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Bond Market News
CHS Reports Soft Q2 Results; Bonds Drop by Over 1.5 Points
July 25, 2025
Community Health Systems (CHS) posted Q2 net operating revenue of $3.13bn, declining by 0.2% YoY. Adjusted-EBITDA fell 1.8% to $380mn, and margins compressed by 20bp to 12.10%, reflecting ongoing volume pressure. Consolidated admissions dropped 7.4%, with double-digit declines in surgeries. Reported EPS rose sharply to $2.09, largely due to debt extinguishment and gains from asset sales, while adjusted EPS continued to stay negative albeit showing an improvement from last year. Operating cash flow was $282mn (ex-divestiture tax), with capital expenditures steady at 2.8% of revenue. Total debt fell $600mn year-to-date to $10.9bn, and working capital increased to $1.36bn. Full-year guidance remains for a revenue of $12.3-$12.6bn and EBITDA of $1.45-$1.55bn, with a net loss per share forecast of $(0.10) to $(0.40). CHS says that they will continue focusing on margin recovery, deleveraging toward net debt/EBITDA below 5.5x within 2-4 years, and maintaining positive free cash flow.
CHS’s bonds dropped by over 1.5-2 points across the curve. For instance, its 4.75% 2031s fell by 1.9 points to 85.6, yielding 8%.
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