{"id":39638,"date":"2025-11-06T23:56:00","date_gmt":"2025-11-06T15:56:00","guid":{"rendered":"https:\/\/www.granitefirm.com\/blog\/us\/?p=39638"},"modified":"2025-11-07T11:19:49","modified_gmt":"2025-11-07T03:19:49","slug":"hca-healthcare","status":"publish","type":"post","link":"https:\/\/www.granitefirm.com\/blog\/us\/2025\/11\/06\/hca-healthcare\/","title":{"rendered":"How does HCA Healthcare make money?"},"content":{"rendered":"\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_83 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #ffffff;color:#ffffff\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #ffffff;color:#ffffff\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2025\/11\/06\/hca-healthcare\/#The_Importance_of_HCA_Healthcare\" >The Importance of HCA Healthcare<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2025\/11\/06\/hca-healthcare\/#Company_Introduction\" >Company Introduction<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2025\/11\/06\/hca-healthcare\/#Founding\" >Founding<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2025\/11\/06\/hca-healthcare\/#Vision\" >Vision<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2025\/11\/06\/hca-healthcare\/#HCA_Healthcares_Public_History\" >HCA Healthcare&#8217;s Public History<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2025\/11\/06\/hca-healthcare\/#1969\" >1969<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2025\/11\/06\/hca-healthcare\/#1992\" >1992<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2025\/11\/06\/hca-healthcare\/#2011\" >2011<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2025\/11\/06\/hca-healthcare\/#Company_Size\" >Company Size<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2025\/11\/06\/hca-healthcare\/#Hospitals_and_Nursing_Homes_Worldwide\" >Hospitals and Nursing Homes Worldwide<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2025\/11\/06\/hca-healthcare\/#Primarily_in_Texas_and_Florida\" >Primarily in Texas and Florida<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2025\/11\/06\/hca-healthcare\/#United_Kingdom\" >United Kingdom<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2025\/11\/06\/hca-healthcare\/#Medical_Education\" >Medical Education<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2025\/11\/06\/hca-healthcare\/#Company_Growth_and_Mergers\" >Company Growth and Mergers<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2025\/11\/06\/hca-healthcare\/#Early_Developments\" >Early Developments<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2025\/11\/06\/hca-healthcare\/#ColumbiaHCA_Merger\" >Columbia\/HCA Merger<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-17\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2025\/11\/06\/hca-healthcare\/#Recent_History\" >Recent History<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-18\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2025\/11\/06\/hca-healthcare\/#Controversy\" >Controversy<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-19\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2025\/11\/06\/hca-healthcare\/#A_Sordid_Past\" >A Sordid Past<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-20\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2025\/11\/06\/hca-healthcare\/#Health_Insurance_Practices_Litigation\" >Health Insurance Practices Litigation<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-21\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2025\/11\/06\/hca-healthcare\/#Insider_Trading_Litigation\" >Insider Trading Litigation<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-22\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2025\/11\/06\/hca-healthcare\/#Operating_Performance\" >Operating Performance<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-23\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2025\/11\/06\/hca-healthcare\/#Q3_2025_report\" >Q3 2025 report<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-24\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2025\/11\/06\/hca-healthcare\/#2025_Guidance\" >2025 Guidance<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-25\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2025\/11\/06\/hca-healthcare\/#Positive_and_Negative_from_the_Financial_Report\" >Positive and Negative from the Financial Report<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-26\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2025\/11\/06\/hca-healthcare\/#Positive_Highlights\" >Positive Highlights<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-27\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2025\/11\/06\/hca-healthcare\/#Negative_Highlights\" >Negative Highlights<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-28\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2025\/11\/06\/hca-healthcare\/#Capital_Market_Performance\" >Capital Market Performance<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-29\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2025\/11\/06\/hca-healthcare\/#Market_Capitalization\" >Market Capitalization<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-30\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2025\/11\/06\/hca-healthcare\/#Valuation\" >Valuation<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-31\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2025\/11\/06\/hca-healthcare\/#Stock_Price_Performance\" >Stock Price Performance<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-32\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2025\/11\/06\/hca-healthcare\/#Related_articles\" >Related articles<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"The_Importance_of_HCA_Healthcare\"><\/span>The Importance of HCA Healthcare<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><a href=\"https:\/\/www.hcahealthcare.com\/\" target=\"_blank\" rel=\"noopener\">HCA Healthcare (ticker: HCA)<\/a> is the largest hospital chain in the United States and a key component of the American healthcare network.