Form 8-K

8-K — HCA Healthcare, Inc.

Accession: 0001193125-26-432665

Filed: 2026-10-27

Period: 2026-10-27

CIK: 0000860730

SIC: 8062 (SERVICES-GENERAL MEDICAL & SURGICAL HOSPITALS, NEC)

Item: Results of Operations and Financial Condition

Item: Regulation FD Disclosure

Item: Other Events

Item: Financial Statements and Exhibits

Documents

8-K — hca-20261027.htm (Primary)

EX-99.1 (hca-ex99_1.htm)

GRAPHIC (img60930783_0.gif)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K

8-K (Primary)

Filename: hca-20261027.htm · Sequence: 1

8-K

0000860730false00008607302026-10-272026-10-27

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): October 27, 2026

HCA Healthcare, Inc.

(Exact name of Registrant as Specified in Its Charter)

Delaware

001-11239

27-3865930

(State or Other Jurisdiction

of Incorporation)

(Commission File Number)

(IRS Employer

Identification No.)

One Park Plaza

Nashville, Tennessee

37203

(Address of Principal Executive Offices)

(Zip Code)

Registrant’s Telephone Number, Including Area Code: (615) 344-9551

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading

Symbol(s)

Name of each exchange on which registered

Common Stock, $0.01 par value per share

HCA

New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02. Results of Operations and Financial Condition.

On October 27, 2026, HCA Healthcare, Inc. (the “Company”) issued a press release announcing, among other matters, its results of operations for the third quarter ended September 30, 2026, the text of which is set forth as Exhibit 99.1.

Item 7.01. Regulation FD Disclosure.

On October 27, 2026, the Company issued a press release announcing, among other matters, its results of operations for the third quarter ended September 30, 2026, the text of which is set forth as Exhibit 99.1.

Item 8.01. Other Events.

On October 27, 2026, the Company announced that its Board of Directors had declared a quarterly cash dividend of $0.78 per share of the Company’s common stock. The dividend will be paid on December 29, 2026 to stockholders of record at the close of business on December 15, 2026.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits:

Exhibit 99.1

Press Release, dated October 27, 2026

Exhibit 104

Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

HCA HEALTHCARE, INC.

Date:

October 27, 2026

By:

/s/ Michael A. Marks

Michael A. Marks

Executive Vice President and Chief Financial Officer

EX-99.1

Filename: hca-ex99_1.htm · Sequence: 2

EX-99.1

Exhibit 99.1

FOR IMMEDIATE RELEASE

INVESTOR CONTACT:

MEDIA CONTACT:

Frank Morgan

Harlow Sumerford

615-344-2688

615-344-1851

HCA Healthcare reports THIRD quarter 2026 results

Nashville, Tenn., October 27, 2026 – HCA Healthcare, Inc. (NYSE: HCA) today announced financial and operating results for the third quarter ended September 30, 2026.

Key third quarter metrics (all percentage changes compare 3Q 2026 to 3Q 2025 unless otherwise noted):

•

Revenues increased 3.6 percent to $19.849 billion

•

Net income attributable to HCA Healthcare, Inc. declined 3.9 percent to $1.579 billion

•

Diluted earnings per share increased 4.5 percent to $7.27 per diluted share, and diluted earnings per share, as adjusted, increased 3.7 percent to $7.22 per diluted share

•

Adjusted EBITDA increased 1.2 percent to $3.918 billion

•

Cash flows from operating activities totaled $4.461 billion, compared to $4.416 billion in the third quarter of 2025

•

Same facility admissions increased 2.7 percent and same facility equivalent admissions increased 3.0 percent

"I have often mentioned that HCA has strong staying power because of our scale, the important role we play in providing critical services to communities, and our disciplined culture. Despite the challenges brought about by federal policy changes this year, our colleagues have continued to provide high-quality care to patients, and we believe HCA Healthcare is positioned to end the year positively,” said Sam Hazen, Chief Executive Officer of HCA Healthcare.

Revenues in the third quarter of 2026 totaled $19.849 billion, compared to $19.161 billion in the third quarter of 2025. Net income attributable to HCA Healthcare, Inc. totaled $1.579 billion, or $7.27 per diluted share, compared to $1.643 billion, or $6.96 per diluted share, in the third quarter of 2025. Results for the third quarter of 2026 include gains on sales of facilities of $13 million, or $0.05 per diluted share, compared to losses on sales of facilities of $2 million in the third quarter of 2025.

