HCA · 10-Q · 2026Q3 · Full report

Liquidity and Cash Position

HCA Healthcare, Inc. · 2026-10-29 · Importance 42 · Surprise 40 · In source text

Cash provided by operating activities declined $1.467 billion to $8.810 billion for the first nine months of 2026 from $10.277 billion a year earlier. The decline reflected $472 million of unfavorable working-capital changes and a $1.190 billion increase in income taxes paid, partly offset by a $213 million increase in adjusted net income. Working capital was negative $3.560 billion at September 30, 2026, compared with negative $567 million at December 31, 2025; excluding commercial paper notes, working capital would have been positive $2.167 billion. Available borrowing capacity under the senior unsecured credit facility was $2.226 billion at September 30, 2026, after giving effect to outstanding letters of credit and the company’s minimum-capacity intention.

Key facts

• Cash provided by operating activities was $8.810 billion in the first nine months of 2026 versus $10.277 billion in 2025, a $1.467 billion decline. source
• The operating cash flow decline included $472 million of unfavorable working-capital changes and a $1.190 billion increase in income taxes paid related to the 2025 IRS deferral of estimated payments for Tennessee taxpayers. source
• HCA had negative working capital of $3.560 billion at September 30, 2026, versus $567 million at December 31, 2025; excluding commercial paper, September 2026 working capital would have been $2.167 billion. source
• Cash used in investing activities was $4.755 billion in the first nine months of 2026 versus $3.671 billion in 2025. source
• Cash used in financing activities was $4.183 billion in the first nine months of 2026 versus $7.551 billion in 2025. source
• At September 30, 2026 and October 26, 2026, respectively, HCA had $2.226 billion and $1.709 billion available under its senior unsecured credit facility. source

Impact estimates