HCA · 10-Q · 2026Q3 · Full report

Revenue Performance and Mix

HCA Healthcare, Inc. · 2026-10-29 · Importance 37 · Surprise 32 · From source text

Third-quarter 2026 revenue increased 3.6% year over year to $19.849 billion, driven by a 2.8% increase in equivalent admissions and a 0.7% increase in revenue per equivalent admission. Nine-month revenue rose 5.5% to $59.188 billion; Medicaid revenue increased from $4.413 billion to $5.998 billion, while managed care and insurer revenue was adversely affected by the expiration of enhanced premium tax credits and related administrative reforms. Estimated uncompensated-care costs increased 24.3% to $4.174 billion for the first nine months of 2026 from $3.359 billion a year earlier. Same-facility uninsured admissions rose 27.4% in the third quarter, reflecting the expiration of enhanced premium tax credits, administrative reforms, and fewer Medicaid conversions.

Key facts

• Revenue for the first nine months of 2026 was $59.188 billion, up 5.5% from $56.087 billion in the first nine months of 2025. source
• Third-quarter 2026 revenue was $19.849 billion, up 3.6% from $19.161 billion in third-quarter 2025. source
• Third-quarter 2026 revenue from managed care and insurers was unfavorably affected by the expiration of EPTCs at the end of 2025 and Exchange-related administrative reforms. source
• The decline in outpatient revenues as a percentage of patient revenues in the second quarter of 2026 was primarily related to incremental inpatient revenues from the Florida state directed payment program. source
• Third-quarter 2026 consolidated and same-facility revenue each increased 3.6% year over year. source
• Third-quarter 2026 consolidated revenue per equivalent admission increased 0.7%, while equivalent admissions increased 2.8%. source
• Third-quarter 2026 same-facility revenue per equivalent admission increased 0.6%, while same-facility equivalent admissions increased 3.0%. source
• Revenue for the first nine months of 2026 increased 5.5% consolidated and 5.8% on a same-facility basis year over year. source

Impact estimates