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HCA Healthcare, Inc., through its subsidiaries, provides health care services in the United States. The company owns, manages, and operates hospitals, ASCs, freestanding emergency care facilities, urgent care facilities, walk-in clinics, diagnostic and imaging centers, radiation and oncology therapy centers, as well as rehabilitation and physical therapy centers, physician practices, home health agencies, hospices, outpatient physical therapy providers, home and community-based services providers, and various other facilities. Its general and acute care hospitals offer medical and surgical services, including inpatient care, intensive care, cardiac care, diagnostic services, and emergency services; and outpatient services, such as outpatient surgery, laboratory, radiology, respiratory therapy, cardiology, and physical therapy. The company was formerly known as HCA Holdings, Inc. HCA Healthcare, Inc. was founded in 1968 and is headquartered in Nashville, Tennessee.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $75.6B | $15.6B | $6.8B | $7.7B | -112.6% | 7.1% | 17.8% |
| 2024 | $70.6B | $13.9B | $5.8B | $5.6B | -230.5% | 8.7% | 9.9% |
| 2023 | $65.0B | $12.7B | $5.2B | $4.7B | -295.5% | 7.9% | -7.1% |
| 2022 | $60.2B | $13.3B | $5.6B | $4.1B | -203.9% | - | - |
| 2021 | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 60,233 | 64,968 | 70,603 | 75,600 |
| Operating Revenue | - | 56,719 | 61,894 | 68,061 | 73,142 |
| Cost Of Revenue | - | 37,056 | 39,389 | 41,925 | 44,226 |
| Gross Profit | - | 23,177 | 25,579 | 28,678 | 31,374 |
| Operating Expense | - | 14,124 | 15,952 | 18,131 | 19,409 |
| Selling General And Administration | 26,779 | 27,685 | 29,487 | 31,170 | - |
| Total Expenses | - | 51,180 | 55,341 | 60,056 | 63,635 |
| Operating Income | - | 9,053 | 9,627 | 10,547 | 11,965 |
| EBITDA | - | 13,290 | 12,721 | 13,896 | 15,603 |
| Normalized EBITDA | - | 12,067 | 12,726 | 13,882 | 15,566 |
| EBIT | - | 10,321 | 9,644 | 10,584 | 12,080 |
| Interest Expense | - | 1,741 | 1,938 | 2,061 | 2,248 |
| Net Interest Income | - | -1,741 | -1,938 | -2,061 | -2,248 |
| Other Income Expense | - | 1,268 | 17 | 37 | 115 |
| Interest Expense Non Operating | - | 1,741 | 1,938 | 2,061 | 2,248 |
| Net Non Operating Interest Income Expense | - | -1,741 | -1,938 | -2,061 | -2,248 |
| Pretax Income | - | 8,580 | 7,706 | 8,523 | 9,832 |
| Tax Provision | - | 1,746 | 1,615 | 1,866 | 2,050 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 248.27 | -1.05 | 3.07 | 7.73 |
| Net Income Continuous Operations | - | 6,834 | 6,091 | 6,657 | 7,782 |
| Net Income From Continuing And Discontinued Operation | - | 5,643 | 5,242 | 5,760 | 6,784 |
| Net Income From Continuing Operation Net Minority Interest | - | 5,643 | 5,242 | 5,760 | 6,784 |
| Net Income | - | 5,643 | 5,242 | 5,760 | 6,784 |
| Net Income Common Stockholders | - | 5,643 | 5,242 | 5,760 | 6,784 |
| Net Income Including Noncontrolling Interests | - | 6,834 | 6,091 | 6,657 | 7,782 |
| Normalized Income | - | 4,668.27 | 5,245.95 | 5,749.07 | 6,754.73 |
| Diluted NI Availto Com Stockholders | - | 5,643 | 5,242 | 5,760 | 6,784 |
| Basic Average Shares | - | 290.35 | 265.54 | 249.98 | 224.61 |
| Diluted Average Shares | - | 294.67 | 276.41 | 261.81 | 239.50 |
| Reconciled Depreciation | - | 2,969 | 3,077 | 3,312 | 3,523 |
| Reconciled Cost Of Revenue | - | 37,056 | 39,389 | 41,925 | 44,226 |
| Total Unusual Items | - | 1,223 | -5 | 14 | 37 |
| Total Unusual Items Excluding Goodwill | - | 1,223 | -5 | 14 | 37 |
| Minority Interests | - | -1,191 | -849 | -897 | -998 |
| Special Income Charges | - | 1,223 | -5 | 14 | 37 |
| Gain On Sale Of Business | - | 1,301 | -5 | 14 | 37 |
| Other Special Charges | 12 | 78 | - | - | - |
| Depreciation Amortization Depletion Income Statement | - | 2,969 | 3,077 | 3,312 | 3,523 |
| Depreciation And Amortization In Income Statement | - | 2,969 | 3,077 | 3,312 | 3,523 |
| General And Administrative Expense | 26,779 | 27,685 | 29,487 | 31,170 | - |
| Salaries And Wages | 26,779 | 27,685 | 29,487 | 31,170 | - |
| Gain On Sale Of Ppe | 1,620 | 1,301 | - | - | - |
| Other Operating Expenses | - | 11,155 | 12,875 | 14,819 | 15,886 |
| Earnings From Equity Interest | - | 45 | 22 | 23 | 78 |
Healthcare sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| HCA Healthcare, Inc.this co. | HCA | $80.3B | 11.83↓ discount | -13.32 | -112.6% | 8.20 |
| Medtronic plc | MDT | $105.2B | 22.56 | 2.19 | 9.7% | 14.26 |
| McKesson Corporation | MCK | $91.0B | 19.11 | -41.89 | -219.2% | 13.32 |
| Elevance Health, Inc. | ELV | $88.9B | 15.70 | 2.03 | 12.9% | - |
| The Cigna Group | CI | $74.2B | 12.46 |
| - |
| - |
| - |
| - |
| - |
| 1.78 |
| 14.3% |
| 10.24 |
| Boston Scientific Corporation | BSX | $72.6B | 25.05 | 3.00 | 12.0% | 16.09 |
| Regeneron Pharmaceuticals, Inc. | REGN | $65.9B | 14.63 | 2.11 | 14.4% | 11.26 |
| Cencora, Inc. | COR | $52.6B | 33.84 | 34.88 | 103.1% | 14.92 |
| Edwards Lifesciences Corporation | EW | $50.4B | 46.91 | 4.87 | 10.4% | 33.19 |
| Peer Median | - | 20.84 | 2.15 | 12.4% | 14.26 | |