HCA Healthcare 8-K
PositiveEarningsGuidance raised
Exchange coverage losses lifted uninsured volume, cutting Q3 pretax income ≈$400M; FY2026 results are now expected in guidance’s upper half
Filed 2026-10-27 07:17 ET
- 2.02 Results of Operations
- 7.01 Regulation FD Disclosure
- 8.01 Other Events
- 9.01 Financial Statements and Exhibits
Summary
HCA reported Q3 2026 results and updated its FY2026 outlook, saying it now expects full-year operating results in the upper half of the guidance ranges issued 7/14/2026. Uninsured patient volume increased, primarily as patients lost health-insurance-exchange coverage; HCA estimated the resulting payer-mix shift reduced Q3 income before income taxes by ≈$400M. The board declared a $0.78-per-share quarterly dividend, payable 12/29/2026 to holders of record 12/15/2026.
Key Figures
| Metric | Q3 2026 | 9M 2026 |
|---|---|---|
| Revenue | $19.8B, +3.6% Y/Y | $59.2B, +5.5% Y/Y |
| Net income attributable to HCA Healthcare, Inc. | $1.58B, -3.9% Y/Y | $4.90B, -0.2% Y/Y |
| Adjusted EBITDA (non-GAAP) | $3.92B, +1.2% Y/Y | $11.7B, +2.6% Y/Y |
| Diluted EPS | $7.27, +4.5% Y/Y | $22.05, +9.0% Y/Y |
| Adjusted diluted EPS (non-GAAP) | $7.22, +3.7% Y/Y | $21.97, +8.5% Y/Y |
| Cash flows from operating activities | $4.46B, +1.0% Y/Y | $8.81B, -14.3% Y/Y |
- Same-facility equivalent admissions rose 3.0% and emergency-room visits rose 5.1%; same-facility revenue per equivalent admission increased 0.6%. Same-facility inpatient surgeries declined 1.4% and outpatient surgeries declined 3.7%.
- HCA repurchased 7.23M shares for $2.97B in Q3; its diluted share count was 217.2M, vs 236.2M a year earlier. $4.24B remained under the repurchase authorization.
- At 9/30/2026, cash was $908M and total debt was $50.5B. Q3 capital expenditures were $1.36B, excluding acquisitions.
Guidance
HCA said it now expects FY2026 operating results in the upper half of the ranges below, previously issued 7/14/2026.
| Metric | Period | Guidance | Prior | Direction |
|---|---|---|---|---|
| Revenue | FY2026 | $77.0B-$79.5B | Issued 7/14/2026 | — |
| Net income attributable to HCA Healthcare, Inc. | FY2026 | $6.30B-$6.70B | Issued 7/14/2026 | — |
| Adjusted EBITDA (non-GAAP) | FY2026 | $15.4B-$16.1B | Issued 7/14/2026 | — |
| Diluted EPS | FY2026 | $28.70-$30.50 | Issued 7/14/2026 | — |
Guidance changes, derived from earlier filings
| Metric | Period | Earlier guidance | Guidance now | Change |
|---|---|---|---|---|
| Revenue | FY2026 | $77.0B-$79.5B | $77.0B-$79.5B | reaffirmed |
| Net income attributable to HCA Healthcare, Inc. | FY2026 | $6.30B-$6.70B | $6.30B-$6.70B | reaffirmed |
| Adjusted EBITDA (non-GAAP) | FY2026 | $15.4B-$16.1B | $15.4B-$16.1B | reaffirmed |
| Diluted EPS | FY2026 | $28.70-$30.50 | $28.70-$30.50 | reaffirmed |
Investor Takeaways
- Watch uninsured volume and payer mix alongside same-facility equivalent admissions and insured revenue per equivalent admission; these are central to whether HCA’s updated expectation for the upper half of FY2026 guidance holds.
- Track Q4 performance against the FY2026 ranges, particularly whether improving volume and cost trends offset the payer-mix pressure described in Q3.
The summary is written by an AI model reading the filing.
Model 005 · prompt v111 · 2026-10-27 14:39:40Z