<\/p>\n\n\n\n<p>HCA Healthcare&#8217;s role in the American hospital system is similar to the importance of UnitedHealth Group to the U.S. healthcare system (see my post of &#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/10\/17\/unitedhealthcare\/\">UnitedHealthcare, the world&#8217;s largest health insurer, role model of Dow Jones<\/a>&#8220;). Or to the importance of Intuitive Surgical to surgical robots in the medical device industry (see my posts of &#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/04\/04\/intuitive-surgical\/\">How does dominated Intuitive Surgical make money?&#8221;<\/a> and &#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2023\/08\/17\/intuitive-surgical-2\/\" target=\"_blank\" rel=\"noreferrer noopener\">Intuitive Surgical, a company that essentially monopolizes surgical robots<\/a>&#8220;).<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Company_Introduction\"><\/span>Company Introduction<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Founding\"><\/span>Founding<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>The company was originally established at Park View Hospital in Nashville, which Thomas F. Frist Sr. co-founded with other physicians in 1960 and served as CEO.<\/p>\n\n\n\n<p>Hospital Corporation of America (HCA) was founded in 1968 in Nashville, Tennessee, by Thomas F. Frist Sr., Thomas F. Frist Jr., and Jack C. Massey.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Vision\"><\/span>Vision<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>The founders&#8217; vision was to integrate hospitals to provide patient-centered care, leveraging the organization&#8217;s combined resources to strengthen hospitals and improve healthcare in the United States.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"HCA_Healthcares_Public_History\"><\/span>HCA Healthcare&#8217;s Public History<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"1969\"><\/span>1969<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>HCA (formerly known as Hospital Corporation of America) first listed on the New York Stock Exchange (NYSE) in 1969.<\/p>\n\n\n\n<p>The company was taken private in a leveraged buyout in 1988.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"1992\"><\/span>1992<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>The company returned to public ownership in 1992 through a merger with Columbia\/HCA.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"2011\"><\/span>2011<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>The company, under the name HCA Holdings, Inc., issued 126.2 million shares at $30 per share and began trading on the New York Stock Exchange on March 10, 2011, under the symbol HCA. This was the largest private equity-backed IPO in U.S. history at the time.<\/p>\n\n\n\n<p>The 2011 IPO effectively marked the transition from the previous HCA Holdings structure to the current HCA Healthcare structure.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Company_Size\"><\/span>Company Size<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Hospitals_and_Nursing_Homes_Worldwide\"><\/span>Hospitals and Nursing Homes Worldwide<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>HCA Healthcare, Inc. currently operates approximately 190 hospitals in 20 U.S. states and the United Kingdom. Hospitals and approximately 2,400 sites of care (including surgery centers, freestanding emergency rooms, urgent care clinics, physician offices, home health\/hospice agencies, etc.), data as of December 31, 2024.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Primarily_in_Texas_and_Florida\"><\/span>Primarily in Texas and Florida<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>A significant portion of these hospitals are located in Florida and Texas. As of 2022, HCA has 47 hospitals and 31 surgery centers in Florida, and 45 hospitals and 632 affiliated facilities in Texas.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"United_Kingdom\"><\/span>United Kingdom<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>HCA International, the UK arm of Hospital Corporation of America, serves approximately half of London&#8217;s private patient population. The company plans to open a new private hospital, Harborne Hospital, near Queen Elizabeth Hospital in Birmingham, in January 2024.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Medical_Education\"><\/span>Medical Education<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>In recent years, HCA has HCA Healthcare has become a significant provider of clinical and medical education. It is the largest sponsor of graduate medical education programs in the United States, with 56 teaching hospitals in 14 states, primarily in areas where physician training programs are underserved. The company operates the School of Nursing Research and Mercy College of Nursing, along with several advanced nursing simulation training centers. In early 2020, HCA Healthcare completed its acquisition of a majority stake in Galen College of Nursing, which offers Bachelor of Science and Associate of Science degrees in Nursing at 21 campuses in 12 states.