What is HCA Healthcare, Inc.'s earnings per share (EPS)?

HCA Healthcare, Inc. (HCA) reported diluted earnings per share of $28.33 for fiscal year 2025. This represents a 28.8% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

HCA Healthcare, Inc. (HCA) Financials

HCA

Trailing 12 months to March 31, 2026

Revenue $76.4B +6.7% YoY

Net Income $6.8B +17.6% YoY

EPS (Diluted) $29.04 +29.1% YoY

Free Cash Flow $7.9B +60.2% YoY

Market Cap $92.4B as of Oct 1, 2026

Price / Sales 1.2x on $76.4B revenue, trailing 12 months to March 31, 2026

Price / Earnings 13.6x on $6.8B net income, trailing 12 months to March 31, 2026

Price / Book n/m negative shareholder equity, so no book multiple, Q1 FY2026

A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 1, 2026; every other figure is from the SEC filings on this page. Not financial advice.

Source SEC Filings (10-K/10-Q) Latest period Q1 FY2026, ended Mar 31, 2026 Reported Apr 29, 2026 Currency USD FYE December

Newest figures come from the 10-Q for Q1 FY2026, filed Apr 29, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the HCA SEC filings page.

HCA Healthcare, Inc. (HCA) reported $76.4B in revenue over the twelve months to Mar 31, 2026, up 6.7% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 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).

Rhea AI HCA FY2025 2026-08-29

HCA's dominant mechanic is accelerating cash conversion funding aggressive buybacks while liabilities deepen the company's negative-equity balance sheet.

In FY2025, cash conversion produced operating cash flow of $12.6B, nearly twice net income of $6.8B, indicating that non-cash charges and working-capital effects materially increased cash generation beyond reported profit. Yet that cash did not produce solvency repair: liabilities reached $66.7B while equity fell to -$6.0B, showing that distributions and financing commitments outweighed retained capital.

The FY2023 margin trough was not permanent: net margin recovered to 9.0% in FY2025 from 8.1% in FY2023, a profitability rebound rather than a simple top-line story. Free cash flow also rose to $7.7B from $5.6B over the same interval, so the earnings recovery was accompanied by more cash remaining after capital spending.

The balance sheet is tighter at the short end: the current ratio slipped to 1.0x in FY2025, meaning current assets no longer exceeded current liabilities. Capital allocation remained shareholder-return heavy, with $10.1B of buybacks in FY2025 as diluted shares fell to 223.6M; that helps explain why rising cash generation coexisted with worsening reported equity.

Financial Health Signals

Financial health score not available

HCA Healthcare, Inc. does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.

Piotroski F-Score Partial

6/8

HCA Healthcare, Inc. passes 6 of 8 computable financial strength tests (1 of the nine could not be computed from available data). All 4 profitability signals pass (positive income, cash flow, and earnings quality), 1 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.

Earnings Quality Cash-Backed

1.86x

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

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Earnings & Revenue

Revenue

$19.1B

YoY+4.3%

QoQ-2.1%

5Y CAGR+6.5%

HCA Healthcare, Inc. generated $19.1B in revenue in Q1 2026. This represents an increase of 4.3% from the same quarter a year earlier. Against the prior quarter it is down 2.1%.

Net Income

$1.6B

YoY+0.6%

QoQ-13.7%

5Y CAGR+2.6%

10Y CAGR+8.8%

HCA Healthcare, Inc. reported $1.6B in net income in Q1 2026. This represents an increase of 0.6% from the same quarter a year earlier. Against the prior quarter it is down 13.7%.

EPS (Diluted)

$7.15

YoY+10.9%

QoQ-11.7%

5Y CAGR+11.5%

10Y CAGR+15.5%

HCA Healthcare, Inc. earned $7.15 per diluted share (EPS) in Q1 2026. This represents an increase of 10.9% from the same quarter a year earlier. Against the prior quarter it is down 11.7%.

EBITDA

Not reported for Q1 2026.

