HCA earnings date, guidance and results
HCA's next results are expected on October 27, 2026. For HCA, watch whether uninsured admissions, surgery volumes and collections support management’s revised outlook.
What has HCA guided for the year?
Diluted EPS guidance is $28.70–$30.50. HCA expects $5.0–$5.5 billion of capital expenditures. The guidance includes a $1.0–$1.2 billion exchange headwind. It also includes $300–$500 million from Medicaid supplemental-payment programs.
| Period guided | Low | High | Date given | |
|---|---|---|---|---|
| Diluted earnings per share | Year to Dec 2026 | 28.70 | 30.50 | Jul 14, 2026 |
| Capital expenditures | Year to Dec 2026 | 5,000 | 5,500 | Jul 24, 2026 |
| Health Insurance Exchanges | Year to Dec 2026 | -1,200 | -1,000 | Jul 14, 2026 |
| Medicaid Supplemental Payment Programs | Year to Dec 2026 | 300 | 500 | Jul 14, 2026 |
What this means. The Medicaid Supplemental Payment Programs amounts are assumptions used to build the forecast, not extra profit the company expects to earn.
Did HCA keep its past promises?
Management also exceeded its original 2025 forecasts for adjusted EBITDA and diluted earnings per share. Guidance is an estimate, not a guarantee, and outside events can help, but the result supports the financial case for the rewards.
What has HCA's revenue and profit trend been?
Q2 2026 showed more activity but weaker underlying economics. Revenue rose 8.7% to $20,230 million, while operating income rose only 3.7% and operating margin fell to approximately 15.3%. EPS rose 11.6% to $7.62, again helped by fewer shares rather than equivalent growth in total profit.
HCA also estimated that uninsured patients reduced pretax income by approximately $400 million. Cash flow weakened sharply: operating cash flow fell to $2,335 million and free cash flow to $1,104 million. Same-facility admissions rose 2.5%, but inpatient surgeries fell 2.3%, outpatient surgeries fell 3.4% and emergency visits rose 3.6%. More care, therefore, did not mean better care economics.
| Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | 20,230 | 19,109 | 19,513 | 19,161 | 18,605 | 18,321 | 18,285 | 17,487 |
| Operating income | 3,093 | 2,871 | 3,244 | 2,979 | 2,983 | 2,874 | 2,661 | 2,421 |
| Net income | 1,699 | 1,620 | 1,878 | 1,643 | 1,653 | 1,610 | 1,438 | 1,270 |
| EPS, diluted | 7.62 | 7.15 | 8.14 | 6.96 | 6.83 | 6.45 | 5.63 | 4.88 |
What this means. Operating income is our estimate, not a number the company reports separately, and it includes gains and losses from selling facilities.
What should you watch in HCA's next results?
HCA’s next scheduled earnings call is October 27, 2026. The important combination is uninsured admissions, surgery volumes and collections. More admissions support demand, but demand helps less when fewer patients have coverage. Management also expects fourth-quarter adjusted EBITDA growth to exceed third-quarter growth, making year-end results a test of its revised assumptions.