Jun 2026 (Q2 FY26) — Jul 24, 2026
HCA Healthcare Q2 FY26 — Payer Mix Shift Impacts Earnings, Resiliency Program Advances
Read the full callHCA Healthcare (HCA) earnings
- Mar 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
HCA Healthcare earnings: last reported Fri, 24 Jul 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 19,109 | +4.3% YoY | Quarterly, as filed | Quarter to Mar 2026 | Revenue from operations as filed. |
| Operating margin | Operating profit / revenue | Quarter to Mar 2026 | Not in the filed figures for the quarter to mar 2026. No older figure is substituted. | ||
| Net profit | 1,620 | +0.6% YoY | Quarterly, as filed | Quarter to Mar 2026 | Profit after tax as filed. |
Guidance
What management said, and what became of it
11 of 12 judged targets kept · 19 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| FY26 adjusted EBITDA | $15.55 billion to $16.45 billion | Dec 2025 | adjusted EBITDA between $15.4 billion and $16.1 billion | Revised Down |
| 5-year resiliency program savings (Investor Day 2023) | $600 million to $800 million | Sep 2024 | You'll remember that we've highlighted this in our Investor Day back in 2023. | On Track |
1 of HCA Healthcare, Inc.'s 31 targets was missed. See which ones, and which are quietly gone. The 2 above are the free sample; 29 more targets are in the full ledger.
Claimed
- Diluted EPS grew 11% in the quarter and year-to-date.
- Insured volumes, excluding exchanges, increased 3.2% in Q2 FY26, driven by ER visits, cardiac procedures, and rehab.
- The financial resiliency program contributed to cost improvements, with same-facility cost per equivalent admission essentially flat YoY in Q2 FY26.
- HCA Healthcare plans over $7 billion in capital expenditures for the next three years, including 1,000-1,200 new inpatient beds and 250-300 new outpatient facilities.
- Positive demographic trends in HCA's markets (e.g., Florida, Texas, Utah) are expected to support long-term demand growth of 2-3%.
Qualified
- An unfavorable payer mix shift, primarily due to the expiration of enhanced premium tax credits, resulted in an approximate $400 million negative impact on adjusted EBITDA in Q2 FY26.
- Adjusted admissions for patients formerly covered by health insurance exchanges declined by 15%, with most migrating to uninsured status.
- Inpatient surgeries decreased 2.3% and outpatient surgeries decreased 3.4% in Q2 FY26, with elective procedures particularly affected.
- Full-year 2026 adjusted EBITDA guidance was revised down to $15.4 billion-$16.1 billion, reflecting the greater-than-expected impact of payer mix shifts.
- A $100 million-$300 million headwind from Medicaid supplemental payment programs is anticipated in H2 FY26 due to prior-year retro payments exceeding new benefits.
Price
$454.88 −0.86% · −$3.96
Performance +6.7% 1Y
1Y: $426.16 on 17 Oct 2025 → $454.88. High $545.13 (9 Mar 2026), low $361.32 (8 Jun 2026).
- Previous close
- $458.84
- 52-week range
- $361.32 – $545.13
- One year
- +5.02%
Overview
- Symbol
- HCA
- Sector
- Health Care
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
11 of 12 judged targets kept · 19 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| FY26 adjusted EBITDA | $15.55 billion to $16.45 billion | Dec 2025 | adjusted EBITDA between $15.4 billion and $16.1 billion | Revised Down |
| 5-year resiliency program savings (Investor Day 2023) | $600 million to $800 million | Sep 2024 | You'll remember that we've highlighted this in our Investor Day back in 2023. | On Track |
Claimed
- Diluted EPS grew 11% in the quarter and year-to-date.
- Insured volumes, excluding exchanges, increased 3.2% in Q2 FY26, driven by ER visits, cardiac procedures, and rehab.
- The financial resiliency program contributed to cost improvements, with same-facility cost per equivalent admission essentially flat YoY in Q2 FY26.