Cash & Balance Sheet

Free Cash Flow

$895.0M

YoY+35.6%

QoQ+2.9%

5Y CAGR-7.7%

10Y CAGR+0.1%

HCA Healthcare, Inc. generated $895.0M in free cash flow in Q1 2026, representing cash available after capex. This represents an increase of 35.6% from the same quarter a year earlier. Against the prior quarter it is up 2.9%.

Cash & Debt

$940.0M

YoY-11.3%

QoQ-9.6%

5Y CAGR-1.8%

10Y CAGR+1.0%

HCA Healthcare, Inc. held $940.0M in cash against $39.5B in long-term debt as of Q1 2026.

Dividends Per Share

$0.78

YoY+8.3%

QoQ+8.3%

5Y CAGR+10.2%

HCA Healthcare, Inc. paid $0.78 per share in dividends in Q1 2026. This represents an increase of 8.3% from the same quarter a year earlier. Against the prior quarter it is up 8.3%.

Shares Outstanding

222M

YoY-7.8%

QoQ-0.8%

5Y CAGR-7.7%

10Y CAGR-5.5%

HCA Healthcare, Inc. had 222M shares outstanding in Q1 2026. This represents a decrease of 7.8% from the same quarter a year earlier. Against the prior quarter it is down 0.8%.

Margins & Returns

Net Margin

8.5%

YoY-0.3pp

QoQ-1.1pp

5Y change-1.7pp

HCA Healthcare, Inc.'s net profit margin was 8.5% in Q1 2026, showing the share of revenue converted to profit. This is down 0.3 percentage points from the same quarter a year earlier. Against the prior quarter it is down 1.1 percentage points.

Gross Margin

Not reported for Q1 2026.

Operating Margin

Not reported for Q1 2026.

Return on Equity

Not reported for Q1 2026.

Capital Allocation

Share Buybacks

$1.6B

YoY-37.3%

QoQ-38.6%

5Y CAGR+0.6%

10Y CAGR+9.7%

HCA Healthcare, Inc. spent $1.6B on share buybacks in Q1 2026, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 37.3% from the same quarter a year earlier. Against the prior quarter it is down 38.6%.

Capital Expenditures

$1.1B

YoY+12.9%

QoQ-24.8%

5Y CAGR+11.3%

10Y CAGR+8.2%

HCA Healthcare, Inc. invested $1.1B in capex in Q1 2026, funding long-term assets and infrastructure. This represents an increase of 12.9% from the same quarter a year earlier. Against the prior quarter it is down 24.8%.

R&D Spending

Not reported for Q1 2026.

