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HCA HCA Healthcare, Inc.

NYSEHealth careServices-General Medical & Surgical Hospitals, NECNashville, TNFY ends December 31

New 8-K: Filed an 8-K current report in the last 7 days.Profitable 5/5: Fiscal years with net income above zero, out of the last five reported.FY2025 10-K filed Feb 10, 2026

FY2025 at a glance

Fundamentals from SEC filings, not quotes
Revenue
$75.6BYoYup 7.08%ended Dec 31, 2025
Net income
$6.78B9.0% margin
Diluted EPS
$28.33YoYup 28.77%
Free cash flow
$7.69B10.2% margin
Cash
$1.04BNet debt $40.6B
Total debt
$41.6B
About HCA Healthcare, Inc.

Overview

HCA Healthcare, Inc. (HCA) is listed on NYSE; the SEC classifies it under "Services-General Medical & Surgical Hospitals, NEC".

For fiscal 2025 (ended Dec 31, 2025) it reported revenue of $75.6B, up 7.1% from fiscal 2024.

Net income was $6.78B, a net margin of 9.0%.

At fiscal year end it had total assets of $60.72B and stockholders' equity of -$6.03B (-9.9% of assets).

Fiscal years shown
FY2016–FY2025 (10 years)
Latest 10-K
Feb 10, 2026
Latest filing
8-KNov 2, 2026
FY2016–FY2025 · annual 10-K

Charts

Revenue and net income

Revenue and net income, fiscal years FY2016 to FY2025.
PeriodRevenueNet incomeNet margin
FY2016—$2.89B—
FY2017—$2.22B—
FY2018$46.7B$3.79B8.1%
FY2019$51.3B$3.51B6.8%
FY2020$51.5B$3.75B7.3%
FY2021$58.8B$6.96B11.8%
FY2022$60.2B$5.64B9.4%
FY2023$65B$5.24B8.1%
FY2024$70.6B$5.76B8.2%
FY2025$75.6B$6.78B9.0%

Diluted EPS

Diluted EPS, fiscal years FY2016 to FY2025.
PeriodEPS (diluted)
FY2016$7.30
FY2017$5.95
FY2018$10.66
FY2019$10.07
FY2020$10.93
FY2021$21.16
FY2022$19.15
FY2023$18.97
FY2024$22.00
FY2025$28.33

Free cash flow vs net income

Free cash flow vs net income, fiscal years FY2016 to FY2025.
PeriodFree cash flowNet income
FY2016—$2.89B
FY2017—$2.22B
FY2018$3.19B$3.79B
FY2019$3.44B$3.51B
FY2020$6.4B$3.75B
FY2021$5.38B$6.96B
FY2022$4.13B$5.64B
FY2023$4.69B$5.24B
FY2024$5.64B$5.76B
FY2025$7.69B$6.78B

Diluted shares

Diluted shares, fiscal years FY2016 to FY2025.
PeriodDiluted shares (weighted)
FY2016396M
FY2017372M
FY2018355M
FY2019348M
FY2020344M
FY2021329M
FY2022295M
FY2023276M
FY2024262M
FY2025239M

Cash vs total debt

Cash vs total debt, fiscal years FY2016 to FY2025.
PeriodCash & equivalentsTotal debt
FY2016$646M$31.4B
FY2017$732M$33.1B
FY2018$502M$32.8B
FY2019$621M$33.7B
FY2020$1.79B$31B
FY2021$1.45B$34.6B
FY2022$908M$38.1B
FY2023$935M$39.6B
FY2024$1.93B$43B
FY2025$1.04B$41.6B

Each bar is one fiscal year as reported in its 10-K; bars below the zero line are negative and gaps are years not reported. Per-share figures are as reported, not adjusted for stock splits; comparisons across a likely split are left blank.

FY2025 · 5-year trend

Ratios

Profitability

Net margin
9.0%
FCF margin
10.2%
Return on assets
11.3%

Growth

Growth. Compound annual growth: (end ÷ start)^(1 ÷ years) − 1, both ends positive.
Metric1y3y CAGR5y CAGR9y CAGR
Revenueup 7.08%up 7.87%——
EPS (diluted)up 28.77%up 13.94%up 20.98%up 16.26%
Free cash flowup 36.41%up 23.07%up 3.76%—
Change in share count
-8.52%

Financial strength

Current ratio
0.97×
Net debt
$40.6B
Equity / assets
-9.9%

Shareholder returns

Dividends per share
$2.88
Dividends paid
$679M
Buybacks
$10.1B
Payout ratio
10.0%
Stock comp. / revenue
0.5%
Piotroski F-Score · Altman Z''-Score

Quality screens

Piotroski F-Score

6 of 8 checks passed

FY2025 vs FY2024

Partial: 8 of 9 checks could be computed.

