HCA Healthcare
Operator of hospital-anchored care networks spanning inpatient, outpatient, emergency, and physician services.
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Profile
Provides inpatient and outpatient care through acute-care, behavioral, and rehabilitation hospitals; surgery centers; emergency and urgent care sites; physician practices; and home-based services. Patient-service revenue is paid mainly by insurers and government programs, with the network concentrated in Florida and Texas and supported by enterprise-scale clinical and operating systems.
Operates 190 hospitals and a broad outpatient network across the United States and England. General acute-care hospitals anchor the system, supported by behavioral and rehabilitation hospitals, ambulatory surgery and endoscopy centers, freestanding emergency rooms, urgent care sites, physician practices, home health agencies, and hospices.
Builds comprehensive local care networks, then supports them with centralized clinical data, patient transfers, workforce development, and enterprise scale. Revenue comes from patient services reimbursed by managed-care and commercial insurers, Medicare, Medicaid, and patients. Payment rates, insurer contracts, health-care regulation, and clinician availability shape operations, while Florida and Texas generate roughly half of revenue.
Company facts
Key statistics
Year to date −11.2% · Average volume (30d) 1.3M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Rating | Prior target | Target |
|---|---|---|---|---|---|
| Jul 28, 2026 | Goldman Sachs | Reiterate | Buy | $520 | $485 |
| Jul 27, 2026 | UBS | Reiterate | Buy | $635 | $579 |
| Jul 27, 2026 | Deutsche Bank | Target | $441 | $476 | |
| Jul 27, 2026 | Morgan Stanley | Reiterate | Underweight | $425 | $380 |
| Jul 27, 2026 | Oppenheimer | Reiterate | Outperform | $520 | $485 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Jul 24, 2026Q2 FY26 | $7.56 | $7.59 | +0.4% | $19.76B | $20.23B | +2.4% | +1.94% |
| Apr 24, 2026Q1 FY26 | $7.12 | $7.15 | +0.4% | $19.09B | $19.11B | +0.1% | +3.09% |
| Jan 27, 2026Q4 FY25 | $7.46 | $8.01 | +7.4% | $19.68B | $19.51B | −0.9% | −2.89% |
| Oct 24, 2025Q3 FY25 | $5.79 | $6.96 | +20.2% | $18.60B | $19.16B | +3.0% | +4.66% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $18.32B | $18.61B | $19.16B | $19.51B | $19.11B | $20.23B | |
| Gross profit | $7.56B | $7.62B | $8.02B | $8.18B | $2.86B | $3.07B | |
| Operating income | $2.86B | $2.97B | $2.97B | $3.18B | $2.86B | $3.07B | |
| Net income | $1.61B | $1.65B | $1.64B | $1.88B | $1.62B | $1.70B | |
| Diluted EPS | $6.45 | $6.83 | $6.96 | $8.14 | $7.15 | $7.62 | |
| Gross margin | 41.3% | 41.0% | 41.8% | 41.9% | 15.0% | 15.2% | |
| Operating margin | 15.6% | 15.9% | 15.5% | 16.3% | 15.0% | 15.2% |
Fiscal years (4-quarter sums)FY21 $58.75B · FY22 $60.23B · FY23 $64.97B · FY24 $70.60B · FY25 $75.60B
Revenue by product · Q2 FY26
Revenue by geography · Q2 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $1.01B · Total debt $48.78B · Total assets $60.53B · Shareholders' equity −$6.58B
Dividends
Raised for 5 straight years — most recently to $0.78 from $0.72 in Mar 2026. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Jun 16, 2026 | Jun 16 | Jun 30 | $0.78 | |
| Mar 17, 2026 | Mar 17 | Mar 31 | $0.78 | raised from $0.72 |
| Dec 15, 2025 | Dec 15 | Dec 29 | $0.72 | |
| Sep 16, 2025 | Sep 16 | Sep 30 | $0.72 | |
| Jun 16, 2025 | Jun 16 | Jun 30 | $0.72 | |
| Mar 17, 2025 | Mar 17 | Mar 31 | $0.72 | raised from $0.66 |
| Dec 13, 2024 | Dec 13 | Dec 27 | $0.66 | |
| Sep 16, 2024 | Sep 16 | Sep 30 | $0.66 |
Ownership
A 13F quarter can total more than the shares outstanding — sub-advisers file the same block twice, and a filer's own share count can be a quarter stale. No split is drawn from it.
Shares outstanding 216.50M · Float 146.40M · 67.6% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| Hercules Holding Ii · 10 percent owner | 32.28M | 14.91% | Form 4 | Feb 10, 2026 |
| BlackRock, Inc. | 13.00M | 6.01% | 13F | Aug 7, 2026 |
| Vanguard Capital Management LLC | 10.14M | 4.68% | 13F | Aug 13, 2026 |
| Sanders Capital, LLC | 8.83M | 4.08% | 13F | Aug 10, 2026 |
| State Street Corp | 7.47M | 3.45% | 13F | Aug 7, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Feb 18, 2026 | Michael R. McAlevey | officer: EVP & Chief Legal & Admin Off. | −1,694 | $533.37 |
| Feb 11, 2026 | Jennifer Berres | officer: SVP & Chief Human Res. Officer | −8,020 | $514.58 |
| Feb 11, 2026 | Christopher F. Wyatt | officer: SVP & Controller | −4,000 | $505.00 |
| Feb 3, 2026 | Michael S. Cuffe | officer: EVP and Chief Clinical Officer | −1,500 | $498.09 |
| Feb 3, 2026 | Samuel N. Hazen | director, officer: CEO | −42,877 | $501.04 |
Peers
- Tenet Healthcare
Acute-care hospitals and the largest ASC chain (USPI) in overlapping Sun Belt markets.
- Universal Health Services
Acute-care hospitals and dominant US behavioral health network in overlapping markets.
- Community Health Systems
Rural and suburban acute-care hospital operator in overlapping Sun Belt markets.
- Encompass Health
Nation's largest inpatient rehabilitation hospital chain; competes for post-acute referrals.
- Surgery Partners
Pure-play ASC operator competing for outpatient surgical volume in overlapping markets.
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| HCA Healthcare | $417.82 | −0.00% | $90.46B | 14.0 | 13.6 | 1.2 | +8.7% |
| Tenet Healthcare | $266.80 | −0.05% | $21.48B | 10.3 | 13.0 | 1.0 | +6.8% |
| Universal Health Services | $172.00 | +0.09% | $10.39B | 7.0 | 7.4 | 0.6 | +8.3% |
| Community Health Systems | $2.94 | +0.17% | $413.2M | — | — | 0.0 | −9.8% |
| Encompass Health | $120.85 | 0.00% | $11.99B | 19.7 | 18.9 | 1.9 | +9.6% |
| Surgery Partners | $13.40 | −2.12% | $1.79B | — | 31.5 | 0.5 | +2.8% |
| Median | 10.3 | 15.9 | 0.6 | +6.8% |