Revenue growth remains stagnant, fluctuating between -4.9% and 2.8% over the last ten quarters, while gross margins exhibit extreme volatility, swinging from -134.6% in 2025Q4 to 96.6% in 2026Q1.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 |
|---|
| Sales/Revenue | 21.48B | 12.48B | 12.63B | 12.49B | 12.21B | 12.37B | 11.79B | 13.21B | 14.15B | 15.35B | 18.44B | 19.44B | 18.64B | 13B | 13.03B | 11.91B | 11.4B | 12.11B | 10.84B | 7.13B | 4.37B | 3.74B | 3.33B | 2.83B | 2.2B | 1.69B | 1.34B | 1.08B |
| Revenue Growth % | 69.78% | -1.18% | 1.15% | 2.28% | -1.27% | 4.91% | -10.76% | -6.68% | -7.8% | -16.73% | -5.14% | 4.28% | 43.4% | -0.24% | 9.43% | 4.46% | -5.86% | 11.69% | 52.09% | 63.27% | 16.78% | 12.17% | 17.57% | 28.82% | 29.92% | 26.63% | 23.85% | - |
| Cost of Goods Sold | 9.96B | 11.4B | 7.36B | 7.41B | 7.3B | 7.28B | 7.37B | 8.1B | 8.74B | 10.05B | 11.63B | 12.04B | 11.48B | 8.08B | 7.95B | 1.83B | 1.77B | 6.53B | 5.85B | 3.84B | 2.25B | 1.93B | 1.74B | 912.8M | 1.38B | 323.81M | 259.47M | 209.08M |
| COGS % of Revenue | - | 91.33% | 58.29% | 59.31% | 59.82% | 58.89% | 62.55% | 61.3% | 61.74% | 65.45% | 63.1% | 61.94% | 61.59% | 62.18% | 60.98% | 15.4% | 15.54% | 53.91% | 53.92% | 53.87% | 51.58% | 51.75% | 52.2% | 32.2% | 62.83% | 19.12% | 19.4% | 19.36% |
| Gross Profit | 11.53B | 1.08B | 5.27B | 5.08B | 4.91B | 5.08B | 4.42B | 5.11B | 5.42B | 5.3B | 6.8B | 7.4B | 7.16B | 4.74B | 4.89B | 10.07B | 9.63B | 5.58B | 4.99B | 3.29B | 2.11B | 1.8B | 1.59B | 1.92B | 817.99M | 1.37B | 1.08B | 870.87M |
| Gross Margin % | 53.66% | 8.67% | 41.71% | 40.69% | 40.18% | 41.11% | 37.45% | 38.7% | 38.26% | 34.55% | 36.9% | 38.06% | 38.41% | 36.44% | 37.52% | 84.6% | 84.46% | 46.09% | 46.08% | 46.13% | 48.42% | 48.25% | 47.8% | 67.8% | 37.17% | 80.88% | 80.6% | 80.64% |
| Gross Profit Growth % | - | -79.47% | 3.7% | 3.59% | -3.5% | 15.15% | -13.63% | -5.61% | 2.09% | -22.02% | -8.04% | 3.34% | 51.13% | -3.09% | -51.47% | 4.63% | 72.53% | 11.72% | 51.91% | 55.52% | 17.2% | 13.22% | -17.1% | 134.95% | -40.28% | 27.07% | 23.79% | - |
| Operating Expenses | 20.08B | 11B | 4.73B | 4.13B | 4.08B | 3.68B | 3.29B | 4.46B | 5.21B | 7.18B | 7.66B | 6.06B | 5.82B | 3.82B | 3.75B | 9B | 8.51B | 4.51B | 9.86B | 2.8B | 1.73B | 1.4B | 1.25B | 1.63B | 1.96B | 1.18B | 922.91M | 765.61M |
| OpEx % of Revenue | - | 88.08% | 37.42% | 33.03% | 33.45% | 29.77% | 27.9% | 33.78% | 36.79% | 46.79% | 41.56% | 31.18% | 31.22% | 29.39% | 28.74% | 75.6% | 74.68% | 37.26% | 90.93% | 39.31% | 39.71% | 37.4% | 37.64% | 57.54% | 89.02% | 69.72% | 69% | 70.89% |
