The earnings call highlighted strong EPS growth, revenue increases, and improved labor costs. However, there were concerns about Medicaid volume decline, challenges in specific markets, and potential adverse impacts from federal policies.

Company Guidance

During HCA Healthcare's second quarter 2025 earnings call, the company reported a strong financial performance, with a 24% increase in diluted earnings per share to $6.84 and a 6.4% revenue growth. The guidance for 2025 was updated, projecting revenues between $74 billion and $76 billion, net income ranging from $6.11 billion to $6.48 billion, and adjusted EBITDA between $14.7 billion and $15.3 billion. The company expects diluted earnings per share to range from $25.50 to $27, with capital spending around $5 billion. Equivalent admissions are projected to grow between 2% and 3% for the year. The call also highlighted the impact of the One Big Beautiful Bill Act, with expectations that Medicaid adverse impacts would be manageable due to grandfathering provisions and other factors. HCA's financial resiliency programs are anticipated to offset potential losses from changes in federal policies, including the expiration of enhanced premium tax credits.

Strong EPS Growth

Diluted earnings per share increased by 24% to $6.84, reflecting solid revenue growth driven by demand, improved payer mix, and patient acuity levels.

Revenue Growth

Revenue grew by 6.4%, slightly above the top end of the long-term guidance of 4% to 6%, driven by increased demand and improved payer mix.

Improved Labor Costs

Same-facility contract labor costs improved by 1% from the prior year, representing 4.3% of total labor costs in Q2 2025 versus 4.6% in Q2 2024.

Adjusted EBITDA Growth

Adjusted EBITDA grew by 8.4% over the prior year quarter, with a significant portion coming from core operations.

Approval of Tennessee Program

The new Tennessee directed payment program was approved, expected to provide benefits in the back half of 2025.

Capital Allocation and Strong Cash Flow

Cash flow from operations was $4.2 billion in the quarter, with $1.2 billion in capital expenditures, $2.5 billion in share repurchases, and $171 million in dividends.

Positive Impact from Tax Policy

The One Big Beautiful Bill Act made 100% bonus depreciation permanent, which is helpful for HCA's capital investment program.

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)	5.72 / -	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.