HCA Healthcare
HCA · NYSEServices-General Medical & Surgical Hospitals, NEC · Fiscal year ends Dec 31
HCA Healthcare reported revenue of $75.6B in the fiscal year ended Dec 2025, up 7.1% from the year before. Net income was $6.8B. Operating cash flow of $12.6B less capital expenditure of $4.9B left free cash flow of $7.7B. Net debt was $45.5B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $58.8B | $60.2B | $65B | $70.6B | $75.6B |
| Interest expense | $1.6B | $1.7B | $1.9B | $2.1B | $2.2B |
| Pre-tax income | $9.8B | $8.6B | $7.7B | $8.5B | $9.8B |
| Income tax | $2.1B | $1.7B | $1.6B | $1.9B | $2.1B |
| Net income | $7B | $5.6B | $5.2B | $5.8B | $6.8B |
| Diluted EPS | 21.16 | 19.15 | 18.97 | 22.00 | 28.33 |
| Diluted shares | 329M | 295M | 276M | 262M | 239M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $1.5B | $908M | $935M | $1.9B | $1B |
| Receivables | $8.1B | $8.9B | $10B | $10.8B | $10.9B |
| Inventory | $2B | $2.1B | $2B | $1.7B | $1.7B |
| Current assets | $13.5B | $13.6B | $14.9B | $16.4B | $15.8B |
| Net PP&E | $24.1B | $25.6B | $27.7B | $29.4B | $31.1B |
| Total assets | $50.7B | $52.4B | $56.2B | $59.5B | $60.7B |
| Payables | $4.1B | $4.2B | $4.2B | $4.3B | $4.7B |
| Current liabilities | $9.6B | $9.9B | $12.7B | $15.2B | $16.4B |
| Short-term debt | $237M | $370M | $2.4B | $4.7B | $4.9B |
| Long-term debt | $34.3B | $37.7B | $37.2B | $38.3B | $41.6B |
| Shareholders' equity | −$933M | −$2.8B | −$1.8B | −$2.5B | −$6B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $9B | $8.5B | $9.4B | $10.5B | $12.6B |
| Capital expenditure | $3.6B | $4.4B | $4.7B | $4.9B | $4.9B |
| Free cash flow | $5.4B | $4.1B | $4.7B | $5.6B | $7.7B |
| Depreciation & amortisation | $2.9B | $3B | $3.1B | $3.3B | $3.5B |
| Stock-based compensation | $440M | $341M | $262M | $360M | $401M |
| Share buybacks | $8.2B | $7B | $3.8B | $6B | $10.1B |
| Dividends paid | $624M | $653M | $661M | $690M | $679M |
| Dividend per share | 1.92 | 2.24 | 2.40 | 2.64 | 2.88 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 2.5% | 7.9% | 8.7% | 7.1% |
| EPS growth (YoY) | – | −9.5% | −0.9% | 16.0% | 28.8% |
| Net margin | 11.8% | 9.4% | 8.1% | 8.2% | 9.0% |
| Free cash flow margin | 9.2% | 6.9% | 7.2% | 8.0% | 10.2% |
| Cash conversion (CFO ÷ net income) | 1.29x | 1.51x | 1.80x | 1.83x | 1.86x |
| Receivable days | 50 | 54 | 56 | 56 | 52 |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $33.1B | $37.2B | $38.7B | $41.1B | $45.5B |
| Current ratio | 1.41x | 1.38x | 1.18x | 1.08x | 0.97x |
Recent filings
More in Services-General Medical & Surgical Hospitals, Nec
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.