HCA Healthcare Inc. (HCA) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$7.5	$7.59	+1.2%	—	$20.2B	—
Q1 26	$7.13	$7.15	+0.3%	—	$19.1B	—
Q4 25	$7.48	$8.01	+7.1%	—	$19.5B	—
Q3 25	$5.73	$6.96	+21.5%	—	$19.2B	—
Q2 25	$6.32	$6.84	+8.2%	—	$18.6B	—
Q1 25	$5.75	$6.45	+12.2%	—	$18.3B	—
Q4 24	$6.14	$6.22	+1.3%	—	$18.3B	—
Q3 24	$4.98	$4.9	-1.6%	—	$17.5B	—
Q2 24	$4.93	$5.5	+11.6%	—	$17.5B	—
Q1 24	$5.09	$5.36	+5.3%	—	$17.3B	—
Q4 23	$5.05	$5.9	+16.8%	—	$17.3B	—
Q3 23	$3.97	$3.91	-1.5%	—	$16.2B	—
Q2 23	$4.24	$4.29	+1.2%	—	$15.9B	—
Q1 23	$3.92	$4.93	+25.8%	—	$15.6B	—
Q4 22	$4.79	$4.64	-3.1%	—	$15.5B	—
Q3 22	$3.86	$3.93	+1.8%	—	$15B	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$30.2	—	—	$75.6B	—
FY24	—	$23	—	—	$70.6B	—
FY23	—	$19.3	—	—	$65B	—
FY22	—	$19.4	—	—	$60.2B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$41.5B	$43.6B	$46.7B	$51.3B	$51.5B	$58.8B	$60.2B	$65B	$70.6B	$75.6B
YoY change	+4.57%	+5.12%	+7.02%	+9.98%	+0.38%	+14%	+2.52%	+7.86%	+8.67%	+7.08%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	41.5B	43.6B	46.7B	51.3B	51.5B	58.8B	60.2B	65B	70.6B	75.6B
Cost of revenue	6.9B	7.3B	7.7B	8.5B	8.4B	9.5B	9.4B	9.9B	41.9B	44.2B
Gross profit	34.6B	36.3B	39B	42.9B	43.2B	49.3B	50.9B	55.1B	28.7B	31.4B
Gross margin	83.3%	83.2%	83.5%	83.5%	83.8%	83.9%	84.4%	84.8%	40.6%	41.5%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	18.9B	20.1B	21.4B	23.6B	23.9B	26.8B	27.7B	29.5B	31.2B	—
Operating expenses	26.4B	28.1B	30B	33B	33.2B	36.7B	38.8B	42.4B	46B	15.9B
Operating income	6.2B	6.1B	6.6B	7.2B	7.3B	9.7B	9.1B	9.6B	10.5B	12B
Operating margin	14.9%	13.9%	14.2%	14.1%	14.1%	16.5%	15%	14.8%	14.9%	15.8%
Non-operating income, net	319M	14M	448M	-150M	-248M	1.7B	1.3B	17M	37M	115M
Pretax income	4.8B	4.4B	5.3B	5.2B	5.4B	9.8B	8.6B	7.7B	8.5B	9.8B
Income tax	1.4B	1.6B	946M	1.1B	1B	2.1B	1.7B	1.6B	1.9B	2B
Net income	3.4B	2.7B	4.4B	4.1B	4.4B	7.7B	6.8B	6.1B	6.7B	7.8B
Net margin	8.27%	6.29%	9.4%	8.07%	8.51%	13.1%	11.3%	9.38%	9.43%	10.3%
EBITDA	8.2B	8.2B	8.9B	9.9B	10B	12.6B	12.1B	12.7B	13.9B	15.6B
EPS	7.8	6.33	11	10.4	11.1	22.8	19.4	19.3	23	30.2
Diluted EPS	7.3	5.95	10.7	10.1	10.9	21.2	19.1	19	22	28.3