HCA Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

HCA quarterly income statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Revenue	$76.4B	$75.6B+7.1%	$70.6B+8.7%	$65.0B+7.9%	$60.2B+2.5%	$58.8B+14.0%	$51.5B+0.4%	$51.3B+10.0%	$46.7B+7.0%	$43.6B+5.1%	$41.5B	N/A	$36.9B+8.0%	$34.2B+3.5%	$33.0B+11.2%	$29.7B
SG&A Expenses	$555.0M	$548.0M+30.2%	$421.0M+19.3%	$353.0M+15.0%	$307.0M-8.9%	$337.0M-19.0%	$416.0M+12.4%	$370.0M+7.6%	$344.0M+1.2%	$340.0M-0.9%	$343.0M+4.9%	$327.0M+14.7%	$285.0M-0.7%	$287.0M+15.7%	$248.0M+8.8%	$228.0M
Interest Expense	$2.3B	$2.2B+9.1%	$2.1B+6.3%	$1.9B+11.3%	$1.7B+11.2%	$1.6B-1.1%	$1.6B-13.2%	$1.8B+3.9%	$1.8B+3.8%	$1.7B-1.0%	$1.7B+2.5%	$1.7B-4.5%	$1.7B-5.7%	$1.8B+2.8%	$1.8B-11.7%	$2.0B
Income Tax	$2.0B	$2.0B+9.9%	$1.9B+15.5%	$1.6B-7.5%	$1.7B-17.3%	$2.1B+102.5%	$1.0B-5.1%	$1.1B+16.2%	$946.0M-42.2%	$1.6B+18.9%	$1.4B+9.3%	$1.3B+13.8%	$1.1B+16.6%	$950.0M+7.0%	$888.0M+23.5%	$719.0M
Net Income	$6.8B	$6.8B+17.8%	$5.8B+9.9%	$5.2B-7.1%	$5.6B-18.9%	$7.0B+85.3%	$3.8B+7.1%	$3.5B-7.4%	$3.8B+70.9%	$2.2B-23.3%	$2.9B+35.7%	$2.1B+13.5%	$1.9B+20.5%	$1.6B-3.1%	$1.6B-34.9%	$2.5B
EPS (Basic)	N/A	$28.70+28.9%	$22.27+15.7%	$19.25-0.9%	$19.43-9.7%	$21.52+93.9%	$11.10+8.1%	$10.27-5.8%	$10.90+78.1%	$6.12-18.7%	$7.53+46.5%	$5.14+19.5%	$4.30+22.9%	$3.50-4.1%	$3.65-29.4%	$5.17
EPS (Diluted)	$29.04	$28.33+28.8%	$22.00+16.0%	$18.97-0.9%	$19.15-9.5%	$21.16+93.6%	$10.93+8.5%	$10.07-5.5%	$10.66+79.2%	$5.95-18.5%	$7.30+46.3%	$4.99+20.0%	$4.16+23.4%	$3.37-3.4%	$3.49-29.8%	$4.97
Diluted Shares (Avg)	N/A	239M-8.5%	262M-5.3%	276M-6.2%	295M-10.4%	329M-4.3%	344M-1.3%	348M-2.0%	355M-4.5%	372M-6.0%	396M-7.2%	427M-5.2%	450M-2.5%	462M+0.5%	459M-7.4%	496M

Metric	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q	Q2'2410-Q
Revenue	$19.1B+4.3%	$19.5B+6.7%	$19.2B+9.6%	$18.6B+6.4%	$18.3B+5.7%	$18.3B+5.7%	$17.5B+7.9%	$17.5B+10.3%
SG&A Expenses	$133.0M+5.6%	$153.0M+27.5%	$139.0M+25.2%	$130.0M+30.0%	$126.0M+40.0%	$120.0M+11.1%	$111.0M+24.7%	$100.0M+22.0%
Interest Expense	$584.0M+6.8%	$572.0M+8.3%	$561.0M+8.9%	$568.0M+12.3%	$547.0M+6.8%	$528.0M+7.5%	$515.0M+6.6%	$506.0M+4.3%
Income Tax	$430.0M-14.3%	$509.0M+13.9%	$515.0M+21.5%	$524.0M-4.7%	$502.0M+12.8%	$447.0M-7.6%	$424.0M+19.4%	$550.0M+38.5%
Net Income	$1.6B+0.6%	$1.9B+30.6%	$1.6B+29.4%	$1.7B+13.1%	$1.6B+1.2%	$1.4B-10.5%	$1.3B+17.7%	$1.5B+22.5%
EPS (Basic)	$7.25+11.2%	$8.23+44.4%	$7.05+42.7%	$6.91+23.4%	$6.52+8.5%	$5.70-4.8%	$4.94+24.1%	$5.60+28.7%
EPS (Diluted)	$7.15+10.9%	$8.10+43.9%	$6.96+42.6%	$6.83+23.5%	$6.45+8.8%	$5.63-4.6%	$4.88+24.8%	$5.53+28.9%
Diluted Shares (Avg)	227M-9.1%	N/A	236M-9.1%	242M-8.4%	249M-6.9%	N/A	260M-5.6%	264M-5.1%

Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, R&D Expenses, Operating Income, EBITDA.

