[8-K] HCA Healthcare, Inc. Reports Material Event

Rhea-AI Filing Summary

Dow Inc. (DOW) Q2-25 10-Q highlights (3 mos. ended 6/30/25):

• Sales: $10.1 bn, -7% YoY (Q2-24 $10.9 bn).
• Net loss: $(801) mm vs profit $458 mm prior year; loss per share $(1.18) vs $0.62.
• Main driver: $591 mm restructuring & asset-related charges (none LY).
• Operating cash flow: $(366) mm YTD vs +$1.3 bn LY; working-capital outflow led by $935 mm receivables build.
• Six-month data: Sales $20.5 bn (-5%), net loss $(1.1) bn vs profit $996 mm; EPS $(1.62) vs $1.35.
• Balance sheet (6/30/25 vs 12/31/24): Cash $2.4 bn (+10%), LT debt $16.2 bn (+3%), equity $18.6 bn (+4%); retained earnings fell $2.1 bn, offset by $1.5 bn APIC increase from sale of Diamond Infrastructure Solutions stake and $2.4 bn proceeds to NCI.
• Capex: $1.35 bn YTD (-6% YoY); quarterly dividend unchanged at $0.70 (1.40 YTD).

The sharp swing to loss stems largely from restructuring, weaker volumes/pricing and higher interest expense. Negative operating cash flow and modest debt uptick pressure liquidity, though cash balance and equity rose on divestiture proceeds. Management cites macro, energy and raw-material volatility and ongoing restructuring as key risk factors.

Insights

Equity Research Analyst

TL;DR: Restructuring costs push Dow into loss; cash bolstered by asset sale but core demand soft.

Revenue slipped 7% amid subdued industrial demand and pricing. The $591 mm charge tied to the 2025 cost-out program moved EBIT deeply negative, producing a $(801) mm net loss and $(1.18) EPS. Gross margin compressed ~620 bp YoY. Operating cash turned negative, a notable reversal driven by receivables and inventory builds. Proceeds of $2.4 bn from the Diamond Infrastructure Solutions sale lifted cash and APIC, cushioning leverage; net debt is roughly flat despite LT debt rising to $16.2 bn. Dividend coverage is strained (OCF deficit vs $990 mm dividends YTD). Guidance was not included, leaving visibility low. Overall tone is negative with restructuring benefits yet to flow through.

Credit Risk Analyst

TL;DR: Leverage manageable, but negative OCF and higher restructuring charges heighten short-term credit risk.

Dow’s total debt/total capital remains near 46%, acceptable for an IG issuer, yet the shift to negative EBITDA and OCF undermines interest-coverage (now <3x). Incremental $536 mm LT debt and $365 mm VIE liabilities raise gross debt. Liquidity headroom improved with $2.4 bn divestiture cash, but restructuring outflows and $1.35 bn capex consume funds. Pension and asbestos liabilities stay elevated at $5.4 bn. No covenant issues disclosed, and undrawn revolvers are intact; however, sustained cash burn could pressure ratings if markets deteriorate.

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): July 25, 2025

HCA Healthcare, Inc.

(Exact name of Registrant as Specified in Its Charter)

Delaware			001-11239	27-3865930
(State or Other Jurisdiction of Incorporation)			(Commission File Number)	(IRS Employer Identification No.)
One Park Plaza
Nashville, Tennessee				37203
(Address of Principal Executive Offices)				(Zip Code)

Registrant’s Telephone Number, Including Area Code: (615) 344-9551

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock, $0.01 par value per share		HCA		New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02. Results of Operations and Financial Condition.

On July 25, 2025, HCA Healthcare, Inc. (the “Company”) issued a press release announcing, among other matters, its results of operations for the second quarter ended June 30, 2025, the text of which is set forth as Exhibit 99.1.

Item 7.01. Regulation FD Disclosure.

On July 25, 2025, the Company issued a press release announcing, among other matters, its results of operations for the second quarter ended June 30, 2025, the text of which is set forth as Exhibit 99.1.

Item 8.01. Other Events.

On July 25, 2025, the Company announced that its Board of Directors had declared a quarterly cash dividend of $0.72 per share of the Company’s common stock. The dividend will be paid on September 30, 2025 to stockholders of record at the close of business on September 16, 2025.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits:

Exhibit 99.1		Press Release, dated July 25, 2025
Exhibit 104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

			HCA HEALTHCARE, INC.
Date:	July 25, 2025	By:	/s/ Michael A. Marks
			Michael A. Marks Executive Vice President and Chief Financial Officer