HCA Healthcare (HCA) Q1 FY2026 earnings: revenue $19.1 billion, up 4.3% on the year

HCA Healthcare, Inc. (HCA) reported revenue of $19.1 billion for Q1 FY2026, the quarter ended 31 March 2026, up 4.3% on the same quarter a year earlier. Net income was $1.6 billion, up 0.6% on the year, and diluted earnings per share $7.15. The figures are the company's own, from the 10-Q it filed with the SEC on 29 April 2026.

Revenue

$19.1 billion

+4.3% on the year · -2.1% on the quarter

Q2 FY2024Q1 FY2026

Operating margin

12.0%

12.7% a year earlier

Q2 FY2024Q1 FY2026

Net income

$1.6 billion

+0.6% on the year · -13.7% on the quarter

Q2 FY2024Q1 FY2026

Diluted EPS

$7.15

+10.9% on the year · -12.2% on the quarter

Q2 FY2024Q1 FY2026

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 10 kept.

Revenue grew 4.3 percent: Revenues were $19.109 billion against $18.321 billion a year earlier. Net income attributable to HCA Healthcare was $1.620 billion, up 0.6 percent.
Diluted EPS rose to $7.15: Diluted EPS was $7.15 against $6.45. Shares used in diluted EPS were 226.652 million against 249.440 million.
No usual seasonal volume rise: The company did not see the typical first quarter volume increase, which it attributes mainly to respiratory activity.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Revenue	19,109	19,513	18,321	-2.1%	+4.3%
Operating income	2,287	2,672	2,327	-14.4%	-1.7%
Operating margin	12.0%	13.7%	12.7%
Interest expense	584	572	547	+2.1%	+6.8%
Pre-tax income	2,287	2,672	2,327	-14.4%	-1.7%
Income tax	430	509	502	-15.5%	-14.3%
Effective tax rate	18.8%	19.0%	21.6%
Net income	1,620	1,878	1,610	-13.7%	+0.6%
Net margin	8.5%	9.6%	8.8%
Diluted EPS	$7.15	$8.14	$6.45	-12.2%	+10.9%

$ 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

$ million	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Operating cash flow	2,014	2,359	1,651	-14.6%	+22.0%
Capital expenditure	1,119	1,489	991	-24.8%	+12.9%
Free cash flow	895	870	660	+2.9%	+35.6%
Free cash flow margin	4.7%	4.5%	3.6%
Cash from investing	-1,282	-1,317	-1,032
Cash from financing	-830	-999	-1,495
Depreciation and amortisation	930	911	860	+2.1%	+8.1%
Share-based compensation	86.0	100	98.0	-14.0%	-12.2%
Buybacks	1,571	2,558	2,506	-38.6%	-37.3%
Dividends paid	183	162	180	+13.0%	+1.7%
Dividend per share	$0.78	$0.72	$0.72	+8.3%	+8.3%
Diluted shares, weighted	227m	231m	249m	-1.8%	-9.1%
Shares outstanding at period end	223m	225m	243m	-0.9%	-8.4%

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

Balance sheet

$ million	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Shareholders' equity	-6,303	-6,027	-3,519
Non-controlling interest	3,325	3,256	3,081	+2.1%	+7.9%
Debt	48,023	46,492	44,576	+3.3%	+7.7%
Operating lease liabilities	1,822	1,853	1,860	-1.7%	-2.0%
Finance lease liabilities	n/a	625	n/a
Other liabilities	14,583	14,521	13,800	+0.4%	+5.7%
Total liabilities and equity	61,450	60,720	59,798	+1.2%	+2.8%
Fixed assets	31,472	31,141	29,738	+1.1%	+5.8%
Investments	387	485	550	-20.2%	-29.6%
Cash and equivalents	940	1,040	1,060	-9.6%	-11.3%
Receivables	11,324	10,867	11,088	+4.2%	+2.1%
Inventory	1,681	1,652	1,794	+1.8%	-6.3%
Other assets	15,646	15,535	15,568	+0.7%	+0.5%
Total assets	61,450	60,720	59,798	+1.2%	+2.8%

Questions

What was HCA Healthcare's revenue in Q1 FY2026?

HCA Healthcare (HCA) reported revenue of $19.1 billion for Q1 FY2026, the quarter ended 31 March 2026, up 4.3% on the same quarter a year earlier.

How much did HCA Healthcare earn in Q1 FY2026?

Net income for Q1 FY2026 was $1.6 billion, up 0.6% on the year, and diluted earnings per share $7.15.

When did HCA Healthcare report Q1 FY2026 results?

HCA Healthcare filed its 10-Q for the quarter ended 31 March 2026 with the SEC on 29 April 2026.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	15,064	14,945	14,820	14,971	15,497	15,591	15,861	16,213	17,303	17,339	17,492	17,487	18,285	18,321	18,605	19,161	19,513	19,109	20,230	19,849
Operating income	2,586	1,814	1,760	1,704	3,302	1,922	1,809	1,630	2,345	2,247	2,237	1,906	2,133	2,327	2,415	2,418	2,672	2,287	2,494	2,370
Operating margin	17%	12%	12%	11%	21%	12%	11%	10%	14%	13%	13%	11%	12%	13%	13%	13%	14%	12%	12%	12%
Interest expense	398	408	434	446	453	479	485	483	491	512	506	515	528	547	568	561	572	584	599	607
Pre-tax income	2,586	1,814	1,760	1,704	3,302	1,922	1,809	1,630	2,345	2,247	2,237	1,906	2,133	2,327	2,415	2,418	2,672	2,287	2,494	2,370
Tax rate	22%	19%	22%	21%	20%	20%	22%	22%	21%	20%	25%	22%	21%	22%	22%	21%	19%	19%	23%	22%
Net income	1,814	1,273	1,155	1,134	2,081	1,363	1,193	1,079	1,607	1,591	1,461	1,270	1,438	1,610	1,653	1,643	1,878	1,620	1,699	1,579
Net margin	12%	9%	8%	8%	13%	9%	8%	7%	9%	9%	8%	7%	8%	9%	9%	9%	10%	8%	8%	8%
Diluted EPS	$5.66	$4.14	$3.90	$3.91	$7.28	$4.85	$4.29	$3.91	$5.93	$5.93	$5.53	$4.88	$5.63	$6.45	$6.83	$6.96	$8.14	$7.15	$7.62	$7.27
Operating cash flow	2,443	1,345	1,630	3,020	2,527	1,803	2,475	2,479	2,674	2,469	1,971	3,515	2,559	1,651	4,210	4,416	2,359	2,014	2,335	4,461
Capital expenditure	1,192	861	1,080	1,131	1,323	1,197	1,241	1,147	1,159	1,118	1,281	1,191	1,285	991	1,176	1,288	1,489	1,119	1,231	1,357
Free cash flow	1,251	484	550	1,889	1,204	606	1,234	1,332	1,515	1,351	690	2,324	1,274	660	3,034	3,128	870	895	1,104	3,104
Buybacks	2,072	2,101	2,682	698	1,519	846	915	1,140	910	1,180	1,367	1,795	1,700	2,506	2,505	2,498	2,558	1,571	2,064	2,970
Dividends paid	148	177	160	160	156	175	164	162	160	185	171	169	165	180	171	166	162	183	171	165
Shares outstanding	305m	299m	287m	284m	277m	276m	273m	269m	266m	263m	259m	255m	250m	243m	236m	230m	225m	223m	218m	211m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* 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. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. 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.

10-Q for the period ended 31 March 2026, filed 29 April 2026: the filing.