HCA Balance Sheet

HCA quarterly balance sheet

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Total Assets	$60.7B+2.0%	$59.5B+5.9%	$56.2B+7.2%	$52.4B+3.3%	$50.7B+6.8%	$47.5B+5.4%	$45.1B+14.9%	$39.2B+7.1%	$36.6B+8.4%	$33.8B+3.1%	$32.7B+5.7%	$31.0B+8.3%	$28.6B+1.8%	$28.1B+4.4%	$26.9B
Current Assets	$15.8B-3.8%	$16.4B+10.0%	$14.9B+9.4%	$13.6B+0.7%	$13.5B+9.8%	$12.3B+10.2%	$11.2B+9.6%	$10.2B+2.4%	$10.0B+9.8%	$9.1B-1.6%	$9.2B+3.4%	$8.9B+11.1%	$8.0B+3.5%	$7.8B+7.3%	$7.2B
Cash & Equivalents	$1.0B-46.2%	$1.9B+106.7%	$935.0M+3.0%	$908.0M-37.4%	$1.5B-19.1%	$1.8B+188.7%	$621.0M+23.7%	$502.0M-31.4%	$732.0M+13.3%	$646.0M-12.8%	$741.0M+30.9%	$566.0M+36.7%	$414.0M-41.3%	$705.0M+89.0%	$373.0M
Short-Term Investments	$0	$0	$0	$0-100.0%	$103.0M-11.2%	$116.0M-21.1%	$147.0M+212.8%	$47.0M-13.0%	$54.0M+10.2%	$49.0M-2.0%	$50.0M-21.9%	$64.0M+3.2%	$62.0M+12.7%	$55.0M-31.3%	$80.0M
Inventory	$1.7B-4.9%	$1.7B-14.0%	$2.0B-2.3%	$2.1B+4.1%	$2.0B-1.9%	$2.0B+9.5%	$1.8B+6.8%	$1.7B+10.1%	$1.6B+4.7%	$1.5B+4.4%	$1.4B+12.5%	$1.3B+8.5%	$1.2B+8.6%	$1.1B+3.0%	$1.1B
Accounts Receivable	$10.9B+1.1%	$10.8B+8.0%	$10.0B+12.0%	$8.9B+9.8%	$8.1B+14.8%	$7.1B-4.5%	$7.4B+8.7%	$6.8B+4.4%	$6.5B+11.6%	$5.8B-1.1%	$5.9B+3.4%	$5.7B+9.3%	$5.2B+11.5%	$4.7B+3.1%	$4.5B
Long-Term Investments	$485.0M-14.8%	$569.0M+19.3%	$477.0M+25.2%	$381.0M-13.0%	$438.0M+12.9%	$388.0M+23.2%	$315.0M-13.0%	$362.0M-13.4%	$418.0M+24.4%	$336.0M-22.2%	$432.0M-12.6%	$494.0M+10.3%	$448.0M-13.0%	$515.0M-6.0%	$548.0M
Total Liabilities	$66.7B+7.6%	$62.0B+6.9%	$58.0B+5.0%	$55.2B+6.8%	$51.7B+10.1%	$46.9B+2.8%	$45.6B+8.3%	$42.1B+1.3%	$41.6B+5.6%	$39.4B+1.5%	$38.8B+3.5%	$37.5B+4.8%	$35.8B-1.8%	$36.4B+7.4%	$33.9B
Current Liabilities	$16.4B+7.7%	$15.2B+19.9%	$12.7B+27.8%	$9.9B+3.3%	$9.6B+10.1%	$8.7B+12.2%	$7.8B+2.5%	$7.6B+22.9%	$6.2B+5.6%	$5.8B+5.8%	$5.5B+0.7%	$5.5B-3.8%	$5.7B-7.7%	$6.2B+11.1%	$5.6B
Non-Current Liabilities	$50.4B+7.6%	$46.8B+3.3%	$45.3B+0.1%	$45.3B+7.6%	$42.1B+10.2%	$38.2B+0.9%	$37.9B+9.6%	$34.6B-2.5%	$35.4B+5.6%	$33.6B+0.9%	$33.3B+4.0%	$32.0B+6.4%	$30.1B-0.6%	$30.2B-10.8%	$33.9B
Long-Term Debt	$41.6B+8.5%	$38.3B+3.1%	$37.2B-1.4%	$37.7B+9.8%	$34.3B+11.5%	$30.8B-8.3%	$33.6B+4.8%	$32.0B-2.5%	$32.9B+5.4%	$31.2B+3.0%	$30.3B+4.0%	$29.1B+5.4%	$27.6B+0.3%	$27.5B+7.2%	$25.6B
Total Equity	-$6.0B-141.2%	-$2.5B-40.9%	-$1.8B+35.9%	-$2.8B-196.6%	-$933.0M-263.1%	$572.0M+120.4%	-$2.8B+43.3%	-$5.0B+27.3%	-$6.8B+6.8%	-$7.3B+3.9%	-$7.6B+3.7%	-$7.9B+4.5%	-$8.3B+14.4%	-$9.7B-17.0%	-$8.3B
Retained Earnings	-$5.7B-170.6%	-$2.1B-56.4%	-$1.4B+40.7%	-$2.3B-328.6%	-$532.0M-168.5%	$777.0M+133.0%	-$2.4B+48.6%	-$4.6B+30.0%	-$6.5B+6.3%	-$7.0B+5.0%	-$7.3B+3.1%	-$7.6B+19.4%	-$9.4B+14.2%	-$11.0B-16.3%	-$9.4B

