HCA Healthcare Reports Third Quarter 2025 Results

Raises 2025 Guidance

HCA Healthcare, Inc. (NYSE:HCA) today announced financial and operating results for the third quarter ended September 30, 2025.

Key third quarter metrics (all percentage changes compare 3Q 2025 to 3Q 2024 unless otherwise noted):

• Revenues increased 9.6 percent to $19.161 billion
• Net income attributable to HCA Healthcare, Inc. increased 29.4 percent to $1.643 billion
• Diluted earnings per share increased 42.6 percent to $6.96 per diluted share, and diluted earnings per share, as adjusted, increased 42.0 percent to $6.96 per diluted share
• Adjusted EBITDA increased 18.5 percent to $3.870 billion
• Cash flows from operating activities totaled $4.416 billion, compared to $3.515 billion in the third quarter of 2024
• Same facility admissions increased 2.1 percent and same facility equivalent admissions increased 2.4 percent

"Our teams continued to execute our agenda at a high level, and we remain disciplined in our efforts to improve care for our patients by increasing access, investing in advanced technology, and training our people," said Sam Hazen, Chief Executive Officer of HCA Healthcare. "Across many operational measures, including quality and key stakeholders' satisfaction, outcomes were better. I want to thank our 300,000 HCA colleagues who, once again, demonstrated excellence in what they do."

Revenues in the third quarter of 2025 totaled $19.161 billion, compared to $17.487 billion in the third quarter of 2024. Net income attributable to HCA Healthcare, Inc. totaled $1.643 billion, or $6.96 per diluted share, compared to $1.270 billion, or $4.88 per diluted share, in the third quarter of 2024. Results for the third quarter of 2025 include losses on sales of facilities of $2 million, compared to losses on sales of facilities of $4 million, or $0.02 per diluted share, in the third quarter of 2024.

For the third quarter of 2025, Adjusted EBITDA totaled $3.870 billion, compared to $3.267 billion in the third quarter of 2024. Diluted earnings per share, as adjusted, and Adjusted EBITDA are non-GAAP financial measures. A table providing supplemental information on these non-GAAP financial measures and reconciling GAAP measures of financial performance to them is included in this release.

During the third quarter of 2024, the Company incurred additional expenses and experienced loss of revenues estimated at $50 million, or $0.15 per diluted share, associated with Hurricane Helene's impact on certain facilities located in Florida, Georgia and North Carolina.

Same facility admissions increased 2.1 percent and same facility equivalent admissions increased 2.4 percent in the third quarter of 2025, compared to the prior year period. Same facility emergency room visits increased 1.3 percent in the third quarter of 2025, compared to the prior year period. Same facility inpatient surgeries increased 1.4 percent, and same facility outpatient surgeries increased 1.1 percent in the third quarter of 2025, compared to the same period of 2024. Same facility revenue per equivalent admission increased 6.6 percent in the third quarter of 2025, compared to the third quarter of 2024.

Nine Months Ended September 30, 2025

Revenues for the nine months ended September 30, 2025 totaled $56.087 billion, compared to $52.318 billion in the prior year period. Net income attributable to HCA Healthcare, Inc. for the first nine months of 2025 was $4.906 billion, or $20.23 per diluted share, compared to $4.322 billion, or $16.37 per diluted share, for the first nine months of 2024. Results for the nine months ended September 30, 2025 include losses on sales of facilities of $4 million, or $0.01 per diluted share. Results for the nine months ended September 30, 2024 included gains on sales of facilities of $209 million, or $0.61 per diluted share.

Balance Sheet and Cash Flows from Operations

As of September 30, 2025, HCA Healthcare, Inc.'s balance sheet reflected cash and cash equivalents of $997 million, total debt of $44.511 billion, and total assets of $59.747 billion. During the third quarter of 2025, capital expenditures totaled $1.288 billion, excluding acquisitions. Cash flows provided by operating activities in the third quarter of 2025 totaled $4.416 billion, compared to $3.515 billion in the third quarter of 2024.

