ECG’s Publicly Traded Hospital Quarterly Earnings Release Update for Q3 of 2025 is now available! This edition includes a spotlight on full-year expectations, with government policy emerging as a primary concern for health systems moving forward.

A few notable trends:

• All five companies above reported revenue and EBITDA growth. HCA and Tenet raised full-year revenue and EBITDA guidance; meanwhile, Ardent reset its full-year guidance due to expense headwinds.
• Ardent and Community Health Systems flagged rising professional and specialist fees as potential margin pressures. Ardent noted it is rolling out an IMPACT plan to help offset these costs.
• Each company described the policy environment as “fluid,” emphasizing ongoing uncertainty about the forward outlook for their health systems.

Mergers and acquisitions (M&A) activity:

• Community Health Systems signed an agreement with Tenor Health Foundation to divest Commonwealth Health and sold certain ambulatory outreach lab assets for $195 million to LabCorp.
• 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 11 ASCs and plans to open 2 de novo centers.
• Ardent has shifted focus on organic volume growth, investment, and margin improvement initiatives as a means for growth.

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