Nashville, Tenn.-based HCA Healthcare is capping off a standout year with its stock reaching a record high of $515.85 on Nov. 25, the latest milestone in a run that reflects the company’s strong operational and financial momentum throughout 2025.
As of Dec. 2, HCA stock remained elevated at $503, more than 38% above its July 2024 high of $363.05. The surge underscores investor confidence in the 191-hospital system’s ability to drive sustained growth in a challenging environment.
In the third quarter alone, HCA reported $1.6 billion in net income (8.6% margin), a 29% jump from the $1.3 billion net gain (7.3% margin) posted in the same quarter last year. Revenue jumped nearly 10% year over year to $19.2 billion, driven by growth in same-facility admissions, improved earnings and higher surgical and ER volumes. For the first nine months of 2025, HCA posted $4.9 billion in net income, up from $4.3 billion a year earlier.
“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.”
The financial momentum prompted HCA to raise its full-year 2025 guidance:
- Revenue: $75 billion to $76.5 billion
- Net income: $6.495 billion to $6.715 billion
- Adjusted EBITDA: $15.250 billion to $15.650 billion
- Earnings per share: $27 to $28 (diluted)
HCA has also been active on the M&A front. In 2025, the company finalized acquisitions of Catholic Medical Center, a 330-bed system in Manchester, N.H., and Lehigh Regional Medical Center, 53-bed hospital in Lehigh Acres, Fla., while also selling the 252-bed Regional Medical Center in San Jose, Calif. Capital expenditures are projected at $5 billion this year, excluding acquisitions.
Behind the system’s financial performance is co-founder and major shareholder Thomas Frist Jr., MD, whose net worth has climbed significantly alongside HCA’s market value. Bloomberg recently estimated his wealth at $43 billion — up from $20.2 billion in 2023 — while Forbes puts his wealth at $39.3 billion. The two media outlets use different methodologies for their estimates.
HCA continues to deliver among the strongest returns in the hospital sector and Wall Street is taking notice.
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