CYHMEDIUM SIGNALOPERATIONAL10-K

CYH has reduced its operational footprint by consolidating from 39 markets across 15 states to 36 markets across 14 states while closing 5 hospitals.

The company appears to be executing a strategic consolidation, potentially divesting underperforming assets or markets to improve operational efficiency. The reduction in physician headcount from 1,900 to 1,700, combined with facility closures, suggests cost optimization efforts that could improve margins if executed effectively.

Comparing 2026-02-19 vs 2025-02-19View on EDGAR →
FINANCIAL ANALYSIS

CYH's financial position showed improvement with stockholders' equity becoming less negative, moving from -$1.9B to -$1.4B, indicating progress toward financial stability. Operating cash flow grew modestly from $480M to $543M, demonstrating the company's ability to generate stronger operational cash despite the facility consolidation. The combination of improved equity position and higher cash generation suggests the restructuring efforts may be yielding positive results.

FINANCIAL STATEMENT CHANGES
Stockholders Equity
Balance Sheet
+27.2%
-$1.9B-$1.4B

Equity base grew 27.2% — retained earnings accumulation or equity issuance strengthening the balance sheet.

Operating Cash Flow
Cash Flow
+13.1%
$480.0M$543.0M

Operating cash flow grew 13.1% — strong conversion of earnings to cash, healthy business fundamentals.

LANGUAGE CHANGES
NEW — 2026-02-19
PRIOR — 2025-02-19
ADDED
The Registrant does not (and did not at June 30, 2025) have any non-voting common stock outstanding.
As of February 13, 2026 , there were 138,625,756 shares of common stock, par value $.01 per share, outstanding.
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, we employed approximately 1,700 physicians and an additional 1,400 licensed healthcare practitioners.
Currently, 41 of our hospitals operate in 12 unique regional networks.
We are working on ways to enhance the patient experience by providing services that help people navigate their healthcare journeys and enable more seamless connections across episodes of care in our healthcare systems, hospitals, and physician practices.
Industry Overview According to the Centers for Medicare Medicaid Services, or CMS, national healthcare expenditures grew 7.2% in 2024 to nearly $5.3 trillion, similar to the growth of 7.4% experienced in 2023.
The increase in expenditures in 2024 reflected continued growth in the use of healthcare goods and services, that has influenced strong growth in both Medicare and private health insurance spending.
National healthcare expenditures accounted for approximately 18.0% of total U.S.
healthcare spending is expected to grow at an average annual rate of 5.4% for 2026 through 2033.
REMOVED
The Registrant does not (and did not at June 30, 2024 ) have any non-voting common stock outstanding.
As of February 13, 2025, there were 138,923,216 shares of common stock, par value $.01 per share, outstanding.
Our affiliates are leading providers of healthcare services, developing and operating healthcare delivery systems in 39 distinct markets across 15 states.
At December 31, 2024, we employed approximately 1,900 physicians and an additional 1,200 licensed healthcare practitioners.
Currently, 46 of our hospitals operate in 12 unique regional networks.
We are working on ways to create more enduring relationships with our patients by providing services that help people navigate their healthcare journeys and enable more seamless connections across episodes of care in our healthcare systems, hospitals, and physician practices.
Industry Overview According to the Centers for Medicare Medicaid Services, or CMS, national healthcare expenditures grew 7.5% in 2023 to over $4.8 trillion, an increase from the growth of 4.6% experienced in 2022.
The increase in 2023 reflected growth in non-price factors, such as increased use and intensity of healthcare goods and services, influencing strong growth in both Medicare and private health insurance spending.
National healthcare expenditures accounted for approximately 17.6% of total U.S.
healthcare spending is expected to grow at an average annual rate of 5.4% for 2025 through 2032.
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