HCA Previews Q2 Revenue of $20.23B, Cuts Full-Year EPS Guidance on Payer Mix Headwinds
HCA is trading near its 52-week low of $330 (12% above the low).
Summary
HCA Healthcare reported preliminary Q2 revenue of $20.23B and EPS of $7.62, but cut full-year 2026 EPS guidance to $28.70-$30.50 due to a $400M hit from uninsured patients, partially offset by a $400M Medicaid benefit.
Key Events · Earnings and Guidance · HCA
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Q2 Revenue Tops $20B
Preliminary Q2 2026 revenue of ~$20.23B, up 8.7% YoY, with net income of $1.699B ($7.62 per diluted share) and Adjusted EBITDA of $4.027B.
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Full-Year EPS Guidance Cut
2026 diluted EPS guidance lowered to $28.70-$30.50 from $29.10-$31.50, with net income now seen at $6.3B-$6.7B vs. prior $6.495B-$7.035B.
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$400M Payer Mix Headwind
Unfavorable shift toward uninsured patients, primarily from health insurance exchange losses, reduced pre-tax income by ~$400M in Q2; full-year exchange impact now estimated at ($1.0B)-($1.2B).
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$400M Medicaid Offset
Recognized ~$400M incremental net benefit from Medicaid Supplemental Payment Programs, mainly Florida, covering Oct 2024–Jun 2026; full-year benefit now seen at $300M-$500M.
Analysis · HCA · Industrial Applications And Services
HCA Healthcare pre-announced second-quarter revenue of approximately $20.23 billion, beating consensus, but lowered its full-year 2026 earnings guidance. The company now expects diluted EPS of $28.70 to $30.50, down from $29.10 to $31.50, driven by a $400 million unfavorable payer mix shift from uninsured patients and partially offset by a $400 million benefit from Medicaid supplemental payments. The guidance cut reflects a material deterioration in the payer environment that outweighs the one-time Medicaid boost, signaling ongoing pressure on profitability.
At the time of this filing, HCA was trading at $368.00 on NYSE in the Industrial Applications And Services sector, with a market capitalization of approximately $86.7B. The 52-week trading range was $330.00 to $556.52. This filing was assessed with negative market sentiment and an importance score of 8 out of 10.