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…
Earnings analysis · 10-Q
HCA earnings analysis
Filed July 28, 2026 · Our reading of the company's report
The latest report
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…
Read full summary
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.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $7.59
What stood out
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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.
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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.
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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.
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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.
What to watch
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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.
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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.
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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.
Management's outlook
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.
Earlier filings 4
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 itself. Analysis can contain errors; check the source document for full context.