Trendline Health | IN Pulse 2

Indiana For-Profit Healthcare Q3 2025 Earnings Snapshot

IN for-profit healthcare financial performance | watchlist: Finviz.com

This update recaps Q3 2025 (quarter ending September 30, 2025) results for key for-profit healthcare companies with Indiana operations (all have reported). Metrics include revenue, adjusted EPS/EBITDA where applicable, margins, and YoY changes. Salient points focus on leadership-relevant updates.

All companies reported as of November 6, 2025 — no estimates remaining

Takeaway for Indiana healthcare leaders: Showing revenue resilience from volumes and pricing, offset by cost pressures. For-profits delivered mid-to-high single-digit revenue growth with expanding margins in hospitals and behavioral health. Labor costs eased, supplemental payments & volumes fueled beats, and Indiana-centric capex stays aggressive (Lilly $9B, HCA Terre Haute, Acadia/CHS beds, Zimmer spin-off).

🚨Indiana non-profit bond-market quarterly update for the “big six” hospital operators coming next week when EMMA filings post.

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Hospital Operators

• Community Health Systems (CYH)
  $3.09B revenue (flat YoY) • Adj. EBITDA $378M (+3%) • Net loss -$12M (improved $29M YoY)
  → Same-facility admissions +1.4% • New Indiana ASCs opening Q1 0x2026 • Positive FCF outlook

• HCA Healthcare (HCA)
  $17.99B revenue +9.6% • Adj. EPS $5.51 +18% • EBITDA margin 21.2% (+90 bps)
  → Admissions +4.2% • $450M supplemental payments • FY25 guidance raised • Terre Haute expansion funded

• Encompass Health (EHC)
  $1.35B revenue +10.2% • Adj. EPS $1.03 +15% • EBITDA $281M +12%
  → Stroke volume +8% • 12 new beds YTD • FY25 revenue $5.5–5.6B

• Select Medical (SEM)
  $1.79B revenue +6.6% • Adj. EPS $0.52 +37%
  → Critical-illness volumes +5% • $25M annual savings run-rate by 2026

Behavioral Health

• Universal Health Services (UHS)
  $4.05B revenue +10.1% • Adj. EPS $3.01 +28%
  → Behavioral patient days +4% • $800M capex • Occupancy 78%

• Acadia Healthcare (ACHC)
  $804.5M revenue +3.6% • Adj. EPS $0.84 +5% • Adj. EBITDA $174.6M +4.2%
  → Same-facility revenue +7.8% • 300 beds added YTD • Key Indiana JV with Community Health Systems / Lutheran Health Network • 900+ beds in pipeline

Insurance (Indiana-licensed or HQ)

• Elevance Health (ELV) – Indianapolis HQ
  $43.3B revenue +5% • Adj. EPS $10.04 +18%
  → CarelonRx +12% • FY25 EPS >$37.20 • $10B buyback

• UnitedHealth Group (UNH)
  $100.8B revenue +12.6% • Adj. EPS $7.25 +15%
  → Optum Health +21% • FY25 EPS $29–29.50

• Humana (HUM)
  $29.6B revenue +9% • Adj. EPS $4.95 -14%
  → MA membership +200K • CenterWell clinics to 300+

• Cigna (CI)
  $62.5B revenue +26% • Adj. EPS $6.62 +12%
  → Evernorth +38% • FY25 EPS >$28.75

• CVS Health (CVS) / Aetna
  $95.4B revenue +6.3% • Adj. EPS $1.88 +7%
  → $800M cost savings • MA stars improved

• Centene (CNC) / Ambetter
  $42.9B revenue +5% • Adj. EPS $1.61 +10%
  → Marketplace enrollment +20% • FY25 EPS $7.25+

Pharma & Med-Tech (Indiana HQ or major plants)

• Eli Lilly (LLY) – Indianapolis
  $12.73B revenue +36% • Volume +45%
  → Mounjaro $5.3B, Zepbound $3.3B • $9B+ Indiana capex announced

• Elanco (ELAN) – Greenfield
  $1.03B revenue -6% ex-FX • Innovation +20%
  → FY25 revenue $4.25–4.35B • Debt pay-down priority

• Zimmer Biomet (ZBH) – Warsaw
  $1.94B revenue +4.7% cc • Adj. EPS $2.02 +9%
  → Knees +6.5% • Spine spin-off mid-2026

• Medtronic (MDT) – Warsaw plant
  $8.05B revenue +5.3% organic • Adj. EPS $1.27 +9%
  → Diabetes +20% • Hugo robot US launch 2026

• Johnson & Johnson (JNJ) / DePuy Synthes – Warsaw
  $22.5B revenue +5.2% op
  → MedTech +4.4% • Ortho separation under review

Questions or suggestions? Send them to insights@trendlinehealth.com

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