Filing Flows › HCA Healthcare (HCA) › Q3 2025
HCA Healthcare (HCA) Q3 2025 earnings results (third quarter 2025)
10-Q filed Oct 30, 2025
HCA Healthcare (HCA) reported revenue of $19.2B for the third quarter 2025 (Q3 2025), +10% from a year earlier and +3% from the quarter before. Operating margin was 12.6%, net earnings $1.6B (8.6% of revenue).
HCA Healthcare, Q3 2025: revenue $19.2B (+10% year over year), operating margin 12.6%, net earnings $1.6B, operating cash flow $4.4B. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $19.2B | +3% | +10% |
| Operating profit | $2.4B | +0.1% | +27% |
| Net earnings | $1.6B | -0.6% | +29% |
| Operating cash flow | $4.4B | +5% | +26% |
| Free cash flow | $3.1B | +3% | +35% |
What changed
Revenue was $19.2B in Q3 2025, up 10% year over year and up 3% from the previous quarter.
Operating profit was $2.4B, a 12.6% margin (up 1.7 points year over year). Of the extra revenue versus a year earlier, 31% reached operating profit, above the 11% margin then. Total costs grew 7% against revenue growth of 10%. The fastest-growing cost line was General & admin (+25%). Net earnings were $1.6B, up 29% year over year. The effective tax rate was 21.3%.
Operating cash flow was $4.4B (up 26% year over year), 232% of net income including minority interests. Non-cash charges added back $0.89B of depreciation and amortization and $0.10B of share-based compensation. Working capital and other items added $1.5B. Capital expenditures of $1.3B left free cash flow of $3.1B.
Questions
What was HCA Healthcare's revenue in the third quarter 2025?
HCA Healthcare (HCA) reported revenue of $19.2B for the third quarter 2025 (Q3 2025), +10% from a year earlier and +3% from the quarter before.
Was HCA Healthcare profitable in the third quarter 2025?
Operating profit was $2.4B (12.6% of revenue) and net earnings $1.6B.
Source: HCA Healthcare 10-Q on SEC EDGAR.