HCA Healthcare, Inc. HCA
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.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | 28.70 | 22.27 | 19.25 | 19.43 | 21.52 | 11.10 | 10.27 | 10.90 | 6.12 | 7.53 |
| EPS, diluted | 28.33 | 22.00 | 18.97 | 19.15 | 21.16 | 10.93 | 10.07 | 10.66 | 5.95 | 7.30 |
| Shares, diluted (wtd. avg.) | $239.5M | $261.8M | $276.4M | $294.7M | $328.8M | $343.6M | $348.2M | $355.3M | $372.2M | $395.9M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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.
Others in SIC 8062
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| THC | TENET HEALTHCARE CORP | $21.34B | 17.1x | 3.1% |
| UHS | UNIVERSAL HEALTH SERVICES INC | $10.12B | 7.3x | 9.7% |
| SGRY | Surgery Partners, Inc. | $1.87B | — | 6.2% |
| ARDT | Ardent Health, Inc. | $1.54B | 11.4x | 6.0% |
| CYH | COMMUNITY HEALTH SYSTEMS INC | $407.5M | 0.8x | -1.2% |