For the third quarter of 2026, Adjusted EBITDA totaled $3.918 billion, compared to $3.870 billion in the third quarter of 2025. Diluted earnings per share, as adjusted, and Adjusted EBITDA are non-GAAP financial measures. A table providing supplemental information on these non-GAAP financial measures and reconciling GAAP measures of financial performance to them is included in this release.

Same facility admissions increased 2.7 percent and same facility equivalent admissions increased 3.0 percent in the third quarter of 2026, compared to the prior year period. Same facility emergency room visits increased 5.1 percent in the third quarter of 2026, compared to the prior year period. Same facility inpatient surgeries declined 1.4 percent, and same facility

outpatient surgeries declined 3.7 percent in the third quarter of 2026, compared to the same period of 2025. Same facility revenue per equivalent admission increased 0.6 percent in the third quarter of 2026, compared to the third quarter of 2025.

During the third quarter, the Company experienced a payer mix shift driven by an increase in uninsured volume, primarily due to patients who lost coverage on the health insurance exchanges. The Company estimates this payer mix shift had an unfavorable impact on income before income taxes of approximately $400 million during the third quarter.

Despite the unfavorable payer mix shift, the Company’s third quarter results reflected improvement in key areas of its business: growth accelerated in same facility equivalent admissions and insured revenue per equivalent admission (excluding Medicaid Supplemental Payment Programs); cost results improved; and the net benefit from Medicaid Supplemental Payment Programs modestly increased.

2026 Guidance

The Company now believes its full year operating results will be in the upper half of its 2026 estimated guidance ranges previously issued on July 14, 2026.

The Company’s guidance contains a number of assumptions, including, among others, the Company’s current expectations regarding volume growth coupled with an anticipated mostly stable operating environment, payer mix, service mix, the impact of current and future health care public policy developments, including the estimated impact on health insurance exchanges from administrative reforms and the expiration of the enhanced premium tax credits, anticipated results from resiliency initiatives, as well as general business or economic conditions, including inflation and the impact of trade policies, including tariffs, and excludes the impact of items such as, but not limited to, gains or losses on sales of facilities, losses on retirement of debt, legal claims costs and impairment of long-lived assets. In addition, the Company’s guidance excludes the impact of future approvals that could impact reimbursement under certain state Medicaid directed and supplemental payments.

Adjusted EBITDA is a non-GAAP financial measure. A table reconciling forecasted net income attributable to HCA Healthcare, Inc. to forecasted Adjusted EBITDA is included in this release.

The Company’s updated guidance is based on current plans and expectations and is subject to a number of known and unknown uncertainties and risks, including those set forth below in the Company’s “Forward-Looking Statements.”

Nine Months Ended September 30, 2026

Revenues for the nine months ended September 30, 2026 totaled $59.188 billion, compared to $56.087 billion in the prior year period. Net income attributable to HCA Healthcare, Inc. for the first nine months of 2026 was $4.898 billion, or $22.05 per diluted share, compared to $4.906 billion, or $20.23 per diluted share, for the first nine months of 2025. Results for the nine months ended September 30, 2026 include gains on sales of facilities of $22 million, or $0.08 per diluted share. Results for the nine months ended September 30, 2025 included losses on sales of facilities of $4 million, or $0.01 per diluted share.

Balance Sheet and Cash Flows from Operations

As of September 30, 2026, HCA Healthcare, Inc.’s balance sheet reflected cash and cash equivalents of $908 million, total debt of $50.493 billion, and total assets of $63.452 billion. During the third quarter of 2026, capital expenditures totaled $1.357 billion, excluding acquisitions. Cash flows provided by operating activities in the third quarter of 2026 totaled $4.461 billion, compared to $4.416 billion in the third quarter of 2025.

During the third quarter of 2026, the Company repurchased 7.230 million shares of its common stock at a cost of $2.970 billion. The Company had $4.240 billion remaining under its repurchase authorization as of September 30, 2026. As of September 30, 2026, the Company had $2.226 billion of availability under its credit facility (after giving effect to letters of credit and amounts reserved to backstop its commercial paper program).

Dividend

HCA today announced that its Board of Directors declared a quarterly cash dividend of $0.78 per share on the Company’s common stock. The dividend will be paid on December 29, 2026 to stockholders of record at the close of business on December 15, 2026.

