HCA

MKT CAP:$97B

HCA Healthcare, Inc.

Market Cap

$97B

Healthcare·Medical - Care Facilities·🇺🇸 United States·NYSE

Healthcare·Medical·🇺🇸·NYSE

Stock Price

$433.03-$37.36 (-7.94%)

Apr 24, 2026

Company Details

HCA Healthcare, Inc., through its subsidiaries, provides health care services company in the United States. The company operates general and acute care hospitals that offers medical and surgical services, including inpatient care, intensive...

CEO

Samuel N. Hazen

IPO Date

Mar 10, 2011

Website

www.hcahealthcare.com

Key Metrics TTM

Revenue

$74.5B

— YoY

Net Income

$6.4B

EPS (Diluted)

$26.26

Free Cash Flow

$6.0B

Revenue / Share

$322.70

Gross Margin

41.6%

Operating Margin

15.7%

Net Margin

8.6%

FCF Margin

8.0%

P/S

1.3x

P/E

15.1x

Earnings Reports

FY 2025

Feb 10, 2026

$75.6BEPS $28.38

Q4 2025

Feb 10, 2026

$19.5B+6.7%EPS $8.14

Q3 2025

Oct 30, 2025

$19.2BEPS $6.96

Q4 2024

Feb 13, 2025

$18.3B+5.7%EPS $5.63

Q2 2024

Jul 29, 2024

$17.5BEPS $5.53

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 23	$17.3B	$14.7B	$2.8B
Q1 24	$17.3B	$14.7B	$2.6B
Q2 24	$17.5B	$7.2B	$2.7B
Q4 24	$18.3B	$7.6B	$2.8B
Q3 25	$19.2B	$8.0B	$3.0B
Q4 25	$19.5B	$8.2B	$3.2B

Valuation

Quarter	P/S	P/E
Q4 23	—	—
Q1 24	—	—
Q2 24	—	—
Q4 24	1.1x	12.3x
Q3 25	1.4x	16.6x
Q4 25	1.5x	17.0x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 23	$2.7B	$1.5B
Q1 24	$2.5B	$1.4B
Q2 24	$2.0B	$690M
Q4 24	$2.6B	$1.3B
Q3 25	$4.4B	$3.1B
Q4 25	$2.4B	$870M

Capital Expenditures

Quarter	CapEx
Q4 23	$1.2B
Q1 24	$1.1B
Q2 24	$1.3B
Q4 24	$1.3B
Q3 25	$1.3B
Q4 25	$1.5B

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q3 25	+10.7%	+11.7%
Q4 25	+12.5%	+10.5%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 23	$57M	0.3%
Q1 24	$87M	0.5%
Q2 24	$112M	0.6%
Q4 24	$85M	0.5%
Q3 25	$0	0.0%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	G&A
Q4 23	$7.6B
Q1 24	$7.7B
Q2 24	$7.7B
Q4 24	$7.9B

Revenue Segments

Quarter	International	Managed Care And Other Insurers	Managed Medicaid	Managed Medicare	Medicaid	Medicare
Q4 23	$382M	$8.7B	$1.0B	$2.9B	$1.1B	$2.7B
Q1 24	$412M	$8.5B	$978M	$3.0B	$1.0B	$2.8B
Q2 24	$416M	$8.5B	$1.0B	$2.9B	$1.1B	$2.6B
Q4 24	$430M	$9.4B	$938M	$3.1B	$1.4B	$2.7B
Q3 25	$484M	$9.3B	$949M	$3.3B	$1.8B	$2.7B
Q4 25	$474M	$9.5B	$966M	$3.5B	$1.5B	$2.8B

Revenue by Geography

Quarter	American Group	Atlantic Group	Corporate and Other	National Group
Q4 23	$6.1B	$5.5B	$896M	$4.8B
Q1 24	$5.9B	$5.7B	$953M	$4.8B
Q4 24	$6.7B	$6.2B	—	$5.1B
Q3 25	$6.7B	$6.1B	—	$5.5B
Q4 25	$6.9B	$6.3B	—	$5.5B

War Chest

Quarter	Cash	Short-term Investments	Total
Q2 22	$858M	$0	$858M
Q3 22	$999M	$0	$999M
Q4 22	$908M	$0	$908M
Q1 23	$842M	$0	$842M
Q2 23	$862M	$0	$862M
Q3 23	$891M	$0	$891M
Q4 23	$935M	$0	$935M
Q1 24	$1.3B	$0	$1.3B
Q2 24	$831M	$0	$831M
Q3 24	$2.9B	$0	$2.9B
Q4 24	$1.9B	$0	$1.9B
Q1 25	$1.1B	$0	$1.1B
Q2 25	$939M	$101M	$1.0B
Q3 25	$997M	$0	$997M
Q4 25	$1.0B	$0	$1.0B
Q1 26	$940M	$0	$940M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 23	271M	—	—
Q1 24	268M	-1.2%	—
Q2 24	264M	-1.5%	—
Q4 24	255M	-3.3%	—
Q3 25	242M	-5.0%	-10.6%
Q4 25	231M	-4.8%	-13.9%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 23	$78.7K	220K
Q1 24	$78.8K	220K
Q2 24	$79.5K	220K
Q4 24	$80.9K	226K
Q3 25	$84.8K	226K
Q4 25	$61.0K	320K

Revenue / Employee