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HCA Healthcare vs Surgery Partners: revenue, profit, margins and growth compared

HCA Healthcare brought in $75.6B of revenue in fiscal 2025, Surgery Partners $3.3B in fiscal 2025. Revenue changed by +7.1% at HCA Healthcare and +6.2% at Surgery Partners on the year before, so HCA Healthcare grew faster. HCA Healthcare kept 9.0% of its revenue as net profit, Surgery Partners -2.4%. Free cash flow was $7.7B at HCA Healthcare and $195.6M at Surgery Partners.

Side by side, latest fiscal year

HCASGRY
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$75.6B$3.3B
Revenue growth+7.1%+6.2%
Net income$6.8B-$77.9M
Net margin9.0%-2.4%
Free cash flow$7.7B$195.6M
Free cash flow margin10.2%5.9%
Earnings per share (diluted)$28.33-$0.61
Cash$1B$239.9M
Debt$44.3B$3.7B
Price to earnings15.4n/a
Market value$94.3B$1.9B
Dividend yield0.66%n/a
Rank by revenue in sector#10 of 523 · Health care#78 of 523 · Health care

Over the years

Revenue
HCA FY2018: $46.7BHCA FY2019: $51.3BHCA FY2020: $51.5BHCA FY2021: $58.8BHCA FY2022: $60.2BHCA FY2023: $65BHCA FY2024: $70.6BHCA FY2025: $75.6BSGRY FY2018: $1.8BSGRY FY2019: $1.8BSGRY FY2020: $1.9BSGRY FY2021: $2.2BSGRY FY2022: $2.5BSGRY FY2023: $2.7BSGRY FY2024: $3.1BSGRY FY2025: $3.3BFY18FY19FY20FY21FY22FY23FY24FY25
HCA $75.6BSGRY $3.3B
Net income
HCA FY2018: $3.8BHCA FY2019: $3.5BHCA FY2020: $3.8BHCA FY2021: $7BHCA FY2022: $5.6BHCA FY2023: $5.2BHCA FY2024: $5.8BHCA FY2025: $6.8BSGRY FY2018: -$205.7MSGRY FY2019: -$74.8MSGRY FY2020: -$116.1MSGRY FY2021: -$70.9MSGRY FY2022: -$54.6MSGRY FY2023: -$11.9MSGRY FY2024: -$168.1MSGRY FY2025: -$77.9MFY18FY19FY20FY21FY22FY23FY24FY25
HCA $6.8BSGRY -$77.9M
Net margin
HCA FY2018: 8.1%HCA FY2019: 6.8%HCA FY2020: 7.3%HCA FY2021: 11.8%HCA FY2022: 9.4%HCA FY2023: 8.1%HCA FY2024: 8.2%HCA FY2025: 9.0%SGRY FY2018: -11.6%SGRY FY2019: -4.1%SGRY FY2020: -6.2%SGRY FY2021: -3.2%SGRY FY2022: -2.2%SGRY FY2023: -0.4%SGRY FY2024: -5.4%SGRY FY2025: -2.4%FY18FY19FY20FY21FY22FY23FY24FY25
HCA 9.0%SGRY -2.4%
Revenue growth
HCA FY2019: +10.0%HCA FY2020: +0.4%HCA FY2021: +14.0%HCA FY2022: +2.5%HCA FY2023: +7.9%HCA FY2024: +8.7%HCA FY2025: +7.1%SGRY FY2019: +3.4%SGRY FY2020: +1.6%SGRY FY2021: +19.6%SGRY FY2022: +14.1%SGRY FY2023: +8.0%SGRY FY2024: +13.5%SGRY FY2025: +6.2%FY19FY20FY21FY22FY23FY24FY25
HCA +7.1%SGRY +6.2%
Free cash flow
HCA FY2018: $3.2BHCA FY2019: $3.4BHCA FY2020: $6.4BHCA FY2021: $5.4BHCA FY2022: $4.1BHCA FY2023: $4.7BHCA FY2024: $5.6BHCA FY2025: $7.7BSGRY FY2018: $104.8MSGRY FY2019: $55.9MSGRY FY2020: $204MSGRY FY2021: $29.5MSGRY FY2022: $78.2MSGRY FY2023: $205MSGRY FY2024: $209.7MSGRY FY2025: $195.6MFY18FY19FY20FY21FY22FY23FY24FY25
HCA $7.7BSGRY $195.6M

Fiscal years as each company reports them; the two may end in different months.

Questions about HCA Healthcare and Surgery Partners

Which is bigger by revenue, HCA Healthcare or Surgery Partners?

HCA Healthcare is bigger by revenue: $75.6B in fiscal 2025, against $3.3B for Surgery Partners in fiscal 2025.

Which keeps more of its revenue as profit, HCA Healthcare or Surgery Partners?

HCA Healthcare had a net margin of 9.0% in fiscal 2025; Surgery Partners had -2.4% in fiscal 2025.

Which grew revenue faster, HCA Healthcare or Surgery Partners?

In their latest fiscal years revenue changed by +7.1% at HCA Healthcare and +6.2% at Surgery Partners.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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