The declaration and payment of any future dividend will be subject to the discretion of the Board of Directors and will depend on a variety of factors, including the Company’s financial condition and results of operations. Future dividends are expected to be funded by cash balances and future cash flows from operations.

Earnings Conference Call

HCA Healthcare will host a conference call for investors at 9:00 a.m. Central Time today. All interested investors are invited to access a live audio broadcast of the call via webcast. The broadcast also will be available on a replay basis beginning this afternoon. The webcast can be accessed through the Company’s Investor Relations web page at

https://investor.hcahealthcare.com/events-and-presentations/default.aspx.

About the Company

As of September 30, 2026, HCA operated 189 hospitals and approximately 2,600 ambulatory sites of care, including surgery centers, freestanding emergency rooms, urgent care centers and physician clinics, in 19 states and the United Kingdom.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the federal

securities laws, which involve risks and uncertainties. Forward-looking statements include the

Company’s financial guidance for the year ending December 31, 2026, as well as other

statements that do not relate solely to historical or current facts. Forward-looking statements can

be identified by the use of words like “may,” “believe,” “will,” “expect,” “project,” “estimate,”

“anticipate,” “plan,” “initiative” or “continue.” These forward-looking statements are based on our

current plans and expectations and are subject to a number of known and unknown

uncertainties and risks, many of which are beyond our control, which could significantly affect

current plans and expectations and our future financial position and results of operations. These

factors include, but are not limited to, (1) changes in or related to general economic or business

conditions nationally and regionally in our markets, including inflation, and the impact of trade

policies, including changes in, or the imposition of, tariffs and/or trade barriers; changes in

revenues resulting from declining patient volumes; changes in payer mix (including increases in

uninsured and underinsured patients); potential increased expenses related to labor,

pharmaceuticals, supply chain or other expenditures; workforce disruptions; supply and

pharmaceutical shortages and disruptions (including as a result of tariffs or geopolitical

disruptions); and the impact of federal government shutdowns, holds on or cancellations of

congressionally authorized spending and interruptions in the distribution of governmental funds,

(2) the impact of current and future health care public policy developments and the

implementation of new, and possible changes to existing, federal, state or local laws and

regulations affecting health care spending or the health care industry, including the expiration at

the end of 2025 of enhanced premium tax credits (“EPTCs”) for eligible individuals purchasing

insurance coverage through federal and state-based health insurance exchanges, changes in

the structure and administration of, and funding for, federal and state agencies and programs,

effects of the 2025 Federal Budget Act (the “FBA”) and efforts to address health care

affordability, (3) the ability to achieve operating and financial targets, develop and execute resiliency plans to offset to the extent possible impacts from the FBA, the expiration of EPTCs and tariffs, attain expected levels of patient volumes and revenues and service mix, and control the costs of providing services, (4) the impact of our significant indebtedness and the ability to refinance such indebtedness on acceptable terms, (5) the effects related to the implementation of sequestration spending reductions required under the Budget Control Act of 2011, related legislation extending these reductions, and the potential for future deficit or other spending reduction legislation that may alter current spending reductions, which include cuts to Medicare payments, or impose additional spending reductions, (6) the impact of reductions or other changes in Medicare, Medicaid and other state programs, including Medicaid supplemental payment programs, Medicaid waiver programs and state directed payment arrangements, any of which may negatively impact reimbursements to health care providers and insurers and the size of the uninsured or underinsured population, (7) the results of our efforts to use technology and resilience initiatives, including artificial intelligence and machine learning, to drive efficiencies, better outcomes and an enhanced patient experience, (8) increases in the amount and risk of collectability of uninsured accounts and deductibles and copayment amounts for insured accounts, (9) personnel-related capacity constraints, increases in wages and the ability to attract, utilize and retain qualified management and other personnel, including affiliated physicians, nurses and medical and technical support personnel, (10) the highly competitive nature of the health care business, (11) changes in service mix, revenue mix and service volumes, including potential declines in the population covered under third-party payer agreements, the ability to enter into and renew third-party payer provider agreements on acceptable terms and the impact of consumer-driven health plans and physician utilization

trends and practices, (12) the efforts of health insurers, health care providers, large employer

groups and others to contain health care costs, (13) the outcome of our continuing efforts to

monitor, maintain and comply with appropriate laws, regulations, policies and procedures, (14)

the availability and terms of capital to fund the expansion of our business and improvements to

our existing facilities, (15) changes in accounting practices, (16) the emergence of and effects

related to pandemics, epidemics and outbreaks of infectious diseases or other public health

crises, (17) future divestitures which may result in charges and possible impairments of long

lived assets, (18) changes in business strategy or development plans, (19) delays in receiving or

failure to receive payments for services provided, (20) the outcome of pending and any future

tax audits, disputes and litigation associated with our tax positions, (21) the impact of known and

unknown government investigations, litigation and other claims that may be made against us,

