HCA Healthcare (HCA) financials
NYSE · Healthcare · Medical - Care Facilities · 320,000 employees · CEO Samuel N. Hazen
- Price
- $473.19 -1.02%
- Market cap
- $102B
- Enterprise value
- $154B
- Last report
- Q3 '26 filed 2026-10-29
- Next report
- 2027-01-26 EPS est. $8.15
Revenue (TTM)$78.7B+5.8% vs a year agoLast 4 quarters; bars = each quarter
Operating margin (TTM)15.3%-0.3 pp vs a year agoOperating income $12.1B
Net income (TTM)$6.78B+6.8% vs a year agoAfter tax, incl. non-operating gains
Free cash flow (TTM)$5.97B-26.2% vs a year agoCapex $5.2B
Diluted EPS (TTM)$30.18+16.7% vs a year agoSum of the last 4 quarters
Net cash-$51.5B-13.6% vs a year agoCash + short-term investments - debt
Valuation & key figures
- Market cap
- $102B EV $154B
- Revenue
- $78.7B Trailing 12 months
- Revenue growth
- +5% FY2026 consensus
- Profit margin
- 8.6% Net income / revenue, TTM
- P/E
- 57.4× Forward 15.8× (FY2026)
- P/S
- 1.3× Price / sales, TTM
- EV / EBITDA
- 9.7× TTM
- Free cash flow
- $5.97B Trailing 12 months
- Net income
- $6.78B Trailing 12 months
- Revenue estimate
- $79.1B FY2026 consensus
- Earnings
- 2027-01-26 Revenue est. $20B
- Dividend
- $3.06 Per share, last 12 months
Key takeaways
Computed from the reported numbers - every statement carries the figure it rests on.
- Last report (2026-10-27): revenue beat by 2.7%, EPS beat by 8.6%Revenue $19.8B vs $19.3B expected (+2.7%); EPS $7.22 vs $6.65 (+8.6%).
- Revenue growth slowing: 3.6% year on yearQ3 '26 revenue $19.8B, against an average of 7.3% over the four quarters before.
- Operating margin 15.3% (TTM), -0.3 pp on a year agoOperating income grew 3.8% while revenue grew 5.8%.
- 22.9% of pre-tax profit is eaten by non-operating lossesPre-tax income $9.82B vs operating income $12.1B (TTM). Losses on equity stakes and other one-off items cut net income and EPS - operating income is the cleaner measure of the business.
- Capex 6.6% of revenue (a year ago 6.4%)$5.2B invested in the last 4 quarters (+9.6% on a year earlier). Free cash flow $5.97B = 88.1% of net income.
- Returned $9.84B to shareholders = 164.8% of free cash flowBuybacks $9.16B (a year earlier $9.21B), dividends $681M, stock-based pay $0 (TTM). More than the free cash flow: paid from cash or debt.
- Diluted share count down 10.4% in a year217M diluted shares in Q3 '26, 242M a year earlier.
- Net debt $51.5BCash + short-term investments $908M, debt incl. leases $52.4B; a year ago net debt $45.4B.
Last quarter: Q3 '26
Quarter ended 2026-09-30. Compared with the same quarter a year earlier and with the analyst consensus before the report.
Quarter vs a year ago
| Q3 '26 | Year ago | Change | |
|---|---|---|---|
| Revenue | $19.8B | $19.2B | +3.6% |
| Gross margin | 14.9% | 41.8% | -26.9 pp |
| Operating income | $2.96B | $2.97B | 0.0% |
| Operating margin | 14.9% | 15.5% | -0.5 pp |
| Net income | $1.58B | $1.64B | -3.9% |
| Diluted EPS | $7.27 | $6.96 | +4.5% |
| Operating cash flow | $4.46B | $4.42B | +1.0% |
| Capex | $1.36B | $1.29B | +5.4% |
| Free cash flow | $3.1B | $3.13B | -0.8% |
| R&D | $0 | $0 | – |
| Stock-based compensation | $0 | $0 | – |
Reported vs consensus
2026-10-27| Actual | Consensus | vs consensus | |
|---|---|---|---|
| Revenue | $19.8B | $19.3B | +2.7% |
| EPS (as estimated) | $7.22 | $6.65 | +8.6% |
From the report of 2026-10-27 for Q3 '26: revenue and the EPS analysts estimate (often adjusted), so it can differ from the EPS of the statements above.