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Company_Growth_and_Mergers\"><\/span>Company Growth and Mergers<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Early_Developments\"><\/span>Early Developments<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>At the time of its initial public offering on the New York Stock Exchange in 1969, HCA Healthcare owned 11 hospitals. The 1970s saw rapid growth for both the healthcare industry and HCA Healthcare. In the early 1980s, HCA Healthcare shifted its focus to consolidation, acquiring General Care Corporation, General Health Services, Hospital Affiliates International, and Health Care Corporation. By the end of 1981, HCA HCA Healthcare now operates 349 hospitals with over 49,000 beds.<\/p>\n\n\n\n<p>In 1987, the company spun off HealthTrust, a privately held company with 104 hospitals. In 1988, it completed a leveraged management buyout led by Chairman Thomas F. Frist Jr. HCA Healthcare returned to the public market in 1992.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"ColumbiaHCA_Merger\"><\/span>Columbia\/HCA Merger<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>The company first acquired 73 hospitals from Galen Health Care from Humana. Then, in 1994, HCA Healthcare merged with Columbia Hospital Corporation to form Columbia\/HCA Healthcare. During this period, the company continued to acquire, restructure, or close many underperforming hospitals.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Recent_History\"><\/span>Recent History<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>On November 17, 2006, HCA became a private company for the third time when it was acquired by an investment group led by KKR, Bain Capital, Merrill Lynch, and HCA Healthcare founder Thomas F. Frist Jr. The total transaction value was approximately $33 billion, making it the largest leveraged buyout in history at the time, surpassing the 1989 acquisition of RJR Healthcare. Nabisco acquisition.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Controversy\"><\/span>Controversy<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"A_Sordid_Past\"><\/span>A Sordid Past<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>In the 1990s, the company was implicated in illegal accounting and other criminal practices, resulting in the company paying more than $2 billion in federal fines and other penalties, and CEO Rick Scott was fired by the board.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Health_Insurance_Practices_Litigation\"><\/span>Health Insurance Practices Litigation<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>In 1993, a group of former HCA employees filed a lawsuit against the company, alleging suspected health insurance manipulation practices. In 1997, seventeen years into the FBI, IRS, and Department of Health and Human Services investigation, Anthony Rick Scott, chairman of the Columbia\/HCA board, resigned from his position as chairman.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Insider_Trading_Litigation\"><\/span>Insider Trading Litigation<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p><a href=\"https:\/\/www.nytimes.com\/2005\/09\/26\/politics\/blind-trusts-get-new-look-after-sale-by-frist.html\" target=\"_blank\" rel=\"noopener\">In July 2005, U.S. Senator Bill Frist sold all of his HCA shares (held in a blind trust) two weeks after disappointing earnings sent the stock plummeting 9 percent<\/a>. Frist, who was considering a presidential run at the time, cited the sale as a way to avoid conflicts of interest.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Operating_Performance\"><\/span>Operating Performance<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Q3_2025_report\"><\/span>Q3 2025 report<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Here are the key takeaways from HCA&#8217;s performance: Healthcare Q3 2025 Earnings Highlights:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Revenue Growth: 9.6% growth driven by volume growth, payer mix optimization, and Medicaid supplemental programs.<\/li>\n\n\n\n<li>Diluted EPS Growth: 42% growth on an adjusted basis.<\/li>\n\n\n\n<li>Same-Facility Equivalent Admissions: 2.4% year-over-year increase.<\/li>\n\n\n\n<li>Inpatient Surgery Volume: 1.4% year-over-year increase.<\/li>\n\n\n\n<li>Outpatient Surgery Volume: 1.1% year-over-year increase.<\/li>\n\n\n\n<li>Same-Facility Visits: 1.3% year-over-year increase.<\/li>\n\n\n\n<li>Commercial and Medicare Visits: Combined growth of 4.1% in the third quarter.<\/li>\n\n\n\n<li>Net Revenue Per Equivalent Admission: Growth driven by a strong payer mix and Medicaid state supplemental payment revenue.<\/li>\n\n\n\n<li>Adjusted EBITDA Growth: Revenue from the Medicaid supplemental payment program increased by approximately 2.4% year-over-year. $4.4 billion.<\/li>\n\n\n\n<li>Operating Cash Flow: $4.4 billion this quarter.<\/li>\n\n\n\n<li>Capital Expenditures: $1.3 billion this quarter.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"2025_Guidance\"><\/span>2025 Guidance<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>2025 Revenue Guidance: Expected to be between $75 billion and $76.5 billion.