HCA Healthcare (HCA) Research | Aerarium Research

Forward Estimates

EPS Estimates

Current Qtr

$7.36

$6.80$7.60

vs $6.84+7.6%

20 analysts

Next Qtr

$7.28

$6.48$7.97

vs $6.96+4.6%

20 analysts

Current Yr

$30.14

$29.10$30.90

vs $28.21+6.9%

23 analysts

Next Yr

$33.11

$31.86$34.52

vs $30.14+9.8%

23 analysts

Revenue Estimates

Current Qtr

$19.35B

$18.76B$19.75B

vs $18.61B+4.0%

20 analysts

Next Qtr

$19.78B

$19.23B$20.11B

vs $19.16B+3.2%

20 analysts

Current Yr

$78.56B

$77.00B$79.69B

vs $75.60B+3.9%

22 analysts

Next Yr

$82.35B

$81.50B$83.71B

vs $78.56B+4.8%

22 analysts

SEC filings →

View all 10-K, 10-Q, and 8-K filings for HCA on EDGAR.

HCA filing events and research context
Filed	Item	Context
Apr 29, 2026	mda_quarterly	First-quarter 2026 revenues increased 4.3% to $19.109 billion, with net income attributable to HCA Healthcare, Inc. totaling $1.620 billion. Growth was primarily driven by a 3.1% increase in revenue per equivalent admission, which offset declines in outpatient surgical volumes (down 2.7%) and inpatient surgical volumes (down 0.4%). These volume pressures were attributed to a significant decrease in seasonal respiratory-related activity and a January winter storm. A critical trend is the 15.6% increase in consolidated uninsured admissions following the expiration of enhanced premium tax credits and administrative reforms, raising the estimated cost of total uncompensated care to $1.252 billion. Texas and Florida remain the most vital markets, generating 51% of revenues and 73% of uninsured admissions. Operating expenses were pressured by higher cardiovascular technology costs and increased state supplemental Medicaid program spending. Cash flow from operating activities rose to $2.014 billion, supporting $1.119 billion in capital expenditures and $1.571 billion in share repurchases. Total debt reached $48.023 billion. Primary financial risks include persistent inflationary pressures on labor and supplies, as well as regulatory uncertainty surrounding Medicaid state directed payment arrangements.
Feb 10, 2026	business	HCA Healthcare, Inc. is a leading provider of healthcare services, operating 190 hospitals, 121 freestanding surgery centers, and 31 freestanding endoscopy centers across 19 U.S. states and England. The company provides extensive outpatient and ancillary services, organized into three geographic segments: the National, Atlantic, and American Groups. Financial performance is driven by a high-volume, diversified payer mix, with managed care and commercial insurance accounting for approximately 49% of total revenues. Medicare and Medicaid programs represent significant portions of the business, necessitating complex revenue recognition processes involving contractual adjustments and implicit price concessions. These estimates are subject to ongoing regulatory changes and historical collection trends. Key operational risks include the highly regulated and litigious nature of the healthcare industry, with potential exposure to government investigations and False Claims Act litigation. The company also manages significant professional liability risks, with reserves totaling $2.044 billion as of December 31, 2025. Capital allocation remains focused on facility investment, share repurchases, and debt management, supported by a robust cash flow from operations. The company maintains a substantial debt profile, primarily consisting of senior unsecured notes, and utilizes a commercial paper program to manage short-term liquidity needs.
Feb 10, 2026	mda	HCA Healthcare reported strong 2025 financial results, with net income rising to $6.784 billion from $5.760 billion in 2024. Consolidated revenues grew 7.1% to $75.6 billion, driven by a 2.9% increase in equivalent admissions and a 4.0% rise in revenue per equivalent admission. The company maintains a significant footprint in Florida and Texas, which together generated 51% of total revenues. Operational performance remains focused on scaling networks and leveraging technology, including AI-driven clinical and administrative workflows. While labor costs as a percentage of revenue improved to 43.5%, the company continues to navigate inflationary pressures and competitive hiring environments for nurses and physicians. Supply costs per equivalent admission rose 2.7%, largely due to cardiovascular medical devices. Liquidity remains robust, with $12.636 billion in cash provided by operating activities. HCA is managing a $46.492 billion debt load, having transitioned to a new $8 billion unsecured credit facility in 2025. Key risks include the 2025 expiration of enhanced premium tax credits, potential reductions in Medicaid supplemental payments, and ongoing exposure to professional liability claims. Management expects revenue headwinds from Medicaid payment restructuring in 2026, which they intend to offset through continued operational resiliency and disciplined capital allocation.

