HCA Healthcare Reports Second Quarter 2026 ResultsJuly 24, 2026 7:30 AM
Business Wire HCA Healthcare, Inc. (NYSE: HCA) today announced financial and operating results for the second quarter ended June 30, 2026. The Company's financial and operating results, as well as its updated guidance and key assumptions, are consistent with its July 14, 2026 second quarter preview. Key second quarter metrics (all percentage changes compare 2Q 2026 to 2Q 2025 unless otherwise noted): Revenues increased 8.7 percent to $20.230 billion Net income attributable to HCA Healthcare, Inc. increased 2.8 percent to $1.699 billion Diluted earnings per share increased 11.6 percent to $7.62 per diluted share, and diluted earnings per share, as adjusted, increased 11.0 percent to $7.59 per diluted share Adjusted EBITDA increased 4.6 percent to $4.027 billion Cash flows from operating activities totaled $2.335 billion, compared to $4.210 billion in the second quarter of 2025 Same facility admissions increased 2.5 percent and same facility equivalent admissions increased 2.7 percent Second Quarter Commentary During the second quarter, the Company experienced a payer mix shift driven by an increase in uninsured volume, primarily due to patients who lost coverage on the health insurance exchanges. The Company estimates this payer mix shift had an unfavorable impact on income before income taxes of approximately $400 million during the second quarter. This amount includes an increase of approximately $75 million related to the Company’s previous estimate of the first quarter health insurance exchange impact. In addition, to a lesser degree the Company experienced a service mix shift primarily related to a decline in surgical volume. The Company also experienced positive factors including increased benefit from Medicaid Supplemental Payment Programs, growth in admissions, equivalent admissions and ER visits, and improved expense results. During the second quarter, the Company recognized approximately $400 million of incremental net benefit from Medicaid Supplemental Payment Programs, primarily related to the state of Florida program, which is discussed further below. Revenues in the second quarter of 2026 totaled $20.230 billion, compared to $18.605 billion in the second quarter of 2025. Net income attributable to HCA Healthcare, Inc. totaled $1.699 billion, or $7.62 per diluted share, compared to $1.653 billion, or $6.83 per diluted share, in the second quarter of 2025. Results for the second quarter of 2026 include gains on sales of facilities of $10 million, or $0.03 per diluted share, compared to losses on sales of facilities of $3 million, or $0.01 per diluted share, in the second quarter of 2025. For the second quarter of 2026, Adjusted EBITDA totaled $4.027 billion, compared to $3.849 billion in the second quarter of 2025. Diluted earnings per share, as adjusted, and Adjusted EBITDA are non-GAAP financial measures. A table providing supplemental information on these non-GAAP financial measures and reconciling GAAP measures of financial performance to them is included in this release. The second quarter of 2026 includes incremental revenues of $1.372 billion and other operating expenses of $829 million related to the Florida directed payment program for the time period October 1, 2024 through June 30, 2026, to reflect the impact of the state directed payment program approved during the quarter by the Centers for Medicare and Medicaid Services. Of those amounts, approximately $980 million of incremental revenues and $557 million of other operating expenses related to periods prior to 2026. Same facility admissions increased 2.5 percent and same facility equivalent admissions increased 2.7 percent in the second quarter of 2026, compared to the prior year period. Same facility emergency room visits increased 3.6 percent in the second quarter of 2026, compared to the prior year period. Same facility inpatient surgeries declined 2.3 percent, and same facility outpatient surgeries declined 3.4 percent in the second quarter of 2026, compared to the same period of 2025. Same facility revenue per equivalent admission increased 6.4 percent in the second quarter of 2026, compared to the second quarter of 2025. Six Months Ended June 30, 2026 Revenues for the six months ended June 30, 2026 totaled $39.339 billion, compared to $36.926 billion in the same period of 2025. Net income attributable to HCA Healthcare, Inc. was $3.319 billion, or $14.77 per diluted share, compared to $3.263 billion, or $13.28 per diluted share, for the first six months of 2025. Results for the six months ended June 30, 2026 include gains on sales of facilities of $9 million, or $0.03 per diluted share. Results for the six months ended June 30, 2025 included losses on sales of facilities of $2 million, or $0.01 per diluted share. Balance Sheet and Cash Flows from Operations As of June 30, 2026, HCA Healthcare, Inc.’s balance sheet reflected cash and cash equivalents of $1.013 billion, total debt of $49.718 billion, and total assets of $63.250 billion. During the second quarter of 2026, capital expenditures totaled $1.231 billion, excluding acquisitions. Cash flows provided by operating activities in the second quarter of 2026 totaled $2.335 billion, compared to $4.210 billion in the second quarter of 2025. During the second quarter of 2026, the Company repurchased 4.752 million shares of its common stock at a cost of $2.064 billion. The Company had $7.210 billion remaining under its repurchase authorization as of June 30, 2026. As of June 30, 2026, the Company had $3.086 billion of availability under its credit facility (after giving effect to letters of credit and amounts reserved to backstop our commercial paper program). Dividend HCA today announced that its Board of Directors declared a quarterly cash dividend of $0.78 per share on the Company’s common stock. The dividend will be paid on September 30, 2026 to stockholders of record at the close of business on September 16, 2026. The declaration and payment of any future dividend will be subject to the discretion of the Board of Directors and will depend on a variety of factors, including the Company’s financial condition and results of operations. Future dividends are expected to be funded by cash balances and future cash flows from operations. 2026 Updated Guidance and Key Assumptions Based on results through the first half of the year, the Company has revised its 2026 guidance as follows:   Previous 2026 Guidance Ranges, as of January 27, 2026 Revised 2026 Guidance Ranges, as of July 14, 2026 Revenues $76.500 to $80.000 billion $77.000 to $79.500 billion Net Income Attributable to HCA Healthcare, Inc. $6.495 to $7.035 billion $6.300 to $6.700 billion Adjusted EBITDA $15.550 to $16.450 billion $15.400 to $16.100 billion EPS (diluted) $29.10 to $31.50 per diluted share $28.70 to $30.50 per diluted share The Company revised its 2026 key assumptions related to the unfavorable impact on income before income taxes from payer mix shifts due to the health insurance exchanges, as well as the incremental net benefit from Medicaid Supplemental Payment Programs, as follows:   Previous 2026 Estimates, as of April 24, 2026 Revised 2026 Estimates, as of July 14, 2026 Health Insurance Exchanges ($600) to ($900) million ($1.000) to ($1.200) billion Medicaid Supplemental Payment Programs ($50) to ($250) million $300 to $500 million The Company's 2026 estimate for capital expenditures of $5.0 billion to $5.5 billion, excluding acquisitions, remains unchanged. The Company’s guidance contains a number of assumptions, including, among others, the Company’s current expectations regarding volume growth coupled with an anticipated mostly stable operating environment, payer mix, service mix, the impact of current and future health care public policy developments, including the estimated impact on health insurance exchanges from administrative reforms and the expiration of the enhanced premium tax credits, anticipated results from resiliency initiatives, as well as general business or economic conditions, including inflation and the impact of trade policies, including tariffs, and excludes the impact of items such as, but not limited to, gains or losses on sales of facilities, losses on retirement of debt, legal claims costs and impairment of long-lived assets. In addition, the Company’s guidance excludes the impact of future approvals that could impact reimbursement under certain state Medicaid directed and supplemental payments. Adjusted EBITDA is a non-GAAP financial measure. A table reconciling forecasted net income attributable to HCA Healthcare, Inc. to forecasted Adjusted EBITDA is included in this release. The Company’s updated guidance is based on current plans and expectations and is subject to a number of known and unknown uncertainties and risks, including those set forth below in the Company’s “Forward-Looking Statements.” Earnings Conference Call HCA Healthcare will host a conference call for investors at 9:00 a.m. Central Time today. All interested investors are invited to access a live audio broadcast of the call via webcast. The broadcast also will be available on a replay basis beginning this afternoon. The webcast can be accessed through the Company’s Investor Relations web page at https://investor.hcahealthcare.com/events-and-presentations/default.aspx. About the Company As of June 30, 2026, HCA operated 190 hospitals and approximately 2,600 ambulatory sites of care, including surgery centers, freestanding emergency rooms, urgent care centers and physician clinics, in 19 states and the United Kingdom. Forward-Looking Statements This press release contains forward-looking statements within the meaning of the federal securities laws, which involve risks and uncertainties. Forward-looking statements include the Company’s financial guidance for the year ending December 31, 2026, as well as other statements that do not relate solely to historical or current facts. Forward-looking statements can be identified by the use of words like “may,” “believe,” “will,” “expect,” “project,” “estimate,” “anticipate,” “plan,” “initiative” or “continue.” These forward-looking statements are based on our current plans and expectations and are subject to a number of known and unknown uncertainties and risks, many of which are beyond our control, which could significantly affect current plans and expectations and our future financial position and results of operations. These factors include, but are not limited to, (1) changes in or related to general economic or business conditions nationally and regionally in our markets, including inflation, and the impact of trade policies, including changes in, or the imposition of, tariffs and/or trade barriers; changes in revenues resulting from declining patient volumes; changes in payer mix (including increases in uninsured and underinsured patients); potential increased expenses related to labor, pharmaceuticals, supply chain or other expenditures; workforce disruptions; supply and pharmaceutical shortages and disruptions (including as a result of tariffs or geopolitical disruptions); and the impact of federal government shutdowns, holds on or cancellations of congressionally authorized spending and interruptions in the distribution of governmental funds, (2) the impact of current and future health care public policy developments and the implementation of new, and possible changes to existing, federal, state or local laws and regulations affecting health care spending or the health care industry, including the expiration at the end of 2025 of enhanced premium tax credits (“EPTCs”) for eligible individuals purchasing insurance coverage through federal and state-based health insurance exchanges, changes in the structure and administration of, and funding for, federal and state agencies and programs, effects of the 2025 Federal Budget Act (the “FBA”) and efforts to address health care affordability, (3) the impact of our significant indebtedness and the ability to refinance such indebtedness on acceptable terms, (4) the effects related to the implementation of sequestration spending reductions required under the Budget Control Act of 2011, related legislation extending these reductions, and the potential for future deficit or other spending reduction legislation that may alter current spending reductions, which include cuts to Medicare payments, or impose additional spending reductions, (5) the ability to achieve operating and financial targets, develop and execute resiliency plans to offset to the extent possible impacts from the FBA, the expiration of EPTCs and tariffs, attain expected levels of patient volumes and revenues and service mix, and control the costs of providing services, (6) the impact of reductions or other changes in Medicare, Medicaid and other state programs, including Medicaid supplemental payment programs, Medicaid waiver programs and state directed payment arrangements, any of which may negatively impact reimbursements to health care providers and insurers and the size of the uninsured or underinsured population, (7) the results of our efforts to use technology and resilience initiatives, including artificial intelligence and machine learning, to drive efficiencies, better outcomes and an enhanced patient experience, (8) increases in the amount and risk of collectability of uninsured accounts and deductibles and copayment amounts for insured accounts, (9) personnel-related capacity constraints, increases in wages and the ability to attract, utilize and retain qualified management and other personnel, including affiliated physicians, nurses and medical and technical support personnel, (10) the highly competitive nature of the health care business, (11) changes in service mix, revenue mix and service volumes, including potential declines in the population covered under third-party payer agreements, the ability to enter into and renew third-party payer provider agreements on acceptable terms and the impact of consumer-driven health plans and physician utilization trends and practices, (12) the efforts of health insurers, health care providers, large employer groups and others to contain health care costs, (13) the outcome of our continuing efforts to monitor, maintain and comply with appropriate laws, regulations, policies and procedures, (14) the availability and terms of capital to fund the expansion of our business and improvements to our existing facilities, (15) changes in accounting practices, (16) the emergence of and effects related to pandemics, epidemics and outbreaks of infectious diseases or other public health crises, (17) future divestitures which may result in charges and possible impairments of long-lived assets, (18) changes in business strategy or development plans, (19) delays in receiving or failure to receive payments for services provided, (20) the outcome of pending and any future tax audits, disputes and litigation associated with our tax positions, (21) the impact of known and unknown government investigations, litigation and other claims that may be made against us, (22) the impact of actual and potential cybersecurity incidents or security breaches involving us or our vendors and other third parties, (23) our ongoing ability to demonstrate meaningful use of certified electronic health record technology and the impact of interoperability requirements, (24) the impact of natural disasters, such as hurricanes and floods, including Hurricanes Milton and Helene, physical risks from changing global weather patterns or similar events beyond our control on our assets and activities and the communities we serve, (25) changes in U.S. federal, state, or foreign tax laws, interpretations of tax laws by taxing authorities, other standard setting bodies or judicial decisions, (26) changes to, and the timing and amount of future approvals (if any) of, state Medicaid directed and supplemental payments and (27) other risk factors described in our annual report on Form 10-K for the year ended December 31, 2025 and our other filings with the Securities and Exchange Commission. Many of the factors that will determine our future results are beyond our ability to control or predict. In light of the significant uncertainties inherent in the forward-looking statements contained herein, readers should not place undue reliance on forward-looking statements, which reflect management’s views only as of the date hereof. We undertake no obligation to revise or update any forward-looking statements, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise. All references to “Company,” “HCA” and “HCA Healthcare” as used throughout this release refer to HCA Healthcare, Inc. and its affiliates. HCA Healthcare, Inc. Condensed Consolidated Comprehensive Income Statements Second Quarter Unaudited (Dollars in millions, except per share amounts)       2026       2025           Amount     Ratio       Amount     Ratio     Revenues     $ 20,230       100.0   %   $ 18,605       100.0   %                                 Salaries and benefits       8,290       41.0         8,138       43.7     Supplies       2,886       14.3         2,844       15.3     Other operating expenses       5,043       24.9         3,793       20.4     Equity in earnings of affiliates       (16 )     (0.1 )       (19 )     (0.1 )   Depreciation and amortization       944       4.6         863       4.7     Interest expense       599       3.0         568       3.0     Losses (gains) on sales of facilities       (10 )     —         3       —                                             17,736       87.7         16,190       87.0                                     Income before income taxes       2,494       12.3         2,415       13.0                                     Provision for income taxes       564       2.8         524       2.8                                     Net income       1,930       9.5         1,891       10.2                                     Net income attributable to noncontrolling interests       231       1.1         238       1.3                                     Net income attributable to HCA Healthcare, Inc.     $ 1,699       8.4       $ 1,653       8.9                                     Diluted earnings per share     $ 7.62             $ 6.83                                           Shares used in computing diluted earnings per share (millions)       222.828               241.911                                           Comprehensive income attributable to HCA Healthcare, Inc.     $ 1,692             $ 1,701           HCA Healthcare, Inc. Condensed Consolidated Comprehensive Income Statements For the Six Months Ended June 30, 2026 and 2025 Unaudited (Dollars in millions, except per share amounts)       2026       2025           Amount     Ratio       Amount     Ratio     Revenues     $ 39,339       100.0   %   $ 36,926       100.0   %                                 Salaries and benefits       16,573       42.1         16,135       43.7     Supplies       5,739       14.6         5,608       15.2     Other operating expenses       9,223       23.5         7,638       20.7     Equity in earnings of affiliates       (25 )     (0.1 )       (37 )     (0.1 )   Depreciation and amortization       1,874       4.7         1,723       4.7     Interest expense       1,183       3.0         1,115       3.0     Losses (gains) on sales of facilities       (9 )     —         2       —                                             34,558       87.8         32,184       87.2                                     Income before income taxes       4,781       12.2         4,742       12.8                                     Provision for income taxes       994       2.6         1,026       2.7                                     Net income       3,787       9.6         3,716       10.1                                     Net income attributable to noncontrolling interests       468       1.2         453       1.3                                     Net income attributable to HCA Healthcare, Inc.     $ 3,319       8.4       $ 3,263       8.8                                     Diluted earnings per share     $ 14.77             $ 13.28                                           Shares used in computing diluted earnings per share (millions)       224.731               245.654                                           Comprehensive income attributable to HCA Healthcare, Inc.     $ 3,290             $ 3,341           HCA Healthcare, Inc. Condensed Consolidated Balance Sheets Unaudited (Dollars in millions)     June 30,     March 31,     December 31,       2026     2026     2025   ASSETS                   Current assets:                   Cash and cash equivalents   $ 1,013     $ 940     $ 1,040   Accounts receivable     12,281       11,324       10,867   Inventories     1,662       1,681       1,652   Other     2,234       2,107       2,224         17,190       16,052       15,783                       Property and equipment, at cost     68,409       67,365       66,275   Accumulated depreciation     (36,593 )     (35,893 )     (35,134 )       31,816       31,472       31,141                       Investments of insurance subsidiaries     402       387       485   Investments in and advances to affiliates     813       615       633   Goodwill and other intangible assets     10,662       10,504       10,293   Right-of-use operating lease assets     2,109       2,094       2,130   Other     258       326       255                           $ 63,250     $ 61,450     $ 60,720                       LIABILITIES AND STOCKHOLDERS' (DEFICIT) EQUITY                   Current liabilities:                   Accounts payable   $ 4,752     $ 4,806     $ 4,659   Accrued salaries     2,199       2,022       2,525   Other accrued expenses     4,097       3,898       4,277   Short-term borrowings and long-term debt due within
one year     6,264       8,532       4,889         17,312       19,258       16,350                       Long-term debt, less debt issuance costs and discounts
of $451, $433 and $436     43,454       39,491       41,603   Professional liability risks     1,464       1,509       1,466   Right-of-use operating lease obligations     1,834       1,822       1,853   Income taxes and other liabilities     2,395       2,348       2,219                       Stockholders' (deficit) equity:                   Stockholders' deficit attributable to HCA Healthcare, Inc.     (6,642 )     (6,303 )     (6,027 ) Noncontrolling interests     3,433       3,325       3,256         (3,209 )     (2,978 )     (2,771 )     $ 63,250     $ 61,450     $ 60,720   HCA Healthcare, Inc. Condensed Consolidated Statements of Cash Flows For the Six Months Ended June 30, 2026 and 2025 Unaudited (Dollars in millions)     2026     2025   Cash flows from operating activities:             Net income   $ 3,787     $ 3,716   Adjustments to reconcile net income to net cash provided by operating activities:             Increase (decrease) in cash from operating assets and liabilities:             Accounts receivable     (1,417 )     320   Inventories and other assets     (26 )     (427 ) Accounts payable and accrued expenses     (439 )     (676 ) Depreciation and amortization     1,874       1,723   Income taxes     269       880   Losses (gains) on sales of facilities     (9 )     2   Amortization of debt issuance costs and discounts     23       25   Share-based compensation     171       197   Other     116       101                 Net cash provided by operating activities     4,349       5,861                 Cash flows from investing activities:             Purchase of property and equipment     (2,350 )     (2,167 ) Acquisition of hospitals and health care entities     (386 )     (326 ) Sales of hospitals and health care entities     21       167   Change in investments     (120 )     41   Other     (4 )     2                 Net cash used in investing activities     (2,839 )     (2,283 )               Cash flows from financing activities:             Issuances of long-term debt     2,994       5,233   Net change in short-term borrowings and revolving credit facilities     2,679       1,768   Repayment of long-term debt     (2,608 )     (5,660 ) Distributions to noncontrolling interests     (334 )     (394 ) Payment of debt issuance costs     (17 )     (57 ) Payment of dividends     (354 )     (351 ) Repurchase of common stock     (3,635 )     (5,011 ) Other     (259 )     (112 )               Net cash used in financing activities     (1,534 )     (4,584 )               Effect of exchange rate changes on cash and cash equivalents     (3 )     12                 Change in cash and cash equivalents     (27 )     (994 ) Cash and cash equivalents at beginning of period     1,040       1,933                 Cash and cash equivalents at end of period   $ 1,013     $ 939                 Interest payments   $ 1,163     $ 1,074   Income tax payments, net   $ 725     $ 146   HCA Healthcare, Inc. Operating Statistics     Second Quarter     For the Six Months
Ended June 30,       2026     2025     2026     2025   Operations:                         Number of Hospitals     190       191       190       191   Number of Freestanding Outpatient
Surgery Centers*     118       124       118       124   Licensed Beds at End of Period     50,550       50,485       50,550       50,485   Weighted Average Beds in Service     42,905       42,858       42,877       42,860                             Reported:                         Admissions     579,562       566,061       1,159,820       1,142,422   % Change     2.4 %           1.5 %       Equivalent Admissions     1,044,384       1,017,994       2,067,959       2,030,084   % Change     2.6 %           1.9 %       Revenue per Equivalent Admission***   $ 19,370     $ 18,276     $ 19,023     $ 18,189   % Change     6.0 %           4.6 %       Inpatient Revenue per Admission***   $ 22,524     $ 19,656     $ 21,409     $ 19,501   % Change     14.6 %           9.8 %       Patient Days     2,690,923       2,675,284       5,465,530       5,511,900   % Change     0.6 %           -0.8 %       Equivalent Patient Days     4,850,633       4,813,548       9,745,040       9,794,646   % Change     0.8 %           -0.5 %       Inpatient Surgery Cases     133,041       136,122       266,303       269,881   % Change     -2.3 %           -1.3 %       Outpatient Surgery Cases     246,947       258,365       487,008       504,985   % Change     -4.4 %           -3.6 %       Emergency Room Visits     2,526,147       2,439,763       5,035,230       4,958,479   % Change     3.5 %           1.5 %       Outpatient Revenues as a
Percentage of Patient Revenues***     33.7 %     38.4 %     35.1 %     37.9 % Average Length of Stay (days)     4.643       4.726       4.712       4.825   Occupancy**     72.7 %     72.0 %     74.1 %     74.4 %                           Same Facility:                         Admissions     575,979       561,953       1,152,738       1,133,665   % Change     2.5 %           1.7 %       Equivalent Admissions     1,035,610       1,008,144       2,050,721       2,009,988   % Change     2.7 %           2.0 %       Revenue per Equivalent Admission***   $ 19,391     $ 18,226     $ 19,049     $ 18,177   % Change     6.4 %           4.8 %       Inpatient Revenue per Admission***   $ 22,566     $ 19,559     $ 21,446     $ 19,462   % Change     15.4 %           10.2 %       Inpatient Surgery Cases     132,312       135,485       264,815       268,465   % Change     -2.3 %           -1.4 %       Outpatient Surgery Cases     242,395       250,955       478,091       490,544   % Change     -3.4 %           -2.5 %       Emergency Room Visits     2,507,824       2,421,344       5,001,795       4,907,608   % Change     3.6 %           1.9 %       * Excludes freestanding endoscopy centers (30 centers at June 30, 2026 and 29 centers at June 30, 2025). ** Reflects the rate of occupancy (patient days and observations) based on weighted average beds in service. *** Includes the impact of incremental revenues related to the Florida directed payment program recorded in the quarter ended June 30, 2026. HCA Healthcare, Inc. Supplemental Non-GAAP Disclosures Operating Results Summary (Dollars in millions, except per share amounts)     Second Quarter     For the Six Months
Ended June 30,       2026     2025     2026     2025   Revenues   $ 20,230     $ 18,605     $ 39,339     $ 36,926                             Net income attributable to HCA Healthcare, Inc.   $ 1,699     $ 1,653     $ 3,319     $ 3,263   Losses (gains) on sales of facilities (net of tax)     (8 )     3       (7 )     2   Net income attributable to HCA Healthcare, Inc.,
as adjusted (a)     1,691       1,656       3,312       3,265   Depreciation and amortization     944       863       1,874       1,723   Interest expense     599       568       1,183       1,115   Provision for income taxes     562       524       992       1,026   Net income attributable to noncontrolling interests     231       238       468       453                             Adjusted EBITDA (a)   $ 4,027     $ 3,849     $ 7,829     $ 7,582                             Adjusted EBITDA margin (a)     19.9 %     20.7 %     19.9 %     20.5 %                           Diluted earnings per share:                         Net income attributable to HCA Healthcare, Inc.   $ 7.62     $ 6.83     $ 14.77     $ 13.28   Losses (gains) on sales of facilities     (0.03 )     0.01       (0.03 )     0.01   Net income attributable to HCA Healthcare, Inc.,
as adjusted (a)   $ 7.59     $ 6.84     $ 14.74     $ 13.29                             Shares used in computing diluted earnings per
share (millions)     222.828       241.911       224.731       245.654   ____________________ (a) Net income attributable to HCA Healthcare, Inc., as adjusted, diluted earnings per share, as adjusted, and Adjusted EBITDA should not be considered as measures of financial performance under generally accepted accounting principles ("GAAP"). These non-GAAP financial measures are adjusted to exclude losses (gains) on sales of facilities and losses on retirement of debt. We believe net income attributable to HCA Healthcare, Inc., as adjusted, diluted earnings per share, as adjusted, and Adjusted EBITDA are important measures that supplement discussions and analysis of our results of operations. We believe it is useful to investors to provide disclosures of our results of operations on the same basis used by management. Management relies upon net income attributable to HCA Healthcare, Inc., as adjusted, diluted earnings per share, as adjusted, and Adjusted EBITDA as the primary measures to review and assess operating performance of its health care facilities and their management teams.   Management and investors review both the overall performance (including net income attributable to HCA Healthcare, Inc., as adjusted, diluted earnings per share, as adjusted, and GAAP net income attributable to HCA Healthcare, Inc.) and operating performance (Adjusted EBITDA) of our health care facilities. Adjusted EBITDA and the Adjusted EBITDA margin (Adjusted EBITDA divided by revenues) are utilized by management and investors to compare our current operating results with the corresponding periods during the previous year and to compare our operating results with other companies in the health care industry. It is reasonable to expect that adjustments, including losses (gains) on sales of facilities and losses on retirement of debt will occur in future periods, but the amounts recognized can vary significantly from period to period, do not directly relate to the ongoing operations of our health care facilities and complicate period comparisons of our results of operations and operations comparisons with other health care companies.   Net income attributable to HCA Healthcare, Inc., as adjusted, diluted earnings per share, as adjusted, and Adjusted EBITDA are not measures of financial performance under GAAP, and should not be considered as alternatives to net income attributable to HCA Healthcare, Inc. as a measure of operating performance or cash flows from operating, investing and financing activities as a measure of liquidity. Because net income attributable to HCA Healthcare, Inc., as adjusted, diluted earnings per share, as adjusted, and Adjusted EBITDA are not measurements determined in accordance with GAAP and are susceptible to varying calculations, net income attributable to HCA Healthcare, Inc., as adjusted, diluted earnings per share, as adjusted, and Adjusted EBITDA, as presented, may not be comparable to other similarly titled measures presented by other companies. HCA Healthcare, Inc. Supplemental Non-GAAP Disclosures 2026 Operating Results Forecast (Dollars in millions, except per share amounts)     For the Year Ending       December 31, 2026       Low     High   Revenues   $ 77,000     $ 79,500                 Net income attributable to HCA Healthcare, Inc. (a)   $ 6,300     $ 6,700   Depreciation and amortization     3,745       3,795   Interest expense     2,410       2,470   Provision for income taxes     1,975       2,125   Net income attributable to noncontrolling interests     970       1,010                 Adjusted EBITDA (a) (b)   $ 15,400     $ 16,100                 Diluted earnings per share:             Net income attributable to HCA Healthcare, Inc.   $ 28.70     $ 30.50                 Shares used in computing diluted earnings per share (millions)     219.500       219.500   The Company's forecasted guidance is based on current plans and expectations and is subject to a number of known and unknown uncertainties and risks. ____________________ (a) The Company does not forecast the impact of items such as, but not limited to, losses (gains) on sales of facilities, losses on retirement of debt, legal claim costs (benefits) and impairments of long-lived assets because the Company does not believe that it can forecast these items with sufficient accuracy.   (b) Adjusted EBITDA should not be considered a measure of financial performance under generally accepted accounting principles ("GAAP"). We believe Adjusted EBITDA is an important measure that supplements discussions and analysis of our results of operations. We believe it is useful to investors to provide disclosures of our results of operations on the same basis used by management. Management relies upon Adjusted EBITDA as a primary measure to review and assess operating performance of its health care facilities and their management teams.   Management and investors review both the overall performance (including net income attributable to HCA Healthcare, Inc.) and operating performance (Adjusted EBITDA) of our healthcare facilities. Adjusted EBITDA is utilized by management and investors to compare our current operating results with the corresponding periods during the previous year and to compare our operating results with other companies in the health care industry.   Adjusted EBITDA is not a measure of financial performance under GAAP and should not be considered as an alternative to net income attributable to HCA Healthcare, Inc. as a measure of operating performance or cash flows from operating, investing and financing activities as a measure of liquidity. Because Adjusted EBITDA is not a measurement determined in accordance with GAAP and is susceptible to varying calculations, Adjusted EBITDA, as presented, may not be comparable to other similarly titled measures presented by other companies.   View source version on businesswire.com: https://www.businesswire.com/news/home/20260724398587/en/ INVESTOR CONTACT:
Frank Morgan
615-344-2688 MEDIA CONTACT:
Harlow Sumerford
615-344-1851 Original: HCA Healthcare Reports Second Quarter 2026 Results

