HCA Revenue Rises 3.6% to $19.849 Billion, Raises 2026 Outlook to Upper Half
Key Facts
HCA Healthcare raised its 2026 operating outlook to the upper half of the ranges it issued in July after third-quarter revenue reached $19.849 billion, up 3.6% year over year. The company said in its earnings release that its new estimates reflect performance so far this year, while net income attributable to the company fell 3.9% to $1.579 billion. The annual guidance includes revenue of between $77.0 billion and $79.5 billion and diluted earnings of between $28.70 and $30.50 per share. The company issued the same two ranges in its July 14 guidance, then said after its third-quarter results that it expected full-year results to come in the upper half of both. The update therefore centers on where results fall within the previous range, rather than exceeding it entirely.
Adjusted diluted earnings per share for the quarter were $7.22, up 3.7% from the third quarter of the previous year. The result topped analyst estimates before the announcement, which pointed to $6.65 per share and revenue of $19.33 billion. The comparison reflects a divergence between revenue and earnings growth: quarterly revenue rose while net income attributable to the company declined. For the nine months ended September 30, revenue was $59.188 billion, compared with $56.087 billion in the corresponding period of 2025. In the second quarter of 2026, the company reported earnings per share of $7.59 and revenue of $20.23 billion, the previous quarterly comparison cited by Reuters via Investing.com.
Activity indicators showed increased demand for hospital services, with admissions at same-facility hospitals rising 2.7% and equivalent admissions increasing 3.0% year over year. Emergency department visits at same-facility hospitals also climbed 5.1% from the third quarter of 2025. Surgical activity moved in the opposite direction, however: inpatient surgeries fell 1.4% and outpatient surgeries declined 3.7% over the same period. The divergence puts the group’s revenue growth alongside differing trends across medical services, without erasing weakness in some procedure volumes. In the third quarter, cash flow from operating activities was $4.461 billion, compared with $4.416 billion a year earlier.
HCA said a shift toward uninsured patients cut third-quarter pre-tax income by about $400 million. The impact comes amid pressure from payer mix cited by the company, alongside ongoing challenges from federal policy changes. Chief Executive Sam Hazen said the company “believes it is well positioned to finish the year on a positive note.” Estimates before the results announcement had also addressed the expiration of about $520 million in extraordinary payments to providers in Florida and work requirements for the Medicaid program scheduled to begin in January 2027. Those points appeared in an earlier earnings report on expected challenges, while the company’s post-announcement update focused on its expectation that 2026 results would land in the upper half of the July range.
Investing.com reported that HCA shares rose 4.4% after the results were released on October 27. The stock had closed at $465.26 in the October 26 session, according to EL7 data. The company is scheduled to hold its conference call to discuss third-quarter results on October 27, 2026, at 10:00 a.m. Eastern time. The call follows the company’s report of quarterly results that topped analyst estimates and its link between the annual update and operating performance so far. The results showed revenue and emergency department visits rising, alongside declines in net income and some surgeries, and the estimated impact of a shift to uninsured patients.