Share Performance
Shares of HCA Healthcare, Inc. (NYSE: HCA) rose in early trade after the company reported fourth quarter 2025 results and issued 2026 guidance. HCA stock was up on the session following the release, outperforming broader healthcare peers on heavy volume.
HCA’s shares have climbed sharply over the past year, trading near their 52-week high of around $520 and well above the low near $295, reflecting strong earnings momentum and investor interest in hospital operators. Over the last six months, the stock has outperformed the broader market with a notable uptrend.
Quarterly Results:
For the quarter ended Dec. 31, 2025, HCA reported revenue of $19.51 billion, up about 6.7% year-on-year, though slightly missing consensus estimates on the top line. Net income attributable to the company was $1.878 billion, with diluted EPS of $8.14, representing a significant year-over-year increase and beating analyst expectations on earnings. Adjusted EBITDA climbed to $4.114 billion. Same-facility admissions and equivalent admissions both rose modestly in the period.
Operating cash flow for the quarter was $2.36 billion, modestly below the year-ago quarter, influenced by deferred tax payments. The results reflect continued demand for medical care services, even as outpatient surgery volumes showed limited growth.
Full-Year Context:
For the full year 2025, HCA Healthcare reported revenue of $75.6 billion, up from $70.6 billion in 2024. Net income attributable to shareholders was $6.78 billion for 2025, compared with $5.76 billion a year ago, with diluted EPS rising accordingly. Adjusted EBITDA for the full year also increased versus 2024.
Guidance & Capital Returns:
HCA forecast 2026 revenues in the range of $76.5 billion to $80 billion and earnings per share of $29.10 to $31.50, with the midpoint above average analyst estimates. The board also authorized a up to $10 billion share repurchase program and declared a quarterly dividend of $0.78 per share, payable March 31 to holders of record March 17.
Dividends & Buybacks:
The raised quarterly dividend and large buyback authorization signal ongoing capital return focus. The dividend represents an increase from prior levels and will be of interest to income-oriented investors, though HCA’s yield remains modest relative to high-yield sectors.
Sector & Macro Factors:
Healthcare services stocks like HCA often exhibit defensive characteristics amid broader market volatility. However, sector peers and insurers have faced pressures from reimbursement policy shifts, including recent Medicare Advantage rate proposals affecting certain health insurers’ forecasts. Broader macro uncertainty around health insurance reimbursement and policy reform continues to influence institutional sentiment across the group.
In contrast to technology and software sectors, where rising interest rates and slowing enterprise spending have weighed on valuations, hospital operators’ fundamental demand tied to aging populations and sustained medical care utilization provides a different earnings backdrop. There were no specific SaaS/software pressures cited in the HCA report, but broader market concerns about growth and valuation contraction in high-multiple sectors persisted in the session.
Outlook:
HCA’s outlook balances cautious top-line expectations with continued operational leverage and capital return initiatives. Investors focused on stable earnings growth and dividend trajectory will likely weigh the company’s earnings beat against the modest revenue shortfall.