HCA Healthcare Lowers 2026 Earnings Forecast Following Insurance Coverage Shift (HCA)July 14, 2026 9:38 AM
IH Market News HCA Healthcare, Inc. (NYSE:HCA) released preliminary second-quarter 2026 financial results while reducing its full-year earnings outlook, as a growing number of uninsured patients weighed on profitability following changes in health insurance exchange coverage. The hospital operator said the shift in patient payer mix had a significant impact on second-quarter earnings despite higher revenue and continued growth in patient admissions. Revenue and Profit Continue to Increase For the quarter ended 30 June 2026, HCA expects revenue of approximately $20.23 billion, up from $18.61 billion in the corresponding period last year. Net income attributable to shareholders is estimated at approximately $1.699 billion, or $7.62 per diluted share, compared with $1.653 billion, or $6.83 per diluted share, in the second quarter of 2025. Adjusted EBITDA is projected to reach approximately $4.027 billion, compared with $3.849 billion a year earlier. Payer Mix Shift Reduces Earnings HCA said changes in its patient payer mix reduced pre-tax income by an estimated $400 million during the quarter. The company attributed the impact to a rise in uninsured patients after more individuals lost health insurance coverage obtained through public insurance exchanges. The negative effect was largely offset by approximately $400 million in additional benefits from Medicaid Supplemental Payment Programs, primarily in Florida, following approval of a state-directed payment programme by the Centers for Medicare and Medicaid Services. Patient Activity Shows Mixed Performance Same-facility admissions increased 2.5% compared with the prior-year period, while emergency room visits rose 3.6%. However, inpatient surgeries declined 2.3%, and outpatient surgical procedures fell 3.4% on a same-facility basis. Company Reduces Full-Year Guidance HCA revised its financial outlook for fiscal 2026 to reflect the continuing impact of changes in insurance coverage. The company now expects revenue between $77.0 billion and $79.5 billion, compared with previous guidance of $76.5 billion to $80.0 billion. Net income guidance was lowered to a range of $6.3 billion to $6.7 billion from the previous forecast of $6.495 billion to $7.035 billion. Diluted earnings per share are now expected to be between $28.70 and $30.50, down from earlier guidance of $29.10 to $31.50. Adjusted EBITDA guidance was also reduced to $15.4 billion to $16.1 billion, compared with the previous range of $15.55 billion to $16.45 billion. Higher Insurance Exchange Impact Expected HCA now estimates that changes in health insurance exchange coverage will reduce full-year earnings by between $1.0 billion and $1.2 billion. The company had previously forecast an impact of between $600 million and $900 million. Its capital expenditure outlook remains unchanged at between $5.0 billion and $5.5 billion for fiscal 2026. HCA noted that the figures remain preliminary and are subject to completion of its standard quarterly financial reporting procedures. HCA Healthcare stock priceThe post HCA Healthcare Lowers 2026 Earnings Forecast Following Insurance Coverage Shift (HCA) appeared first on US Editors. Original: HCA Healthcare Lowers 2026 Earnings Forecast Following Insurance Coverage Shift (HCA)

