{"success":true,"data":{"pressRelease":{"id":"180787","rtpr_id":"nBw5tWgq6a-20261027","ticker":"HCA","exchange":"NYSE","all_tickers":["HCA"],"title":"HCA Healthcare Reports Third Quarter 2026 Results","author":"Business Wire","published_at":"2026-10-27T11:00:01.403Z","article_body":"HCA Healthcare Reports Third Quarter 2026 Results\n\nHCA Healthcare, Inc.\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fwww.hcahealthcare.com%2F&esheet=54628952&newsitemid=20261027765972&lan=en-US&anchor=HCA+Healthcare%2C+Inc.&index=1&md5=a7efe1613d725bd27415060858782c58)\n(NYSE: HCA) today announced financial and operating results for the third\nquarter ended September 30, 2026.\n\nKey third quarter metrics (all percentage changes compare 3Q 2026 to 3Q 2025\nunless otherwise noted):\n\n\n * Revenues increased 3.6 percent to $19.849 billion\n\n * Net income attributable to HCA Healthcare, Inc. declined 3.9 percent to $1.579\nbillion\n\n * Diluted earnings per share increased 4.5 percent to $7.27 per diluted share,\nand diluted earnings per share, as adjusted, increased 3.7 percent to $7.22\nper diluted share\n\n * Adjusted EBITDA increased 1.2 percent to $3.918 billion\n\n * Cash flows from operating activities totaled $4.461 billion, compared to\n$4.416 billion in the third quarter of 2025\n\n * Same facility admissions increased 2.7 percent and same facility equivalent\nadmissions increased 3.0 percent\n\n\"I have often mentioned that HCA has strong staying power because of our\nscale, the important role we play in providing critical services to\ncommunities, and our disciplined culture. Despite the challenges brought about\nby federal policy changes this year, our colleagues have continued to provide\nhigh-quality care to patients, and we believe HCA Healthcare is positioned to\nend the year positively,” said Sam Hazen, Chief Executive Officer of HCA\nHealthcare.\n\nRevenues in the third quarter of 2026 totaled $19.849 billion, compared to\n$19.161 billion in the third quarter of 2025. Net income attributable to HCA\nHealthcare, Inc. totaled $1.579 billion, or $7.27 per diluted share, compared\nto $1.643 billion, or $6.96 per diluted share, in the third quarter of 2025.\nResults for the third quarter of 2026 include gains on sales of facilities of\n$13 million, or $0.05 per diluted share, compared to losses on sales of\nfacilities of $2 million in the third quarter of 2025.\n\nFor the third quarter of 2026, Adjusted EBITDA totaled $3.918 billion,\ncompared to $3.870 billion in the third quarter of 2025. Diluted earnings per\nshare, as adjusted, and Adjusted EBITDA are non-GAAP financial measures. A\ntable providing supplemental information on these non-GAAP financial measures\nand reconciling GAAP measures of financial performance to them is included in\nthis release.\n\nSame facility admissions increased 2.7 percent and same facility equivalent\nadmissions increased 3.0 percent in the third quarter of 2026, compared to the\nprior year period. Same facility emergency room visits increased 5.1 percent\nin the third quarter of 2026, compared to the prior year period. Same facility\ninpatient surgeries declined 1.4 percent, and same facility outpatient\nsurgeries declined 3.7 percent in the third quarter of 2026, compared to the\nsame period of 2025. Same facility revenue per equivalent admission increased\n0.6 percent in the third quarter of 2026, compared to the third quarter of\n2025.\n\nDuring the third quarter, the Company experienced a payer mix shift driven by\nan increase in uninsured volume, primarily due to patients who lost coverage\non the health insurance exchanges. The Company estimates this payer mix shift\nhad an unfavorable impact on income before income taxes of approximately $400\nmillion during the third quarter.\n\nDespite the unfavorable payer mix shift, the Company’s third quarter results\nreflected improvement in key areas of its business: growth accelerated in same\nfacility equivalent admissions and insured revenue per equivalent admission\n(excluding Medicaid Supplemental Payment Programs); cost results improved; and\nthe net benefit from Medicaid Supplemental Payment Programs modestly\nincreased.\n\n2026 Guidance\n\nThe Company now believes its full year operating results will be in the upper\nhalf of its 2026 estimated guidance ranges previously issued on July 14, 2026.\n\nThe Company’s guidance contains a number of assumptions, including, among\nothers, the Company’s current expectations regarding volume growth coupled\nwith an anticipated mostly stable operating environment, payer mix, service\nmix, the impact of current and future health care public policy developments,\nincluding the estimated impact on health insurance exchanges from\nadministrative reforms and the expiration of the enhanced premium tax credits,\nanticipated results from resiliency initiatives, as well as general business\nor economic conditions, including inflation and the impact of trade policies,\nincluding tariffs, and excludes the impact of items such as, but not limited\nto, gains or losses on sales of facilities, losses on retirement of debt,\nlegal claims costs and impairment of long-lived assets. In addition, the\nCompany’s guidance excludes the impact of future approvals that could impact\nreimbursement under certain state Medicaid directed and supplemental payments.\n\nAdjusted EBITDA is a non-GAAP financial measure. A table reconciling\nforecasted net income attributable to HCA Healthcare, Inc. to forecasted\nAdjusted EBITDA is included in this release.\n\nThe Company’s updated guidance is based on current plans and expectations\nand is subject to a number of known and unknown uncertainties and risks,\nincluding those set forth below in the Company’s “Forward-Looking\nStatements.”\n\nNine Months Ended September 30, 2026\n\nRevenues for the nine months ended September 30, 2026 totaled $59.188 billion,\ncompared to $56.087 billion in the prior year period. Net income attributable\nto HCA Healthcare, Inc. for the first nine months of 2026 was $4.898 billion,\nor $22.05 per diluted share, compared to $4.906 billion, or $20.23 per diluted\nshare, for the first nine months of 2025. Results for the nine months ended\nSeptember 30, 2026 include gains on sales of facilities of $22 million, or\n$0.08 per diluted share. Results for the nine months ended September 30, 2025\nincluded losses on sales of facilities of $4 million, or $0.01 per diluted\nshare.\n\nBalance Sheet and Cash Flows from Operations\n\nAs of September 30, 2026, HCA Healthcare, Inc.’s balance sheet reflected\ncash and cash equivalents of $908 million, total debt of $50.493 billion, and\ntotal assets of $63.452 billion. During the third quarter of 2026, capital\nexpenditures totaled $1.357 billion, excluding acquisitions. Cash flows\nprovided by operating activities in the third quarter of 2026 totaled $4.461\nbillion, compared to $4.416 billion in the third quarter of 2025.\n\nDuring the third quarter of 2026, the Company repurchased 7.230 million shares\nof its common stock at a cost of $2.970 billion. The Company had $4.240\nbillion remaining under its repurchase authorization as of September 30, 2026.\nAs of September 30, 2026, the Company had $2.226 billion of availability under\nits credit facility (after giving effect to letters of credit and amounts\nreserved to backstop its commercial paper program).\n\nDividend\n\nHCA today announced that its Board of Directors declared a quarterly cash\ndividend of $0.78 per share on the Company’s common stock. The dividend will\nbe paid on December 29, 2026 to stockholders of record at the close of\nbusiness on December 15, 2026.\n\nThe declaration and payment of any future dividend will be subject to the\ndiscretion of the Board of Directors and will depend on a variety of factors,\nincluding the Company’s financial condition and results of operations.\nFuture dividends are expected to be funded by cash balances and future cash\nflows from operations.\n\nEarnings Conference Call\n\nHCA Healthcare will host a conference call for investors at 9:00 a.m. Central\nTime today. All interested investors are invited to access a live audio\nbroadcast of the call via webcast. The broadcast also will be available on a\nreplay basis beginning this afternoon. The webcast can be accessed through the\nCompany’s Investor Relations web page at\n\nhttps://investor.hcahealthcare.com/events-and-presentations/default.aspx\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Finvestor.hcahealthcare.com%2Fevents-and-presentations%2Fdefault.aspx&esheet=54628952&newsitemid=20261027765972&lan=en-US&anchor=https%3A%2F%2Finvestor.hcahealthcare.com%2Fevents-and-presentations%2Fdefault.aspx&index=2&md5=148d68d13411225ce759c2a6a590c838)\n.\n\nAbout the Company\n\nAs of September 30, 2026, HCA operated 189 hospitals and approximately 2,600\nambulatory sites of care, including surgery centers, freestanding emergency\nrooms, urgent care centers and physician clinics, in 19 states and the United\nKingdom.\n\nForward-Looking Statements\n\nThis press release contains forward-looking statements within the meaning of\nthe federal securities laws, which involve risks and uncertainties.