Company file · HCA

HCA Healthcare

HCA Healthcare's revenue rose 7.1% in FY2025, to $75.6B, and net income rose 17.8% to $6.8B

Revenue rose 7.1% to $75.6B in FY2025, from $70.6B in FY2024. Net income rose 17.8% to $6.8B. American Group was the largest segment, at 35% of revenue.

Prepared from SEC filings · Latest annual report: 10-K for FY2025 (filed Feb 10, 2026) · Latest quarter: 10-Q for the quarter ended Jun 30, 2026 (filed Jul 28, 2026) · Data pulled Oct 28, 2026

Key facts

HCA Healthcare (NYSE: HCA) reported revenue of $75.6B for fiscal 2025, the year ended Dec 31, 2025, up 7.1% from fiscal 2024. Net income was $6.8B, up 17.8%. In its latest 10-Q, for the quarter ended Jun 30, 2026, revenue was $20.2B, up 8.7% from the same quarter a year earlier, and net income was $1.7B. Sources: 10-K for fiscal 2025 (filed Feb 10, 2026) and 10-Q for the quarter ended Jun 30, 2026 (filed Jul 28, 2026).

Revenue$75.6BFY2025 · +7.1% vs FY2024

Net income$6.8BFY2025 · +17.8% vs FY2024

Operating cash flow$12.6BFY2025 · +20.2% vs FY2024

Cash & equivalents$1.0Bat Jun 30, 2026 · −2.6% vs FY2025 end

Total debt$49.7Bat Jun 30, 2026 · +6.9% vs FY2025 end

Diluted shares239MFY2025 avg · −8.5% vs FY2024

Revenue and net income, three fiscal yearsBy fiscal year, $bn

RevenueNet income

Source: 10-K FY2025, filed Feb 10, 2026

Quarterly revenue: fiscal 2026 vs a year earlierFiscal Q1–Q2, $bn (each quarter from that quarter's 10-Q)

FY2025FY2026

Source: 10-Q filed Apr 29, 2026 · 10-Q filed Jul 28, 2026

How it makes money

By segment in FY2025: American Group (35%), Atlantic Group (33%) and National Group (28%), as shares of total revenue; the rest of revenue isn't part of this breakdown. Total revenue was $75.6B.

By segment, FY2025

American Group$26.4B35%+7.2%

Atlantic Group$24.7B33%+5.7%

National Group$21.3B28%+8.3%

Share is of FY2025 revenue; the items listed don't cover all of it. The last column is the change from FY2024.

Learn more: Revenue vs. net income · Gross, operating and net margin

What changed last quarter

How the quarter compared with a year earlier

Comparing Q2 2026 (Apr to Jun 2026) compared with Q2 2025 (Apr to Jun 2025)

Each pair of bars shows the dollar amount for both quarters. Longer bar, more money. Bars in a group share one scale.

Q2 2026Q2 2025

Company

Revenue

$20.2B Q2 2026

$18.6B Q2 2025

8.7% increase

Net income

$1.7B Q2 2026

$1.7B Q2 2025

2.8% increase

Source: HCA Healthcare 10-Q for the quarter ended Jun 30, 2026, filed Jul 28, 2026

Cash & equivalents $1.0B at Jun 30, 2026, vs $1.0B at FY2025 end.
Total debt $49.7B at Jun 30, 2026, vs $46.5B at FY2025 end.
Operating cash flow, first 6 months of fiscal 2026: $4.3B vs $5.9B a year earlier.

The bull case and the bear case

The bull case

Revenue rose 7.1% in FY2025 to $75.6B, from $70.6B a year earlier. 10-K, FY2025
Net income rose 17.8% in FY2025 to $6.8B, from $5.8B. 10-K, FY2025
Operating cash flow rose 20.2% in FY2025 to $12.6B. 10-K, FY2025
Diluted shares fell 8.5% in FY2025, so each share represents a larger slice of profit. 10-K, FY2025

The bear case

Total debt rose 8.0% in FY2025 to $46.5B. 10-K, FY2025
The company's own risk factors are in Item 1A of its 10-K. Risks common in this industry include regulation; pricing and reimbursement; competition. 10-K, Item 1A

What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.

What the company does

HCA Healthcare is in the health care facilities industry, part of the health care sector. The SEC files it under Services-General Medical & Surgical Hospitals, Nec.

HCA Healthcare reports 3 segments: American Group, Atlantic Group and National Group.

Its fiscal year ends in December; the latest, FY2025, ended Dec 31, 2025.

Source: 10-K, Item 1 Business

Risks common in this industry

These are general risks for companies in the health care facilities industry. They are not a summary of HCA Healthcare’s own risk factors; for those, read Item 1A of its latest 10-K, linked below.

RegulationApprovals, safety rules and government oversight shape what it can sell and how.
Pricing and reimbursementPayers, insurers and governments influence what it can charge.
CompetitionNew treatments, generics and rival products can take share.
LitigationProduct liability and other legal claims can lead to costs.
SupplyManufacturing and supplier problems can interrupt products.