During the third quarter of 2025, the Company repurchased 6.514 million shares of its common stock at a cost of $2.498 billion. The Company had $3.256 billion remaining under its repurchase authorization as of September 30, 2025. As of September 30, 2025, the Company had $6.076 billion of availability under its credit facility (after giving effect to letters of credit and amounts reserved to backstop its commercial paper program).

Dividend

HCA today announced that its Board of Directors declared a quarterly cash dividend of $0.72 per share on the Company's common stock. The dividend will be paid on December 29, 2025 to stockholders of record at the close of business on December 15, 2025.

The declaration and payment of any future dividend will be subject to the discretion of the Board of Directors and will depend on a variety of factors, including the Company's financial condition and results of operations. Future dividends are expected to be funded by cash balances and future cash flows from operations.

2025 Guidance Update

Today, the Company is updating its 2025 estimated guidance ranges previously issued on July 25, 2025.

Capital expenditures for 2025, excluding acquisitions, are estimated to be approximately $5.0 billion.

The Company's guidance contains a number of assumptions, including, among others, the Company's current expectations regarding volume growth coupled with an anticipated mostly stable operating environment, payer mix, the ongoing impacts of the two major 2024 hurricanes, the impact of current and future health care public policy developments, as well as general business or economic conditions, including inflation, and the impact of trade policies, including tariffs, and excludes the impact of items such as, but not limited to, gains or losses on sales of facilities, losses on retirement of debt, legal claims costs and impairment of long-lived assets. In addition, the Company's guidance excludes the impact of future approvals of state Medicaid directed and supplemental payments.

Adjusted EBITDA is a non-GAAP financial measure. A table reconciling forecasted net income attributable to HCA Healthcare, Inc. to forecasted Adjusted EBITDA is included in this release.

The Company's guidance is based on current plans and expectations and are subject to a number of known and unknown uncertainties and risks, including those set forth below in the Company's "Forward-Looking Statements."

Earnings Conference Call

HCA Healthcare will host a conference call for investors at 9:00 a.m. Central Time today. All interested investors are invited to access a live audio broadcast of the call via webcast. The broadcast also will be available on a replay basis beginning this afternoon. The webcast can be accessed through the Company's Investor Relations web page at https://investor.hcahealthcare.com/events-and-presentations/default.aspx.