\nForward-looking statements include the Company’s financial guidance for the\nyear ending December 31, 2026, as well as other statements that do not relate\nsolely to historical or current facts. Forward-looking statements can be\nidentified by the use of words like “may,” “believe,” “will,”\n“expect,” “project,” “estimate,” “anticipate,” “plan,”\n“initiative” or “continue.” These forward-looking statements are based\non our current plans and expectations and are subject to a number of known and\nunknown uncertainties and risks, many of which are beyond our control, which\ncould significantly affect current plans and expectations and our future\nfinancial position and results of operations. These factors include, but are\nnot limited to, (1) changes in or related to general economic or business\nconditions nationally and regionally in our markets, including inflation, and\nthe impact of trade policies, including changes in, or the imposition of,\ntariffs and/or trade barriers; changes in revenues resulting from declining\npatient volumes; changes in payer mix (including increases in uninsured and\nunderinsured patients); potential increased expenses related to labor,\npharmaceuticals, supply chain or other expenditures; workforce disruptions;\nsupply and pharmaceutical shortages and disruptions (including as a result of\ntariffs or geopolitical disruptions); and the impact of federal government\nshutdowns, holds on or cancellations of congressionally authorized spending\nand interruptions in the distribution of governmental funds, (2) the impact of\ncurrent and future health care public policy developments and the\nimplementation of new, and possible changes to existing, federal, state or\nlocal laws and regulations affecting health care spending or the health care\nindustry, including the expiration at the end of 2025 of enhanced premium tax\ncredits (“EPTCs”) for eligible individuals purchasing insurance coverage\nthrough federal and state-based health insurance exchanges, changes in the\nstructure and administration of, and funding for, federal and state agencies\nand programs, effects of the 2025 Federal Budget Act (the “FBA”) and\nefforts to address health care affordability, (3) the ability to achieve\noperating and financial targets, develop and execute resiliency plans to\noffset to the extent possible impacts from the FBA, the expiration of EPTCs\nand tariffs, attain expected levels of patient volumes and revenues and\nservice mix, and control the costs of providing services, (4) the impact of\nour significant indebtedness and the ability to refinance such indebtedness on\nacceptable terms, (5) the effects related to the implementation of\nsequestration spending reductions required under the Budget Control Act of\n2011, related legislation extending these reductions, and the potential for\nfuture deficit or other spending reduction legislation that may alter current\nspending reductions, which include cuts to Medicare payments, or impose\nadditional spending reductions, (6) the impact of reductions or other changes\nin Medicare, Medicaid and other state programs, including Medicaid\nsupplemental payment programs, Medicaid waiver programs and state directed\npayment arrangements, any of which may negatively impact reimbursements to\nhealth care providers and insurers and the size of the uninsured or\nunderinsured population, (7) the results of our efforts to use technology and\nresilience initiatives, including artificial intelligence and machine\nlearning, to drive efficiencies, better outcomes and an enhanced patient\nexperience, (8) increases in the amount and risk of collectability of\nuninsured accounts and deductibles and copayment amounts for insured accounts,\n(9) personnel-related capacity constraints, increases in wages and the ability\nto attract, utilize and retain qualified management and other personnel,\nincluding affiliated physicians, nurses and medical and technical support\npersonnel, (10) the highly competitive nature of the health care business,\n(11) changes in service mix, revenue mix and service volumes, including\npotential declines in the population covered under third-party payer\nagreements, the ability to enter into and renew third-party payer provider\nagreements on acceptable terms and the impact of consumer-driven health plans\nand physician utilization trends and practices, (12) the efforts of health\ninsurers, health care providers, large employer groups and others to contain\nhealth care costs, (13) the outcome of our continuing efforts to monitor,\nmaintain and comply with appropriate laws, regulations, policies and\nprocedures, (14) the availability and terms of capital to fund the expansion\nof our business and improvements to our existing facilities, (15) changes in\naccounting practices, (16) the emergence of and effects related to pandemics,\nepidemics and outbreaks of infectious diseases or other public health crises,\n(17) future divestitures which may result in charges and possible impairments\nof long lived assets, (18) changes in business strategy or development plans,\n(19) delays in receiving or failure to receive payments for services provided,\n(20) the outcome of pending and any future tax audits, disputes and litigation\nassociated with our tax positions, (21) the impact of known and unknown\ngovernment investigations, litigation and other claims that may be made\nagainst us, (22) the impact of actual and potential cybersecurity incidents or\nsecurity breaches involving us or our vendors and other third parties, (23)\nour ongoing ability to demonstrate meaningful use of certified electronic\nhealth record technology and the impact of interoperability requirements, (24)\nthe impact of natural disasters, such as hurricanes and floods, physical risks\nfrom changing global weather patterns or similar events beyond our control on\nour assets and activities and the communities we serve, (25) changes in U.S.\nfederal, state, or foreign tax laws, interpretations of tax laws by taxing\nauthorities, other standard setting bodies or judicial decisions, (26) changes\nto, and the timing and amount of future approvals (if any) of, state Medicaid\ndirected and supplemental payments and (27) other risk factors described in\nour annual report on Form 10-K for the year ended December 31, 2025 and our\nother filings with the Securities and Exchange Commission. Many of the factors\nthat will determine our future results are beyond our ability to control or\npredict. In light of the significant uncertainties inherent in the\nforward-looking statements contained herein, readers should not place undue\nreliance on forward-looking statements, which reflect management’s views\nonly as of the date hereof. We undertake no obligation to revise or update any\nforward-looking statements, or to make any other forward-looking statements,\nwhether as a result of new information, future events or otherwise. All\nreferences to “Company,” “HCA” and “HCA Healthcare” as used\nthroughout this release refer to HCA Healthcare, Inc. and its affiliates.\n HCA Healthcare, Inc. \n \n \n \nCondensed Consolidated Comprehensive Income Statements \n \n \n \nThird Quarter \n \n \n \nUnaudited \n \n \n \n(Dollars in millions, except per share amounts) \n   \n       2026       2025     \n       Amount     Ratio       Amount     Ratio     \n Revenues     $ 19,849       100.0   %   $ 19,161       100.0   % \n                                 \n Salaries and benefits       8,581       43.2         8,364       43.6     \n Supplies       2,822       14.2         2,782       14.5     \n Other operating expenses       4,548       23.0         4,161       21.8     \n Equity in earnings of affiliates       (20 )     (0.1 )       (16 )     (0.1 )   \n Depreciation and amortization       954       4.8         889       4.7     \n Interest expense       607       3.1         561       2.9     \n Losses (gains) on sales of facilities       (13 )     (0.1 )       2       —     \n                                 \n         17,479       88.1         16,743       87.4     \n                                 \n Income before income taxes       2,370       11.9         2,418       12.6     \n                                 \n Provision for income taxes       521       2.6         515       2.7     \n                                 \n Net income       1,849       9.3         1,903       9.9     \n                                 \n Net income attributable to noncontrolling interests       270       1.3         260       1.3     \n                                 \n Net income attributable to HCA Healthcare, Inc.     $ 1,579       8.0       $ 1,643       8.6     \n                                 \n Diluted earnings per share     $ 7.27             $ 6.96           \n                                 \n Shares used in computing diluted earnings per share (millions)       217.212               236.181           \n                                 \n Comprehensive income attributable to HCA Healthcare, Inc.     $ 1,563             $ 1,635           \n\n HCA Healthcare, Inc. \n \n \n \nCondensed Consolidated Comprehensive Income Statements \n \n \n \nFor the Nine Months Ended September 30, 2026 and 2025 \n \n \n \nUnaudited \n \n \n \n(Dollars in millions, except per share amounts) \n   \n       2026       2025     \n       Amount     Ratio       Amount     Ratio     \n Revenues     $ 59,188       100.0   %   $ 56,087       100.0   % \n                                 \n Salaries and benefits       25,154       42.5         24,499       43.7     \n Supplies       8,561       14.5         8,390       15.0     \n Other operating expenses       13,771       23.3         11,799       21.0     \n Equity in earnings of affiliates       (45 )     (0.1 )       (53 )     (0.1 )   \n Depreciation and amortization       2,828       4.7         2,612       4.6     \n Interest expense       1,790       3.0         1,676       3.0     \n Losses (gains) on sales of facilities       (22 )     —         4       —     \n                                 \n         52,037       87.9         48,927       87.2     \n                                 \n Income before income taxes       7,151       12.1         7,160       12.8     \n                                 \n Provision for income taxes       1,515       2.6         1,541       2.8     \n                                 \n Net income       5,636       9.5         5,619       10.0     \n                                 \n Net income attributable to noncontrolling interests       738       1.2         713       1.3     \n                                 \n Net income attributable to HCA Healthcare, Inc.     $ 4,898       8.3       $ 4,906       8.7     \n                                 \n Diluted earnings per share     $ 22.05             $ 20.23           \n                                 \n Shares used in computing diluted earnings per share (millions)       222.197               242.459           \n                                 \n Comprehensive income attributable to HCA Healthcare, Inc.     $ 4,853             $ 4,976           \n\n HCA Healthcare, Inc. \n \n \n \nCondensed Consolidated Balance Sheets \n \n \n \nUnaudited \n \n \n \n(Dollars in millions) \n   \n     September 30,     June 30,     December 31,   \n     2026     2026     2025   \n ASSETS                   \n Current assets:                   \n Cash and cash equivalents   $ 908     $ 1,013     $ 1,040   \n Accounts receivable     11,509       12,281       10,867   \n Inventories     1,670       1,662       1,652   \n Other     2,132       2,234       2,224   \n       16,219       17,190       15,783   \n                     \n Property and equipment, at cost     69,632       68,409       66,275   \n Accumulated depreciation     (37,364 )     (36,593 )     (35,134 ) \n       32,268       31,816       31,141   \n                     \n Investments of insurance subsidiaries     463       402       485   \n Investments in and advances to affiliates     815       813       633   \n Goodwill and other intangible assets     11,199       10,662       10,293   \n Right-of-use operating lease assets     2,208       2,109       2,130   \n Other     280       258       255   \n                     \n     $ 63,452     $ 63,250     $ 60,720   \n                     \n LIABILITIES AND STOCKHOLDERS' DEFICIT                   \n Current liabilities:                   \n Accounts payable   $ 5,103     $ 4,752     $ 4,659   \n Accrued salaries     2,373       2,199       2,525   \n Other accrued expenses     4,210       4,097       4,277   \n Short-term borrowings and long-term debt due within one year     8,093       6,264       4,889   \n       19,779       17,312       16,350   \n                     \n Long-term debt, less debt issuance costs and discounts of $439, $451 and $436     42,400       43,454       41,603   \n Professional liability risks     1,538       1,464       1,466   \n Right-of-use operating lease obligations     1,933       1,834       1,853   \n Income taxes and other liabilities     2,401       2,395       2,219   \n                     \n Stockholders' deficit:                   \n Stockholders' deficit attributable to HCA Healthcare, Inc.     (8,077 )     (6,642 )     (6,027 ) \n Noncontrolling interests     3,478       3,433       3,256   \n       (4,599 )     (3,209 )     (2,771 ) \n     $ 63,452     $ 63,250     $ 60,720   \n\n HCA Healthcare, Inc. \n \n \n \nCondensed Consolidated Statements of Cash Flows \n \n \n \nFor the Nine Months Ended September 30, 2026 and 2025 \n \n \n \nUnaudited \n \n \n \n(Dollars in millions) \n   \n     2026     2025   \n Cash flows from operating activities:             \n Net income   $ 5,636     $ 5,619   \n Adjustments to reconcile net income to net cash provided by operating             \n activities: \n Increase (decrease) in cash from operating assets and liabilities:             \n Accounts receivable     (635 )     345   \n Inventories and other assets     82       (125 ) \n Accounts payable and accrued expenses     330       29   \n Depreciation and amortization     2,828       2,612   \n Income taxes     98       1,314   \n Losses (gains) on sales of facilities     (22 )     4   \n Amortization of debt issuance costs and discounts     34       32   \n Share-based compensation     304       301   \n Other     155       146   \n               \n Net cash provided by operating activities     8,810       10,277   \n               \n Cash flows from investing activities:             \n Purchase of property and equipment     (3,707 )     (3,455 ) \n Acquisition of hospitals and health care entities     (942 )     (361 ) \n Sales of hospitals and health care entities     107       177   \n Change in investments     (214 )     (26 ) \n Other     1       (6 ) \n               \n Net cash used in investing activities     (4,755 )     (3,671 ) \n               \n Cash flows from financing activities:             \n Issuances of long-term debt     2,994       5,233   \n Net change in short-term borrowings and revolving credit facilities     3,507       1,906   \n Repayment of long-term debt     (2,713 )     (5,834 ) \n Distributions to noncontrolling interests     (574 )     (631 ) \n Payment of debt issuance costs     (17 )     (57 ) \n Payment of dividends     (519 )     (517 ) \n Repurchase of common stock     (6,605 )     (7,509 ) \n Other     (256 )     (142 ) \n               \n Net cash used in financing activities     (4,183 )     (7,551 ) \n               \n Effect of exchange rate changes on cash and cash equivalents     (4 )     9   \n               \n Change in cash and cash equivalents     (132 )     (936 ) \n Cash and cash equivalents at beginning of period     1,040       1,933   \n               \n Cash and cash equivalents at end of period   $ 908     $ 997   \n               \n Interest payments   $ 1,725     $ 1,696   \n Income tax payments, net   $ 1,417     $ 227   \n\n HCA Healthcare, Inc. \n \n \n \nOperating Statistics \n   \n     Third Quarter     For the Nine Months   \n \nEnded September 30, \n     2026     2025     2026     2025   \n Operations:                         \n Number of Hospitals     189       191       189       191   \n Number of Freestanding Outpatient Surgery Centers*     117       123       117       123   \n Licensed Beds at End of Period     50,424       50,577       50,424       50,577   \n Weighted Average Beds in Service     42,866       42,896       42,873       42,872   \n                           \n Reported:                         \n Admissions     592,179       577,804       1,751,999       1,720,226   \n % Change     2.5 %           1.8 %       \n Equivalent Admissions     1,068,119       1,038,799       3,136,078       3,068,883   \n % Change     2.8 %           2.2 %       \n Revenue per Equivalent Admission   $ 18,583     $ 18,446     $ 18,873     $ 18,276   \n % Change     0.7 %           3.3 %       \n Inpatient Revenue per Admission   $ 20,059     $ 19,908     $ 20,953     $ 19,638   \n % Change     0.8 %           6.7 %       \n Patient Days     2,734,440       2,692,513       8,199,970       8,204,413   \n % Change     1.6 %           -0.1 %       \n Equivalent Patient Days     4,932,906       4,842,027       14,677,946       14,636,673   \n % Change     1.9 %           0.3 %       \n Inpatient Surgery Cases     136,795       138,563       403,098       408,444   \n % Change     -1.3 %           -1.3 %       \n Outpatient Surgery Cases     242,819       253,426       729,827       758,411   \n % Change     -4.2 %           -3.8 %       \n Emergency Room Visits     2,607,642       2,477,474       7,642,872       7,435,953   \n % Change     5.3 %           2.8 %       \n Outpatient Revenues as a Percentage of Patient Revenues     38.4 %     38.3 %     36.2 %     38.0 % \n Average Length of Stay (days)     4.618       4.660       4.680       4.769   \n Occupancy**     73.2 %     71.7 %     73.8 %     73.5 % \n                           \n Same Facility:                         \n Admissions     588,020       572,337       1,739,663       1,704,947   \n % Change     2.7 %           2.0 %       \n Equivalent Admissions     1,056,672       1,026,200       3,105,298       3,034,806   \n % Change     3.0 %           2.3 %       \n Revenue per Equivalent Admission   $ 18,614     $ 18,508     $ 18,906     $ 18,289   \n % Change     0.6 %           3.4 %       \n Inpatient Revenue per Admission   $ 20,095     $ 19,984     $ 20,993     $ 19,641   \n % Change     0.6 %           6.9 %       \n Inpatient Surgery Cases     135,620       137,554       400,766       406,019   \n % Change     -1.4 %           -1.3 %       \n Outpatient Surgery Cases     237,263       246,452       714,535       735,387   \n % Change     -3.7 %           -2.8 %       \n Emergency Room Visits     2,585,811       2,459,510       7,587,606       7,367,118   \n % Change     5.1 %           3.0 %       \n   \n * Excludes freestanding endoscopy centers (30 centers at September 30, 2026 \n and 29 centers at September 30, 2025). \n \n \n \n** Reflects the rate of occupancy (patient days and observations) based on \n weighted average beds in service. \n\n HCA Healthcare, Inc. \n \n \n \nSupplemental Non-GAAP Disclosures \n \n \n \nOperating Results Summary \n \n \n \n(Dollars in millions, except per share amounts) \n   \n     Third Quarter     For the Nine Months   \n \nEnded September 30, \n     2026     2025     2026     2025   \n Revenues   $ 19,849     $ 19,161     $ 59,188     $ 56,087   \n                           \n Net income attributable to HCA Healthcare, Inc.   $ 1,579     $ 1,643     $ 4,898     $ 4,906   \n Losses (gains) on sales of facilities (net of tax)     (10 )     1       (17 )     3   \n Net income attributable to HCA Healthcare, Inc., as adjusted (a)     1,569       1,644       4,881       4,909   \n Depreciation and amortization     954       889       2,828       2,612   \n Interest expense     607       561       1,790       1,676   \n Provision for income taxes     518       516       1,510       1,542   \n Net income attributable to noncontrolling interests     270       260       738       713   \n                           \n Adjusted EBITDA (a)   $ 3,918     $ 3,870     $ 11,747     $ 11,452   \n                           \n Adjusted EBITDA margin (a)     19.7 %     20.2 %     19.8 %     20.4 % \n                           \n Diluted earnings per share:                         \n Net income attributable to HCA Healthcare, Inc.   $ 7.27     $ 6.96     $ 22.05     $ 20.23   \n Losses (gains) on sales of facilities     (0.05 )     -       (0.08 )     0.01   \n Net income attributable to HCA Healthcare, Inc., as adjusted (a)   $ 7.22     $ 6.96     $ 21.97     $ 20.24   \n                           \n Shares used in computing diluted earnings per share (millions)     217.212       236.181       222.197       242.459   \n\n _______________________ \n (a) Net income attributable to HCA Healthcare, Inc., as adjusted, diluted earnings \n per share, as adjusted, and Adjusted EBITDA should not be considered as \n measures of financial performance under generally accepted accounting \n principles (\"GAAP\"). These non-GAAP financial measures are adjusted to exclude \n losses (gains) on sales of facilities and losses on retirement of debt. We \n believe net income attributable to HCA Healthcare, Inc., as adjusted, diluted \n earnings per share, as adjusted, and Adjusted EBITDA are important measures \n that supplement discussions and analysis of our results of operations. We \n believe it is useful to investors to provide disclosures of our results of \n operations on the same basis used by management. Management relies upon net \n income attributable to HCA Healthcare, Inc., as adjusted, diluted earnings per \n share, as adjusted, and Adjusted EBITDA as the primary measures to review and \n assess operating performance of its health care facilities and their \n management teams. \n \n \n \n  \n Management and investors review both the overall performance (including net \n income attributable to HCA Healthcare, Inc., as adjusted, diluted earnings per \n share, as adjusted, and GAAP net income attributable to HCA Healthcare, Inc.) \n and operating performance (Adjusted EBITDA) of our health care facilities. \n Adjusted EBITDA and the Adjusted EBITDA margin (Adjusted EBITDA divided by \n revenues) are utilized by management and investors to compare our current \n operating results with the corresponding periods during the previous year and \n to compare our operating results with other companies in the health care \n industry. It is reasonable to expect that adjustments, including losses \n (gains) on sales of facilities and losses on retirement of debt will occur in \n future periods, but the amounts recognized can vary significantly from period \n to period, do not directly relate to the ongoing operations of our health care \n facilities and complicate period comparisons of our results of operations and \n operations comparisons with other health care companies. \n \n \n \n  \n Net income attributable to HCA Healthcare, Inc., as adjusted, diluted earnings \n per share, as adjusted, and Adjusted EBITDA are not measures of financial \n performance under GAAP, and should not be considered as alternatives to net \n income attributable to HCA Healthcare, Inc. as a measure of operating \n performance or cash flows from operating, investing and financing activities \n as a measure of liquidity. Because net income attributable to HCA Healthcare, \n Inc., as adjusted, diluted earnings per share, as adjusted, and Adjusted \n EBITDA are not measurements determined in accordance with GAAP and are \n susceptible to varying calculations, net income attributable to HCA \n Healthcare, Inc., as adjusted, diluted earnings per share, as adjusted, and \n Adjusted EBITDA, as presented, may not be comparable to other similarly titled \n measures presented by other companies. \n\n HCA Healthcare, Inc. \n \n \n \nSupplemental Non-GAAP Disclosures \n \n \n \n2026 Operating Results Forecast \n \n \n \n(Dollars in millions, except per share amounts) \n   \n     For the Year Ending   \n     December 31, 2026   \n     Low     High   \n Revenues   $ 77,000     $ 79,500   \n               \n Net income attributable to HCA Healthcare, Inc. (a)   $ 6,300     $ 6,700   \n Depreciation and amortization     3,745       3,795   \n Interest expense     2,410       2,470   \n Provision for income taxes     1,975       2,125   \n Net income attributable to noncontrolling interests     970       1,010   \n               \n Adjusted EBITDA (a) (b)   $ 15,400     $ 16,100   \n               \n Diluted earnings per share:             \n Net income attributable to HCA Healthcare, Inc.   $ 28.70     $ 30.50   \n               \n Shares used in computing diluted earnings per share (millions)     219.500       219.500   \n\n The Company's forecasted guidance is based on current plans and expectations \n and is subject to a number of known and unknown uncertainties and risks. \n \n \n \n_______________________ \n (a) The Company does not forecast the impact of items such as, but not limited to, \n losses (gains) on sales of facilities, losses on retirement of debt, legal \n claim costs (benefits) and impairments of long-lived assets because the \n Company does not believe that it can forecast these items with sufficient \n accuracy. \n \n \n \n  \n (b) Adjusted EBITDA should not be considered a measure of financial performance \n under generally accepted accounting principles (\"GAAP\"). We believe Adjusted \n EBITDA is an important measure that supplements discussions and analysis of \n our results of operations. We believe it is useful to investors to provide \n disclosures of our results of operations on the same basis used by management. \n Management relies upon Adjusted EBITDA as a primary measure to review and \n assess operating performance of its health care facilities and their \n management teams. \n \n \n \n  \n Management and investors review both the overall performance (including net \n income attributable to HCA Healthcare, Inc.) and operating performance \n (Adjusted EBITDA) of our health care facilities. Adjusted EBITDA is utilized \n by management and investors to compare our current operating results with the \n corresponding periods during the previous year and to compare our operating \n results with other companies in the health care industry. \n \n \n \n  \n Adjusted EBITDA is not a measure of financial performance under GAAP and \n should not be considered as an alternative to net income attributable to HCA \n Healthcare, Inc. as a measure of operating performance or cash flows from \n operating, investing and financing activities as a measure of liquidity. \n Because Adjusted EBITDA is not a measurement determined in accordance with \n GAAP and is susceptible to varying calculations, Adjusted EBITDA, as \n presented, may not be comparable to other similarly titled measures presented \n by other companies. \n\n\n \n\n\n\nView source version on businesswire.com:\nhttps://www.businesswire.com/news/home/20261027765972/en/\n(https://www.businesswire.com/news/home/20261027765972/en/)\n\nINVESTOR CONTACT: \n\nFrank Morgan\n\n615-344-2688\n\nMEDIA CONTACT: \n\nHarlow Sumerford\n\n615-344-1851\n\n\nCopyright Business Wire 2026","article_body_html":"","raw_payload":{"data":{"id":"nBw5tWgq6a-20261027","title":"HCA Healthcare Reports Third Quarter 2026 Results","author":"Business Wire","ticker":"HCA","created":"2026-10-27T11:00:01.403Z","tickers":["HCA"],"exchange":"NYSE","article_body":"HCA Healthcare Reports Third Quarter 2026 Results\n\nHCA Healthcare, Inc.\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fwww.hcahealthcare.com%2F&esheet=54628952&newsitemid=20261027765972&lan=en-US&anchor=HCA+Healthcare%2C+Inc.&index=1&md5=a7efe1613d725bd27415060858782c58)\n(NYSE: HCA) today announced financial and operating results for the third\nquarter ended September 30, 2026.\n\nKey third quarter metrics (all percentage changes compare 3Q 2026 to 3Q 2025\nunless otherwise noted):\n\n\n * Revenues increased 3.6 percent to $19.849 billion\n\n * Net income attributable to HCA Healthcare, Inc. declined 3.9 percent to $1.579\nbillion\n\n * Diluted earnings per share increased 4.5 percent to $7.27 per diluted share,\nand diluted earnings per share, as adjusted, increased 3.7 percent to $7.22\nper diluted share\n\n * Adjusted EBITDA increased 1.2 percent to $3.918 billion\n\n * Cash flows from operating activities totaled $4.461 billion, compared to\n$4.416 billion in the third quarter of 2025\n\n * Same facility admissions increased 2.7 percent and same facility equivalent\nadmissions increased 3.0 percent\n\n\"I have often mentioned that HCA has strong staying power because of our\nscale, the important role we play in providing critical services to\ncommunities, and our disciplined culture. Despite the challenges brought about\nby federal policy changes this year, our colleagues have continued to provide\nhigh-quality care to patients, and we believe HCA Healthcare is positioned to\nend the year positively,” said Sam Hazen, Chief Executive Officer of HCA\nHealthcare.\n\nRevenues in the third quarter of 2026 totaled $19.849 billion, compared to\n$19.161 billion in the third quarter of 2025. Net income attributable to HCA\nHealthcare, Inc. totaled $1.579 billion, or $7.27 per diluted share, compared\nto $1.643 billion, or $6.96 per diluted share, in the third quarter of 2025.\nResults for the third quarter of 2026 include gains on sales of facilities of\n$13 million, or $0.05 per diluted share, compared to losses on sales of\nfacilities of $2 million in the third quarter of 2025.\n\nFor the third quarter of 2026, Adjusted EBITDA totaled $3.918 billion,\ncompared to $3.870 billion in the third quarter of 2025. Diluted earnings per\nshare, as adjusted, and Adjusted EBITDA are non-GAAP financial measures. A\ntable providing supplemental information on these non-GAAP financial measures\nand reconciling GAAP measures of financial performance to them is included in\nthis release.\n\nSame facility admissions increased 2.7 percent and same facility equivalent\nadmissions increased 3.0 percent in the third quarter of 2026, compared to the\nprior year period. Same facility emergency room visits increased 5.1 percent\nin the third quarter of 2026, compared to the prior year period. Same facility\ninpatient surgeries declined 1.4 percent, and same facility outpatient\nsurgeries declined 3.7 percent in the third quarter of 2026, compared to the\nsame period of 2025. Same facility revenue per equivalent admission increased\n0.6 percent in the third quarter of 2026, compared to the third quarter of\n2025.\n\nDuring the third quarter, the Company experienced a payer mix shift driven by\nan increase in uninsured volume, primarily due to patients who lost coverage\non the health insurance exchanges. The Company estimates this payer mix shift\nhad an unfavorable impact on income before income taxes of approximately $400\nmillion during the third quarter.