- HCA Healthcare plans over $7 billion in capital expenditures for the next three years, including 1,000-1,200 new inpatient beds and 250-300 new outpatient facilities.
- Positive demographic trends in HCA's markets (e.g., Florida, Texas, Utah) are expected to support long-term demand growth of 2-3%.
Qualified
- An unfavorable payer mix shift, primarily due to the expiration of enhanced premium tax credits, resulted in an approximate $400 million negative impact on adjusted EBITDA in Q2 FY26.
- Adjusted admissions for patients formerly covered by health insurance exchanges declined by 15%, with most migrating to uninsured status.
- Inpatient surgeries decreased 2.3% and outpatient surgeries decreased 3.4% in Q2 FY26, with elective procedures particularly affected.
- Full-year 2026 adjusted EBITDA guidance was revised down to $15.4 billion-$16.1 billion, reflecting the greater-than-expected impact of payer mix shifts.
- A $100 million-$300 million headwind from Medicaid supplemental payment programs is anticipated in H2 FY26 due to prior-year retro payments exceeding new benefits.
The full ledger
Open HCA Healthcare, Inc.’s full ledger
A free account opens 5 company ledgers a month. All 31 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2026 (Q1 FY26) — Apr 24, 2026
HCA Healthcare Q1 FY26 — Resilient Performance Amidst Volume Headwinds and Payer Mix Shifts
Read the full callDec 2025 (Q4 FY25) — Jan 27, 2026
HCA Healthcare Q4 FY25 — Strong Operational Performance Amid Policy Headwinds
Read the full callEvery analysed call
HCA Healthcare earnings calls (HCA)
Financials
What the filings say
Net profit, year on year: +1% (quarter to mar 2026 against mar 2025).
| Line item | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 17,492 | 17,487 | 18,285 | 18,321 | 18,605 | 19,161 | 19,513 | 19,109 |
| Expenses | 15,255 | 15,581 | 16,152 | 15,994 | 16,190 | 16,743 | 16,841 | 16,822 |
| Interest | 506 | 515 | 528 | 547 | 568 | 561 | 572 | 584 |
| Profit before tax | 2,237 | 1,906 | 2,133 | 2,327 | 2,415 | 2,418 | 2,672 | 2,287 |
| Tax rate | 24.6% | 22.3% | 21.0% | 21.6% | 21.7% | 21.3% | 19.1% | 18.8% |
| Net profit | 1,461 | 1,270 | 1,438 | 1,610 | 1,653 | 1,643 | 1,878 | 1,620 |
| EPS ($ per share) | 5.60 | 4.94 | — | 6.52 | 6.91 | 7.05 | — | 7.25 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Reserves | -4,572 | -2,351 | 777 | -532 | -2,280 | -1,352 | -2,115 | -5,724 |
| Total liabilities | 42,125 | 45,623 | 44,598 | 49,253 | 52,511 | 55,151 | 58,958 | 63,491 |
| Fixed assets | 19,757 | 22,715 | 23,199 | 24,063 | 25,575 | 27,715 | 29,414 | 31,141 |
| Total assets | 39,207 | 45,058 | 47,490 | 50,742 | 52,438 | 56,211 | 59,513 | 60,720 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 6,761 | 7,602 | 9,232 | 8,959 | 8,522 | 9,431 | 10,514 | 12,636 |
| Cash from investing | -3,901 | -5,720 | -3,393 | -2,643 | -3,389 | -5,317 | -4,933 | -4,988 |
| Cash from financing | -3,075 | -1,771 | -4,677 | -6,655 | -5,656 | -4,094 | -4,582 | -8,550 |
| Net cash flow | -230 | 119 | 1,172 | -342 | -543 | 27 | 998 | -893 |
| Capital expenditure | -3,573 | -4,158 | -2,835 | -3,577 | -4,395 | -4,744 | -4,875 | -4,944 |
| Free cash flow | 3,188 | 3,444 | 6,397 | 5,382 | 4,127 | 4,687 | 5,639 | 7,692 |
HCA revenue by segment
Atlantic Group grew from 32% to 37% of revenue over the last two years.
