What were the main drivers of HCA Healthcare's revenue growth in the first quarter of 2025?

HCA Healthcare's revenue growth of 5.7% was primarily driven by a combination of a 3.1% increase in equivalent admissions and a 2.5% increase in revenue per equivalent admission on a consolidated basis.

Why did cash flow from operating activities decrease significantly in the first quarter of 2025?

The significant decrease in cash flow from operating activities, by $818 million, was primarily attributed to unfavorable changes in working capital items totaling $1.157 billion, partially offset by an increase in net income.

What is HCA Healthcare's approach to managing its significant debt load?

HCA Healthcare maintains a substantial debt load, totaling $44.576 billion as of March 31, 2025. The company manages this through strong operating cash flows, an available senior unsecured credit facility of $7.766 billion, and anticipated access to debt markets. They also aim to maintain a majority of their debt at fixed rates to mitigate interest rate risk.

How did share repurchases impact the company's financial metrics?

HCA Healthcare actively engaged in share repurchases, spending approximately $2.506 billion in the first quarter of 2025. This resulted in a decrease in the weighted average diluted shares outstanding to 249.440 million from 268.016 million in the prior year, which favorably impacted earnings per diluted share.

HCA 10-Q Quarterly Report Q1 FY2025 — Revenue, Net Income, EPS

Summary

HCA Healthcare, Inc. reported solid financial performance for the first quarter of 2025, with revenues increasing by 5.7% year-over-year to $18.321 billion. This growth was driven by a combination of increased equivalent admissions and higher revenue per equivalent admission. Net income attributable to HCA Healthcare, Inc. reached $1.610 billion, or $6.45 per diluted share. While revenue and net income showed positive growth, the company experienced a significant decline in cash flow from operating activities, down $818 million to $1.651 billion, primarily due to negative changes in working capital. The company continues to execute its capital allocation strategy, with substantial share repurchases in the quarter. Management expressed confidence in its ability to meet liquidity needs through operating cash flows, available credit facilities, and access to debt markets, despite a significant debt load of $44.576 billion at the end of the quarter. The report also highlights ongoing risk factors, including inflationary pressures, regulatory changes in healthcare, and the management of substantial indebtedness.

Financial Highlights

46 data points

Beta

Revenue

$18.32B

Net Income

$1.61B

0.1% Net Margin

EPS (Diluted)

$6.45

Total Assets

$59.80B

Cash & Equivalents

$1.06B

Free Cash Flow

$660.00M

Financial Statements

Beta

Revenue	$18.32B
Operating Expenses	$15.99B
Interest Expense	$547.00M
Net Income	$1.61B
EPS (Basic)	$6.52
EPS (Diluted)	$6.45
Shares Outstanding (Basic)	246.94M
Shares Outstanding (Diluted)	249.44M

Key Highlights

1Revenue increased 5.7% to $18.321 billion in Q1 2025, driven by higher equivalent admissions and revenue per equivalent admission.
2Net income attributable to HCA Healthcare, Inc. was $1.610 billion, or $6.45 per diluted share, a slight increase from the prior year.
3Cash flow from operating activities decreased by $818 million to $1.651 billion, largely due to unfavorable working capital movements.
4The company repurchased approximately $2.506 billion of its common stock in the first quarter of 2025.
5Total debt stood at $44.576 billion as of March 31, 2025, with a strong availability of $7.766 billion under its senior unsecured credit facility.
6Consolidated inpatient surgeries saw a marginal increase of 0.3%, while outpatient surgeries declined by 2.5% on a consolidated basis.
7The company anticipates capital expenditures between $5.0 billion and $5.2 billion for the full year 2025.

HCA Healthcare, Inc. Quarterly Report for Q1 Ended Mar 31, 2025

Summary

Financial Highlights

Key Highlights

Frequently Asked Questions