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	16.2B	17.3B	17.3B	17.5B	17.5B	18.3B	18.3B	18.6B	19.2B	19.5B	19.1B	20.2B
Cost of revenue	2.4B	2.6B	2.7B	2.6B	10.5B	10.7B	10.8B	11B	11.1B	11.3B	11.1B	11.2B
Gross profit	13.8B	14.7B	14.7B	14.9B	7B	7.6B	7.6B	7.6B	8B	8.2B	8B	9.1B
Gross margin	85.1%	85.1%	84.6%	84.9%	39.9%	41.4%	41.3%	41%	41.8%	41.9%	41.7%	44.8%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	7.6B	7.6B	7.7B	7.7B	7.9B	7.9B	8B	—	—	—	—	—
Operating expenses	10.9B	11.1B	11.3B	11.3B	11.6B	11.8B	11.8B	3.8B	4.2B	4.1B	4.2B	5B
Operating income	2.1B	2.8B	2.6B	2.7B	2.4B	2.8B	2.9B	3B	3B	3.2B	2.9B	3.1B
Operating margin	12.9%	16.2%	14.8%	15.6%	13.8%	15.6%	15.6%	15.9%	15.5%	16.3%	15%	15.2%
Non-operating income, net	21M	35M	199M	12M	11M	-185M	19M	16M	14M	66M	8M	26M
Pretax income	1.6B	2.3B	2.2B	2.2B	1.9B	2.1B	2.3B	2.4B	2.4B	2.7B	2.3B	2.5B
Income tax	355M	484M	445M	550M	424M	447M	502M	524M	515M	509M	430M	564M
Net income	1.3B	1.9B	1.8B	1.7B	1.5B	1.7B	1.8B	1.9B	1.9B	2.2B	1.9B	1.9B
Net margin	7.86%	10.8%	10.4%	9.64%	8.47%	9.22%	9.96%	10.2%	9.93%	11.1%	9.72%	9.54%
EBITDA	2.9B	3.6B	3.4B	3.5B	3.3B	3.7B	3.7B	3.8B	3.9B	4.1B	3.8B	4B
EPS	3.98	6.05	6.04	5.6	4.99	5.75	6.63	7	7.15	8.36	7.28	7.79
Diluted EPS	3.91	5.93	5.93	5.53	4.88	5.63	6.45	6.83	6.96	8.14	7.15	7.62

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	27.4B	30.8B	42.7B	50B	55.8B	—	69.7B	73.7B	75B	—	93.7B
Enterprise value	58.2B	63.1B	75B	85B	87.1B	—	109B	114.7B	118.3B	—	148.2B
Shares outstanding	370.5M	350.1M	342.9M	338.4M	339.4M	305.5M	290.3M	272.4M	250M	224.6M	224.6M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	7.99	11.2	9.72	12.1	12.7	—	10.2	12.1	11.3	—	14.6
P/S	0.66	0.71	0.91	0.97	1.08	—	1.16	1.13	1.06	—	1.21
P/B	-4.87	-6.16	-14.6	-88.5	19.3	—	-954.4	69.6	135.2	—	-29.4
EV/EBITDA	7.08	7.66	8.38	8.62	8.68	—	9.03	9.01	8.52	—	9.41
EV/Sales	1.4	1.45	1.61	1.66	1.69	—	1.81	1.76	1.68	—	1.9
Earnings yield	12.5%	8.92%	10.3%	8.29%	7.86%	—	9.81%	8.26%	8.87%	—	6.85%
FCF yield	10.5%	7.84%	7.47%	6.88%	11.5%	—	5.92%	6.36%	7.52%	—	3.99%
PEG	—	—	—	—	—	—	—	—	—	—	1.29

