# HCA Healthcare (HCA) - Recent Events ## Filings that contain financial statements HCA is a domestic filer. The earnings press releases furnished as Exhibit 99.1 to Form 8-K carry condensed income statements, balance sheet and cash flow tables, plus non-GAAP reconciliations: - Form 8-K filed October 27, 2026, accession 0001193125-26-432665: third quarter and nine months ended September 30, 2026. - Form 8-K filed July 24, 2026, accession 0001193125-26-315151: second quarter and six months ended June 30, 2026. - Form 8-K filed July 14, 2026, accession 0001193125-26-302539: preliminary second quarter 2026 results and revised guidance (summary figures and an Adjusted EBITDA reconciliation, not full statements). - Form 8-K filed April 24, 2026, accession 0001193125-26-174933: first quarter ended March 31, 2026. - Form 8-K filed January 27, 2026, accession 0001193125-26-023323: fourth quarter and year ended December 31, 2025. ## Earnings and guidance **2026 guidance path.** - January 27, 2026 (0001193125-26-023323): initial 2026 guidance of revenues $76.500 to $80.000 billion, net income attributable to HCA $6.495 to $7.035 billion, Adjusted EBITDA $15.550 to $16.450 billion and diluted EPS $29.10 to $31.50. Capital expenditures, excluding acquisitions, were guided to $5.0 to $5.5 billion. - April 24, 2026 (0001193125-26-174933): guidance reaffirmed. - July 14, 2026 (0001193125-26-302539): guidance cut, with the second-quarter preview. Revised ranges were revenues $77.000 to $79.500 billion, net income $6.300 to $6.700 billion, Adjusted EBITDA $15.400 to $16.100 billion and diluted EPS $28.70 to $30.50. The revenue range narrowed and moved up at the low end; the other three ranges were lowered. The estimated 2026 pre-tax drag from health insurance exchange payer mix shifts widened from $600 to $900 million to $1.000 to $1.200 billion. The estimated net benefit from Medicaid supplemental payment programs moved from a $50 to $250 million headwind to a $300 to $500 million benefit. The capital expenditure estimate was unchanged. - October 27, 2026 (0001193125-26-432665): the company said it now expects full-year operating results in the upper half of the ranges issued July 14, 2026. **Third quarter 2026 (reported October 27, 2026; 0001193125-26-432665).** - Revenues rose 3.6 percent to $19.849 billion. - Net income attributable to HCA fell 3.9 percent to $1.579 billion. - Diluted EPS rose 4.5 percent to $7.27 ($7.22 as adjusted). - Adjusted EBITDA rose 1.2 percent to $3.918 billion. - Operating cash flow was $4.461 billion, against $4.416 billion a year earlier. - Same facility admissions rose 2.7 percent and equivalent admissions 3.0 percent. - The company said a payer mix shift toward uninsured volume, mainly patients who lost exchange coverage, reduced pre-tax income by about $400 million in the quarter. - Nine-month revenues were $59.188 billion and net income attributable to HCA $4.898 billion ($22.05 per diluted share). - At September 30, 2026: cash $908 million, total debt $50.493 billion, total assets $63.452 billion. - In the quarter HCA repurchased 7.230 million shares for $2.970 billion; $4.240 billion remained under authorization. **Second quarter 2026 (previewed July 14 and reported July 24, 2026; 0001193125-26-302539, 0001193125-26-315151).** - Revenues rose 8.7 percent to $20.230 billion. - Net income attributable to HCA rose 2.8 percent to $1.699 billion. - Diluted EPS was $7.62. - Adjusted EBITDA was $4.027 billion. - Operating cash flow was $2.335 billion, against $4.210 billion a year earlier. - The quarter included about $400 million of incremental net benefit from Medicaid supplemental payment programs, mainly the Florida state directed payment program, which Medicare and Medicaid regulators approved during the quarter and which covers October 1, 2024 through June 30, 2026. An exchange payer mix shift offset it with an unfavorable pre-tax effect of about $400 million, which included roughly $75 million of upward revision to the first-quarter estimate. **First quarter 2026 (reported April 24, 2026; 0001193125-26-174933).