v3.26.1
Segment and Geographic Information
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segment and Geographic Information

NOTE 10 — SEGMENT AND GEOGRAPHIC INFORMATION

We operate in one line of business, which is operating hospitals and related health care entities. We operate in three geographically organized groups: the National, Atlantic and American Groups. At June 30, 2026, the National Group included 53 hospitals located in Alaska, California, Idaho, Kentucky, Nevada, New Hampshire, North Carolina, Tennessee, Utah and Virginia; the Atlantic Group included 64 hospitals located in Florida, Georgia, Northern Kansas, Missouri and South Carolina; and the American Group included 66 hospitals located in Colorado, Central Kansas, Louisiana and Texas. The seven hospitals we operate in England are included in the Corporate and other group.

NOTE 10 — SEGMENT AND GEOGRAPHIC INFORMATION (continued)

Adjusted segment EBITDA is defined as income before depreciation and amortization, interest expense, losses and gains on sales of facilities, losses on retirement of debt, income taxes and net income attributable to noncontrolling interests. We use adjusted segment EBITDA as an analytical indicator for purposes of allocating resources to geographic areas and assessing their performance. Adjusted segment EBITDA is commonly used as an analytical indicator within the health care industry and also serves as a measure of leverage capacity and debt service ability. Adjusted segment EBITDA should not be considered as a measure of financial performance under generally accepted accounting principles, and the items excluded from adjusted segment EBITDA are significant components in understanding and assessing financial performance. Because adjusted segment EBITDA is not a measurement determined in accordance with generally accepted accounting principles and is thus susceptible to varying calculations, adjusted segment EBITDA, as presented, may not be comparable to other similarly titled measures of other companies. The geographic distributions of our revenues, salaries and benefits, supplies, other operating expenses, equity in earnings of affiliates, adjusted segment EBITDA, depreciation and amortization and assets that are provided to the Chief Operating Decision Maker, which is the Chief Executive Officer, are summarized in the following tables (dollars in millions) and represent the operating segments for the quarters and six months ended June 30, 2026 and 2025 and assets at June 30, 2026 and December 31, 2025:

 

 

Quarter

 

 

Six Months

 

 

2026

 

 

National
Group

 

Atlantic
Group

 

American
Group

 

 

National
Group

 

Atlantic
Group

 

American
Group

 

Revenues

$

5,251

 

$

7,573

 

$

6,582

 

 

$

10,572

 

$

13,936

 

$

13,148

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and benefits

 

1,965

 

 

2,293

 

 

2,287

 

 

 

3,931

 

 

4,579

 

 

4,564

 

Supplies

 

773

 

 

934

 

 

1,084

 

 

 

1,536

 

 

1,878

 

 

2,143

 

Other operating expenses

 

1,330

 

 

2,520

 

 

1,859

 

 

 

2,664

 

 

4,215

 

 

3,690

 

Equity in earnings of affiliates

 

(1

)

 

(1

)

 

(17

)

 

 

(1

)

 

(2

)

 

(32

)

 

 

4,067

 

 

5,746

 

 

5,213

 

 

 

8,130

 

 

10,670

 

 

10,365

 

Adjusted segment EBITDA

$

1,184

 

$

1,827

 

$

1,369

 

 

$

2,442

 

$

3,266

 

$

2,783

 

 

 

Quarter

 

 

Six Months

 

 

2025

 

 

National
Group

 

Atlantic
Group

 

American
Group

 

 

National
Group

 

Atlantic
Group

 

American
Group

 

Revenues

$

5,200

 

$

6,122

 

$

6,493

 

 

$

10,265

 

$

12,289

 

$

12,824

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and benefits

 

1,919

 

 

2,246

 

 

2,216

 

 

 

3,878

 

 

4,462

 

 

4,412

 

Supplies

 

755

 

 

935

 

 

1,067

 

 

 

1,496

 

 

1,849

 

 

2,087

 

Other operating expenses

 

1,255

 

 

1,590

 

 

1,649

 

 

 

2,488

 

 

3,166

 

 

3,360

 

Equity in earnings of affiliates

 

-

 

 

(1

)

 

(17

)

 

 

-

 

 

(2

)

 

(31

)

 

 

3,929

 

 

4,770

 

 

4,915

 

 

 

7,862

 

 

9,475

 

 

9,828

 

Adjusted segment EBITDA

$

1,271

 

$

1,352

 

$

1,578

 

 

$

2,403

 

$

2,814

 

$

2,996

 

 

NOTE 10 — SEGMENT AND GEOGRAPHIC INFORMATION (continued)

 

 

 

Quarter

 

 

Six Months

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Adjusted segment EBITDA:

 

 

 

 

 

 

 

 

 

 

 

 

National Group

 

$

1,184

 

 

$

1,271

 

 

$

2,442

 

 

$

2,403

 

Atlantic Group

 

 

1,827

 

 

 

1,352

 

 

 

3,266

 

 

 

2,814

 

American Group

 

 

1,369

 

 

 

1,578

 

 

 

2,783

 

 

 

2,996

 

 

 

 

4,380

 

 

 

4,201

 

 

 

8,491

 

 

 

8,213

 

Adjustments to reconcile Total Adjusted segment
  EBITDA to consolidated Income before income taxes:

 

 

 

 

 

 

 

 

 

 

 

 

Corporate and Other

 

 

353

 

 

 

352

 

 

 

662

 

 

 

631

 

Depreciation and amortization

 

 

944

 

 

 

863

 

 

 

1,874

 

 

 

1,723

 

Interest expense

 

 

599

 

 

 

568

 

 

 

1,183

 

 

 

1,115

 

Losses (gains) on sales of facilities

 

 

(10

)

 

 

3

 

 

 

(9

)

 

 

2

 

Income before income taxes

 

$

2,494

 

 

$

2,415

 

 

$

4,781

 

 

$

4,742

 

 

 

 

Quarter

 

 

Six Months

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

National Group

 

$

5,251

 

 

$

5,200

 

 

$

10,572

 

 

$

10,265

 

Atlantic Group

 

 

7,573

 

 

 

6,122

 

 

 

13,936

 

 

 

12,289

 

American Group

 

 

6,582

 

 

 

6,493

 

 

 

13,148

 

 

 

12,824

 

Corporate and other

 

 

824

 

 

 

790

 

 

 

1,683

 

 

 

1,548

 

 

$

20,230

 

 

$

18,605

 

 

$

39,339

 

 

$

36,926

 

Depreciation and amortization:

 

 

 

 

 

 

 

 

 

 

 

 

National Group

 

$

238

 

 

$

223

 

 

$

474

 

 

$

449

 

Atlantic Group

 

 

298

 

 

 

275

 

 

 

596

 

 

 

549

 

American Group

 

 

296

 

 

 

277

 

 

 

591

 

 

 

556

 

Corporate and other

 

 

112

 

 

 

88

 

 

 

213

 

 

 

169

 

 

$

944

 

 

$

863

 

 

$

1,874

 

 

$

1,723

 

 

 

 

June 30,
2026

 

 

December 31,
2025

 

Assets:

 

 

 

 

 

 

National Group

 

$

13,589

 

 

$

13,596

 

Atlantic Group

 

 

19,374

 

 

 

17,945

 

American Group

 

 

21,385

 

 

 

21,217

 

Corporate and other

 

 

8,902

 

 

 

7,962

 

 

 

$

63,250

 

 

$

60,720