Metric	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q	Q2'2410-Q
Total Assets	$61.5B+2.8%	$60.7B+2.0%	$59.7B+0.5%	$59.5B+3.8%	$59.8B+5.0%	$59.5B+5.9%	$59.5B+8.9%	$57.4B+7.1%
Current Assets	$16.1B-1.3%	$15.8B-3.8%	$15.3B-8.3%	$15.6B+2.6%	$16.3B+6.4%	$16.4B+10.0%	$16.7B+16.6%	$15.2B+9.3%
Cash & Equivalents	$940.0M-11.3%	$1.0B-46.2%	$997.0M-65.5%	$939.0M+13.0%	$1.1B-17.4%	$1.9B+106.7%	$2.9B+224.1%	$831.0M-3.6%
Short-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
Inventory	$1.7B-6.3%	$1.7B-4.9%	$1.7B-2.4%	$1.8B-0.4%	$1.8B-5.7%	$1.7B-14.0%	$1.8B-12.5%	$1.8B-12.2%
Accounts Receivable	$11.3B+2.1%	$10.9B+1.1%	$10.4B+5.2%	$10.5B+2.1%	$11.1B+10.4%	$10.8B+8.0%	$9.9B+8.0%	$10.2B+17.5%
Long-Term Investments	$387.0M-29.6%	$485.0M-14.8%	$573.0M+3.6%	$531.0M+9.9%	$550.0M+16.8%	$569.0M+19.3%	$553.0M+44.8%	$483.0M+25.8%
Total Liabilities	$67.8B+7.0%	$66.7B+7.6%	$65.1B+5.6%	$63.9B+8.4%	$63.3B+8.1%	$62.0B+6.9%	$61.6B+8.0%	$59.0B+5.5%
Current Liabilities	$19.3B+41.3%	$16.4B+7.7%	$17.9B+20.1%	$15.9B+11.5%	$13.6B+3.7%	$15.2B+19.9%	$14.9B+20.1%	$14.3B+23.9%
Non-Current Liabilities	$48.5B-2.4%	$50.4B+7.6%	$47.2B+1.0%	$48.0B+7.4%	$49.7B+9.4%	$46.8B+3.3%	$46.7B+4.7%	$44.7B+0.7%
Long-Term Debt	$39.5B-3.8%	$41.6B+8.5%	$38.4B+0.3%	$39.4B+8.5%	$41.1B+10.5%	$38.3B+3.1%	$38.3B+4.0%	$36.3B-0.6%
Total Equity	-$6.3B-79.1%	-$6.0B-141.2%	-$5.3B-144.5%	-$4.4B-174.6%	-$3.5B-117.9%	-$2.5B-40.9%	-$2.2B+11.9%	-$1.6B+30.5%
Retained Earnings	-$6.0B-88.9%	-$5.7B-170.6%	-$5.0B-177.8%	-$4.1B-249.3%	-$3.2B-167.0%	-$2.1B-56.4%	-$1.8B+9.2%	-$1.2B+36.8%

Not reported in any period shown, so not listed: Goodwill.

