HCA Healthcare, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data HCA Healthcare, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	41,490	43,614	46,677	51,336	51,533	58,752	60,233	64,968	70,603	75,600
General and administrative	343	340	344	370	416	337	307	353	421	548
Interest expense	1,707	1,690	1,755	1,824	1,584	1,566	1,741	1,938	2,061	2,248
Pre-tax income	4,810	4,381	5,335	5,244	5,430	9,833	8,580	7,706	8,523	9,832
Income tax	1,378	1,638	946	1,099	1,043	2,112	1,746	1,615	1,866	2,050
Net income to minority interests	542	527	602	640	633	765	1,191	849	897	998
Net income	2,890	2,216	3,787	3,505	3,754	6,956	5,643	5,242	5,760	6,784
EPS, basic	7.53	6.12	10.90	10.27	11.10	21.52	19.43	19.25	22.27	28.70
EPS, diluted	7.30	5.95	10.66	10.07	10.93	21.16	19.15	18.97	22.00	28.33
Shares, basic (weighted)	384	362	347	341	338	323	290	272	259	236
Shares, diluted (weighted)	396	372	355	348	344	329	295	276	262	239
Dividend per share			1.40	1.60	0.43	1.92	2.24	2.40	2.64	2.88

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	646	732	502	621	1,793	1,451	908	935	1,933	1,040
Short-term investments					116	103
Receivables	5,826	6,501	6,789	7,380	7,051	8,095	8,891	9,958	10,751	10,867
Inventory	1,503	1,573	1,732	1,849	2,025	1,986	2,068	2,021	1,738	1,652
Other current assets	1,111	1,171	1,190	1,346	1,464	2,010	1,776	2,013	1,992	2,224
Total current assets	9,086	9,977	10,213	11,196	12,333	13,542	13,643	14,927	16,414	15,783
Property, plant and equipment	16,352	17,895	19,757	22,715	23,199	24,063	25,575	27,715	29,414	31,141
Lease right-of-use assets				1,834	2,024	2,113	2,065	2,207	2,131	2,130
Long-term investments					388	438	381	477	569	485
Other non-current assets	1,074	710	690	480	546	598	298	184	230	255
Total assets	33,758	36,593	39,207	45,058	47,490	50,742	52,438	56,211	59,513	60,720
Accounts payable	2,318	2,606	2,577	2,905	3,535	4,111	4,239	4,233	4,276	4,659
Deferred revenue				0
Short-term debt	216	200	788	145	209	237	370	2,424	4,698	4,889
Total current liabilities	5,834	6,158	7,569	7,757	8,704	9,582	9,902	12,655	15,177	16,350
Long-term debt	31,160	32,858	32,033	33,577	30,795	34,342	37,714	37,169	38,333	41,603
Lease liabilities				1,499	1,673	1,755	1,752	1,903	1,863	1,853
Total liabilities	39,391	41,588	42,125	45,623	44,598	49,253	52,511	55,151	58,958	63,491
Total debt	31,376	33,058	32,821	33,722	31,004	34,579	38,084	39,593	43,031	44,285
Paid-in capital				0	294	0
Retained earnings	-6,968	-6,532	-4,572	-2,351	777	-532	-2,280	-1,352	-2,115	-5,724
Other comprehensive income	-338	-278	-381	-460	-502	-404	-490	-425	-387	-305
Shareholders' equity	-7,302	-6,806	-4,950	-2,808	572	-933	-2,767	-1,774	-2,499	-6,027
Minority interests	1,669	1,811	2,032	2,243	2,320	2,422	2,694	2,834	3,054	3,256
Total equity	-5,633	-4,995	-2,918	-565	2,892	1,489	-73	1,060	555	-2,771
Total liabilities and equity	33,758	36,593	39,207	45,058	47,490	50,742	52,438	56,211	59,513	60,720
Shares outstanding	371	350	343	338	339	305	277	266	250	225

