HCA · HCA Healthcare, Inc.

HCA Healthcare's first quarter 2026 results reflect a dynamic operating environment with revenue growth of 4.3% to $19.109 billion, driven by a 1.3% increase in same facility equivalent admissions and a 3.1% rise in same facility revenue per equivalent admission. However, the company experienced atypical seasonal volume trends due to a 42% decline in respiratory-related admissions and a 32% drop in respiratory-related ER visits compared to the prior year, along with a winter storm impact. These headwinds were mostly offset by recognition of certain Medicaid supplemental programs not included in initial guidance. Net income attributable to HCA rose 0.6% to $1.620 billion, while diluted EPS increased 10.9% to $7.15, benefiting from share repurchases. Adjusted EBITDA grew 1.9% to $3.802 billion, with margins slightly compressed as other operating expenses increased. Operating cash flow improved 22.0% to $2.014 billion, supporting $1.571 billion in share buybacks during the quarter. The company declared a quarterly dividend of $0.78 per share and reaffirmed its full-year 2026 guidance, reflecting confidence in its outlook despite uncertainties around trade policies, healthcare reforms, and volume normalization. Management highlighted the team's adaptability in a changing environment.