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HCA Healthcare (HCA) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Oct 29, 2026 · HCA Healthcare (HCA) Q3 2026 earnings results →
Q3 2026 Revenue up 4% year over year to $19.8B · 8¢ of every $1 of revenue kept as net profit · operating margin 11.9%
HCA Healthcare made $19.8B in Q3 2026 (+4% Y/Y). Operating margin 11.9%, net earnings $1.6B. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Oct 29, 2026.
Drawing the Sankey…
Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
What changed this quarter
Revenue was $19.8B in Q3 2026, up 4% year over year and down 2% from the previous quarter.
Operating profit was $2.4B, a 11.9% margin (down 0.7 points year over year). Operating profit fell $0.05B even though revenue rose $0.69B versus Q3 2025, so costs grew faster than sales. Total costs grew 4% against revenue growth of 4%. Net earnings were $1.6B, down 4% year over year. The effective tax rate was 22.0%.
Operating cash flow was $4.5B (up 1% year over year), 241% of net income including minority interests. Non-cash charges added back $1.0B of depreciation and amortization and $0.13B of share-based compensation. Working capital and other items added $1.5B. Capital expenditures of $1.4B left free cash flow of $3.1B.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Oct 29, 2026 | $19.8B | +4% | 11.9% | $1.6B | $4.5B |
| Q2 2026 | 10-Q | Jul 28, 2026 | $20.2B | +9% | 12.3% | $1.7B | $2.3B |
| Q1 2026 | 10-Q | Apr 29, 2026 | $19.1B | +4% | 12.0% | $1.6B | $2.0B |
| Q4 2025 | 10-K | Feb 10, 2026 | $19.5B | +7% | 13.7% | $1.9B | $2.4B |
| Q3 2025 | 10-Q | Oct 30, 2025 | $19.2B | +10% | 12.6% | $1.6B | $4.4B |
| Q2 2025 | 10-Q | Aug 4, 2025 | $18.6B | +6% | 13.0% | $1.7B | $4.2B |
| Q1 2025 | 10-Q | May 1, 2025 | $18.3B | +6% | 12.7% | $1.6B | $1.7B |
Charts
Interactive views
The same charts as the app — open one to draw it.
💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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🔍Earnings qualityinteractive
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⚖️Fair value by methodinteractive
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🔭Outlook & guidanceinteractive
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📈Investments: gains and what it boughtinteractive
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🏭Its industry’s money flow (input-output)interactive
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Customers and suppliers named in filings
Buys from
About HCA Healthcare
HCA Healthcare, Inc. is one of the leading health care services companies in the United States. At December 31, 2025, we operated 190 hospitals, comprised of 179 general acute care hospitals, seven behavioral hospitals, and four rehabilitation hospitals. In addition, we operated 121 freestanding ambulatory surgery centers (“ASCs”) and 31 freestanding endoscopy centers. Our facilities are located in 19 states and England. The terms “Company,” “HCA,” “HCA Healthcare,” “we,” “our” or “us,” as used herein and unless otherwise stated or indicated by context, refer to HCA Healthcare, Inc. and its affiliates. The term “affiliates” means direct and indirect subsidiaries of HCA Healthcare, Inc. and partnerships and joint ventures in which such subsidiaries are partners.
In its own words, from its 10-K, filed Feb 10, 2026.
HCA Healthcare against its Services-General Medical & Surgical Hospitals, NEC peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +4% against the peers' median +4%. Operating margin: 11.9% against the peers' median 11.9%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| HCA HCA Healthcare | Q3 2026 | $19.8B | +4% | 11.9% |
| THC Tenet Healthcare | Q3 2026 | $5.6B | +6% | 31.1% |
| UHS Universal Health Services | Q3 2026 | $4.7B | +5% | 9.6% |
| CYH Community Health Systems | Q3 2026 | $2.8B | -11% | 5.3% |
| ARDT Ardent Health | Q3 2026 | $1.6B | +3% | 5.0% |
| SGRY Surgery Partners | Q2 2026 | $849M | +3% | 12.0% |
Source: HCA Healthcare 10-Q on SEC EDGAR · CIK 860730 · Services-General Medical & Surgical Hospitals, NEC
Guidance and outlook
13F: who owns HCA and who is buying
More on HCA
History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results