HCA
FY2026 Q2 · Calendar Q3 2026
HCA Healthcare, Inc.
HCA Healthcare's Q2 2026 results tell a two-sided story. The company beat both EPS ($7.59 vs $7.56) and revenue ($20.23B vs $19.76B) estimates, yet management lowered full-year guidance for 2026. The central tension is payer-mix: the expiration of enhanced premium tax credits triggered a near 1-for-1 migration of exchange patients to uninsured status, driving an approximately $400M adjusted EBITDA headwind. Partially offsetting this, the newly approved Florida Medicaid supplemental payment program contributed a $540M net benefit in Q2. Simultaneously, HCA announced a $7B three-year capital expenditure plan to add 1,000-1,200 inpatient beds and 250-300 outpatient facilities. The stock's 9.4% subsequent drift upward suggests the market viewed the Florida Medicaid approval and capacity investment as outweighing the guidance reduction. The resiliency program continues to deliver cost…
EPS surprise+0.4%
Market move+1.5%
