| Quarter | Call date | Disclosure | Financial quality | Kept | Missed | |
|---|---|---|---|---|---|---|
| Q2'26 | July 24, 2026 | 4/12 | 4 high, 4 medium flags | 1 | 0 | Call sheet → |
| Q1'26 | April 24, 2026 | 10/12 | 2 medium, 4 low flags | 0 | 0 | Call sheet → |
| Q4'25 | January 27, 2026 | 11/12 | 3 medium, 5 low flags | 6 | 0 | Call sheet → |
| Marked | Status | Promise |
|---|---|---|
| Q2'26 | Pending | Complete most of existing share repurchase authorization $3.67B completed in H1, aggressive pace maintained |
| Q2'26 | Pending | Capital expenditures of $5-5.5B At $2.3B through H1, on track for range |
| Q2'26 | Delivered | Supplemental payment programs decline of $50-250M vs prior year Now showing $300-500M benefit, actually improved from original guidance |
| Q2'26 | Pending | $400M resiliency program benefit No specific quantification provided in Q2, just vague 'improvement in cost metrics' |
| Q2'26 | Pending | 2-3% volume growth assumption for the year Q2 at 2.7% equivalent admissions but surgery weakness concerning |
| Q2'26 | Pending | Full year range of $600-900M expected impact on adjusted EBITDA from exchanges Raised to $1.0-1.2B, a 33-60% increase from original midpoint |
| Q1'26 | Pending | Capital spending range of $5-5.5 billion Q1 at $1.1B suggests back-end loaded spending pattern |
| Q1'26 | Pending | $600-900M adverse EBITDA impact from exchanges Q1 at $150M suggests low end of range but won't narrow guidance |
| Q1'26 | Pending | Slightly above 20% margins consistent with 2025 Q1 margins down 50 bps but temporal factors cited |
| Q1'26 | Pending | Adjusted EBITDA between $15.55-16.45 billion for 2026 Reaffirmed guidance despite Q1 dynamics |
| Q1'26 | Pending | $400 million resiliency program offset to exchange headwinds Too early to judge but operational leverage improved as quarter progressed |
| Q1'26 | Pending | Growth in equivalent admissions between 2% to 3% for 2026 Q1 at 1.3% but management says Feb/March recovered to plan levels |
| Q4'25 | Delivered | Will update on enhanced premium tax credit impact when we know more Provided detailed $600-900M impact range with specific modeling assumptions |
| Q4'25 | Delivered | Will provide 2026 guidance on Q4 call Provided comprehensive 2026 guidance ranges across all key metrics |
| Q4'25 | Exceeded | Resiliency plan should provide some relief on cost pressures Upgraded to specific $400M target, more concrete than previous 'some relief' language |
| Q4'25 | Delivered | Expect mostly stable trends in operating costs consistent with past couple of years Contract labor stable at 4.2%, good expense management demonstrated |
| Q4'25 | Delivered | Continue to see solid demand across our markets for health care services within 2-3% growth range Achieved 2.4% equivalent admissions growth, within target range |
| Q4'25 | Delivered | Hurricane-impacted markets will produce approximately $100 million in adjusted EBITDA growth in full-year 2025 Hit the $100M target through Q4 performance as guided |
Get free previews of our earnings-call research: the key changes, management scores, and questions worth investigating. Subscribe for full call sheets and deeper analysis.
Subscriptions are managed by Substack. If the form does not load, subscribe directly. Or follow the RSS feed.