HCA Healthcare earnings fell in the third quarter of 2026 even as revenue and diluted earnings per share increased. The hospital operator reported net income attributable to HCA of $1.579 billion, down from $1.643 billion a year earlier, on revenue of $19.849 billion.

Key Takeaways

  • Quarterly revenue increased 3.6% from the third quarter of 2025.
  • A shift toward more uninsured patients reduced income before taxes by approximately $400 million.
  • Same-facility admissions increased 2.7% year over year.

HCA Healthcare earnings show mixed profit measures

Revenue rose from $19.161 billion in the third quarter of 2025, while net income attributable to HCA declined 3.9%. Diluted earnings per share nevertheless rose to $7.27 from $6.96.

Adjusted EBITDA, a separate measure of operating performance, increased to $3.918 billion from $3.870 billion. HCA released the results on October 27, 2026.

Uninsured patient volume affects payer mix

HCA reported that an unfavorable shift in payer mix, driven by increased uninsured patient volume, reduced third-quarter income before income taxes by approximately $400 million.

Patient activity increased during the quarter. Same-facility admissions rose 2.7%, while same-facility equivalent admissions increased 3.0% from a year earlier.

Nine-month results and balance sheet

For the first nine months of 2026, revenue reached $59.188 billion, compared with $56.087 billion in the corresponding 2025 period. Net income was $4.898 billion, down slightly from $4.906 billion.

At September 30, HCA held $908 million in cash and cash equivalents, with $50.493 billion in total debt and $63.452 billion in total assets. Third-quarter capital expenditures were $1.357 billion. The company also announced a quarterly cash dividend of $0.78 per share.

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