HCA Healthcare, Inc., operating through its subsidiaries, delivers a comprehensive array of healthcare services throughout the United States. The organization manages a ...
HCA Healthcare, Inc. (NYSE: HCA) is one of the nation's leading healthcare services providers, operating a comprehensive network of hospitals and outpatient facilities. As of December 31, 2021, the company's portfolio included 182 hospitals (175 general and acute care, five psychiatric, and two rehabilitation hospitals), along with 125 freestanding surgery ...HCA Healthcare, Inc. (NYSE: HCA) is one of the nation's leading healthcare services providers, operating a comprehensive network of hospitals and outpatient facilities. As of December 31, 2021, the company's portfolio included 182 hospitals (175 general and acute care, five psychiatric, and two rehabilitation hospitals), along with 125 freestanding surgery centers and 21 freestanding endoscopy centers, spread across 20 states and England. The company also operates numerous standalone outpatient facilities including ambulatory surgery centers, emergency care centers, urgent care clinics, diagnostic imaging centers, and physician practices.
Founded in 1968 by Dr. Thomas Frist Sr., Dr. Thomas Frist Jr., and businessman Jack Massey, HCA Healthcare has grown from a single hospital in Nashville to a healthcare giant. The company is committed to providing patient-focused care while leveraging its scale to improve the practice of medicine. With more than 320,000 employees, HCA Healthcare is a major employer and a significant contributor to the healthcare industry.
Financially, HCA Healthcare reported a market capitalization of approximately $89.3 billion, with a price-to-earnings ratio of 13.77. The company generates substantial revenue and cash flow, with a revenue per share of $350.10 and operating cash flow per share of $49.92. Despite a high debt load, HCA maintains strong operational performance with an EBITDA margin of 20.3% and a return on invested capital of 19.4%. The company pays a dividend and has a dividend yield of 0.7%.
The company is led by CEO Samuel N. Hazen, who oversees a diverse range of services including inpatient and outpatient care, cardiac treatment, diagnostic services, emergency care, and psychiatric programs. HCA Healthcare is dedicated to 'Giving People A Healthier Tomorrow,' and its mission is to improve the health of communities it serves. Through its learning health system, which utilizes approximately 47 million annual patient encounters, HCA Healthcare advances science, improves patient outcomes, and trains future healthcare professionals.
YoYYoY means Year-over-Year. It compares the latest annual value with the previous annual value to show long-term trend strength.
QoQQoQ means Quarter-over-Quarter. It compares the latest quarter with the immediately previous quarter to show short-term momentum changes.
RevenueThe total money that came through the front door from selling things, before paying a single bill. Think of it as the grand total of every credit card swipe from customers. (YoY compares this year to last year's performance, while QoQ compares the current three months to the previous three).
$75.6B
+7.1%
+5.9%
Net IncomeThe absolute bottom line. If the company paid every single supplier, employee, banker, and tax collector, this is the actual money left in their pocket at the end of the day.
$6.8B
+17.8%
+4.9%
Gross MarginThe basic markup. If they sell a $100 pair of sneakers, this percentage tells you how much of that price tag is profit right after paying for the rubber and shoelaces, but before paying for things like store rent or TV commercials.
+41.5%
+2.2%
+1.2%
Operating MarginThe 'day job' efficiency score. Out of every dollar a customer spends, this shows how many cents the company keeps after making the product AND paying for all the everyday corporate overhead (like salaries, marketing, and keeping the lights on).
+15.8%
+5.9%
+1.2%
Net MarginThe final take-home percentage. When you strip away every conceivable cost, tax, and interest payment, this is the exact number of cents the company truly gets to keep from every dollar in sales.
+9.0%
+10.0%
-0.9%
Free Cash FlowThe holy grail of corporate cash. It's the spendable, physical money left over after the business pays for its daily operations AND buys the big, expensive upgrades (like new factories or servers) it needs to survive. This is the 'free' money they can use to pay dividends or buy back stock.
$7.7B
+36.4%
+23.4%
FCF MarginThe ultimate cash conversion rate. It shows how good the company is at turning regular sales directly into cold, hard, spendable cash. A high percentage means the business is an absolute cash-printing machine.
+10.2%
+27.4%
+16.5%
Debt / EquityThe financial risk gauge. It compares how much of the company's empire was built using borrowed money (loans) versus the owners' own money (shareholders). A high number means they are heavily leveraged and playing a riskier game; a low number means they are playing it safe.
-832.9%
+54.0%
+6.2%
Current RatioThe 12-month survival check. It simply compares the cash they have right now (plus things they can quickly turn into cash) against the immediate bills they absolutely must pay this year. A score above 1 means they have enough in the wallet to cover the upcoming bills without panicking.
0.83x
-23.3%
-6.3%
Total AssetsThe absolute size of the company's empire. It bundles together absolutely everything of value they own—from the cash in the register and the inventory in the warehouse, to the software patents in the vault and the factories on the ground.
Ladies and gentlemen, welcome to the HCA Healthcare Second Quarter 2026 Earnings Conference Call. Today's call is being recorded. At this time, for opening remarks and introductions, I would like to turn the call over to Vice President of Investor Relations, Mr. Frank George Morgan. Please go ahead, sir.
Frank George MorganVice President, Investor RelationsSentiment 0.0
Good morning, and welcome to everyone on today's call. With me this morning is our CEO, Samuel N. Hazen, and CFO, Mike Marks. Samuel and Mike will provide some prepared remarks and then we will take questions. Before I turn the call over to Samuel, let me remind you that should today's call contain any forward-looking statements, they are based on management's current expectations. Numerous risks, uncertainties and other factors may cause actual results to differ materially from those that might be expressed today. More information on forward-looking statements and these factors are listed in today's press release and in our various SEC filings. Over this morning's call, we may reference measures such as adjusted EBITDA, a non-GAAP financial measure. A table providing supplemental information on adjusted EBITDA, and reconciling net income attributable to HCA Healthcare Inc. is included in today's release. This morning's call is being recorded, and a replay of the call will be available later today. With that, I will now turn the call over to Samuel.
Samuel N. HazenChief Executive OfficerSentiment 0.3
Good morning. We believe that access to health care and affordability for Americans begins and ends with health insurance coverage. Most people need support to secure it, whether that is through an employer, the federal government, or some other means. Throughout 2025, our teams advocated for extending in some form the enhanced premium tax credits for those individuals who needed it. Unfortunately, the enhanced premium tax credits expired at the end of the year, and the effects, as expected, were that many people became uninsured and still needed emergency care from hospitals. As we look at the first half of the year, our expectations proved accurate, although the impact was greater than our estimates. Our colleagues, however, have continued to deliver high-quality, compassionate care to an increased number of patients during the first half of the year while managing well through the various headwinds we faced. On behalf of our board and our senior team, I want to thank our colleagues for their great work. When I look at the company's midyear results, I focus on three factors. But before I get to those, I do want to indicate that the company had solid diluted earnings per share growth of 11% in the quarter, and 11% year to date. First, we experienced an unfavorable payer mix shift which created most of the financial pressure for the company. Overall, adjusted admissions for patients who were formerly covered by the health insurance exchanges declined by 15%. We expected that some of these patients would shift to other forms of coverage, but this did not happen. Instead, these patients migrated almost …