HCA Q3 Earnings Beat Estimates on Rising Inpatient Surgery Cases

HCA Healthcare, Inc. HCA reported third-quarter 2025 adjusted earnings per share (EPS) of $6.96, which surpassed the Zacks Consensus Estimate by 23.2%. The bottom line improved 42% year over year.

Revenues were $19.2 billion, which advanced 9.6% year over year. The top line beat the consensus mark by 3.6%.

The strong quarterly results were aided by growing patient volumes, higher same-facility revenue per equivalent admission, an increased number of inpatient and outpatient surgeries, and expanding emergency room visits. However, the upside is partly offset by an escalating cost level resulting from higher salaries and benefits, and supply expenses.

HCA Healthcare, Inc. Price, Consensus and EPS Surprise

HCA Healthcare, Inc. price-consensus-eps-surprise-chart | HCA Healthcare, Inc. Quote

HCA’s Q3 Details

Same-facility equivalent admissions advanced 2.4% year over year in the third quarter, while same-facility admissions increased 2.1%, missing our growth estimates of 3% for each.

Same-facility revenue per equivalent admission advanced 6.6% year over year, higher than our growth estimate of 3.1%.

Same-facility inpatient surgeries rose 1.4% year over year, while same-facility outpatient surgeries grew 1.1%. Additionally, same-facility emergency room visits inched up 1.3% year over year in the quarter under review.

Salaries and benefits, supplies and other operating expenses totaled $15.3 billion, which escalated 7.5% year over year and was higher than our estimate of $15.1 billion.

Adjusted EBITDA improved 18.5% year over year to $3.9 billion, which beat our estimate of $3.4 billion.

HCA Healthcare operated 191 hospitals and roughly 2,500 ambulatory sites of care across 20 states and the United Kingdom as of Sept. 30, 2025.

HCA’s Financial Update (as of Sept. 30, 2025)

HCA Healthcare exited the third quarter with cash and cash equivalents of $997 million, which plunged 48.4% from the 2024-end level. It had a leftover capacity of approximately $6.1 billion under its credit facilities at the third-quarter end.

Total assets of $59.7 billion, up 0.4% from the figure at 2024-end.

Long-term debt, excluding debt issuance costs and discounts, was $38.4 billion, up 0.2% from the figure as of Dec. 31, 2024. Short-term borrowings and long-term debt due within one year totaled $6.1 billion.

Capital expenditures were $1.3 billion minus acquisitions during the quarter.

HCA’s Cash Flow

HCA Healthcare generated $10.3 billion in cash from operations in the first nine months of 2025, which climbed 29.2% from the prior-year comparable period.

HCA Healthcare’s Capital Deployment Update

HCA bought back shares worth $2.5 billion in the third quarter. It had a leftover capacity of $3.3 billion under its buyback authorization as of Sept. 30, 2025.

The board of directors also announced a dividend of 72 cents per share, which will be paid on Dec. 29, 2025, to its shareholders of record as of Dec. 15.

HCA Raises 2025 Guidance

Annual revenues are presently anticipated to be between $75 billion and $76.5 billion, up from the prior guidance of $74-$76 billion. The midpoint of the revised outlook indicates a 7.3% rise from the 2024 figure.

Management forecasts adjusted EBITDA to be in the range of $15.25-$15.65 billion, higher than the earlier view of $14.7-$15.3 billion. The midpoint of the updated guidance suggests 11.3% growth from the 2024 figure. Net income attributable to HCA Healthcare is presently expected to be between $6.495 billion and $6.715 billion, up from the prior outlook of $6.11-$6.48 billion.

EPS is forecasted to be in the $27-$28 band for 2025, higher than the earlier view of $25.50-$27.00. The midpoint of the revised guidance implies a 25% rise from the 2024 figure.

Capital expenditures, excluding acquisitions, are currently expected to be around $5 billion.

HCA’s Zacks Rank

HCA currently carries a Zacks Rank #3 (Hold).

Stocks to Report Earnings

Here are three companies from the Medical space that are likely to report their respective quarterly earnings soon.

ANI Pharmaceuticals, Inc. ANIP sports a Zacks Rank of 1 (Strong Buy) at present. The Zacks Consensus Estimate for ANIP’s bottom line for the to-be-reported quarter is pegged at $1.74 per share, indicating 29.9% year-over-year growth. ANI Pharmaceuticals’ earnings beat estimates in each of the past four quarters, with an average surprise of 22.7%. You can see the complete list of today’s Zacks #1 Rank stocks here.

Universal Health Services, Inc. UHS currently has a Zacks Rank #2 (Buy). The Zacks Consensus Estimate for UHS’ bottom line for the to-be-reported quarter of $4.56 per share indicates 22.9% year-over-year growth. It remained stable over the past week. Universal Health’s earnings beat estimates in three of the last four quarters and missed once, with an average surprise of 9.4%.

Encompass Health Corporation EHC has a Zacks Rank of 2 at present. The Zacks Consensus Estimate for EHC’s bottom line for the to-be-reported quarter is pegged at $1.19 per share, indicating 15.5% year-over-year growth. Encompass Health’s earnings beat estimates in each of the past four quarters, with an average surprise of 14%.

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report

This article originally published on Zacks Investment Research (zacks.com).

Zacks Investment Research