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	3,432	2,743	4,389	4,145	4,387	7,721	6,834	6,091	6,657	7,782
Depreciation and amortization	1,966	2,131	2,278	2,596	2,721	2,853	2,969	3,077	3,312	3,523
Stock-based compensation	251	270	268	347	362	440	341	262	360	401
Deferred income tax	123	433	74	250	41	-70	571	229	22	310
Change in receivables	10	-601	-423	-326	327	-962	-797	-935	-799	-94
Change in payables	144	374	698	396	1,255	999	-296	604	359	666
Cash from operations	5,653	5,426	6,761	7,602	9,232	8,959	8,522	9,431	10,514	12,636
Capital expenditures	-2,760	-3,015	-3,573	-4,158	-2,835	-3,577	-4,395	-4,744	-4,875	-4,944
Cash from investing	-3,240	-4,279	-3,901	-5,720	-3,393	-2,643	-3,389	-5,317	-4,933	-4,988
Debt issued	5,400	1,502	2,000	6,451	2,700	4,344	5,997	3,224	7,495	8,474
Debt repaid	-4,475	-753	-1,704	-5,324	-3,437	-3,869	-2,830	-909	-2,410	-7,389
Share buybacks	-2,751	-2,051	-1,530	-1,031	-441	-8,215	-7,000	-3,811	-6,042	-10,067
Dividends paid		0	-487	-550	-153	-624	-653	-661	-690	-679
Cash from financing	-2,508	-1,061	-3,075	-1,771	-4,677	-6,655	-5,656	-4,094	-4,582	-8,550
Exchange rate effect		0	-15	8	10	-3	-20	7	-1	9
Net change in cash	-95	86	-230	119	1,172	-342	-543	27	998	-893
Free cash flow	2,893	2,411	3,188	3,444	6,397	5,382	4,127	4,687	5,639	7,692
Interest paid	1,666	1,700	1,744	1,914	1,607	1,502	1,662	1,892	1,938	2,207
Income taxes paid	1,255	1,205	872	849	1,002	2,182	1,175	1,386	1,844	1,740

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to March 31, 2026; growth uses fiscal years. Valuation uses the share price of $435.61 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Pre-tax margin	12.8%	Pre-tax income / revenue.
Net margin	8.9%	Net income / revenue.
FCF margin	10.4%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	17.0%	Cash from operations / revenue.
Effective tax rate	20.2%	Income tax / pre-tax income, when pre-tax income is positive.
Return on assets (ROA)	11.1%	Net income / average total assets.
Stock-based pay / revenue	0.5%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	6.6%	Capital expenditures / revenue.
D&A / revenue	4.7%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	7.1%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	7.9%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	8.0%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	17.8%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	6.3%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	12.6%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	28.8%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	13.9%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	21.0%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	20.2%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	14.0%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	6.5%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	36.4%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	23.1%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	3.8%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	9.1%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	8.7%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	46.3%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	2.0%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	5.0%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	5.0%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-8.5%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-6.7%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-7.0%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	0.83x	Current assets / current liabilities.
Quick ratio	0.64x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.05x	(Cash + short-term investments) / current liabilities.
Debt / assets	72.2%	Total debt / total assets.
Liabilities / assets	104.8%	Total liabilities / total assets.
Net debt	$43.43B	Total debt - cash - short-term investments. Negative means more cash than debt.
Working capital	-$3.21B	Current assets - current liabilities.
Tangible book value	-$6.30B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.24x	Revenue / average total assets.
Fixed asset turnover	2.43x	Revenue / average property, plant and equipment.
Receivables turnover	6.75x	Revenue / average receivables.
Days sales outstanding	54 days	365 x average receivables / revenue.
FCF conversion	116.7%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	39.0%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$29.98	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$337.03	Revenue / diluted weighted shares.
FCF per share	$34.97	Free cash flow / diluted weighted shares.
Operating cash flow per share	$57.35	Cash from operations / diluted weighted shares.
Book value per share	-$28.32	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$28.32	Tangible book value / shares outstanding.
Cash per share	$4.22	(Cash + short-term investments) / shares outstanding.
Payout ratio	10.0%	Dividends paid / net income, when net income is positive.
Dividends / FCF	8.6%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	115.2%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$94.31B	Share price x shares outstanding.
Enterprise value	$137.74B	Market cap + total debt - cash - short-term investments.
P/E	13.9x	Market cap / net income. Only when net income is positive.
P/S	1.23x	Market cap / revenue.
P/FCF	11.9x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	7.26x	Market cap / cash from operations, when positive.
EV/Sales	1.80x	Enterprise value / revenue.
EV/FCF	17.4x	Enterprise value / free cash flow, when both are positive.
FCF yield	8.4%	Free cash flow / market cap.
Earnings yield	7.2%	Net income / market cap (the inverse of P/E).
Dividend yield	0.7%	Dividends paid over the period / market cap.
Shareholder yield	10.4%	(Dividends paid + share buybacks) / market cap.
PEG	1.00x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was HCA Healthcare, Inc.'s revenue in fiscal 2025?

HCA Healthcare, Inc. reported revenue of $75.60B for fiscal 2025, 7.1% higher than the year before.

Was HCA Healthcare, Inc. profitable in fiscal 2025?

Yes. Net income was $6.78B, a net margin of 9%.

How much free cash flow did HCA Healthcare, Inc. generate in fiscal 2025?

Cash from operations of $12.64B minus capital expenditures of $4.94B left free cash flow of $7.69B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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