HCA Healthcare, Inc.

Company facts

Industry

Services-General Medical & Surgical Hospitals, NEC

Headquarters

Nashville, Tennessee

Most recent report

8-K, filed Jul 29, 2026

Filings on record

1,022+ filings

On EDGAR

CIK 860730

Fiscal year ends

December

Filer status

Large accelerated filer

What to read: Jun 2026 10-Q

SECSift found 3 of 15 sections worth reading, with 3 positive, 6 notable, and 8 negative flags.

• NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

  Contains key operating results, a Medicaid revenue anomaly, rising uncompensated care, and segment EBITDAs.
  Notable

  • Medicaid revenue surged to $2.79B (13.8% of total) from $1.44B (7.7%), mainly from a Florida directed payment program approved in Q2 2026.
  • HCA repurchased 7.9M shares for $3.54B in H1 2026; $7.21B authorization remains; shares outstanding down 8% YoY.
  Negative

  • Total uncompensated care rose 30% to $15.08B in Q2 2026 from $11.63B; charity care up 29% to $5.32B.

• FINANCIAL CONDITION AND RESULTS OF OPERATIONS

  MD&A with detailed Q2 2026 results, cash flow down $1.875B, uninsured admissions up 23.3%.
  Positive

  • Revenue up 8.7% to $20.23B, EPS up to $7.62 from $6.83 in Q2 2026.
  • Admissions up 2.4%, ER visits up 3.5% on same facility basis in Q2 2026.
  Notable

  • Recognized $400M net benefit from Medicaid supplemental programs, including Florida directed payment catch-up for prior periods.
  Negative

  • Surgical volumes declining: inpatient -2.3%, outpatient -4.4% on consolidated in Q2 2026.
  • Uninsured admissions up 23.3% on consolidated, pointing to payer mix erosion from EPTC expiration.
  • Cash from operations dropped $1.875B to $2.335B, driven by $1.413B working capital drain mostly from Medicaid receivables.

• Results of Operations

  Dense with company-specific results, cost trends, liquidity decline, and regulatory updates.
  Positive

  • Revenue grew 8.7% to $20.230B in Q2 2026, driven by 6.0% revenue per admission and 2.6% volume.
  Notable

  • Texas and Florida hospitals generated 58% of admissions and 55% of revenue, a key concentration.
  • Repurchases slowed to 7.909M shares in H1 2026 vs 26.739M in full 2025; $3.635B spent.
  • Issued $3.0B senior notes (4.7% due 2031, 5.0% due 2033, 5.3% due 2036) to repay commercial paper.
  Negative

  • Uncompensated care ballooned to $15.076B in Q2 2026 from $11.625B, a 30% jump.
  • Same facility uninsured admissions surged 23.4% in Q2 2026, reflecting EPTC expiration impact.
  • Other operating expenses rose to 24.9% of revenue from 20.4%, driven by Medicaid program costs and professional fees.
  • Cash from operations dropped 26% to $4.349B in H1 2026 from $5.861B, due to working capital and higher taxes.

What changed: Jun 2026 vs. Mar 2026

About 18% of HCA's Jun 2026 10-Q is new information. 35 paragraphs were added, 81 changed, and 21 removed. Below are the most important lines SECSift identified.

• Results of Operations 57
• NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 28
• FINANCIAL CONDITION AND RESULTS OF OPERATIONS 6
• Item 2 4
• CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (DEFICIT) 2
• CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS 1
• Item 4 1
• Item 5 1