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	83.3%	83.2%	83.5%	83.5%	83.8%	83.9%	84.4%	84.8%	40.6%	41.5%	44.8%
Operating margin	14.9%	13.9%	14.2%	14.1%	14.1%	16.5%	15%	14.8%	14.9%	15.8%	15.2%
Net margin	8.27%	6.29%	9.4%	8.07%	8.51%	13.1%	11.3%	9.38%	9.43%	10.3%	8.77%
ROE	-60.9%	-54.9%	-150.4%	-733.6%	151.7%	518.5%	-9.4K%	574.6%	1.2K%	-280.8%	-244.8%
ROA	10.2%	7.5%	11.2%	9.2%	9.24%	15.2%	13%	10.8%	11.2%	12.8%	12.3%
ROIC	17.6%	13.9%	18.6%	16.6%	17.2%	20.7%	18.4%	18.1%	18.8%	21.1%	20.3%
Return on tangible assets	12.7%	9.39%	14%	11.3%	11.3%	18.7%	16%	13.2%	13.5%	15.4%	14.9%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	1.56	1.62	1.35	1.44	1.42	1.41	1.38	1.18	1.08	0.97	0.99
Quick ratio	1.3	1.36	1.12	1.2	1.18	1.21	1.17	1.02	0.97	0.86	0.9
Debt / equity	-5.57	-6.62	-11.2	-63	11.4	24.7	-550.7	39.5	81.5	-17.6	-0.16
Debt / assets	0.93	0.9	0.84	0.79	0.7	0.72	0.77	0.74	0.76	0.8	0.82
Net debt / EBITDA	3.74	3.93	3.61	3.55	3.11	2.79	3.26	3.22	3.12	3.06	3.2
Interest coverage	3.82	3.59	4.04	3.88	4.43	7.28	5.93	4.98	5.14	5.37	5.26
Effective tax rate	28.6%	37.4%	17.7%	21%	19.2%	21.5%	20.3%	21%	21.9%	20.9%	20.4%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	112	124.6	136.1	151.7	151.8	192.3	207.5	238.5	282.4	336.6	345.3
EPS (basic)	7.8	6.33	11	10.4	11.1	22.8	19.4	19.3	23	30.2	30.2
EPS (diluted)	7.3	5.95	10.7	10.1	10.9	21.2	19.1	19	22	28.3	29.8
Book value per share	-15.2	-14.3	-8.51	-1.67	8.52	4.87	-0.25	3.89	2.22	-12.3	-30.5
FCF per share	7.81	6.89	9.3	10.2	18.8	17.6	14.2	17.2	22.6	34.2	26.9
Cash per share	1.74	2.09	1.46	1.83	5.28	4.75	3.13	3.43	7.73	4.63	5.22
Capex per share	7.45	8.61	10.4	12.3	8.35	11.7	15.1	17.4	19.5	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	6.65%	6.91%	7.65%	8.1%	5.5%	6.09%	7.3%	7.3%	6.9%	—	—
Capex / operating cash flow	31.4%	33.3%	55.1%	59.3%	36.9%	37.4%	43.8%	53.8%	47.9%	—	—
Payout ratio	0%	0%	11.1%	13.3%	3.49%	8.08%	9.56%	10.9%	10.4%	8.73%	10.1%
Dividend yield	0%	0%	1.14%	1.1%	0.27%	—	0.94%	0.9%	0.92%	—	0.72%

Yield

0.72%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.78

ex-dividend Sep 16, 2026

Payout ratio

10%

of earnings

Dividend growth

5 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Sep 16, 2026	$0.78
Jun 16, 2026	$0.78
Mar 17, 2026	$0.78
Dec 15, 2025	$0.72
Sep 16, 2025	$0.72
Jun 16, 2025	$0.72
Mar 17, 2025	$0.72
Dec 13, 2024	$0.66

