HCA Healthcare, Inc. (NYSE: HCA) reported its financial results for the year ended December 31, 2025, showcasing a net income attributable to HCA Healthcare, Inc. of $6.784 billion, or $28.33 per diluted share, compared to $5.760 billion, or $22.00 per diluted share, for the previous year. The 2025 results include gains on sales of facilities of $37 million, or $0.12 per diluted share, while the 2024 results include gains of $14 million, or $0.04 per diluted share, and additional expenses and losses of revenues estimated at approximately $250 million, or $0.73 per diluted share, related to Hurricanes Helene and Milton. The company's provisions for income taxes for 2025 and 2024 include tax benefits of $61 million, or $0.25 per diluted share, and $102 million, or $0.39 per diluted share, respectively, related to employee equity award settlements.
The company's revenues increased by 7.1% to $75.600 billion in 2025, up from $70.603 billion in 2024. This growth was primarily driven by a 2.9% increase in equivalent admissions and a 4.0% increase in revenue per equivalent admission. On a same-facility basis, revenues increased by 6.6%, reflecting a 2.4% increase in equivalent admissions and a 4.1% increase in revenue per equivalent admission. Revenues from Medicaid state directed and supplemental payment programs totaled approximately $6.2 billion and $5.5 billion in 2025 and 2024, respectively.
Key operational metrics also showed positive trends. Consolidated admissions increased by 2.7%, while same-facility admissions rose by 2.3%. Inpatient surgical volumes increased by 0.9% on a consolidated basis and 0.4% on a same-facility basis. Emergency room visits increased by 1.6% on a consolidated basis and 1.8% on a same-facility basis. However, outpatient surgical volumes declined 0.2% on a consolidated basis and 0.5% on a same-facility basis. The estimated cost of total uncompensated care increased by $239 million for 2025, compared to 2024.
Looking ahead, HCA Healthcare anticipates that revenues from SDP arrangements will decline in 2026 compared to 2025, excluding the expected impact of any additional approvals. The company also expects certain administrative reforms relating to the Exchanges and the expiration of the enhanced premium tax credits at the end of 2025 to adversely affect its results of operations in 2026, offset in part by its ongoing resiliency efforts. The company plans to continue investing in digital, data, and artificial intelligence capabilities to improve clinical quality, enhance the experience of patients and colleagues, and drive operational efficiency at scale. Planned capital expenditures are expected to approximate between $5.0 billion and $5.5 billion in 2026.
About HCA Healthcare, Inc.
HCA Healthcare, Inc. is a leading U.S. health care services company operating hospitals, outpatient centers, and behavioral facilities. It provides comprehensive medical, surgical, mental health, and outpatient services across multiple states and England. The company focuses on delivering high-quality, cost-effective care, leveraging extensive networks, operational excellence, and strategic growth in inpatient, outpatient, and specialty care markets.
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