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NYSE · SERVICES-GENERAL MEDICAL & SURGICAL HOSPITALS, NEC · LARGE CAP

HCA Healthcare, Inc. HCA

17 fiscal years on record · USD · FY2025 reported · SEC filings only
5 YEARS OF DIVIDEND GROWTH
$75.6B
▲ 7.1% YoY
$6.8B
▲ 17.8% YoY
$7.7B
▲ 36.4% YoY

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

In brief

What this company does

HCA Healthcare, Inc. owns, manages, or operates hospitals, ambulatory surgery centers, freestanding emergency care facilities, urgent care facilities, walk-in clinics, physician practices, home health agencies, hospices, and various other health care facilities. At December 31, 2025, it operated 190 hospitals, comprised of 179 general acute care hospitals, seven behavioral hospitals, and four rehabilitation hospitals, along with 121 freestanding ambulatory surgery centers and 31 freestanding endoscopy centers. The company receives payments for patient services from the federal government under the Medicare program, from state governments under Medicaid or similar programs, from managed care plans, from private insurers, and directly from patients. Through its predecessors it commenced operations in 1968, and HCA Healthcare, Inc. was incorporated in Delaware in October 2010.

Written from the business description in HCA Healthcare, Inc.'s annual report to the U.S. Securities and Exchange Commission, filed 10 February 2026. Every sentence was checked against that document before publication.

Growth

USD 75.6B
Revenue, FY2025 · full 17-year series below
Revenue $B Net income $B
FY2025 · Revenue 75.6 · Net income 6.8
30B60B
2009201220152018202120242025
Compound annual growth
+7.9%
+8.0%
+6.3%
+12.6%
+12.3%
+12.2%
+13.9%
+21.0%
+19.0%
+16.8%
+8.7%
+46.3%
+12.0%
+78.4%
+16.2%
+6.4%
3 yrs
5 yrs
10 yrs
15 yrs

Revenue compounded at +8.0% a year over the five years to FY2025 — but profit grew faster: net income at +12.6%, earnings per share at +21.0%.

The share count fell from 0.34B to 0.22B — the buyback concentrates the same profit into fewer slices.

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability

10 cents
of every revenue dollar became profit
Operating margin Net margin
FY2025 · Operating 13.0% · Net 10.3%
5%10%15%
200920172025
ROE

No chart to show — the reason differs by year; see each year in the table below.

Three returns, three denominators.
Return on equityNot applicable: equity was zero or negative in this period, so return on equity has no meaning.
Return on capital employedNot available: we don't have a clean operating profit figure for this period.

Cash & shareholders

USD 10.7B
returned in FY2025 · dividends + net buybacks
Free cash flow $B
FY2025 · FCF 7.7
3B6B
200920172025
Net buybacks $B Dividends $B
FY2025 · Dividends 0.7 · Net buybacks 10.1
5B10BDividendsNet buybacks
201020122014201620182020202220242025

USD 679.0M in dividends and USD 10.1B in buybacks — 158% of the year's profit, so the payout drew on cash built up earlier.

Total assetsUSD 60.7B
EquityUSD -6.0B
CashUSD 1.0B
Gross debtUSD 46.5B
Net debtUSD 45.5B
Current ratio0.97×

Equity was zero or negative — liabilities equaled or exceeded assets. No ratio is shown.

The 17-year record

17 fiscal years
Every figure from documents filed with the SEC · USD
row low → row highnegative—not applicable◌not available in our data
HCA, 17-year financial record
Metric 20252024202320222021202020192018201720162015201420132012201120102009
Revenue $B75.670.665.060.258.851.551.346.743.641.5◌36.934.233.029.728.026.8
Operating income $B9.88.57.78.69.85.45.25.34.44.84.03.52.9◌◌◌◌
EBITDA $B13.411.810.811.512.78.27.87.66.56.85.95.34.7◌◌◌◌
Income tax $B2.01.91.61.72.11.01.10.91.61.41.31.10.90.90.70.70.6
Net income $B6.85.85.25.67.03.83.53.82.22.92.11.91.61.62.51.21.1
Free cash flow $B7.75.64.74.15.46.43.43.22.42.92.42.31.72.32.31.81.4
EPS, diluted $28.3322.0018.9719.1521.1610.9310.0710.665.957.304.994.163.373.494.972.762.44
Dividend / sh $2.882.642.402.241.920.431.601.40◌◌◌◌◌6.50◌9.43◌
Payout %101213129416130——011961353—
ROE %———————————————10.1◌
Shares out B0.220.250.270.280.310.340.340.340.350.370.400.420.440.440.440.43◌

Slide the table for earlier years. "—" not applicable · "◌" not available in our data.

Compare

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Provenance

Company facts, as filed

How we verify · 0 failures in 66 reconciliationsAUDITED

Reconciled in 17 of the 17 fiscal years we could check. Six checks were skipped: the balance sheet is not tagged before 2010. Two checks were skipped: EPS is not tagged before 2009.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquidityCurrency consistency0 failures
ActivityServices-General Medical & Surgical Hospitals, NEC
Listed onNYSE
Incorporated innot stated in the filings
Fiscal year endsDecember 31
Data on record since2009

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