HCA Healthcare

Health Care Health Care Facilities Nashville, Tennessee Last filing Feb 10, 2026 · FY2025

                    Revenue
                    FY2025
                
$75.6B
                    3y CAGR +7.9%
                    
                    P64
                    
                    +7.1%
                    
                    Net income
                    FY2025
                
$6.8B
                    Net margin +9.0%
                    
                    P42
                    
                    +17.8%
                    
                    Total assets
                    FY2025
                
$60.7B
                    ROA +11.2%
                    
                    P77
                    
                    +2.0%
                    
                    Operating cash flow
                    FY2025
                
$12.6B
                    FCF margin +10.2%
                    
                    P31
                    
                    +20.2%

18 yrs · FY2003–FY2025 5 gaps (2008–2004) 8 filed · 1 derived · 0 blank

1Y 3Y 5Y 10Y

Dollars % of revenue % of assets YoY % CAGR

Year-over-year change per cell; first column has no prior.

Balance Sheet

Assets, liabilities, and equity

28 accounts · 5 years

Total assets $60.7B

Total liabilities ~$66.7B

Shareholders equity $-6.0B

Account	2025	2024	2023	2022	2021
Assets
Cash and Cash Equivalents	-46.2%	+106.7%	+3.0%	-37.4%	—
Short Term Investments	-14.8%	+19.3%	—	—	—
Accounts Receivable	+1.1%	+8.0%	+12.0%	+9.8%	—
Inventory	-4.9%	-14.0%	-2.3%	+4.1%	—
Prepaid Expenses	+11.6%	-1.0%	+13.3%	-11.6%	—
Other Current Assets	+11.6%	-1.0%	+13.3%	-11.6%	—
Total Current Assets	-3.8%	+10.0%	+9.4%	+0.7%	—
Property,Plant and Equipment	+5.9%	+6.1%	+8.4%	+6.3%	—
Operating Lease Assets	-0.0%	-3.4%	+6.9%	-2.3%	—
Goodwill	+28.2%	-53.0%	+38.2%	-73.9%	—
Intangible Assets	-100.0%	+7.0%	+9.6%	+18.9%	—
Long Term Investments	-14.8%	+19.3%	-42.0%	+83.7%	—
Other Noncurrent Assets	+10.9%	+25.0%	-38.3%	-50.2%	—
Total Assets	+2.0%	+5.9%	+7.2%	+3.3%	—
Liabilities
Accounts Payable	+9.0%	+1.0%	-0.1%	+3.1%	—
Accrued Liabilities	+9.7%	+0.7%	+8.1%	+7.8%	—
Current Portion of Long Term Debt	+4.1%	+93.8%	+555.1%	+56.1%	—
Total Current Liabilities	+7.7%	+19.9%	+27.8%	+3.3%	—
Long Term Debt	+8.5%	+3.1%	-1.4%	+9.8%	—
Operating Lease Liabilities Noncurrent	-0.5%	-2.1%	+8.6%	-0.2%	—
Other Noncurrent Liabilities	-100.0%	-21.1%	+0.0%	+10.9%	—
Equity
Common Stock	-33.3%	+0.0%	+0.0%	+0.0%	—
Retained Earnings	-170.6%	-56.4%	+40.7%	-328.6%	—
Treasury Stock	+10.9%	+28.2%	+15.7%	+4.8%	—
Accumulated Other Comprehensive Income	+21.2%	+8.9%	+13.3%	-21.3%	—
Noncontrolling Interest	+6.6%	+7.8%	+5.2%	+11.2%	—
Total Stockholders Equity	-141.2%	-40.9%	+35.9%	-196.6%	—
Total Liabilitiesand Equity	+2.0%	+5.9%	+7.2%	+3.3%	—

