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Segment Reporting (Tables)

9 Months Ended

Sep. 30, 2025

Segment Reporting [Abstract]

Schedule of Selected Financial Information of Reportable Segments

Selected financial information, including significant segment expenses, for our reportable segment is as follows (in millions):

			Three Months Ended September 30,												Nine Months Ended September 30,
			2025						2024						2025						2024
Net operating revenues			$	1,477.5					$	1,351.0					$	4,390.6					$	3,968.2
Less:
Salaries and benefits			784.8						732.1						2,314.8						2,144.2
Other operating expenses			229.2						201.8						660.0						584.9
Occupancy costs			14.9						14.4						44.5						42.6
Supplies			64.6						60.6						189.9						176.7
General and administrative expenses			39.6						39.1						124.6						114.3
Net income attributable to noncontrolling interests			48.1						38.9						135.9						104.9
Other segment items(1)			(3.8)						(5.2)						(11.4)						(13.5)
Adjusted EBITDA			$	300.1					$	269.3					$	932.3					$	814.1

(1)Includes interest and dividend income, investment gain or loss, and equity in net income of nonconsolidated affiliates.

Reconciliation of Segment Adjusted EBITDA to Income from Continuing Operations Before Income Tax Expense

Segment reconciliation (in millions):

			Three Months Ended September 30,												Nine Months Ended September 30,
			2025						2024						2025						2024
Adjusted EBITDA			$	300.1					$	269.3					$	932.3					$	814.1
Stock-based compensation			(14.3)						(12.9)						(38.1)						(35.8)
Depreciation and amortization			(82.4)						(78.4)						(241.5)						(221.6)
Loss on disposal or impairment of assets			(1.9)						(0.6)						(2.4)						(11.3)
Loss on early extinguishment of debt			—						(0.4)						—						(0.4)
Interest expense and amortization of debt discounts and fees			(30.8)						(34.9)						(93.0)						(104.4)
Net income attributable to noncontrolling interests			48.1						38.9						135.9						97.6
Change in fair market value of marketable securities			1.1						2.8						2.1						2.7
Asset impairment impact on noncontrolling interests			—						—						—						7.3
Income from continuing operations before income tax expense			$	219.9					$	183.8					$	695.3					$	548.2

Reconciliation of Revenue from Segments to Consolidated

Additional detail regarding the revenues of our operating segment by service line follows (in millions):

			Three Months Ended September 30,												Nine Months Ended September 30,
			2025						2024						2025						2024
Net operating revenues:
Inpatient			$	1,427.3					$	1,316.2					$	4,258.7					$	3,864.4
Outpatient and other			50.2						34.8						131.9						103.8
Net operating revenues			$	1,477.5					$	1,351.0					$	4,390.6					$	3,968.2

X

- Definition

Tabular disclosure of reconciliation of other items from reportable segments to their consolidated amount. Excludes reconciliation of revenue, profit (loss), and assets.

+ References

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-Topic 280
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Tabular disclosure of all significant reconciling items in the reconciliation of total revenues from reportable segments to the entity's consolidated revenues.

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- Definition

Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

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