HCA
HCA Healthcare, Inc.469.79
-7.19-1.51%
Dec 16, 4:00:02 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
Resiliency details counter exchange risks
Q&A unpacked resiliency program's $400M offset to $600-900M exchange headwinds, detailing revenue integrity, cost efficiencies, capacity management via AI, benchmarking, and shared services. Management modeled 15-20% Hicks volume decline, with 15-20% shifting to ESI and rest uninsured facing 30% utilization drop, mostly ER-heavy. Digital payer integrations cut AR days; outpatient M&A pipeline accelerates. Physician costs eye high-single-digits, yet margins stay flat. Exchanges loom large. Confident tone prevails, but investors track enrollment shifts and supplemental pauses like Texas Atlas.
Key Stats
Market Cap
109.93BP/E (TTM)
18.18Basic EPS (TTM)
25.84Dividend Yield
0.01%Recent Filings
8-K
2026 exec incentives set
HCA Healthcare's Compensation Committee adopted the 2026 Executive Officer Performance Excellence Program on February 24, tying exec awards to 80% EBITDA and 20% quality metrics like infections, mortality, and care experience. CEO Hazen targets 175% of base salary; others 100-125%. Robert J. Dennis retires from the board effective April 23 annual meeting. Payouts hinge on thresholds; no quality pay if EBITDA misses 90% target.
10-K
FY2025 results
HCA Healthcare drove FY2025 revenues to $75.6B, up 7.1% y/y, with equivalent admissions +2.9% and revenue per equivalent admission +4.0%; same-facility topline rose 6.6% on 2.4% volume growth and 4.1% pricing. Admissions climbed 2.7% y/y to 2.3M while occupancy held steady at 73%, but Q4 momentum softened with inpatient surgeries up just 0.9% y/y and outpatient flat. Margins expanded to 13.0% pretax amid supply efficiencies, yet labor pressures lingered; free cash flow not disclosed in the 10-K. Debt swelled to $46.5B at year-end with $5.8B revolver availability, while $10B buybacks and $2.88/share dividends underscored capital returns. Steady volumes belie cybersecurity risks that could disrupt quarterly operations.
8-K
Q4 beat, $10B buyback
HCA Healthcare crushed Q4 2025 with revenues up 6.7% to $19.513 billion and net income surging 30.6% to $1.878 billion, fueled by 2.4% same-facility admission growth. Board authorized $10 billion share repurchases and hiked quarterly dividend to $0.78 per share, payable March 31. Guidance eyes 2026 revenues $76.5-$80 billion.
8-K
HCA issues $3.25B notes
HCA Inc. completed a $3.25 billion senior notes offering on October 31, 2025, with tranches at 4.30% due 2030 ($500M), 4.60% due 2032 ($1B), 4.90% due 2035 ($1B), and 5.70% due 2055 ($750M), guaranteed by HCA Healthcare. Notes rank senior unsecured, with semi-annual interest from May 2026. Standard covenants limit liens and mergers. Holders can force repurchase at 101% on change of control plus downgrade.
10-Q
Q3 FY2025 results
HCA Healthcare drove revenues to $19.2B in Q3 ended September 30, 2025, up 9.6% y/y from $17.5B, with equivalent admissions +3.2% y/y and revenue per equivalent admission +6.1% y/y (derived). Net income attributable to HCA hit $1.6B, or $6.96 diluted EPS on 236M shares, up 29% y/y from $1.3B or $4.88 on 260M shares—stronger margins while shares shrank via $2.5B repurchases. All three groups grew revenues double-digits y/y, fueled by volume and pricing. Cash from operations swelled to $10.3B YTD, less $3.5B capex yields $6.8B FCF (derived); debt steady at $44.5B (avg rate 5.1%) with $8B revolver ($6.1B available) and $2B commercial paper. Acquired hospitals in NH/FL for $190M. OBBBA risks Medicaid cuts.
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