HCA Healthcare 8-K
EarningsGuidance lowered
Higher uninsured volume and weaker surgical activity pressure earnings; FY2026 profit outlook cut despite Florida Medicaid payment benefits.
Filed 2026-07-24 07:45 ET
- 2.02 Results of Operations
- 7.01 Regulation FD Disclosure
- 8.01 Other Events
- 9.01 Financial Statements and Exhibits
Summary
Q2 2026 results, revised FY2026 guidance and a quarterly dividend. Revenue grew 8.7% Y/Y, while net income attributable to HCA Healthcare rose 2.8%; higher uninsured volume and a decline in surgical activity pressured results, partly offset by Medicaid supplemental payment benefits. The board declared a $0.78-per-share dividend, payable 9/30/2026 to holders of record 9/16/2026.
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% |
| Diluted EPS | $7.62 | $6.83 | +11.6% |
| Diluted EPS, adjusted (non-GAAP) | $7.59 | $6.84 | +11.0% |
| Adjusted EBITDA (non-GAAP) | $4.03B | $3.85B | +4.6% |
| Cash provided by operating activities | $2.34B | $4.21B | -44.5% |
| Same-facility admissions | 575,979 | 561,953 | +2.5% |
| Same-facility equivalent admissions | 1,035,610 | 1,008,144 | +2.7% |
- 6M 2026 revenue was $39.3B vs $36.9B (+6.5%); net income attributable to HCA Healthcare was $3.32B vs $3.26B (+1.7%); diluted EPS was $14.77 vs $13.28 (+11.2%).
- The company estimated an ≈$400M unfavorable pretax impact from payer mix shifts in Q2, including ≈$75M added to its prior Q1 estimate. Medicaid Supplemental Payment Programs provided an incremental net benefit of ≈$400M, primarily from Florida.
- Florida’s directed payment program added $1.372B of revenue and $829M of other operating expenses in Q2; ≈$980M of the revenue and $557M of the expenses related to periods before 2026. HCA repurchased 4.752M shares for $2.064B; diluted weighted-average shares were 222.828M vs 241.911M. At 6/30/2026, cash was $1.013B and total debt was $49.718B.
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 |
| Health insurance exchange impact on income before income taxes | FY2026 | $(1.0)B-$(1.2)B | $(600)M-$(900)M | Lowered |
| Medicaid Supplemental Payment Programs incremental net benefit | FY2026 | $300M-$500M | $(50)M-$(250)M | Raised |
| Capital expenditures, excluding acquisitions | FY2026 | $5.0B-$5.5B | $5.0B-$5.5B | Reaffirmed |
Investor Takeaways
- Track payer mix and uninsured volume against the revised health insurance exchange impact estimate.
- Watch Medicaid supplemental payment approvals and benefits; future approvals that could affect reimbursement are excluded from guidance.
- Compare full-year results with the revised FY2026 ranges.
The summary is written by an AI model reading the filing.
Model 005 · prompt 01d34d48e3