HCA Healthcare stock: Q3 revenue rises despite payer hit

HCA Healthcare reported third-quarter results on Tuesday, October 27, 2026, with stronger patient demand offset by pressure from uninsured volumes. A Business Wire release carried by Morningstar said revenue rose 3.6 percent year over year to 19.849 billion US dollars in the quarter ended September 30.

Net income attributable to HCA Healthcare fell 3.9 percent to 1.579 billion US dollars. Diluted earnings per share increased to 7.27 US dollars from 6.96 US dollars in the prior-year quarter, while adjusted diluted earnings per share rose to 7.22 US dollars. The adjusted figures exclude gains or losses on facility sales and other specified items, so they should be read alongside the reported earnings result.

Patient demand remained resilient

Same-facility admissions increased 2.7 percent, and same-facility equivalent admissions rose 3.0 percent. Emergency-room visits advanced 5.1 percent on the same basis, indicating continued demand for acute care. Surgical activity was weaker: same-facility inpatient surgeries declined 1.4 percent and outpatient surgeries fell 3.7 percent.

HCA said same-facility revenue per equivalent admission increased 0.6 percent. Adjusted EBITDA reached 3.918 billion US dollars, up 1.2 percent from the year-earlier period. Operating cash flow was 4.461 billion US dollars, compared with 4.416 billion US dollars in the third quarter of 2025.

Insurance mix weighs on profitability

The main earnings constraint was a shift in payer mix toward uninsured patients, primarily people who lost coverage through health insurance exchanges. HCA estimated that the shift reduced income before income taxes by approximately 400 million US dollars during the quarter.

Chief Executive Officer Sam Hazen said the company continued to benefit from its scale, critical role in local communities and disciplined operating culture. Management also pointed to faster growth in equivalent admissions, improved cost results and a modestly higher net benefit from Medicaid supplemental payment programs.

Guidance remains in the upper range

HCA now expects full-year operating results to land in the upper half of the guidance ranges issued on July 14. Those ranges call for 2026 revenue of 77.0 billion to 79.5 billion US dollars, net income attributable to HCA Healthcare of 6.3 billion to 6.7 billion US dollars and adjusted EBITDA of 15.4 billion to 16.1 billion US dollars.

The board also declared a quarterly dividend of 0.78 US dollars per share. The payment is scheduled for December 29, 2026, to shareholders of record at the close of business on December 15, 2026. HCA repurchased 7.230 million shares during the quarter at a cost of 2.970 billion US dollars, leaving 4.240 billion US dollars under its repurchase authorization at September 30.

HCA Healthcare stock traded at 428.95 euros on Lang & Schwarz at 11:18 CET on Friday, October 30, 2026. Investors can follow the real-time quote of HCA Healthcare stock.

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