HCA Healthcare, Inc.HCA
HCA Healthcare, Inc. Financial Overview 2021–2025
Updated Jul 10, 2026HCA 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 billion 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 billion 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 billion 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 billion in planned capital expenditures.
Rev
$75.60B
FY2025
NI
$6.78B
FY2025
EPS
$28.70
FY2025
OCF
$12.64B
FY2025
Year-over-year comparison from 10-K annual reports
Data from SEC Company Facts
All HCA Financial Metrics(53)
Income Statement
Balance Sheet
- Cash & ST Investments
- Total Assets
- Current Assets
- Cash
- Short-Term Investments
- Receivables
- Inventory
- Prepaid & Other
- PP&E
- Goodwill
- Other Non-current
- Total Liabilities
- Current Liabilities
- Accounts Payable
- Short-Term Debt
- Deferred Revenue
- Long-Term Debt
- Equity
- Retained Earnings
- Accumulated OCI
- APIC
- NCI
- Total L&E
- Shares Outstanding
Cash Flow
Recent SEC Filings
HCA 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.
HCA Healthcare, Inc. 8-K Report, Financial Results (Jul 24, 2026)
HCA Healthcare, Inc. (HCA) filed an 8-K on July 24, 2026, to disclose its financial results for the second quarter ended June 30, 2026, through an accompanying press release. While the 8-K itself does not provide specific financial figures, it directs investors to Exhibit 99.1, the press release, for detailed operational and financial performance. This filing is crucial for investors seeking to understand HCA's recent performance, as it typically contains key metrics such as revenue, earnings per share, and operational statistics that drive the company's valuation.
HCA Healthcare, Inc. 8-K Report, Financial Results (Jul 14, 2026)
HCA Healthcare, Inc. has filed an 8-K report on July 14, 2026, to disclose preliminary results for the second quarter ended June 30, 2026. While the filing itself is brief, it serves as the official channel for disseminating key financial performance indicators to the public, as detailed in the accompanying press release (Exhibit 99.1). Investors should refer to Exhibit 99.1 for the specific financial and operational metrics. This filing indicates that HCA Healthcare is providing an early look at its quarterly performance, which could include revenue, earnings per share, admissions, and other relevant operational data. Such preliminary disclosures are crucial for investors to assess the company's trajectory and make informed investment decisions.
HCA 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.
HCA 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.
View all 8-K filings →