Nashville, Tenn.-based HCA Healthcare posted net revenues of $20.2 billion in the second quarter of 2026, up from $18.6 billion posted over the same period last year.
HCA said its managed care and insurer revenue took a hit in the quarter tied to the expiration of enhanced ACA premium tax credits at the end of 2025, along with administrative changes affecting coverage purchased through the insurance exchanges. That pressure was partly offset by Medicaid state-directed and supplemental payment revenue recognized during the quarter, largely from a Florida directed-payment program CMS approved in the second quarter of 2026, covering the program year that ran from October 2024 through September 2025.
Here is HCA’s payer mix by revenues for the quarters ended June 30 in 2026 and 2025, according to a July 29 regulatory filing:
Q2 2026
Managed care and insurers: $9 billion (44.6%)
Managed Medicare: $3.4 billion (16.9%)
Medicare: $2.9 billion (14.5%)
Medicaid: $2.8 billion (13.8%)
Managed Medicaid: $997 million (4.9%)
Other: $589 million (2.9%)
International: $491 million (2.4%)
Q2 2025
Managed care and insurers: $9.1 billion (49.1%)
Managed Medicare: $3.4 billion (18%)
Medicare: $2.8 billion (15.1%)
Medicaid: $1.4 billion (7.7%)
Managed Medicaid: $899 million (4.8%)
Other: $526 million (2.8%)
International: $461 million (2.5%)
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