ECG’s Publicly Traded Hospital Quarterly Earnings Release Update for Q2 of 2025 is now available! This edition includes a spotlight on revenue growth and offers context on the industry’s broader focus on tariffs and Medicaid cuts.

A few notable trends:

• Most companies posted strong results, with year-over-year growth. Four of the five publicly traded companies raised or affirmed FY 2025 guidance.
• Tariff commentary varied by each company. Most notably, HCA noted tariffs as a risk that was addressed in its strategic planning.
• Medicaid cuts are not expected have a material impact until 2028. UHS is expected to have the most exposure due to its behavioral health business segment.

Mergers and acquisitions (M&A) activity:

• Community Health Systems has mentioned that it will continue to divest its hospital locations as part of its strategic divestitures initiative.
• HCA noted that it will focus its strategic initiatives on organic growth, such as de novo projects and joint ventures, to expand its network.
• Tenet added eight new ASCs during the quarter.
• Ardent acquired 18 urgent care centers in 2025.

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