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 Nov 1, 2026, 10:31 UTC 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
Sep '26	$19.8B	$1.6B	0.0%	0.0%	-19.5%	2.5%	$3.1B	$50.5B	$908M
Jun '26	$20.2B	$1.7B	0.0%	0.0%	-25.6%	2.7%	$1.1B	$49.7B	$1.0B
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

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 9.8× (Mar '23) to 14.4× (Nov '26).
The price-to-sales ratio has risen from 0.9× (Mar '23) to 1.3× (Nov '26).
The dividend yield has fallen from 1.2% (Mar '23) to 0.7% (Nov '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?

HCA Healthcare's P/E (TTM) is 14.42 as of the 2026-11-02 close — market cap ÷ net income over the trailing twelve months where four consecutive quarters are reported, otherwise the latest fiscal year, the same figure as on the HCA stock page. The valuation chart above sets each month-end's price against the latest annual net income instead, so its latest point (about 14.4× as of Nov '26) can differ. 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), split-adjusted; price return — dividends not reinvested · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.