HCA Healthcare Previews Second Quarter 2026 ResultsJuly 14, 2026 7:30 AM
Business Wire Revises 2026 Guidance HCA Healthcare, Inc. (NYSE: HCA) today announced preliminary financial and operating results for the second quarter ended June 30, 2026. The preliminary financial and operating results are subject to finalization of the Company's quarterly financial and accounting procedures. HCA anticipates revenues in the second quarter of 2026 to approximate $20.230 billion, compared to $18.605 billion in the second quarter of 2025. Net income attributable to HCA Healthcare, Inc. is expected to approximate $1.699 billion, or $7.62 per diluted share, compared to $1.653 billion, or $6.83 per diluted share, in the second quarter of 2025. Results for the second quarter of 2026 include anticipated gains on sales of facilities of $10 million, or $0.03 per diluted share. Results for the second quarter of 2025 included losses on sales of facilities of $3 million, or $0.01 per diluted share. For the second quarter of 2026, Adjusted EBITDA is expected to approximate $4.027 billion, compared to $3.849 billion in the second quarter of 2025. Adjusted EBITDA is a non-GAAP financial measure. A table providing supplemental information on Adjusted EBITDA and reconciling net income attributable to HCA Healthcare, Inc. to Adjusted EBITDA is included in this release. Same facility admissions increased 2.5 percent and same facility equivalent admissions increased 2.7 percent in the second quarter of 2026 compared to the prior year period. Same facility emergency room visits increased 3.6 percent in the second quarter of 2026 compared to the prior year period. Same facility inpatient surgeries declined 2.3 percent, and same facility outpatient surgeries declined 3.4 percent in the second quarter of 2026 compared to the same period of 2025. "Our colleagues continue to manage well through the positive and negative factors that have impacted our business in the first half of the year, and I want to thank them for their great work. As we look to the balance of the year, we have adjusted our guidance to reflect these factors. Moreover, we remain confident in our ability to navigate through this dynamic environment, maintain our focus and investments on improving patient care, and execute on our strategic plan to digitize and grow our healthcare networks," said Sam Hazen, Chief Executive Officer of HCA Healthcare. Second Quarter Commentary During the second quarter, the Company experienced a payer mix shift driven by an increase in uninsured volume, primarily due to patients who lost coverage on the health insurance exchanges. The Company estimates this payer mix shift had an unfavorable impact on income before income taxes of approximately $400 million during the second quarter. This amount includes an increase of approximately $75 million related to the Company’s previous estimate of the first quarter health insurance exchange impact. In addition, to a lesser degree the Company experienced a service mix shift primarily related to a decline in surgical volume. The Company also experienced positive factors including growth in admissions, equivalent admissions and ER visits, increased benefit from Medicaid Supplemental Payment Programs and improved expense trends. During the second quarter, the Company recognized approximately $400 million of incremental net benefit from Medicaid Supplemental Payment Programs, primarily related to the state of Florida for the time period October 1, 2024 through June 30, 2026, to reflect the impact of the state directed payment program approved during the quarter by the Centers for Medicare and Medicaid Services. The Company will provide additional commentary on its second quarter earnings call. 2026 Updated Guidance and Key Assumptions Based on results through the first half of the year, the Company has revised its 2026 guidance as follows:   Previous 2026 Guidance
Ranges, as of January 27, 2026 Revised 2026 Guidance
Ranges, as of July 14, 2026 Revenues $76.500 to $80.000 billion $77.000 to $79.500 billion Net Income Attributable to HCA Healthcare, Inc. $6.495 to $7.035 billion $6.300 to $6.700 billion Adjusted EBITDA $15.550 to $16.450 billion $15.400 to $16.100 billion EPS (diluted) $29.10 to $31.50 per diluted share $28.70 to $30.50 per diluted share The Company revised its 2026 key assumptions related to the unfavorable impact on income before income taxes from payer mix shifts due to the health insurance exchanges, as well as the incremental net benefit from Medicaid Supplemental Payment Programs, as follows:   Previous 2026 Estimates, as of April 24, 2026 Revised 2026 Estimates, as of July 14, 2026 Health Insurance Exchanges ($600) to ($900) million ($1.000) to ($1.200) billion Medicaid Supplemental Payment Programs ($50) to ($250) million $300 to $500 million The Company's 2026 estimate for capital expenditures of $5.0 billion to $5.5 billion, excluding acquisitions, remains unchanged. The Company’s guidance contains a number of assumptions, including, among others, the Company’s current expectations regarding volume growth coupled with an anticipated mostly stable operating environment, payer mix, service mix, the impact of current and future health care public policy developments, including the estimated impact on health insurance exchanges from administrative reforms and the expiration of the enhanced premium tax credits, anticipated results from resiliency initiatives, as well as general business or economic conditions, including inflation and the impact of trade policies, including tariffs, and excludes the impact of items such as, but not limited to, gains or losses on sales of facilities, losses on retirement of debt, legal claims costs and impairment of long-lived assets. In addition, the Company’s guidance excludes the impact of future approvals that could impact reimbursement under certain state Medicaid directed and supplemental payments. Adjusted EBITDA is a non-GAAP financial measure. A table reconciling forecasted net income attributable to HCA Healthcare, Inc. to forecasted Adjusted EBITDA is included in this release. The preliminary financial information set forth above has been prepared by management based upon information available to it as of the date hereof and has not been reviewed or audited by the Company's independent registered public accounting firm. These preliminary results are subject to the completion of the Company's customary quarterly financial and accounting procedures. There can be no assurance that the Company's actual results for the quarter ended June 30, 2026 will not differ materially from the preliminary estimates set forth herein. These differences could be material and adverse and may be the result of the finalization of the Company's financial close procedures, final adjustments and other developments. Accordingly, you should not place undue reliance on these preliminary estimates. The Company does not undertake any obligation to update or supplement the preliminary estimates set forth herein, whether as a result of new information, subsequent events or otherwise, except as may be required by law. The Company’s updated guidance is based on current plans and expectations and is subject to a number of known and unknown uncertainties and risks, including those set forth below in the Company’s “Forward-Looking Statements.” Second Quarter 2026 Earnings Conference Call HCA Healthcare will host its second quarter earnings call on Friday, July 24, 2026, at 9:00 a.m. Central Time. All interested investors are invited to access a live audio broadcast of the call via webcast. The broadcast will also be available on a replay basis beginning that afternoon. The webcast can be accessed through the Company's Investor Relations web page at: https://investor.hcahealthcare.com/events-and-presentations/default.aspx Forward-Looking Statements This press release contains forward-looking statements within the meaning of the federal securities laws, which involve risks and uncertainties. Forward-looking statements include the Company’s expected results for the second quarter of 2026, the Company’s financial guidance for the year ending December 31, 2026, as well as other statements that do not relate solely to historical or current facts, and are subject to finalization of the Company’s second quarter financial and accounting procedures. Forward-looking statements can be identified by the use of words like “may,” “believe,” “will,” “expect,” “project,” “estimate,” “anticipate,” “plan,” “initiative” or “continue.” These forward-looking statements are based on our current plans and expectations and are subject to a number of known and unknown uncertainties and risks, many of which are beyond our control, which could significantly affect current plans and expectations and our future financial position and results of operations. These factors include, but are not limited to, (1) changes in or related to general economic or business conditions nationally and regionally in our markets, including inflation, and the impact of trade policies, including changes in, or the imposition of, tariffs and/or trade barriers; changes in revenues resulting from declining patient volumes; changes in payer mix (including increases in uninsured and underinsured patients); potential increased expenses related to labor, pharmaceuticals, supply chain or other expenditures; workforce disruptions; supply and pharmaceutical shortages and disruptions (including as a result of tariffs or geopolitical disruptions); and the impact of federal government shutdowns, holds on or cancellations of congressionally authorized spending and interruptions in the distribution of governmental funds, (2) the impact of current and future health care public policy developments and the implementation of new, and possible changes to existing, federal, state or local laws and regulations affecting health care spending or the health care industry, including the expiration at the end of 2025 of enhanced premium tax credits (“EPTCs”) for eligible individuals purchasing insurance coverage through federal and state-based health insurance marketplaces, changes in the structure and administration of, and funding for, federal and state agencies and programs, effects of the 2025 Federal Budget Act (the “FBA”) and efforts to address health care affordability, (3) the impact of our significant indebtedness and the ability to refinance such indebtedness on acceptable terms, (4) the effects related to the implementation of sequestration spending reductions required under the Budget Control Act of 2011, related legislation extending these reductions, and the potential for future deficit or other spending reduction legislation that may alter current spending reductions, which include cuts to Medicare payments, or impose additional spending reductions, (5) the ability to achieve operating and financial targets, develop and execute resiliency plans to offset to the extent possible impacts from the FBA, the expiration of EPTCs and tariffs, attain expected levels of patient volumes and revenues and service mix, and control the costs of providing services, (6) possible reductions or other changes in Medicare, Medicaid and other state programs, including Medicaid supplemental payment programs, Medicaid waiver programs and state directed payment arrangements, any of which may negatively impact reimbursements to health care providers and insurers and the size of the uninsured or underinsured population, (7) the results of our efforts to use technology and resilience initiatives, including artificial intelligence and machine learning, to drive efficiencies, better outcomes and an enhanced patient experience, (8) increases in the amount and risk of collectability of uninsured accounts and deductibles and copayment amounts for insured accounts, (9) personnel-related capacity constraints, increases in wages and the ability to attract, utilize and retain qualified management and other personnel, including affiliated physicians, nurses and medical and technical support personnel, (10) the highly competitive nature of the health care business, (11) changes in service mix, revenue mix and service volumes, including potential declines in the population covered under third-party payer agreements, the ability to enter into and renew third-party payer provider agreements on acceptable terms and the impact of consumer-driven health plans and physician utilization trends and practices, (12) the efforts of health insurers, health care providers, large employer groups and others to contain health care costs, (13) the outcome of our continuing efforts to monitor, maintain and comply with appropriate laws, regulations, policies and procedures, (14) the availability and terms of capital to fund the expansion of our business and improvements to our existing facilities, (15) changes in accounting practices, (16) the emergence of and effects related to pandemics, epidemics and outbreaks of infectious diseases or other public health crises, (17) future divestitures which may result in charges and possible impairments of long-lived assets, (18) changes in business strategy or development plans, (19) delays in receiving or failure to receive payments for services provided, (20) the outcome of pending and any future tax audits, disputes and litigation associated with our tax positions, (21) the impact of known and unknown government investigations, litigation and other claims that may be made against us, (22) the impact of actual and potential cybersecurity incidents or security breaches involving us or our vendors and other third parties, (23) our ongoing ability to demonstrate meaningful use of certified electronic health record technology and the impact of interoperability requirements, (24) the impact of natural disasters, such as hurricanes and floods, including Hurricanes Milton and Helene, physical risks from changing global weather patterns or similar events beyond our control on our assets and activities and the communities we serve, (25) changes in U.S. federal, state, or foreign tax laws, interpretations of tax laws by taxing authorities, other standard setting bodies or judicial decisions, (26) changes to, and the timing and amount of future approvals (if any) of, state Medicaid directed and supplemental payments and (27) other risk factors described in our annual report on Form 10-K for the year ended December 31, 2025 and our other filings with the Securities and Exchange Commission. Many of the factors that will determine our future results are beyond our ability to control or predict. In light of the significant uncertainties inherent in the forward-looking statements contained herein, readers should not place undue reliance on forward-looking statements, which reflect management’s views only as of the date hereof. We undertake no obligation to revise or update any forward-looking statements, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise. All references to “Company,” “HCA” and “HCA Healthcare” as used throughout this release refer to HCA Healthcare, Inc. and its affiliates. HCA Healthcare, Inc. Supplemental Non-GAAP Disclosures Preliminary Operating Results Summary (Dollars in millions, except per share amounts)       Second Quarter       2026     2025   Revenues   $ 20,230     $ 18,605                 Net income attributable to HCA Healthcare, Inc.   $ 1,699     $ 1,653   Losses (gains) on sales of facilities (net of tax)     (8 )     3   Net income attributable to HCA Healthcare, Inc.,
as adjusted (a)     1,691       1,656   Depreciation and amortization     944       863   Interest expense     599       568   Provision for income taxes     562       524   Net income attributable to noncontrolling interests     231       238                 Adjusted EBITDA (a)   $ 4,027     $ 3,849                 Adjusted EBITDA margin (a)     19.9 %     20.7 %               Diluted earnings per share:             Net income attributable to HCA Healthcare, Inc.   $ 7.62     $ 6.83   Losses (gains) on sales of facilities     (0.03 )     0.01   Net income attributable to HCA Healthcare, Inc.,
as adjusted (a)   $ 7.59     $ 6.84           Shares used in computing diluted earnings per
share (millions)   222.828     241.911 ___________________ (a) Net income attributable to HCA Healthcare, Inc., as adjusted, diluted earnings per share, as adjusted, and Adjusted EBITDA should not be considered as measures of financial performance under generally accepted accounting principles ("GAAP"). These non-GAAP financial measures are adjusted to exclude losses (gains) on sales of facilities and losses on retirement of debt. We believe net income attributable to HCA Healthcare, Inc., as adjusted, diluted earnings per share, as adjusted, and Adjusted EBITDA are important measures that supplement discussions and analysis of our results of operations. We believe it is useful to investors to provide disclosures of our results of operations on the same basis used by management. Management relies upon net income attributable to HCA Healthcare, Inc., as adjusted, diluted earnings per share, as adjusted, and Adjusted EBITDA as the primary measures to review and assess operating performance of its health care facilities and their management teams. Management and investors review both the overall performance (including net income attributable to HCA Healthcare, Inc., as adjusted, diluted earnings per share, as adjusted, and GAAP net income attributable to HCA Healthcare, Inc.) and operating performance (Adjusted EBITDA) of our health care facilities. Adjusted EBITDA and the Adjusted EBITDA margin (Adjusted EBITDA divided by revenues) are utilized by management and investors to compare our current operating results with the corresponding periods during the previous year and to compare our operating results with other companies in the health care industry. It is reasonable to expect that adjustments, including losses (gains) on sales of facilities and losses on retirement of debt will occur in future periods, but the amounts recognized can vary significantly from period to period, do not directly relate to the ongoing operations of our health care facilities and complicate period comparisons of our results of operations and operations comparisons with other health care companies. Net income attributable to HCA Healthcare, Inc., as adjusted, diluted earnings per share, as adjusted, and Adjusted EBITDA are not measures of financial performance under GAAP, and should not be considered as alternatives to net income attributable to HCA Healthcare, Inc. as a measure of operating performance or cash flows from operating, investing and financing activities as a measure of liquidity. Because net income attributable to HCA Healthcare, Inc., as adjusted, diluted earnings per share, as adjusted, and Adjusted EBITDA are not measurements determined in accordance with GAAP and are susceptible to varying calculations, net income attributable to HCA Healthcare, Inc., as adjusted, diluted earnings per share, as adjusted, and Adjusted EBITDA, as presented, may not be comparable to other similarly titled measures presented by other companies. HCA Healthcare, Inc. Supplemental Non-GAAP Disclosures 2026 Operating Results Forecast (Dollars in millions, except per share amounts)       For the Year Ending       December 31, 2026       Low     High   Revenues   $ 77,000     $ 79,500                 Net income attributable to HCA Healthcare, Inc. (a)   $ 6,300     $ 6,700   Depreciation and amortization     3,745       3,795   Interest expense     2,410       2,470   Provision for income taxes     1,975       2,125   Net income attributable to noncontrolling interests     970       1,010                 Adjusted EBITDA (a) (b)   $ 15,400     $ 16,100                 Diluted earnings per share:             Net income attributable to HCA Healthcare, Inc.   $ 28.70     $ 30.50                 Shares used in computing diluted earnings per share (millions)     219.500       219.500   The Company's forecasted guidance is based on current plans and expectations and is subject to a number of known and unknown uncertainties and risks. ___________________ (a) The Company does not forecast the impact of items such as, but not limited to, losses (gains) on sales of facilities, losses on retirement of debt, legal claim costs (benefits) and impairments of long-lived assets because the Company does not believe that it can forecast these items with sufficient accuracy.   (b) Adjusted EBITDA should not be considered a measure of financial performance under generally accepted accounting principles ("GAAP"). We believe Adjusted EBITDA is an important measure that supplements discussions and analysis of our results of operations. We believe it is useful to investors to provide disclosures of our results of operations on the same basis used by management. Management relies upon Adjusted EBITDA as a primary measure to review and assess operating performance of its health care facilities and their management teams.       Management and investors review both the overall performance (including net income attributable to HCA Healthcare, Inc.) and operating performance (Adjusted EBITDA) of our healthcare facilities. Adjusted EBITDA is utilized by management and investors to compare our current operating results with the corresponding periods during the previous year and to compare our operating results with other companies in the health care industry.       Adjusted EBITDA is not a measure of financial performance under GAAP and should not be considered as an alternative to net income attributable to HCA Healthcare, Inc. as a measure of operating performance or cash flows from operating, investing and financing activities as a measure of liquidity. Because Adjusted EBITDA is not a measurement determined in accordance with GAAP and is susceptible to varying calculations, Adjusted EBITDA, as presented, may not be comparable to other similarly titled measures presented by other companies.   View source version on businesswire.com: https://www.businesswire.com/news/home/20260714472051/en/ INVESTOR CONTACT:
Frank Morgan
615-344-2688 MEDIA CONTACT:
Harlow Sumerford
615-344-1851 Original: HCA Healthcare Previews Second Quarter 2026 Results

