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HCA Healthcare, Inc.HCA

Sector
Healthcare
Industry
Services-General Medical & Surgical Hospitals, NEC
Exchange
NYSE

Stock Price $HCA

Latest filings

You are here#19 of 40 in Healthcare by market cap

Filing record · 2016–202610-K1110-Q328-K144

HCA filed 11 annual reports (10-K), 32 quarterly reports (10-Q) and 144 current reports (8-K) between 2016 and 2026.

  1. Material agreement8-K · Jun ’17Jun ’17
  2. Material agreement8-K · Oct ’19Oct ’19
  3. Leadership change8-K · Oct ’21Oct ’21
  4. Leadership change8-K · Jul ’25Jul ’25

01—Key figures

Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025

Revenue Trend

Year-over-year comparison from 10-K annual reports

  16. $75.60B
YoY changeLargest recent move+14.0%in FY21Latest +7.1%

Latest bar from 10-KFY2025Click a bar to open its SEC filing

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All HCA Financial Metrics53 metrics

Income Statement10

Balance Sheet24

Cash Flow14

Per Share5

02—Overview

HCA Healthcare, Inc. Financial Overview 2021–2025

Updated Jul 10, 2026

HCA Healthcare repurchased a massive 26.7 million shares in FY2025, underscoring a relentless capital return strategy that acts as a primary engine for shareholder value. Despite carrying a heavy debt burden that reached $44.576 billiona in Q1 2025, the hospital operator's ability to consistently drive patient volume growth and extract higher revenue per admission solidifies its position as a cash-generating powerhouse.

This pricing power and operational scale drove total revenue from $58.752 billion in FY2021 to $75.6 billionb in FY2025. Top-line expansion in FY2025 was fueled by a 4.0% increase in revenue per equivalent admission and a 2.9% rise in patient volumes. Crucially, the company effectively managed its largest expense category, shrinking salaries and benefits to 43.5% of revenue in FY2025, down from 44.1% in FY2024. This operational leverage pushed net income up 17.8% to $6.784 billion for the year. The market rewarded this execution; at the close of FY2025, the stock traded at $466.86 with a 16.5x P/E ratio, cementing a $104.9 billion market cap.

Recent Developments (Q4 2025 and Q1 2026)

HCA Healthcare authorized a $10 billionc share repurchase program in Q4 2025, leading into a Q1 2026 where revenues grew 4.3% year-over-year to $19.1 billion. Bottom-line performance generated $7.15 per diluted share, while operating cash flow expanded to $2.014 billion. The company restructured its capital stack in April 2026, issuing $3 billion in senior notes to redeem $2.5 billion of maturing debt.

Bulls note the continuous top-line expansion and ongoing share repurchases present an appealing valuation at 15.3x earnings as of April 29, 2026. Conversely, bears warn that a 15.6% surge in uninsured admissions, alongside volume declines in surgeries and emergency visits, threatens future profitability. Additionally, the scheduled departure of Chief Clinical Officer Dr. Michael Cuffe in August 2026 introduces leadership transition risk.

What to watch: uninsured patient volume trends throughout 2026; the execution of $5.0 billion to $5.5 billiond in planned capital expenditures.

