$CYH Community Health Systems Inc

What Do They Do?

Operates hospitals and outpatient sites that provide general and specialized healthcare services to patients in their communities.

How Do They Make Money?

Managed care and other third-party payors, government agencies, private insurers and patients pay for hospital and outpatient care as the services are provided.

revenue

Segment	Share	How money arrives
Medicare Usage-based	17% FY2022: 21%	Usage-based
Medicare Managed Care Usage-based	18% FY2022: 16%	Usage-based
Medicaid Usage-based	16% FY2022: 15%	Usage-based
Managed Care and Other Third Party Payors Usage-based	48% FY2022: 48%	Usage-based
Self-Pay Usage-based	0.8% FY2022: 0.7%	Usage-based

Who Are Their Customers?

Patients in the communities served receive care at the company’s hospitals and outpatient sites. Government agencies and private insurers pay for many services, while patients also pay directly.

Do Revenues Turn Into Profits?

Yes. It kept 4 cents of every revenue dollar as net income in FY2025 and turned 2 cents into free cash flow.

Operating income, FY2025

12% of revenue

▲ +175% vs FY2024 ($542M, 4%)

Net income, FY2025

4% of revenue

▲ Now profitable vs FY2024 (−$516M, −4%)

Free cash flow, FY2025

2% of revenue

▲ +73% vs FY2024 ($120M, 1%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q3 FY2026, the three months to Sep 30, 2026

Revenue: ▼ −11%; vs $3.1B in Q3 FY2025
Net income: ▼ Now a loss; vs $130M in Q3 FY2025

Managed Care and Other Third Party Payors share of revenue vs 48.6% in Q3 FY2025

Jun 1, 2026 Completed sale of four Arkansas hospitals and related sites Freeman Health System acquired substantially all related assets and assumed certain liabilities for $110 million in cash.
Apr 1, 2026 Completed sale of Crestwood Medical Center and related sites Huntsville Hospital Health System acquired substantially all related assets and assumed certain liabilities for $459 million in cash.

Flat. Revenue was $12.5B in FY2025, about the same as the $12.4B of FY2021.

Revenue over time

Medicare Medicare Managed Care Medicaid Managed Care and Other Third Party Payors Self-Pay

$20B$10B$0

FY2021 FY2022 FY2023 FY2024 FY2025