EarningsQ2 2026 Earnings Report
MX:HCA Q2 2026 EPS Results
Actual EPS$129.10
Consensus EPS$128.62
Beat/MissBeat by +$0.48
One Year Ago EPS$116.34
MX:HCA Q2 2026 Revenue Results
Actual Revenue$344.09B
Expected Revenue$336.05B
Beat/MissBeat by +$8.05B
YoY Revenue Growth+8.73%
Earnings Announcement Details
QuarterQ2 2026
Date07/24/2026
TimeBefore Open
Conference CallFriday, July 24, 2026
MX:HCA Upcoming Earnings
HCA Healthcare's next earnings date is estimated for October 23, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MX:HCA Q2 2026 Earnings Call
0:00 / 0:00
Q2 2026 Earnings Slide Deck
No slide deck is available for this earnings event.
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Neutral
The call presented a mixed picture: operational demand and underlying profitability showed resilience (11% EPS growth, volume increases outside the exchanges, meaningful Medicaid supplemental payments, ongoing capital deployment and share repurchases). However, a large, concentrated payer-mix shock from the expiration of enhanced premium tax credits (exchange enrollment down ~15% and near 1-for-1 migration to uninsured) created a significant adjusted EBITDA headwind (~$400M in Q2 and an estimated $1.0B–$1.2B full-year impact), contributed to lower cash flow this quarter, and pressured elective surgical volumes. Management has responded by updating guidance (now aligned with long-term adjusted EBITDA growth of 4%–6%), advancing cost resiliency programs, and preserving capital allocation priorities. Overall, positives (profitability, cost discipline, supplemental payment benefits, and network expansion) are balanced against material policy-driven revenue and payer-mix challenges.Company Guidance
Earnings Per Share Growth
Diluted EPS grew 11% in the quarter and 11% year-to-date, reflecting underlying profitability despite headwinds.
Volume and Demand Strength (Excluding Exchanges)
Same-facility admissions increased 2.5% and equivalent admissions increased 2.7% in Q2. Insured volumes excluding exchanges rose 3.2% in Q2 and 2.2% year-to-date. ER visits increased 3.6% and emergency inpatient surgeries (≈2/3 of inpatient cases) were up ~2% year-over-year.
Medicaid Supplemental Payment Benefit
The company recognized $400 million of incremental net benefit from Medicaid supplemental payment programs in Q2, including a $540 million incremental net benefit tied to the recently approved Florida program (period 10/1/2024–6/30/2026). Guidance assumes a $300M–$500M net benefit from these programs for the year.
Capital Investment and Shareholder Returns
Approved more than $7 billion in capital expenditures over the next 3 years to expand capacity and outpatient sites; maintained 2026 CapEx range of $5B–$5.5B. Q2 CapEx was $1.2B. The company repurchased $2.1B of shares in the quarter and paid $171M in dividends.
Resiliency Program & Cost Discipline
Financial resiliency initiatives produced favorable cost trends: same-facility cost per equivalent admission was essentially flat year-over-year when accounting for Medicaid supplemental payments and improved 1.4% sequentially. Management expects additional savings from digital transformation, shared services and workforce programs.
Network Growth and Outpatient Expansion
Added ~5% more sites of care year-over-year in Q2 (roughly +250 sites) and has a pipeline of another ~250–300 outpatient facilities. Historical inpatient capacity increased (company cited growth from ~37k to ~42k beds) with occupancy rising from ~71% to ~75% over time.
Revised Full-Year Financial Guidance
2026 guidance: revenue $77.0B–$79.5B; adjusted EBITDA $15.4B–$16.1B; net income $6.3B–$6.7B; diluted EPS $28.70–$30.50. Management notes this aligns more closely with the long-term adjusted EBITDA growth target of 4%–6%.
MX:HCA Earnings History
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.
Beat
Missed