HCA Healthcare said its core business remained resilient despite the expiration of enhanced premium tax credits, which shifted roughly 22,000 adjusted admissions to uninsured status in the first half of 2026. The company reported 2.1 million adjusted admissions through June, and 99% of its operations performed as expected or better than in 2025.
Revenue for the last twelve months reached $78 billion, up 7.3% year‑over‑year, while EBITDA stood at $15.75 billion. Management reaffirmed a long‑term EBITDA growth range of 4% to 6%, with current performance at the high end of that band. Overall demand in HCA’s markets is projected to grow 2%‑3% annually.
Capital deployment remains robust. HCA plans $5.5 billion in network capital projects for 2026, up from about $5 billion in 2025, and intends to invest roughly $1 billion in outpatient facility acquisitions, bringing total reinvestment to about $6.5 billion. The company’s capital deployment rate has slipped to 40‑45% of operating cash flow from a historical 50%.
The outpatient platform now spans roughly 3,000 facilities. HCA’s education arm, the Galen College of Nursing, aims to operate 30 campuses by the end of 2027, serving close to 30,000 students.
On the policy front, CEO Sam Hazen described the loss of premium tax credits as “imminently manageable” and noted that about 60% of HCA’s Medicaid business is in non‑expansion states. He also highlighted the AI agenda, calling the clinical side the “holy grail” for artificial‑intelligence initiatives.
Financial metrics showed the stock trading at $402.02, down 0.74% on the day, with a year‑to‑date decline of 14% and a six‑month drop of 26%. InvestingPro rated HCA’s financial health at 3.12 out of 5 (“great”) and noted a free‑cash‑flow yield of 7%.