  • PassPositive return on assets11.4%
  • PassPositive operating cash flow$12.6B
  • PassReturn on assets improved11.4% vs 10.2%
  • PassOperating cash flow above net income21.2% vs 11.4%
  • FailLong-term debt / assets fell68.5% vs 64.4%
  • FailCurrent ratio improved0.97× vs 1.08×
  • PassNo increase in share count239M vs 262M
  • —Not computableGross margin improved—
  • PassAsset turnover improved1.27× vs 1.26×

Altman Z''-Score

Needs current assets and liabilities, retained earnings, operating income, total assets, liabilities and equity from the latest 10-K.

Screening heuristic, not a recommendation. Per-share figures are as reported, not adjusted for stock splits; comparisons across a likely split are left blank.

Last 10 fiscal years · newest first

Financial statements

USD millions, except per-share figures (USD). Share counts in millions.

Income statement

Income statement. USD millions, except per-share figures (USD). Share counts in millions.
MetricFY2025Dec 31, 2025FY2024Dec 31, 2024FY2023Dec 31, 2023FY2022Dec 31, 2022FY2021Dec 31, 2021FY2020Dec 31, 2020FY2019Dec 31, 2019FY2018Dec 31, 2018FY2017Dec 31, 2017FY2016Dec 31, 2016
Revenue75,60070,60364,96860,23358,75251,53351,33646,677——
YoY (Revenue)+7.08%+8.67%+7.86%+2.52%—+0.38%+9.98%———
Interest expense2,2482,0611,9381,7411,5661,5841,8241,7551,6901,707
Pretax income9,8328,5237,7068,5809,8335,4305,2445,3354,3814,810
Income tax2,0501,8661,6151,7462,1121,0431,0999461,6381,378
Net income6,7845,7605,2425,6436,9563,7543,5053,7872,2162,890
YoY (Net income)+17.78%+9.88%-7.11%-18.88%+85.30%+7.10%-7.45%+70.89%-23.32%—
EPS (basic)28.7022.2719.2519.4321.5211.1010.2710.906.127.53
EPS (diluted)28.3322.0018.9719.1521.1610.9310.0710.665.957.30
YoY (EPS (diluted))+28.77%+15.97%-0.94%-9.50%+93.60%+8.54%-5.53%+79.16%-18.49%—
Diluted shares (weighted)239262276295329344348355372396

Balance sheet

Balance sheet. USD millions, except per-share figures (USD). Share counts in millions.
MetricFY2025Dec 31, 2025FY2024Dec 31, 2024FY2023Dec 31, 2023FY2022Dec 31, 2022FY2021Dec 31, 2021FY2020Dec 31, 2020FY2019Dec 31, 2019FY2018Dec 31, 2018FY2017Dec 31, 2017FY2016Dec 31, 2016
Cash & equivalents1,0401,9339359081,4511,793621502732646
Receivables10,86710,7519,9588,8918,0957,0517,3806,7896,5015,826
Inventory1,6521,7382,0212,0681,9862,0251,8491,7321,5731,503
Current assets15,78316,41414,92713,64313,54212,33311,19610,2139,9779,086
Total assets60,72059,51356,21152,43850,74247,49045,05839,20736,59333,758
Current liabilities16,35015,17712,6559,9029,5828,7047,7577,5696,1585,834
Short-term debt—4,6982,424370237209145788200216
Long-term debt41,60338,33337,16937,71434,34230,79533,57732,03332,85831,160
Total liabilities——————45,62342,12541,58839,391
Retained earnings-5,724-2,115-1,352-2,280-532777-2,351-4,572-6,532-6,968
Stockholders' equity-6,027-2,499-1,774-2,767-933572-2,808-4,950-6,806-7,302
Shares outstanding225250266277305339338343350371

Cash flow

Cash flow. USD millions, except per-share figures (USD). Share counts in millions.
MetricFY2025Dec 31, 2025FY2024Dec 31, 2024FY2023Dec 31, 2023FY2022Dec 31, 2022FY2021Dec 31, 2021FY2020Dec 31, 2020FY2019Dec 31, 2019FY2018Dec 31, 2018FY2017Dec 31, 2017FY2016Dec 31, 2016
Operating cash flow12,63610,5149,4318,5228,9599,2327,6026,761——
Capital expenditures4,9444,8754,7444,3953,5772,8354,1583,5733,0152,760
Free cash flow7,6925,6394,6874,1275,3826,3973,4443,188——
YoY (Free cash flow)+36.41%+20.31%+13.57%-23.32%-15.87%+85.74%+8.03%———
Depreciation & amortization3,5233,3123,0772,9692,8532,7212,5962,2782,1311,966
Stock-based compensation401360262341440362347268270251
Share repurchases10,0676,0423,8117,0008,2154411,0311,5302,0512,751
Dividends paid679690661653624153550487——
Dividends per share2.882.642.402.241.920.431.601.40——
Key financials (annual, 10-K)

Values as reported in each fiscal year's Form 10-K (XBRL data on SEC EDGAR); growth and ratios are computed from those values. Revenue is the total revenue figure the company tagged (omitted when the only figure tagged is evidently partial, e.g. below net income); growth is only shown between consecutive ~12-month fiscal years reported with the same revenue measure. Per-share figures and share counts are as reported and not adjusted for later stock splits. — = not reported.

