HCA Beats Q3 Estimates but $400M Uninsured Hit Sends Shares Down 4.7%
HCA sits 25% above its 52-week low of $353.99.
Summary
HCA beat on both lines for Q3 2026 — revenue of $19.849 billion (up 3.6%) against a $19.332 billion consensus, and adjusted EPS of $7.22 versus $6.66 expected. The problem is the payer mix: more uninsured patients, largely people who lost exchange coverage, cost about $400 million in pre-tax income during the quarter. That is the number driving the stock down 4.68% to $443.50. Management also flagged that 2027 Medicaid supplemental payment net benefits will run roughly $550 million to $650 million lower as state programs that got grandfather approvals in 2026 roll off. Guidance still went up: FY2026 EPS to $29.60-$30.50 from $28.70-$30.50, and revenue to $78.250-$79.50 billion. Volume was solid — same-facility admissions up 2.7% and ER visits up 5.1% — but inpatient surgeries fell 1.4% and outpatient surgeries fell 3.7%, and revenue per equivalent admission barely moved at 0.6%. The market is looking past the beat to the coverage-loss trend and the 2027 Medicaid cliff.
At the time of this announcement, HCA was trading at $443.28 on NYSE in the Life Sciences sector, with a market capitalization of approximately $96B. The 52-week trading range was $353.99 to $556.52. This news item was assessed with negative market sentiment and an importance score of 8 out of 10. Source: Benzinga.