| Selling, General & Admin | 10.62B | 0 | 299M | 319M | 317M | 308M | 327M | 321M | 337M | 394M | 450M | 457M | 434M | 279M | 264M | 5.83B | 5.5B | 247.13M | 4.56B | 2.49B | 1.54B | 1.23B | 1.1B | 1.49B | 1.84B | 1.06B | 825.29M | 683.96M |
| SG&A % of Revenue | - | - | 2.37% | 2.55% | 2.6% | 2.49% | 2.77% | 2.43% | 2.38% | 2.57% | 2.44% | 2.35% | 2.33% | 2.15% | 2.03% | 48.99% | 48.21% | 2.04% | 42.03% | 34.88% | 35.32% | 32.92% | 32.89% | 52.4% | 83.55% | 62.65% | 61.7% | 63.33% |
| Research & Development | 0 | 0 | 0 | 80M | 85M | 108M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | 0.64% | 0.7% | 0.87% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 2M | 11B | 4.43B | 3.73B | 3.68B | 3.27B | 2.96B | 4.14B | 4.87B | 6.79B | 7.21B | 5.6B | 5.39B | 3.54B | 0 | 4.89B | 4.6B | 4.26B | 1.71B | 316.21M | 191.57M | 167.67M | 158.26M | 145.75M | 120.45M | 119.67M | 97.62M | 81.65M |
| Operating Income | -8.55B | -9.91B | 542M | 957M | 821M | 1.4B | 1.13B | 650M | 208M | -1.88B | -860M | 1.34B | 1.34B | 917M | 1.24B | 1.13B | 1.11B | 1.07B | 983.57M | 485.69M | 380.46M | 405.53M | 338.87M | 290.77M | 241.51M | 189.04M | 155.11M | 105.25M |
| Operating Margin % | -39.82% | -79.42% | 4.29% | 7.66% | 6.72% | 11.34% | 9.55% | 4.92% | 1.47% | -12.23% | -4.66% | 6.88% | 7.18% | 7.06% | 9.49% | 9.53% | 9.78% | 8.83% | 9.07% | 6.81% | 8.71% | 10.85% | 10.17% | 10.26% | 10.98% | 11.16% | 11.6% | 9.75% |
| Operating Income Growth % | - | -1929.34% | -43.36% | 16.57% | -41.44% | 24.51% | 73.23% | 212.5% | 111.08% | -118.37% | -164.32% | -0.15% | 46.02% | -25.81% | 8.95% | 1.75% | 4.33% | 8.65% | 102.51% | 27.66% | -6.18% | 19.67% | 16.54% | 20.4% | 27.75% | 21.88% | 47.37% | - |
| EBITDA | -7.82B | -9.49B | 948M | 1.38B | 1.27B | 1.83B | 1.56B | 1.14B | 768M | -1.2B | 39M | 2.3B | 2.19B | 1.55B | 1.95B | 1.79B | 1.72B | 1.64B | 1.49B | 818.26M | 569.23M | 571.7M | 497.25M | 434.54M | 359.73M | 308.71M | 252.74M | 186.91M |
| EBITDA Margin % | -36.4% | -76% | 7.5% | 11.06% | 10.4% | 14.83% | 13.24% | 8.61% | 5.43% | -7.78% | 0.21% | 11.83% | 11.75% | 11.92% | 14.97% | 15.05% | 15.13% | 13.51% | 13.75% | 11.48% | 13.04% | 15.29% | 14.92% | 15.33% | 16.35% | 18.23% | 18.9% | 17.31% |
| EBITDA Growth % | -889.2% | -1100.95% | -31.4% | 8.82% | -30.75% | 17.49% | 37.29% | 48.05% | 164.27% | -3164.1% | -98.3% | 4.93% | 41.45% | -20.56% | 8.81% | 3.91% | 5.48% | 9.73% | 82.13% | 43.75% | -0.43% | 14.97% | 14.43% | 20.8% | 16.53% | 22.15% | 35.22% | - |
| D&A (Non-Cash Add-back) | 734M | 426M | 406M | 425M | 449M | 432M | 435M | 487M | 560M | 683M | 899M | 962M | 852M | 632M | 714M | 657.66M | 609.84M | 566.54M | 506.69M | 332.58M | 188.77M | 166.16M | 158.38M | 143.77M | 118.22M | 119.67M | 97.62M | 81.65M |
