NYSE : HCA
HCA Healthcare, Inc. — Financial statements
Healthcare · Medical Care Facilities · United States
Last price 473.19 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 98.85B
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
HCA Healthcare, Inc. (HCA) reported revenue of 78.70B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 78.70B | 75.60B | 70.60B | 64.97B | 60.23B | 58.75B |
| Cost of Revenue | 45.05B | 44.23B | 41.92B | 39.39B | 37.06B | 36.26B |
| Gross Profit | 33.65B | 31.37B | 28.68B | 25.58B | 23.18B | 22.49B |
| Selling, General & Admin | 1.03B | 1.03B | 1.05B | 994.00M | 976.00M | 989.00M |
| Other Operating Expenses | 16.83B | 14.86B | 13.77B | 11.88B | 10.18B | 8.97B |
| Operating Expenses | 21.60B | 19.41B | 18.13B | 15.95B | 14.12B | 12.81B |
| Operating Income | 12.05B | 11.96B | 10.55B | 9.63B | 9.05B | 9.68B |
| Interest Expense | -2.36B | -2.25B | -2.06B | -1.94B | -1.74B | -1.57B |
| Earnings From Equity Investments | 70.00M | 78.00M | 23.00M | 22.00M | 45.00M | 113.00M |
| EBT Excluding Unusual Items | 9.76B | 9.79B | 8.51B | 7.71B | 7.36B | 8.22B |
| Gain (Loss) on Sale of Investments | 1.00M | -1.00M | ||||
| Gain (Loss) on Sale of Assets | 63.00M | 37.00M | 14.00M | -5.00M | 1.30B | 1.62B |
| Other Unusual Items | -78.00M | -12.00M | ||||
| Pretax Income | 9.82B | 9.83B | 8.52B | 7.71B | 8.58B | 9.83B |
| Income Tax Expense | 2.02B | 2.05B | 1.87B | 1.61B | 1.75B | 2.11B |
| Earnings From Continuing Operations | 7.80B | 7.78B | 6.66B | 6.09B | 6.83B | 7.72B |
| Minority Interest in Earnings | -1.02B | -998.00M | -897.00M | -849.00M | -1.19B | -765.00M |
| Net Income | 6.78B | 6.78B | 5.76B | 5.24B | 5.64B | 6.96B |
| Net Income to Common | 6.78B | 6.78B | 5.76B | 5.24B | 5.64B | 6.96B |
| Shares Outstanding (Basic) | 221.36M | 236.41M | 258.60M | 272.40M | 290.35M | 323.31M |
| Shares Outstanding (Diluted) | 224.30M | 239.50M | 261.81M | 276.41M | 294.67M | 328.75M |
| EPS (Basic) | 30.61 | 28.70 | 22.27 | 19.24 | 19.44 | 21.51 |
| EPS (Diluted) | 30.22 | 28.33 | 22.00 | 18.97 | 19.15 | 21.16 |
| Free Cash Flow | 5.97B | 7.69B | 5.64B | 4.69B | 4.13B | 5.38B |
| Free Cash Flow Per Share | 26.63 | 32.12 | 21.54 | 16.96 | 14.01 | 16.37 |
| Dividend Per Share | 3.06 | 2.88 | 2.64 | 2.40 | 2.24 | 1.92 |
| Gross Margin | 42.75% | 41.50% | 40.62% | 39.37% | 38.48% | 38.28% |
| Operating Margin | 15.31% | 15.83% | 14.94% | 14.82% | 15.03% | 16.47% |
| Profit Margin | 8.61% | 8.97% | 8.16% | 8.07% | 9.37% | 11.84% |
| Free Cash Flow Margin | 7.59% | 10.17% | 7.99% | 7.21% | 6.85% | 9.16% |
| EBITDA | 15.79B | 15.49B | 13.86B | 12.70B | 12.02B | 12.53B |
| EBITDA Margin | 20.06% | 20.49% | 19.63% | 19.55% | 19.96% | 21.33% |
| D&A For EBITDA | 3.74B | 3.52B | 3.31B | 3.08B | 2.97B | 2.85B |
| EBIT | 12.05B | 11.96B | 10.55B | 9.63B | 9.05B | 9.68B |
| EBIT Margin | 15.31% | 15.83% | 14.94% | 14.82% | 15.03% | 16.47% |
