HCA Healthcare, Inc.
hcahealthcare.comWhat Do They Do?
Operates hospitals and outpatient facilities that provide medical, surgical, emergency and behavioral health care to patients.
10-K for FY2025, filed Feb 10, 2026Our primary objective is to provide a comprehensive array of quality health care services in the most cost-effective manner possible. Our…View ↗
We currently own, manage or operate hospitals, ASCs, freestanding emergency care facilities, urgent care facilities, walk-in clinics…View ↗
At December 31, 2025, we owned and operated 179 general, acute care hospitals with 50,436 licensed beds. Most of our general, acute care…View ↗
At December 31, 2025, we operated seven behavioral hospitals with 714 licensed beds. Our behavioral hospitals provide therapeutic programs…View ↗
We also operate outpatient health care facilities, which include ASCs, freestanding emergency care facilities, urgent care facilities…View ↗
How Do They Make Money?
HCA earns money by providing care to patients, with Medicare and Medicaid rates set by program rules and rates for managed care plans and commercial insurers negotiated; payment is tied to the services provided.
10-K for FY2025, filed Feb 10, 2026Our revenues generally relate to contracts with patients in which our performance obligations are to provide health care services to the…View ↗
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10-K for FY2025, filed Feb 10, 2026
FY2025 revenue by reportable segment ↗
$75.6B
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10-K for FY2025, filed Feb 10, 2026
$75.6B ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
National Group
Usage-based
10-K for FY2025, filed Feb 10, 2026 |
28%
FY2022: 28%
|
National Group, FY2025
$21.3B Sources
|
Usage-based |
|
Atlantic Group
Usage-based
10-K for FY2025, filed Feb 10, 2026 |
33%
FY2022: 32%
|
Atlantic Group, FY2025
$24.7B Sources
|
Usage-based |
|
American Group
Usage-based
10-K for FY2025, filed Feb 10, 2026 |
35%
FY2022: 35%
|
American Group, FY2025
$26.4B Sources
|
Usage-based |
|
Corporate and Other
Usage-based
|
4.2%
FY2022: 5.5%
|
Corporate and Other, FY2025
$3.2B Sources
|
Usage-based |
Who Are Their Customers?
Patients receive care at HCA's hospitals and outpatient facilities; Medicare, Medicaid, managed care plans and commercial insurers commonly pay for their services.
10-K for FY2025, filed Feb 10, 2026Our primary objective is to provide a comprehensive array of quality health care services in the most cost-effective manner possible. Our…View ↗
We currently own, manage or operate hospitals, ASCs, freestanding emergency care facilities, urgent care facilities, walk-in clinics…View ↗
Our revenues generally relate to contracts with patients in which our performance obligations are to provide health care services to the…View ↗
Do Revenues Turn Into Profits?
Yes. It kept 9 cents of every revenue dollar as net income in FY2025 and turned 10 cents into free cash flow.
How Are They Changing?
10-Q for Q2 FY2026, filed Jul 28, 2026
Open tableView ↗
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Jul 24, 2026
HCA lowered its 2026 net income and adjusted EBITDA guidance
The company revised its 2026 guidance ranges downward after results through the first half of the year.
Sources
8-K, filed Jul 24, 2026
Based on results through the first half of the year, the Company has revised its 2026 guidance as follows:View ↗
Growing. Revenue grew 29% in 4 years, from $58.8B in FY2021 to $75.6B in FY2025, about 7% a year.
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