| EBIT | 4.23B | 1.59B | 843M | 870M | 719M | 1.28B | 573M | 902M | 892M | 216M | 1.08B | 1.42B | 1.64B | 1.05B | 1.24B | 1.12B | 1.17B | 1.1B | 1.04B | 477.54M | 385.06M | 398.46M | 342.47M | 293.81M | 242.47M | 189.04M | 155.11M | 105.25M |
| Net Interest Income | -864M | -870M | -860M | -830M | -858M | -885M | -1.03B | -1.04B | -976M | -931M | -962M | -973M | -972M | -613M | -621M | -644.41M | -647.59M | -643.61M | -652.47M | -362.06M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 3M | 2M | 0 | 0 | 0 | 0 | 0 | 11M | 0 | 0 | 0 | 2.98M | 0 | 4.65M | 1.76M | 3.56M | 7.06M | 8.18M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 864M | 870M | 863M | 832M | 858M | 885M | 1.03B | 1.04B | 976M | 942M | 962M | 973M | 972M | 615.15M | 622.93M | 649.06M | 653.68M | 648.96M | 658.98M | 364.53M | 102.3M | 94.61M | 77.86M | 71.09M | 62.86M | 94.55M | 0 | 0 |
| Other Income/Expense | 8.33B | 10.64B | -825M | -750M | -472M | -903M | -704M | 0 | -923M | -955M | -855M | -926M | -997M | -611.14M | -706.35M | -660.94M | -606.49M | -622.53M | -607.34M | -378.39M | -104.1M | -94.61M | -72.44M | -71.09M | -62.86M | -94.55M | -127.37M | -116.49M |
| Pretax Income | -223M | 724M | -283M | 207M | 349M | 499M | 422M | -430M | -715M | -2.83B | -1.72B | 411M | 342M | 305.86M | 503.77M | 473.55M | 508.43M | 446.13M | 336.14M | 102.9M | 278.16M | 310.92M | 260.22M | 219.68M | 178.65M | 94.5M | 27.74M | -11.24M |
| Pretax Margin % | -1.04% | 5.8% | -2.24% | 1.66% | 2.86% | 4.03% | 3.58% | -3.26% | -5.05% | -18.45% | -9.3% | 2.11% | 1.83% | 2.35% | 3.87% | 3.98% | 4.46% | 3.68% | 3.1% | 1.44% | 6.37% | 8.32% | 7.81% | 7.75% | 8.12% | 5.58% | 2.07% | -1.04% |
| Income Tax | 108M | 48M | 79M | 191M | 170M | 131M | -185M | 160M | -11M | -449M | -104M | 116M | 82M | 88.59M | 157.5M | 137.65M | 159.99M | 141.32M | 129.48M | 43M | 106.68M | 120.78M | 102M | 88.21M | 73.39M | 45.94M | 18.17M | 5.55M |
| Effective Tax Rate % | -48.43% | 6.63% | -27.92% | 92.27% | 48.71% | 26.25% | -43.84% | -37.21% | 1.54% | 15.85% | 6.06% | 28.22% | 23.98% | 28.97% | 31.26% | 29.07% | 31.47% | 31.68% | 38.52% | 41.79% | 38.35% | 38.85% | 39.2% | 40.15% | 41.08% | 48.62% | 65.51% | -49.42% |
| Net Income | -88M | 509M | -516M | -133M | 46M | 230M | 511M | -590M | -788M | -2.46B | -1.72B | 158M | 92M | 141.2M | 265.64M | 201.95M | 279.98M | 243.15M | 218.3M | 30.29M | 168.26M | 167.54M | 151.43M | 131.47M | 99.98M | 44.74M | 9.57M | -16.79M |
| Net Margin % | -0.41% | 4.08% | -4.08% | -1.06% | 0.38% | 1.86% | 4.33% | -4.47% | -5.57% | -16.02% | -9.33% | 0.81% | 0.49% | 1.09% | 2.04% | 1.7% | 2.46% | 2.01% | 2.01% | 0.43% | 3.85% | 4.48% | 4.54% | 4.64% | 4.54% | 2.64% | 0.72% | -1.55% |