About the Company

As of September 30, 2025, HCA operated 191 hospitals and approximately 2,500 ambulatory sites of care, including surgery centers, freestanding emergency rooms, urgent care centers and physician clinics, in 20 states and the United Kingdom.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the federal securities laws, which involve risks and uncertainties. Forward-looking statements include the Company's financial guidance for the year ending December 31, 2025, as well as other statements that do not relate solely to historical or current facts. Forward-looking statements can be identified by the use of words like "may," "believe," "will," "expect," "project," "estimate," "anticipate," "plan," "initiative" or "continue." These forward-looking statements are based on our current plans and expectations and are subject to a number of known and unknown uncertainties and risks, many of which are beyond our control, which could significantly affect current plans and expectations and our future financial position and results of operations. These factors include, but are not limited to, (1) changes in or related to general economic or business conditions nationally and regionally in our markets, including inflation, and the impact of trade policies, including changes in, or the imposition of, tariffs and/or trade barriers; changes in revenues resulting from declining patient volumes; changes in payer mix (including increases in uninsured and underinsured patients); potential increased expenses related to labor, pharmaceuticals, supply chain or other expenditures; workforce disruptions; supply and pharmaceutical shortages and disruptions (including as a result of tariffs or geopolitical disruptions); and the impact of federal government shutdowns, holds on or cancellations of congressionally authorized spending and interruptions in the distribution of governmental funds, (2) the impact of current and future health care public policy developments and the implementation of new, and possible changes to existing, federal, state or local laws and regulations affecting the health care industry, including the expiration of enhanced premium tax credits ("EPTCs") currently scheduled to take effect after December 31, 2025, for individuals eligible to purchase insurance coverage through federal and state-based health insurance marketplaces, changes in the structure and administration of, and funding for, federal and state agencies and programs, and effects of the One Big Beautiful Bill Act (the "OBBBA"), (3) the impact of our significant indebtedness and the ability to refinance such indebtedness on acceptable terms, (4) the effects related to the implementation of sequestration spending reductions required under the Budget Control Act of 2011, related legislation extending these reductions, and those that may be required under the Pay-As-You-Go Act of 2010 as a result of the federal budget deficit impact of the OBBBA, and the potential for future deficit reduction legislation that may alter these spending reductions, which include cuts to Medicare payments, or create additional spending reductions, (5) the ability to achieve operating and financial targets, develop and execute resiliency plans to offset to the extent possible impacts from the OBBBA, the scheduled expiration of EPTCs and tariffs, attain expected levels of patient volumes and revenues, and control the costs of providing services, (6) possible reductions or other changes in Medicare, Medicaid and other state programs, including Medicaid supplemental payment programs, Medicaid waiver programs and state directed payment arrangements, any of which may negatively impact reimbursements to health care providers and insurers and the size of the uninsured or underinsured population, (7) increases in the amount and risk of collectability of uninsured accounts and deductibles and copayment amounts for insured accounts, (8) personnel-related capacity constraints, increases in wages and the ability to attract, utilize and retain qualified management and other personnel, including affiliated physicians, nurses and medical and technical support personnel, (9) the highly competitive nature of the health care business, (10) changes in service mix, revenue mix and surgical volumes, including potential declines in the population covered under third-party payer agreements, the ability to enter into and renew third-party payer provider agreements on acceptable terms and the impact of consumer-driven health plans and physician utilization trends and practices, (11) the efforts of health insurers, health care providers, large employer groups and others to contain health care costs, (12) the outcome of our continuing efforts to monitor, maintain and comply with appropriate laws, regulations, policies and procedures, (13) the availability and terms of capital to fund the expansion of our business and improvements to our existing facilities, (14) changes in accounting practices, (15) the emergence of and effects related to pandemics, epidemics and outbreaks of infectious diseases or other public health crises, (16) future divestitures which may result in charges and possible impairments of long-lived assets, (17) changes in business strategy or development plans, (18) delays in receiving payments for services provided, (19) the outcome of pending and any future tax audits, disputes and litigation associated with our tax positions, (20) the impact of known and unknown government investigations, litigation and other claims that may be made against us, (21) the impact of actual and potential cybersecurity incidents or security breaches involving us or our vendors and other third parties, (22) our ongoing ability to demonstrate meaningful use of certified electronic health record technology and the impact of interoperability requirements, (23) the impact of natural disasters, such as hurricanes and floods, including Hurricanes Milton and Helene, physical risks from changing global weather patterns or similar events beyond our control on our assets and activities and the communities we serve, (24) changes in U.S. federal, state, or foreign tax laws, interpretations of tax laws by taxing authorities, other standard setting bodies or judicial decisions, (25) the results of our efforts to use technology and resilience initiatives, including artificial intelligence and machine learning, to drive efficiencies, better outcomes and an enhanced patient experience, (26) changes to, and the timing and amount of future approvals (if any) of, state Medicaid directed and supplemental payments and (27) other risk factors described in our annual report on Form 10-K for the year ended December 31, 2024 and our other filings with the Securities and Exchange Commission. Many of the factors that will determine our future results are beyond our ability to control or predict. In light of the significant uncertainties inherent in the forward-looking statements contained herein, readers should not place undue reliance on forward-looking statements, which reflect management's views only as of the date hereof. We undertake no obligation to revise or update any forward-looking statements, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise. All references to "Company," "HCA" and "HCA Healthcare" as used throughout this release refer to HCA Healthcare, Inc. and its affiliates.

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INVESTOR CONTACT:

Frank Morgan

615-344-2688

MEDIA CONTACT:

Harlow Sumerford

615-344-1851