<\/li>\n\n\n\n<li>2025 Net Profit Guidance: Expected to be between $6.5 billion and $6.72 billion.<\/li>\n\n\n\n<li>2025 Adjusted EBITDA Guidance: Expected to be between $15.25 billion and $15.65 billion.<\/li>\n\n\n\n<li>2025 Diluted EPS Guidance: Expected to be between $27 and $28.<\/li>\n\n\n\n<li>2025 Capital Expenditures Guidance: Approximately $5 billion.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Positive_and_Negative_from_the_Financial_Report\"><\/span>Positive and Negative from the Financial Report<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Positive_Highlights\"><\/span>Positive Highlights<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Positive Highlights from the third quarter 2025 financial report include: 42% year-over-year adjusted EPS growth and 9.6% revenue growth, demonstrating the company&#8217;s strong performance from broad-based volume growth, improved payer mix, and Medicaid expansion. Additional revenue from supplemental programs.<\/p>\n\n\n\n<p>The company raised its annual guidance, reflecting strong performance and a positive outlook for the fourth quarter. This reflects strong demand for HCA Healthcare&#8217;s healthcare services, with same-facility equivalent admissions increasing 2.4% year-over-year.<\/p>\n\n\n\n<p>Regarding financial health, the company maintained strong operating cash flow of $4.4 billion in the quarter, supporting strategic capital allocation to create long-term value.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Negative_Highlights\"><\/span>Negative Highlights<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Medicaid and self-pay visits declined compared to the prior year, highlighting potential challenges in these areas. A slow start to the peak respiratory season in 2025 impacted the annual growth rate of admissions and patient visits. Supplemental payment plans are complex and have uncertain timelines, and they do not fully cover the costs of treatment for Medicaid patients.<\/p>\n\n\n\n<p>While the company has implemented resiliency plans to provide some relief, it faces ongoing pressure in certain operating cost areas. Hurricanes continue to impact certain markets, with impacts on North Carolina&#8217;s payer structure and labor costs persisting.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Capital_Market_Performance\"><\/span>Capital Market Performance<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Market_Capitalization\"><\/span>Market Capitalization<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>As of October 24, 2025, the company&#8217;s market capitalization is $104.6 billion, making it a large public company.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Valuation\"><\/span>Valuation<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>As of October 24, 2025, the company&#8217;s price-to-earnings ratio is 19, which is relatively low during a bull market.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Stock_Price_Performance\"><\/span>Stock Price Performance<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>As of October 24, 2025:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Up 50.14% in 2025<\/li>\n\n\n\n<li>Up 227.19% in 5 years<\/li>\n\n\n\n<li>Up 1,336.50% in the 14 years since its relisting in March 2011.<\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"180\" height=\"78\" src=\"https:\/\/www.granitefirm.com\/blog\/us\/wp-content\/uploads\/sites\/2\/2025\/10\/HCA-Custom.jpg\" alt=\"HCA Healthcare\n\" class=\"wp-image-39639\"\/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Related_articles\"><\/span>Related articles<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2025\/11\/06\/hca-healthcare\/\">How does HCA Healthcare make money?<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/10\/17\/unitedhealthcare\/\">UnitedHealthcare, the world&#8217;s largest health insurer, role model of Dow Jones<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2025\/09\/16\/akesos-beat-best-drug\/\">Akeso\u2019s lung cancer drug beat world best-selling drug, a biotech DeepSeek watershed<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2025\/05\/03\/transmedics-ocs\/\">TransMedics, an expert in organ transplant care systems<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/04\/04\/intuitive-surgical\/\">How does dominated Intuitive Surgical make money?&#8221;<\/a><\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2023\/08\/17\/intuitive-surgical-2\/\" target=\"_blank\" rel=\"noreferrer noopener\">Intuitive Surgical, a company that essentially monopolizes surgical robots<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2024\/11\/02\/gene-editi-casgevy\/\">World\u2019s first gene editing therapy Casgevy finally approved<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2024\/11\/17\/how-does-crispr-the-gene-editing-inventor-make-money\/\">How does CRISPR, the gene editing inventor, make money?<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/11\/06\/abiomed-acquired-by-jnj\/\" target=\"_blank\" rel=\"noreferrer noopener\">Abiomed acquired by Johnson &amp; Johnson<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/09\/21\/how-johnson-johnson-make-money\/\" target=\"_blank\" rel=\"noreferrer noopener\">How the best AAA credit rating Johnson &amp; Johnson makes money?