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$16.2B	$17.3B	$17.3B	$17.5B	$17.5B	$18.3B	$18.3B	$18.6B	$19.2B	$19.5B	$19.1B	$20.2B
YoY change	+8.3%	+11.7%	+11.2%	+10.3%	+7.86%	+5.68%	+5.66%	+6.36%	+9.57%	+6.72%	+4.3%	+8.73%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	646M	732M	502M	621M	1.8B	1.5B	908M	935M	1.9B	1B
Receivables	5.8B	6.5B	6.8B	7.4B	7.1B	8.1B	8.9B	10B	10.8B	10.9B
Inventory	1.5B	1.6B	1.7B	1.8B	2B	2B	2.1B	2B	1.7B	1.7B
Total current assets	9.1B	10B	10.2B	11.2B	12.3B	13.5B	13.6B	14.9B	16.4B	15.8B
Property, plant & equipment	23.4B	25.8B	27.7B	32.6B	6.8B	7B	7.4B	8.4B	8.9B	9.5B
Goodwill & intangibles	6.7B	7.4B	8B	8.3B	8.6B	9.5B	9.7B	9.9B	10.1B	10.3B
Total assets	33.8B	36.6B	39.2B	45.1B	47.5B	50.7B	52.4B	56.2B	59.5B	60.7B
Accounts payable	2.3B	2.6B	2.6B	2.9B	3.5B	4.1B	4.2B	4.2B	4.3B	4.7B
Short-term debt	216M	200M	788M	495M	588M	629M	734M	2.8B	5B	5.2B
Total current liabilities	5.8B	6.2B	7.6B	7.8B	8.7B	9.6B	9.9B	12.7B	15.2B	16.4B
Long-term debt	31.2B	32.9B	32B	35.1B	32.5B	36.1B	39.5B	39.1B	40.2B	43.5B
Total liabilities	39.4B	41.6B	42.1B	45.6B	44.6B	49.3B	52.5B	55.2B	59B	63.5B
Shareholders' equity	-5.6B	-5B	-2.9B	-565M	2.9B	1.5B	-73M	1.1B	555M	-2.8B
Total debt	31.4B	33.1B	32.8B	35.6B	33.1B	36.7B	40.2B	41.9B	45.2B	48.7B
Net debt	30.7B	32.3B	32.3B	35B	31.3B	35.3B	39.3B	40.9B	43.3B	47.7B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	891M	935M	1.3B	831M	2.9B	1.9B	1.1B	939M	997M	1B	940M	1B
Receivables	9.2B	10B	10B	10.2B	9.9B	10.8B	11.1B	10.5B	10.4B	10.9B	11.3B	12.3B
Inventory	2B	2B	1.9B	1.8B	1.8B	1.7B	1.8B	1.8B	1.7B	1.7B	1.7B	1.7B
Total current assets	14.3B	14.9B	15.3B	15.2B	16.7B	16.4B	16.3B	15.6B	15.3B	15.8B	16.1B	17.2B
Property, plant & equipment	29.2B	8.4B	30.3B	30.8B	31.2B	8.9B	31.9B	32.3B	32.7B	9.5B	33.6B	33.9B
Goodwill & intangibles	9.8B	9.9B	10B	10B	10B	10.1B	10.2B	10.3B	10.3B	10.3B	10.5B	10.7B
Total assets	54.6B	56.2B	57B	57.4B	59.5B	59.5B	59.8B	59.5B	59.7B	60.7B	61.5B	63.3B
Accounts payable	4.1B	4.2B	4.7B	4B	4.2B	4.3B	4.5B	4.3B	4.6B	4.7B	4.8B	4.8B
Short-term debt	2.6B	2.8B	3B	4.6B	4.7B	5B	3.5B	5.1B	6.1B	5.2B	8.5B	6.3B
Total current liabilities	12.4B	12.7B	13.1B	14.3B	14.9B	15.2B	13.6B	15.9B	17.9B	16.4B	19.3B	17.3B
Long-term debt	38.6B	39.1B	39.1B	38.2B	40.2B	40.2B	42.9B	41.3B	40.2B	43.5B	41.3B	45.3B