HCA Healthcare, Inc. 2nd Quarter 2026 Earnings Conference CallJuly 14, 2026 7:35 AM
Business Wire HCA Healthcare, Inc. (NYSE: HCA) announces the following Webcast: What: HCA Healthcare, Inc. 2Q 2026 Earnings Call
When: Friday, July 24, 2026, at 9:00 AM Central (10:00 AM Eastern)
How: Live Audio over the Internet: https://investor.hcahealthcare.com/events-and-presentations/default.aspx Contact:
Frank Morgan, 615-344-2688, Vice President, Investor Relations, frank.morgan@hcahealthcare.com If you are unable to listen during the live webcast, the call will be archived on the web site: https://investor.hcahealthcare.com/events-and-presentations/default.aspx. View source version on businesswire.com: https://www.businesswire.com/news/home/20260714544676/en/ INVESTOR CONTACT:
Frank Morgan
615-344-2688 MEDIA CONTACT:
Harlow Sumerford
615-344-1851     Original: HCA Healthcare, Inc. 2nd Quarter 2026 Earnings Conference Call

HCA Healthcare Announces Agreement to Acquire The College of Health Care ProfessionsMay 27, 2026 4:30 PM
Business Wire HCA Healthcare, Inc. (NYSE:HCA), one of the nation’s leading healthcare providers, and The College of Health Care Professions (CHCP), one of the largest allied healthcare training providers in Texas, today announced an agreement for HCA Healthcare to acquire ownership of CHCP. CHCP provides healthcare education to more than 8,000 students annually across 10 campuses throughout Texas and online. “The College of Health Care Professions has built a strong legacy of preparing skilled and compassionate healthcare professionals,” said Sam Hazen, CEO of HCA Healthcare. “Together, we are investing in the future of healthcare and strengthening the talent pipeline that will serve patients and communities.” This agreement reflects a shared commitment to student success, academic quality and workforce readiness between the organizations that have a history of working together. For decades, HCA Healthcare and CHCP have been partnering through program advisory boards, clinical sites and career placement. In 2023, HCA Healthcare collaborated with CHCP on a 12-week Medical Assistant training program aimed at upskilling colleagues and building a talent pipeline for HCA Healthcare’s urgent care centers across Texas. Since its launch, over 100 colleagues have successfully graduated from the program and increased their career opportunities within HCA Healthcare. As a part of HCA Healthcare, CHCP will continue to educate, support and empower students to succeed in healthcare careers. Eric Bing will continue to lead CHCP as Chancellor and CEO. “CHCP is excited to be part of HCA Healthcare,” said Eric Bing, Chancellor and CEO of CHCP. “Our goal is for our shared commitment to adult learner success, academic excellence and workforce readiness to help increase opportunities for aspiring healthcare professionals and make a positive impact in communities across the country.” Since opening its doors in 1988, CHCP has prepared more than 52,000 students for careers in healthcare. Offering a flexible, yet structured learning environment designed to meet the needs of adult learners, the college is driven by a mission for students to gain the knowledge, technical proficiency and skills needed for entry-level and stackable positions in an allied healthcare field while supporting their career goals. Through flexible hybrid and online healthcare programs offered across Texas, the college enables students to pursue meaningful careers while balancing work, family and life responsibilities. CHCP currently offers over 20 accredited programs, including Medical Assisting, Sonography, Surgical Technology, Radiologic Technology and Medical Coding and Billing. HCA Healthcare is committed to investing in the future of healthcare by supporting education and workforce development initiatives for the next generation of caregivers. In 2020, HCA Healthcare acquired majority ownership in Galen College of Nursing, one of the largest educators of nurses in the U.S., and since then has opened 20 new campuses, totaling 25 campuses nationwide. HCA Healthcare also operates Research College of Nursing in Kansas City, Missouri and HCA Florida Mercy College of Nursing in Miami, Florida. In 2025, HCA Healthcare helped to launch Pepperdine University’s School of Nursing within the College of Health Sciences. In 2022, the HCA Healthcare Foundation announced a $1.35 million grant to Educate Texas to help increase student access to programs that enable healthcare careers, including high schools in Texas that offer Pathways in Technology Early College High School (P-TECH) healthcare career tracks. In 2025, the Foundation committed an additional $1 million to the organization. In 2024, the HCA Healthcare Foundation committed $1 million to the Consortium of Florida Education Foundations to help fund its Career Pathways to a Healthier Florida program, which aims to help create and expand healthcare career pathways for underserved high school students across the state of Florida. The transaction is subject to regulatory approval and other customary closing conditions. Terms of the agreement were not disclosed. Macquarie Capital acted as exclusive financial advisor to CHCP, while Cooley LLP was transaction and regulatory counsel. Holland & Knight LLP acted as transaction counsel for HCA Healthcare and Husch Blackwell LLP acted as regulatory counsel. About HCA Healthcare Nashville-based HCA Healthcare is one of the nation’s leading providers of healthcare services comprising 189 hospitals and approximately 2,600 ambulatory sites of care, including surgery centers, freestanding ERs, urgent care centers, and physician clinics, in 19 states and the United Kingdom. With its founding in 1968, HCA Healthcare created a new model for hospital care in the United States, using combined resources to strengthen hospitals, deliver patient-focused care and improve the practice of medicine. HCA Healthcare has conducted a number of clinical studies, including one that demonstrated that full-term delivery is healthier than early elective delivery of babies and another that identified a clinical protocol that can reduce bloodstream infections in ICU patients by 44%. HCA Healthcare is a learning health system that uses its approximately 47 million annual patient encounters to advance science, improve patient care and save lives. About The College of Health Care Professions (CHCP) As a leader in healthcare education and training, CHCP helps students develop the skills they need to meet the demands of today's healthcare industry. Founded by physicians, CHCP is focused on healthcare education and training and its accredited programs have been developing healthcare professionals for over 35 years. CHCP faculty have real-world, on-the-job experience and are committed to helping students succeed. Just as importantly, CHCP's on-campus, blended, online and hybrid program offerings give students flexible options to learn on their schedule. CHCP offers continuing education nationwide for medical imaging and emerging healthcare technologies through the Medical Technology Management Institute (MTMI). All references to “Company,” “HCA” and “HCA Healthcare” as used throughout this document refer to HCA Healthcare, Inc. and its affiliates. View source version on businesswire.com: https://www.businesswire.com/news/home/20260527024904/en/ HCA HEALTHCARE:
Investor Contact:
Frank Morgan
615-344-2688 Media Contact:
Harlow Sumerford
615-344-1851 THE COLLEGE OF HEALTH CARE PROFESSIONS:
Media Contact:
Stephen Horn

HCA Healthcare Names Cynthia Cifuentes-Finkel Senior Vice President of Marketing and Corporate AffairsApril 27, 2026 5:00 PM
Business Wire
HCA Healthcare (NYSE: HCA) today announced that Cynthia Cifuentes-Finkel has been named senior vice president of marketing and corporate affairs, effective June 8, 2026. She will report to Mike McAlevey, executive vice president, chief legal and administrative officer, and will lead enterprise marketing, corporate communications, and stakeholder engagement in support of HCA Healthcare’s enterprise growth priorities.


“Cynthia is a strategic and accomplished leader with deep experience building trusted brands, strengthening reputation and aligning communications with organizational strategic imperatives,” said McAlevey. “She brings a strong track record of leading high-performing teams, navigating complex operating environments and advancing meaningful engagement with key stakeholders in support of the organization’s growth and long-term strategic priorities. We are pleased to welcome Cynthia to HCA Healthcare and are confident her leadership will help further strengthen our brand, our corporate stakeholder engagement and our overall impact.”


Cifuentes-Finkel brings over 25 years of executive leadership experience across healthcare, consumer marketing and global media. With 15 years in successive senior leadership roles at Kaiser Permanente, she most recently served as regional vice president of communications and strategic partnerships for Southern California and Hawaii – the organization’s largest division serving nearly 5 million patients.


Throughout her career, she has enhanced brand and stakeholder strategies, driving enterprise growth and transformative community investments in multiple markets. She also led the advancement of new models of care through innovative clinical partnerships and AI integration.


Cifuentes-Finkel holds an MBA from Mount St. Mary’s University and a bachelor’s degree in journalism from the University of Nevada, Las Vegas. She serves on the boards of the Strathmore Arts Center and the Latino Student Fund in Washington, D.C. and is an Executive Fellow of The Economic Club of Washington, D.C.


She succeeds Deb Reiner, who recently retired after more than 25 years of distinguished service and leadership contributions to HCA Healthcare.


“Deb has played a vital role in creating HCA Healthcare’s branding and corporate affairs strategy,” said McAlevey. “Her leadership and commitment have helped advance our organization and support the work of our colleagues across the enterprise. We wish her all the best in her retirement.”


About HCA Healthcare

Nashville-based HCA Healthcare is one of the nation’s leading providers of healthcare services, comprising 189 hospitals and approximately 2,600 ambulatory sites of care, including surgery centers, freestanding ERs, urgent care centers, and physician clinics, in 19 states and the United Kingdom. With its founding in 1968, HCA Healthcare created a new model for hospital care in the United States, using combined resources to strengthen hospitals, deliver patient-focused care and improve the practice of medicine. HCA Healthcare has conducted a number of clinical studies, including one that demonstrated that full-term delivery is healthier than early elective delivery of babies and another that identified a clinical protocol that can reduce bloodstream infections in ICU patients by 44%. HCA Healthcare is a learning health system that uses its approximately 47 million annual patient encounters to advance science, improve patient care and save lives.


