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HCA Q2 Earnings Beat on Strong Admissions, 2026 Outlook Revised
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Key Takeaways
HCA posted Q2 adjusted EPS of $7.59, beating estimates as revenues climbed 8.7% year over year.
HCA saw higher admissions, revenue per admission and ER visits, while inpatient and outpatient surgeries fell.
HCA narrowed revenue guidance but reduced adjusted EBITDA, net income and diluted EPS forecasts for 2026.
HCA Healthcare, Inc. (HCA - Free Report) reported second-quarter 2026 adjusted earnings per share (EPS) of $7.59, which beat the Zacks Consensus Estimate of $7.57. The bottom line advanced 11% year over year.
Revenues rose 8.7% year over year to $20.2 billion. The top line was in line with the Zacks Consensus Estimate.
The quarterly results benefited from higher same-facility admissions, strong revenue per equivalent admission and solid emergency room visit growth. However, declining inpatient and outpatient surgeries, along with elevated operating expenses, partially offset these positives.
HCA Healthcare, Inc. Price, Consensus and EPS Surprise
Same-facility equivalent admissions grew 2.7% year over year in the second quarter, beating our growth estimate of 2%. Meanwhile, same-facility admissions increased 2.5%, also surpassing our growth estimate of 1.8%.
Same-facility revenue per equivalent admission rose 6.4% year over year but came in higher than our growth estimate of 4.2%.
Same-facility inpatient surgeries fell 2.3% year over year, while same-facility outpatient surgeries dipped 3.4%. Same-facility emergency room visits inched up 3.6% year over year in the quarter.
Salaries and benefits, supplies and other operating expenses increased 9.8% year over year to $16.2 billion. The metric came in higher than our estimate of $15.4 billion.
Adjusted EBITDA of $4 billion advanced 4.6% year over year, which marginally beat our estimate of $3.9 billion.
HCA Healthcare operated 190 hospitals and roughly 2,600 ambulatory sites of care across 19 states and the United Kingdom as of June 30, 2026.
HCA’s Q2 Financial Update
HCA Healthcare exited the second quarter with approximately $1 billion in cash and cash equivalents, down 2.6% from the 2025-end level. It had approximately $3.1 billion of available capacity under its credit facilities at the end of the reported quarter.
Total assets of $63.3 billion increased 4.2% from 2025-end figure.
Long-term debt, excluding debt issuance costs and discounts, was $43.5 billion, up 4.4% from the figure as of Dec. 31, 2025. Short-term borrowings and long-term debt due within a year totaled $6.3 billion.
Capital expenditures, excluding acquisitions, amounted to $1.2 billion during the quarter.
HCA’s Cash Flow
Cash flows from operating activities declined 44.5% year over year to $2.3 billion in the second quarter of 2026.
HCA Healthcare’s Capital Deployment Update
HCA bought back shares worth approximately $2.1 billion in the second quarter. It had about $7.2 billion remaining under its share repurchase authorization as of June 30, 2026. The board also declared a quarterly cash dividend of 78 cents per share, payable on Sept. 30, 2026, to shareholders of record as of Sept. 16, 2026.
HCA Revises 2026 Guidance
Revenue guidance has been revised to $77.0-$79.5 billion from the previous $76.5-$80.0 billion, raising the lower end by $0.5 billion and lowering the upper end by $0.5 billion. The midpoint of the revised range implies 3.5% growth from the 2025 reported figure.
Adjusted EBITDA guidance has been narrowed to $15.4-$16.1 billion from $15.55-$16.45 billion. The midpoint suggests about 1.2% growth from the 2025 reported figure.
Net income guidance was lowered to $6.3-$6.7 billion from $6.495-$7.035 billion. The midpoint implies about a 4.2% decline from the 2025 reported figure.
Diluted EPS guidance was lowered to $28.70-$30.50 from $29.10-$31.50. The midpoint implies about 4.5% growth from the 2025 reported figure.
Capital expenditures, excluding acquisitions, remain projected in the range of $5.0-$5.5 billion.
Charles River is set to report second-quarter 2026 results on Aug. 5, before the market closes. The Zacks Consensus Estimate for earnings is pegged at $2.72 per share, which has witnessed one upward revision and one downward revision over the past 30 days. The company beat on earnings in each of the trailing four quarters, with the average surprise being 9.3%. The consensus estimate for Charles River’s second-quarter revenues is pinned at $970.77 million.
CVS Health is set to report second-quarter 2026 results on Aug. 5, before the market closes. The Zacks Consensus Estimate for earnings is pegged at $1.87 per share, indicating a 3.3% year-over-year increase. The company beat on earnings in each of the trailing four quarters, with the average surprise being 16.8%. The consensus estimate for CVS Health’s second-quarter revenues is pinned at $100.18 billion, indicating a 1.3% year-over-year increase.
Cencora is set to report second-quarter 2026 results on Aug. 5, before the market closes. The Zacks Consensus Estimate for earnings is pegged at $4.37 per share, indicating a 9.3% year-over-year increase. The company beat on earnings in three of the trailing four quarters and missed once, with the average surprise being 1.6%. The consensus estimate for Cencora’s second-quarter revenues is pinned at $84.89 billion, indicating a 5.2% year-over-year increase.