| Net Income Growth % | 81.93% | 198.64% | -287.97% | -389.13% | -80% | -54.99% | 186.61% | 25.13% | 67.95% | -42.88% | -1189.24% | 71.74% | -34.85% | -46.84% | 31.54% | -27.87% | 15.15% | 11.38% | 620.74% | -82% | 0.43% | 10.64% | 15.18% | 31.49% | 123.46% | 367.58% | 157% | - |
| Net Income (Continuing) | -331M | 676M | -362M | 16M | 179M | 368M | 607M | -590M | -704M | -2.38B | -1.61B | 295M | 260M | 242M | 358M | 335.89M | 355.21M | 304.81M | 246.76M | 75.89M | 174.27M | 193.24M | 162.36M | 135.42M | 100.8M | 48.55M | 9.57M | -16.79M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.01M | -13.03M | -8.46M | 3.42M | -4.87M | -916K | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 260M | 557M | 597M | 568M | 633M | 562M | 571M | 579M | 576M | 602M | 667M | 657M | 611M | 422.05M | 432.98M | 463.09M | 448.38M | 64.78M | 325.2M | 366.13M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.65 | 3.77 | -3.90 | -1.02 | 0.35 | 1.76 | 4.38 | -5.19 | -6.99 | -22.00 | -15.54 | 1.37 | 0.82 | 1.51 | 2.96 | 2.23 | 3.01 | 2.66 | 2.32 | 0.32 | 1.75 | 1.79 | 1.51 | 1.30 | 1.00 | 0.50 | 0.14 | -0.31 |
| EPS Growth % | 82.32% | 196.67% | -282.35% | -391.43% | -80.11% | -59.82% | 184.39% | 25.75% | 68.23% | -41.57% | -1234.31% | 67.07% | -45.7% | -48.99% | 32.74% | -25.91% | 13.16% | 14.66% | 625% | -81.71% | -2.23% | 18.54% | 16.15% | 30% | 100% | 257.14% | 145.16% | - |
| EPS (Basic) | - | 3.80 | -3.90 | -1.02 | 0.36 | 1.82 | 4.42 | -5.19 | -6.99 | -22.00 | -15.55 | 1.38 | 0.82 | 1.51 | 2.98 | 2.24 | 3.05 | 2.68 | 2.34 | 0.32 | 1.77 | 1.89 | 1.58 | 1.34 | 1.02 | 0.51 | 0.14 | -0.31 |
| Diluted Shares Outstanding | 135M | 135M | 132.1M | 130.45M | 130.06M | 130.6M | 116.54M | 113.74M | 112.73M | 111.77M | 110.73M | 115M | 113M | 93.81M | 89.81M | 90.67M | 92.95M | 91.52M | 94.29M | 94.64M | 96.23M | 98.58M | 100.29M | 101.13M | 108.38M | 90.25M | 69.19M | 54.55M |
| Basic Shares Outstanding | 134M | 134M | 132.1M | 130.39M | 128.81M | 126.75M | 115.49M | 113.74M | 112.73M | 111.77M | 110.71M | 114M | 112M | 92.63M | 89.24M | 89.97M | 91.72M | 90.61M | 93.37M | 93.52M | 94.98M | 88.6M | 95.64M | 98.39M | 98.42M | 88.38M | 67.61M | 54.55M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 8.48% | - | - | - | - | - | - | - | 0.82% | - | - | - | - | - |
High leverage and refinancing
According to quarterly financial disclosures, CYH has struggled to generate meaningful top-line momentum, with revenue growth fluctuating between -4.9% and 2.8% over the last ten quarters, reflecting the ongoing impact of a persistent divestiture strategy that continues to shrink the company's overall operational footprint.