Total liabilities	54.2B	55.2B	55.7B	56B	58.7B	59B	60.2B	60.8B	61.9B	63.5B	64.4B	66.5B
Shareholders' equity	357M	1.1B	1.3B	1.3B	786M	555M	-438M	-1.2B	-2.2B	-2.8B	-3B	-3.2B
Total debt	41.1B	41.9B	42.1B	42.8B	44.9B	45.2B	46.4B	46.4B	46.3B	48.7B	49.8B	51.6B
Net debt	40.2B	40.9B	40.8B	41.9B	42B	43.3B	45.4B	45.4B	45.4B	47.7B	48.9B	50.5B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	3.4B	2.7B	4.4B	4.1B	4.4B	7.7B	6.8B	6.1B	6.7B	7.8B
Depreciation & amortization	2B	2.1B	2.3B	2.6B	2.7B	2.9B	3B	3.1B	3.3B	3.5B
Stock-based compensation	251M	270M	268M	347M	362M	440M	341M	262M	360M	401M
Change in working capital	3.2B	3.4B	-665M	-484M	23M	-1.5B	-856M	-1.1B	-465M	-248M
Operating cash flow	8.8B	9.1B	6.5B	7B	7.7B	9.6B	10B	8.8B	10.2B	12.6B
Capital expenditure	-2.8B	-3B	-3.6B	-4.2B	-2.8B	-3.6B	-4.4B	-4.7B	-4.9B	—
Investing cash flow	-3.3B	-4.2B	-4B	-5.7B	-3.4B	-2.5B	-3.4B	-5.2B	-4.8B	-116M
Dividends paid	0	0	-487M	-550M	-153M	-624M	-653M	-661M	-690M	-679M
Share repurchases	-2.8B	-2.1B	-1.5B	-1B	-441M	-8.2B	-7B	-3.8B	-6B	-10.1B
Financing cash flow	-2.5B	-1.1B	-3.7B	-1.8B	-4.7B	-6.7B	-5.7B	-4.1B	-4.6B	-8.6B
Net change in cash	3B	3.8B	-1.2B	-503M	-375M	387M	982M	-477M	769M	4B
Free cash flow	2.9B	2.4B	3.2B	3.4B	6.4B	5.4B	4.1B	4.7B	5.6B	7.7B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	1.3B	1.9B	1.8B	1.7B	1.5B	1.7B	1.8B	1.9B	1.9B	2.2B	1.9B	1.9B
Depreciation & amortization	769M	789M	795M	819M	842M	856M	860M	863M	889M	911M	930M	944M
Stock-based compensation	72M	57M	87M	112M	76M	85M	98M	99M	104M	100M	86M	85M
Change in working capital	-447M	-619M	-13M	-340M	592M	-704M	-687M	580M	327M	-468M	-383M	-1.1B
Operating cash flow	1.8B	2.3B	3.2B	1.9B	3B	2.1B	2.7B	3.9B	4.4B	2.4B	2B	2.3B
Capital expenditure	-1.1B	-1.2B	-1.1B	-1.3B	-1.2B	-1.3B	-991M	-1.2B	—	—	—	—
Investing cash flow	-1.3B	-1.5B	-905M	-1.3B	-1.3B	-1.3B	-1.1B	-1.3B	-33M	74M	-266M	-103M
Dividends paid	-162M	-160M	-185M	-171M	-169M	-165M	-180M	-171M	-166M	-162M	-183M	-171M
Share repurchases	-1.1B	-910M	-1.2B	-1.4B	-1.8B	-1.7B	-2.5B	-2.5B	-2.5B	-2.6B	-1.6B	-2.1B
Financing cash flow	-712M	-1B	-1.2B	-1.1B	-1.1B	-2.2B	-1.5B	-4.9B	-1.2B	-3.2B	-830M	-3.4B
Net change in cash	-245M	-266M	1.1B	-484M	552M	-1.4B	97M	-2.2B	3.2B	-768M	918M	-1.2B
Free cash flow	1.3B	1.5B	1.4B	690M	2.3B	1.3B	660M	3B	3.1B	870M	895M	1.1B

HCA Healthcare Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement