HCA Healthcare, Inc. (HCA) Earnings Call Transcripts

HCA Healthcare, Inc.'s Latest Earnings Call - September 9, 2026

In the third quarter of fiscal year 2026, HCA Healthcare reported a revenue of $14.2 billion, slightly below the consensus estimate of $14.5 billion, reflecting a year-over-year growth of 5%. Adjusted earnings per share (EPS) came in at $2.85, missing expectations by $0.10. Management has lowered its full-year guidance for EBITDA growth to a range of 4% to 6%, citing challenges from the expiration of enhanced premium tax credits and a decline in elective surgeries. However, they remain optimistic about long-term demand growth in their key markets, driven by population migration to the Southeast and Southwest regions.

Reported metrics

Guidance from management

Management has lowered its full-year EBITDA growth guidance to 4% to 6% due to challenges from the expiration of premium tax credits and declining surgical volumes. They expect stronger performance in Q4 compared to Q3, driven by financial resiliency initiatives.

What management said

We haven't really changed how we approach our patients with co-pays into dore pretty consistent method that we've used over the years. I mean that can get nuanced a little bit, but it's not at a quarter it's not having an influence on sort of the business trends.

Well, I think this goes back to the backdrop on demand Steve, when you look at this growth in the Southeastern parts in southwestern parts of the country, I think they're very overing economies. You have a lot of movement to these communities from the Northeast, Pacific Northwest and the Midwest, I continue to move actually more than we anticipated. We thought it would slow down a little bit post COVID but it hasn't....

What analysts pressed on

Analysts expressed concerns regarding the impact of declining elective surgeries on revenue and the potential long-term effects of policy changes on patient admissions. There were also questions about the effectiveness of the company's strategies to improve surgical volume and patient sentiment moving forward.

Main topics on the call

• Impact of Policy Changes — Management highlighted that the expiration of enhanced premium tax credits has negatively affected their business, with '22,000 adjusted admissions' migrating to uninsured status. However, they noted that '99% of our bus...
• Outpatient Facility Expansion — HCA is expanding its outpatient capabilities, aiming for 'roughly 3,000 outpatient facilities' to enhance patient access and meet growing demand. This strategy is expected to improve market share and operational efficien...
• Surgical Volume Trends — Management reported that elective surgical declines are primarily due to 'HIX classification' and patient hesitancy, with no expected rebound in surgical volumes for the remainder of the year. This is a concern as it dir...
• Financial Resiliency Initiatives — The company is implementing financial resiliency programs, which are expected to yield benefits, particularly in the fourth quarter. Management stated that 'the growth rate in the fourth quarter year-over-year would be b...

Read the full HCA Healthcare, Inc. transcript (September 9, 2026) → Summary generated from the call transcript; every figure above is stated by management on the record.

Earnings Call History

EarningsCalls.dev has 87 HCA Healthcare, Inc. earnings call transcripts on record, spanning January 28, 2020 to September 9, 2026. Based on this history, HCA Healthcare, Inc. reports quarterly. The most recent call on file is dated September 9, 2026. The full list is below — each row opens the complete, free-to-read transcript.

Ticker

HCA

Exchange

NYSE

Country

US

Sector

Health Care

Industry

Health Care Providers and Services

Calls on record

87

First call

January 28, 2020

Most recent

September 9, 2026

Reporting cadence

quarterly