HCA Healthcare, Inc.
Financial Performance
HCA Healthcare Revenue & Financials
Revenue
$75.6B (FY2025)
Market Cap
$95B
Net Income
$6.8B
Employees
320,000
What is HCA Healthcare's revenue?
HCA Healthcare had $75.6B in revenue for fiscal year 2025, up 7.1% from 2024. Net income was $6.8B.
- Latest revenue
- $75.6B (FY2025)
- Year-over-year
- +7.1%
- Growth rate (CAGR)
- 6.9% over 9 years
- Peak revenue
- $75.6B (FY2025)
- Years of data
- 10
- Employees
- 320,000
- How much profit does HCA Healthcare make?
- HCA Healthcare reported net income of $6.8B for fiscal year 2025. sec.gov
- How many employees does HCA Healthcare have?
- HCA Healthcare has about 320,000 employees.
Financial Analysis
HCA's revenue rose from $41.5 billion in 2016 to $75.6 billion in 2025, and net income attributable to HCA reached $6.784 billion in 2025, up from $5.76 billion in 2024. Growth comes from admissions, outpatient volume, pricing and acuity, plus Medicaid supplemental payment programs in some states. In Q2 2026 revenue rose 8.7% to $20.23 billion, net income attributable to HCA rose 2.8% to $1.70 billion and diluted EPS rose 11.6% to $7.62. In July 2026 HCA narrowed full-year revenue guidance to $77.0-$79.5 billion and cut net income guidance to $6.3-$6.7 billion, citing more uninsured patients after enhanced ACA exchange subsidies expired. HCA Healthcare, Inc. is a colossal American for-profit operator of health care facilities, maintaining a massive market valuation generally exceeding $85 billion.
Revenue Trend Analysis
YoY Change
+7.1%
9-Year CAGR
+6.9%
Peak Year
2025
Trend
Consistent Growth
HCA Healthcare, Inc. has 10 full fiscal year figures on this page, compounding at +6.9% annually over 9 years. The most recent year saw a 7.1% increase versus the prior year. Annual revenue peaked in fiscal year 2025 at $75.6B. Of 9 comparable year-over-year steps, 9 showed growth and 0 showed a decline.
Annual revenue history
Click any row to see year details.
HCA Healthcare, Inc. balance sheet and cash flow
Balance-sheet figures are as of each fiscal year end; cash-flow figures cover the fiscal year. Taken from the company's annual report on Form 10-K, linked on each row. Free cash flow here is operating cash flow less capital expenditures, calculated by CorpDigest. In some years total assets exceed liabilities plus shareholders' equity because the company reported redeemable preferred stock or non-controlling interests outside both.
| Fiscal Year | Operating cash flow | Capital expenditures | Total assets | Total liabilities | Shareholders' equity | Free cash flow | Source |
|---|---|---|---|---|---|---|---|
| FY2025ended Dec 31, 2025 | $12.6B | $4.9B | $60.7B | — | -$6B | $7.7B | Form 10-K |
| FY2024ended Dec 31, 2024 | $10.5B | $4.9B | $59.5B | — | -$2.5B | $5.6B | Form 10-K |
| FY2023ended Dec 31, 2023 | $9.4B | $4.7B | $56.2B | — | -$1.8B | $4.7B | Form 10-K |
| FY2022ended Dec 31, 2022 | $8.5B | $4.4B | $52.4B | — | -$2.8B | $4.1B | Form 10-K |
| FY2021ended Dec 31, 2021 | $9B | $3.6B | $50.7B | — | -$933M | $5.4B | Form 10-K |
| FY2020ended Dec 31, 2020 | $9.2B | $2.8B | $47.5B | — | $572M | $6.4B | Form 10-K |
| FY2019ended Dec 31, 2019 | $7.6B | $4.2B | $45.1B | $45.6B | -$2.8B | $3.4B | Form 10-K |
| FY2018ended Dec 31, 2018 | $6.8B | $3.6B | $39.2B | $42.1B | -$5B | $3.2B | Form 10-K |
| FY2017ended Dec 31, 2017 | $5.4B | $3B | $36.6B | $41.6B | -$6.8B | $2.4B | Form 10-K |
| FY2016ended Dec 31, 2016 | $5.7B | $2.8B | $33.8B | $39.4B | -$7.3B | $2.9B | Form 10-K |
Keep researching HCA Healthcare
HCA Healthcare Revenue and Financial FAQ
What is the annual revenue magnitude and operating cash flow scale of HCA Healthcare?
HCA Healthcare reported revenue of $75.6 billion for 2025, up from $70.6 billion in 2024, and net income attributable to HCA of $6.784 billion. Q2 2026 revenue was $20.23 billion.
What is HCA's capital allocation framework regarding hospital CapEx and share repurchases?
HCA reinvests heavily in its markets; management said in July 2026 that more than $7 billion of approved capital projects should come online over the next three years. It also pays a quarterly dividend and repurchases shares.
What is HCA Healthcare's 2026 guidance?
In July 2026 HCA guided to 2026 revenue of $77.0-$79.5 billion, net income attributable to HCA of $6.3-$6.7 billion, adjusted EBITDA of $15.4-$16.1 billion and diluted EPS of $28.70-$30.50.
How do equivalent admissions and revenue per equivalent admission drive financial results?
Equivalent admissions (combining inpatient hospital stays and outpatient volume) and revenue per equivalent admission are HCA's core financial metrics, measuring volume throughput and clinical case-mix acuity growth.
How does HCA manage nursing and clinical labor costs?
Salaries and benefits are HCA's largest expense. It has reduced reliance on contract labor and invests in its own nursing and allied health schools, including Galen College of Nursing and The College of Health Care Professions.
What impact do Medicaid supplemental payment programs have on HCA's hospital earnings?
State-directed Medicaid supplemental payment programs and directed payment programs (DPPs in Texas, Florida, and other states) provide supplemental revenue that offsets underfunded Medicaid reimbursement rates for safety-net hospital care.
How did HCA perform in Q2 2026?
Revenue rose 8.7% to $20.23 billion, net income attributable to HCA rose 2.8% to $1.70 billion, diluted EPS rose 11.6% to $7.62 and adjusted EBITDA rose 4.6% to $4.03 billion. Same-facility admissions grew 2.5%.
How does HCA report provision for doubtful accounts under modern healthcare accounting?
Under ASC 606 revenue recognition standards, HCA estimates implicit price concessions for self-pay and uninsured patient accounts at the time of service, recording net patient revenue net of expected contractual allowances and uncollectible balances.
Did HCA Healthcare commit Medicare fraud?
Yes. In the late 1990s, the US government executed a massive investigation into HCA (then led by CEO Rick Scott, who later became a US Senator). In 2003, HCA pleaded guilty to massive corporate fraud and paid a historic $1.7 billion settlement for illegally overbilling Medicare. Despite this, they remained incredibly profitable.
Cite or embed this data
Using these figures? Please credit CorpDigest with a link.
CorpDigest. "HCA Healthcare Revenue & Financials." CorpDigest, https://corpdigest.com/company/hca-healthcare/financials.<div style="font-family:system-ui,sans-serif;font-size:14px;line-height:1.5;border:1px solid #e2e8f0;border-radius:8px;padding:12px 16px;max-width:520px"><strong>HCA Healthcare reported $75.6B in revenue (FY2025).</strong><br>Source: <a href="https://corpdigest.com/company/hca-healthcare/financials" target="_blank" rel="noopener">CorpDigest — HCA Healthcare financials</a></div>Related Financial Audits
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