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HCA

HCA Healthcare, Inc.

HCA

HCA Healthcare, Inc. • NYSE
$508.29 ▼ -1.26% (-6.47)
Market Cap $123.38 B
52w High $520.00
52w Low $289.98
Dividend Yield 2.82%
P/E 19.65
Volume 528.54K
Outstanding Shares 242.74M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $19.161B ▲ $0 $1.674B ▲ 8.736% ▼ $-10.54 ▼ $3.9B ▲
Q2-2025 $18.605B ▲ $0 $1.653B ▲ 8.885% ▲ $6.91 ▲ $3.846B ▲
Q1-2025 $18.321B ▲ $0 $1.61B ▲ 8.788% ▲ $6.52 ▲ $3.734B ▲
Q4-2024 $18.285B ▲ $0 $1.438B ▲ 7.864% ▲ $5.7 ▲ $3.517B ▲
Q3-2024 $17.487B $0 $1.27B 7.263% $4.94 $3.263B

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $997M ▼ $59.747B ▲ $61.906B ▲ $-5.335B ▼
Q2-2025 $1.04B ▼ $59.536B ▼ $60.774B ▲ $-4.394B ▼
Q1-2025 $1.06B ▼ $59.798B ▲ $60.236B ▲ $-3.519B ▼
Q4-2024 $1.933B ▼ $59.513B ▲ $58.958B ▲ $-2.499B ▼
Q3-2024 $2.888B $59.459B $58.673B $-2.182B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $1.643B ▼ $4.416B ▲ $-1.388B ▼ $-2.967B ▲ $58M ▲ $3.128B ▲
Q2-2025 $1.891B ▲ $4.21B ▲ $-1.251B ▼ $-3.089B ▼ $-121M ▲ $3.034B ▲
Q1-2025 $1.825B ▲ $1.651B ▼ $-1.032B ▲ $-1.495B ▲ $-873M ▲ $660M ▼
Q4-2024 $1.438B ▼ $2.559B ▼ $-1.346B ▲ $-2.163B ▼ $-955M ▼ $1.274B ▼
Q3-2024 $1.482B $3.515B $-1.352B $-110M $2.057B $2.324B

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
International
International
 $430.00M ▲$450.00M ▲$460.00M ▲$480.00M ▲
Managed Care And Other Insurers
Managed Care And Other Insurers
 $9.36Bn ▲$9.04Bn ▼$9.12Bn ▲$9.27Bn ▲
Managed Medicaid
Managed Medicaid
 $940.00M ▲$880.00M ▼$900.00M ▲$950.00M ▲
Managed Medicare
Managed Medicare
 $3.10Bn ▲$3.30Bn ▲$3.35Bn ▲$3.31Bn ▼
Medicaid
Medicaid
 $1.36Bn ▲$1.19Bn ▼$1.44Bn ▲$1.78Bn ▲
Medicare
Medicare
 $2.74Bn ▲$2.90Bn ▲$2.80Bn ▼$2.73Bn ▼

Five-Year Company Overview

Income Statement

Income Statement HCA’s income statement shows a large, steadily growing business with solid profitability. Revenue has climbed each year over the last five years, reflecting strong demand for hospital and outpatient services. Profitability has generally remained healthy, even as labor and supply costs have risen across the industry. Earnings dipped slightly a couple of years ago but have since recovered and moved higher, with per‑share earnings trending up over time. Overall, the company is running a high-volume, fairly efficient operation that consistently turns its scale into meaningful profits.

Balance Sheet

Balance Sheet The balance sheet is the main area of caution. HCA carries a heavy debt load that has grown over time, while reported shareholder equity is now negative. Negative equity for a mature, cash-generative company often reflects large share repurchases rather than operating weakness, but it does underline that this is a highly leveraged capital structure. Total assets continue to grow as HCA invests in hospitals and outpatient sites, and cash on hand is relatively modest compared with its size, which is typical for a company relying on ongoing cash generation and access to debt markets. The key risk is sensitivity to interest costs, credit conditions, and any sustained downturn in cash flow.

Cash Flow

Cash Flow Cash flow is a relative strength. HCA consistently generates strong cash from its operations, comfortably covering its investment spending and still leaving room for debt service and returns to shareholders. Capital spending has increased over time as the company upgrades facilities and expands its network, but free cash flow has remained solidly positive. This pattern—strong, recurring operating cash flow and disciplined but rising investment—supports the company’s ability to manage its debt, maintain its assets, and fund ongoing innovation and expansion.

Competitive Edge

Competitive Edge HCA holds a powerful competitive position as one of the largest hospital operators in the U.S., with dense networks in attractive, fast-growing states like Texas and Florida. Its broad footprint of hospitals, surgery centers, emergency rooms, and clinics creates an internal referral ecosystem that keeps patients within its network. Scale gives it bargaining power with suppliers, the ability to spread technology investments over many sites, and the data advantage that comes from millions of patient encounters. High switching costs for patients and physicians, plus a strong presence in graduate medical education, deepen relationships and talent pipelines. Key pressures include labor shortages, wage inflation, regulatory and reimbursement risk, and competition from independent outpatient centers and non-traditional healthcare entrants.

Innovation and R&D

Innovation and R&D While HCA does not do traditional pharmaceutical-style R&D, it is very active in applied clinical research and digital innovation. The company is heavily leveraging its vast clinical data to build predictive tools for conditions like sepsis and to optimize treatment paths and hospital operations. AI is being used to improve staffing, reduce administrative work for clinicians, and streamline workflows, supported by a strategic partnership with Google Cloud. HCA is also a leader in robotic-assisted surgery and is experimenting with technologies like real-time tracking of assets, digital twins of hospitals, and a modernized electronic health record platform. Its large research footprint and role in graduate medical education reinforce a culture of continuous learning and improvement, which can translate into better outcomes and operational efficiency over time.

Summary

HCA is a large, profitable healthcare provider with steady revenue growth, solid margins, and strong cash generation. Its balance sheet is intentionally aggressive, with high leverage and negative equity, which amplifies both the benefits and the risks of its financial strategy. Operationally, the company benefits from scale, dense regional networks, and a broad continuum of care that is hard for smaller rivals to match. It is leaning into data, AI, robotics, and outpatient expansion to drive the next phase of efficiency and growth. Key things to watch include labor costs and staffing challenges, reimbursement and regulatory changes, the impact of its sizable debt in different interest rate environments, and execution on major technology and outpatient growth initiatives.

NEWS

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November 11, 2025 · 8:30 AM UTC

HCA Healthcare Commits $150,000 in Support of Veterans and Their Families in Honor of Veterans Day

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North Texas Food Bank Unveils Container Pantry Sponsored by American Heart Association and Medical City Healthcare, supported by the HCA Healthcare Foundation

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