\n\nDespite the unfavorable payer mix shift, the Company’s third quarter results\nreflected improvement in key areas of its business: growth accelerated in same\nfacility equivalent admissions and insured revenue per equivalent admission\n(excluding Medicaid Supplemental Payment Programs); cost results improved; and\nthe net benefit from Medicaid Supplemental Payment Programs modestly\nincreased.\n\n2026 Guidance\n\nThe Company now believes its full year operating results will be in the upper\nhalf of its 2026 estimated guidance ranges previously issued on July 14, 2026.\n\nThe Company’s guidance contains a number of assumptions, including, among\nothers, the Company’s current expectations regarding volume growth coupled\nwith an anticipated mostly stable operating environment, payer mix, service\nmix, the impact of current and future health care public policy developments,\nincluding the estimated impact on health insurance exchanges from\nadministrative reforms and the expiration of the enhanced premium tax credits,\nanticipated results from resiliency initiatives, as well as general business\nor economic conditions, including inflation and the impact of trade policies,\nincluding tariffs, and excludes the impact of items such as, but not limited\nto, gains or losses on sales of facilities, losses on retirement of debt,\nlegal claims costs and impairment of long-lived assets. In addition, the\nCompany’s guidance excludes the impact of future approvals that could impact\nreimbursement under certain state Medicaid directed and supplemental payments.\n\nAdjusted EBITDA is a non-GAAP financial measure. A table reconciling\nforecasted net income attributable to HCA Healthcare, Inc. to forecasted\nAdjusted EBITDA is included in this release.\n\nThe Company’s updated guidance is based on current plans and expectations\nand is subject to a number of known and unknown uncertainties and risks,\nincluding those set forth below in the Company’s “Forward-Looking\nStatements.”\n\nNine Months Ended September 30, 2026\n\nRevenues for the nine months ended September 30, 2026 totaled $59.188 billion,\ncompared to $56.087 billion in the prior year period. Net income attributable\nto HCA Healthcare, Inc. for the first nine months of 2026 was $4.898 billion,\nor $22.05 per diluted share, compared to $4.906 billion, or $20.23 per diluted\nshare, for the first nine months of 2025. Results for the nine months ended\nSeptember 30, 2026 include gains on sales of facilities of $22 million, or\n$0.08 per diluted share. Results for the nine months ended September 30, 2025\nincluded losses on sales of facilities of $4 million, or $0.01 per diluted\nshare.\n\nBalance Sheet and Cash Flows from Operations\n\nAs of September 30, 2026, HCA Healthcare, Inc.’s balance sheet reflected\ncash and cash equivalents of $908 million, total debt of $50.493 billion, and\ntotal assets of $63.452 billion. During the third quarter of 2026, capital\nexpenditures totaled $1.357 billion, excluding acquisitions. Cash flows\nprovided by operating activities in the third quarter of 2026 totaled $4.461\nbillion, compared to $4.416 billion in the third quarter of 2025.\n\nDuring the third quarter of 2026, the Company repurchased 7.230 million shares\nof its common stock at a cost of $2.970 billion. The Company had $4.240\nbillion remaining under its repurchase authorization as of September 30, 2026.\nAs of September 30, 2026, the Company had $2.226 billion of availability under\nits credit facility (after giving effect to letters of credit and amounts\nreserved to backstop its commercial paper program).\n\nDividend\n\nHCA today announced that its Board of Directors declared a quarterly cash\ndividend of $0.78 per share on the Company’s common stock. The dividend will\nbe paid on December 29, 2026 to stockholders of record at the close of\nbusiness on December 15, 2026.\n\nThe declaration and payment of any future dividend will be subject to the\ndiscretion of the Board of Directors and will depend on a variety of factors,\nincluding the Company’s financial condition and results of operations.\nFuture dividends are expected to be funded by cash balances and future cash\nflows from operations.\n\nEarnings Conference Call\n\nHCA Healthcare will host a conference call for investors at 9:00 a.m. Central\nTime today. All interested investors are invited to access a live audio\nbroadcast of the call via webcast. The broadcast also will be available on a\nreplay basis beginning this afternoon. The webcast can be accessed through the\nCompany’s Investor Relations web page at\n\nhttps://investor.hcahealthcare.com/events-and-presentations/default.aspx\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Finvestor.hcahealthcare.com%2Fevents-and-presentations%2Fdefault.aspx&esheet=54628952&newsitemid=20261027765972&lan=en-US&anchor=https%3A%2F%2Finvestor.hcahealthcare.com%2Fevents-and-presentations%2Fdefault.aspx&index=2&md5=148d68d13411225ce759c2a6a590c838)\n.\n\nAbout the Company\n\nAs of September 30, 2026, HCA operated 189 hospitals and approximately 2,600\nambulatory sites of care, including surgery centers, freestanding emergency\nrooms, urgent care centers and physician clinics, in 19 states and the United\nKingdom.\n\nForward-Looking Statements\n\nThis press release contains forward-looking statements within the meaning of\nthe federal securities laws, which involve risks and uncertainties.\nForward-looking statements include the Company’s financial guidance for the\nyear ending December 31, 2026, as well as other statements that do not relate\nsolely to historical or current facts. Forward-looking statements can be\nidentified by the use of words like “may,” “believe,” “will,”\n“expect,” “project,” “estimate,” “anticipate,” “plan,”\n“initiative” or “continue.” These forward-looking statements are based\non our current plans and expectations and are subject to a number of known and\nunknown uncertainties and risks, many of which are beyond our control, which\ncould significantly affect current plans and expectations and our future\nfinancial position and results of operations. These factors include, but are\nnot limited to, (1) changes in or related to general economic or business\nconditions nationally and regionally in our markets, including inflation, and\nthe impact of trade policies, including changes in, or the imposition of,\ntariffs and/or trade barriers; changes in revenues resulting from declining\npatient volumes; changes in payer mix (including increases in uninsured and\nunderinsured patients); potential increased expenses related to labor,\npharmaceuticals, supply chain or other expenditures; workforce disruptions;\nsupply and pharmaceutical shortages and disruptions (including as a result of\ntariffs or geopolitical disruptions); and the impact of federal government\nshutdowns, holds on or cancellations of congressionally authorized spending\nand interruptions in the distribution of governmental funds, (2) the impact of\ncurrent and future health care public policy developments and the\nimplementation of new, and possible changes to existing, federal, state or\nlocal laws and regulations affecting health care spending or the health care\nindustry, including the expiration at the end of 2025 of enhanced premium tax\ncredits (“EPTCs”) for eligible individuals purchasing insurance coverage\nthrough federal and state-based health insurance exchanges, changes in the\nstructure and administration of, and funding for, federal and state agencies\nand programs, effects of the 2025 Federal Budget Act (the “FBA”) and\nefforts to address health care affordability, (3) the ability to achieve\noperating and financial targets, develop and execute resiliency plans to\noffset to the extent possible impacts from the FBA, the expiration of EPTCs\nand tariffs, attain expected levels of patient volumes and revenues and\nservice mix, and control the costs of providing services, (4) the impact of\nour significant indebtedness and the ability to refinance such indebtedness on\nacceptable terms, (5) the effects related to the implementation of\nsequestration spending reductions required under the Budget Control Act of\n2011, related legislation extending these reductions, and the potential for\nfuture deficit or other spending reduction legislation that may alter current\nspending reductions, which include cuts to Medicare payments, or impose\nadditional spending reductions, (6) the impact of reductions or other changes\nin Medicare, Medicaid and other state programs, including Medicaid\nsupplemental payment programs, Medicaid waiver programs and state directed\npayment arrangements, any of which may negatively impact reimbursements to\nhealth care providers and insurers and the size of the uninsured or\nunderinsured population, (7) the results of our efforts to use technology and\nresilience initiatives, including artificial intelligence and machine\nlearning, to drive efficiencies, better outcomes and an enhanced patient\nexperience, (8) increases in the amount and risk of collectability of\nuninsured accounts and deductibles and copayment amounts for insured accounts,\n(9) personnel-related capacity constraints, increases in wages and the ability\nto attract, utilize and retain qualified management and other personnel,\nincluding affiliated physicians, nurses and medical and technical support\npersonnel, (10) the highly competitive nature of the health care business,\n(11) changes in service mix, revenue mix and service volumes, including\npotential declines in the population covered under third-party payer\nagreements, the ability to enter into and renew third-party payer provider\nagreements on acceptable terms and the impact of consumer-driven health plans\nand physician utilization trends and practices, (12) the efforts of health\ninsurers, health care providers, large employer groups and others to contain\nhealth care costs, (13) the outcome of our continuing efforts to monitor,\nmaintain and comply with appropriate laws, regulations, policies and\nprocedures, (14) the availability and terms of capital to fund the expansion\nof our business and improvements to our existing facilities, (15) changes in\naccounting practices, (16) the emergence of and effects related to pandemics,\nepidemics and outbreaks of infectious diseases or other public health crises,\n(17) future divestitures which may result in charges and possible impairments\nof long lived assets, (18) changes in business strategy or development plans,\n(19) delays in receiving or failure to receive payments for services provided,\n(20) the outcome of pending and any future tax audits, disputes and litigation\nassociated with our tax positions, (21) the impact of known and unknown\ngovernment investigations, litigation and other claims that may be made\nagainst us, (22) the impact of actual and potential cybersecurity incidents or\nsecurity breaches involving us or our vendors and other third parties, (23)\nour ongoing ability to demonstrate meaningful use of certified electronic\nhealth record technology and the impact of interoperability requirements, (24)\nthe impact of natural disasters, such as hurricanes and floods, physical risks\nfrom changing global weather patterns or similar events beyond our control on\nour assets and activities and the communities we serve, (25) changes in U.S.