HCA Healthcare, Inc. (HCA) Earnings
HCA Healthcare, Inc. is expected to report next earnings on July 24, 2026 (in NaN days), with a consensus EPS estimate of $7.52. HCA has beaten EPS estimates in 10 of its last 12 reported quarters (average surprise +9.2% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 24, 2026 | $7.12 | $7.15 | +0.4% | $19.1B | +0.1% |
| Jan 27, 2026 | $7.46 | $8.01 | +7.4% | $19.5B | -0.9% |
| Oct 24, 2025 | $5.79 | $6.96 | +20.2% | $19.2B | +3.0% |
| Jul 25, 2025 | $6.29 | $6.84 | +8.7% | $18.6B | +0.6% |
| Apr 25, 2025 | $5.75 | $6.45 | +12.2% | $18.3B | +0.3% |
| Jan 24, 2025 | $6.13 | $6.22 | +1.5% | $18.3B | +0.3% |
| Oct 25, 2024 | $4.99 | $5.03 | +0.8% | $17.5B | -0.3% |
| Jul 23, 2024 | $4.85 | $5.53 | +14.0% | $17.5B | +2.6% |
| Apr 26, 2024 | $5.01 | $5.93 | +18.4% | $17.3B | +3.1% |
| Jan 30, 2024 | $5.06 | $5.93 | +17.2% | $17.3B | +4.8% |
| Jul 27, 2023 | $4.22 | $4.29 | +1.7% | $15.9B | +1.6% |
| Apr 21, 2023 | $3.93 | $4.93 | +25.4% | $15.6B | +2.1% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q1 FY2026 · April 24, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
The start of the year presented a dynamic environment. There was no typical lift from seasonal respiratory conditions; respiratory-related admissions and ER visits were down. A storm in some markets also impacted volumes. However, there was a greater net benefit from state supplemental programs than expected, offsetting some volume shortfalls. The underlying shifts in payer mix from health insurance exchanges were generally in line with expectations. The company's resiliency plan focused on generating cost savings, enhancing network execution, and strengthening organizational capabilities. Volumes rebounded nicely in February and March. The digital transformation and AI agenda progressed with key initiatives rolled out to more facilities. The company continued to invest in network development, with capital spending and selective outpatient facility acquisitions, expanding overall sites of care, increasing hospital beds, and emergency room capacity.
Guidance
The respiratory-related volume shortfall and the increase in supplemental payment net benefits are considered first-quarter events, and the assumptions regarding volumes, payer mix, and costs for the remainder of the year continue to be in line with the original guidance. The full-year range for Medicaid state supplemental program net benefit has been adjusted to reflect a decline of $50 million to $250 million compared to the prior year. The impact of the exchange environment on adjusted EBITDA is still expected to be in the range of $600 million to $900 million for the full year. The estimated guidance raises for 2026 are reaffirmed, and the volume growth assumption of 2%-3% for the full year remains reasonable.
Segment performance
Revenue increased 4.3% compared to the first quarter of the previous year. Adjusted EBITDA increased almost 2%, and diluted earnings per share (as adjusted) increased approximately 11% compared to the prior year period. Respiratory-related admissions were down 42% and respiratory-related emergency room visits were down 32% compared to the first quarter of the previous year. The net benefit from state supplemental programs was greater than anticipated, which mostly offset the impact from the shortfall in volumes.
Risks & headwinds
The respiratory season and winter storm had an impact on volumes, which is a temporal risk but still affected results. There is uncertainty around Medicaid state supplemental programs, including potential changes in net benefits. The exchange environment is dynamic and has an uncertain impact on adjusted EBITDA. There has been an increase in payer denials and underpayments, impacting earnings. Hurricane-impacted markets have higher costs to serve due to workforce deficits, affecting the bottom line.