# HCA Healthcare Inc. (HCA) — Financial Analysis

**Exchange:** NYSE  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-12  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/HCA/thesis · /stocks/HCA/memo

## Financial Snapshot

---
ticker: HCA
step: 04
generated: 2026-05-12
source: quick-research
---

### HCA Healthcare, Inc. (HCA) — Financial Snapshot

#### Income Statement Summary

| Metric | FY2022 | FY2023 | FY2024 | FY2025 | YoY (25) |
|--------|--------|--------|--------|--------|----------|
| Revenue | $60.2B | $64.97B | $70.6B | $75.6B | +7.1% |
| Same-Facility Admissions Growth | -2.0% | +3.6% | +5.5% | +2.4% | |
| Adj EBITDA | $12.2B | $12.65B | $13.88B | $15.57B | +12.1% |
| EBITDA Margin | 20.3% | 19.5% | 19.7% | 20.6% | +90bps |
| Net Income | $5.64B | $5.24B | $5.76B | $6.78B | +18% |
| Diluted EPS | $19.20 | $19.65 | $22.00 | $28.33 | +29% |

FY25: Same-facility admissions +2.4% in Q4; full-year inpatient + outpatient surgery + ER visits all positive. Adj EBITDA +12%; EBITDA margin 20.6% (record high). EPS +29% (driven by share buybacks compounding effect).

#### Cash Flow & Balance Sheet (FY2024)

| Metric | Value |
|--------|-------|
| Operating Cash Flow | ~$11.5B |
| Free Cash Flow | ~$6.5B |
| Capex | ~$5.2B (record investment) |
| Cash & Equivalents | ~$1.0B |
| Total Debt | ~$42B |
| Net Debt/EBITDA | ~2.7x |
| Buybacks | $10B authorized (early 2026) |

#### Key Ratios (approximate)
- P/E: ~16x | EV/EBITDA: ~9-10x | FCF Yield: ~5.5%
- Revenue Growth (TTM): ~7% | Op Margin: ~15%
- Dividend Yield: ~1.0% | Modest dividend; capital return primarily via buybacks
- Aggressive buybacks: ~$8-10B annually = ~7-8% share count reduction

#### Growth Profile
Long-term: 5-7% revenue growth (admissions + price/acuity) + 100bps margin expansion + 10-12% adj EBITDA growth + 12-15% EPS growth (with aggressive buybacks). $5.2B capex plan adds 600-700 beds annually + ORs + ASCs. Hub-and-spoke + AI/analytics = $400M resiliency program savings.

#### Forward Estimates
- **FY 2026**: Revenue ~$80B; adj EBITDA $16-17B; adj EPS $29.10-31.50 (raised guidance)
- ACA + Medicaid headwind: $600-900M EBITDA hit (manageable)
- **FY 2027**: Adj EPS ~$33-36 with full-year 2026 buybacks compounding
- $10B buyback authorization (Jan 2026) for 2026-27 execution

## Deeper Financial Analysis

The fundamental tier ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/HCA/fundamental

## Navigation

- Overview: /stocks/HCA
- Financials (this page): /stocks/HCA/financials
- Thesis: /stocks/HCA/thesis
- Investment Memo: /stocks/HCA/memo
- Coverage universe: /stocks