Revenue growth driven by rate and volume plus one-time Medicaid payment recognition
Revenues increased 8.7% consolidated (9.3% same facility) to $20.230B, driven by a 6.0% increase in revenue per equivalent admission and 2.6% increase in equivalent admissions. The quarter includes $1.372B of incremental revenue and $829M of incremental other operating expenses related to the Florida Medicaid directed payment program covering Oct 2024–June 2026, approved by CMS during the quarter, of which ~$980M of revenue and $557M of expense related to prior periods.
Net income and EPS growth aided by share repurchases
Net income attributable to HCA Healthcare was $1.699B ($7.62 diluted EPS) versus $1.653B ($6.83 diluted EPS) in Q2 2025, a 2.8% net income increase but an 11.6% EPS increase, reflecting a reduction in diluted shares from 241.911M to 222.828M due to 7.909M shares repurchased in H1 2026 and 26.739M in 2025.
Rising uninsured admissions tied to EPTC expiration
Consolidated and same facility uninsured admissions increased 23.3% and 23.4% respectively versus Q2 2025, driven by the expiration of enhanced premium tax credits (EPTCs) at the end of 2025 and administrative reforms, plus attrition of Exchange volumes from Q1 into Q2. Total uncompensated care rose to $15.076B from $11.625B, with estimated cost of uncompensated care rising to $1.445B from $1.116B.