HCA Healthcare, Inc. · HCA · Next earnings

HCA Healthcare, Inc. reports Friday, Oct 23, 2026

HCA reports before market open with consensus EPS at $6.70 and revenue at $19.35B. Last quarter: HCA Q2 2026: Payer-Mix Shift Hits EBITDA, Florida Medicaid Boosts, $7B Capex Unveiled

Reports Before market open33 days awayDate estimated Healthcare

What the street expects

Consensus for the coming report
Consensus EPS $6.70 Calendar consensus
Consensus revenue $19.35B Calendar consensus
Report date Oct 23, 2026 Friday, date estimated
Session Before market open 33 days away

Where HCA left off: FY2026 Q2

Full report

HCA Q2 2026: Payer-Mix Shift Hits EBITDA, Florida Medicaid Boosts, $7B Capex Unveiled

EPS surprise +0.4% Reported $7.59 vs $7.56
Revenue surprise +2.4% Reported $20.23B vs $19.76B
Stock move +1.5% Event window
Subsequent drift +9.4% Up to 20 sessions

Guidance was lowered from the prior quarter's maintained stance. 2026 revenue is now targeted at $77-79.5B and adjusted EBITDA at $15.4-16.1B, reflecting the approximately $400M EBITDA headwind from the exchange payer-mix shift. In Q1 2026, management had maintained guidance with 2-3% volume growth expectations. Management characterized the revised targets as aligned with long-term adjusted EBITDA growth expectations of 4-6%. The capex outlook increased, with $7B planned over three years versus the prior quarter's $5.5-6B approved project pipeline.

What to watch on the call

Carried forward from the last transcript

Risks management flagged

  • Continued loss of exchange coverage and rising uninsured volume as premium tax credits remain expired.
  • Potential Medicaid work-requirement regulations that could affect expansion-state revenue.
  • Regulatory uncertainty around proposed OPPS rule updates for 2027 and IDR payment adjustments.
  • Elective surgery demand softness with risk of further declines.
  • Rising professional-fee costs, particularly in anesthesia and radiology.

Questions analysts left open

  • Magnitude and timing of exchange-related EBITDA headwinds and whether the 1-for-1 migration rate persists.
  • Extent of elective surgery volume decline and the path to recovery.
  • Growth assumptions for professional fees, especially anesthesia and radiology.
  • Impact of proposed Medicaid work-requirement rules on expansion-state volumes.
  • Effectiveness of cost-reduction initiatives in the resiliency program in offsetting headwinds.

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Recent HCA quarters

All HCA earnings
+1.5%FY2026 Q2

Sources

  1. FN2 corporate events calendar, resolved from the earnings calendar feed
  2. FN2 earnings calendar analyst consensus
  3. Earnings call transcript analysis, FY2026 Q2

Methodology

The report date comes from FN2's resolved corporate-events calendar and is marked estimated until the company confirms it. Consensus figures are the calendar's latest analyst estimates for the fiscal period and are not an FN2 forecast.

Risks and open questions are carried forward verbatim from FN2's structured analysis of the previous earnings call. Missing values stay missing and are never estimated.

By FN2 Research · Updated . For educational purposes only; not investment advice.