Source: 10-K, Item 1A Risk Factors (the company's own list, in the company's words)

Three years of key numbers

Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.

US$	FY2023	FY2024	FY2025
Revenue	$65.0B	$70.6B	$75.6B
Net income	$5.2B	$5.8B	$6.8B
Operating cash flow	$9.4B	$10.5B	$12.6B
Cash & equivalents (year end)	$935M	$1.9B	$1.0B
Total debt (year end)	$37.2B	$43.0B	$46.5B
Diluted shares	276M	262M	239M

Revenue: Total revenue for the fiscal year, as the company reports it on its income statement.
Net income: Net income attributable to the company's shareholders, after all costs, interest and taxes.
Operating cash flow: Cash the business brought in from its day-to-day operations during the year (cash flow statement).
Cash & equivalents: Cash and short-term investments that count as cash equivalents on the balance sheet. Excludes longer-dated marketable securities.
Total debt: Debt due within one year plus long-term debt, at carrying value.
Diluted shares: Weighted average shares outstanding for the year, including the effect of options and stock awards.

Learn more: How to read an income statement · Earnings per share, basic and diluted · Free cash flow · How to read a balance sheet · Growth rate calculator · P/E calculator

About these numbers

The segment chart covers only part of revenue: the company reports other lines that aren't part of this breakdown.

Recent filings

Form	Filed	Period
10-Q	Jul 28, 2026	Jun 30, 2026
10-Q	Apr 29, 2026	Mar 31, 2026
DEF 14A	Mar 13, 2026	Apr 23, 2026
10-K	Feb 10, 2026	Dec 31, 2025

Learn more: 10-K vs. 10-Q vs. 8-K · Form 4 insider filings · Fiscal years and quarters

Common questions about HCA Healthcare

How does HCA Healthcare make money?

HCA Healthcare's revenue was $75.6B in fiscal 2025. By segment in FY2025: American Group (35%), Atlantic Group (33%) and National Group (28%), as shares of total revenue; the rest of revenue isn't part of this breakdown. Total revenue was $75.6B. Source: 10-K for fiscal 2025, filed Feb 10, 2026.

What was HCA Healthcare's revenue in fiscal 2025?

$75.6B of revenue for the fiscal year ended Dec 31, 2025, up 7.1% from $70.6B in fiscal 2024. Fiscal 2023 was $65.0B. Source: 10-K for fiscal 2025, filed Feb 10, 2026.

Is HCA Healthcare profitable?

HCA Healthcare reported net income of $6.8B for fiscal 2025, up 17.8% from $5.8B in fiscal 2024. That is a profit under US accounting rules (GAAP). In the quarter ended Jun 30, 2026, net income was $1.7B. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2025, filed Feb 10, 2026.

What did HCA Healthcare report in its latest quarterly filing?

Revenue was $20.2B in the quarter ended Jun 30, 2026, up 8.7% from $18.6B a year earlier. Net income was $1.7B, up 2.8% from $1.7B. Source: 10-Q for the quarter ended Jun 30, 2026, filed Jul 28, 2026.

How much cash and debt does HCA Healthcare have?

HCA Healthcare had $1.0B in cash and cash equivalents and $49.7B of total debt on Jun 30, 2026. Total debt here is debt due within one year plus long-term debt, at carrying value. Source: 10-Q filed Jul 28, 2026.

What are the main risks HCA Healthcare faces?

HCA Healthcare's own risk factors are in Item 1A of its 10-K for fiscal 2025, filed Feb 10, 2026. Risks that are common among companies in the health care facilities industry include Regulation; pricing and reimbursement; competition; litigation; supply. The first: Approvals, safety rules and government oversight shape what it can sell and how. Source: 10-K, Item 1A Risk Factors.

Where do these HCA Healthcare numbers come from?

From HCA Healthcare's own SEC filings: the 10-K for fiscal 2025 (filed Feb 10, 2026) and the 10-Q for the quarter ended Jun 30, 2026 (filed Jul 28, 2026), read through the SEC's public XBRL data. Each number on this page links to its filing. Methodology explains how fiscal years and missing numbers are handled.

Disclosures

Editor holdings in HCA: The editor holds no position in HCA Healthcare (HCA). As of Oct 25, 2026.
Trading rule: The editor does not buy or sell HCA from 3 days before to 3 days after this page is published or substantively updated.
Compensation: Nobody paid for this page. No affiliate links on this page.
Sources: The company's SEC filings, linked next to each number or, for charts, in the source line under them.
Last updated: Oct 28, 2026

General education, the same for every reader. Not a recommendation to buy, sell or hold HCA, and it doesn't consider your situation.

Compare with peers

Company	Fiscal year	Revenue	Revenue growth	Net income
HCA HealthcareHCA	FY2025	$75.6B	+7.1%	$6.8B
Eli LillyLLY	FY2025	$65.2B	+44.7%	$20.6B
Johnson & JohnsonJNJ	FY2025	$94.2B	+6.0%	$26.8B

Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.

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New to filings? Learn has plain-English explainers and Tools has calculators. Methodology & Disclosures covers where every number comes from.