Financial Performance - Net operating revenue increased by 94% to $14775 million in Q3 2025 compared to $13510 million in Q3 2024 [8] - Adjusted EBITDA increased by 114% to $3001 million in Q3 2025 compared to $2693 million in Q3 2024 [8] - Adjusted EPS increased by 194% to $123 in Q3 2025 compared to $103 in Q3 2024 [8] - Adjusted free cash flow decreased by 82% to $1742 million in Q3 2025 compared to $1897 million in Q3 2024 [8] - For the first 9 months of 2025 net operating revenue increased by 106% to $43906 million compared to $39682 million for the same period in 2024 [8] - For the first 9 months of 2025 adjusted EBITDA increased by 145% to $9323 million compared to $8141 million for the same period in 2024 [8] - For the first 9 months of 2025 adjusted EPS increased by 224% to $399 compared to $326 for the same period in 2024 [8] - For the first 9 months of 2025 adjusted free cash flow increased by 165% to $5825 million compared to $4998 million for the same period in 2024 [8] Capacity Additions and Development - The company opened three new hospitals in Q3 2025: a 50-bed de novo hospital in Daytona Beach FL a 40-bed de novo hospital in Danbury CT and a 50-bed satellite hospital in Wildwood FL [10] - The company added 39 beds to existing hospitals in Q3 2025 [10] Guidance - The updated 2025 net operating revenue guidance is $5905 million to $5955 million [22] - The updated 2025 adjusted EBITDA guidance is $1235 million to $1255 million [22] - The updated 2025 adjusted earnings per share guidance is $522 to $537 [22]

Financial Performance - Q2 2025 - Net operating revenue increased by 12.0% to $1,457.7 million compared to $1,301.2 million in Q2 2024[8] - Adjusted EBITDA increased by 17.2% to $318.6 million compared to $271.8 million in Q2 2024[8] - Adjusted EPS increased by 26.1% to $1.40 compared to $1.11 in Q2 2024[8] - Adjusted free cash flow increased by 30.5% to $185.9 million compared to $142.5 million in Q2 2024[8] Financial Performance - YTD Q2 2025 - Net operating revenue increased by 11.3% to $2,913.1 million compared to $2,617.2 million in YTD Q2 2024[8] - Adjusted EBITDA increased by 16.0% to $632.2 million compared to $544.8 million in YTD Q2 2024[8] - Adjusted EPS increased by 24.2% to $2.77 compared to $2.23 in YTD Q2 2024[8] - Adjusted free cash flow increased by 31.7% to $408.3 million compared to $310.1 million in YTD Q2 2024[8] Revenue Details - Inpatient revenue increased by 11.7% to $1,413.7 million in Q2 2025 compared to $1,265.5 million in Q2 2024[13] - Outpatient and other revenue increased by 23.2% to $44.0 million in Q2 2025 compared to $35.7 million in Q2 2024, including an $8.5 million increase in Medicaid supplemental payments[13] - Discharges increased by 7.2% to 65,237 in Q2 2025 compared to 60,833 in Q2 2024[13] 2025 Guidance (Updated) - Net Operating Revenue guidance increased to $5,880 to $5,980 million from the previous guidance of $5,850 to $5,925 million[22] - Adjusted EBITDA guidance increased to $1,220 to $1,250 million from the previous guidance of $1,185 to $1,220 million[22] - Adjusted earnings per share guidance increased to $5.12 to $5.34 from the previous guidance of $4.85 to $5.10[22]