| Effective Tax Rate | 20.61% | 20.85% | 21.89% | 20.96% | 20.35% | 21.48% |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 908.00M | 1.04B | 1.93B | 935.00M | 908.00M | 1.45B |
| Short-Term Investments | 111.00M | 103.00M | 88.00M | 87.00M | 92.00M | 103.00M |
| Cash & Short-Term Investments | 1.02B | 1.14B | 2.02B | 1.02B | 1.00B | 1.55B |
| Receivables | 11.51B | 10.88B | 10.80B | 9.97B | 8.90B | 8.11B |
| Inventory | 1.67B | 1.65B | 1.74B | 2.02B | 2.07B | 1.99B |
| Other Current Assets | 2.02B | 2.11B | 1.86B | 1.92B | 1.67B | 1.90B |
| Total Current Assets | 16.22B | 15.78B | 16.41B | 14.93B | 13.64B | 13.54B |
| Property, Plant & Equipment | 34.48B | 33.27B | 31.55B | 29.92B | 27.64B | 26.18B |
| Long-Term Investments | 1.28B | 1.12B | 1.23B | 1.23B | 1.20B | 886.00M |
| Goodwill | 9.98B | 9.77B | 9.61B | 9.29B | 9.14B | |
| Other Intangible Assets | 11.20B | 311.00M | 323.00M | 339.00M | 359.00M | 403.00M |
| Long-Term Accounts Receivable | 38.00M | 35.00M | 34.00M | 48.00M | 44.00M | |
| Other Long-Term Assets | 280.00M | 217.00M | 195.00M | 150.00M | 250.00M | 554.00M |
| Total Assets | 63.45B | 60.72B | 59.51B | 56.21B | 52.44B | 50.74B |
| Accounts Payable | 5.10B | 4.66B | 4.28B | 4.23B | 4.24B | 4.11B |
| Accrued Expenses | 6.58B | 5.87B | 5.27B | 5.10B | 4.41B | 4.25B |
| Short-Term Debt | 5.73B | 2.21B | ||||
| Current Portion of Long-Term Debt | 2.37B | 2.55B | 4.54B | 2.26B | 239.00M | 102.00M |
| Current Portion of Leases | 485.00M | 505.00M | 529.00M | 495.00M | 535.00M | |
| Other Current Liabilities | 578.00M | 587.00M | 532.00M | 515.00M | 587.00M | |
| Total Current Liabilities | 19.78B | 16.35B | 15.18B | 12.65B | 9.90B | 9.58B |
| Long-Term Debt | 42.40B | 40.98B | 37.71B | 36.63B | 37.13B | 33.77B |
| Long-Term Leases | 1.93B | 2.48B | 2.49B | 2.44B | 2.33B | 2.33B |
| Other Long-Term Liabilities | 3.94B | 3.69B | 3.58B | 3.42B | 3.14B | 3.57B |
| Total Liabilities | 68.05B | 63.49B | 58.96B | 55.15B | 52.51B | 49.25B |
| Common Stock | 2.00M | 2.00M | 3.00M | 3.00M | 3.00M | 3.00M |
| Retained Earnings | -7.73B | -5.72B | -2.12B | -1.35B | -2.28B | -532.00M |
| Comprehensive Income & Other | -350.00M | -305.00M | -387.00M | -425.00M | -490.00M | -404.00M |
| Total Common Equity | -8.08B | -6.03B | -2.50B | -1.77B | -2.77B | -933.00M |
| Minority Interest | 3.48B | 3.26B | 3.05B | 2.83B | 2.69B | 2.42B |
| Shareholders' Equity | -4.60B | -2.77B | 555.00M | 1.06B | -73.00M | 1.49B |
| Total Liabilities & Equity | 63.45B | 60.72B | 59.51B | 56.21B | 52.44B | 50.74B |
| Total Debt | 52.43B | 48.70B | 45.24B | 41.86B | 40.20B | 36.73B |
| Net Cash (Debt) | -51.41B | -47.55B | -43.22B | -40.84B | -39.20B | -35.18B |
| Net Cash Per Share | -229.19 | -198.56 | -165.07 | -147.74 | -133.03 | -107.01 |
| Filing Date Shares Outstanding | 208.89M | 223.62M | 248.34M | 264.50M | 276.97M | 303.60M |