| Segment | Q3 FY2024 | Q4 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Atlantic Group | 32% | 34% | 34% | 33% | 32% | 32% | 33% | 37% | +23.7% |
| American Group | 34% | 37% | 35% | 35% | 35% | 36% | 34% | 33% | +1.4% |
| National Group | 28% | 28% | 28% | 28% | 29% | 28% | 28% | 26% | +1.0% |
| Corporate and Other | 6% | 2% | 4% | 4% | 4% | 4% | 5% | 4% | +4.3% |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
HCA operating KPIs by quarter
| KPI | Mar 2025 Q1 FY25 | Jun 2025 Q2 FY25 | Change vs prior quarter |
|---|---|---|---|
| Sites of care | ~2,750As part of our network development plan, we used our capital spending to increase the number of facilities or sites of care by 3.3% to around 2,750, and we added approximately 2% to our inpatient bed capacity.Source: earnings call transcript | <2,700I think we're today, I don't know, close to 2,700 facilities in our company.Source: earnings call transcript | — |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Insider filings
70 filings between Oct 31, 2025 and Aug 26, 2026.
Open market
decisions to buy or sellPurchases
None
No insider bought shares.
Sales
$31.12M
13 sales by 5 insiders
Compensation
not trading decisions- 16
- Award — granted as compensation
- 6
- Option exercise — converted options into shares
- 14
- Tax withheld — shares kept back by the company to cover tax
Also filed: 14 other filings, 7 gifts.
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| HAZEN SAMUEL N | — | $21.48M | Feb 3, 2026 |
| Berres Jennifer | — | $4.13M | Feb 11, 2026 |
| McAlevey Michael R | — | $2.75M | Feb 18, 2026 |
| Wyatt Christopher F. | — | $2.02M | Feb 11, 2026 |
| Cuffe Michael S. | — | $747.1K | Feb 3, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Aug 26, 2026 | McAlevey Michael R EVP & Chief Legal & Admin Off. | Other | 7,769 | $3.33M |
| May 7, 2026 | Marks Mike A EVP and CFO | Gift | 3,336 | $0 |
| May 7, 2026 | Marks Mike A EVP and CFO | Gift | 3,336 | $0 |
| Apr 28, 2026 | DEPARLE NANCY ANN Director | Award | 509 | $0 |
| Apr 28, 2026 | Johnston Hugh F Director | Award | 809 | $0 |
| Apr 28, 2026 | CHIDSEY JOHN Director | Award | 809 | $0 |
| Apr 28, 2026 | Smith Andrea B Director | Award | 509 | $0 |
| Apr 28, 2026 | Frist William R Director | Award | 809 | $0 |
| Apr 28, 2026 | Riley Wayne Joseph Director | Award | 509 | $0 |
| Apr 28, 2026 | FRIST THOMAS F III Director | Award | 1,041 | $0 |
| Apr 28, 2026 | MICHELSON MICHAEL W Director | Award | 925 | $0 |
| Feb 18, 2026 | McAlevey Michael R EVP & Chief Legal & Admin Off. | Sale | 1,694 | $903.5K |
| Feb 13, 2026 | McAlevey Michael R EVP & Chief Legal & Admin Off. | Tax withheld | 3,306 | $1.79M |
| Feb 13, 2026 | McAlevey Michael R EVP & Chief Legal & Admin Off. | Option exercise | 5,000 | $1.18M |
| Feb 11, 2026 | Berres Jennifer SVP & Chief Human Res. Officer | Sale | 4,010 | $2.11M |
