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
Recent SEC Filings
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.
HCA Healthcare, Inc. 8-K Report, Shareholder Vote Results (Apr 28, 2026)
HCA Healthcare, Inc. (HCA) filed an 8-K on April 28, 2026, detailing the results of its Annual Meeting of Stockholders held on April 23, 2026. The meeting saw strong participation, with over 209 million shares represented. A key outcome was the overwhelming election of all nine director nominees to the Board of Directors, indicating robust shareholder confidence in the current leadership and governance structure. Furthermore, the Company's appointment of Ernst & Young LLP as its independent registered public accounting firm for 2026 received broad ratification, underscoring shareholder trust in the auditing process. Shareholder approval was also given to the advisory resolution on executive compensation, suggesting alignment between management's pay practices and investor sentiment. However, two shareholder proposals, one concerning healthcare consequences reporting and another on shareholders' right to act by written consent, failed to gain majority support.
HCA Healthcare, Inc. 8-K Report, Corporate Update (Apr 27, 2026)
HCA Healthcare, Inc. (HCA) announced through a press release filed on April 27, 2026, that its wholly-owned subsidiary, HCA Inc., is initiating a public offering of senior unsecured notes. This offering is intended to fund the redemption of two existing note issuances: $1.500 billion of 5.250% senior notes due June 2026 and $1.000 billion of 5.375% senior notes due September 2026. The redemption of these notes, totaling $2.5 billion, is scheduled for May 27, 2026, and is contingent on the successful completion of the new note offering. This strategic move suggests HCA is proactively managing its debt maturity profile and potentially aiming to refinance at more favorable terms or reduce overall interest expense. Investors should monitor the terms of the new offering and HCA's overall debt strategy.
HCA Healthcare, Inc. 8-K Report, Financial Results (Apr 24, 2026)
HCA Healthcare, Inc. has filed an 8-K report on April 24, 2026, to disclose its financial results for the first quarter ended March 31, 2026. The press release, included as an exhibit, provides details on the company's operational performance during the period. While the filing itself does not contain detailed financial figures, it points investors to the press release for the specific results and operational metrics. Investors should review Exhibit 99.1 for comprehensive information regarding HCA's Q1 2026 performance. Additionally, the company announced a quarterly cash dividend of $0.78 per share, payable on June 30, 2026, to shareholders of record as of June 16, 2026. This dividend declaration signifies the company's continued commitment to returning capital to its shareholders and provides a component of return for investors.
View all 8-K filings →