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HCA repurchased $3 billion in shares and maintained its 2026 revenue and adjusted EPS guidance.
HCA Healthcare, Inc. (HCA - Free Report) reported third-quarter 2026 adjusted earnings per share (EPS) of $7.22, which beat the Zacks Consensus Estimate of $6.74. The bottom line advanced 3.7% year over year.
Revenues rose 3.6% year over year to $19.8 billion. The top line beat the Zacks Consensus Estimate of $19.4 billion.
The strong quarterly results benefited from higher same-facility admissions 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 3% year over year in the third quarter, beating our growth estimate of 2.2%. Meanwhile, same-facility admissions increased 2.7%, also surpassing our growth estimate of 2%.
Same-facility revenue per equivalent admission rose 0.6% year over year but came in lower than our growth estimate of 4.8%.
Same-facility inpatient surgeries fell 1.4% year over year, while same-facility outpatient surgeries dipped 3.7%. Same-facility emergency room visits increased 5.1% year over year in the quarter.
Salaries and benefits, supplies and other operating expenses increased 4.2% year over year to $16 billion. The metric came in higher than our estimate of $15.6 billion.
Adjusted EBITDA of $3.9 billion advanced 1.2% year over year, which beat our estimate of $3.8 billion.
HCA Healthcare operated 189 hospitals and roughly 2,600 ambulatory sites of care across 19 states and the United Kingdom as of Sept. 30, 2026.
HCA’s Q3 Financial Update
HCA Healthcare exited the third quarter with $908 million in cash and cash equivalents, down 12.7% from the 2025-end level. It had approximately $2.2 billion of available capacity under its credit facility at the end of the reported quarter.
Total assets of $63.5 billion increased 4.5% from the year-end 2025 figure.
Long-term debt, excluding debt issuance costs and discounts, was $42.8 billion, up 1.9% from the figure as of Dec. 31, 2025. Short-term borrowings and long-term debt due within a year totaled $8.1 billion.
Capital expenditures, excluding acquisitions, amounted to $1.4 billion during the quarter.
HCA’s Cash Flow
Cash flows from operating activities increased 1% year over year to $4.5 billion in the third quarter of 2026.
HCA Healthcare’s Capital Deployment Update
HCA bought back shares worth approximately $3 billion in the third quarter. It had about $4.2 billion remaining under its share repurchase authorization as of Sept. 30, 2026. The board also declared a quarterly cash dividend of 78 cents per share, payable on Dec. 29, 2026, to its shareholders of record as of Dec. 15.
HCA’s 2026 Guidance
The company maintained its revenue guidance of $77-$79.5 billion for 2026. Adjusted EBITDA remains projected between $15.4 billion and $16.1 billion.
Net income attributable to HCA Healthcare is still anticipated between $6.3 billion and $6.7 billion. EPS guidance remains at $28.70-$30.50.
The Zacks Consensus Estimate for Globus Medical’s current-quarter earnings is pegged at $1.20 per share, suggesting 1.7% year-over-year growth. GMED beat earnings estimates in each of the trailing four quarters, with the average surprise being 27.9%. The consensus estimate for current-quarter revenues is pegged at $793 million, suggesting 3.1% year-over-year growth.
The Zacks Consensus Estimate for Collegium Pharmaceutical’s current-quarter earnings of $1.77 per share has remained stable over the past seven days. COLL beat earnings estimates in three of the trailing four quarters and missed once, with the average surprise being 12.8%. The consensus estimate for current-quarter revenues is pegged at $215 million, suggesting 2.7% year-over-year growth.
The Zacks Consensus Estimate for TG Therapeutics’ current-quarter earnings of 37 cents per share has witnessed one upward revision in the past 30 days, against no movement in the opposite direction. The consensus estimate for TGTX’s current-quarter revenues is pegged at $247.2 million, suggesting 52.8% year-over-year growth.