Income Statement

Revenue, expense, and profitability

17 accounts · 5 years

Revenue $75.6B

Operating income $6.8B

Net income $6.8B

Account	2025	2024	2023	2022	2021
IncomeStatement
Revenues Total Revenue	+7.1%	+8.7%	+7.9%	+2.5%	—
Expenses Cost of Revenue	+5.9%	+8.4%	+10.9%	+5.6%	—
Expenses Selling,General and Administrative	+30.2%	+19.3%	+15.0%	-8.9%	—
Expenses Depreciation and Amortization	+6.4%	+7.6%	+3.6%	+4.1%	—
Expenses Share Based Compensation	+11.4%	+37.4%	-23.2%	-22.5%	—
Expenses Operating Expenses	+5.9%	+8.4%	+10.9%	+5.6%	—
Other Income Expense Operating Income	+17.8%	+9.9%	-7.1%	-18.9%	—
Other Income Expense Interest Expense	+9.1%	+6.3%	+11.3%	+11.2%	—
Other Income Expense Other Income/expense	+21.4%	-31.2%	-23.5%	-54.5%	—
Other Income Expense Income Before Tax	+15.4%	+10.6%	-10.2%	-12.7%	—
Income Tax Income Tax Expense	+9.9%	+15.5%	-7.5%	-17.3%	—
net Income net Income	+17.8%	+9.9%	-7.1%	-18.9%	—
net Income Comprehensive Income	+18.4%	+9.3%	-4.5%	-21.2%	—
Earnings Per Share Basic Eps	+28.9%	+15.7%	-0.9%	-9.7%	—
Earnings Per Share Diluted Eps	+28.8%	+16.0%	-0.9%	-9.5%	—
Earnings Per Share Weighted Average Shares Basic	-8.6%	-5.1%	-6.2%	-10.2%	—
Earnings Per Share Weighted Average Shares Diluted	-8.5%	-5.3%	-6.2%	-10.4%	—

Cash Flow Statement

Operating, investing, and financing flows

19 accounts · 5 years

Operating cash flow $12.6B

Investing cash flow $-5.0B

Financing cash flow $-8.6B

Account	2025	2024	2023	2022	2021
CashFlow
Operating Activities net Income	+17.8%	+9.9%	-7.1%	-18.9%	—
Operating Activities Depreciation and Amortization	+6.5%	+7.9%	+3.8%	+4.1%	—
Operating Activities Stock Based Compensation	+11.4%	+37.4%	-23.2%	-22.5%	—
Operating Activities Deferred Income Taxes	-14.3%	-63.2%	+58.3%	+9.1%	—
Operating Activities Changes In Operating Assets and Liabilities	-88.2%	-14.5%	+17.3%	-17.2%	—
Operating Activities net Cash From Operating Activities	+20.2%	+11.5%	+10.7%	-4.9%	—
Investing Activities Capital Expenditures	+1.4%	+2.8%	+7.9%	+22.9%	—
Investing Activities Other Investing Activities	-340.0%	-73.7%	-9.5%	+425.0%	—
Investing Activities net Cash From Investing Activities	-1.1%	+7.2%	-56.9%	-28.2%	—
Financing Activities Proceeds From Debt	+13.1%	+132.5%	-46.2%	+38.1%	—
Financing Activities Repayment of Debt	+206.6%	+165.1%	-67.9%	-26.9%	—
Financing Activities Repurchase of Common Stock	+66.6%	+58.5%	-45.6%	-14.8%	—
Financing Activities Dividends Paid	-1.6%	+4.4%	+1.2%	+4.6%	—
Financing Activities Other Financing Activities	+33.2%	-12.6%	-16.0%	+25.4%	—
Financing Activities net Cash From Financing Activities	-86.6%	-11.9%	+27.6%	+15.0%	—
Cash Reconciliation Effect of Exchange Rate On Cash	+1000.0%	-114.3%	+135.0%	-566.7%	—
Cash Reconciliation net Change In Cash	-189.5%	+3596.3%	+105.0%	-58.8%	—
Cash Reconciliation Cash At Beginning of Period	-46.2%	+106.7%	+3.0%	-37.4%	—
Cash Reconciliation Cash At End of Period	-46.2%	+106.7%	+3.0%	-37.4%	—

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 5 years

Ratio	2025	2024	2023	2022	2021
Profitability
Gross margin	+13.0%	+12.1%	+11.9%	+14.2%	+16.7%
Operating margin	+9.0%	+8.2%	+8.1%	+9.4%	+11.8%
Net margin	+9.0%	+8.2%	+8.1%	+9.4%	+11.8%
FCF margin	+10.2%	+8.0%	+7.2%	+6.9%	+9.2%
Growth
Revenue CAGR (3y)	+7.9%	+6.3%	+8.0%	+5.5%	+8.0%
Returns
ROE	-112.6%	-230.5%	-295.5%	-203.9%	-745.6%
ROA	+11.2%	+9.7%	+9.3%	+10.8%	+13.7%
ROIC	+13.6%	+11.7%	+11.2%	+13.1%	+17.0%
Liquidity
Current ratio	0.97x	1.08x	1.18x	1.38x	1.41x
Quick ratio	0.73x	0.84x	0.86x	0.99x	1.00x
Leverage
D/E	-11.07x	-24.81x	-32.69x	-19.95x	-55.39x
Interest coverage	3.02x	2.79x	2.70x	3.24x	4.44x
Efficiency
Asset turnover	1.25x	1.19x	1.16x	1.15x	1.16x
Cash conversion cycle	+36d	+41d	+42d	+39d	+34d

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HCA Healthcare

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