(22) the impact of actual and potential cybersecurity incidents or security breaches involving us

or our vendors and other third parties, (23) our ongoing ability to demonstrate meaningful use of

certified electronic health record technology and the impact of interoperability requirements, (24)

the impact of natural disasters, such as hurricanes and floods, physical risks from changing global weather patterns or similar events beyond our control on our assets and activities and the communities we serve, (25) changes in U.S. federal, state, or foreign tax laws, interpretations of tax laws by taxing authorities, other standard setting bodies or judicial decisions, (26) changes to, and the timing and amount of future approvals (if any) of, state Medicaid directed and supplemental payments and (27) other risk factors described in our annual report on Form 10-K for the year ended December 31, 2025 and our other filings with the Securities and Exchange Commission. Many of the factors that will determine our future results are beyond our ability to control or predict. In light of the significant uncertainties inherent in the forward-looking statements contained herein, readers should not place undue reliance on forward-looking statements, which reflect management’s views only as of the date hereof. We undertake no obligation to revise or update any forward-looking statements, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise. All references to “Company,” “HCA” and “HCA Healthcare” as used throughout this release refer to HCA Healthcare, Inc. and its affiliates.

HCA Healthcare, Inc.

Condensed Consolidated Comprehensive Income Statements

Third Quarter

Unaudited

(Dollars in millions, except per share amounts)

2026

2025

Amount

Ratio

Amount

Ratio

Revenues

19,849

100.0

19,161

100.0

Salaries and benefits

8,581

43.2

8,364

43.6

Supplies

2,822

14.2

2,782

14.5

Other operating expenses

4,548

23.0

4,161

21.8

Equity in earnings of affiliates

(20

)

(0.1

)

(16

)

(0.1

)

Depreciation and amortization

954

4.8

889

4.7

Interest expense

607

3.1

561

2.9

Losses (gains) on sales of facilities

(13

)

(0.1

)

—

17,479

88.1

16,743

87.4

Income before income taxes

2,370

11.9

2,418

12.6

Provision for income taxes

521

2.6

515

2.7

Net income

1,849

9.3

1,903

9.9

Net income attributable to noncontrolling interests

270

1.3

260

1.3

Net income attributable to HCA Healthcare, Inc.

1,579

8.0

1,643

8.6

Diluted earnings per share

7.27

6.96

Shares used in computing diluted earnings per share (millions)

217.212

236.181

Comprehensive income attributable to HCA Healthcare, Inc.

1,563

1,635

HCA Healthcare, Inc.

Condensed Consolidated Comprehensive Income Statements

For the Nine Months Ended September 30, 2026 and 2025

Unaudited

(Dollars in millions, except per share amounts)

2026

2025

Amount

Ratio

Amount

Ratio

Revenues

59,188

100.0

56,087

100.0

Salaries and benefits

25,154

42.5

24,499

43.7

Supplies

8,561

14.5

8,390

15.0

Other operating expenses

13,771

23.3

11,799

21.0

Equity in earnings of affiliates

(45

)

(0.1

)

(53

)

(0.1

)

Depreciation and amortization

2,828

4.7

2,612

4.6

Interest expense

1,790

3.0

1,676

3.0

Losses (gains) on sales of facilities

(22

)

—

52,037

87.9

48,927

87.2

Income before income taxes

7,151

12.1

7,160

12.8

Provision for income taxes

1,515

2.6

1,541

2.8

Net income

5,636

9.5

5,619

10.0

Net income attributable to noncontrolling interests

738

1.2

713

1.3

Net income attributable to HCA Healthcare, Inc.

4,898

8.3

4,906

8.7

Diluted earnings per share

22.05

20.23

Shares used in computing diluted earnings per share (millions)

222.197

242.459

Comprehensive income attributable to HCA Healthcare, Inc.

