The earnings call presented a generally positive outlook with strong financial performance, improved margins, and successful capital allocation. However, there are challenges related to Medicaid volume, potential federal policy impacts, and specific market underperformance that need to be addressed.

Company Guidance -

Q3 2025

During the HCA Healthcare Second Quarter 2025 Earnings Call, the company reported a strong financial performance, with a 24% increase in diluted earnings per share adjusted to $6.84 and revenue growth of 6.4%, driven by increased demand, improved payer mix, and steady patient acuity levels. The operating environment remained stable, leading to enhanced margins. Consequently, the guidance for 2025 was raised, with expected revenues between $74 billion and $76 billion, net income ranging from $6.11 billion to $6.48 billion, and adjusted EBITDA anticipated between $14.7 billion and $15.3 billion. The guidance for equivalent admissions growth was updated to 2-3% for the year. Additionally, capital spending was projected at approximately $5 billion. The company also acknowledged potential challenges due to recent federal policy changes but expressed confidence in managing these impacts through financial resiliency programs and strategic initiatives.

Strong Earnings and Revenue Growth

HCA Healthcare reported a 24% increase in diluted earnings per share to $6.84 and a revenue growth of 6.4%, driven by increased demand, improved payer mix, and stable patient acuity.

Improved Operating Margins

Adjusted EBITDA margin improved by 30 basis points compared to the prior year quarter, with salary and benefits, along with other operating expenses, both improving as a percentage of revenue.

Positive Guidance Update

HCA raised its guidance for 2025, expecting revenues between $74 billion and $76 billion, and net income between $6.11 billion and $6.48 billion.

Successful Capital Allocation

The company reported $4.2 billion in cash flow from operations and allocated $1.2 billion to capital expenditures, $2.5 billion to share repurchases, and $171 million to dividends.

Resiliency Program Development

HCA is actively developing resiliency programs to offset potential adverse impacts from policy changes, focusing on benchmarking, automation, and digital transformation.

HCA Healthcare (HCA) Earnings, Revenues Date & History

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HCA Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Oct 17, 2025	2025 (Q3)	5.65 / -	4.9	―	―	―
Jul 25, 2025	2025 (Q2)	6.29 / 6.84	5.5	24.36% (+1.34)	―
Apr 25, 2025	2025 (Q1)	5.75 / 6.45	5.36	20.34% (+1.09)	―
Jan 24, 2025	2024 (Q4)	6.13 / 6.22	5.9	5.42% (+0.32)	―
Oct 25, 2024	2024 (Q3)	4.96 / 4.90	3.91	25.32% (+0.99)	―
Jul 23, 2024	2024 (Q2)	4.93 / 5.50	4.29	28.21% (+1.21)	―
Apr 26, 2024	2024 (Q1)	5.06 / 5.36	4.93	8.72% (+0.43)	―
Jan 30, 2024	2023 (Q4)	5.05 / 5.90	4.64	27.16% (+1.26)	―
Oct 24, 2023	2023 (Q3)	3.98 / 3.91	3.93	-0.51% (-0.02)	―
Jul 27, 2023	2023 (Q2)	4.25 / 4.29	4.21	1.90% (+0.08)	―

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

HCA Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Jul 25, 2025	$341.48	$334.32	-2.10%
Apr 25, 2025	$340.75	$327.28	-3.95%
Jan 24, 2025	$324.00	$311.76	-3.78%
Oct 25, 2024	$396.39	$361.26	-8.86%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.