All references to “Company,” “HCA” and “HCA Healthcare” as used throughout this document refer to HCA Healthcare, Inc. and its affiliates.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260427690857/en/
INVESTOR CONTACT:

Frank Morgan

615-344-2688


MEDIA CONTACT:

Harlow Sumerford

615-344-1851


Original: HCA Healthcare Names Cynthia Cifuentes-Finkel Senior Vice President of Marketing and Corporate Affairs

HCA Announces Proposed Public Offering of Senior NotesApril 27, 2026 8:24 AM
Business Wire
HCA Healthcare, Inc. (NYSE: HCA) today announced that its wholly owned subsidiary, HCA Inc., proposes to offer senior notes, subject to market and other considerations. Actual terms of the senior notes, including maturity, interest rate and principal amount, will depend on market conditions at the time of pricing. HCA Inc. intends to use the net proceeds from this offering for general corporate purposes, which may include the repayment of outstanding borrowings under its $4.000 billion commercial paper program (which may be reborrowed from time to time), and may use a portion of the net proceeds from this offering for the redemption of all or a portion of the $1.500 billion outstanding aggregate principal amount of its 5.250% senior notes due June 2026 and the $1.000 billion outstanding aggregate principal amount of its 5.375% senior notes due September 2026.


Citigroup Global Markets Inc., Barclays Capital Inc., BofA Securities, Inc., and J.P. Morgan Securities LLC are acting as the joint book-running managers for the offering.


The offering of the senior notes is being made pursuant to an effective shelf registration statement filed with the Securities and Exchange Commission. The offering is being made only by means of a preliminary prospectus supplement and the accompanying prospectus, copies of which may be obtained by contacting Citigroup Global Markets Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, by telephone: 1-800-831-9146 or by email: prospectus@citi.com; Barclays Capital Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, by email at barclaysprospectus @SMACM-603-5847; BofA Securities, Inc., NC1-022-02-25, 201 North Tryon Street, Charlotte, NC 28255-0001, Attn: Prospectus Department, by email: dg.prospectus_requests @Georgia Bard-294-1322; or J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717 or by email at prospectus-eq_fi@jpmchase.com and postsalemanualrequests@broadridge.com.


You may also visit www.sec.gov to obtain an electronic copy of the related preliminary prospectus supplement and the accompanying prospectus.


This press release does not constitute an offer to sell or a solicitation of an offer to buy the senior notes or any other security or a notice of redemption of any 5.250% senior notes due June 2026 or 5.375% senior notes due September 2026 and shall not constitute an offer, solicitation or sale in any state or jurisdiction in which, or to any persons to whom, such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. Any notice of redemption of the 5.250% senior notes due June 2026 or the 5.375% senior notes due September 2026 will be made pursuant to separately issued notices of redemption.


FORWARD-LOOKING STATEMENTS


Information provided and statements contained in this press release that are not purely historical are forward-looking statements within the meaning of Section 27A of the Securities Act, Section 21E of the Exchange Act and the Private Securities Litigation Reform Act of 1995. Such forward-looking statements only speak as of the date of this press release and HCA assumes no obligation to update the information included in this press release. Such forward-looking statements include the expected use of proceeds from the offering. These statements often include words such as “may,” “believe,” “will,” “expect,” “project,” “estimate,” “anticipate,” “plan,” “initiative” or “continue.” These forward-looking statements are not historical facts and are based on current expectations, estimates and projections about HCA’s industry, management’s beliefs and certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond HCA’s control. Accordingly, readers are cautioned that any such forward-looking statements are not guarantees of future performance or occurrence of events and are subject to certain risks, uncertainties and assumptions that are difficult to predict. Although HCA believes that the expectations reflected in such forward-looking statements are reasonable as of the date made, expectations may prove to have been materially different from the results expressed or implied by such forward-looking statements. More information about potential risks and uncertainties that could affect the Company’s business and results of operations is included in the “Risk Factors” and “Forward-Looking Statements” sections in the Annual Report on Form 10-K filed by the Company with the SEC on February 10, 2026 and our other filings with the Securities and Exchange Commission. Unless otherwise required by law, HCA also disclaims any obligation to update its view of any such risks or uncertainties or to announce publicly the result of any revisions to the forward-looking statements made in this press release.


All references to the “Company” and “HCA” as used throughout this press release refer to HCA Healthcare, Inc. and its affiliates.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260426242568/en/
INVESTOR CONTACT:

Frank Morgan

615-344-2688


MEDIA CONTACT:

Harlow Sumerford

615-344-1851


Original: HCA Announces Proposed Public Offering of Senior Notes

HCA Healthcare Drops Despite Q1 Beat as Volume Weakness Concerns InvestorsApril 24, 2026 9:59 AM
IH Market News
Shares of HCA Healthcare Inc. (NYSE:HCA) fell nearly 8% in premarket trading on Friday, even after the company delivered first-quarter results that slightly exceeded expectations.



Modest Beat Overshadowed by Volume Trends



The group reported adjusted earnings per share of $7.15, just ahead of the $7.14 consensus estimate. Revenue came in at $19.11 billion, narrowly topping forecasts of $19.09 billion and rising 4.3% from $18.32 billion a year earlier.However, investor sentiment was weighed down by weaker-than-expected patient volumes and the absence of typical seasonal trends.



Decline in Respiratory-Driven Activity



HCA said it did not see the usual seasonal uplift in volumes, largely due to reduced respiratory-related activity. Admissions linked to respiratory conditions dropped 42%, while related emergency room visits declined 32% compared with the same period last year.A winter storm in January also disrupted activity in certain regions, further impacting patient volumes.These pressures were largely offset by the recognition of certain Medicaid supplemental programmes that had not been included in the company’s initial 2026 guidance.



Mixed Operational Metrics



Same-facility admissions rose just 0.9%, while equivalent admissions increased 1.3% during the quarter.Inpatient surgeries at the same facilities slipped 0.3%, and outpatient procedures declined 1.7%. Meanwhile, revenue per equivalent admission increased 3.1%.“The start of the year presented a dynamic environment for HCA Healthcare. I want to recognize our colleagues for continuing to demonstrate a remarkable ability to adapt to changing conditions and deliver for our patients, communities, and stakeholders,” said Sam Hazen.



Profit Growth and Outlook Maintained



Net income attributable to HCA rose 0.6% to $1.62 billion, or $7.15 per diluted share, compared with $1.61 billion, or $6.45 per share, in the first quarter of 2025.Adjusted EBITDA increased 1.9% to $3.80 billion, while operating cash flow jumped 22.0% to $2.01 billion.The company reaffirmed its full-year 2026 guidance, expecting revenue between $76.5 billion and $80.0 billion, and adjusted EBITDA in the range of $15.55 billion to $16.45 billion.HCA Healthcare stock price

Original: HCA Healthcare Drops Despite Q1 Beat as Volume Weakness Concerns Investors

HCA Healthcare Reports First Quarter 2026 ResultsApril 24, 2026 7:00 AM
Business Wire
HCA Healthcare, Inc. (NYSE: HCA) today announced financial and operating results for the first quarter ended March 31, 2026.


Key first quarter metrics (all percentage changes compare 1Q 2026 to 1Q 2025 unless otherwise noted):



Revenues increased 4.3 percent to $19.109 billion



Net income attributable to HCA Healthcare, Inc. increased 0.6 percent to $1.620 billion



Diluted earnings per share and diluted earnings per share, as adjusted, increased 10.9 percent to $7.15 per diluted share



Adjusted EBITDA increased 1.9 percent to $3.802 billion



Cash flows from operating activities increased 22.0 percent to $2.014 billion



Same facility admissions increased 0.9 percent and same facility equivalent admissions increased 1.3 percent



"The start of the year presented a dynamic environment for HCA Healthcare. I want to recognize our colleagues for continuing to demonstrate a remarkable ability to adapt to changing conditions and deliver for our patients, communities, and stakeholders,” said Sam Hazen, Chief Executive Officer of HCA Healthcare.


Revenues in the first quarter of 2026 totaled $19.109 billion, compared to $18.321 billion in the first quarter of 2025. Net income attributable to HCA Healthcare, Inc. totaled $1.620 billion, or $7.15 per diluted share, compared to $1.610 billion, or $6.45 per diluted share, in the first quarter of 2025.


For the first quarter of 2026, Adjusted EBITDA totaled $3.802 billion, compared to $3.733 billion in the first quarter of 2025. Diluted earnings per share, as adjusted, and Adjusted EBITDA are non-GAAP financial measures. A table providing supplemental information on these non-GAAP financial measures and reconciling GAAP measures of financial performance to them is included in this release.


Same facility admissions increased 0.9 percent and same facility equivalent admissions increased 1.3 percent in the first quarter of 2026, compared to the prior year period. Same facility emergency room visits increased 0.3 percent in the first quarter of 2026, compared to the prior year period. Same facility inpatient surgeries declined 0.3 percent, and same facility outpatient surgeries declined 1.7 percent in the first quarter of 2026, compared to the same period of 2025. Same facility revenue per equivalent admission increased 3.1 percent in the first quarter of 2026, compared to the first quarter of 2025.


During the first quarter of 2026, the Company did not experience a typical seasonal volume increase, primarily due to respiratory activity. Respiratory-related admissions were down 42 percent, and respiratory-related emergency room visits were down 32 percent, compared to the first quarter of 2025. In addition, a winter storm in January negatively impacted first quarter volumes in certain of our markets.


These unfavorable volume impacts were mostly offset by the recognition of certain Medicaid supplemental programs that were not included in the Company's initial 2026 guidance.


Balance Sheet and Cash Flows from Operations


As of March 31, 2026, HCA Healthcare, Inc.’s balance sheet reflected cash and cash equivalents of $940 million, total debt of $48.023 billion, and total assets of $61.450 billion. During the first quarter of 2026, capital expenditures totaled $1.119 billion, excluding acquisitions. Cash flows provided by operating activities in the first quarter of 2026 totaled $2.014 billion, compared to $1.651 billion in the first quarter of 2025.


During the first quarter of 2026, the Company repurchased 3.157 million shares of its common stock at a cost of $1.571 billion. The Company had $9.179 billion remaining under its repurchase authorization as of March 31, 2026. As of March 31, 2026, the Company had $4.336 billion of availability under its credit facility (after giving effect to letters of credit and amounts reserved to backstop its commercial paper program).


Dividend


HCA today announced that its Board of Directors declared a quarterly cash dividend of $0.78 per share on the Company’s common stock. The dividend will be paid on June 30, 2026 to stockholders of record at the close of business on June 16, 2026.


The declaration and payment of any future dividend will be subject to the discretion of the Board of Directors and will depend on a variety of factors, including the Company’s financial condition and results of operations. Future dividends are expected to be funded by cash balances and future cash flows from operations.


2026 Guidance


Today, the Company is reaffirming its 2026 estimated guidance ranges previously issued on January 27, 2026.


The Company’s guidance contains a number of assumptions, including, among others, the Company’s current expectations regarding volume growth coupled with an anticipated mostly stable operating environment, payer mix, the impact of current and future health care public policy developments, including the estimated impact on health insurance exchanges from administrative reforms and the expiration of the enhanced premium tax credits, anticipated results from resiliency initiatives, as well as general business or economic conditions, including inflation and the impact of trade policies, including tariffs, and excludes the impact of items such as, but not limited to, gains or losses on sales of facilities, losses on retirement of debt, legal claims costs and impairment of long-lived assets. In addition, the Company’s guidance excludes the impact of future approvals that could impact reimbursement under certain state Medicaid directed and supplemental payments.


Adjusted EBITDA is a non-GAAP financial measure. A table reconciling forecasted net income attributable to HCA Healthcare, Inc. to forecasted Adjusted EBITDA is included in this release.


The Company’s guidance is based on current plans and expectations and are subject to a number of known and unknown uncertainties and risks, including those set forth below in the Company’s “Forward-Looking Statements.”


Earnings Conference Call


HCA Healthcare will host a conference call for investors at 9:00 a.m. Central Time today. All interested investors are invited to access a live audio broadcast of the call via webcast. The broadcast also will be available on a replay basis beginning this afternoon. The webcast can be accessed through the Company’s Investor Relations web page at


https://investor.hcahealthcare.com/events-and-presentations/default.aspx.


About the Company


As of March 31, 2026, HCA operated 189 hospitals and approximately 2,600 ambulatory sites of care, including surgery centers, freestanding emergency rooms, urgent care centers and physician clinics, in 19 states and the United Kingdom.