4,853

4,976

HCA Healthcare, Inc.

Condensed Consolidated Balance Sheets

Unaudited

(Dollars in millions)

September 30,

June 30,

December 31,

2026

2025

ASSETS

Current assets:

Cash and cash equivalents

908

1,013

1,040

Accounts receivable

11,509

12,281

10,867

Inventories

1,670

1,662

1,652

Other

2,132

2,234

2,224

16,219

17,190

15,783

Property and equipment, at cost

69,632

68,409

66,275

Accumulated depreciation

(37,364

)

(36,593

)

(35,134

)

32,268

31,816

31,141

Investments of insurance subsidiaries

463

402

485

Investments in and advances to affiliates

815

813

633

Goodwill and other intangible assets

11,199

10,662

10,293

Right-of-use operating lease assets

2,208

2,109

2,130

Other

280

258

255

63,452

63,250

60,720

LIABILITIES AND STOCKHOLDERS' DEFICIT

Current liabilities:

Accounts payable

5,103

4,752

4,659

Accrued salaries

2,373

2,199

2,525

Other accrued expenses

4,210

4,097

4,277

Short-term borrowings and long-term debt due within

one year

8,093

6,264

4,889

19,779

17,312

16,350

Long-term debt, less debt issuance costs and discounts

of $439, $451 and $436

42,400

43,454

41,603

Professional liability risks

1,538

1,464

1,466

Right-of-use operating lease obligations

1,933

1,834

1,853

Income taxes and other liabilities

2,401

2,395

2,219

Stockholders' deficit:

Stockholders' deficit attributable to HCA Healthcare, Inc.

(8,077

)

(6,642

)

(6,027

)

Noncontrolling interests

3,478

3,433

3,256

(4,599

)

(3,209

)

(2,771

)

63,452

63,250

60,720

HCA Healthcare, Inc.

Condensed Consolidated Statements of Cash Flows

For the Nine Months Ended September 30, 2026 and 2025

Unaudited

(Dollars in millions)

2026

2025

Cash flows from operating activities:

Net income

5,636

5,619

Adjustments to reconcile net income to net cash provided by operating activities:

Increase (decrease) in cash from operating assets and liabilities:

Accounts receivable

(635

)

345

Inventories and other assets

(125

)

Accounts payable and accrued expenses

330

Depreciation and amortization

2,828

2,612

Income taxes

1,314

Losses (gains) on sales of facilities

(22

)

Amortization of debt issuance costs and discounts

Share-based compensation

304

301

Other

155

146

Net cash provided by operating activities

8,810

10,277

Cash flows from investing activities:

Purchase of property and equipment

(3,707

)

(3,455

)

Acquisition of hospitals and health care entities

(942

)

(361

)

Sales of hospitals and health care entities

107

177

Change in investments

(214

)

(26

)

Other

)

Net cash used in investing activities

(4,755

)

(3,671

)

Cash flows from financing activities:

Issuances of long-term debt

2,994

5,233

Net change in short-term borrowings and revolving credit facilities

3,507

1,906

Repayment of long-term debt

(2,713

)

(5,834

)

Distributions to noncontrolling interests

(574

)

(631

)

Payment of debt issuance costs

(17

)

(57

)

Payment of dividends

(519

)

(517

)

Repurchase of common stock

(6,605

)

(7,509

)

Other

(256

)

(142

)

Net cash used in financing activities

(4,183

)

(7,551

)

Effect of exchange rate changes on cash and cash equivalents

)

Change in cash and cash equivalents

(132

)

(936

)

Cash and cash equivalents at beginning of period

1,040

1,933

Cash and cash equivalents at end of period

908

997

Interest payments

1,725

1,696

Income tax payments, net

1,417

227

HCA Healthcare, Inc.

