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Community Health Systems, Inc. (CYH) has a large shareholder group of Apollo-managed funds and affiliates that collectively report beneficial ownership of 11,859,526 shares of Common Stock. Apollo Capital Management, L.P., Apollo Capital Management GP, LLC, Apollo Management Holdings, L.P. and Apollo Management Holdings GP, LLC each report beneficial ownership of 11,859,526 shares, representing 8.4% of the outstanding Common Stock, based on 141,009,357 shares outstanding as of July 16, 2026.
Across the various Apollo funds and related entities, no reporting person has sole voting or dispositive power; all such power over the reported shares is described as shared. The Apollo entities and certain named managers, including Scott Kleinman, Marc Rowan and James Zelter, expressly disclaim beneficial ownership of the shares beyond their respective indirect interests, stating that the filing should not be construed as an admission of beneficial ownership for any purpose.
Community Health Systems, Inc., which operates 60 affiliated hospitals with more than 8,000 beds and over 800 sites of care in 32 markets across 12 states, reported softer results for the quarter ended June 30, 2026. Net operating revenues were $2,825 million versus $3,133 million a year earlier, while net income attributable to stockholders was $70 million, or $0.51 per diluted share, down from $282 million, or $2.09 per share. On a same-store basis, quarterly net operating revenues increased $65 million, same-store inpatient admissions rose 1.9% and same-store adjusted admissions grew 2.9%, but consolidated admissions declined 11.4% following hospital divestitures.
During the first half of 2026, the company divested eight hospitals and sold its 80% interest in one Tennessee hospital that together generated approximately $1.6 billion of 2025 net operating revenues, receiving about $1.2 billion of net proceeds. These transactions produced a $262 million net gain, partly offset by $131 million of impairment charges, and were used alongside cash to redeem and repurchase portions of several senior secured notes, reducing total debt to $9,578 million from $10,396 million at year-end 2025.
For the six months ended June 30, 2026, operations used $209 million of cash, compared with $208 million provided in the prior-year period, even as investing activities generated $1,000 million of cash, largely from divestitures. Charity care expanded after policy changes: foregone revenue at standard charges was $519 million in the quarter, 18.3% of net operating revenues, and the related cost was $50 million. The company remains in a stockholders’ deficit position, with total liabilities of $13,021 million exceeding assets of $12,177 million.
Community Health Systems, Inc. reported Q2 2026 net operating revenues of $2.825 billion, a 9.8 percent decrease from $3.133 billion a year earlier, while same‑store revenues rose 2.4 percent. Net income attributable to stockholders was $70 million, or $0.51 per diluted share, versus $282 million, or $2.09, and Adjusted EBITDA declined to $330 million from $380 million. Same‑store admissions increased 1.9 percent and adjusted admissions 2.9 percent, but consolidated volumes fell due to hospital divestitures.
For the first six months of 2026, net operating revenues were $5.790 billion, compared with $6.292 billion in 2025, and net income attributable to stockholders dropped to $12 million from $269 million. Six‑month Adjusted EBITDA was $638 million, down from $756 million. Earnings were affected by changes in loss (gain) from early extinguishment of debt, the impact of divestitures, an unfavorable payor mix and higher medical specialist fees, partly offset by increased reimbursement rates, supplemental reimbursement benefits and lower contract labor and professional liability expenses. Net cash from operating activities was $87 million in Q2 and a $209 million use of cash year‑to‑date.
The company used approximately $600 million of divestiture proceeds to repurchase $368 million principal of 4.750% Senior Secured Notes due 2031 and $231 million principal of 10.875% Senior Secured Notes due 2032. For 2026, guidance calls for net operating revenues of $11.4–$11.6 billion, Adjusted EBITDA of $1.300–$1.375 billion and a diluted net loss per share between $(1.25) and $(1.10), with capital expenditures of $350–$400 million and net cash from operating activities of $300–$500 million.
COMMUNITY HEALTH SYSTEMS INC director K Ranga Krishnan increased his equity stake through compensation-related share conversions. On June 30, he exercised stock units to acquire 13,930 shares of common stock, a non-cash derivative exercise reported at a $0.00 exercise price.
Following the transactions, he directly holds 170,023 shares of common stock. He also retains 55,722.712 Stock Units (SU) and restricted stock units tied to 228,321 underlying common shares, which will be settled in stock under the company’s Directors' Fees Deferral Plan or upon his cessation as a director, consistent with prior deferral elections.
COMMUNITY HEALTH SYSTEMS INC reported that EVP-Clinical Operations & CMO David V. Rice received several equity awards as compensation. He was granted 30,000 shares of common stock that vest in one-third increments on the first, second and third anniversaries of the June 1, 2026 grant date, giving him 30,000 common shares directly following this grant.
He was also granted 30,000 stock options with a $2.75 per share exercise price, expiring on May 31, 2036, covering 30,000 underlying common shares and vesting in one-third increments on the first three anniversaries of the grant date. In addition, he received 30,000 performance-based restricted shares, with the target number tied 50% to a Cumulative Same-Store Adjusted EBITDA Growth objective and 50% to a Cumulative Same-Store Net Revenue Growth objective over the 2026–2028 Performance Period. Between 0% and 200% of the target tied to each objective may ultimately vest on March 1, 2029, depending on actual performance.
Community Health Systems completed the sale of substantially all assets of four Arkansas hospitals and related outpatient centers to Freeman Health System for $110 million in cash, before certain transaction expenses and subject to a working capital adjustment.
The transaction covers Northwest Medical Center – Bentonville, Northwest Medical Center – Springdale, Northwest Medical Center – Willow Creek Women’s Hospital, and Siloam Springs Regional Hospital. Pro forma 2025 basic earnings per share decline from $3.81 to $3.53, reflecting an estimated $55 million pre-tax loss ($48 million after tax) on the sale and removal of the divested operations from historical results.
Community Health Systems ownership update: a group of Apollo-related entities filed an Amendment No. 4 to Schedule 13G/A reporting shared beneficial ownership positions in the issuer's Common Stock.
The filing shows Capital Management and affiliated entities hold 11,489,316 shares representing 8.2% of the class. The filing cites 140,916,712 shares outstanding as of April 16, 2026. Several Apollo funds and managers are listed with individual holdings (examples include Credit Strategies 4,520,779 shares (3.2%) and AAA Multi-Asset Credit Strategies Fund 761,266 shares (0.5%)).
Community Health Systems ownership disclosure: CastleKnight-related parties report shared beneficial ownership of 12,667,586 shares of Common Stock, representing 9.0% of the class. The amendment lists the filing group (CastleKnight Master Fund LP, related GP/management entities, Weitman Capital LLC and Aaron Weitman) and shows shared voting and dispositive power over that same share count.
The filing is a joint Schedule 13G/A amendment and includes a Joint Filing Agreement and a Control Person Identification exhibit.
COMMUNITY HEALTH SYSTEMS INC executive David V. Rice, who serves as EVP-Clinical Operations & CMO, filed an initial Form 3 reporting his status as an officer of the company. This filing lists no share transactions or derivative positions and shows no reported purchases or sales.
Community Health Systems files a Schedule 13G reporting that He Zhengxu beneficially owns 7,410,784 shares of Common Stock, equal to 5.3% of the class as of 05/14/2026. The filing shows sole voting and dispositive power over the same 7,410,784 shares.