Nashville, Tenn.-based HCA Healthcare reported a net income of $1.6 billion (8.6% margin) in the third quarter, a significant improvement on the $1.3 billion net income (7.3% margin) posted in the third quarter of 2024. HCA said the strong financial results were driven by higher revenue, improved earnings and growth in same-facility admissions.
For the nine months ending Sept. 30, 2025, HCA reported a net income of $4.9 billion (8.7% margin) compared to $4.3 billion (8.3% margin) in the prior-year period.
“Our teams continued to execute our agenda at a high level, and we remain disciplined in our efforts to improve care for our patients by increasing access, investing in advanced technology, and training our people,” CEO Sam Hazen said in an Oct. 24 earnings release. “Across many operational measures, including quality and key stakeholders’ satisfaction, outcomes were better.”
Eight things to know:
1. HCA’s third-quarter revenue increased 9.6% year over year to $19.2 billion.
2. Same-facility admissions grew 2.1% year over year, while equivalent admissions increased 2.4%. Emergency room visits rose 1.3%, inpatient surgeries increased 1.4%, and outpatient surgeries climbed 1.1%. Revenue per equivalent admission was up 6.6%.
3. Cash flow from operating activities totaled $4.4 billion for the quarter, compared to $3.5 billion in the third quarter of 2024. Capital expenditures were $1.3 billion, excluding acquisitions.
4. As of Sept. 30, 2025, HCA’s balance sheet reflected cash and cash equivalents of $997 million, total debt of $44.511 billion, and total assets of $59.747 billion. Long-term debt was $38.4 billion.
5. Capital expenditures for 2025, excluding acquisitions, are estimated to be about $5 billion.
6. This year, HCA has completed three hospital transactions: It sold the 252-bed Regional Medical Center in San Jose, Calif., to the County of Santa Clara for $175 million in April; acquired Catholic Medical Center, a 330-bed system in Manchester, N.H., in February; and purchased the 53-bed Lehigh Regional Medical Center in Lehigh Acres, Fla., from Prime Healthcare, renaming it HCA Florida Lehigh Hospital.
7. HCA raised its full-year 2025 financial guidance:
- Revenue: revised to $75 billion to $76.5 billion, up from $74 billion to $76 billion.
- Net income: increased to $6.495 billion to $6.715 billion.
- Adjusted EBITDA: now expected to be $15.250 billion to $15.650 billion.
- Earnings per share (diluted): raised to $27 to $28 per share.
8. HCA operates 191 hospitals and about 2,500 ambulatory care sites in 20 states and the United Kingdom.
