HCA Healthcare 8-K
EarningsGuidance lowered
Health exchange coverage losses worsen uninsured patient mix and lower the profit outlook; Florida Medicaid payments partly offset the pressure.
Filed 2026-07-14 07:40 ET
- 2.02 Results of Operations
- 7.01 Regulation FD Disclosure
- 9.01 Financial Statements and Exhibits
Summary
Q2 2026 preliminary results and revised FY2026 guidance. Preliminary revenue rose 8.7% Y/Y, while net income attributable to HCA Healthcare, Inc. rose 2.8%. HCA cited an unfavorable shift toward uninsured patients, partly offset by Medicaid supplemental payment benefits, volume growth and improved expense trends; preliminary results remain subject to finalization.
Key Figures
| Metric | Q2 2026 | Q2 2025 | Y/Y |
|---|---|---|---|
| Revenue | ≈$20.2B | $18.6B | 8.7% |
| Net income attributable to HCA Healthcare, Inc. | ≈$1.70B | $1.65B | 2.8% |
| Net income attributable to HCA Healthcare, Inc., as adjusted (non-GAAP) | ≈$1.69B | $1.66B | 2.1% |
| Diluted EPS | ≈$7.62 | $6.83 | 11.6% |
| Adjusted diluted EPS (non-GAAP) | ≈$7.59 | $6.84 | 11.0% |
| Adjusted EBITDA (non-GAAP) | ≈$4.03B | $3.85B | 4.6% |
| Adjusted EBITDA margin (non-GAAP) | 19.9% | 20.7% | (80) bp |
- Same-facility admissions rose 2.5%, equivalent admissions 2.7% and emergency room visits 3.6%; inpatient surgeries declined 2.3% and outpatient surgeries 3.4%.
- The shift toward uninsured patients, primarily people losing health exchange coverage, had an estimated unfavorable pretax impact of ≈$400M, including ≈$75M added to the prior Q1 estimate. Medicaid supplemental payment programs provided an incremental net benefit of ≈$400M, primarily from Florida, for 10/01/2024–6/30/2026.
- Results included anticipated facility-sale gains of $10M, or $0.03 per diluted share. Weighted average diluted shares were 222.8M vs 241.9M.
Guidance
| Metric | Period | Guidance | Prior | Direction |
|---|---|---|---|---|
| Revenue | FY2026 | $77B-$79.5B | $76.5B-$80B | Narrowed |
| Net income attributable to HCA Healthcare, Inc. (GAAP) | FY2026 | $6.3B-$6.7B | $6.495B-$7.035B | Lowered |
| Adjusted EBITDA (non-GAAP) | FY2026 | $15.4B-$16.1B | $15.55B-$16.45B | Lowered |
| Diluted EPS (GAAP) | FY2026 | $28.70-$30.50 | $29.10-$31.50 | Lowered |
| Unfavorable pretax impact from health insurance exchange payer mix | FY2026 | $(1.0)-$(1.2)B | $(600)-$(900)M | Increased adverse impact |
| Net benefit from Medicaid supplemental payment programs | FY2026 | $300M-$500M | $(50)-$(250)M | Raised |
| Capital expenditures, excluding acquisitions | FY2026 | $5.0B-$5.5B | $5.0B-$5.5B | Reaffirmed |
HCA cited payer mix, service mix, health policy developments and Medicaid supplemental payments among the assumptions behind its revised outlook.
Investor Takeaways
- The 7/24/2026 earnings call is the next update on finalized Q2 results and the factors behind the revised outlook.
The summary is written by an AI model reading the filing.
Model 005 · prompt 01d34d48e3