8-KLeadership ChangesExhibits & Filings

HCA Healthcare, Inc. 8-K Report, Executive Changes (Feb 25, 2026)

Filed February 25, 2026For Securities:HCA

Summary

HCA Healthcare, Inc. (HCA) announced the adoption of its 2026 Executive Officer Performance Excellence Program (Executive Officer PEP) on February 24, 2026. This program outlines how the company's executive officers will be eligible to earn performance-based cash awards. The compensation structure is heavily weighted towards financial performance, with 80% of awards tied to EBITDA targets and 20% linked to quality metrics. This emphasis signals a continued focus on profitability while also incorporating critical patient care and experience indicators. Investors should note the specific award opportunities, which range from 175% of base salary for the CEO down to 100% for other named executive officers. The program details tiered payouts for EBITDA performance, with potential for awards to double the target amount at maximum performance. The quality metrics component is also subject to tiered payouts and can be forfeited entirely if EBITDA falls below 90% of target, reinforcing the primacy of financial results. The Compensation Committee retains discretion over adjustments and clawbacks, providing flexibility and risk mitigation.

Key Highlights

  • 1HCA adopted the 2026 Executive Officer Performance Excellence Program (Executive Officer PEP) to determine executive compensation.
  • 2Awards are weighted 80% towards EBITDA achievement and 20% towards specified quality metrics.
  • 3CEO target award opportunity is 175% of base salary; EVP/CFO and EVP/COO target is 125%; other named EVPs have a 100% target.
  • 4EBITDA performance can yield between 25% (threshold) and 200% (maximum) of the EBITDA-weighted award portion.
  • 5Quality metrics include Healthcare-Associated Infections and Sepsis, Complication and Mortality, and Care Experience, with tiered payouts.
  • 6The quality-weighted portion of the award is contingent on EBITDA performance; no quality payout if EBITDA is less than 90% of target.
  • 7Robert J. Dennis will retire from the Board of Directors effective April 23, 2026, not seeking re-election.

Frequently Asked Questions

The 2026 Executive Officer PEP is designed to incentivize executive officers by linking a significant portion of their compensation to the achievement of specific financial and operational goals. It's heavily weighted towards EBITDA performance (80%) and also incorporates critical quality metrics (20%) related to patient care and experience.

Executive officers can maximize their awards by achieving top-tier performance across both EBITDA targets and the specified quality metrics. For EBITDA, maximum performance can lead to an award of 200% of the EBITDA-weighted portion of their target award. Similarly, maximum performance on individual quality metrics can result in a 200% payout for that portion. However, achieving maximum EBITDA is crucial, as falling below 90% of target EBITDA eliminates any payout for the quality-weighted portion.

Yes, the program includes several risk mitigation features. Awards are paid solely in cash and will not be made for performance below specified threshold amounts. The Compensation Committee has discretion to adjust awards, and there are provisions for clawbacks or mandatory repayment if operating results are restated, or in cases of participant misconduct. Furthermore, the quality-based awards are entirely forfeited if EBITDA performance is significantly below target.

Robert J. Dennis's retirement, effective at the annual meeting in April 2026, signifies a change in the composition of the Board of Directors. While his departure is noted, it does not directly impact the operational or compensation program details discussed in this filing. Investors may wish to monitor future board appointments for any strategic implications.