View the Zacks #1 Rank List
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HCA Healthcare Q3 Earnings Beat Estimates on Higher Admissions
Key Takeaways
HCA Healthcare, Inc. (HCA - Free Report) reported third-quarter 2026 adjusted earnings per share (EPS) of $7.22, which beat the Zacks Consensus Estimate of $6.74. The bottom line advanced 3.7% year over year.
Revenues rose 3.6% year over year to $19.8 billion. The top line beat the Zacks Consensus Estimate of $19.4 billion.
The strong quarterly results benefited from higher same-facility admissions 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 Q3 Details
Same-facility equivalent admissions grew 3% year over year in the third quarter, beating our growth estimate of 2.2%. Meanwhile, same-facility admissions increased 2.7%, also surpassing our growth estimate of 2%.
Same-facility revenue per equivalent admission rose 0.6% year over year but came in lower than our growth estimate of 4.8%.
Same-facility inpatient surgeries fell 1.4% year over year, while same-facility outpatient surgeries dipped 3.7%. Same-facility emergency room visits increased 5.1% year over year in the quarter.
Salaries and benefits, supplies and other operating expenses increased 4.2% year over year to $16 billion. The metric came in higher than our estimate of $15.6 billion.
Adjusted EBITDA of $3.9 billion advanced 1.2% year over year, which beat our estimate of $3.8 billion.
HCA Healthcare operated 189 hospitals and roughly 2,600 ambulatory sites of care across 19 states and the United Kingdom as of Sept. 30, 2026.
HCA’s Q3 Financial Update
HCA Healthcare exited the third quarter with $908 million in cash and cash equivalents, down 12.7% from the 2025-end level. It had approximately $2.2 billion of available capacity under its credit facility at the end of the reported quarter.
Total assets of $63.5 billion increased 4.5% from the year-end 2025 figure.
Long-term debt, excluding debt issuance costs and discounts, was $42.8 billion, up 1.9% from the figure as of Dec. 31, 2025. Short-term borrowings and long-term debt due within a year totaled $8.1 billion.
Capital expenditures, excluding acquisitions, amounted to $1.4 billion during the quarter.
HCA’s Cash Flow
Cash flows from operating activities increased 1% year over year to $4.5 billion in the third quarter of 2026.
HCA Healthcare’s Capital Deployment Update
HCA bought back shares worth approximately $3 billion in the third quarter. It had about $4.2 billion remaining under its share repurchase authorization as of Sept. 30, 2026. The board also declared a quarterly cash dividend of 78 cents per share, payable on Dec. 29, 2026, to its shareholders of record as of Dec. 15.
HCA’s 2026 Guidance
The company maintained its revenue guidance of $77-$79.5 billion for 2026. Adjusted EBITDA remains projected between $15.4 billion and $16.1 billion.
Net income attributable to HCA Healthcare is still anticipated between $6.3 billion and $6.7 billion. EPS guidance remains at $28.70-$30.50.
HCA’s Zacks Rank & Key Picks
HCA currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the broader medical space are Globus Medical, Inc. (GMED - Free Report) , Collegium Pharmaceutical, Inc. (COLL - Free Report) and TG Therapeutics, Inc. (TGTX - Free Report) , each currently sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for Globus Medical’s current-quarter earnings is pegged at $1.20 per share, suggesting 1.7% year-over-year growth. GMED beat earnings estimates in each of the trailing four quarters, with the average surprise being 27.9%. The consensus estimate for current-quarter revenues is pegged at $793 million, suggesting 3.1% year-over-year growth.
The Zacks Consensus Estimate for Collegium Pharmaceutical’s current-quarter earnings of $1.77 per share has remained stable over the past seven days. COLL beat earnings estimates in three of the trailing four quarters and missed once, with the average surprise being 12.8%. The consensus estimate for current-quarter revenues is pegged at $215 million, suggesting 2.7% year-over-year growth.
The Zacks Consensus Estimate for TG Therapeutics’ current-quarter earnings of 37 cents per share has witnessed one upward revision in the past 30 days, against no movement in the opposite direction. The consensus estimate for TGTX’s current-quarter revenues is pegged at $247.2 million, suggesting 52.8% year-over-year growth.