| Feb 11, 2026 | Berres Jennifer SVP & Chief Human Res. Officer | Sale | 4,010 | $2.02M |
| Feb 11, 2026 | Wyatt Christopher F. SVP & Controller | Sale | 4,000 | $2.02M |
| Feb 10, 2026 | Wyatt Christopher F. SVP & Controller | Award | 3,350 | $0 |
| Feb 10, 2026 | Rossitto Erica SVP & Chief Nurse Executive | Tax withheld | 418 | $209.9K |
| Feb 10, 2026 | Rossitto Erica SVP & Chief Nurse Executive | Award | 1,676 | $0 |
| Feb 10, 2026 | McAlevey Michael R EVP & Chief Legal & Admin Off. | Award | 8,372 | $0 |
| Feb 10, 2026 | Berres Jennifer SVP & Chief Human Res. Officer | Tax withheld | 2,515 | $1.26M |
| Feb 10, 2026 | Marks Mike A EVP and CFO | Tax withheld | 1,690 | $848.5K |
| Feb 10, 2026 | Marks Mike A EVP and CFO | Award | 5,026 | $0 |
| Feb 10, 2026 | HAZEN SAMUEL N CEO | Tax withheld | 21,323 | $10.71M |
| Feb 10, 2026 | McAlevey Michael R EVP & Chief Legal & Admin Off. | Tax withheld | 3,006 | $1.51M |
| Feb 10, 2026 | HAZEN SAMUEL N CEO | Award | 54,934 | $0 |
| Feb 10, 2026 | Foster Jon M EVP and COO | Award | 15,696 | $0 |
| Feb 10, 2026 | Cuffe Michael S. EVP and Chief Clinical Officer | Award | 9,628 | $0 |
| Feb 10, 2026 | Wyatt Christopher F. SVP & Controller | Tax withheld | 1,034 | $519.1K |
| Feb 10, 2026 | Berres Jennifer SVP & Chief Human Res. Officer | Award | 7,116 | $0 |
| Feb 10, 2026 | Foster Jon M EVP and COO | Tax withheld | 5,888 | $2.96M |
| Feb 10, 2026 | Cuffe Michael S. EVP and Chief Clinical Officer | Tax withheld | 3,501 | $1.76M |
| Feb 6, 2026 | Frisco Holding II 10% owner | Other | 36,629,188 | — |
| Feb 6, 2026 | Frist William R Director | Other | 36,629,188 | — |
| Feb 6, 2026 | FRIST THOMAS F JR 10% owner | Other | 36,557,141 | — |
| Feb 6, 2026 | FRIST THOMAS F JR 10% owner | Other | 36,629,188 | — |
| Feb 6, 2026 | Frist William R Director | Other | 36,557,141 | — |
| Feb 6, 2026 | FRIST THOMAS F III Director | Other | 36,557,141 | — |
| Feb 6, 2026 | FRIST THOMAS F III Director | Other | 36,629,188 | — |
| Feb 6, 2026 | Elcan Patricia F 10% owner | Other | 36,557,141 | — |
| Feb 6, 2026 | Elcan Patricia F 10% owner | Other | 36,629,188 | — |
| Feb 6, 2026 | HERCULES HOLDING II 10% owner | Other | 36,629,188 | $0 |
| Feb 6, 2026 | Frisco Holding II 10% owner | Other | 36,557,141 | — |
| Feb 5, 2026 | Foster Jon M EVP and COO | Option exercise | 29,330 | $4.08M |
| Feb 5, 2026 | Wyatt Christopher F. SVP & Controller | Tax withheld | 5,674 | $2.92M |
| Feb 5, 2026 | Wyatt Christopher F. SVP & Controller | Option exercise | 10,670 | $1.48M |
| Feb 5, 2026 | Foster Jon M EVP and COO | Tax withheld | 16,076 | $8.26M |
| Feb 4, 2026 | HAZEN SAMUEL N CEO | Other | 1,045 | $520.8K |
| Feb 4, 2026 | HAZEN SAMUEL N CEO | Other | 1,045 | $520.8K |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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