Community Health Systems, Inc. filings document the regulatory record of a hospital operator with NYSE-listed common stock and a wholly owned subsidiary that issues senior secured notes, CHS/Community Health Systems, Inc. The company's 8-K reports disclose operating results, Regulation FD information, debt tender offers, senior secured note matters, asset dispositions and related exhibits.
Proxy and governance filings describe board matters, named executive officer compensation, incentive plans and shareholder voting items. Capital-structure disclosures cover common stock registration, senior secured notes due 2031 and 2032, tender-offer mechanics and other material events tied to the company's healthcare delivery assets and outpatient network.
Community Health Systems, Inc. is asking stockholders to vote at its 2026 Annual Meeting on electing 14 directors, approving executive compensation on an advisory basis, and ratifying Deloitte & Touche LLP as independent auditor for 2026.
The proxy highlights 2025 results: net operating revenues of $12.485 billion, down 1.2% year over year, but same-store net revenues rose 4.6%. Net income attributable to stockholders improved to $509 million from a $(516) million loss, and cash flows from operations increased to $543 million from $480 million.
The company continued major balance sheet actions, including a tender offer for about $584 million of 6⅞% senior unsecured notes due 2028 and new secured note offerings used to refinance 2027 and 2032 maturities. The filing also describes a strong 2025 Say-on-Pay outcome, a largely independent board, and an executive pay program heavily weighted to performance-based and equity incentives.
Community Health Systems, Inc. has completed the sale of substantially all assets of the 180-bed Crestwood Medical Center in Huntsville, Alabama, and related outpatient sites to Huntsville Hospital Health System for $459 million in cash, before certain transaction expenses and subject to a working capital adjustment. The company estimates a pre-tax gain of $185 million, or $138 million after tax, on the divestiture. Pro forma for the sale, 2025 net operating revenues decrease from $12,485 million to $12,158 million, and the net loss attributable to stockholders widens from $509 million to $610 million, reflecting removal of Crestwood’s results and the gain on sale flowing through accumulated deficit rather than recurring income.
The Vanguard Group amended its Schedule 13G reporting that it no longer beneficially owns any Community Health Systems Inc. (Common Stock) shares. The amendment follows an internal realignment on 01/12/2026 under SEC Release No. 34-39538, after which certain Vanguard subsidiaries and business divisions will report beneficial ownership separately. The filing states amount beneficially owned: 0 and percent of class: 0%. The amendment is signed by Ashley Grim, Head of Global Fund Administration, dated 03/26/2026.
Community Health Systems, Inc. entered into a definitive asset purchase agreement for a subsidiary to sell substantially all assets and certain liabilities of four Arkansas hospitals and related outpatient centers and practices to Freeman Health System. The facilities include 128-bed Northwest Medical Center – Bentonville, 222-bed Northwest Medical Center – Springdale, 64-bed Northwest Medical Center – Willow Creek Women’s Hospital, and 73-bed Siloam Springs Regional Hospital.
The total purchase price is $112 million, subject to adjustments based on closing net working capital and the amount of finance leases assumed by the buyer. Closing is expected in the second quarter of 2026, subject to customary regulatory approvals and other closing conditions, and the agreement can be terminated if the transaction is not completed on or before August 1, 2026. At closing, the parties expect to enter transition services agreements so CHS can provide information technology and operational support for a period of time. The company notes these hospitals were among potential divestitures previously discussed in its 2025 year-end communications.
Community Health Systems EVP Kevin A. Stockton reported multiple equity compensation moves in common stock and derivatives on March 1, 2026. He exercised 50,000 performance-based restricted shares and received new grants of 60,000 performance-based restricted shares and 30,000 stock options, all at a stated price of $0.00 per share. He also acquired 50,000 common shares through a derivative exercise and 30,000 additional restricted common shares, then had 35,573 common shares withheld at $3.46 per share to cover tax obligations. Following these transactions, he directly held 208,290 common shares. Footnotes explain that vesting of the performance-based awards depends on the company’s achievement of specified EBITDA and net revenue growth goals over performance periods running from 2024–2026, 2025–2027, and 2026–2028, with actual vesting ranging from 0% to 200% of target based on results.
Community Health Systems SVP & CAO Phillip A. Posey reported multiple equity awards in the latest insider filing. On March 1, 2026, he received grants of 25,000 performance-based restricted shares, 25,000 stock options, and 25,000 shares of common stock, all at a reported price of $0.00 per share, reflecting compensation awards rather than open-market purchases.
The performance-based restricted shares will vest based on Community Health Systems’ cumulative same-store adjusted EBITDA growth and cumulative same-store net revenue growth during the 2026–2028 performance period, with between 0% and 200% of the target vesting depending on results. The time-based restricted stock and stock options vest in one-third increments on the first, second, and third anniversaries of the grant date. The filing also shows a disposition of 1,188 shares of common stock at $3.46 per share to cover tax liabilities, leaving Posey with 51,736 common shares held directly after these transactions.
Community Health Systems executive Justin D. Pitt, President and Chief Legal & Administrative Officer, reported multiple equity transactions on 3/1/2026. He exercised 30,000 performance-based restricted shares, receiving 30,000 shares of common stock, and was granted 80,000 new performance-based restricted shares and 40,000 stock options. He also received a grant of 40,000 shares of restricted common stock. To cover tax obligations, 24,922 common shares were withheld at $3.46 per share. Following these transactions, Pitt directly held 287,750 shares of common stock. The new performance-based awards vest over multi‑year performance periods from 2024–2028 tied to revenue and Adjusted EBITDA growth, with potential vesting between 0% and 200% of target based on results.
Community Health Systems EVP & CFO Jason K. Johnson reported multiple equity transactions. On March 1, 2026, 30,000 performance-based restricted shares vested at 100% of target for the 2023–2025 performance period and were converted into 30,000 shares of common stock.
He was also granted 180,000 new performance-based restricted shares and 90,000 stock options, all held directly, with vesting tied to multi-year performance and time-based schedules described in the footnotes, including periods through 2028. In addition, he received 90,000 restricted shares of common stock, with restrictions lapsing in one-third increments over three years.
To cover tax obligations related to these awards, 23,610 shares of common stock were disposed of at $3.46 per share, leaving Johnson with 268,439 shares of common stock held directly after the transactions.
Community Health Systems CEO Kevin J. Hammons reported multiple equity compensation moves tied to performance and time-based awards. On March 1, 2026, he exercised 156,240 performance-based restricted shares into the same number of common shares and forfeited 23,760 performance-based restricted shares back to the issuer based on 2023–2025 performance, reflecting 86.8% achievement of the original target.
He received a new grant of 400,000 performance-based restricted shares tied to 2026–2028 performance objectives and 200,000 stock options (right to buy), as well as an award of 200,000 shares of common stock subject to time-vesting in one-third annual installments. To cover taxes, 96,896 common shares were disposed at $3.46 per share through share withholding, not an open-market sale. Following these transactions, he directly owned 895,545 shares of common stock, along with multiple outstanding performance-based restricted share and option positions.