HCA earnings analysis
What we found in HCA's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
HCA delivered $20.230 billion of Q2 revenue and $7.59 of diluted EPS, representing growth of 8.7% and 11.1%, respectively, versus 2025Q2. The filing-supported trend is tempered by approximately $400 million of exchange-related payer-mix pressure and a reduced 2026 EPS range of $28.70-$30.50. The supplied extract does not include sufficient balance-sheet, cash-flow, gross-margin, operating-margin, or reportable-segment tables to quantify those items reliably.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue grew 5.9% sequentially and 8.7% YoY
- Second-quarter revenue was $20.230 billion, up $1.120 billion (5.9%) from $19.110 billion in 2026Q1 and up $1.620 billion (8.7%) from $18.610 billion in 2025Q2.
- EPS increased sequentially and year over year
- Diluted EPS was $7.59, an increase of $0.44 (6.2%) from $7.15 in 2026Q1 and $0.76 (11.1%) from $6.83 in 2025Q2.
- Substantial buyback capacity remains
- The company repurchased 4,752,930 shares in Q2 at an average price of $414.25 per share, leaving $7.210 billion available under the January 2026 authorization.
- Quarterly dividend declared at $0.78 per share
- The Board declared a $0.78-per-share quarterly dividend on July 23, 2026, payable September 30, 2026.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Exchange payer mix pressured profitability
- Management’s Q2 discussion identified an approximately $400 million pre-tax impact from exchange-related payer-mix shifts, offsetting the benefit of higher volumes and supplemental payments.
- Full-year earnings outlook was lowered
- Full-year diluted-EPS guidance was reduced to $28.70-$30.50; the revenue range was narrowed to $77.0-$79.5 billion from $76.5-$80.0 billion.
- No material risk-factor update in the 10-Q
- The filing states that there were no material changes to risk factors previously disclosed in the 2025 Form 10-K; therefore, no newly added or materially revised risk factor was identified in this 10-Q.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $7.59
What they said about what is next.
The quantitative 2026 outlook is revenue of $77.0 billion to $79.5 billion and diluted EPS of $28.70 to $30.50. This is lower than the prior January EPS outlook, while the revenue range was narrowed from $76.5 billion to $80.0 billion.
The filing reads about the same as the one before it.
What came before.
- 10-Q · April 29, 2026
- HCA Healthcare reported Q1 revenue of $19.11 billion, which is slightly above analysts' expectations of $19.07 billion. However, EPS of $7.15 was marginally below the expected $7.16. Revenue demonstrated a year-on-year…
- 10-Q · May 1, 2025
- HCA reported Q1 revenue of $18,321 million (up $982 million or ~5.7% versus $17,339 million in Q1 2024) and diluted EPS of $6.45 (versus $5.93). Operating performance produced income before income taxes of $2,327…
- 10-Q · October 31, 2024
- HCA reported quarterly revenues of $17,487 million (Q3 2024), up $1,274 million (+7.9%) vs. Q3 2023, and diluted EPS of $4.88, up from $3.91 a year ago. Operating profitability remained roughly stable with an implied…
- 10-K · February 16, 2024
- HCA describes a scale-driven strategy focused on growing local market presence, operational excellence, physician recruitment and investments in clinical systems and digital capabilities. The company operated 186…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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