EPS vs consensus
last 8 reportsRevenue
Where the money comes from - by business line and by region, quarter by quarter.
Revenue, operating income and growth
quarterlyRevenue by business line
stacked, quarterly| Segment | Q3 '26 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| Managed Care And Other Insurers | $9.57B | +3.3% | 49.7% | $37.2B | +1.1% | |
| Managed Medicare | $3.53B | +6.8% | 18.3% | $13.9B | +6.8% | |
| Medicare | $2.93B | +7.2% | 15.2% | $11.8B | +5.3% | |
| Medicaid | $1.77B | -1.0% | 9.2% | $7.49B | +29.8% | |
| Managed Medicaid | $961M | +1.3% | 5.0% | $3.86B | +5.4% | |
| International | $492M | +1.7% | 2.6% | $1.96B | +7.5% |
Revenue by region
share of total| Segment | Q3 '26 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| Atlantic Group | $6.42B | +4.5% | 33.8% | $26.6B | +8.1% | |
| American Group | $6.85B | +2.4% | 36.0% | $26.9B | +2.8% | |
| National Group | $5.74B | +3.9% | 30.2% | $21.8B | +4.3% |
Margins & cost structure
How much of each unit of revenue is left at each level - and where the costs go.
Margins
quarterlyCosts as % of revenue
quarterlyCash flow & capital allocation
Cash generated, what it is spent on, and what reaches shareholders.
Operating cash flow, capex, free cash flow
quarterlyUses of cash vs operating cash flow
fiscal yearsLast 4 quarters
cash flow statement- Operating cash flow
- $11.2B
- Capex
- -$5.2B
- Buybacks
- -$9.16B
- Dividends
- -$681M
- Acquisitions
- -$779M
- Net debt issued
- $5.73B
- Stock-based compensation
- $0
- Free cash flow
- $5.97B
- Returned to shareholders / FCF
- 164.8%
Share count and EPS
quarterly, dilutedBalance sheet
Liquidity, investments and debt at each quarter end.
Cash, investments and debt
quarter endsValuation & returns
Today's multiples against the company's own last five fiscal years; analyst targets and ratings.
Multiples and returns
TTM vs 5 fiscal years| Now | 5y average | Where today sits in the 5-year range | |
|---|---|---|---|
| P/E (TTM) | 57.4× | 13.6× | 11.9× – 16.3× |
| EV / EBITDA | 9.7× | 8.9× | 8.2× – 10.1× |
| EV / Sales | 2.0× | 1.9× | 1.7× – 2.1× |
| Price / FCF | 17.2× | 15.2× | 13.8× – 16.9× |
| Price / Book | -13.0× | – | – |
| FCF yield | 5.8% | 6.6% | 5.9% – 7.3% |
| Return on invested capital | 18.5% | 17.3% | 16.4% – 18.5% |
| Return on equity | -100.5% | -317.6% | -745.6% – -112.6% |
Analysts
Consensus target $463.12 (-2.1%)
range $369.00 – $579.00 · rating Buy
Strong buy0
Buy29
Hold15
Sell2
Strong sell0
Outlook
Analyst consensus for the coming fiscal years and what it implies at today's price.
Consensus estimates
| Fiscal year | Revenue | Growth | EPS | Growth | P/E at today's price | Analysts (EPS) |
|---|---|---|---|---|---|---|
| FY2026 | $79.1B | +4.6% | $30.02 | +5.8% | 15.8× | 14 |
| FY2027 | $81.6B | +3.2% | $31.35 | +4.4% | 15.1× | 16 |
| FY2028 | $85.3B | +4.5% | $34.92 | +11.4% | 13.6× | 12 |
| FY2029 | $90.9B | +6.6% | $39.12 | +12.0% | 12.1× | 9 |
| FY2030 | $96.3B | +6.0% | $44.62 | +14.1% | 10.6× | 5 |
Financial statements
Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.
