HCA Financials HCA Healthcare

15 years of revenue, profit, cash flow and balance-sheet history through FY2025, from SEC filings — with a computed, factual read of the trend. Updated 45 d ago Overview →

Growth & profitability

Revenue has grown 8.0% per year over the past 5 years.
Net income has grown faster than revenue (12.6% vs 8.0% per year).
Free cash flow has grown 3.8% per year over the past 5 years.

Financial health

Total debt ($46.5B) exceeds cash ($1.0B); net debt is $45.5B.
Total debt has grown in line with revenue (8.4% vs 8.0% per year).

Shareholder returns

Dividends have been paid for 8 consecutive years, consuming 10.0% of earnings and 8.8% of free cash flow.
The dividend has grown 34.7% per year over the past 5 years.

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

Return on equity & assets (ROE / ROA)

ROEROA

Free cash flow (CFO − capex)

Free cash flow

Cash vs total debt

CashTotal debt

Cash flow: operating / investing / financing

OperatingInvestingFinancing

Key annual figures

FY	Revenue	Net income	Gross M	Op M	ROE	ROA	FCF	Total debt	Cash
2025	$75.6B	$6.8B	0.0%	0.0%	-112.6%	11.2%	$7.7B	$46.5B	$1.0B
2024	$70.6B	$5.8B	0.0%	0.0%	-230.5%	9.7%	$5.6B	$43.0B	$1.9B
2023	$65.0B	$5.2B	0.0%	0.0%	-295.5%	9.3%	$4.7B	$39.6B	$935M
2022	$60.2B	$5.6B	0.0%	0.0%	-203.9%	10.8%	$4.1B	$38.1B	$908M
2021	$58.8B	$7.0B	0.0%	0.0%	-745.6%	13.7%	$5.4B	$34.6B	$1.5B
2020	$51.5B	$3.8B	0.0%	0.0%	656.3%	7.9%	$6.4B	$31.0B	$1.8B
2019	$51.3B	$3.5B	0.0%	0.0%	-124.8%	7.8%	$3.4B	$33.7B	$621M
2018	—	$3.8B	—	—	-76.5%	9.7%	$3.2B	$32.8B	$502M
2017	—	$2.2B	—	—	-32.6%	6.1%	$2.4B	$33.1B	$732M
2016	—	$2.9B	—	—	-39.6%	8.6%	$2.9B	$31.4B	$646M
2015	—	$2.1B	—	—	-28.0%	6.5%	—	$30.5B	$741M
2014	—	$1.9B	—	—	-23.8%	6.1%	$2.3B	$29.4B	$566M
2013	—	$1.6B	—	—	-18.8%	5.4%	$1.7B	$28.4B	$414M
2012	—	$1.6B	—	—	-16.6%	5.7%	$2.3B	$28.9B	$705M
2011	—	$2.5B	—	—	-29.8%	9.2%	$2.3B	$27.1B	$373M

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

Return on equity & assets (ROE / ROA)

ROEROA

Free cash flow (CFO − capex, quarterly)

Free cash flow

Cash vs total debt

CashTotal debt

Cash flow: operating / investing / financing

OperatingInvestingFinancing

Key quarterly figures

Quarter	Revenue	Net income	Gross M	Op M	ROE	ROA	FCF	Total debt	Cash
Mar '26	$19.1B	$1.6B	0.0%	0.0%	-25.7%	2.6%	$895M	$48.0B	$940M
Dec '25	$19.5B	$1.9B	0.0%	0.0%	-31.2%	3.1%	$870M	$46.5B	$1.0B
Sep '25	$19.2B	$1.6B	0.0%	0.0%	-30.8%	2.7%	$3.1B	$44.5B	$997M
Jun '25	$18.6B	$1.7B	0.0%	0.0%	-37.6%	2.8%	$3.0B	$44.5B	$939M
Mar '25	$18.3B	$1.6B	0.0%	0.0%	-45.8%	2.7%	$660M	$44.6B	$1.1B
Dec '24	$18.3B	$1.4B	0.0%	0.0%	-57.5%	2.4%	$1.3B	$43.0B	$1.9B
Sep '24	$17.5B	$1.3B	0.0%	0.0%	-58.2%	2.1%	$2.3B	$43.0B	$2.9B
Jun '24	$17.5B	$1.5B	0.0%	0.0%	-91.3%	2.5%	$690M	$40.9B	$831M
Mar '24	$17.3B	$1.6B	0.0%	0.0%	-98.5%	2.8%	$1.4B	$40.2B	$1.3B
Dec '23	$17.3B	$1.6B	0.0%	0.0%	-90.6%	2.9%	$1.5B	$39.6B	$935M
Sep '23	$16.2B	$1.1B	0.0%	0.0%	-43.6%	2.0%	$1.3B	$39.3B	$891M
Jun '23	$15.9B	$1.2B	0.0%	0.0%	-51.8%	2.2%	$1.2B	$38.9B	$862M
Mar '23	$15.6B	$1.4B	0.0%	0.0%	-54.6%	2.6%	$606M	$38.9B	$842M
Dec '22	$15.5B	$2.1B	0.0%	0.0%	-75.2%	4.0%	$1.2B	$38.1B	$908M
Sep '22	$15.0B	$1.1B	0.0%	0.0%	-33.6%	2.2%	$1.9B	$37.7B	$999M
Jun '22	$14.8B	$1.2B	0.0%	0.0%	-31.4%	2.2%	$550M	$38.9B	$858M
Mar '22	$14.9B	$1.3B	0.0%	0.0%	-62.6%	2.4%	$484M	$37.7B	$2.4B
Dec '21	$15.1B	$1.8B	0.0%	0.0%	-194.4%	3.6%	$1.3B	$34.6B	$1.5B
Sep '21	$15.3B	$2.3B	0.0%	0.0%	-326.5%	4.6%	$1.4B	$32.3B	$1.0B
Jun '21	$14.4B	$1.4B	0.0%	0.0%	-244.5%	3.0%	$1.4B	$32.6B	$1.1B

Valuation over time

How the market has priced HCA against its own fundamentals since 2023-03 — each month-end's share price set against the most recent annual filing, so the multiple moves as price runs ahead of (or behind) earnings. Split-adjusted.

The price-to-earnings ratio has risen from 10.4× (Mar '23) to 13.4× (Sep '26).
The price-to-sales ratio has risen from 1.0× (Mar '23) to 1.2× (Sep '26).
The dividend yield has fallen from 1.1% (Mar '23) to 0.7% (Sep '26).

Price / earnings (P/E)

P/E

Price / sales (P/S)

P/S

Dividend yield (%)

Dividend yield %

Frequently asked questions

Is HCA growing its revenue and profit?

Over the past 5 years, HCA Healthcare's revenue has grown 8.0% per year, and net income grown 12.6% per year. These are computed facts, not advice.

How much debt does HCA have?

As of FY2025, HCA Healthcare reported $46.5B of total debt against $1.0B of cash.

What is HCA's profit margin?

In FY2025, gross margin was —, operating margin —, and net margin 9.0%.

What is HCA's P/E ratio?

As of Sep '26, HCA Healthcare traded at a price-to-earnings ratio of about 13.4× (market cap ÷ latest annual net income). The valuation charts above show how its P/E, P/S and dividend yield have moved with the share price. These are computed facts, not advice.

Where does this data come from?

All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.

Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), corporate-action-adjusted · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.