HCA Healthcare, Inc. Q4 FY2023 results: revenue $17.3 billion, up 11.7% on the year

HCA Healthcare, Inc. (HCA) reported revenue of $17.3 billion for Q4 FY2023, the quarter ended 31 December 2023, up 11.7% on the same quarter a year earlier. Net income was $1.6 billion, down 22.8% on the year, and diluted earnings per share $5.92. The figures are the company's own, from the 10-K it filed with the SEC on 16 February 2024.

Revenue$17.3 billionup 11.7%

Net income$1.6 billiondown 22.8%

Diluted EPS$5.92

QuarterQ4 FY2023ended 31 December 2023

The quarter, against the one before and a year earlier

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Revenue	17,303	16,213	n/a	n/a
Operating income	2,345	1,630	n/a	n/a
Operating margin	13.6%	10.1%	n/a
Interest expense	491	483	n/a	n/a
Pre-tax income	2,345	1,630	n/a	n/a
Income tax	484	355	n/a	n/a
Effective tax rate	20.6%	21.8%	n/a
Net income	1,607	1,079	n/a	n/a
Net margin	9.3%	6.7%	n/a
Diluted EPS	$5.92	$3.91	n/a	n/a

$ million except per share. Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Operating cash flow	2,674	2,479	n/a	n/a
Capital expenditure	1,159	1,147	n/a	n/a
Free cash flow	1,515	1,332	n/a	n/a
Free cash flow margin	8.8%	8.2%	n/a
Depreciation and amortisation	789	769	n/a	n/a
Share-based compensation	57.0	72.0	n/a	n/a
Buybacks	910	1,140	n/a	n/a
Dividends paid	160	162	n/a	n/a
Dividend per share	$0.60	$0.60	n/a	n/a
Diluted shares, weighted	276m	275m	n/a	n/a
Shares outstanding at period end	266m	269m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Total assets	56,211	54,589	n/a	n/a
Cash and equivalents	935	891	n/a	n/a
Receivables	9,958	9,182	n/a	n/a
Inventory	2,021	2,030	n/a	n/a
Long-term debt	39,593	39,346	n/a	n/a
Borrowings, as the company tags them	39,926	39,687	n/a	n/a
Operating lease liabilities	1,903	1,776	n/a	n/a
Finance lease liabilities	541	n/a	n/a	n/a
Shareholders' equity	-1,774	-2,477	n/a	n/a

Quarterly results, the last 12 quarters

	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026
Revenue	15,861	16,213	17,303	17,339	17,492	17,487	18,285	18,321	18,605	19,161	19,513	19,109
Operating income	1,809	1,630	2,345	2,247	2,237	1,906	2,133	2,327	2,415	2,418	2,672	2,287
Operating margin	11%	10%	14%	13%	13%	11%	12%	13%	13%	13%	14%	12%
Interest expense	485	483	491	512	506	515	528	547	568	561	572	584
Pre-tax income	1,809	1,630	2,345	2,247	2,237	1,906	2,133	2,327	2,415	2,418	2,672	2,287
Tax rate	22%	22%	21%	20%	25%	22%	21%	22%	22%	21%	19%	19%
Net income	1,193	1,079	1,607	1,591	1,461	1,270	1,438	1,610	1,653	1,643	1,878	1,620
Net margin	8%	7%	9%	9%	8%	7%	8%	9%	9%	9%	10%	8%
Diluted EPS	$4.29	$3.91	$5.92	$5.93	$5.53	$4.88	$5.66	$6.45	$6.83	$6.96	$8.09	$7.15
Operating cash flow	2,475	2,479	2,674	2,469	1,971	3,515	2,559	1,651	4,210	4,416	2,359	2,014
Capital expenditure	1,241	1,147	1,159	1,118	1,281	1,191	1,285	991	1,176	1,288	1,489	1,119
Free cash flow	1,234	1,332	1,515	1,351	690	2,324	1,274	660	3,034	3,128	870	895
Buybacks	915	1,140	910	1,180	1,367	1,795	1,700	2,506	2,505	2,498	2,558	1,571
Dividends paid	164	162	160	185	171	169	165	180	171	166	162	183
Shares outstanding	273m	269m	266m	263m	259m	255m	250m	243m	236m	230m	225m	223m
Filing	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-K for the period ended 31 December 2023, filed 16 February 2024, accession 0000950170-24-016524: the filing on EDGAR. All of HCA Healthcare, Inc.'s filings: EDGAR company page.

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