2027
- High leverage with $9.568B long-term debt against $415M market cap
- Negative GAAP net income and stockholders' deficit of $(1.492)B
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-436229 |
| Document: cyh-20261028.htm | 0001193125-26-436229 |
| Document: 0001193125-26-436229-index-headers.html | 0001193125-26-436229 |
| Document: 0001193125-26-436229-index.html | 0001193125-26-436229 |
| Document: 0001193125-26-436229.txt | 0001193125-26-436229 |
| 8-K Data (Synthetic) | 0001193125-26-436229 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 28, 2026 2d ago | 8-K | $2.41 $2.40 | ▲ +0.41% | ▼ −1.36% | $2.41 (−0.00%) |
Jun 1, 2026 21w ago | 8-K | $2.78 $2.80 | ▲ +0.72% | ▲ +1.44% | $2.41 (−13.31%) |
Apr 21, 2026 27w ago | 8-K | $2.71 $2.49 | ▲ +8.12% | ▲ +7.72% | $2.41 (+11.07%) |
Mar 5, 2026 34w ago | 8-K | $3.35 $3.51 | ▲ +4.78% | ▲ +3.93% | $2.41 (−28.06%) |
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