HCA Healthcare, Inc. reported Q2 2026 results via an 8-K press release. The full AI analysis of the 10-Q will be generated automatically when it's filed.
HCA Healthcare's second-quarter 2026 revenue increased 8.7% to $20.230 billion, while net income attributable to HCA Healthcare, Inc. increased 2.8% to $1.699 billion.
Revenue
$20.23B
EPS (non-GAAP)
$7.59
Guidance
For 2026, HCA Healthcare revised guidance to revenue of $77.000 billion to $79.500 billion, net income attributable to HCA Healthcare, Inc. of $6.300 billion to $6.700 billion, Adjusted EBITDA of $15.400 billion to $16.100 billion, and diluted EPS of $28.70 to $30.50.
Key takeaways from the release
Diluted EPS was $7.62, while diluted EPS as adjusted, a non-GAAP measure, was $7.59; both increased from the prior-year quarter.
Adjusted EBITDA increased 4.6% to $4.027 billion, and Adjusted EBITDA margin was 19.9%, compared with 20.7% in the second quarter of 2025.
The company estimated that payer mix shifts had an unfavorable impact on income before income taxes of approximately $400 million during the quarter, while it recognized approximately $400 million of incremental net benefit from Medicaid Supplemental Payment Programs.
During the quarter, HCA repurchased 4.752 million shares for $2.064 billion and had $7.210 billion remaining under its repurchase authorization as of June 30, 2026.
Source: SEC Form 8-K (Item 2.02), EX-99.1 press release. Numbers are company-reported; estimates are Finnhub analyst consensus. This is a same-day snapshot — the full AI analysis (MD&A, risks, audit opinion) is generated automatically when the 10-Q/10-K is filed.
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What to Watch in Q2 2026
Drawn from management commentary in the Q1 2026 10-Q:
Revenue Growth Driven by Volume and Pricing
Total revenue increased 4.3% YoY to $19.1B in Q1 FY2026, reflecting continued demand for inpatient and outpatient hospital services. This growth is consistent with HCA's strategy of expanding capacity and capturing patient volume across its hospital network.
Strong Operating Cash Flow Generation
Operating cash flow jumped 22.0% YoY to $2.01B, significantly outpacing net income growth of 0.6%, indicating strong cash conversion and working capital management. This robust cash generation supports ongoing capital investment and shareholder returns.
EPS Growth Boosted by Share Repurchases
Basic EPS grew 11.2% YoY to $7.25 and diluted EPS rose 10.9% to $7.15, meaningfully outpacing net income growth of just 0.6%, reflecting the significant accretive impact of HCA's share buyback program which returned $1.57B to shareholders in the quarter.