HCA Cash Flow Statement

HCA quarterly cash flow statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Operating Cash Flow	$13.0B	$12.6B+20.2%	$10.5B+11.5%	$9.4B+10.7%	$8.5B-4.9%	$9.0B-3.0%	$9.2B+21.4%	$7.6B+12.4%	$6.8B+24.6%	$5.4B-4.0%	$5.7B+19.4%	$4.7B+6.4%	$4.4B+20.9%	$3.7B-11.9%	$4.2B+6.2%	$3.9B
Depreciation & Amortization	N/A	$3.5B+6.4%	$3.3B+7.6%	$3.1B+3.6%	$3.0B+4.1%	$2.9B+4.9%	$2.7B+4.8%	$2.6B+14.0%	$2.3B+6.9%	$2.1B+8.4%	$2.0B+3.3%	$1.9B+4.6%	$1.8B+3.8%	$1.8B+4.4%	$1.7B+14.6%	$1.5B
Stock-Based Compensation	N/A	$401.0M+11.4%	$360.0M+37.4%	$262.0M-23.2%	$341.0M-22.5%	$440.0M+21.5%	$362.0M+4.3%	$347.0M+29.5%	$268.0M-0.7%	$270.0M+7.6%	$251.0M+5.0%	$239.0M+46.6%	$163.0M+44.2%	$113.0M+101.8%	$56.0M+115.4%	$26.0M
Capital Expenditures	$5.1B	$4.9B+1.4%	$4.9B+2.8%	$4.7B+7.9%	$4.4B+22.9%	$3.6B+26.2%	$2.8B-31.8%	$4.2B+16.4%	$3.6B+18.5%	$3.0B+9.2%	$2.8B+16.2%	$2.4B+9.1%	$2.2B+12.0%	$1.9B+4.4%	$1.9B+10.9%	$1.7B
Free Cash Flow	$7.9B	$7.7B+36.4%	$5.6B+20.3%	$4.7B+13.6%	$4.1B-23.3%	$5.4B-15.9%	$6.4B+85.7%	$3.4B+8.0%	$3.2B+32.2%	$2.4B-16.7%	$2.9B+22.6%	$2.4B+3.8%	$2.3B+30.8%	$1.7B-24.9%	$2.3B+2.6%	$2.3B
Investing Cash Flow	-$5.2B	-$5.0B-1.1%	-$4.9B+7.2%	-$5.3B-56.9%	-$3.4B-28.2%	-$2.6B+22.1%	-$3.4B+40.7%	-$5.7B-46.6%	-$3.9B+8.8%	-$4.3B-32.1%	-$3.2B	N/A	-$2.9B-24.4%	-$2.3B-13.7%	-$2.1B+31.1%	-$3.0B
Financing Cash Flow	-$7.9B	-$8.6B-86.6%	-$4.6B-11.9%	-$4.1B+27.6%	-$5.7B+15.0%	-$6.7B-42.3%	-$4.7B-164.1%	-$1.8B+42.4%	-$3.1B-189.8%	-$1.1B+57.7%	-$2.5B	N/A	-$1.4B+15.2%	-$1.6B+8.7%	-$1.8B-82.4%	-$976.0M
Dividends Paid	$682.0M	$679.0M-1.6%	$690.0M+4.4%	$661.0M+1.2%	$653.0M+4.6%	$624.0M+307.8%	$153.0M-72.2%	$550.0M+12.9%	$487.0M	$0	N/A	N/A	$7.0M-56.3%	$16.0M-99.5%	$3.1B+10054.8%	$31.0M
Share Buybacks	$9.1B	$10.1B+66.6%	$6.0B+58.5%	$3.8B-45.6%	$7.0B-14.8%	$8.2B+1762.8%	$441.0M-57.2%	$1.0B-32.6%	$1.5B-25.4%	$2.1B-25.4%	$2.8B+14.8%	$2.4B+37.0%	$1.8B+250.0%	$500.0M	N/A	$1.5B