03—Filings

Recent SEC Filings

  1. 8-KHCA Healthcare, Inc. 8-K Report, Financial Obligation (Jul 29, 2026)HCA Healthcare, Inc. (HCA) announced via an 8-K filing on July 29, 2026, a significant expansion of its commercial paper program. The company's subsidiary, HCA Inc., has increased the maximum aggregate principal amount of unsecured commercial paper notes that can be outstanding at any time from $4.0 billion to $8.0 billion. This move provides HCA with substantially enhanced financial flexibility and access to short-term funding. The expansion is guaranteed by the parent company, HCA Healthcare, Inc., reinforcing the creditworthiness of the issued notes.
  2. 8-KHCA Healthcare, Inc. 8-K Report, Financial Results (Jul 24, 2026)HCA Healthcare reported second-quarter 2026 results that beat on the top line and grew Adjusted EBITDA 4.6% to $4.027 billion, but the quality of that growth is mixed. Revenue rose 8.7% to $20.230 billion and diluted EPS rose 11.6% to $7.62. However, the results were helped by roughly $400 million of incremental net benefit from Medicaid Supplemental Payment Programs, primarily Florida, including a one-time $1.372 billion revenue catch-up tied to periods back to October 2024. Against that, management estimates an unfavorable payer mix shift from uninsured volume tied to exchange coverage losses of about $400 million in the quarter, and surgical volumes declined (inpatient surgeries down 2.3%, outpatient down 3.4%). The most important change for investors is the revised 2026 guidance. Net income attributable to HCA was cut to $6.300-$6.700 billion from $6.495-$7.035 billion, and EPS guidance was lowered to $28.70-$30.50 from $29.10-$31.50. Adjusted EBITDA guidance fell to $15.400-$16.100 billion. The exchange-related headwind estimate was widened to ($1.0)-($1.2) billion from ($600)-($900) million, while the Medicaid supplemental payment benefit was raised to $300-$500 million from a ($50)-($250) million range. Revenue guidance was narrowed to $77.0-$79.5 billion. Management characterized the Q2 results as consistent with its July 14 preview, which suggests the cut was already anticipated by the market. Capital allocation remains shareholder-friendly but leverage is rising. HCA repurchased 4.752 million shares for $2.064 billion in the quarter, leaving $7.210 billion of authorization, and declared a quarterly dividend of $0.78 per share payable September 30, 2026. Total debt reached $49.718 billion against cash of $1.013 billion, and operating cash flow fell sharply to $2.335 billion from $4.210 billion a year earlier. Investors should weigh the strong earnings headline against lower cash generation, the reliance on one-time supplemental payment catch-ups, and a meaningful deterioration in the exchange-driven payer mix outlook.
  3. 8-KHCA Healthcare, Inc. 8-K Report, Financial Results (Jul 14, 2026)HCA Healthcare previewed preliminary second-quarter 2026 results and revised its full-year 2026 guidance. Revenue for Q2 2026 is expected to be about $20.23 billion, up from $18.605 billion a year earlier (roughly 8.7% growth). Net income attributable to HCA is expected at about $1.699 billion, or $7.62 per diluted share, versus $6.83 in Q2 2025. Adjusted EBITDA is expected at about $4.027 billion, up from $3.849 billion, though the adjusted EBITDA margin contracted to 19.9% from 20.7%. These figures are preliminary, unaudited, and subject to the completion of the quarter-end close. The quarter was shaped by two offsetting forces. Uninsured volume rose as patients lost coverage on the health insurance exchanges, an unfavorable payer mix shift that management estimates reduced pre-tax income by about $400 million, including a roughly $75 million increase to its prior first-quarter exchange estimate. Partly offsetting this, HCA recognized about $400 million of incremental net Medicaid supplemental payment benefit, primarily from Florida's state directed payment program approved by CMS during the quarter. Volume trends were mixed: admissions and emergency room visits grew, while inpatient and outpatient surgeries declined. HCA lowered its 2026 guidance. Revenue is now expected at $77.0 to $79.5 billion (previously $76.5 to $80.0 billion), net income at $6.3 to $6.7 billion (previously $6.495 to $7.035 billion), adjusted EBITDA at $15.4 to $16.1 billion (previously $15.55 to $16.45 billion), and diluted EPS at $28.70 to $30.50 (previously $29.10 to $31.50). The estimated exchange headwind widened to $1.0 to $1.2 billion from $600 to $900 million, while the Medicaid supplemental payment benefit moved to a $300 to $500 million tailwind from a net headwind of $50 to $250 million. Capital expenditure guidance of $5.0 to $5.5 billion is unchanged. Management will discuss results on a July 24, 2026 earnings call.
  4. 8-KHCA Healthcare, Inc. 8-K Report, Executive Changes (Jun 18, 2026)HCA Healthcare, Inc. has announced a significant leadership change with the upcoming departure of Dr. Michael Cuffe from his role as Executive Vice President and Chief Clinical Officer. This transition is effective August 31, 2026, after which Dr. Cuffe will remain with the company in a transitional capacity until February 2027. This move signifies a shift in the company's executive team, and investors will want to monitor the strategic implications and the appointment of a successor to this critical clinical leadership position.
  5. 8-KHCA Healthcare, Inc. 8-K Report, Material Agreement (Apr 30, 2026)HCA Healthcare, Inc. (HCA) announced through its subsidiary, HCA Inc., the successful completion of a public offering of $3 billion in aggregate principal amount of senior unsecured notes. The offering is comprised of three tranches: $1 billion of 4.700% Senior Notes due 2031, $750 million of 5.000% Senior Notes due 2033, and $1.25 billion of 5.300% Senior Notes due 2036. These notes are guaranteed on a senior unsecured basis by the Parent Guarantor, HCA Healthcare, Inc. This significant debt issuance, registered under a shelf registration statement, will increase HCA's leverage but provides substantial capital. Investors should note the varying interest rates and maturity dates, which reflect market conditions and the company's long-term financing strategy. The company has entered into an underwriting agreement with several major investment banks for this offering, and detailed terms, including covenants, optional redemption, and change of control provisions, are outlined in the respective indentures filed with the SEC.
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04—See also

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