The lack of consistent organic growth suggests that the company's core hospital assets are failing to capture sufficient volume to offset the loss of revenue from sold facilities. Investors should monitor whether the remaining portfolio can achieve scale-driven efficiencies or if the current trajectory indicates a long-term decline in market relevance.
As reported in recent income statements, gross margins have exhibited extreme volatility, swinging from a negative 134.6% in 2025Q4 to a high of 96.6% in 2026Q1, which suggests that accounting adjustments and non-recurring items are significantly distorting the underlying profitability of the company's core healthcare services.
This erratic margin profile makes it difficult to assess the true pricing power of the firm's rural and secondary market facilities. The wide variance implies that management is likely grappling with significant cost-of-goods-sold fluctuations, potentially linked to labor shortages or shifting reimbursement models that remain difficult to forecast.
Based on the provided income statement data, the company's operating income has shown wild swings, including a massive negative $11.0 billion in 2025Q4, which indicates that non-cash impairment charges are likely overwhelming the operational performance of the underlying hospital network and masking true overhead efficiency.
The inability to maintain a stable operating margin suggests that the company's high fixed-cost structure is a significant liability during periods of volume contraction. Analysts should be wary of interpreting these figures as representative of day-to-day operational health, as the volatility appears driven by balance sheet cleanup rather than service delivery.
Analysis of the reported figures reveals that net income is frequently disconnected from operating performance, with the company swinging between significant losses and occasional profits, such as the $282 million net income reported in 2025Q2, suggesting that non-operating items are the primary drivers of bottom-line results.
The reliance on non-operating income to achieve positive net results warrants further investigation into the sustainability of these earnings. Investors should prioritize cash flow from operations over reported net income, as the latter appears heavily influenced by accounting maneuvers that do not reflect the company's core cash-generating capacity.
While management emphasizes a strategy of divesting underperforming assets to reduce debt, the persistent contraction of the hospital portfolio, as evidenced by the recent income statement trends, suggests a potential death spiral where the loss of scale leads to higher relative overhead and diminished competitive positioning.
Short-sellers may focus on the company's inability to achieve consistent organic growth despite years of restructuring efforts. The risk remains that the remaining assets are insufficient to support the company's debt load, potentially necessitating further asset sales that could leave the firm with only its most distressed and least profitable facilities.
Quick answers to the most common questions about buying CYH stock.
For fiscal year 2025, Community Health Systems, Inc. (CYH) reported total revenue of $12.48B. This represents a 1056.1% increase compared to $1.08B in 1999.
Community Health Systems, Inc. (CYH) is profitable, generating $509.0M in net income for the fiscal year ending 2025 with a net profit margin of 4.1%.
Community Health Systems, Inc. (CYH) reported an operating income of $-9915.0M, resulting in an operating profit margin of -79.4%. This margin reflects the operational efficiency of the business before interest and taxes.
Community Health Systems, Inc. (CYH) generated $1.08B in gross profit for the year, representing a gross profit margin of 8.7%. This demonstrates the company's core pricing power and production efficiency.