Every reported line
All 237 figures HCA Healthcare, Inc. tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).
| Line (SEC label) | Latest quarter | Year ago | y/y | Latest FY | Prior FY | y/y |
|---|---|---|---|---|---|---|
| Accounts Payable, Current | $5.1B | $4.55B | +12.1% | $4.66B | $4.28B | +9.0% |
| Accounts Receivable, after Allowance for Credit Loss, Current | $11.5B | $10.4B | +10.4% | $10.9B | $10.8B | +1.1% |
| Accrual for Taxes Other than Income Taxes, Current | $504M2025-12-31 | $419M | +20.3% | $504M | $419M | +20.3% |
| Accrued Employee Benefits, Current | $216M2025-12-31 | $206M | +4.9% | $216M | $206M | +4.9% |
| Accrued Salaries, Current | $2.37B | $2.29B | +3.4% | $2.53B | $2.3B | +9.6% |
| Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $37.4B | $34.9B | +7.0% | $35.1B | $33.1B | +6.1% |
| Accumulated Other Comprehensive (Income) Loss, Defined Benefit Plan, after Tax | $5M | -$13M | +138.5% | $5M | -$13M | +138.5% |
| Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax | -$335M | -$292M | -14.7% | -$299M | -$353M | +15.3% |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | -$350M | -$317M | -10.4% | -$305M | -$387M | +21.2% |
| Amortization of Debt Issuance Costs | – | – | – | $44M | $35M | +25.7% |
| Amortization of Debt Issuance Costs and Discounts | $11M | $7M | +57.1% | $44M | $35M | +25.7% |
| Amortization of Intangible Assets | – | – | – | $12M | $16M | -25.0% |
| AOCI, Debt Securities, Available-for-sale, Adjustment, after Tax | -$20M | -$12M | -66.7% | -$11M | -$21M | +47.6% |
| APIC, Share-based Payment Arrangement, Increase for Cost Recognition | $173M | $123M | +40.7% | – | – | – |
| Assets | $63.5B | $59.7B | +6.2% | $60.7B | $59.5B | +2.0% |
| Assets, Current | $16.2B | $15.3B | +6.1% | $15.8B | $16.4B | -3.8% |
| Buildings and Improvements, Gross | $23.7B2025-12-31 | $22.7B | +4.6% | $23.7B | $22.7B | +4.6% |
| Cash and Cash Equivalents, at Carrying Value | $908M | $997M | -8.9% | $1.04B | $1.93B | -46.2% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $908M | $997M | -8.9% | $1.04B | $1.93B | -46.2% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | -$105M | $58M | -281.0% | -$893M | $998M | -189.5% |
| Common Stock, Dividends, Per Share, Declared | $0.78 | $0.72 | +8.3% | $2.88 | $2.64 | +9.1% |
| Common Stock, Par or Stated Value Per Share | $0.01 | $0.01 | 0.0% | $0.01 | $0.01 | 0.0% |
| Common Stock, Shares Authorized | 1.8B | 1.8B | 0.0% | 1.8B | 1.8B | 0.0% |
| Common Stock, Shares, Outstanding | 211M | 230M | -8.3% | 225M | 250M | -10.2% |
| Common Stock, Value, Outstanding | $2M | $2M | 0.0% | $2M | $3M | -33.3% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | $270M | $260M | +3.8% | $998M | $897M | +11.3% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $1.56B | $1.64B | -4.4% | $6.87B | $5.8B | +18.4% |
| Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | $1.83B | $1.9B | -3.3% | $7.86B | $6.7B | +17.5% |
| Construction in Progress, Gross | $2.15B2025-12-31 | $1.86B | +15.4% | $2.15B | $1.86B | +15.4% |
| Costs and Expenses | $17.5B | $16.7B | +4.4% | $65.8B | $62.1B | +5.9% |
| Current Federal Tax Expense (Benefit) | – | – | – | $1.55B | $1.2B | +29.0% |
| Current Foreign Tax Expense (Benefit) | – | – | – | $13M | $20M | -35.0% |
| Current State and Local Tax Expense (Benefit) | – | – | – | $248M | $212M | +17.0% |
| Debt Issuance Costs, Net | $439M | $416M | +5.5% | $436M | $369M | +18.2% |
