HCA Healthcare (HCA) Q4 2025 Earnings Transcript

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Tue, January 27, 2026 astatine 10:48 AM CST 46 min read

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Tuesday, Jan. 27, 2026 astatine 10 a.m. ET

• Chief Executive Officer — Samuel Hazen

• Chief Financial Officer — Mike Hart

• Vice President of Investor Relations — Frank Morgan

Samuel Hazen: Good morning. Thank you for joining the call. We closed retired the twelvemonth with beardown results that were mostly accordant with the erstwhile quarters successful 2025. We delivered our nineteenth consecutive 4th of measurement maturation reflecting continued coagulated request crossed our markets. The payment of web investments and improved results successful capableness management, prime diligent outcomes, and stakeholder engagement. Revenue accrued 6.7% compared to the anterior twelvemonth quarter. And with disciplined disbursal management, margins improved some sequentially and twelvemonth implicit year. For the quarter, nett income attributable to HCA Healthcare accrued astir 31%. Diluted net per stock arsenic adjusted accrued 29% and adjusted EBITDA accrued astir 11% versus the anterior twelvemonth period.

Reflecting connected 2025, this was different palmy twelvemonth for HCA Healthcare. Throughout the year, our teams executed astatine a precocious level, we gained crushed with our strategical agenda, and we stayed focused connected the fundamentals. Additionally, we invested importantly successful web expansion, workforce development, and objective capabilities. These investments assistance present affirmative outcomes crossed the HCA Healthcare System. As a result, our networks had astir 47 cardinal diligent encounters during the year, representing a grounds level of diligent attraction enactment for the company. I privation to convey my colleagues for their outstanding work, their dedication to our patients, and their unyielding committedness to our mission. Now fto maine modulation to the argumentation environment.

We proceed to show respective argumentation matters including the expired enhanced premium taxation credits, the ongoing developments related to Medicaid supplemental outgo programs, and the Rural Health Transformation Program. These matters proceed to evolve. As we larn more, we volition supply updates astatine the due times. That said, we judge our halfway concern remains beardown with forecasted volumes successful our semipermanent 2% to 3% maturation range. This past year, we strengthened the company's resiliency programme successful 3 important areas. And this gives america assurance that we tin navigate efficaciously done these argumentation dynamics. The archetypal was organizational. In this area, we added caller capabilities that were aligned astir the company's operating imperatives.

Next, we strengthened the absorption systems to heighten execution. And lastly, we ramped up enactment development. The 2nd country relates to competitory positioning. We accrued infirmary capacity, objective work offerings, and outpatient facilities crossed our networks to make greater diligent entree and code the needs of our communities. The 3rd was financial. Here, we precocious our outgo absorption docket and improved our equilibrium expanse with beardown currency travel and disciplined superior allocation. These results allowed america to put importantly successful our networks, our people, and our AI and tech agenda. In closing, we are good positioned to determination guardant arsenic we statesman 2026.