Hca Healthcare Inc Financials
This page shows Hca Healthcare Inc (HCA) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 17 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
HCA’s cash-generating healthcare model is funding aggressive buybacks faster than it rebuilds liquidity or balance-sheet equity.
By FY2025, operating cash flow climbed to$12.6B while capex held near$4.9B , pushing free cash flow to$7.7B ; that widening gap funded$10.1B of buybacks even as cash fell to$1.0B and the current ratio slipped to 1.0x. The operating engine is therefore producing more spendable cash, but management is channeling it toward capital return rather than building a thicker cash buffer or repairing book equity.
From FY2023 to FY2025, revenue rose
Across FY2021-FY2025, net income was down
Financial Health Signals
Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →
Health score ≠ stock price. This rates the quality of Hca Healthcare Inc's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Hca Healthcare Inc's revenue grew 7.1% year-over-year to $75.6B, a solid pace of expansion. This earns a growth score of 46/100.
Hca Healthcare Inc has elevated debt relative to equity (D/E of -6.90), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 0/100, reflecting increased financial risk.
Hca Healthcare Inc's current ratio of 0.97 is below the typical benchmark, resulting in a score of 14/100. This tight liquidity could limit financial flexibility if cash inflows slow.
Hca Healthcare Inc has a free cash flow margin of 10.2%, earning a moderate score of 47/100. The company generates positive cash flow after capital investments, but with room for improvement.
Hca Healthcare Inc passes 6 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), 1 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.
For every $1 of reported earnings, Hca Healthcare Inc generates $1.86 in operating cash flow ($12.6B OCF vs $6.8B net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Key Financial Metrics
Earnings & Revenue
Hca Healthcare Inc generated $75.6B in revenue in fiscal year 2025. This represents an increase of 7.1% from the prior year.
Hca Healthcare Inc reported $6.8B in net income in fiscal year 2025. This represents an increase of 17.8% from the prior year.
Hca Healthcare Inc earned $28.33 per diluted share (EPS) in fiscal year 2025. This represents an increase of 28.8% from the prior year.
Cash & Balance Sheet
Hca Healthcare Inc generated $7.7B in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 36.4% from the prior year.
Hca Healthcare Inc held $1.0B in cash against $41.6B in long-term debt as of fiscal year 2025.
Hca Healthcare Inc paid $2.88 per share in dividends in fiscal year 2025. This represents an increase of 9.1% from the prior year.
Hca Healthcare Inc had 224M shares outstanding in fiscal year 2025. This represents a decrease of 10.0% from the prior year.
Margins & Returns
Hca Healthcare Inc's net profit margin was 9.0% in fiscal year 2025, showing the share of revenue converted to profit. This is up 0.8 percentage points from the prior year.
Capital Allocation
Hca Healthcare Inc spent $10.1B on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents an increase of 66.6% from the prior year.
Hca Healthcare Inc invested $4.9B in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 1.4% from the prior year.
HCA Income Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $19.1B-2.1% | $19.5B+1.8% | $19.2B+3.0% | $18.6B+1.6% | $18.3B+0.2% | $18.3B+4.6% | $17.5B0.0% | $17.5B |
