HCA Healthcare, Inc. Earnings Recaps
Q2 2026
Jul 27, 2026
HCA Healthcare’s stock rose modestly by 1.5% as volume growth and Medicaid supplemental payments partly offset financial pressure from a significant payer mix shift driven by a surge in uninsured patients after the expiration of enhanced premium tax credits.
Key takeaways
- Adjusted admissions declined sharply by 15% for patients formerly covered by health insurance exchanges, with most migrating nearly 1-for-1 to uninsured status.
- Three domestic divisions accounted for roughly half of the negative payer mix impact, weighing on overall financial performance.
- Insured patient volumes excluding exchanges increased by 3.2% in the quarter, supported by growth in ER visits (+3.6%) and emergency inpatient surgeries; however, inpatient and outpatient elective surgeries declined (~2.3% and ~3.4% respectively).
- Net revenue per equivalent admission grew 6.4%, boosted by Medicaid supplemental payments (notably in Florida), rate increases, and governmental payment updates that helped offset mix-related rate pressures.
- The company affirmed ongoing investments with $7 billion in capital expenditures approved and emphasized operational efficiencies from its financial resiliency program to mitigate cost pressures.
Q3 2025
Oct 24, 2025
HCA Healthcare delivered robust third-quarter results with a 42% increase in adjusted diluted earnings per share and a 9.6% revenue growth, driven by volume expansion and improved payer mix.
Key takeaways
- Same facility equivalent admissions rose by 2.4%, reflecting strong demand for healthcare services.
- Adjusted EBITDA margin improved, significantly aided by effective labor and supply cost management.
- Revenue from Medicaid supplemental programs contributed approximately $240 million to adjusted EBITDA, underscoring the importance of these programs.
- Guidance for the year was raised in response to favorable performance and a positive outlook for the fourth quarter.
- The company remains focused on enhancing operational capabilities and investments in patient care services and digital tools.