HCA insider disposes 9,278 shares at $461.56; holds 3,487 direct

Rhea-AI Filing Summary

HCA Healthcare (HCA) executive reports equity transactions. On 11/03/2025, the EVP & Chief Legal & Admin Off. exercised stock appreciation rights for 13,170 shares at $236.61 (code M), and disposed of 9,278 shares at $461.56 (code F), leaving 7,379 shares directly held after those transactions. On 11/05/2025, the executive sold 3,892 shares at $473.79 (code S), with 3,487 shares directly held afterward. The filing also lists 2,111 shares held indirectly by a 2024 GRAT and 26 shares held indirectly by a managed account, as described in the footnotes.

Insider Trade Summary

Exercise and sale activity reported; no spread calculated

Exercise and Sale 6 txns

Insider McAlevey Michael R

Role EVP & Chief Legal & Admin Off.

Sold 3,892 shs ($1.84M)

Approx. gross sale proceeds $1.84M

Approx. exercise cost $3.12M

Type	Security	Shares	Price	Value
Sale	Common Stock	3,892	$473.79	$1.84M
Exercise	Stock Appreciation Right	13,170	$0.00	$0.00
Exercise	Common Stock	13,170	$236.61	$3.12M
Exercise Price or Tax Liability	Common Stock	9,278	$461.56	$4.28M
holding	Common Stock	--	--	--
holding	Common Stock	--	--	--

Holdings After Transaction: Stock Appreciation Right — 0 shares (Direct); Common Stock — 3,487 shares (Direct); Common Stock — 2,111 shares (Indirect, By 2024 GRAT); Common Stock — 26 shares (Indirect, By managed account)

Footnotes (2)

1. F1. The shares reported herein are held in a fully managed account over which the reporting person does not have any investment authority. The reporting person disclaims beneficial ownership of the shares reported herein except to the extent of his pecuniary interest therein.
2. F2. The stock appreciation rights vested in two equal annual installments beginning on January 28, 2023.

FAQ

What insider transactions did HCA (HCA) report?

11/03/2025: Exercise of 13,170 SARs at $236.61 (M) and disposal of 9,278 shares at $461.56 (F). 11/05/2025: Sale of 3,892 shares at $473.79 (S).

How many HCA shares did the reporting person hold directly after the transactions?

After 11/03/2025 transactions, 7,379 shares were held directly; after the 11/05/2025 sale, 3,487 shares were held directly.

What derivative security was involved for HCA (HCA)?

A Stock Appreciation Right with an exercise price of $236.61, covering 13,170 shares, was exercised on 11/03/2025 (code M).

What were the reported sale prices for HCA shares?

The filing shows $461.56 for 11/03/2025 (code F) and $473.79 for 11/05/2025 (code S).

Are there any indirect HCA share holdings reported?

Yes. 2,111 shares are held indirectly by a 2024 GRAT and 26 shares by a managed account, per the footnotes.

What vesting details are disclosed for the SARs?

The SARs vested in two equal annual installments beginning on January 28, 2023.

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Form 4 Insider Transactions: What Each Field Means →

Accepted by SEC EDGAR 11/05/2025 - 06:15 PM Learn about SEC filing dates

SEC Form 4

FORM 4

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

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

McAlevey Michael R

(Last) (First) (Middle)

ONE PARK PLAZA

(Street)

NASHVILLE TN 37203

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
HCA Healthcare, Inc. [ HCA ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	EVP & Chief Legal & Admin Off.

3. Date of Earliest Transaction (Month/Day/Year)
11/03/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	11/03/2025		M		13,170	A	$236.61	16,657	D
Common Stock	11/03/2025		F		9,278	D	$461.56	7,379	D
Common Stock	11/05/2025		S		3,892	D	$473.79	3,487	D
Common Stock								2,111	I	By 2024 GRAT
Common Stock								26	I	By managed account(1)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Stock Appreciation Right	$236.61	11/03/2025		M			13,170	(2)	01/28/2032	Common Stock	13,170	$0.00	0	D

Explanation of Responses:

1. The shares reported herein are held in a fully managed account over which the reporting person does not have any investment authority. The reporting person disclaims beneficial ownership of the shares reported herein except to the extent of his pecuniary interest therein.

2. The stock appreciation rights vested in two equal annual installments beginning on January 28, 2023.

	/s/ Kevin A. Ball, Attorney-in-Fact	11/05/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.