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AI核心结论
HCA Healthcare delivered solid Q1 FY2026 results with revenue rising 4.3% YoY to $19.1B and operating cash flow surging 22.0% to $2.0B, though the balance sheet reflects deeply negative stockholders' equity driven by aggressive share buybacks and elevated long-term debt.
营业收入
$19.11B
同比 ++4.30%
每股收益（基本）
$7.25
同比 ++11.20%
提交于 · 解读更新于 · 来源: SEC EDGAR 10-Q 原文
HCA Healthcare (HCA) Q1 FY2026 营收 $19.11B，同比增长 4.3%。 净利润 $1.62B，同比增长 0.6%，稀释每股收益 $7.15。
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.
来源: Source: 10-Q, Financial Data (Income Statement)
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.
来源: Source: 10-Q, Financial Data (Cash Flow Statement)
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.
来源: Source: 10-Q, Financial Data (Income Statement & Cash Flow Statement)
Current liabilities rose 41.3% YoY to $19.3B versus current assets of $16.1B, resulting in a current ratio of 0.83, below 1.0. This likely reflects reclassification of debt maturities or other short-term obligations and warrants monitoring for refinancing risk.
来源: Source: 10-Q, Financial Data (Balance Sheet)
HCA invested $1.28B in capital expenditures (investing cash flow) while returning $1.75B to shareholders via buybacks ($1.57B) and dividends ($183M). Share buybacks declined 37.3% YoY, suggesting a more measured pace of repurchases compared to Q1 FY2025.
来源: Source: 10-Q, Financial Data (Cash Flow Statement)
HCA's stockholders' equity stands at -$6.3B, deteriorating 79.1% YoY from -$3.5B. This reflects years of aggressive share repurchases funded by debt, leaving the company technically insolvent on a book-value basis and highly sensitive to any deterioration in earnings or credit conditions.
来源: Source: 10-Q, Financial Data (Balance Sheet)
Long-term debt remains elevated at $44.4B, representing a substantial leverage burden relative to total assets of $61.5B. While debt declined marginally (-0.5% YoY), interest expense consumes a significant portion of operating income, limiting financial flexibility.
来源: Source: 10-Q, Financial Data (Balance Sheet)
With current liabilities of $19.3B exceeding current assets of $16.1B, HCA's current ratio of 0.83 signals potential short-term liquidity pressure. The 41.3% surge in current liabilities YoY may indicate near-term debt maturities that require refinancing in a potentially higher-rate environment.
来源: Source: 10-Q, Financial Data (Balance Sheet)
Despite generating $19.1B in revenue, HCA's net margin is approximately 8.5%, meaning profitability is sensitive to cost pressures such as labor inflation, supply costs, or reimbursement rate changes. Any meaningful cost increase could materially compress earnings.
来源: Source: 10-Q, Financial Data (Income Statement)
Cash and equivalents fell 11.3% YoY to $940M, a relatively thin liquidity buffer given the company's $19.3B in current liabilities. This limits HCA's ability to absorb unexpected operational disruptions without accessing credit facilities.
来源: Source: 10-Q, Financial Data (Balance Sheet & Cash Flow Statement)
Q1 FY2026 实际 EPS $7.15，分析师一致预期 $7.21，不及预期 -0.8%。
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营业收入 | $19.11B | $18.32B | +4.30% |
净利润 | $1.62B | $1.61B | +0.62% |
每股收益（基本） | $7.25 | $6.52 | +11.20% |
每股收益（稀释） | $7.15 | $6.45 | +10.85% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
总资产 | $61.45B | $59.8B | +2.76% |
流动资产 | $16.05B | $16.26B | -1.27% |
流动负债 | $19.26B | $13.63B | +41.28% |
股东权益 | $-6.3B | $-3.52B | -79.11% |
现金及等价物 | $940M | $1.06B | -11.32% |
长期债务 | $44.37B | $44.58B | -0.46% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
经营活动现金流 | $2.01B | $1.65B | +21.99% |
投资活动现金流 | $-1.28B | $-1.03B | -24.22% |
筹资活动现金流 | $-830M | $-1.5B | +44.48% |
股息支出 | $183M | $180M | +1.67% |
股票回购 | $1.57B | $2.51B | -37.31% |
折旧及摊销 | $930M | $860M | +8.14% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
净利率 | 8.5% | — | — |
净资产收益率 | -25.7% | — | — |
总资产收益率 | 2.6% | — | — |
流动比率 | $0.834 | — | — |
HCA reported Q1 FY2026 revenue of $19.1B, up 4.3% YoY, and net income of $1.62B, up just 0.6% YoY. Diluted EPS of $7.15 grew a stronger 10.9% YoY, boosted by share buybacks that reduced the share count.
The standout positives were strong operating cash flow of $2.01B (+22% YoY) and EPS growth of ~11%, driven by share repurchases. Key concerns include a current ratio below 1.0 (0.83), deeply negative stockholders' equity of -$6.3B, and $44.4B in long-term debt.
HCA generates strong revenue ($19.1B) and cash flow ($2.01B operating), but its balance sheet is highly leveraged with $44.4B in long-term debt and negative stockholders' equity of -$6.3B. The current ratio of 0.83 also indicates current liabilities exceed current assets, which is a liquidity risk to monitor.
HCA's diluted EPS grew 10.9% YoY to $7.15 while net income grew only 0.6% to $1.62B because the company repurchased $1.57B of its own shares during the quarter, reducing the total share count and amplifying per-share earnings. This is a common financial engineering technique used by large-cap companies with strong cash flows.
HCA spent $1.57B on share repurchases in Q1 FY2026, down 37.3% from $2.51B in Q1 FY2025, suggesting a more measured pace of buybacks. The company also paid $183M in dividends, bringing total shareholder returns to approximately $1.75B for the quarter.