Filing Flows › HCA Healthcare (HCA) › Q4 2025
HCA Healthcare (HCA) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 10, 2026
HCA Healthcare (HCA) reported revenue of $19.5B for the fourth quarter 2025 (Q4 2025), +7% from a year earlier and +2% from the quarter before. Operating margin was 13.7%, net earnings $1.9B (9.6% of revenue).
HCA Healthcare, Q4 2025: revenue $19.5B (+7% year over year), operating margin 13.7%, net earnings $1.9B, operating cash flow $2.4B. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $19.5B | +2% | +7% |
| Operating profit | $2.7B | +11% | +25% |
| Net earnings | $1.9B | +14% | +31% |
| Operating cash flow | $2.4B | -47% | -8% |
| Free cash flow | $870M | -72% | -32% |
What changed
Revenue was $19.5B in Q4 2025, up 7% year over year and up 2% from the previous quarter.
Operating profit was $2.7B, a 13.7% margin (up 2.0 points year over year). Of the extra revenue versus a year earlier, 44% reached operating profit, above the 12% margin then. Total costs grew 4% against revenue growth of 7%. The fastest-growing cost line was General & admin (+27%). Net earnings were $1.9B, up 31% year over year. The effective tax rate was 19.0%.
Operating cash flow was $2.4B (down 8% year over year), 109% of net income including minority interests. Non-cash charges added back $0.91B of depreciation and amortization and $0.10B of share-based compensation. Working capital and other items used $0.81B. Capital expenditures of $1.5B left free cash flow of $0.87B.
Questions
What was HCA Healthcare's revenue in the fourth quarter 2025?
HCA Healthcare (HCA) reported revenue of $19.5B for the fourth quarter 2025 (Q4 2025), +7% from a year earlier and +2% from the quarter before.
Was HCA Healthcare profitable in the fourth quarter 2025?
Operating profit was $2.7B (13.7% of revenue) and net earnings $1.9B.
Source: HCA Healthcare 10-K on SEC EDGAR.