| Total Common Shares Outstanding | 210.88M | 224.61M | 249.98M | 265.54M | 277.38M | 305.48M |
| Working Capital | -3.56B | -567.00M | 1.24B | 2.27B | 3.74B | 3.96B |
| Book Value Per Share | -38.30 | -26.83 | -10.00 | -6.68 | -9.98 | -3.05 |
| Tangible Book Value | -19.28B | -16.32B | -12.59B | -11.72B | -12.42B | -10.47B |
| Tangible Book Value Per Share | -91.41 | -72.66 | -50.37 | -44.13 | -44.78 | -34.28 |
| Land | 3.42B | 3.29B | 3.12B | 2.80B | 2.50B | |
| Buildings | 23.73B | 22.69B | 21.56B | 20.22B | 19.21B | |
| Machinery | 36.99B | 34.67B | 32.00B | 29.98B | 28.26B | |
| Construction In Progress | 2.15B | 1.86B | 1.87B | 1.76B | 1.39B |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 6.78B | 6.78B | 5.76B | 5.24B | 5.64B | 6.96B |
| Depreciation & Amortization | 3.74B | 3.52B | 3.31B | 3.08B | 2.97B | 2.85B |
| Other Amortization | 46.00M | 44.00M | 35.00M | 35.00M | 29.00M | 27.00M |
| Loss (Gain) From Sale of Assets | -63.00M | -37.00M | -14.00M | 5.00M | -1.30B | -1.62B |
| Stock-Based Compensation | 404.00M | 401.00M | 360.00M | 262.00M | 341.00M | 440.00M |
| Other Operating Activities | 321.00M | 1.50B | 1.17B | 1.27B | 1.99B | 806.00M |
| Change in Accounts Receivable | -1.07B | -94.00M | -799.00M | -935.00M | -797.00M | -962.00M |
| Change in Inventory | 53.00M | -154.00M | 334.00M | -126.00M | -59.00M | -540.00M |
| Change in Accounts Payable | 967.00M | 666.00M | 359.00M | 604.00M | -296.00M | 999.00M |
| Operating Cash Flow | 11.17B | 12.64B | 10.51B | 9.43B | 8.52B | 8.96B |
| Capital Expenditures | -5.20B | -4.94B | -4.88B | -4.74B | -4.39B | -3.58B |
| Cash Acquisitions | -978.00M | -397.00M | -266.00M | -635.00M | -224.00M | -1.10B |
| Divestitures | 199.00M | 269.00M | 328.00M | 193.00M | 1.24B | 2.16B |
| Investment in Securities | -116.00M | 72.00M | -115.00M | -112.00M | 14.00M | -117.00M |
| Other Investing Activities | 19.00M | 12.00M | -5.00M | -19.00M | -21.00M | -4.00M |
| Investing Cash Flow | -6.07B | -4.99B | -4.93B | -5.32B | -3.39B | -2.64B |
| Long-Term Debt Issued | 10.68B | 7.50B | 3.22B | 6.12B | 7.12B | |
| Long-Term Debt Repaid | -7.39B | -4.29B | -1.93B | -2.83B | -3.87B | |
| Net Debt Issued (Repaid) | 5.77B | 3.29B | 3.21B | 1.29B | 3.29B | 3.25B |
| Repurchase of Common Stock | -9.16B | -10.07B | -6.04B | -3.81B | -7.00B | -8.21B |
| Common Dividends Paid | -681.00M | -679.00M | -690.00M | -661.00M | -653.00M | -624.00M |
| Other Financing Activities | -1.11B | -1.09B | -1.05B | -917.00M | -1.29B | -1.07B |
| Financing Cash Flow | -5.18B | -8.55B | -4.58B | -4.09B | -5.66B | -6.66B |
| Foreign Exchange Rate Adjustments | -4.00M | 9.00M | -1.00M | 7.00M | -20.00M | -3.00M |
| Net Cash Flow | -89.00M | -893.00M | 998.00M | 27.00M | -543.00M | -342.00M |
| Free Cash Flow | 5.97B | 7.69B | 5.64B | 4.69B | 4.13B | 5.38B |