Metric	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q	Q2'2410-Q
Operating Cash Flow	$2.0B+22.0%	$2.4B-7.8%	$4.4B+25.6%	$4.2B+113.6%	$1.7B-33.1%	$2.6B-4.3%	$3.5B+41.8%	$2.0B-20.4%
Depreciation & Amortization	$930.0M+8.1%	$911.0M+6.4%	$889.0M+5.6%	$863.0M+5.4%	$860.0M+8.2%	$856.0M+8.5%	$842.0M+9.5%	$819.0M+7.3%
Stock-Based Compensation	$86.0M-12.2%	N/A	N/A	N/A	$98.0M+12.6%	N/A	N/A	N/A
Capital Expenditures	$1.1B+12.9%	$1.5B+15.9%	$1.3B+8.1%	$1.2B-8.2%	$991.0M-11.4%	$1.3B+10.9%	$1.2B+3.8%	$1.3B+3.2%
Free Cash Flow	$895.0M+35.6%	$870.0M-31.7%	$3.1B+34.6%	$3.0B+339.7%	$660.0M-51.1%	$1.3B-15.9%	$2.3B+74.5%	$690.0M-44.1%
Investing Cash Flow	-$1.3B-24.2%	-$1.3B+2.2%	-$1.4B-2.7%	-$1.3B+6.1%	-$1.0B-14.3%	-$1.3B+15.7%	-$1.4B-3.0%	-$1.3B-6.0%
Financing Cash Flow	-$830.0M+44.5%	-$999.0M+53.8%	-$3.0B-2597.3%	-$3.1B-182.6%	-$1.5B-22.9%	-$2.2B-108.2%	-$110.0M+90.3%	-$1.1B+8.8%
Dividends Paid	$183.0M+1.7%	$162.0M-1.8%	$166.0M-1.8%	$171.0M0.0%	$180.0M-2.7%	$165.0M+3.1%	$169.0M+4.3%	$171.0M+4.3%
Share Buybacks	$1.6B-37.3%	$2.6B+50.5%	$2.5B+39.2%	$2.5B+83.2%	$2.5B+112.4%	$1.7B+86.8%	$1.8B+57.5%	$1.4B+49.4%

HCA Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

HCA quarterly financial ratios

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Net Margin	9.0%+0.8pp	8.2%+0.1pp	8.1%-1.3pp	9.4%-2.5pp	11.8%+4.6pp	7.3%+0.5pp	6.8%-1.3pp	8.1%+3.0pp	5.1%-1.9pp	7.0%	N/A	5.1%+0.5pp	4.5%-0.3pp	4.9%-3.4pp	8.3%
Return on Equity	N/A	N/A	N/A	N/A	N/A	656.3%	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	11.2%+1.5pp	9.7%+0.4pp	9.3%-1.4pp	10.8%-2.9pp	13.7%+5.8pp	7.9%+0.1pp	7.8%-1.9pp	9.7%+3.6pp	6.1%-2.5pp	8.6%+2.1pp	6.5%+0.5pp	6.0%+0.6pp	5.4%-0.3pp	5.7%-3.4pp	9.2%
Current Ratio	0.97-0.1x	1.08-0.1x	1.18-0.2x	1.380.0x	1.410.0x	1.420.0x	1.44+0.1x	1.35-0.3x	1.62+0.1x	1.56-0.1x	1.670.0x	1.63+0.2x	1.41+0.2x	1.260.0x	1.30
Debt-to-Equity	N/A	N/A	N/A	N/A	N/A	53.84	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Asset Turnover	1.25+0.1x	1.190.0x	1.160.0x	1.150.0x	1.16+0.1x	1.09-0.1x	1.14-0.1x	1.190.0x	1.190.0x	1.23	N/A	1.190.0x	1.200.0x	1.18+0.1x	1.10
FCF Margin	10.2%+2.2pp	8.0%+0.8pp	7.2%+0.4pp	6.9%-2.3pp	9.2%-3.3pp	12.4%+5.7pp	6.7%-0.1pp	6.8%+1.3pp	5.5%-1.4pp	7.0%	N/A	6.2%+1.1pp	5.1%-1.9pp	7.0%-0.6pp	7.6%

