HCA Healthcare earnings date
HCA Healthcare (1HCA) Q3 2026 Earnings Report
IT:1HCA Q3 2026 EPS Results
- Actual EPS
- EUR 6.46
- Consensus EPS
- EUR 5.96
- Beat/Miss
- Beat by +EUR 0.51
- One Year Ago EPS
- EUR 6.23
IT:1HCA Q3 2026 Revenue Results
- Actual Revenue
- EUR 17.77B
- Expected Revenue
- EUR 17.31B
- Beat/Miss
- Beat by +EUR 466.79M
- YoY Revenue Growth
- +3.59%
Earnings Announcement Details
- Quarter
- Q3 2026
- Date
- 10/27/2026
- Time
- Before Open
- Conference Call
- Tuesday, October 27, 2026
HCA Healthcare's next earnings date is estimated for February 2, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
Q3 2026 Earnings Slide Deck
No slide deck is available for this earnings event.
Q3 2026 Earnings Call Summary
The call was positive overall. HCA reported continued volume growth, improved revenue per admission, solid cost performance, strong cash flow, share repurchases, a strong balance sheet, and guidance toward the upper half of its 2026 ranges. These positives outweighed significant but acknowledged challenges from exchange-related payer-mix deterioration, declining elective surgical volumes, higher professional fees, and lower expected Medicaid supplemental payment benefits in 2027.
For 2027, HCA expects demand to remain strong, with volume growth forecasted to be 2% to 3%; it expects approximately $550 million to $650 million less in Medicaid supplemental payment net benefits, anticipates favorable cost performance primarily due to its ongoing enterprise wide resiliency program and operating leverage from expected volume growth, and anticipates earnings will be generally consistent with 2026. Beyond 2027, performance is expected to be more in line with long term growth targets, assuming the company moves past the most significant effects on payer mix from the exchanges, assumes no material policy changes beyond HR1, and strategic initiatives generate significant value. For 2026, guidance ranges were reaffirmed, with results currently expected to be in the upper half of those ranges; incremental net benefits from Medicaid supplemental payment programs are expected to be between $600 million and $800 million, while the full year unfavorable impact on adjusted EBITDA from payer mix shifts is expected to be at or slightly above the upper end of the range of previously updated guidance.
- Sustained Volume GrowthThird-quarter adjusted admissions on a same-facility basis grew 3%, compared with 2.3% year to date, marking the company's 22nd consecutive quarter of volume growth. Admissions increased 2.7%, equivalent admissions increased 3%, and ER visits increased 5.1%.
- Broad-Based Payer Volume Growth Excluding ExchangesSame-facility adjusted admissions increased 3.2% for Medicare, 2.7% for Medicaid, and 2.7% for commercial volumes excluding exchanges.
- Improved Insured Revenue per AdmissionRevenue per adjusted admission for the insured business excluding supplemental payments increased at a higher rate than in the first half of the year, supported by 2.7% growth in commercial volume excluding exchanges, solid rate growth across payer categories, and continued improvement at Parallon in collecting net revenues and yielding contracts.
- Positive Third-Quarter Earnings PerformanceImproved cost results, higher insured revenue per admission, and a $50 million incremental net benefit from Medicaid supplemental payment programs contributed to solid financial performance that slightly exceeded expectations. Adjusted diluted earnings per share increased almost 4%, and management described third-quarter core growth as approximately 10%.
- Medicaid Supplemental Payment BenefitThe company recognized approximately $50 million of incremental net benefit from Medicaid supplemental payment programs in the third quarter, primarily related to a recently approved Virginia program. Full-year 2026 incremental net benefits are now expected to be between $600 million and $800 million, with the increase driven equally by the grandfathered Virginia application and one-time payments from other programs.