Operating Statistics

Third Quarter

For the Nine Months

Ended September 30,

2026

2025

2026

2025

Operations:

Number of Hospitals

189

191

189

191

Number of Freestanding Outpatient

Surgery Centers*

117

123

117

123

Licensed Beds at End of Period

50,424

50,577

50,424

50,577

Weighted Average Beds in Service

42,866

42,896

42,873

42,872

Reported:

Admissions

592,179

577,804

1,751,999

1,720,226

% Change

2.5

1.8

Equivalent Admissions

1,068,119

1,038,799

3,136,078

3,068,883

% Change

2.8

2.2

Revenue per Equivalent Admission

18,583

18,446

18,873

18,276

% Change

0.7

3.3

Inpatient Revenue per Admission

20,059

19,908

20,953

19,638

% Change

0.8

6.7

Patient Days

2,734,440

2,692,513

8,199,970

8,204,413

% Change

1.6

-0.1

Equivalent Patient Days

4,932,906

4,842,027

14,677,946

14,636,673

% Change

1.9

0.3

Inpatient Surgery Cases

136,795

138,563

403,098

408,444

% Change

-1.3

Outpatient Surgery Cases

242,819

253,426

729,827

758,411

% Change

-4.2

-3.8

Emergency Room Visits

2,607,642

2,477,474

7,642,872

7,435,953

% Change

5.3

2.8

Outpatient Revenues as a

Percentage of Patient Revenues

38.4

38.3

36.2

38.0

Average Length of Stay (days)

4.618

4.660

4.680

4.769

Occupancy**

73.2

71.7

73.8

73.5

Same Facility:

Admissions

588,020

572,337

1,739,663

1,704,947

% Change

2.7

2.0

Equivalent Admissions

1,056,672

1,026,200

3,105,298

3,034,806

% Change

3.0

2.3

Revenue per Equivalent Admission

18,614

18,508

18,906

18,289

% Change

0.6

3.4

Inpatient Revenue per Admission

20,095

19,984

20,993

19,641

% Change

0.6

6.9

Inpatient Surgery Cases

135,620

137,554

400,766

406,019

% Change

-1.4

-1.3

Outpatient Surgery Cases

237,263

246,452

714,535

735,387

% Change

-3.7

-2.8

Emergency Room Visits

2,585,811

2,459,510

7,587,606

7,367,118

% Change

5.1

3.0

* Excludes freestanding endoscopy centers (30 centers at September 30, 2026 and 29 centers at September 30, 2025).

** Reflects the rate of occupancy (patient days and observations) based on weighted average beds in service.

HCA Healthcare, Inc.

Supplemental Non-GAAP Disclosures

Operating Results Summary

(Dollars in millions, except per share amounts)

Third Quarter

For the Nine Months

Ended September 30,

2026

2025

2026

2025

Revenues

19,849

19,161

59,188

56,087

Net income attributable to HCA Healthcare, Inc.

1,579

1,643

4,898

4,906

Losses (gains) on sales of facilities (net of tax)

(10

)

(17

)

Net income attributable to HCA Healthcare, Inc.,

as adjusted (a)

1,569

1,644

4,881

4,909

Depreciation and amortization

954

889

2,828

2,612

Interest expense

607

561

1,790

1,676

Provision for income taxes

518

516

1,510

1,542

Net income attributable to noncontrolling interests

270

260

738

713

Adjusted EBITDA (a)

3,918

3,870

11,747

11,452

Adjusted EBITDA margin (a)

19.7

20.2

19.8

20.4

Diluted earnings per share:

Net income attributable to HCA Healthcare, Inc.

7.27

6.96

22.05

20.23

Losses (gains) on sales of facilities

(0.05

)

(0.08

)

0.01

Net income attributable to HCA Healthcare, Inc.,

as adjusted (a)

7.22

6.96

21.97

20.24

Shares used in computing diluted earnings per

share (millions)

217.212

236.181

222.197

242.459

(a)

Net income attributable to HCA Healthcare, Inc., as adjusted, diluted earnings per share, as adjusted, and Adjusted EBITDA should not be considered as measures of financial performance under generally accepted accounting principles ("GAAP"). These non-GAAP financial measures are adjusted to exclude losses (gains) on sales of facilities and losses on retirement of debt. We believe net income attributable to HCA Healthcare, Inc., as adjusted, diluted earnings per share, as adjusted, and Adjusted EBITDA are important measures that supplement discussions and analysis of our results of operations. We believe it is useful to investors to provide disclosures of our results of operations on the same basis used by management. Management relies upon net income attributable to HCA Healthcare, Inc., as adjusted, diluted earnings per share, as adjusted, and Adjusted EBITDA as the primary measures to review and assess operating performance of its health care facilities and their management teams.