| Cost of Revenue | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Gross Profit | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $133.0M-13.1% | $153.0M+10.1% | $139.0M+6.9% | $130.0M+3.2% | $126.0M+5.0% | $120.0M+8.1% | $111.0M+11.0% | $100.0M |
| Operating Income | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Interest Expense | $584.0M+2.1% | $572.0M+2.0% | $561.0M-1.2% | $568.0M+3.8% | $547.0M+3.6% | $528.0M+2.5% | $515.0M+1.8% | $506.0M |
| Income Tax | $430.0M-15.5% | $509.0M-1.2% | $515.0M-1.7% | $524.0M+4.4% | $502.0M+12.3% | $447.0M+5.4% | $424.0M-22.9% | $550.0M |
| Net Income | $1.6B-13.7% | $1.9B+14.3% | $1.6B-0.6% | $1.7B+2.7% | $1.6B+12.0% | $1.4B+13.2% | $1.3B-13.1% | $1.5B |
| EPS (Diluted) | $7.15 | N/A | $6.96+1.9% | $6.83+5.9% | $6.45 | N/A | $4.88-11.8% | $5.53 |
HCA Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $61.5B+1.2% | $60.7B+1.6% | $59.7B+0.4% | $59.5B-0.4% | $59.8B+0.5% | $59.5B+0.1% | $59.5B+3.6% | $57.4B |
| Current Assets | $16.1B+1.7% | $15.8B+3.3% | $15.3B-1.8% | $15.6B-4.3% | $16.3B-1.0% | $16.4B-1.5% | $16.7B+9.8% | $15.2B |
| Cash & Equivalents | $940.0M-9.6% | $1.0B+4.3% | $997.0M+6.2% | $939.0M-11.4% | $1.1B-45.2% | $1.9B-33.1% | $2.9B+247.5% | $831.0M |
| Inventory | $1.7B+1.8% | $1.7B-4.7% | $1.7B-3.2% | $1.8B-0.1% | $1.8B+3.2% | $1.7B-2.1% | $1.8B-1.3% | $1.8B |
| Accounts Receivable | $11.3B+4.2% | $10.9B+4.2% | $10.4B-0.3% | $10.5B-5.7% | $11.1B+3.1% | $10.8B+8.4% | $9.9B-3.2% | $10.2B |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $67.8B+1.5% | $66.7B+2.6% | $65.1B+1.8% | $63.9B+1.0% | $63.3B+2.1% | $62.0B+0.6% | $61.6B+4.5% | $59.0B |
| Current Liabilities | $19.3B+17.8% | $16.4B-8.6% | $17.9B+12.3% | $15.9B+16.9% | $13.6B-10.2% | $15.2B+1.9% | $14.9B+4.2% | $14.3B |
| Long-Term Debt | $39.5B-5.1% | $41.6B+8.3% | $38.4B-2.5% | $39.4B-4.1% | $41.1B+7.1% | $38.3B+0.1% | $38.3B+5.4% | $36.3B |
| Total Equity | -$6.3B-4.6% | -$6.0B-13.0% | -$5.3B-21.4% | -$4.4B-24.9% | -$3.5B-40.8% | -$2.5B-14.5% | -$2.2B-36.4% | -$1.6B |
| Retained Earnings | -$6.0B-4.4% | -$5.7B-14.0% | -$5.0B-22.8% | -$4.1B-29.2% | -$3.2B-49.6% | -$2.1B-17.0% | -$1.8B-54.4% | -$1.2B |
HCA Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $2.0B-14.6% | $2.4B-46.6% | $4.4B+4.9% | $4.2B+155.0% | $1.7B-35.5% | $2.6B-27.2% | $3.5B+78.3% | $2.0B |
| Capital Expenditures | $1.1B-24.8% | $1.5B+15.6% | $1.3B+9.5% | $1.2B+18.7% | $991.0M-22.9% | $1.3B+7.9% | $1.2B-7.0% | $1.3B |
| Free Cash Flow | $895.0M+2.9% | $870.0M-72.2% | $3.1B+3.1% | $3.0B+359.7% | $660.0M-48.2% | $1.3B-45.2% | $2.3B+236.8% | $690.0M |
| Investing Cash Flow | -$1.3B+2.7% | -$1.3B+5.1% | -$1.4B-11.0% | -$1.3B-21.2% | -$1.0B+23.3% | -$1.3B+0.4% | -$1.4B-1.5% | -$1.3B |
| Financing Cash Flow | -$830.0M+16.9% | -$999.0M+66.3% | -$3.0B+3.9% | -$3.1B-106.6% | -$1.5B+30.9% | -$2.2B-1866.4% | -$110.0M+89.9% | -$1.1B |
| Dividends Paid | $183.0M+13.0% | $162.0M-2.4% | $166.0M-2.9% | $171.0M-5.0% | $180.0M+9.1% | $165.0M-2.4% | $169.0M-1.2% | $171.0M |
| Share Buybacks | $1.6B-38.6% | $2.6B+2.4% | $2.5B-0.3% | $2.5B0.0% | $2.5B+47.4% | $1.7B-5.3% | $1.8B+31.3% | $1.4B |
HCA Financial Ratios
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Net Margin | 8.5%-1.1pp | 9.6%+1.0pp | 8.6%-0.3pp | 8.9%+0.1pp | 8.8%+0.9pp | 7.9%+0.6pp | 7.3%-1.1pp | 8.3% |
| Return on Equity | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Return on Assets | 2.6%-0.5pp | 3.1%+0.3pp | 2.8%-0.0pp | 2.8%+0.1pp | 2.7%+0.3pp | 2.4%+0.3pp | 2.1%-0.4pp | 2.5% |