Forward-Looking Statements


This press release contains forward-looking statements within the meaning of the federal securities laws, which involve risks and uncertainties. Forward-looking statements include the Company’s financial guidance for the year ending December 31, 2026, as well as other statements that do not relate solely to historical or current facts. Forward-looking statements can be identified by the use of words like “may,” “believe,” “will,” “expect,” “project,” “estimate,” “anticipate,” “plan,” “initiative” or “continue.” These forward-looking statements are based on our current plans and expectations and are subject to a number of known and unknown uncertainties and risks, many of which are beyond our control, which could significantly affect current plans and expectations and our future financial position and results of operations. These factors include, but are not limited to, (1) changes in or related to general economic or business conditions nationally and regionally in our markets, including inflation, and the impact of trade policies, including changes in, or the imposition of, tariffs and/or trade barriers; changes in revenues resulting from declining patient volumes; changes in payer mix (including increases in uninsured and underinsured patients); potential increased expenses related to labor, pharmaceuticals, supply chain or other expenditures; workforce disruptions; supply and pharmaceutical shortages and disruptions (including as a result of tariffs or geopolitical disruptions); and the impact of federal government shutdowns, holds on or cancellations of congressionally authorized spending and interruptions in the distribution of governmental funds, (2) the impact of current and future health care public policy developments and the implementation of new, and possible changes to existing, federal, state or local laws and regulations affecting health care spending or the health care industry, including the expiration at the end of 2025 of enhanced premium tax credits (“EPTCs”) for eligible individuals purchasing insurance coverage through federal and state-based health insurance marketplaces, changes in the structure and administration of, and funding for, federal and state agencies and programs, effects of the 2025 Federal Budget Act (the “FBA”) and efforts to address health care affordability, (3) the impact of our significant indebtedness and the ability to refinance such indebtedness on acceptable terms, (4) the effects related to the implementation of sequestration spending reductions required under the Budget Control Act of 2011, related legislation extending these reductions, and the potential for future deficit or other spending reduction legislation that may alter current spending reductions, which include cuts to Medicare payments, or impose additional spending reductions, (5) the ability to achieve operating and financial targets, develop and execute resiliency plans to offset to the extent possible impacts from the FBA, the expiration of EPTCs and tariffs, attain expected levels of patient volumes and revenues, and control the costs of providing services, (6) possible reductions or other changes in Medicare, Medicaid and other state programs, including Medicaid supplemental payment programs, Medicaid waiver programs and state directed payment arrangements, any of which may negatively impact reimbursements to health care providers and insurers and the size of the uninsured or underinsured population, (7) the results of our efforts to use technology and resilience initiatives, including artificial intelligence and machine learning, to drive efficiencies, better outcomes and an enhanced patient experience, (8) increases in the amount and risk of collectability of uninsured accounts and deductibles and copayment amounts for insured accounts, (9) personnel-related capacity constraints, increases in wages and the ability to attract, utilize and retain qualified management and other personnel, including affiliated physicians, nurses and medical and technical support personnel, (10) the highly competitive nature of the health care business, (11) changes in service mix, revenue mix and service volumes, including potential declines in the population covered under third-party payer agreements, the ability to enter into and renew third-party payer provider agreements on acceptable terms and the impact of consumer-driven health plans and physician utilization trends and practices, (12) the efforts of health insurers, health care providers, large employer groups and others to contain health care costs, (13) the outcome of our continuing efforts to monitor, maintain and comply with appropriate laws, regulations, policies and procedures, (14) the availability and terms of capital to fund the expansion of our business and improvements to our existing facilities, (15) changes in accounting practices, (16) the emergence of and effects related to pandemics, epidemics and outbreaks of infectious diseases or other public health crises, (17) future divestitures which may result in charges and possible impairments of long-lived assets, (18) changes in business strategy or development plans, (19) delays in receiving or failure to receive payments for services provided, (20) the outcome of pending and any future tax audits, disputes and litigation associated with our tax positions, (21) the impact of known and unknown government investigations, litigation and other claims that may be made against us, (22) the impact of actual and potential cybersecurity incidents or security breaches involving us or our vendors and other third parties, (23) our ongoing ability to demonstrate meaningful use of certified electronic health record technology and the impact of interoperability requirements, (24) the impact of natural disasters, such as hurricanes and floods, including Hurricanes Milton and Helene, physical risks from changing global weather patterns or similar events beyond our control on our assets and activities and the communities we serve, (25) changes in U.S. federal, state, or foreign tax laws, interpretations of tax laws by taxing authorities, other standard setting bodies or judicial decisions, (26) changes to, and the timing and amount of future approvals (if any) of, state Medicaid directed and supplemental payments and (27) other risk factors described in our annual report on Form 10-K for the year ended December 31, 2025 and our other filings with the Securities and Exchange Commission. Many of the factors that will determine our future results are beyond our ability to control or predict. In light of the significant uncertainties inherent in the forward-looking statements contained herein, readers should not place undue reliance on forward-looking statements, which reflect management’s views only as of the date hereof. We undertake no obligation to revise or update any forward-looking statements, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise. All references to “Company,” “HCA” and “HCA Healthcare” as used throughout this release refer to HCA Healthcare, Inc. and its affiliates.




HCA Healthcare, Inc.




Condensed Consolidated Comprehensive Income Statements




First Quarter




Unaudited




(Dollars in millions, except per share amounts)








 








 








 






 






 






2026






 






 






 






2025






 






 








 






 






 






Amount






 






 






Ratio






 






 






 






Amount






 






 






Ratio






 






 








Revenues






 






 






$






19,109






 






 






 






100.0






 






%






 






$






18,321






 






 






 






100.0






 






%








 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Salaries and benefits






 






 






 






8,283






 






 






 






43.3






 






 






 






 






7,997






 






 






 






43.6






 






 








Supplies






 






 






 






2,853






 






 






 






14.9






 






 






 






 






2,764






 






 






 






15.1






 






 








Other operating expenses






 






 






 






4,180






 






 






 






21.9






 






 






 






 






3,845






 






 






 






21.0






 






 








Equity in earnings of affiliates






 






 






 






(9






)






 






 






—






 






 






 






 






(18






)






 






 






(0.1






)






 








Depreciation and amortization






 






 






 






930






 






 






 






4.8






 






 






 






 






860






 






 






 






4.7






 






 








Interest expense






 






 






 






584






 






 






 






3.1






 






 






 






 






547






 






 






 






3.0






 






 








Losses (gains) on sales of facilities






 






 






 






1






 






 






 






—






 






 






 






 






(1






)






 






 






—






 






 








 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








 






 






 






 






16,822






 






 






 






88.0






 






 






 






 






15,994






 






 






 






87.3






 






 








 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Income before income taxes






 






 






 






2,287






 






 






 






12.0






 






 






 






 






2,327






 






 






 






12.7






 






 








 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Provision for income taxes






 






 






 






430






 






 






 






2.3






 






 






 






 






502






 






 






 






2.7






 






 








 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Net income






 






 






 






1,857






 






 






 






9.7






 






 






 






 






1,825






 






 






 






10.0






 






 








 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Net income attributable to noncontrolling interests






 






 






 






237






 






 






 






1.2






 






 






 






 






215






 






 






 






1.2






 






 








 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Net income attributable to HCA Healthcare, Inc.






 






 






$






1,620






 






 






 






8.5






 






 






 






$






1,610






 






 






 






8.8






 






 








 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Diluted earnings per share






 






 






$






7.15






 






 






 






 






 






 






$






6.45






 






 






 






 






 








 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Shares used in computing diluted earnings per share (millions)






 






 






 






226.652






 






 






 






 






 






 






 






249.440






 






 






 






 






 








 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Comprehensive income attributable to HCA Healthcare, Inc.






 






 






$






1,598






 






 






 






 






 






 






$






1,640






 






 






 






 






 









HCA Healthcare, Inc.




Condensed Consolidated Balance Sheets




Unaudited




(Dollars in millions)








 








 






 






March 31,






 






 






December 31,






 








 






 






2026






 






 






2025






 








ASSETS






 






 






 






 






 






 








Current assets:






 






 






 






 






 






 








Cash and cash equivalents






 






$






940






 






 






$






1,040






 








Accounts receivable






 






 






11,324






 






 






 






10,867






 








Inventories






 






 






1,681






 






 






 






1,652






 








Other






 






 






2,107






 






 






 






2,224






 








 






 






 






16,052






 






 






 






15,783






 








 






 






 






 






 






 






 








Property and equipment, at cost






 






 






67,365






 






 






 






66,275






 








Accumulated depreciation






 






 






(35,893






)






 






 






(35,134






)








 






 






 






31,472






 






 






 






31,141






 








 






 






 






 






 






 






 








Investments of insurance subsidiaries






 






 






387






 






 






 






485






 








Investments in and advances to affiliates






 






 






615






 






 






 






633






 








Goodwill and other intangible assets






 






 






10,504






 






 






 






10,293






 








Right-of-use operating lease assets






 






 






2,094






 






 






 






2,130






 








Other






 






 






326






 






 






 






255






 








 






 






 






 






 






 






 








 






 






$






61,450






 






 






$






60,720






 








 






 






 






 






 






 






 








LIABILITIES AND STOCKHOLDERS' (DEFICIT) EQUITY






 






 






 






 






 






 








Current liabilities:






 






 






 






 






 






 








Accounts payable






 






$






4,806






 






 






$






4,659






 








Accrued salaries






 






 






2,022






 






 






 






2,525






 








Other accrued expenses






 






 






3,898






 






 






 






4,277






 








Short-term borrowings and long-term debt due within one year






 






 






8,532






 






 






 






4,889






 








 






 






 






19,258






 






 






 






16,350






 








 






 






 






 






 






 






 








Long-term debt, less debt issuance costs and discounts of $433 and $436






 






 






39,491






 






 






 






41,603






 








Professional liability risks






 






 






1,509






 






 






 






1,466






 








Right-of-use operating lease obligations






 






 






1,822






 






 






 






1,853






 








Income taxes and other liabilities






 






 






2,348






 






 






 






2,219






 








 






 






 






 






 






 






 








Stockholders' (deficit) equity:






 






 






 






 






 






 








Stockholders' deficit attributable to HCA Healthcare, Inc.






 






 






(6,303






)






 






 






(6,027






)








Noncontrolling interests






 






 






3,325






 






 






 






3,256






 








 






 






 






(2,978






)






 






 






(2,771






)








 






 






$






61,450






 






 






$






60,720






 









HCA Healthcare, Inc.




Condensed Consolidated Statements of Cash Flows




First Quarter




Unaudited




(Dollars in millions)








 








 






 






2026






 






 






2025






 








Cash flows from operating activities:






 






 






 






 






 






 








Net income






 






$






1,857






 






 






$






1,825






 








Adjustments to reconcile net income to net cash provided by operating activities:






 






 






 






 






 






 








Increase (decrease) in cash from operating assets and liabilities:






 






 






 






 






 






 








Accounts receivable






 






 






(463






)






 






 






(327






)








Inventories and other assets






 






 






80






 






 






 






(360






)








Accounts payable and accrued expenses






 






 






(990






)






 






 






(1,000






)








Depreciation and amortization






 






 






930






 






 






 






860






 








Income taxes






 






 






435






 






 






 






492






 








Losses (gains) on sales of facilities






 






 






1






 






 






 






(1






)








Amortization of debt issuance costs and discounts






 






 






11






 






 






 






11






 








Share-based compensation






 






 






86






 






 






 






98






 








Other






 






 






67






 






 






 






53






 








 






 






 






 






 






 






 








Net cash provided by operating activities






 






 






2,014






 






 






 






1,651






 








 






 






 






 






 






 






 








Cash flows from investing activities:






 






 






 






 






 






 








Purchase of property and equipment






 






 






(1,119






)






 






 






(991






)








Acquisition of hospitals and health care entities






 






 






(265






)






 






 






(227






)








Sales of hospitals and health care entities






 






 






3






 






 






 






161






 








Change in investments






 






 






103






 






 






 






28






 








Other






 






 






(4






)






 






 






(3






)








 






 






 






 






 






 






 








Net cash used in investing activities






 






 






(1,282






)






 






 






(1,032






)








 






 






 






 






 






 






 








Cash flows from financing activities:






 






 






 






 






 






 








Issuances of long-term debt






 






 






-






 






 






 






5,233






 








Net change in short-term borrowings and revolving credit facilities






 






 






1,435






 






 






 






220






 








Repayment of long-term debt






 






 






(58






)






 






 






(3,895






)








Distributions to noncontrolling interests






 






 






(191






)






 






 






(220






)








Payment of debt issuance costs






 






 






-






 






 






 






(57






)








Payment of dividends






 






 






(183






)






 






 






(180






)








Repurchase of common stock






 






 






(1,571






)






 






 






(2,506






)








Other






 






 






(262






)






 






 






(90






)








 






 






 






 






 






 






 








Net cash used in financing activities






 






 






(830






)






 






 






(1,495






)








 






 






 






 






 






 






 








Effect of exchange rate changes on cash and cash equivalents






 






 






(2






)






 






 






3






 








 






 






 






 






 






 






 








Change in cash and cash equivalents






 






 






(100






)






 






 






(873






)








Cash and cash equivalents at beginning of period






 






 






1,040






 






 






 






1,933






 








 






 






 






 






 






 






 








Cash and cash equivalents at end of period






 






$






940






 






 






$






1,060






 








 






 






 






 






 






 






 








Interest payments






 






$






569






 






 






$






539






 








Income tax (refunds) payments, net






 






$






(5






)






 






$






10






 









HCA Healthcare, Inc.