Metric	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q	Q2'2410-Q
Net Margin	8.5%-0.3pp	9.6%+1.8pp	8.6%+1.3pp	8.9%+0.5pp	8.8%-0.4pp	7.9%-1.4pp	7.3%+0.6pp	8.3%+0.8pp
Return on Assets	2.6%-0.1pp	3.1%+0.7pp	2.8%+0.6pp	2.8%+0.2pp	2.7%-0.1pp	2.4%-0.4pp	2.1%+0.2pp	2.5%+0.3pp
Current Ratio	0.83-0.4x	0.97-0.1x	0.85-0.3x	0.98-0.1x	1.190.0x	1.08-0.1x	1.120.0x	1.06-0.1x
Asset Turnover	0.310.0x	0.320.0x	0.320.0x	0.310.0x	0.310.0x	0.310.0x	0.290.0x	0.300.0x
FCF Margin	4.7%+1.1pp	4.5%-2.5pp	16.3%+3.0pp	16.3%+12.4pp	3.6%-4.2pp	7.0%-1.8pp	13.3%+5.1pp	3.9%-3.8pp

Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Return on Equity, Debt-to-Equity.

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

Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.

Company	Fiscal year	Revenue	Net income	Net margin	Market cap	Health score
HCA Healthcare, Inc. HCA	FY2025	$75.6B	$6.8B	9.0%	$92.4B	—
Tenet Healthcare Corporation New THC	FY2025	$21.3B	$2.4B	11.1%	$20.7B	56/100
Universal Health Services, Inc. UHS	FY2025	$17.4B	$1.5B	8.6%	$10.4B	54/100
Fresenius Medical Care AG FMS	FY2016	$17.9B	$1.2B	6.9%	$11.9B	—
Encompass Health Corporation EHC	FY2025	$5.9B	$566.2M	9.5%	$12.2B	32/100
The Ensign Group, Inc. ENSG	FY2025	$5.1B	$344.0M	6.8%	$10.2B	58/100

Where HCA Healthcare, Inc. Ranks

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.

Does HCA Healthcare, Inc. buy back shares?

Yes, HCA Healthcare, Inc. (HCA) spent $10.1B on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

How many shares does HCA Healthcare, Inc. have outstanding?

HCA Healthcare, Inc. (HCA) had 224M shares outstanding as of fiscal year 2025.

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 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.

What is HCA Healthcare, Inc.'s P/E ratio?

HCA Healthcare, Inc. (HCA) trades at 13.6x earnings, its market capitalization divided by net income of $6.8B net income, trailing 12 months to March 31, 2026. The market capitalization is $92.4B as of Oct 1, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is HCA Healthcare, Inc.'s price-to-sales ratio?

HCA Healthcare, Inc. (HCA) trades at 1.2x sales, its market capitalization divided by revenue of $76.4B revenue, trailing 12 months to March 31, 2026. The market capitalization is $92.4B as of Oct 1, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

Why is HCA Healthcare, Inc.'s debt-to-equity ratio negative or not reported?

HCA Healthcare, Inc. (HCA) has negative shareholder equity of -$6.0B as of fiscal year 2025, so no debt-to-equity ratio is reported: dividing debt by equity that is not positive produces a number that cannot be read as leverage. 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 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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.