Filed

Item

Context

Apr 29, 2026

mda_quarterly

First-quarter 2026 revenues increased 4.3% to $19.109 billion, with net income attributable to HCA Healthcare, Inc. totaling $1.620 billion. Growth was primarily driven by a 3.1% increase in revenue per equivalent admission, which offset declines in outpatient surgical volumes (down 2.7%) and inpatient surgical volumes (down 0.4%). These volume pressures were attributed to a significant decrease in seasonal respiratory-related activity and a January winter storm. A critical trend is the 15.6% increase in consolidated uninsured admissions following the expiration of enhanced premium tax credits and administrative reforms, raising the estimated cost of total uncompensated care to $1.252 billion. Texas and Florida remain the most vital markets, generating 51% of revenues and 73% of uninsured admissions. Operating expenses were pressured by higher cardiovascular technology costs and increased state supplemental Medicaid program spending. Cash flow from operating activities rose to $2.014 billion, supporting $1.119 billion in capital expenditures and $1.571 billion in share repurchases. Total debt reached $48.023 billion. Primary financial risks include persistent inflationary pressures on labor and supplies, as well as regulatory uncertainty surrounding Medicaid state directed payment arrangements.

Feb 10, 2026

business

HCA Healthcare, Inc. is a leading provider of healthcare services, operating 190 hospitals, 121 freestanding surgery centers, and 31 freestanding endoscopy centers across 19 U.S. states and England. The company provides extensive outpatient and ancillary services, organized into three geographic segments: the National, Atlantic, and American Groups. Financial performance is driven by a high-volume, diversified payer mix, with managed care and commercial insurance accounting for approximately 49% of total revenues. Medicare and Medicaid programs represent significant portions of the business, necessitating complex revenue recognition processes involving contractual adjustments and implicit price concessions. These estimates are subject to ongoing regulatory changes and historical collection trends. Key operational risks include the highly regulated and litigious nature of the healthcare industry, with potential exposure to government investigations and False Claims Act litigation. The company also manages significant professional liability risks, with reserves totaling $2.044 billion as of December 31, 2025. Capital allocation remains focused on facility investment, share repurchases, and debt management, supported by a robust cash flow from operations. The company maintains a substantial debt profile, primarily consisting of senior unsecured notes, and utilizes a commercial paper program to manage short-term liquidity needs.

Feb 10, 2026

mda

HCA Healthcare reported strong 2025 financial results, with net income rising to $6.784 billion from $5.760 billion in 2024. Consolidated revenues grew 7.1% to $75.6 billion, driven by a 2.9% increase in equivalent admissions and a 4.0% rise in revenue per equivalent admission. The company maintains a significant footprint in Florida and Texas, which together generated 51% of total revenues. Operational performance remains focused on scaling networks and leveraging technology, including AI-driven clinical and administrative workflows. While labor costs as a percentage of revenue improved to 43.5%, the company continues to navigate inflationary pressures and competitive hiring environments for nurses and physicians. Supply costs per equivalent admission rose 2.7%, largely due to cardiovascular medical devices. Liquidity remains robust, with $12.636 billion in cash provided by operating activities. HCA is managing a $46.492 billion debt load, having transitioned to a new $8 billion unsecured credit facility in 2025. Key risks include the 2025 expiration of enhanced premium tax credits, potential reductions in Medicaid supplemental payments, and ongoing exposure to professional liability claims. Management expects revenue headwinds from Medicaid payment restructuring in 2026, which they intend to offset through continued operational resiliency and disciplined capital allocation.

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HCA filing events and research context

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