FY2025 · per diluted weighted share

Per share and valuation context

EPS (diluted)
$28.33
Revenue per share
$315.66
FCF per share
$32.12
Book value per share
-$25.17
Tangible book per share
-$25.17
Cash per share
$4.34
Dividends per share
$2.88
Public floatas of Jun 30, 2025
$63.3B

Price ratios need a live quote. This page shows no stock prices. Per-share figures are as reported, not adjusted for stock splits; comparisons across a likely split are left blank.

Price ratio calculator

Type a share price to compute ratios from the latest 10-K figures. Nothing is stored or sent. (FY2025)

Market capPrice × diluted weighted shares
—
P/EPrice ÷ diluted EPS
—
P/BPrice ÷ book value per share
—
P/SPrice ÷ revenue per share
—
P/FCFPrice ÷ FCF per share
—
Dividend yieldDividends per share ÷ price
—
SEC EDGAR

Filing timeline

  1. 8-KNew
    Current report· Nov 2, 2026(SEC EDGAR)
    • 8.01Other events
    • 9.01Financial statements and exhibits
  2. 10-QNew
    Quarterly report· Sep 30, 2026(SEC EDGAR)
  3. 8-K
    Current report· Oct 27, 2026(SEC EDGAR)
    • 2.02Results of operations
    • 7.01Regulation FD disclosure
    • 8.01Other events
    • 9.01Financial statements and exhibits
  4. 8-K
    Current report· Jul 29, 2026(SEC EDGAR)
    • 2.03New financial obligation
    • 8.01Other events
  5. 10-Q
    Quarterly report· Jun 30, 2026(SEC EDGAR)
  6. 8-K
    Current report· Jul 24, 2026(SEC EDGAR)
    • 2.02Results of operations
    • 7.01Regulation FD disclosure
    • 8.01Other events
    • 9.01Financial statements and exhibits
  7. 8-K
    Current report· Jul 14, 2026(SEC EDGAR)
    • 2.02Results of operations
    • 7.01Regulation FD disclosure
    • 9.01Financial statements and exhibits
  8. 8-K
    Current report· Jun 15, 2026(SEC EDGAR)
    • 5.02Officer or director changes
  9. 8-K
    Current report· Apr 27, 2026(SEC EDGAR)
    • 1.01Material agreement
    • 2.03New financial obligation
    • 8.01Other events
    • 9.01Financial statements and exhibits
  10. 10-Q
    Quarterly report· Mar 31, 2026(SEC EDGAR)
All filings on SEC EDGAR

Frequently asked questions

What does HCA Healthcare, Inc. do?

The SEC classifies HCA Healthcare, Inc. under Standard Industrial Classification (SIC) code 8062, "Services-General Medical & Surgical Hospitals, NEC". It is headquartered in Nashville, TN. In fiscal 2025 it reported revenue of $75.6B and net income of $6.78B in its annual 10-K report.

What was HCA Healthcare, Inc.'s revenue in 2025?

HCA Healthcare, Inc. reported revenue of $75.6B for fiscal 2025, which ended Dec 31, 2025, up 7.1% from $70.6B in fiscal 2024, according to its annual 10-K report filed with the SEC on Feb 10, 2026.

What was HCA Healthcare, Inc.'s net income in 2025?

HCA Healthcare, Inc. reported net income of $6.78B for fiscal 2025, a net margin of 9.0% of revenue.

Where is HCA Healthcare, Inc. listed?

According to the SEC, HCA Healthcare, Inc.'s ticker HCA is listed on NYSE.

When does HCA Healthcare, Inc.'s fiscal year end?

According to the SEC, HCA Healthcare, Inc.'s fiscal year ends on December 31; its latest reported fiscal year (2025) ended Dec 31, 2025.

Source: SEC EDGAR · Last updated:

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Not investment advice: This page shows financial data that companies reported to the US Securities and Exchange Commission, for information only. It is not investment advice or a recommendation to buy or sell any security, and it shows no stock prices. Data may be incomplete, restated or out of date — check the original filings on SEC EDGAR before making decisions.