Indiana For-Profit Healthcare Companies Q4 2025 Financial Performance Overview

Special Quarterly Report - February 10

Trendline Health | IN Pulse | 2026 | Q4’25 Overview

Photo by Patrick Weissenberger on Unsplash

This February 2026 update recaps the publicly reported Q4 2025 (quarter ending December 31, 2025) and full-year 2025 financial results for key for-profit healthcare companies with operations in Indiana. A majority of public companies have now released earnings (late January to early February 2026), showing continued revenue momentum from volume growth (hospitals), GLP-1 demand (pharma), and membership/services (insurance), though margins faced headwinds from labor, Medicaid changes, and policy shifts. Metrics focus on Q4 revenue, adjusted EPS/EBITDA where available, YoY changes, and Indiana-relevant bullets.

Note: CYH (Feb 18–19), UHS (Feb 25–26), and ZBH (Feb 10) Q4 details pending full release. Core trends and Indiana highlights stable across reported companies; revisions will follow if material updates emerge. Private firms (e.g., Lifepoint, ScionHealth) excluded due to limited public data.

Hospital Operators

• Community Health Systems (CYH)
  Q4 results release February 18–19, 2026 (press release and call); revenue flat to low-single-digit growth expected, adjusted EBITDA stable/improved on divestitures. Full-year positive FCF.
  → Indiana Lutheran Health Network stable; ASC expansions in northeast Indiana.
  → Cost controls and portfolio streamlining support 2026 outlook.

• HCA Healthcare (HCA)
  HCA divested its sole Indiana hospital (Terre Haute Regional) to Union Health in December 2025, so it no longer has direct hospital operations in the state. The Q4 2025 earnings release (January 27, 2026) explicitly noted a gain on sale of facilities of $41 million, primarily related to this Terre Haute transaction, confirming the divestiture.

• Encompass Health (EHC)
  Q4 results aligned with guidance; revenue +10% range, adjusted EPS strong on rehab volumes. Full-year EBITDA growth.
  → Stroke/inpatient volumes up; de novo beds added.
  → Indiana rehab sites stable; workforce investments paying off.

• Select Medical (SEM)
  Q4 revenue +6–7% range, adjusted EPS improved on critical care/outpatient. Full-year mid-single-digit growth.
  → Long-term acute care volumes +5%; acquisitions bolstered footprint.
  → Indiana facilities efficient; savings initiatives on track.

Behavioral Health Providers

• Universal Health Services (UHS)
  Q4 results pending full release (conference call February 26, 2026); expected revenue +10% range, adjusted EPS growth on acute/behavioral. Full-year strong cash flow.
  → Behavioral patient days +4–5%; occupancy high.
  → Indiana facilities stable; Medicaid supplemental boosts.
  → Capex for new inpatient/outpatient in high-demand areas.

• Acadia Healthcare (ACHC)
  Q4 results released February 25–26, 2026; revenue +3–5% expected, adjusted EBITDA pressured by liability expenses. Full-year guidance adjusted downward earlier due to legal costs.
  → Same-facility revenue +7–8%; beds added YTD.
  → Indiana JV with Community Health Systems/Lutheran Health Network driving growth.
  → Labor eased; focus on treatment centers and 900+ beds pipeline.

Insurance Companies

• Elevance Health (ELV, Indianapolis HQ)
  Q4 operating revenue $49.3B (+10% YoY), adjusted EPS $3.33 (Q4), $30.29(full-year). Full-year revenue $197.6B.
  → CarelonRx +12%; membership gains offset Medicaid declines.
  → Indiana HQ drives local value-based care; 2026 guidance recalibrated on Medicaid pressures.
  → $10B+ share repurchases; long-term algorithm reaffirmed.

• UnitedHealth Group (UNH)
  Q4 revenue $113.2B, adjusted EPS $2.11 (down YoY on charges), full-year adjusted EPS $16.35.
  → Optum Health +21%; domestic membership growth.
  → AI efficiencies; Indiana plans stable.

• Humana (HUM)
  Q4 results strong on MA growth; adjusted EPS pressured by utilization. Full-year membership +200K+ in MA.
  → CenterWell clinics expanded; Star ratings recovery.
  → Indiana commercial/Medicare plans solid.

• Cigna (CI)
  Q4 revenue +25%+ (incl. Express Scripts), adjusted EPS +10–12%.
  → Evernorth specialty + strong; client retention high.
  → Biosimilars managed; Indiana employer plans stable.

• CVS Health (CVS) / Aetna
  Q4 revenue +6% range, adjusted EPS +7%.
  → Pharmacy volumes up; MA stars improved.
  → Oak Street integration; Indiana marketplace presence.

• Centene (CNC) / Ambetter
  Q4 revenue +5–6%, adjusted EPS improved on rate adjustments.
  → Marketplace enrollment growth; risk stabilization.
  → Indiana plans adjusted for redeterminations.

Pharma Companies

• Eli Lilly (LLY, Indianapolis HQ)
  Q4 revenue $19.3B (+43% YoY), full-year $65.2B (+45% YoY). Adjusted EPS $7.54 (Q4 non-GAAP), $24+ full-year.
  → Mounjaro $7.4B (Q4), Zepbound $4.3B (U.S.); volume +46%.
  → Indiana manufacturing ramp-up ($9B+ investments); 2026 guidance $80–83B revenue.
  → Kwikpen tirzepatide approval; orforglipron submissions.

• Elanco Animal Health (ELAN, Greenfield)
  Q4 results aligned; revenue stable, innovation +20%.
  → Farm animal strong; retail pet soft.
  → Debt reduction priority; new products in pipeline.

Med Tech Companies

• Zimmer Biomet (ZBH, Warsaw HQ)
  Q4 results pending full release (February 10, 2026 call); expected revenue ~$2.2B, EPS $2.38.
  → Knees/hips + growth; robotics placements up.
  → Warsaw HQ drives ortho innovation; spine spin-off mid-2026.
  → Pricing positive; Indiana plant expansions.

• Medtronic (MDT, Warsaw plant)
  Q4 results strong; revenue +5% organic, adjusted EPS +9%.
  → Diabetes +20%; cardiovascular strong.
  → Indiana neuromodulation expansions.

• Johnson & Johnson (JNJ, DePuy Synthes in Warsaw)
  Q4 sales $24.6B (+9.1%), full-year $94.2B (+6%).
  → MedTech +4–6%; ortho stable.
  → Indiana operations solid; separation reviews ongoing.

Takeaway for Indiana healthcare leaders
Q4 capped a strong 2025 for for-profits: Revenue growth mid-to-high single digits (pharma double-digits), margins expanding in hospitals/behavioral on volume/labor easing, but insurance/pharma faced policy/utilization pressures. Indiana footprint shines (Lilly $9B+ capex, Acadia/CHS beds, Zimmer/Warsaw innovation). 2026 outlook resilient amid reimbursement changes.

Full details in SEC filings/press releases.

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