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Sentiment · FY2026 Q2
| Quarter | Revenue | Rev YoY | EPS | EPS YoY | Op margin | Net margin | FCF |
|---|---|---|---|---|---|---|---|
| FY2024 Q4 | $18.29B | +5.7% | $5.63 | -5.1% | 15.6% | 7.9% | $1.27B |
| FY2025 Q1 | $18.32B | +5.7% | $6.45 | +8.6% | 15.6% | 8.8% | $660M |
| FY2025 Q2 | $18.61B | +6.4% | $6.83 | +23.5% | 15.9% | 8.9% | $3.03B |
| FY2025 Q3 | $19.16B | +9.6% | $6.96 | +42.3% | 15.5% | 8.6% | $3.13B |
| FY2025 Q4 | $19.51B | +6.7% | $8.14 | +44.6% | 16.3% | 9.6% | $870M |
| FY2026 Q1 | $19.11B | +4.3% | $7.15 | +10.9% | 15.0% | 8.5% | $895M |
| FY2026 Q2 | $20.23B | +8.7% | $7.62 | +11.6% | 15.2% | 8.4% | $1.10B |
Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).
HCA Healthcare opened FY2026 with revenue up 4.3% year-over-year and adjusted diluted EPS up approximately 11%, while adjusted EBITDA grew almost 2% as an unusually mild respiratory season and a January winter storm together cut an estimated $180 million from EBITDA. The volume miss was concentrated in January (same-facility admissions rose 0.9% and ER visits 0.3%), but management said February and March rebounded toward the full-year 2% to 3% growth plan. A larger-than-expected net benefit of roughly $200 million from Medicaid supplemental payment programs (Georgia, the reinstated Texas Atlas program and Tennessee) largely offset the seasonal drag, even as the health-insurance-exchange shift cut exchange equivalent admissions about 15% for an estimated $150 million EBITDA impact in the quarter. Management reaffirmed full-year 2026 guidance, framing the first-quarter headwinds as temporal rather than structural and holding the $600 million to $900 million exchange-impact range and $400 million resiliency target unchanged.
Demand | Regulation Policy | Cost Pressure | Revenue Growth | Guidance Reliability | Competitive Dynamics | Pricing | Labor Market | |
|---|---|---|---|---|---|---|---|---|
| 2024Q4 | 5 | 5 | 5 | 4 | 1 | 2 | 1 | 3 |
| 2025Q1 | 6 | 4 | 2 | 1 | 3 | 2 | 4 | 2 |
| 2025Q2 | 6 | 5 | 4 | 2 | 3 | 3 | 1 | |
| 2025Q3 | 5 | 4 | 4 | 3 | 3 | 2 | 2 | 1 |
| 2025Q4 | 4 | 6 | 3 | 2 | 3 | 2 | 1 | |
| 2026Q1 | 10 | 6 | 2 | 7 | 5 | 2 | 1 | 1 |
| '24Q4 | '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | |
|---|---|---|---|---|---|---|
| Demand | 5 | 6 | 6 | 5 | 4 | 10 |
| Regulation Policy | 5 | 4 | 5 | 4 | 6 | 6 |
| Cost Pressure | 5 | 2 | 4 | 4 | 3 | 2 |
| Revenue Growth | 4 | 1 | 3 | 2 | 7 | |
| Guidance Reliability | 1 | 3 | 2 | 3 | 3 | 5 |
| Competitive Dynamics | 2 | 2 | 3 | 2 | 2 | 2 |
| Pricing | 1 | 4 | 3 | 2 | 1 | 1 |
| Labor Market | 3 | 2 | 1 | 1 | 1 |
| Analyst | Firm | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Ben Hendrix | RBC Capital Markets | 8 (0%) |
| Ann Hynes | Mizuho Securities | 8 (25%) |
| Andrew Mok | Barclays | 7 (57%) |
| Matthew Gillmor | KeyBanc Capital Markets | 7 (0%) |
| Ryan Langston | TD Cowen | 7 (0%) |
| Steve Baxter | Wells Fargo | 6 (50%) |
| Whit Mayo | Leerink Partners | 6 (0%) |
| Scott Fidel | Goldman Sachs | 6 (0%) |
| A.J. Rice | UBS | 6 (0%) |
| Pito Chickering | Deutsche Bank | 6 (50%) |
| Firm | Analysts | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| RBC Capital Markets | 1 | 8 (0%) |
| Mizuho Securities | 1 | 8 (25%) |
| UBS | 2 | 8 (0%) |
| Goldman Sachs | 2 |
| 7 (0%) |
| KeyBanc Capital Markets | 1 | 7 (0%) |
| Leerink Partners | 2 | 7 (0%) |
| Jefferies | 2 | 7 (0%) |
| Barclays | 1 | 7 (57%) |
What HCA and other companies said about each other on FY2026 Q1 earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“several large renewals with leading health system partners, including Baylor Scott & White, Norton Health and HCA.”
HCA is named among the leading health-system tenants that signed large outpatient-medical lease renewals with Healthpeak this quarter.
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
HCA HCA Healthcare | 6 | +4.3% | |
| DVA DaVita | 7 | +6.0% | |
| SOLV Solventum | 6 | -3.0% | |
| UHS Universal Health Services | 7 | +9.7% |