HCA Healthcare, Inc.

Company facts

Industry

Services-General Medical & Surgical Hospitals, NEC

Headquarters

Nashville, Tennessee

Most recent report

8-K, filed Nov 5, 2026

Incorporated

N/A

Filings on record

1,005+ filings

On EDGAR

CIK 860730

Fiscal year ends

December

Filer status

Large accelerated filer

What to read: Sep 2026 10-Q

SECSift found 4 of 15 sections worth reading, with 5 positive, 9 notable, and 7 negative flags.

• NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

  Core financial notes: revenue mix, debt, buybacks, segment EBITDA, and tax disputes.
  Notable

  • Gross unrecognized tax benefits rose to $557M at Sept 2026 from $519M at Dec 2025.
  • Issued $3B in senior notes in April 2026; redeemed $2.5B of 2026 notes in May.
  • Commercial paper program doubled to $8B in July 2026; outstanding rose to $5.73B.
  • Repurchased 15.1M shares at avg $430.01 for $6.5B; $4.24B authorization remains.
  Negative

  • Estimated cost of uncompensated care surged 24% to $1.477B in Q3 2026 from $1.188B.

• FINANCIAL CONDITION AND RESULTS OF OPERATIONS

  MD&A with detailed Q3 2026 ops: revenue, EPS, volumes, uninsured surge, and cash flow.
  Positive

  • Revenue grew 3.6% to $19.849B in Q3 2026, driven by 2.8% more equivalent admissions.
  • Diluted EPS rose to $7.27 in Q3 2026 from $6.96 in Q3 2025, helped by 8% fewer shares outstanding.
  • Cash from operations rose $45M to $4.461B in Q3 2026, supporting buybacks and capex.
  Notable

  • Inpatient and outpatient surgical volumes both declined in Q3 2026, by 1.3% and 4.2% respectively.
  Negative

  • Net income fell to $1.579B in Q3 2026 from $1.643B in Q3 2025, despite revenue growth.
  • Uninsured admissions surged 27.2% in Q3 2026, reflecting EPTC expiration and fewer Medicaid conversions.

• Results of Operations

  Revenue growth slowed sharply; net income fell; uncompensated care surged; debt rose $6B.
  Notable

  • Other operating expenses rose to 23.3% of revenue for nine months 2026, from 21.0%, due to Medicaid program costs.
  • Share repurchases slowed to $6.605B in nine months 2026 from $7.509B a year ago.
  • Commercial paper program increased to $8B from $4B in July 2026, boosting short-term borrowing capacity.
  Negative

  • Same facility uninsured admissions jumped 27.4% in Q3 2026, reflecting EPTC expiration.
  • Cash from operations fell 14% to $8.810B for nine months 2026, from $10.277B a year ago.
  • Negative working capital of $3.560B at Sept 2026, worsened from -$567M at Dec 2025.
  • Debt rose to $50.493B at Sept 2026, up from $44.4B average in Q3 2025; interest expense up 7%.

• Unregistered Sales and Repurchases (Item 2)

  New $10B buyback authorization and $3.0B spent in Q3 2026; dividend declared.
  Positive

  • New $10B buyback authorization in January 2026; $3.0B spent in Q3 2026 at $410.85 avg.
  • Quarterly dividend of $0.78 per share declared on October 26, 2026.
  Notable

  • Remaining buyback authorization of $4.240 billion at September 30, 2026.

What changed: Sep 2026 vs. Jun 2026

About 5% of HCA's Sep 2026 10-Q is new information. 10 paragraphs were added, 98 changed, and 23 removed. Below are the most important lines SECSift identified.

• Results of Operations 56
• NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 23
• FINANCIAL CONDITION AND RESULTS OF OPERATIONS 7
• Item 2 3
• Item 5 2
• CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (DEFICIT) 1
• CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS 1
• Item 4 1