HCA Healthcare

HCA Healthcare runs hospitals and outpatient sites in the United States and the United Kingdom. At September 30, 2026, it operated 189 hospitals and about 2,600 ambulatory sites, such as surgery centers, freestanding emergency rooms, urgent care centers and physician clinics, in 19 states and the United Kingdom. Texas and Florida had 103 of its hospitals and gave 51% of revenue in the third quarter of 2026.

Revenue was $75.6 billion in 2025. HCA is based in Nashville, Tennessee, and its shares trade on the New York Stock Exchange.

HCA trades at a premium because investors pay for its scale and its record of steady growth and large buybacks. Same facility admissions rose 2.7% in Q3 2026, and HCA bought back $6.6 billion of shares in the first nine months of 2026. But 2026 brought new pressure. Enhanced premium tax credits for health insurance exchange plans expired at the end of 2025, and same facility uninsured admissions rose 27.4% in Q3.

HCA estimates that this payer mix shift lowered income before taxes by about $400 million in each of Q2 and Q3. In July 2026 it lowered its 2026 guidance for net income to $6.3 billion to $6.7 billion. For the premium to be earned, three things must be true. Results must land in the upper half of the 2026 guidance, as HCA now expects.

The rise in uninsured patients must slow in 2027, so that adjusted EBITDA grows again. Medicaid supplemental payments must hold under the 2025 Federal Budget Act. The Q4 2026 report with 2027 guidance, expected in late January 2027, gives the next test. If 2027 guidance shows flat adjusted EBITDA or more losses from the exchanges, the premium can shrink within one or two quarters.

1. Oct 27, 2026Passed

   Q3 2026 results: exchange lossesHigher adjusted EBITDA and kept guidance pass; another guidance cut or larger losses from the exchanges fail.Outcome: Adjusted EBITDA rose 1.2% to $3.918 billion and HCA said 2026 results will be in the upper half of its guidance, although the payer mix shift cost about $400 million.
2. Jan 27, 2027 · est.Pending

   Q4 2026 results and 2027 guidance2026 results in the upper half of guidance and 2027 guidance for higher adjusted EBITDA pass; flat 2027 EBITDA guidance or more exchange losses fail.

Every passed and failed checkpoint across all picks

• November 5, 2026HCA completed an offering of $6.5 billion of senior notes in seven series, due from 2028 to 2056, with fixed coupons from 5.200% to 6.500% and one floating rate series.
• October 27, 2026HCA reported Q3 2026 results. Revenue rose 3.6% to $19.849 billion, and diluted EPS rose 4.5% to $7.27. Adjusted EBITDA rose 1.2% to $3.918 billion. Same facility admissions rose 2.7%, but uninsured admissions rose 27.4%. HCA estimates that the payer mix shift lowered income before taxes by about $400 million. It bought back 7.230 million shares for $2.970 billion and said that 2026 results will be in the upper half of its guidance ranges.
• July 29, 2026HCA raised the maximum size of its commercial paper program from $4.0 billion to $8.0 billion.

Last earnings

October 27, 2026 (8-K on sec.gov)

Next earnings

Expected about January 27, 2027. The company has not confirmed the date.

• 8-KNew material agreement and New debt or financial obligationFiled November 5, 2026 · hca-20261102
• 8-KOther company newsFiled November 2, 2026 · hca-20261102
• 10-QQuarterly report for the period ended Sep 30, 2026Filed October 29, 2026 · hca-20260930
• 8-KEarnings release and Investor disclosureFiled October 27, 2026 · hca-20261027
• 8-KNew debt or financial obligation and Other company newsFiled July 29, 2026 · Read it on sec.gov
• 10-QQuarterly report for the period ended Jun 30, 2026Filed July 28, 2026 · hca-20260630
• 8-KEarnings release and Investor disclosureFiled July 24, 2026 · hca-20260724
• 8-KEarnings release and Investor disclosureFiled July 14, 2026 · hca-20260714
• 8-KChange of directors or officersFiled June 18, 2026 · Read it on sec.gov
• 8-KNew material agreement and New debt or financial obligationFiled April 30, 2026 · hca-20260427

Every filing on SEC EDGAR (CIK 860730)

• Enhanced premium tax credits for exchange plans expired at the end of 2025. Same facility uninsured admissions rose 27.4% in Q3 2026. More uninsured patients lower revenue per patient and raise bad debt.
• The 2025 Federal Budget Act and changes to Medicaid programs can cut payments to hospitals. HCA's 2026 guidance includes $300 million to $500 million of net benefit from Medicaid supplemental payment programs, which states and the federal government must approve.
• Total debt was $50.493 billion at September 30, 2026, and HCA has a stockholders' deficit because of large buybacks. Higher interest rates raise the cost to refinance this debt.
• Texas and Florida gave 51% of revenue and 73% of uninsured admissions in Q3 2026. Policy changes or hurricanes in these states have a large effect.
• Hospitals need many nurses and doctors. A shortage of staff or higher wages can lower margins.

HCA uses much debt and buys back shares, so it has a stockholders' deficit of $8.077 billion attributable to HCA at September 30, 2026. Total debt was $50.493 billion and cash was $908 million at that date. Read more

Dividend yield

0.6% (last 12 months, at today’s price of $504.89)

Paid per share

$3.06 in the last 12 months (4 payments)

Current annual rate

$3.12 ($0.78 × 4 a year)

Payout ratio

10% of the last fiscal year’s earnings (the year that ended December 31, 2025)

Latest ex-dividend date

September 16, 2026, $0.78 per share

Dividends per share by year

Over the last 5 years, the dividend grew by about 12.4% a year.

Source: company filings and market data, read on November 9, 2026. The ex-dividend date is the first day a buyer no longer gets the next payment.