Analysis of HCA Holding Inc.'s (HCA) Third Quarter (Q3) 2025 Financial Results
$HCA (HCA Holding Inc), known as HCA Healthcare, reported its financial results for the third quarter of 2025 (ended September 30, 2025) on October 24, 2025, before the market opened. The company exceeded expectations with revenue of $19.161 billion (+9.6% YoY, vs. estimated ~$18.5 billion, +3.6%) and diluted EPS of $6.96 (GAAP and adjusted, +42.6% YoY, vs. estimated $5.65, +23.2%). Net income was $1.643 billion (+29.4% YoY). Adjusted EBITDA reached $3.870 billion (+18.5% YoY). Same-facility admissions growth was +2.1%, with revenue per equivalent admission +6.6%. $HCA (HCA Holding Inc) raised its FY2025 guidance across all key metrics. $HCA (HCA Holding Inc) shares rose ~4.2% in after-market trading on the significant beat and raised guidance, reflecting operational strength despite labor cost pressures.
Below is a detailed structured analysis. The data comes from the official press release and post-earnings analysis.
1. Key Consolidated Results
$HCA (HCA Holding Inc) delivered exceptional performance driven by increased patient volume and favorable pricing, with expanded margins driven by operational efficiency and service mix. The focus on same-facility metrics highlights resilience, with record adjusted EBITDA.
Growth: Revenue +9.6%, YTD +7.2%. CEO Sam Hazen emphasized: “Our teams continued to execute our agenda at a high level, and we remain disciplined in our efforts to improve care for our patients.”
2. Segment Analysis
$HCA (HCA Holding Inc) generated growth driven by same-facility hospital services, with an emphasis on admissions and revenue per admission. There is no detailed breakdown by region in the report, but operating metrics reflect strength in ER and surgeries. Expansion: Eight hospitals acquired YTD.
Observations: Consistent same-facility growth; YTD admissions +2.0%. CFO Bill Rutherford noted: “The increase in revenue per admission reflects our favorable mix and pricing.”
3. Cash Flow, Balance Sheet and Other Indicators
$HCA (HCA Holding Inc) maintains robust liquidity with record cash ops for acquisitions and repurchases ($2.498B Q3). Solid leverage supports organic and inorganic growth.
Q3 Ops Cash Flow: $4.416 billion (+25.6% YoY).
Q3 Capex: $1.288 billion (excl. acquisitions); FY ~$5.0B.
Repurchases Q3: $2.498 mil millones (6.514M shares); remaining auth $3.256B.
Balance General (Sep 30): Cash $997M; total debt $44.511B; total assets $59.747B. Leverage net debt/EBITDA ~3.5x. Cobertura intereses sólida. Dividend yield ~0.5%.
CEO Hazen commented: “I want to thank our 300,000 HCA colleagues who, once again, demonstrated excellence in what they do.”
4. Full Year 2025 Guide and Outlook
HCA raised its FY2025 guidance due to operational momentum and increased visibility, despite labor cost headwinds. Focus on procurement and efficiency for Q4.
Outlook 2026: Revenue growth +6-8% due to same-site facility and acquisitions; EBITDA upside due to efficiency; risks: labor costs, regulatory, hurricanes.
5. Conclusion and Implications
$HCA (HCA Holding Inc) Q3 2025 results highlight its leadership in healthcare, with revenue and EPS beats, solid same-facility growth, and raised guidance, offsetting cost pressures with strong execution. Expansion (186 hospitals) and cash ops ($4.4B Q3) position HCA for profitable growth in high-margin services. Long-term, a focus on quality and access supports the upside. Recommendation: Hold/Accumulate for growth investors (adjusted P/E ~15x, yield ~0.5%); catalysts in Q4 volumes and 2026 acquisitions.
This analysis is based on public data and is not financial advice. It is for informational purposes only and does not constitute an investment recommendation.
$HCA (HCA Holding Inc), known as HCA Healthcare, reported its financial results for the third quarter of 2025 (ended September 30, 2025) on October 24, 2025, before the market opened. The company exceeded expectations with revenue of $19.161 billion (+9.6% YoY, vs. estimated ~$18.5 billion, +3.6%) and diluted EPS of $6.96 (GAAP and adjusted, +42.6% YoY, vs. estimated $5.65, +23.2%). Net income was $1.643 billion (+29.4% YoY). Adjusted EBITDA reached $3.870 billion (+18.5% YoY). Same-facility admissions growth was +2.1%, with revenue per equivalent admission +6.6%. $HCA (HCA Holding Inc) raised its FY2025 guidance across all key metrics. $HCA (HCA Holding Inc) shares rose ~4.2% in after-market trading on the significant beat and raised guidance, reflecting operational strength despite labor cost pressures.
Below is a detailed structured analysis. The data comes from the official press release and post-earnings analysis.