| Current Ratio | 0.83-0.1 | 0.97+0.1 | 0.85-0.1 | 0.98-0.2 | 1.19+0.1 | 1.08-0.0 | 1.12+0.1 | 1.06 |
| Debt-to-Equity | -6.27+0.6 | -6.90+0.3 | -7.20+1.8 | -8.96+2.7 | -11.67+3.7 | -15.34+2.2 | -17.54+5.1 | -22.69 |
| FCF Margin | 4.7%+0.2pp | 4.5%-11.9pp | 16.3%+0.0pp | 16.3%+12.7pp | 3.6%-3.4pp | 7.0%-6.3pp | 13.3%+9.3pp | 3.9% |
Note: Shareholder equity is negative (-$6.0B), which causes debt-to-equity and return on equity ratios to appear negative or not meaningful. This can occur from accumulated losses or large share buyback programs.
Note: The current ratio is below 1.0 (0.97), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.
Similar Companies
Frequently Asked Questions
What is Hca Healthcare Inc's annual revenue?
Hca Healthcare Inc (HCA) reported $75.6B in total revenue for fiscal year 2025. This represents a 7.1% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Hca Healthcare Inc's revenue growing?
Hca Healthcare Inc (HCA) revenue grew by 7.1% year-over-year, from $70.6B to $75.6B in fiscal year 2025.
Is Hca Healthcare Inc profitable?
Yes, Hca Healthcare Inc (HCA) reported a net income of $6.8B in fiscal year 2025, with a net profit margin of 9.0%.
How much debt does Hca Healthcare Inc have?
As of fiscal year 2025, Hca Healthcare Inc (HCA) had $1.0B in cash and equivalents against $41.6B in long-term debt.
What is Hca Healthcare Inc's net profit margin?
Hca Healthcare Inc (HCA) had a net profit margin of 9.0% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
Does Hca Healthcare Inc pay dividends?
Yes, Hca Healthcare Inc (HCA) paid $2.88 per share in dividends during fiscal year 2025.
What is Hca Healthcare Inc's free cash flow?
Hca Healthcare Inc (HCA) generated $7.7B in free cash flow during fiscal year 2025. This represents a 36.4% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Hca Healthcare Inc's operating cash flow?
Hca Healthcare Inc (HCA) generated $12.6B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Hca Healthcare Inc's total assets?
Hca Healthcare Inc (HCA) had $60.7B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Hca Healthcare Inc's capital expenditures?
Hca Healthcare Inc (HCA) invested $4.9B in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is Hca Healthcare Inc's current ratio?
Hca Healthcare Inc (HCA) had a current ratio of 0.97 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.
What is Hca Healthcare Inc's debt-to-equity ratio?
Hca Healthcare Inc (HCA) had a debt-to-equity ratio of -6.90 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Hca Healthcare Inc's return on assets (ROA)?
Hca Healthcare Inc (HCA) had a return on assets of 11.2% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
Why is Hca Healthcare Inc's debt-to-equity ratio negative or unusual?
Hca Healthcare Inc (HCA) has negative shareholder equity of -$6.0B as of fiscal year 2025, which causes the debt-to-equity ratio to appear negative or not meaningful. This can occur when accumulated losses exceed invested capital, or after large share buyback programs. Other solvency metrics like the current ratio or interest coverage may be more informative.
What is Hca Healthcare Inc's Piotroski F-Score?
Hca Healthcare Inc (HCA) has a Piotroski F-Score of 6 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Hca Healthcare Inc's earnings high quality?
Hca Healthcare Inc (HCA) has an earnings quality ratio of 1.86x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
How financially healthy is Hca Healthcare Inc?
Hca Healthcare Inc (HCA) scores 18 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.