$HCA · HCA Healthcare, Inc.
HCA Healthcare filed its 10-Q for the quarter ended September 30, 2026. Revenue rose 3.6% YoY to $19.849B. Diluted EPS was $7.27, up from $6.96 a year ago, driven by aggressive share repurchases that reduced diluted shares by 19M. Net income attributable to HCA declined 3.9% to $1.579B as other operating expenses jumped 9.3%.
- Q3 2026 revenue of $19.849B, up 3.6% YoY from $19.161B in Q3 2025.
- Q3 diluted EPS of $7.27 vs $6.96 in prior-year quarter; net income attributable to HCA fell 3.9% to $1.579B.
- Nine-month operating cash flow dropped to $8.81B from $10.28B, driven by $635M accounts receivable increase vs $345M decrease last year.
- Share count fell sharply: diluted shares 217.2M vs 236.2M a year ago, reflecting aggressive buybacks ($6.6B YTD).
- Other operating expenses rose to $4.548B from $4.161B, compressing margins; same-facility revenue per equivalent admission up only 0.6%.
Markets closed — no regular-session reaction yet; extended-hours move not captured here. The $103.5B market cap stock closed at $478.08 (+3.21% today) before the 10-Q filing.
HCA's EPS growth is entirely buyback-driven — net income actually contracted — while operating cash flow fell 14% YoY, raising questions about the quality of earnings at the largest U.S. hospital operator.
HCA's 3.6% revenue growth and margin pressure from rising operating expenses mirrors broader hospital-sector trends of labor and supply cost inflation. The aggressive buyback pace ($6.6B YTD) stands out among peers and is the primary driver of EPS growth despite flat net income.
Other operating expenses surged 9.3% YoY to $4.548B in Q3, outpacing revenue growth and compressing margins. Nine-month operating cash flow declined $1.47B YoY, with accounts receivable consuming $635M vs a $345M source last year — a $980M swing that warrants monitoring.