THCHIGH SIGNALFINANCIAL10-K

THC shows a dramatic divergence between substantially improved operating cash flow and a significant decline in operating income, suggesting major working capital changes or non-cash adjustments.

The substantial improvement in operating cash flow alongside declining operating income creates a puzzling financial picture that requires deeper analysis of working capital management, timing differences, or potential one-time adjustments. This divergence between earnings and cash generation could signal either operational improvements in cash conversion or temporary factors that may not be sustainable.

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

THC's financial performance presents a stark contrast between cash generation and profitability metrics. While operating cash flow improved substantially from $2.0B to $3.5B, operating income declined meaningfully from $6.0B to $3.5B. This divergence suggests significant working capital improvements, changes in non-cash expenses, or timing differences between earnings recognition and cash collection that investors should investigate further.

FINANCIAL STATEMENT CHANGES
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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