HCA Healthcare, Inc. (HCA) Earnings Call Transcripts
HCA Healthcare, Inc.'s Latest Earnings Call - Q3 FY2026
In the third quarter of 2026, HCA Healthcare, Inc. reported solid financial performance, with revenue growth driven by a 3% increase in adjusted admissions on a same-facility basis. The company achieved diluted earnings per share (EPS) growth of nearly 4%, slightly exceeding management's expectations. Looking ahead, management anticipates earnings for 2027 to be generally consistent with 2026, with volume growth projected at 2% to 3%, although they expect a reduction in Medicaid Supplemental Payment benefits by approximately $550 million to $650 million due to policy changes.
Reported metrics
| Metric | Value |
|---|---|
| Adjusted Admissions Growth | 3% |
| Uninsured Volume Growth | 10.5% (negative) |
| Medicaid Supplemental Payment Benefit | $50 million |
| Capital Expenditures | $1.36 billion |
| Cash Flow from Operations | $4.5 billion |
Guidance from management
Management anticipates earnings in 2027 will be generally consistent with 2026, with volume growth forecasted at 2% to 3%. They noted that they will provide more detailed guidance in January.
What management said
So the ASC surgery volumes were down 5.4% on Surgery. Overall case volumes were down about 3.7%. The primary pressure is related to the exchanges in our ASC book, very similar to the hospital side. I would note, however, that even in light of the volume softness there that our overall net revenue and earnings did show some growth to prior year. The hospital-based outpatient surgeries were down 2.9%.
I think it's important to understand the construct of our ASC platform. And that informs at some level for us, the macro forces that are out there with elective care at this particular juncture. And so when you sort through what's going on, yes, there are certain issues in some centers that we have, but at sort of an aggregated level, it informs a little bit of our macro thinking around some of those forces that are ...
What analysts pressed on
Analysts expressed concerns about the impact of payer mix shifts on future earnings and the potential headwinds from Medicaid Supplemental Payment changes. There were questions regarding the sustainability of volume growth and the implications of ongoing policy changes on profitability.
Main topics on the call
- Revenue Growth Acceleration — HCA experienced a 3% increase in adjusted admissions on a same-facility basis, marking the 22nd consecutive quarter of volume growth. Management stated, "demand for our services continued to grow at a solid rate," indica...
- Medicaid Supplemental Payment Impact — The company recognized a net benefit of $50 million from Medicaid Supplemental Payment Programs in Q3, but expects a decrease of $550 million to $650 million in 2027 due to policy changes. This was highlighted by managem...
- Cost Management and Resiliency Program — HCA reported strong cost management, with same-facility cost per equivalent admission remaining flat year-over-year. Management noted, "we were pleased with our cost results in the quarter," attributing this to their ong...
- Payer Mix Challenges — The company faced pressure from a shift in payer mix, with uninsured volume growing significantly due to patients losing coverage. Management indicated that the unfavorable impact on adjusted EBITDA from this shift was a...
Read the full HCA Healthcare, Inc. transcript (Q3 FY2026) → Summary generated from the call transcript; every figure above is stated by management on the record.
About HCA Healthcare, Inc.
HCA Healthcare, Inc. (HCA) is a publicly listed company in the Health Care Providers and Services industry, within the Health Care sector. It trades on NYSE and is based in US. EarningsCalls.dev maintains a free, full-text archive of its earnings call transcripts — 89 calls on record spanning January 28, 2020 to October 27, 2026. Every transcript is split into speaker-by-speaker segments with headline metrics, free to read or available through our REST API.
Earnings Call History
EarningsCalls.dev has 89 HCA Healthcare, Inc. earnings call transcripts on record, spanning January 28, 2020 to October 27, 2026. Based on this history, HCA Healthcare, Inc. reports quarterly. The most recent call on file is dated October 27, 2026. The full list is below — each row opens the complete, free-to-read transcript.
- Ticker
- HCA
- Exchange
- NYSE
- Country
- US
- Sector
- Health Care
- Calls on record
- 89
- First call
- January 28, 2020
- Most recent
- October 27, 2026
- Reporting cadence
- quarterly