HCA Q2 2026: revenue up 8.7%, EPS beat, but profit guidance cut
HCA's headline growth is real but flattered: revenue rose 8.7% to $20.230 billion, with $1.372 billion of Florida directed-payment catch-up baked in. Adjusted EPS of $7.59 inched past the $7.5425 consensus, helped by a shrinking share count. Management still cut full-year profit guidance, citing uninsured volume from lapsed exchange coverage. Read the quarter as volume-driven but payer-mix pressured: Neutral.
1 · Expected vs. Actual
Free preview belowGAAP diluted EPS rose 11.6% to $7.62, and adjusted EPS of $7.59 came in about five cents above the $7.5425 consensus. The diluted share count fell to 222.828 million from 241.911 million a year ago, so buybacks are carrying a meaningful slice of the per-share gain. Net income attributable to HCA rose only 2.8% to $1.699 billion, which is the honest growth rate here.
Revenue rose 8.7% to $20.230 billion from $18.605 billion, but $1.372 billion of that came from the Florida directed payment program, and roughly $980 million of it relates to periods before 2026. Same facility admissions grew 2.5% and same facility revenue per equivalent admission rose 6.4%, so there is genuine underlying growth — it is just smaller than the headline.
The revenue range was merely narrowed, to $77.000 billion to $79.500 billion, but every profit line was cut: net income to $6.300–$6.700 billion from $6.495–$7.035 billion, EPS to $28.70–$30.50 from $29.10–$31.50, and Adjusted EBITDA to $15.400–$16.100 billion from $15.550–$16.450 billion. With first-half EPS at $14.77, the new midpoint of $29.60 implies roughly $14.83 in the second half — no second-half acceleration at all.
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Figures on this page come from the company's original SEC filings. The analysis is generated automatically and checked against validation rules, but may still contain errors or omissions. Not investment advice. · Generated 2026-09-17
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