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HCA Q2 Earnings Beat on Strong Admissions, 2026 Outlook Revised
Key Takeaways
HCA Healthcare, Inc. (HCA - Free Report) reported second-quarter 2026 adjusted earnings per share (EPS) of $7.59, which beat the Zacks Consensus Estimate of $7.57. The bottom line advanced 11% year over year.
Revenues rose 8.7% year over year to $20.2 billion. The top line was in line with the Zacks Consensus Estimate.
The quarterly results benefited from higher same-facility admissions, strong revenue per equivalent admission and solid emergency room visit growth. However, declining inpatient and outpatient surgeries, along with elevated operating expenses, partially offset these positives.
HCA Healthcare, Inc. Price, Consensus and EPS Surprise
HCA Healthcare, Inc. price-consensus-eps-surprise-chart | HCA Healthcare, Inc. Quote
HCA’s Q2 Details
Same-facility equivalent admissions grew 2.7% year over year in the second quarter, beating our growth estimate of 2%. Meanwhile, same-facility admissions increased 2.5%, also surpassing our growth estimate of 1.8%.
Same-facility revenue per equivalent admission rose 6.4% year over year but came in higher than our growth estimate of 4.2%.
Same-facility inpatient surgeries fell 2.3% year over year, while same-facility outpatient surgeries dipped 3.4%. Same-facility emergency room visits inched up 3.6% year over year in the quarter.
Salaries and benefits, supplies and other operating expenses increased 9.8% year over year to $16.2 billion. The metric came in higher than our estimate of $15.4 billion.
Adjusted EBITDA of $4 billion advanced 4.6% year over year, which marginally beat our estimate of $3.9 billion.
HCA Healthcare operated 190 hospitals and roughly 2,600 ambulatory sites of care across 19 states and the United Kingdom as of June 30, 2026.
HCA’s Q2 Financial Update
HCA Healthcare exited the second quarter with approximately $1 billion in cash and cash equivalents, down 2.6% from the 2025-end level. It had approximately $3.1 billion of available capacity under its credit facilities at the end of the reported quarter.
Total assets of $63.3 billion increased 4.2% from 2025-end figure.
Long-term debt, excluding debt issuance costs and discounts, was $43.5 billion, up 4.4% from the figure as of Dec. 31, 2025. Short-term borrowings and long-term debt due within a year totaled $6.3 billion.
Capital expenditures, excluding acquisitions, amounted to $1.2 billion during the quarter.
HCA’s Cash Flow
Cash flows from operating activities declined 44.5% year over year to $2.3 billion in the second quarter of 2026.
HCA Healthcare’s Capital Deployment Update
HCA bought back shares worth approximately $2.1 billion in the second quarter. It had about $7.2 billion remaining under its share repurchase authorization as of June 30, 2026. The board also declared a quarterly cash dividend of 78 cents per share, payable on Sept. 30, 2026, to shareholders of record as of Sept. 16, 2026.
HCA Revises 2026 Guidance
Revenue guidance has been revised to $77.0-$79.5 billion from the previous $76.5-$80.0 billion, raising the lower end by $0.5 billion and lowering the upper end by $0.5 billion. The midpoint of the revised range implies 3.5% growth from the 2025 reported figure.
Adjusted EBITDA guidance has been narrowed to $15.4-$16.1 billion from $15.55-$16.45 billion. The midpoint suggests about 1.2% growth from the 2025 reported figure.
Net income guidance was lowered to $6.3-$6.7 billion from $6.495-$7.035 billion. The midpoint implies about a 4.2% decline from the 2025 reported figure.
Diluted EPS guidance was lowered to $28.70-$30.50 from $29.10-$31.50. The midpoint implies about 4.5% growth from the 2025 reported figure.
Capital expenditures, excluding acquisitions, remain projected in the range of $5.0-$5.5 billion.
HCA’s Zacks Rank & Key Picks
HCA currently carries a Zacks Rank #4 (Sell).
Some better-ranked stocks in the broader Medical space are Charles River Laboratories International, Inc. (CRL - Free Report) , CVS Health Corporation (CVS - Free Report) and Cencora, Inc. (COR - Free Report) , each carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Charles River is set to report second-quarter 2026 results on Aug. 5, before the market closes. The Zacks Consensus Estimate for earnings is pegged at $2.72 per share, which has witnessed one upward revision and one downward revision over the past 30 days. The company beat on earnings in each of the trailing four quarters, with the average surprise being 9.3%. The consensus estimate for Charles River’s second-quarter revenues is pinned at $970.77 million.
CVS Health is set to report second-quarter 2026 results on Aug. 5, before the market closes. The Zacks Consensus Estimate for earnings is pegged at $1.87 per share, indicating a 3.3% year-over-year increase. The company beat on earnings in each of the trailing four quarters, with the average surprise being 16.8%. The consensus estimate for CVS Health’s second-quarter revenues is pinned at $100.18 billion, indicating a 1.3% year-over-year increase.
Cencora is set to report second-quarter 2026 results on Aug. 5, before the market closes. The Zacks Consensus Estimate for earnings is pegged at $4.37 per share, indicating a 9.3% year-over-year increase. The company beat on earnings in three of the trailing four quarters and missed once, with the average surprise being 1.6%. The consensus estimate for Cencora’s second-quarter revenues is pinned at $84.89 billion, indicating a 5.2% year-over-year increase.