Management and investors review both the overall performance (including net income attributable to HCA Healthcare, Inc., as adjusted, diluted earnings per share, as adjusted, and GAAP net income attributable to HCA Healthcare, Inc.) and operating performance (Adjusted EBITDA) of our health care facilities. Adjusted EBITDA and the Adjusted EBITDA margin (Adjusted EBITDA divided by revenues) are utilized by management and investors to compare our current operating results with the corresponding periods during the previous year and to compare our operating results with other companies in the health care industry. It is reasonable to expect that adjustments, including losses (gains) on sales of facilities and losses on retirement of debt will occur in future periods, but the amounts recognized can vary significantly from period to period, do not directly relate to the ongoing operations of our health care facilities and complicate period comparisons of our results of operations and operations comparisons with other health care companies.

Net income attributable to HCA Healthcare, Inc., as adjusted, diluted earnings per share, as adjusted, and Adjusted EBITDA are not measures of financial performance under GAAP, and should not be considered as alternatives to net income attributable to HCA Healthcare, Inc. as a measure of operating performance or cash flows from operating, investing and financing activities as a measure of liquidity. Because net income attributable to HCA Healthcare, Inc., as adjusted, diluted earnings per share, as adjusted, and Adjusted EBITDA are not measurements determined in accordance with GAAP and are susceptible to varying calculations, net income attributable to HCA Healthcare, Inc., as adjusted, diluted earnings per share, as adjusted, and Adjusted EBITDA, as presented, may not be comparable to other similarly titled measures presented by other companies.

HCA Healthcare, Inc.

Supplemental Non-GAAP Disclosures

2026 Operating Results Forecast

(Dollars in millions, except per share amounts)

For the Year Ending

December 31, 2026

Low

High

Revenues

77,000

79,500

Net income attributable to HCA Healthcare, Inc. (a)

6,300

6,700

Depreciation and amortization

3,745

3,795

Interest expense

2,410

2,470

Provision for income taxes

1,975

2,125

Net income attributable to noncontrolling interests

970

1,010

Adjusted EBITDA (a) (b)

15,400

16,100

Diluted earnings per share:

Net income attributable to HCA Healthcare, Inc.

28.70

30.50

Shares used in computing diluted earnings per share (millions)

219.500

The Company's forecasted guidance is based on current plans and expectations and is subject to a number of known and unknown uncertainties and risks.

(a)

The Company does not forecast the impact of items such as, but not limited to, losses (gains) on sales of facilities, losses on retirement of debt, legal claim costs (benefits) and impairments of long-lived assets because the Company does not believe that it can forecast these items with sufficient accuracy.

(b)

Adjusted EBITDA should not be considered a measure of financial performance under generally accepted accounting principles ("GAAP"). We believe Adjusted EBITDA is an important measure that supplements discussions and analysis of our results of operations. We believe it is useful to investors to provide disclosures of our results of operations on the same basis used by management. Management relies upon Adjusted EBITDA as a primary measure to review and assess operating performance of its health care facilities and their management teams.

Management and investors review both the overall performance (including net income attributable to HCA Healthcare, Inc.) and operating performance (Adjusted EBITDA) of our health care facilities. Adjusted EBITDA is utilized by management and investors to compare our current operating results with the corresponding periods during the previous year and to compare our operating results with other companies in the health care industry.

Adjusted EBITDA is not a measure of financial performance under GAAP and should not be considered as an alternative to net income attributable to HCA Healthcare, Inc. as a measure of operating performance or cash flows from operating, investing and financing activities as a measure of liquidity. Because Adjusted EBITDA is not a measurement determined in accordance with GAAP and is susceptible to varying calculations, Adjusted EBITDA, as presented, may not be comparable to other similarly titled measures presented by other companies.

GRAPHIC

Filename: img60930783_0.gif · Sequence: 3

Binary file (7859 bytes)

Download img60930783_0.gif

XML — IDEA: XBRL DOCUMENT

XML

Filename: R1.htm · Sequence: 6

v3.26.3

Document And Entity Information

Oct. 27, 2026

Cover [Abstract]

Document Type

8-K

Amendment Flag

false

Document Period End Date

Oct. 27, 2026

Entity Registrant Name

HCA Healthcare, Inc.

