HCA Healthcare, Inc. HCA

Healthcare SIC 8062 - Services-General Medical & Surgical Hospitals, NEC NAICS Health Care and Social Assistance › Hospitals › General Medical and Surgical Hospitals derived NYSE

HCA Healthcare, Inc. is one of the leading health care services companies in the United States. At December 31, 2025, we operated 190 hospitals, comprised of 179 general acute care hospitals, seven behavioral hospitals, and four rehabilitation hospitals. In addition, we operated 121 freestanding ambulatory surgery centers ("ASCs") and 31 freestanding endoscopy centers. Our facilities are located in 19 states and England.

Our primary objective is to provide a comprehensive array of quality health care services in the most cost-effective manner possible. Our general, acute care hospitals typically provide a full range of services to accommodate such medical specialties as internal medicine, general surgery, cardiology, oncology, neurosurgery, orthopedics and obstetrics, as well as diagnostic and emergency services. Outpatient and ancillary health care services are provided by our general, acute care hospitals, ASCs, freestanding emergency care facilities, urgent care facilities, walk-in clinics, physician practices, diagnostic centers, home health agencies, hospices and rehabilitation facilities and various other facilities. Our behavioral hospitals provide a full range of mental health care services through inpatient, partial hospitalization and outpatient settings.

Last close 469.03 2026-10-23
Market cap $104.05B 2026-03-31 share count
52-week range 353.99 - 556.52

Valuation FY2025 figures against the last close

P/S1.4x
P/E16.6x
P/FCF13.5x
EV/EBITDA—
Dividend yield0.7%
Diluted EPS28.33

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Revenue $75.60B$70.60B$64.97B$60.23B$58.75B$51.53B$51.34B$46.68B$43.61B$41.49B
SG&A $548.0M$421.0M$353.0M$307.0M$337.0M$416.0M$370.0M$344.0M$340.0M$343.0M
Total operating expenses $65.77B$62.08B$57.26B$51.65B$48.92B$46.10B$46.09B$41.34B$39.23B$36.68B
Interest expense $2.25B$2.06B$1.94B$1.74B$1.57B$1.58B$1.82B$1.75B$1.69B$1.71B
Pre-tax income $9.83B$8.52B$7.71B$8.58B$9.83B$5.43B$5.24B$5.33B$4.38B$4.81B
Income tax $2.05B$1.87B$1.61B$1.75B$2.11B$1.04B$1.10B$946.0M$1.64B$1.38B
Net income $6.78B$5.76B$5.24B$5.64B$6.96B$3.75B$3.50B$3.79B$2.22B$2.89B
EPS, basic 28.7022.2719.2519.4321.5211.1010.2710.906.127.53
EPS, diluted 28.3322.0018.9719.1521.1610.9310.0710.665.957.30
Shares, diluted (wtd. avg.) 239.5M261.8M276.4M294.7M328.8M343.6M348.2M355.3M372.2M395.9M

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Cash and equivalents $1.04B$1.93B$935.0M$908.0M$1.45B$1.79B$621.0M$502.0M$732.0M$646.0M
Short-term investments ————$103.0M$116.0M————
Receivables $10.87B$10.75B$9.96B$8.89B$8.10B$7.05B$7.38B$6.79B$6.50B$5.83B
Inventory $1.65B$1.74B$2.02B$2.07B$1.99B$2.02B$1.85B$1.73B$1.57B$1.50B
Total current assets $15.78B$16.41B$14.93B$13.64B$13.54B$12.33B$11.20B$10.21B$9.98B$9.09B
Property, plant and equipment $31.14B$29.41B$27.71B$25.57B$24.06B$23.20B$22.71B$19.76B$17.89B$16.35B
Total assets $60.72B$59.51B$56.21B$52.44B$50.74B$47.49B$45.06B$39.21B$36.59B$33.76B
Accounts payable $4.66B$4.28B$4.23B$4.24B$4.11B$3.54B$2.90B$2.58B$2.61B$2.32B
Short-term debt $4.89B$4.70B$2.42B$370.0M$237.0M$209.0M$145.0M$788.0M$200.0M$216.0M
Total current liabilities $16.35B$15.18B$12.65B$9.90B$9.58B$8.70B$7.76B$7.57B$6.16B$5.83B
Long-term debt $41.60B$38.33B$37.17B$37.71B$34.34B$30.80B$33.58B$32.03B$32.86B$31.16B
Total liabilities ——————$45.62B$42.12B$41.59B$39.39B
Retained earnings -$5.72B-$2.12B-$1.35B-$2.28B-$532.0M$777.0M-$2.35B-$4.57B-$6.53B-$6.97B
Total equity -$6.03B-$2.50B$1.06B-$73.0M$1.49B$2.89B-$565.0M-$2.92B-$5.00B-$5.63B

Cash flow

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Operating cash flow $12.64B$10.51B$9.43B$8.52B$8.96B$9.23B$7.60B$6.76B$5.43B$5.65B
Depreciation and amortisation $3.52B$3.31B$3.08B$2.97B$2.85B$2.72B$2.60B$2.28B$2.13B$1.97B
Stock-based compensation $401.0M$360.0M$262.0M$341.0M$440.0M$362.0M$347.0M$268.0M$270.0M$251.0M
Capital expenditure $4.94B$4.88B$4.74B$4.39B$3.58B$2.83B$4.16B$3.57B$3.02B$2.76B
Investing cash flow -$4.99B-$4.93B-$5.32B-$3.39B-$2.64B-$3.39B-$5.72B-$3.90B-$4.28B-$3.24B
Financing cash flow -$8.55B-$4.58B-$4.09B-$5.66B-$6.66B-$4.68B-$1.77B-$3.08B-$1.06B-$2.51B
Dividends paid $679.0M$690.0M$661.0M$653.0M$624.0M$153.0M$550.0M$487.0M$0—
Buybacks $10.07B$6.04B$3.81B$7.00B$8.21B$441.0M$1.03B$1.53B$2.05B$2.75B

Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193125-26-044769.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. 0 20B 40B 60B 80B Revenue, FY2016: 41.5B Net income, FY2016: 2.9B Revenue, FY2017: 43.6B Net income, FY2017: 2.2B Revenue, FY2018: 46.7B Net income, FY2018: 3.8B Revenue, FY2019: 51.3B Net income, FY2019: 3.5B Revenue, FY2020: 51.5B Net income, FY2020: 3.8B Revenue, FY2021: 58.8B Net income, FY2021: 7B Revenue, FY2022: 60.2B Net income, FY2022: 5.6B Revenue, FY2023: 65B Net income, FY2023: 5.2B Revenue, FY2024: 70.6B Net income, FY2024: 5.8B Revenue, FY2025: 75.6B Net income, FY2025: 6.8B FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $41.49B $43.61B $46.68B $51.34B $51.53B $58.75B $60.23B $64.97B $70.60B $75.60B
Gross profit — — — — — — — — — —
Net income $2.89B $2.22B $3.79B $3.50B $3.75B $6.96B $5.64B $5.24B $5.76B $6.78B

Recent filings and events

  • New debt or obligation The company has taken on debt or a comparable obligation. Item 2.03
  • Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
  • Other event Item 8.01
  • Results announced Item 2.02
  • Regulation FD disclosure Item 7.01
  • Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
  • Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
  • New debt or obligation Item 2.03
  • Other event Item 8.01
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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