<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/07\/02\/abbott-laboratories\/\">Abbott, the world&#8217;s most important medical device and nutritional food supplier, how does it make money?<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2024\/04\/14\/ge-spinoff\/\" target=\"_blank\" rel=\"noreferrer noopener\">How did three listed companies make money after GE spinoff? What are the prospects?<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2024\/11\/02\/gene-editi-casgevy\/\">World\u2019s first gene editing therapy Casgevy finally approved<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2024\/11\/17\/how-does-crispr-the-gene-editing-inventor-make-money\/\">How does CRISPR, the gene editing inventor, make money?<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2024\/11\/29\/how-vertex-make-money\/\">How does rising biotech Vertex make money?<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2023\/11\/15\/eli-lilly-value-king\/\" target=\"_blank\" rel=\"noreferrer noopener\">Why Eli Lilly become global pharmaceutical market value king?<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2024\/06\/28\/gilead-aids-vaccine\/\" target=\"_blank\" rel=\"noreferrer noopener\">Gilead, lord of antiviral drug, reveals world&#8217;s first AIDS vaccine<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2024\/06\/06\/viking\/\" target=\"_blank\" rel=\"noreferrer noopener\">Viking is developing two future star new drugs at the same time<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2024\/06\/02\/mash-breakthrough\/\" target=\"_blank\" rel=\"noreferrer noopener\">FDA approved first ever MASH drug<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2023\/12\/07\/alzheimer-progress\/\" target=\"_blank\" rel=\"noreferrer noopener\">Alzheimer, the only major disease yet to be conquered, current progress and related companies<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2023\/08\/07\/weight-loss-is-golden-goose\/\">Weight loss is the future golden goose of the drug market <\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/11\/29\/big-pharma-spin-offs\/\">Big pharma spin-offs, and advantages to invest them<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2023\/08\/09\/eli-lilly\/\">Eli Lilly, a big pharma with astonishing valuation<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2023\/06\/22\/pfizer-the-largest-pharma\/\">Pfizer, the world&#8217;s largest pharmaceutical company<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2023\/03\/30\/novo-nordisks-new-diabetes-drug-semaglutide-and-incretin-found-to-have-surprising-weight-loss-effects\/\">Novo Nordisk&#8217;s new diabetes drug Semaglutide,Ozempic,Wegovy and Mounjaro found to have surprising weight-loss effects<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/11\/18\/prescription-leader-abbvie\/\">The next No. 1 pharmaceutical leader AbbVie<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/06\/24\/stable-dow-component-merck\/\">Stable Dow Component Merck, how does it make money?<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2023\/11\/06\/the-ex-largest-pharma-merck\/\" target=\"_blank\" rel=\"noreferrer noopener\">The ex-largest pharma Merck<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/07\/02\/abbott-laboratories\/\" target=\"_blank\" rel=\"noreferrer noopener\">Abbott, the world\u2019s most important medical device and nutritional food supplier, how does it make money?<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2023\/05\/17\/roche\/\">Roche, the king of anti-cancer<\/a>&#8220;<\/li>\n<\/ul>\n\n\n\n<p><em><strong>Disclaimer<\/strong><\/em><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><em>The content of this site is the author\u2019s personal opinions and is for reference only. I am not responsible for the correctness, opinions, and immediacy of the content and information of the article. Readers must make their own judgments.<\/em><\/li>\n\n\n\n<li><em>I shall not be liable for any damages or other legal liabilities for the direct or indirect losses caused by the readers&#8217; direct or indirect reliance on and reference to the information on this site, or all the responsibilities arising therefrom, as a result of any investment behavior.<\/em><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>HCA Healthcare is the largest hospital chain in the United States and a key component of the American healthcare network.<\/p>\n","protected":false},"author":1,"featured_media":39639,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[124],"tags":[1579],"class_list":["post-39638","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-healthcare","tag-hca"],"_links":{"self":[{"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/posts\/39638","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/comments?post=39638"}],"version-history":[{"count":9,"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/posts\/39638\/revisions"}],"predecessor-version":[{"id":39796,"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/posts\/39638\/revisions\/39796"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/media\/39639"}],"wp:attachment":[{"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/media?parent=39638"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/categories?post=39638"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/tags?post=39638"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}