1. Key Consolidated Results$HCA (HCA Holding Inc) delivered exceptional performance driven by increased patient volume and favorable pricing, with expanded margins driven by operational efficiency and service mix. The focus on same-facility metrics highlights resilience, with record adjusted EBITDA.
| Financial Metrics | Q3 2025 (GAAP/Adjusted) | YoY Growth | vs. Estimates | Notes |
| Total Income | $19.161 billion | +9.6% | Overcome (+3.6%) | Includes hospital services; YTD $56.087B (+7.2%). |
| Net Income | $1.643 billion | +29.4% | N/A | Tax rate 21%; YTD $4.906B (+13.5%). |
| Diluted EPS | $6.96 (GAAP and adjusted) | +42.6% / +42.0% | $5.65 (exceeded +23.2%) | Shares ~236M; YTD $20.23 (GAAP). |
| Adjusted EBITDA | $3.87 billion | +18.5% | N/A | YTD $11.452B; implied margin ~20%. |
| Same-Facility Admissions | +2.1% | N/A | N/A | Equivalent admissions +2.4%; revenue per eq. adm. +6.6%. |
| Same-Facility ER Visits | +1.3% | N/A | N/A | Inpatient surgeries +1.4%; outpatient +1.1%. |
| Dividend per Share | $0.68 (quarterly) | N/A | N/A | Yield ~0.5%. |
Growth: Revenue +9.6%, YTD +7.2%. CEO Sam Hazen emphasized: “Our teams continued to execute our agenda at a high level, and we remain disciplined in our efforts to improve care for our patients.”
2. Segment Analysis$HCA (HCA Holding Inc) generated growth driven by same-facility hospital services, with an emphasis on admissions and revenue per admission. There is no detailed breakdown by region in the report, but operating metrics reflect strength in ER and surgeries. Expansion: Eight hospitals acquired YTD.
| Operational Metrics | Q3 2025 | YoY Growth | Key Notes |
| Same-Facility Admissions | +2.1% | N/A | Driven by ER and inpatient surgeries. |
| Same-Facility Equivalent Admissions | +2.4% | N/A | Includes outpatient; revenue per +6.6%. |
| Same-Facility ER Visits | +1.3% | N/A | Strong demand for emergency services. |
| Same-Facility Inpatient Surgeries | +1.4% | N/A | Improvement in surgical volume. |
| Same-Facility Outpatient Surgeries | +1.1% | N/A | Stable, with a focus on efficiency. |
| Total Facilities | 186 hospitals | N/A | 8 acquisitions YTD; continued expansion. |
Observations: Consistent same-facility growth; YTD admissions +2.0%. CFO Bill Rutherford noted: “The increase in revenue per admission reflects our favorable mix and pricing.”
3. Cash Flow, Balance Sheet and Other Indicators$HCA (HCA Holding Inc) maintains robust liquidity with record cash ops for acquisitions and repurchases ($2.498B Q3). Solid leverage supports organic and inorganic growth.
Q3 Ops Cash Flow: $4.416 billion (+25.6% YoY).
Q3 Capex: $1.288 billion (excl. acquisitions); FY ~$5.0B.
Repurchases Q3: $2.498 mil millones (6.514M shares); remaining auth $3.256B.
Balance General (Sep 30): Cash $997M; total debt $44.511B; total assets $59.747B. Leverage net debt/EBITDA ~3.5x. Cobertura intereses sólida. Dividend yield ~0.5%.
CEO Hazen commented: “I want to thank our 300,000 HCA colleagues who, once again, demonstrated excellence in what they do.”
4. Full Year 2025 Guide and OutlookHCA raised its FY2025 guidance due to operational momentum and increased visibility, despite labor cost headwinds. Focus on procurement and efficiency for Q4.
| Metric | MY 2025 | Notes |
| Income | $75.0 - $76.5 billion | Elevated from $74.0 - $76.0B (+$1.25B midpoint). |
| Attributable Net Income | $6.495 - $6.715 billion | High from $6.110 - $6.480B (+$0.605B midpoint). |
| Adjusted EBITDA | $15.250 - $15.650 billion | Elevated from $14.700 - $15.300B (+$0.450B midpoint). |
| Diluted EPS | $27.00 - $28.00 | Raised from $25.50 - $27.00 (+$1.25 midpoint). |
| Capex (excl. acquisitions) | ~$5.0 billion | Maintained; focus expanding. |
| Acquisitions | Ongoing | 8 hospitals YTD; robust pipeline. |
Outlook 2026: Revenue growth +6-8% due to same-site facility and acquisitions; EBITDA upside due to efficiency; risks: labor costs, regulatory, hurricanes.
5. Conclusion and Implications$HCA (HCA Holding Inc) Q3 2025 results highlight its leadership in healthcare, with revenue and EPS beats, solid same-facility growth, and raised guidance, offsetting cost pressures with strong execution. Expansion (186 hospitals) and cash ops ($4.4B Q3) position HCA for profitable growth in high-margin services. Long-term, a focus on quality and access supports the upside. Recommendation: Hold/Accumulate for growth investors (adjusted P/E ~15x, yield ~0.5%); catalysts in Q4 volumes and 2026 acquisitions.
This analysis is based on public data and is not financial advice. It is for informational purposes only and does not constitute an investment recommendation.