Entity Central Index Key

0000860730

Entity Emerging Growth Company

false

Entity File Number

001-11239

Entity Incorporation, State or Country Code

Entity Tax Identification Number

27-3865930

Entity Address, Address Line One

One Park Plaza

Entity Address, City or Town

Nashville

Entity Address, State or Province

Entity Address, Postal Zip Code

37203

City Area Code

(615)

Local Phone Number

344-9551

Entity Information, Former Legal or Registered Name

Not Applicable

Written Communications

false

Soliciting Material

false

Pre-commencement Tender Offer

false

Pre-commencement Issuer Tender Offer

false

Title of 12(b) Security

Common Stock, $0.01 par value per share

Trading Symbol

HCA

Security Exchange Name

NYSE

- Definition

Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.

+ References

No definition available.

+ Details

Name:

dei_AmendmentFlag

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Area code of city

+ References

No definition available.

+ Details

Name:

dei_CityAreaCode

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Cover page.

+ References

No definition available.

+ Details

Name:

dei_CoverAbstract

Namespace Prefix:

dei_

Data Type:

xbrli:stringItemType

Balance Type:

Period Type:

duration

- Definition

For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period. The format of the date is YYYY-MM-DD.

+ References

No definition available.

+ Details

Name:

dei_DocumentPeriodEndDate

Namespace Prefix:

dei_

Data Type:

xbrli:dateItemType

Balance Type:

Period Type:

duration

- Definition

The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.

+ References

No definition available.

+ Details

Name:

dei_DocumentType

Namespace Prefix:

dei_

Data Type:

dei:submissionTypeItemType

Balance Type:

Period Type:

duration

- Definition

Address Line 1 such as Attn, Building Name, Street Name

+ References

No definition available.

+ Details

Name:

dei_EntityAddressAddressLine1

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Name of the City or Town

+ References

No definition available.

+ Details

Name:

dei_EntityAddressCityOrTown

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Code for the postal or zip code

+ References

No definition available.

+ Details

Name:

dei_EntityAddressPostalZipCode

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Name of the state or province.

+ References

No definition available.

+ Details

Name:

dei_EntityAddressStateOrProvince

Namespace Prefix:

dei_

Data Type:

dei:stateOrProvinceItemType

Balance Type:

Period Type:

duration

- Definition

A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityCentralIndexKey

Namespace Prefix:

dei_

Data Type:

dei:centralIndexKeyItemType

Balance Type:

Period Type:

duration

- Definition

Indicate if registrant meets the emerging growth company criteria.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityEmergingGrowthCompany

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.

+ References

No definition available.

+ Details

Name:

dei_EntityFileNumber

Namespace Prefix:

dei_

Data Type:

dei:fileNumberItemType

Balance Type:

Period Type:

duration

- Definition

Two-character EDGAR code representing the state or country of incorporation.

+ References

No definition available.

+ Details

Name:

dei_EntityIncorporationStateCountryCode

Namespace Prefix:

dei_

Data Type:

dei:edgarStateCountryItemType

Balance Type:

Period Type:

duration

- Definition

Former Legal or Registered Name of an entity

+ References

No definition available.

+ Details

Name:

dei_EntityInformationFormerLegalOrRegisteredName

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityRegistrantName

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityTaxIdentificationNumber

Namespace Prefix:

dei_

Data Type:

dei:employerIdItemType

Balance Type:

Period Type:

duration

- Definition

Local phone number for entity.

+ References

No definition available.

+ Details

Name:

dei_LocalPhoneNumber

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 13e

-Subsection 4c

+ Details

Name:

dei_PreCommencementIssuerTenderOffer

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14d

-Subsection 2b

+ Details

Name:

dei_PreCommencementTenderOffer

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Title of a 12(b) registered security.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b

+ Details

Name:

dei_Security12bTitle

Namespace Prefix:

dei_

Data Type:

dei:securityTitleItemType

Balance Type:

Period Type:

duration

- Definition

Name of the Exchange on which a security is registered.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection d1-1

+ Details

Name:

dei_SecurityExchangeName

Namespace Prefix:

dei_

Data Type:

dei:edgarExchangeCodeItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14a

-Subsection 12

+ Details

Name:

dei_SolicitingMaterial

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Trading symbol of an instrument as listed on an exchange.

+ References

No definition available.

+ Details

Name:

dei_TradingSymbol

Namespace Prefix:

dei_

Data Type:

dei:tradingSymbolItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Securities Act

-Number 230

-Section 425

+ Details

Name:

dei_WrittenCommunications

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration