HCA Healthcare Reports 4.3% Revenue Growth to $19.109 Billion in Q1 2026

HCA Healthcare, Inc. reported a revenue increase of 4.3% for the first quarter of 2026, reaching $19.109 billion compared to $18.321 billion in the same period of 2025. The company's net income attributable to HCA Healthcare rose slightly to $1.620 billion, or $7.15 per diluted share, from $1.610 billion, or $6.45 per diluted share, in the prior year. The diluted shares used in the earnings calculation decreased to 226.652 million from 249.440 million, reflecting ongoing share repurchase activities. The increase in revenue was primarily driven by a 1.1% rise in equivalent admissions and a 3.1% increase in revenue per equivalent admission.

In terms of operational metrics, HCA Healthcare experienced a 0.7% increase in consolidated admissions and a 0.9% increase in same facility admissions year-over-year. However, inpatient surgical volumes saw a slight decline of 0.4%, while outpatient surgical volumes decreased by 2.7%. The company noted that these trends were influenced by a reduction in seasonal respiratory-related activity and adverse weather conditions impacting certain markets. Notably, uninsured admissions surged by 15.6%, attributed to the expiration of enhanced premium tax credits and administrative reforms affecting insurance coverage.

HCA Healthcare's expenses also reflected changes, with salaries and benefits totaling $8.283 billion, representing 43.3% of revenues, a slight decrease from 43.6% in the previous year. Other operating expenses increased to $4.180 billion, or 21.9% of revenues, driven by higher professional fees and technology investments. The company reported a rise in depreciation and amortization costs to $930 million, up from $860 million, primarily due to capital expenditures at existing facilities. Interest expenses also increased to $584 million from $547 million, reflecting a higher average debt balance.

Strategically, HCA Healthcare made significant investments, acquiring non-hospital healthcare entities for $265 million during the quarter. The company also reported cash flows from operating activities of $2.014 billion, an increase from $1.651 billion in the prior year, largely due to positive changes in working capital. Looking ahead, HCA Healthcare anticipates capital expenditures between $5.0 billion and $5.5 billion for 2026, with ongoing projects expected to require an additional $8.8 billion over the next five years. The company remains focused on managing its debt, which totaled $48.023 billion as of March 31, 2026, and is actively monitoring market conditions and regulatory changes that could impact its operations and financial performance.