| Free Cash Flow Margin | 7.59% | 10.17% | 7.99% | 7.21% | 6.85% | 9.16% |
| Free Cash Flow Per Share | 26.63 | 32.12 | 21.54 | 16.96 | 14.01 | 16.37 |
| Levered Free Cash Flow | 3.94B | 5.82B | 3.92B | 2.87B | 3.08B | 4.08B |
| Unlevered Free Cash Flow | 5.37B | 7.18B | 5.17B | 4.05B | 4.14B | 5.03B |
| Cash Interest Paid | 2.24B | 2.21B | 1.94B | 1.89B | 1.66B | 1.50B |
| Cash Income Tax Paid | 2.93B | 1.74B | 1.84B | 1.39B | 1.18B | 2.18B |
| Change in Working Capital | -54.00M | 418.00M | -106.00M | -457.00M | -1.15B | -503.00M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 98.85B | 106.53B | 76.03B | 72.45B | 67.84B | 79.91B |
| Enterprise Value | 150.25B | 154.97B | 120.90B | 115.41B | 108.78B | 115.35B |
| Last Close Price | 473.19 | 464.38 | 296.33 | 265.17 | 232.94 | 246.87 |
| PE Ratio | 15.66 | 15.70 | 13.20 | 13.82 | 12.02 | 11.49 |
| Forward PE | 15.45 | 15.89 | 12.60 | 14.25 | 13.45 | 14.11 |
| PS Ratio | 1.26 | 1.41 | 1.08 | 1.11 | 1.13 | 1.36 |
| PB Ratio | -38.45 | 136.99 | 68.35 | -929.33 | 53.67 | |
| P/FCF Ratio | 16.55 | 13.85 | 13.48 | 15.46 | 16.44 | 14.85 |
| P/OCF Ratio | 8.85 | 8.43 | 7.23 | 7.68 | 7.96 | 8.92 |
| PEG Ratio | 1.67 | 1.22 | 1.01 | 1.67 | 1.78 | 1.04 |
| EV/Sales Ratio | 1.91 | 2.05 | 1.71 | 1.78 | 1.81 | 1.96 |
| EV/EBITDA Ratio | 9.52 | 10.01 | 8.72 | 9.09 | 9.05 | 9.21 |
| EV/EBIT Ratio | 12.47 | 12.95 | 11.46 | 11.99 | 12.02 | 11.92 |
| EV/FCF Ratio | 25.16 | 20.15 | 21.44 | 24.62 | 26.36 | 21.43 |
| Debt / Equity Ratio | -11.40 | -17.57 | 81.51 | 39.49 | -550.68 | 24.67 |
| Debt / EBITDA Ratio | 3.12 | 2.95 | 3.03 | 3.06 | 3.09 | 2.72 |
| Debt / FCF Ratio | 8.78 | 6.33 | 8.02 | 8.93 | 9.74 | 6.83 |
| Net Debt / Equity Ratio | -11.18 | -17.16 | 77.87 | 38.52 | -536.99 | 23.63 |
| Net Debt / EBITDA Ratio | 3.25 | 3.07 | 3.12 | 3.21 | 3.26 | 2.81 |
| Net Debt / FCF Ratio | 8.61 | 6.18 | 7.66 | 8.71 | 9.50 | 6.54 |
| Asset Turnover | 1.28 | 1.26 | 1.22 | 1.20 | 1.17 | 1.20 |
| Inventory Turnover | 26.47 | 26.09 | 22.31 | 19.27 | 18.28 | 18.08 |
| Quick Ratio | 0.63 | 0.73 | 0.84 | 0.87 | 1.00 | 1.01 |
| Current Ratio | 0.82 | 0.96 | 1.08 | 1.18 | 1.38 | 1.41 |
| Return on Equity (ROE) | 824.40% | 1,234.24% | 965.25% | 352.48% | ||
| Return on Assets (ROA) | 12.23% | 12.44% | 11.39% | 11.07% | 10.97% | 12.31% |
| Return on Invested Capital (ROIC) | 21.36% | 21.49% | 19.23% | 18.02% | 18.21% | 21.48% |
| Return on Capital Employed (ROCE) | 27.60% | 27.00% | 23.80% | 22.10% | 21.30% | 23.50% |
| Earnings Yield | 6.39% | 6.37% | 7.58% | 7.23% | 8.32% | 8.71% |
| FCF Yield | 6.04% | 7.22% | 7.42% | 6.47% | 6.08% | 6.73% |
| Dividend Yield | 0.66% | 0.61% | 0.87% | 0.88% | 0.92% | 0.73% |
| Payout Ratio | 10.32% | 10.01% | 11.98% | 12.61% | 11.57% | 8.97% |
| Buyback Yield / Dilution | 8.70% | 8.52% | 5.28% | 6.19% | 10.37% | 4.32% |
| Total Shareholder Return | 9.36% | 9.13% | 6.15% | 7.07% | 11.28% | 5.06% |