THCHIGH SIGNALFINANCIAL10-K

THC delivered extraordinary financial performance with net income surging 518% to $1.1B and revenue quadrupling to $18.5B, while significantly expanding share buybacks and operational scale.

This represents a transformational year for THC with massive revenue growth likely driven by acquisitions, organic expansion, and improved operational efficiency. The company demonstrated strong cash generation capabilities, nearly doubling share buybacks to $1.4B while maintaining robust operating cash flow growth of 73%.

Comparing 2026-02-17 vs 2025-02-18View on EDGAR →
FINANCIAL ANALYSIS

THC's financial performance was exceptional with revenue exploding from $4.6B to $18.5B and net income jumping 518% to $1.1B, indicating successful execution of growth strategy and operational leverage. While operating income declined 41% to $3.5B (likely due to integration costs or accounting changes), the company's cash generation remained strong with operating cash flow growing 73% to $3.5B. The doubling of share buybacks to $1.4B demonstrates management's confidence in the business and commitment to returning capital to shareholders, creating a compelling financial picture despite the operating income decline.

FINANCIAL STATEMENT CHANGES
Net Income
P&L
+518.2%
$181.0M$1.1B

Net income grew 518.2% — bottom-line growth signals improving overall business health.

Revenue
P&L
+304.5%
$4.6B$18.5B

Strong top-line growth of 304.5% — accelerating demand or successful expansion into new markets.

Share Buybacks
Cash Flow
+106.3%
$672.0M$1.4B

Share repurchases increased 106.3% — management returning capital, signals confidence in intrinsic value.

Operating Cash Flow
Cash Flow
+72.9%
$2.0B$3.5B

Operating cash flow surged 72.9% — exceptional cash generation, highest quality earnings signal.

Operating Income
P&L
-41.1%
$6.0B$3.5B

Operating income deteriorated sharply — investigate whether driven by one-time charges or structural cost issues.

LANGUAGE CHANGES
NEW — 2026-02-17
PRIOR — 2025-02-18
ADDED
As of January 30, 2026, there were 86,963 shares (in thousands) of common stock outstanding.
At December 31, 2025, our Hospital Operations segment was comprised of: (1) 50 acute care and specialty hospitals, a network of employed physicians, and 132 outpatient facilities, including urgent care centers (each, a UCC ), imaging centers, off-campus hospital emergency departments ( EDs ) and micro hospitals; and (2) the revenue cycle management and value based care services we provide to hospitals, health systems, physician practices, employers and other clients through Conifer Health Solutions, LLC.
Our Ambulatory Care segment is comprised of the operations of USPI Holding Company, Inc.
(together with its subsidiaries, USPI ), which held ownership interests in 533 ambulatory surgery centers (each, an ASC ) and 26 surgical hospitals at December 31, 2025.
OPERATIONS In 2025, we continued to strengthen our organization and expand the care we provide while remaining committed to quality, safety and operational excellence.
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REMOVED
As of January 31, 2025, there were 95,121 shares (in thousands) of common stock outstanding.
At December 31, 2024, our Hospital Operations segment was comprised of: (1) 49 acute care and specialty hospitals, a network of employed physicians, and 135 outpatient facilities, including urgent care centers (each, a UCC ), imaging centers, off-campus hospital emergency departments ( EDs ) and micro hospitals; and (2) the revenue cycle management and value based care services we provide to hospitals, health systems, physician practices, employers and other clients through our Conifer Health Solutions, LLC joint venture ( Conifer JV ).
Our Ambulatory Care segment, through our USPI Holding Company, Inc.
subsidiary ( USPI ), held ownership interests in 518 ambulatory surgery centers (each, an ASC ) and 25 surgical hospitals at December 31, 2024.
OPERATIONS HOSPITAL OPERATIONS AND SERVICES SEGMENT In 2024, we continued to pursue advantageous opportunities to grow our portfolio of hospitals and other healthcare facilities.
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