| Debt Issuance Costs, Noncurrent, Net | $439M | $416M | +5.5% | $436M | $369M | +18.2% |
| Debt Securities, Available-for-Sale, Amortized Cost, Maturity, Allocated and Single Maturity Date, after Year 10 | $68M | $60M | +13.3% | $57M | $65M | -12.3% |
| Debt Securities, Available-for-Sale, Amortized Cost, Maturity, Allocated and Single Maturity Date, after Year 5 Through 10 | $91M | $114M | -20.2% | $111M | $147M | -24.5% |
| Debt Securities, Available-for-Sale, Amortized Cost, Maturity, Allocated and Single Maturity Date, after Year One Through Five | $147M | $151M | -2.6% | $145M | $145M | 0.0% |
| Debt Securities, Available-for-Sale, Amortized Cost, Maturity, Allocated and Single Maturity Date, Year One | $36M | $18M | +100.0% | $29M | $31M | -6.5% |
| Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, after Year 10 | $63M | $57M | +10.5% | $55M | $60M | -8.3% |
| Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, after Year 5 Through 10 | $82M | $107M | -23.4% | $104M | $130M | -20.0% |
| Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, after Year One Through Five | $136M | $147M | -7.5% | $140M | $140M | 0.0% |
| Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, Year One | $36M | $17M | +111.8% | $29M | $31M | -6.5% |
| Debt Securities, Available-for-sale, Maturity, without Single Maturity Date, Fair Value | $317M | $328M | -3.4% | $328M | $361M | -9.1% |
| Debt Securities, Available-for-sale, Noncurrent | $463M | $573M | -19.2% | $485M | $569M | -14.8% |
| Debt, Current | $8.09B | $6.11B | +32.5% | $4.89B | $4.7B | +4.1% |
| Debt, Long-term and Short-term, Combined Amount | $50.5B | $44.5B | +13.4% | $46.5B | $43B | +8.0% |
| DebtSecuritiesAvailableForSaleAmortizedCostAfterAllowanceForCreditLoss | $342M | $343M | -0.3% | $342M | $388M | -11.9% |
| Deferred Federal Income Tax Expense (Benefit) | – | – | – | $201M | $394M | -49.0% |
| Deferred Foreign Income Tax Expense (Benefit) | – | – | – | $6M | $7M | -14.3% |
| Deferred Income Taxes and Tax Credits | -$171M | $434M | -139.4% | $310M | $22M | +1,309.1% |
| Deferred State and Local Income Tax Expense (Benefit) | – | – | – | $31M | $31M | 0.0% |
| Deferred Tax Assets, Net of Valuation Allowance | $1.93B2025-12-31 | $1.87B | +3.2% | $1.93B | $1.87B | +3.2% |
| Deferred Tax Assets, Operating Loss Carryforwards, State and Local | $24M2025-12-31 | $167M | -85.6% | $24M | $167M | -85.6% |
| Deferred Tax Assets, Other | $268M2025-12-31 | $297M | -9.8% | $268M | $297M | -9.8% |
| Deferred Tax Assets, Property, Plant and Equipment | $02025-12-31 | $0 | – | $0 | $0 | – |
| Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits | $322M2025-12-31 | $285M | +13.0% | $322M | $285M | +13.0% |
| Deferred Tax Liabilities, Gross | $2.85B2025-12-31 | $2.53B | +12.6% | $2.85B | $2.53B | +12.6% |
| Deferred Tax Liabilities, Other | $1.04B2025-12-31 | $932M | +11.2% | $1.04B | $932M | +11.2% |
| Deferred Tax Liabilities, Property, Plant and Equipment | $1.36B2025-12-31 | $1.14B | +19.1% | $1.36B | $1.14B | +19.1% |
Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.
Sources
Statements, segment revenue, metrics, estimates: Financial Modeling Prep. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-09-30, 10-Q 2026-06-30, 10-Q 2026-03-31, 10-K 2025-12-31, 10-Q 2025-09-30, 10-Q 2025-06-30, 10-Q 2025-03-31, 10-K 2024-12-31, 10-Q 2024-09-30
Data as of 2026-11-01