Operating Statistics








 






 






First Quarter






 






 








 






 






2026






 






 






2025






 






 








Operations:






 






 






 






 






 






 






 








Number of Hospitals






 






 






189






 






 






 






192






 






 








Number of Freestanding Outpatient Surgery Centers*






 






 






119






 






 






 






125






 






 








Licensed Beds at End of Period






 






 






50,459






 






 






 






50,571






 






 








Weighted Average Beds in Service






 






 






42,848






 






 






 






42,862






 






 








 






 






 






 






 






 






 






 








Reported:






 






 






 






 






 






 






 








Admissions






 






 






580,258






 






 






 






576,361






 






 








% Change






 






 






0.7






%






 






 






 






 








Equivalent Admissions






 






 






1,023,575






 






 






 






1,012,090






 






 








% Change






 






 






1.1






%






 






 






 






 








Revenue per Equivalent Admission






 






$






18,669






 






 






$






18,102






 






 








% Change






 






 






3.1






%






 






 






 






 








Inpatient Revenue per Admission






 






$






20,297






 






 






$






19,349






 






 








% Change






 






 






4.9






%






 






 






 






 








Patient Days






 






 






2,774,607






 






 






 






2,836,616






 






 








% Change






 






 






-2.2






%






 






 






 






 








Equivalent Patient Days






 






 






4,894,407






 






 






 






4,981,098






 






 








% Change






 






 






-1.7






%






 






 






 






 








Inpatient Surgery Cases






 






 






133,262






 






 






 






133,759






 






 








% Change






 






 






-0.4






%






 






 






 






 








Outpatient Surgery Cases






 






 






240,061






 






 






 






246,620






 






 








% Change






 






 






-2.7






%






 






 






 






 








Emergency Room Visits






 






 






2,509,083






 






 






 






2,518,716






 






 








% Change






 






 






-0.4






%






 






 






 






 








Outpatient Revenues as a Percentage of Patient Revenues






 






 






36.6






%






 






 






37.3






%






 








Average Length of Stay (days)






 






 






4.782






 






 






 






4.922






 






 








Occupancy**






 






 






75.5






%






 






 






76.9






%






 








 






 






 






 






 






 






 






 








Same Facility:






 






 






 






 






 






 






 








Admissions






 






 






576,766






 






 






 






571,712






 






 








% Change






 






 






0.9






%






 






 






 






 








Equivalent Admissions






 






 






1,015,685






 






 






 






1,002,211






 






 








% Change






 






 






1.3






%






 






 






 






 








Revenue per Equivalent Admission






 






$






18,692






 






 






$






18,125






 






 








% Change






 






 






3.1






%






 






 






 






 








Inpatient Revenue per Admission






 






$






20,327






 






 






$






19,366






 






 








% Change






 






 






5.0






%






 






 






 






 








Inpatient Surgery Cases






 






 






132,568






 






 






 






132,980






 






 








% Change






 






 






-0.3






%






 






 






 






 








Outpatient Surgery Cases






 






 






236,326






 






 






 






240,386






 






 








% Change






 






 






-1.7






%






 






 






 






 








Emergency Room Visits






 






 






2,493,971






 






 






 






2,486,264






 






 








% Change






 






 






0.3






%






 






 






 






 








 








* Excludes freestanding endoscopy centers (30 centers at March 31, 2026 and 26 centers at March 31, 2025).








** Reflects the rate of occupancy (patient days and observations) based on weighted average beds in service.









HCA Healthcare, Inc.




Supplemental Non-GAAP Disclosures




Operating Results Summary




(Dollars in millions, except per share amounts)








 








 






 






First Quarter






 






 








 






 






2026






 






 






2025






 






 








Revenues






 






$






19,109






 






 






$






18,321






 






 








 






 






 






 






 






 






 






 








Net income attributable to HCA Healthcare, Inc.






 






$






1,620






 






 






$






1,610






 






 








Losses (gains) on sales of facilities (net of tax)






 






 






1






 






 






 






(1






)






 








Net income attributable to HCA Healthcare, Inc., as adjusted (a)






 






 






1,621






 






 






 






1,609






 






 








Depreciation and amortization






 






 






930






 






 






 






860






 






 








Interest expense






 






 






584






 






 






 






547






 






 








Provision for income taxes






 






 






430






 






 






 






502






 






 








Net income attributable to noncontrolling interests






 






 






237






 






 






 






215






 






 








 






 






 






 






 






 






 






 








Adjusted EBITDA (a)






 






$






3,802






 






 






$






3,733






 






 








 






 






 






 






 






 






 






 








Adjusted EBITDA margin (a)






 






 






19.9






%






 






 






20.4






%






 








 






 






 






 






 






 






 






 








Diluted earnings per share:






 






 






 






 






 






 






 








Net income attributable to HCA Healthcare, Inc.






 






$






7.15






 






 






$






6.45






 






 








Losses (gains) on sales of facilities






 






 






-






 






 






 






-






 






 








Net income attributable to HCA Healthcare, Inc., as adjusted (a)






 






$






7.15






 






 






$






6.45






 






 








 






 






 






 






 






 






 






 








Shares used in computing diluted earnings per share (millions)






 






 






226.652






 






 






 






249.440






 






 









_______________________







(a)

Net income attributable to HCA Healthcare, Inc., as adjusted, diluted earnings per share, as adjusted, and Adjusted EBITDA should not be considered as measures of financial performance under generally accepted accounting principles ("GAAP"). These non-GAAP financial measures are adjusted to exclude losses (gains) on sales of facilities and losses on retirement of debt. We believe net income attributable to HCA Healthcare, Inc., as adjusted, diluted earnings per share, as adjusted, and Adjusted EBITDA are important measures that supplement discussions and analysis of our results of operations. We believe it is useful to investors to provide disclosures of our results of operations on the same basis used by management. Management relies upon net income attributable to HCA Healthcare, Inc., as adjusted, diluted earnings per share, as adjusted, and Adjusted EBITDA as the primary measures to review and assess operating performance of its health care facilities and their management teams.









 









Management and investors review both the overall performance (including net income attributable to HCA Healthcare, Inc., as adjusted, diluted earnings per share, as adjusted, and GAAP net income attributable to HCA Healthcare, Inc.) and operating performance (Adjusted EBITDA) of our health care facilities. Adjusted EBITDA and the Adjusted EBITDA margin (Adjusted EBITDA divided by revenues) are utilized by management and investors to compare our current operating results with the corresponding periods during the previous year and to compare our operating results with other companies in the health care industry. It is reasonable to expect that adjustments, including losses (gains) on sales of facilities and losses on retirement of debt will occur in future periods, but the amounts recognized can vary significantly from period to period, do not directly relate to the ongoing operations of our health care facilities and complicate period comparisons of our results of operations and operations comparisons with other health care companies.









 









Net income attributable to HCA Healthcare, Inc., as adjusted, diluted earnings per share, as adjusted, and Adjusted EBITDA are not measures of financial performance under GAAP, and should not be considered as alternatives to net income attributable to HCA Healthcare, Inc. as a measure of operating performance or cash flows from operating, investing and financing activities as a measure of liquidity. Because net income attributable to HCA Healthcare, Inc., as adjusted, diluted earnings per share, as adjusted, and Adjusted EBITDA are not measurements determined in accordance with GAAP and are susceptible to varying calculations, net income attributable to HCA Healthcare, Inc., as adjusted, diluted earnings per share, as adjusted, and Adjusted EBITDA, as presented, may not be comparable to other similarly titled measures presented by other companies.









HCA Healthcare, Inc.




Supplemental Non-GAAP Disclosures




2026 Operating Results Forecast




(Dollars in millions, except per share amounts)








 






 






For the Year Ending






 








 






 






December 31, 2026






 








 






 






Low






 






 






High






 








Revenues






 






$






76,500






 






 






$






80,000






 








 






 






 






 






 






 






 








Net income attributable to HCA Healthcare, Inc. (a)






 






$






6,495






 






 






$






7,035






 








Depreciation and amortization






 






 






3,705






 






 






 






3,775






 








Interest expense






 






 






2,330






 






 






 






2,420






 








Provision for income taxes






 






 






2,010






 






 






 






2,160






 








Net income attributable to noncontrolling interests






 






 






1,010






 






 






 






1,060






 








 






 






 






 






 






 






 








Adjusted EBITDA (a) (b)






 






$






15,550






 






 






$






16,450






 








 






 






 






 






 






 






 








Diluted earnings per share:






 






 






 






 






 






 








Net income attributable to HCA Healthcare, Inc.






 






$






29.10






 






 






$






31.50






 








 






 






 






 






 






 






 








Shares used in computing diluted earnings per share (millions)






 






 






223.500






 






 






 






223.500






 









The Company's forecasted guidance is based on current plans and expectations and is subject to a number of known and unknown uncertainties and risks.








______________________







(a)

The Company does not forecast the impact of items such as, but not limited to, losses (gains) on sales of facilities, losses on retirement of debt, legal claim costs (benefits) and impairments of long-lived assets because the Company does not believe that it can forecast these items with sufficient accuracy.









 







(b)

Adjusted EBITDA should not be considered a measure of financial performance under generally accepted accounting principles ("GAAP"). We believe Adjusted EBITDA is an important measure that supplements discussions and analysis of our results of operations. We believe it is useful to investors to provide disclosures of our results of operations on the same basis used by management. Management relies upon Adjusted EBITDA as a primary measure to review and assess operating performance of its health care facilities and their management teams.









 









Management and investors review both the overall performance (including net income attributable to HCA Healthcare, Inc.) and operating performance (Adjusted EBITDA) of our healthcare facilities. Adjusted EBITDA is utilized by management and investors to compare our current operating results with the corresponding periods during the previous year and to compare our operating results with other companies in the health care industry.









 









Adjusted EBITDA is not a measure of financial performance under GAAP and should not be considered as an alternative to net income attributable to HCA Healthcare, Inc. as a measure of operating performance or cash flows from operating, investing and financing activities as a measure of liquidity. Because Adjusted EBITDA is not a measurement determined in accordance with GAAP and is susceptible to varying calculations, Adjusted EBITDA, as presented, may not be comparable to other similarly titled measures presented by other companies.







 

View source version on businesswire.com: https://www.businesswire.com/news/home/20260424305543/en/
INVESTOR CONTACT:

Frank Morgan

615-344-2688


MEDIA CONTACT:

Harlow Sumerford

615-344-1851


Original: HCA Healthcare Reports First Quarter 2026 Results