- Strong Cost PerformanceSame-facility cost per equivalent admission, excluding Medicaid supplemental payment programs, was essentially flat versus the prior-year quarter and improved 40 basis points sequentially, despite the typical seasonal increase from the second to the third quarter. Management attributed the result to operating discipline, resiliency efforts, and operating leverage from volume growth.
- 2026 Guidance Reaffirmed at the Upper HalfManagement reaffirmed its estimated 2026 guidance ranges and currently expects to be in the upper half of those ranges, supported by third-quarter volume strength, expected normal seasonal improvement in net revenue per unit, and continued resiliency-plan performance.
- Strong Cash Flow and Capital PositionThird-quarter cash flow from operations was approximately $4.5 billion. Capital expenditures totaled approximately $1.36 billion, the company repurchased approximately $3 billion of outstanding shares, and paid $165 million in dividends. Debt-to-adjusted-EBITDA leverage remained in the lower half of the company's stated target range, and management said the balance sheet remained strong and well positioned.
- Ongoing Resiliency Program and Digital TransformationManagement described resiliency as an ongoing strategic program covering revenue integrity, asset optimization and patient flow, variable costs, and fixed costs. The company is expanding digital transformation, shared-service platforms, benchmarking tools, advanced analytics, and Parallon's administrative functions, with management expecting additional value from these efforts in 2027 and beyond.
- Expected 2027 Volume GrowthPreliminary 2027 volume growth is forecast at 2% to 3%, consistent with the company's long-term thinking. Management cited population growth, aging baby boomers, chronic conditions, new technology, incremental market share gains, ambulatory-network expansion, patient coordination, hospital capacity additions, and physician engagement as contributors to demand.
- Expanded Ambulatory and Hospital CapacityHCA's ambulatory platform has grown to almost 3,000 units through urgent care, ambulatory surgery centers, and other outpatient facilities. The company is continuing to add hospital beds and other capacity, while inpatient occupancy was described as running at an all-time high, pushing 75%.
- Diversified Service Portfolio and Market PositionManagement said growth in neonatal, cardiac, trauma, EMS, and other services is compensating for some surgical weakness. HCA operates across roughly 43 U.S. markets and has intentionally optimized its portfolio over the past 7 to 8 years, allowing it to focus capital, talent, and resources on markets it believes have significant growth prospects.
- Potential Benefit from Proposed 340B RuleManagement said the proposed Medicare OPPS rule's budget-neutral reallocation of 340B would benefit HCA and described the proposed rule as a positive factor for 2027, although the company has not publicly sized the potential benefit.
- Progress with Major PayersManagement said HCA is deep into 2027 contracting and making progress on 2028 contracts as they mature. The company and major payers are working to reduce administrative friction and complexity and create more cost-effective solutions for patients, providers, and beneficiaries.
IT:1HCA Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Feb 02, 2027 | 2026 (Q4) | 7.32- | 7.17 | ― | ― |
| Oct 27, 2026 | 2026 (Q3) | 5.966.46 | 6.23 | 3.74% (+0.23) | |
| Jul 24, 2026 | 2026 (Q2) | 6.776.80 | 6.12 | 10.96% (+0.67) | |
| Apr 24, 2026 | 2026 (Q1) | 6.386.40 | 5.78 | 10.85% (+0.63) | |
| Jan 27, 2026 | 2025 (Q4) | 6.687.17 | 5.57 | 28.78% (+1.60) | |
| Oct 24, 2025 | 2025 (Q3) | 5.196.23 | 4.39 | 42.04% (+1.84) | |
| Jul 25, 2025 | 2025 (Q2) | 5.646.12 | 4.92 | 24.36% (+1.20) | |
| Apr 25, 2025 | 2025 (Q1) | 5.155.78 | 4.8 | 20.34% (+0.98) | |
| Jan 24, 2025 | 2024 (Q4) | 5.495.57 | 5.28 | 5.42% (+0.29) | |
| Oct 25, 2024 | 2024 (Q3) | 4.444.39 | 3.5 | 25.32% (+0.89) |
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