** - Revenues rose 4.3 percent to $19.109 billion. - Net income attributable to HCA was $1.620 billion. - Diluted EPS was $7.15. - Adjusted EBITDA was $3.802 billion. - Operating cash flow was $2.014 billion. - Respiratory-related admissions were down 42 percent. The company said Medicaid supplemental programs not in initial guidance mostly offset the volume shortfall. - HCA repurchased 3.157 million shares for $1.571 billion. **Fourth quarter and full year 2025 (reported January 27, 2026; 0001193125-26-023323).** - Fourth-quarter revenues rose 6.7 percent to $19.513 billion. - Net income attributable to HCA rose 30.6 percent to $1.878 billion. - Diluted EPS was $8.14. - Adjusted EBITDA was $4.114 billion. ## Capital actions - **Share repurchase authorization.** January 27, 2026 (0001193125-26-023323): the board authorized an additional repurchase program of up to $10 billion. - **Dividend.** The quarterly dividend was $0.78 per share in each declaration this year: January 27 (paid March 31), April 24 (paid June 30), July 24 (paid September 30) and October 26, 2026 (announced October 27, 2026; payable December 29, 2026 to holders of record December 15). The January, April and July dates are the dates of the earnings-release announcements. Accessions 0001193125-26-023323, 0001193125-26-174933, 0001193125-26-315151, 0001193125-26-432665. The prior-year declarations in July and October 2025 were $0.72 per share. - **Senior notes, April 2026.** April 27, 2026 (0001193125-26-182265): HCA Inc., a wholly owned subsidiary, launched a senior notes offering and gave notice to redeem all $1.500 billion of 5.250% notes due June 2026 and all $1.000 billion of 5.375% notes due September 2026, conditioned on receiving offering proceeds. On April 30, 2026 (0001193125-26-197278) it completed the sale of $3.000 billion of senior notes: $1.000 billion of 4.700% notes due 2031, $750 million of 5.000% notes due 2033 and $1.250 billion of 5.300% notes due 2036, guaranteed by HCA Healthcare, Inc. The September 2026 10-Q states the proceeds repaid commercial paper and went to general corporate purposes, and that both series of 2026 notes were redeemed in May 2026. - **Commercial paper program.** July 29, 2026 (0001193125-26-323731): HCA Inc. increased its commercial paper program capacity from $4.0 billion to $8.0 billion outstanding at any time. - **Prior-year senior notes.** October 31, 2025 (0001193125-25-260809): HCA Inc. completed $3.250 billion of senior notes (4.300% due 2030, 4.600% due 2032, 4.900% due 2035, 5.700% due 2055), after an October 27, 2025 notice to redeem $1.500 billion of 5.875% notes due 2026 (0001193125-25-251612). ## Management and governance - **Chief Clinical Officer transition.** June 18, 2026 (0001193125-26-275086): the company reported that Dr. Michael Cuffe and HCA agreed on June 15 that he will step down as Executive Vice President and Chief Clinical Officer effective August 31, 2026, then continue in a transitional role until February 2027. - **Board.** February 25, 2026 (0001193125-26-071880): Robert J. Dennis informed the company he would not stand for re-election and would retire from the board effective at the April 23, 2026 annual meeting. The same filing adopted the 2026 Executive Officer Performance Excellence Program (80 percent EBITDA targets, 20 percent quality metrics; cash-settled). - **Annual meeting.** April 28, 2026 (0001193125-26-187155): all nine nominees were elected at the April 23, 2026 meeting, and Ernst & Young LLP was ratified as auditor for 2026. ## M&A and portfolio No signed or pending acquisition or divestiture appears in the 8-Ks reviewed. The September 2026 Form 10-Q (accession 0001193125-26-437871, Note 2) reports completed activity in the nine months ended September 30, 2026: $942 million paid to acquire nonhospital health care entities, and proceeds of $26 million from the sale of a hospital facility in Virginia and $81 million from sales of real estate and other investments, with pretax gains of $22 million.