\nfederal, state, or foreign tax laws, interpretations of tax laws by taxing\nauthorities, other standard setting bodies or judicial decisions, (26) changes\nto, and the timing and amount of future approvals (if any) of, state Medicaid\ndirected and supplemental payments and (27) other risk factors described in\nour annual report on Form 10-K for the year ended December 31, 2025 and our\nother filings with the Securities and Exchange Commission. Many of the factors\nthat will determine our future results are beyond our ability to control or\npredict. In light of the significant uncertainties inherent in the\nforward-looking statements contained herein, readers should not place undue\nreliance on forward-looking statements, which reflect management’s views\nonly as of the date hereof. We undertake no obligation to revise or update any\nforward-looking statements, or to make any other forward-looking statements,\nwhether as a result of new information, future events or otherwise. All\nreferences to “Company,” “HCA” and “HCA Healthcare” as used\nthroughout this release refer to HCA Healthcare, Inc. and its affiliates.\n HCA Healthcare, Inc. \n \n \n \nCondensed Consolidated Comprehensive Income Statements \n \n \n \nThird Quarter \n \n \n \nUnaudited \n \n \n \n(Dollars in millions, except per share amounts) \n   \n       2026       2025     \n       Amount     Ratio       Amount     Ratio     \n Revenues     $ 19,849       100.0   %   $ 19,161       100.0   % \n                                 \n Salaries and benefits       8,581       43.2         8,364       43.6     \n Supplies       2,822       14.2         2,782       14.5     \n Other operating expenses       4,548       23.0         4,161       21.8     \n Equity in earnings of affiliates       (20 )     (0.1 )       (16 )     (0.1 )   \n Depreciation and amortization       954       4.8         889       4.7     \n Interest expense       607       3.1         561       2.9     \n Losses (gains) on sales of facilities       (13 )     (0.1 )       2       —     \n                                 \n         17,479       88.1         16,743       87.4     \n                                 \n Income before income taxes       2,370       11.9         2,418       12.6     \n                                 \n Provision for income taxes       521       2.6         515       2.7     \n                                 \n Net income       1,849       9.3         1,903       9.9     \n                                 \n Net income attributable to noncontrolling interests       270       1.3         260       1.3     \n                                 \n Net income attributable to HCA Healthcare, Inc.     $ 1,579       8.0       $ 1,643       8.6     \n                                 \n Diluted earnings per share     $ 7.27             $ 6.96           \n                                 \n Shares used in computing diluted earnings per share (millions)       217.212               236.181           \n                                 \n Comprehensive income attributable to HCA Healthcare, Inc.     $ 1,563             $ 1,635           \n\n HCA Healthcare, Inc. \n \n \n \nCondensed Consolidated Comprehensive Income Statements \n \n \n \nFor the Nine Months Ended September 30, 2026 and 2025 \n \n \n \nUnaudited \n \n \n \n(Dollars in millions, except per share amounts) \n   \n       2026       2025     \n       Amount     Ratio       Amount     Ratio     \n Revenues     $ 59,188       100.0   %   $ 56,087       100.0   % \n                                 \n Salaries and benefits       25,154       42.5         24,499       43.7     \n Supplies       8,561       14.5         8,390       15.0     \n Other operating expenses       13,771       23.3         11,799       21.0     \n Equity in earnings of affiliates       (45 )     (0.1 )       (53 )     (0.1 )   \n Depreciation and amortization       2,828       4.7         2,612       4.6     \n Interest expense       1,790       3.0         1,676       3.0     \n Losses (gains) on sales of facilities       (22 )     —         4       —     \n                                 \n         52,037       87.9         48,927       87.2     \n                                 \n Income before income taxes       7,151       12.1         7,160       12.8     \n                                 \n Provision for income taxes       1,515       2.6         1,541       2.8     \n                                 \n Net income       5,636       9.5         5,619       10.0     \n                                 \n Net income attributable to noncontrolling interests       738       1.2         713       1.3     \n                                 \n Net income attributable to HCA Healthcare, Inc.     $ 4,898       8.3       $ 4,906       8.7     \n                                 \n Diluted earnings per share     $ 22.05             $ 20.23           \n                                 \n Shares used in computing diluted earnings per share (millions)       222.197               242.459           \n                                 \n Comprehensive income attributable to HCA Healthcare, Inc.     $ 4,853             $ 4,976           \n\n HCA Healthcare, Inc. \n \n \n \nCondensed Consolidated Balance Sheets \n \n \n \nUnaudited \n \n \n \n(Dollars in millions) \n   \n     September 30,     June 30,     December 31,   \n     2026     2026     2025   \n ASSETS                   \n Current assets:                   \n Cash and cash equivalents   $ 908     $ 1,013     $ 1,040   \n Accounts receivable     11,509       12,281       10,867   \n Inventories     1,670       1,662       1,652   \n Other     2,132       2,234       2,224   \n       16,219       17,190       15,783   \n                     \n Property and equipment, at cost     69,632       68,409       66,275   \n Accumulated depreciation     (37,364 )     (36,593 )     (35,134 ) \n       32,268       31,816       31,141   \n                     \n Investments of insurance subsidiaries     463       402       485   \n Investments in and advances to affiliates     815       813       633   \n Goodwill and other intangible assets     11,199       10,662       10,293   \n Right-of-use operating lease assets     2,208       2,109       2,130   \n Other     280       258       255   \n                     \n     $ 63,452     $ 63,250     $ 60,720   \n                     \n LIABILITIES AND STOCKHOLDERS' DEFICIT                   \n Current liabilities:                   \n Accounts payable   $ 5,103     $ 4,752     $ 4,659   \n Accrued salaries     2,373       2,199       2,525   \n Other accrued expenses     4,210       4,097       4,277   \n Short-term borrowings and long-term debt due within one year     8,093       6,264       4,889   \n       19,779       17,312       16,350   \n                     \n Long-term debt, less debt issuance costs and discounts of $439, $451 and $436     42,400       43,454       41,603   \n Professional liability risks     1,538       1,464       1,466   \n Right-of-use operating lease obligations     1,933       1,834       1,853   \n Income taxes and other liabilities     2,401       2,395       2,219   \n                     \n Stockholders' deficit:                   \n Stockholders' deficit attributable to HCA Healthcare, Inc.     (8,077 )     (6,642 )     (6,027 ) \n Noncontrolling interests     3,478       3,433       3,256   \n       (4,599 )     (3,209 )     (2,771 ) \n     $ 63,452     $ 63,250     $ 60,720   \n\n HCA Healthcare, Inc. \n \n \n \nCondensed Consolidated Statements of Cash Flows \n \n \n \nFor the Nine Months Ended September 30, 2026 and 2025 \n \n \n \nUnaudited \n \n \n \n(Dollars in millions) \n   \n     2026     2025   \n Cash flows from operating activities:             \n Net income   $ 5,636     $ 5,619   \n Adjustments to reconcile net income to net cash provided by operating             \n activities: \n Increase (decrease) in cash from operating assets and liabilities:             \n Accounts receivable     (635 )     345   \n Inventories and other assets     82       (125 ) \n Accounts payable and accrued expenses     330       29   \n Depreciation and amortization     2,828       2,612   \n Income taxes     98       1,314   \n Losses (gains) on sales of facilities     (22 )     4   \n Amortization of debt issuance costs and discounts     34       32   \n Share-based compensation     304       301   \n Other     155       146   \n               \n Net cash provided by operating activities     8,810       10,277   \n               \n Cash flows from investing activities:             \n Purchase of property and equipment     (3,707 )     (3,455 ) \n Acquisition of hospitals and health care entities     (942 )     (361 ) \n Sales of hospitals and health care entities     107       177   \n Change in investments     (214 )     (26 ) \n Other     1       (6 ) \n               \n Net cash used in investing activities     (4,755 )     (3,671 ) \n               \n Cash flows from financing activities:             \n Issuances of long-term debt     2,994       5,233   \n Net change in short-term borrowings and revolving credit facilities     3,507       1,906   \n Repayment of long-term debt     (2,713 )     (5,834 ) \n Distributions to noncontrolling interests     (574 )     (631 ) \n Payment of debt issuance costs     (17 )     (57 ) \n Payment of dividends     (519 )     (517 ) \n Repurchase of common stock     (6,605 )     (7,509 ) \n Other     (256 )     (142 ) \n               \n Net cash used in financing activities     (4,183 )     (7,551 ) \n               \n Effect of exchange rate changes on cash and cash equivalents     (4 )     9   \n               \n Change in cash and cash equivalents     (132 )     (936 ) \n Cash and cash equivalents at beginning of period     1,040       1,933   \n               \n Cash and cash equivalents at end of period   $ 908     $ 997   \n               \n Interest payments   $ 1,725     $ 1,696   \n Income tax payments, net   $ 1,417     $ 227   \n\n HCA Healthcare, Inc. \n \n \n \nOperating Statistics \n   \n     Third Quarter     For the Nine Months   \n \nEnded September 30, \n     2026     2025     2026     2025   \n Operations:                         \n Number of Hospitals     189       191       189       191   \n Number of Freestanding Outpatient Surgery Centers*     117       123       117       123   \n Licensed Beds at End of Period     50,424       50,577       50,424       50,577   \n Weighted Average Beds in Service     42,866       42,896       42,873       42,872   \n                           \n Reported:                         \n Admissions     592,179       577,804       1,751,999       1,720,226   \n % Change     2.5 %           1.8 %       \n Equivalent Admissions     1,068,119       1,038,799       3,136,078       3,068,883   \n % Change     2.8 %           2.2 %       \n Revenue per Equivalent Admission   $ 18,583     $ 18,446     $ 18,873     $ 18,276   \n % Change     0.7 %           3.3 %       \n Inpatient Revenue per Admission   $ 20,059     $ 19,908     $ 20,953     $ 19,638   \n % Change     0.8 %           6.7 %       \n Patient Days     2,734,440       2,692,513       8,199,970       8,204,413   \n % Change     1.6 %           -0.1 %       \n Equivalent Patient Days     4,932,906       4,842,027       14,677,946       14,636,673   \n % Change     1.9 %           0.3 %       \n Inpatient Surgery Cases     136,795       138,563       403,098       408,444   \n % Change     -1.3 %           -1.3 %       \n Outpatient Surgery Cases     242,819       253,426       729,827       758,411   \n % Change     -4.2 %           -3.8 %       \n Emergency Room Visits     2,607,642       2,477,474       7,642,872       7,435,953   \n % Change     5.3 %           2.8 %       \n Outpatient Revenues as a Percentage of Patient Revenues     38.4 %     38.3 %     36.2 %     38.0 % \n Average Length of Stay (days)     4.618       4.660       4.680       4.769   \n Occupancy**     73.2 %     71.7 %     73.8 %     73.5 % \n                           \n Same Facility:                         \n Admissions     588,020       572,337       1,739,663       1,704,947   \n % Change     2.7 %           2.0 %       \n Equivalent Admissions     1,056,672       1,026,200       3,105,298       3,034,806   \n % Change     3.0 %           2.3 %       \n Revenue per Equivalent Admission   $ 18,614     $ 18,508     $ 18,906     $ 18,289   \n % Change     0.6 %           3.4 %       \n Inpatient Revenue per Admission   $ 20,095     $ 19,984     $ 20,993     $ 19,641   \n % Change     0.6 %           6.9 %       \n Inpatient Surgery Cases     135,620       137,554       400,766       406,019   \n % Change     -1.4 %           -1.3 %       \n Outpatient Surgery Cases     237,263       246,452       714,535       735,387   \n % Change     -3.7 %           -2.8 %       \n Emergency Room Visits     2,585,811       2,459,510       7,587,606       7,367,118   \n % Change     5.1 %           3.0 %       \n   \n * Excludes freestanding endoscopy centers (30 centers at September 30, 2026 \n and 29 centers at September 30, 2025). \n \n \n \n** Reflects the rate of occupancy (patient days and observations) based on \n weighted average beds in service. \n\n HCA Healthcare, Inc. \n \n \n \nSupplemental Non-GAAP Disclosures \n \n \n \nOperating Results Summary \n \n \n \n(Dollars in millions, except per share amounts) \n   \n     Third Quarter     For the Nine Months   \n \nEnded September 30, \n     2026     2025     2026     2025   \n Revenues   $ 19,849     $ 19,161     $ 59,188     $ 56,087   \n                           \n Net income attributable to HCA Healthcare, Inc.   $ 1,579     $ 1,643     $ 4,898     $ 4,906   \n Losses (gains) on sales of facilities (net of tax)     (10 )     1       (17 )     3   \n Net income attributable to HCA Healthcare, Inc., as adjusted (a)     1,569       1,644       4,881       4,909   \n Depreciation and amortization     954       889       2,828       2,612   \n Interest expense     607       561       1,790       1,676   \n Provision for income taxes     518       516       1,510       1,542   \n Net income attributable to noncontrolling interests     270       260       738       713   \n                           \n Adjusted EBITDA (a)   $ 3,918     $ 3,870     $ 11,747     $ 11,452   \n                           \n Adjusted EBITDA margin (a)     19.7 %     20.2 %     19.8 %     20.4 % \n                           \n Diluted earnings per share:                         \n Net income attributable to HCA Healthcare, Inc.   $ 7.27     $ 6.96     $ 22.05     $ 20.23   \n Losses (gains) on sales of facilities     (0.05 )     -       (0.08 )     0.01   \n Net income attributable to HCA Healthcare, Inc., as adjusted (a)   $ 7.22     $ 6.96     $ 21.97     $ 20.24   \n                           \n Shares used in computing diluted earnings per share (millions)     217.212       236.181       222.197       242.459   \n\n _______________________ \n (a) Net income attributable to HCA Healthcare, Inc., as adjusted, diluted earnings \n per share, as adjusted, and Adjusted EBITDA should not be considered as \n measures of financial performance under generally accepted accounting \n principles (\"GAAP\"). These non-GAAP financial measures are adjusted to exclude \n losses (gains) on sales of facilities and losses on retirement of debt. We \n believe net income attributable to HCA Healthcare, Inc., as adjusted, diluted \n earnings per share, as adjusted, and Adjusted EBITDA are important measures \n that supplement discussions and analysis of our results of operations. We \n believe it is useful to investors to provide disclosures of our results of \n operations on the same basis used by management. Management relies upon net \n income attributable to HCA Healthcare, Inc., as adjusted, diluted earnings per \n share, as adjusted, and Adjusted EBITDA as the primary measures to review and \n assess operating performance of its health care facilities and their \n management teams. \n \n \n \n  \n Management and investors review both the overall performance (including net \n income attributable to HCA Healthcare, Inc., as adjusted, diluted earnings per \n share, as adjusted, and GAAP net income attributable to HCA Healthcare, Inc.) \n and operating performance (Adjusted EBITDA) of our health care facilities. \n Adjusted EBITDA and the Adjusted EBITDA margin (Adjusted EBITDA divided by \n revenues) are utilized by management and investors to compare our current \n operating results with the corresponding periods during the previous year and \n to compare our operating results with other companies in the health care \n industry. It is reasonable to expect that adjustments, including losses \n (gains) on sales of facilities and losses on retirement of debt will occur in \n future periods, but the amounts recognized can vary significantly from period \n to period, do not directly relate to the ongoing operations of our health care \n facilities and complicate period comparisons of our results of operations and \n operations comparisons with other health care companies. \n \n \n \n  \n Net income attributable to HCA Healthcare, Inc., as adjusted, diluted earnings \n per share, as adjusted, and Adjusted EBITDA are not measures of financial \n performance under GAAP, and should not be considered as alternatives to net \n income attributable to HCA Healthcare, Inc. as a measure of operating \n performance or cash flows from operating, investing and financing activities \n as a measure of liquidity. Because net income attributable to HCA Healthcare, \n Inc., as adjusted, diluted earnings per share, as adjusted, and Adjusted \n EBITDA are not measurements determined in accordance with GAAP and are \n susceptible to varying calculations, net income attributable to HCA \n Healthcare, Inc., as adjusted, diluted earnings per share, as adjusted, and \n Adjusted EBITDA, as presented, may not be comparable to other similarly titled \n measures presented by other companies. \n\n HCA Healthcare, Inc. \n \n \n \nSupplemental Non-GAAP Disclosures \n \n \n \n2026 Operating Results Forecast \n \n \n \n(Dollars in millions, except per share amounts) \n   \n     For the Year Ending   \n     December 31, 2026   \n     Low     High   \n Revenues   $ 77,000     $ 79,500   \n               \n Net income attributable to HCA Healthcare, Inc. (a)   $ 6,300     $ 6,700   \n Depreciation and amortization     3,745       3,795   \n Interest expense     2,410       2,470   \n Provision for income taxes     1,975       2,125   \n Net income attributable to noncontrolling interests     970       1,010   \n               \n Adjusted EBITDA (a) (b)   $ 15,400     $ 16,100   \n               \n Diluted earnings per share:             \n Net income attributable to HCA Healthcare, Inc.   $ 28.70     $ 30.50   \n               \n Shares used in computing diluted earnings per share (millions)     219.500       219.500   \n\n The Company's forecasted guidance is based on current plans and expectations \n and is subject to a number of known and unknown uncertainties and risks. \n \n \n \n_______________________ \n (a) The Company does not forecast the impact of items such as, but not limited to, \n losses (gains) on sales of facilities, losses on retirement of debt, legal \n claim costs (benefits) and impairments of long-lived assets because the \n Company does not believe that it can forecast these items with sufficient \n accuracy. \n \n \n \n  \n (b) Adjusted EBITDA should not be considered a measure of financial performance \n under generally accepted accounting principles (\"GAAP\"). We believe Adjusted \n EBITDA is an important measure that supplements discussions and analysis of \n our results of operations. We believe it is useful to investors to provide \n disclosures of our results of operations on the same basis used by management. \n Management relies upon Adjusted EBITDA as a primary measure to review and \n assess operating performance of its health care facilities and their \n management teams. \n \n \n \n  \n Management and investors review both the overall performance (including net \n income attributable to HCA Healthcare, Inc.) and operating performance \n (Adjusted EBITDA) of our health care facilities. Adjusted EBITDA is utilized \n by management and investors to compare our current operating results with the \n corresponding periods during the previous year and to compare our operating \n results with other companies in the health care industry. \n \n \n \n  \n Adjusted EBITDA is not a measure of financial performance under GAAP and \n should not be considered as an alternative to net income attributable to HCA \n Healthcare, Inc. as a measure of operating performance or cash flows from \n operating, investing and financing activities as a measure of liquidity. \n Because Adjusted EBITDA is not a measurement determined in accordance with \n GAAP and is susceptible to varying calculations, Adjusted EBITDA, as \n presented, may not be comparable to other similarly titled measures presented \n by other companies. \n\n\n \n\n\n\nView source version on businesswire.com:\nhttps://www.businesswire.com/news/home/20261027765972/en/\n(https://www.businesswire.com/news/home/20261027765972/en/)\n\nINVESTOR CONTACT: \n\nFrank Morgan\n\n615-344-2688\n\nMEDIA CONTACT: \n\nHarlow Sumerford\n\n615-344-1851\n\n\nCopyright Business Wire 2026"},"type":"article","timestamp":"2026-10-27T11:00:02.383124033Z","server_sent_at_ms":1793098802383},"received_at":"2026-10-27T11:00:02.513Z","source_url":"https://www.businesswire.com/news/home/20261027765972/en/"},"analysis":{"id":"168617","press_release_id":"180787","analysis_json":{"industry":{"label":"Health Care Providers & Facilities","sector":"Health Care"},"redFlags":["uninsured volume rising from exchange coverage losses, ~$400M pre-tax income impact in the quarter","net income declined 3.9% YoY despite revenue growth","same facility inpatient (-1.4%) and outpatient (-3.7%) surgeries declined YoY","nine-month operating cash flow fell to $8.810B from $10.277B"],"eventType":"earnings","narrative":"HCA Healthcare reported Q3 2026 revenue of $19.849 billion, up 3.6% year-over-year, with diluted EPS of $7.27 (+4.5%) and adjusted EPS of $7.22 (+3.7%).\n\nNet income declined 3.9% to $1.579 billion as the company absorbed an estimated $400 million pre-tax hit from a payer mix shift driven by patients losing exchange-based insurance coverage; same facility admissions rose 2.7% and ER visits climbed 5.1%.\n\nManagement now expects full-year 2026 results in the upper half of prior guidance ranges (revenue $77.0B-$79.5B, Adjusted EBITDA $15.4B-$16.1B), and returned $2.970 billion via buybacks while declaring a $0.78/share quarterly dividend.","sentiment":"mixed","agentHooks":{"shouldPost":true,"suggestedAngle":"Solid volume growth and upper-half guidance offset by a $400M payer-mix hit from exchange coverage losses -- policy headwinds are now hitting hospital P&L."},"keyFigures":{"eps":7.27,"revenue":19849000000,"guidance":"Full year 2026 results now expected in the upper half of previously issued guidance ranges (FY26 revenue $77.0B-$79.5B, Adjusted EBITDA $15.4B-$16.1B, diluted EPS $28.70-$30.50)","revenueYoy":"3.6%","customDimensions":{"net_income":1579000000,"total_debt":50493000000,"adjusted_eps":7.22,"buyback_cost":2970000000,"buyback_shares":7230000,"net_income_yoy":"-3.9%","adjusted_ebitda":3918000000,"nine_month_revenue":59188000000,"adjusted_ebitda_yoy":"1.2%","operating_cash_flow":4461000000,"payer_mix_headwind_pretax":400000000,"quarterly_dividend_per_share":0.78,"same_facility_admissions_yoy":"2.7%","buyback_authorization_remaining":4240000000,"same_facility_equivalent_admissions_yoy":"3.0%"}},"quotedText":"Despite the challenges brought about by federal policy changes this year, our colleagues have continued to provide high-quality care to patients, and we believe HCA Healthcare is positioned to end the year positively","namedEntities":{"people":[{"name":"Sam Hazen","role":"CEO"},{"name":"Frank Morgan","role":"investor contact"},{"name":"Harlow Sumerford","role":"media contact"}],"products":[],"companies":[{"name":"HCA Healthcare, Inc.","ticker":"HCA"}],"dollarAmounts":[{"amount":"$19.849 billion","context":"Q3 2026 revenue"},{"amount":"$1.579 billion","context":"Q3 2026 net income attributable to HCA Healthcare"},{"amount":"$3.918 billion","context":"Q3 2026 Adjusted EBITDA"},{"amount":"$4.461 billion","context":"Q3 2026 cash flows from operating activities"},{"amount":"$400 million","context":"estimated unfavorable pre-tax impact from payer mix shift"},{"amount":"$2.970 billion","context":"Q3 share repurchases"},{"amount":"$4.240 billion","context":"remaining repurchase authorization"},{"amount":"$0.78 per share","context":"declared quarterly dividend"},{"amount":"$50.493 billion","context":"total debt at September 30, 2026"},{"amount":"$59.188 billion","context":"nine-month 2026 revenue"}]},"materialImpact":{"score":4,"reasoning":"Large-cap earnings with modest growth (revenue +3.6%, adjusted EPS +3.7%) but net income declined 3.9% and the company disclosed an estimated ~$400 million pre-tax hit from an unfavorable payer mix shift tied to exchange-coverage losses. Guidance was firmed to the upper half of prior ranges, alongside $2.970B of buybacks and a $0.78/share dividend."},"tickerRelevance":{"others":[],"primary":"HCA"},"globalImportance":55,"audienceRelevance":60,"eventTypeSecondary":["buyback","dividend","guidance_update"],"importanceComponents":{"tickerTier":"mega-cap S&P 100 healthcare","eventGravity":"routine earnings with material policy-driven headwind disclosure","eventQuality":"mixed -- modest growth, guidance firmed","householdBrandBoost":true}},"event_type":"earnings","event_type_secondary":["buyback","dividend","guidance_update"],"sentiment":"mixed","material_impact_score":4,"narrative":"HCA Healthcare reported Q3 2026 revenue of $19.849 billion, up 3.6% year-over-year, with diluted EPS of $7.27 (+4.5%) and adjusted EPS of $7.22 (+3.7%).\n\nNet income declined 3.9% to $1.579 billion as the company absorbed an estimated $400 million pre-tax hit from a payer mix shift driven by patients losing exchange-based insurance coverage; same facility admissions rose 2.7% and ER visits climbed 5.1%.\n\nManagement now expects full-year 2026 results in the upper half of prior guidance ranges (revenue $77.0B-$79.5B, Adjusted EBITDA $15.4B-$16.1B), and returned $2.970 billion via buybacks while declaring a $0.78/share quarterly dividend.","key_figures":{"eps":7.27,"revenue":19849000000,"guidance":"Full year 2026 results now expected in the upper half of previously issued guidance ranges (FY26 revenue $77.0B-$79.5B, Adjusted EBITDA $15.4B-$16.1B, diluted EPS $28.70-$30.50)","revenueYoy":"3.6%","customDimensions":{"net_income":1579000000,"total_debt":50493000000,"adjusted_eps":7.22,"buyback_cost":2970000000,"buyback_shares":7230000,"net_income_yoy":"-3.9%","adjusted_ebitda":3918000000,"nine_month_revenue":59188000000,"adjusted_ebitda_yoy":"1.2%","operating_cash_flow":4461000000,"payer_mix_headwind_pretax":400000000,"quarterly_dividend_per_share":0.78,"same_facility_admissions_yoy":"2.7%","buyback_authorization_remaining":4240000000,"same_facility_equivalent_admissions_yoy":"3.0%"}},"named_entities":{"people":[{"name":"Sam Hazen","role":"CEO"},{"name":"Frank Morgan","role":"investor contact"},{"name":"Harlow Sumerford","role":"media contact"}],"products":[],"companies":[{"name":"HCA Healthcare, Inc.","ticker":"HCA"}],"dollarAmounts":[{"amount":"$19.849 billion","context":"Q3 2026 revenue"},{"amount":"$1.579 billion","context":"Q3 2026 net income attributable to HCA Healthcare"},{"amount":"$3.918 billion","context":"Q3 2026 Adjusted EBITDA"},{"amount":"$4.461 billion","context":"Q3 2026 cash flows from operating activities"},{"amount":"$400 million","context":"estimated unfavorable pre-tax impact from payer mix shift"},{"amount":"$2.970 billion","context":"Q3 share repurchases"},{"amount":"$4.240 billion","context":"remaining repurchase authorization"},{"amount":"$0.78 per share","context":"declared quarterly dividend"},{"amount":"$50.493 billion","context":"total debt at September 30, 2026"},{"amount":"$59.188 billion","context":"nine-month 2026 revenue"}]},"model_name":"glm-5.3-flashx","prompt_hash":"sha256:5c812bd9e28b810d","schema_hash":"sha256:05005c02d9cffac9","created_at":"2026-10-27T11:00:21.270Z","global_importance":55,"audience_relevance":60,"importance_components":{"tickerTier":"mega-cap S&P 100 healthcare","eventGravity":"routine earnings with material policy-driven headwind disclosure","eventQuality":"mixed -- modest growth, guidance firmed","householdBrandBoost":true}},"durationMs":8910,"modelName":"glm-5.3-flashx"}}