HCA (HCA) financial statements
HCA reported revenue of $75.6B in fiscal 2025, up 6.9% a year over 9 years.
Net income was $6.8B and the operating margin 13.0%, against 11.6% in 2016.
Free cash flow was $7.7B, and the company returned $679M in dividends and $10.1B in net buybacks.
The diluted share count fell 39% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from HCA's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $41.5B | $43.6B | $46.7B | $51.3B | $51.5B | $58.8B | $60.2B | $65.0B | $70.6B | $75.6B |
| Selling, general and admin | $343M | $340M | $344M | $370M | $416M | $337M | $307M | $353M | $421M | $548M |
| Operating income | $4.8B | $4.4B | $5.3B | $5.2B | $5.4B | $9.8B | $8.6B | $7.7B | $8.5B | $9.8B |
| Interest expense | $1.7B | $1.7B | $1.8B | $1.8B | $1.6B | $1.6B | $1.7B | $1.9B | $2.1B | $2.2B |
| Pre-tax income | $4.8B | $4.4B | $5.3B | $5.2B | $5.4B | $9.8B | $8.6B | $7.7B | $8.5B | $9.8B |
| Income tax | $1.4B | $1.6B | $946M | $1.1B | $1.0B | $2.1B | $1.7B | $1.6B | $1.9B | $2.0B |
| Net income | $2.9B | $2.2B | $3.8B | $3.5B | $3.8B | $7.0B | $5.6B | $5.2B | $5.8B | $6.8B |
| EPS (diluted) | $7.30 | $5.95 | $10.66 | $10.07 | $10.93 | $21.16 | $19.15 | $18.97 | $22.00 | $28.33 |
| Diluted shares | 396M | 372M | 355M | 348M | 344M | 329M | 295M | 276M | 262M | 239M |
| Operating margin | 11.6% | 10.0% | 11.4% | 10.2% | 10.5% | 16.7% | 14.2% | 11.9% | 12.1% | 13.0% |
| Net margin | 7.0% | 5.1% | 8.1% | 6.8% | 7.3% | 11.8% | 9.4% | 8.1% | 8.2% | 9.0% |
Balance sheet
Fiscal years, from HCA's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $695M | $786M | $549M | $768M | $1.9B | $1.6B | $908M | $935M | $1.9B | $1.0B |
| Receivables | $5.8B | $6.5B | $6.8B | $7.4B | $7.1B | $8.1B | $8.9B | $10.0B | $10.8B | $10.9B |
| Inventory | $1.5B | $1.6B | $1.7B | $1.8B | $2.0B | $2.0B | $2.1B | $2.0B | $1.7B | $1.7B |
| Total current assets | $9.1B | $10.0B | $10.2B | $11.2B | $12.3B | $13.5B | $13.6B | $14.9B | $16.4B | $15.8B |
| Property, plant and equipment | $16.4B | $17.9B | $19.8B | $22.7B | $23.2B | $24.1B | $25.6B | $27.7B | $29.4B | $31.1B |
| Total assets | $33.8B | $36.6B | $39.2B | $45.1B | $47.5B | $50.7B | $52.4B | $56.2B | $59.5B | $60.7B |
| Total current liabilities | $5.8B | $6.2B | $7.6B | $7.8B | $8.7B | $9.6B | $9.9B | $12.7B | $15.2B | $16.4B |
| Long-term debt | $31.2B | $32.9B | $32.0B | $33.6B | $30.8B | $34.3B | $37.7B | $37.2B | $38.3B | $41.6B |
| Total liabilities | $39.4B | $41.6B | $42.1B | $45.6B | $44.6B | $49.3B | $52.5B | $55.2B | $59.0B | $63.5B |
| Shareholders' equity | -$7.3B | -$6.8B | -$5.0B | -$2.8B | $572M | -$933M | -$2.8B | -$1.8B | -$2.5B | -$6.0B |
| Net debt | $30.7B | $32.3B | $32.3B | $33.1B | $29.2B | $33.1B | $37.2B | $38.7B | $41.1B | $45.5B |
Cash flow
Fiscal years, from HCA's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $5.7B | $5.4B | $6.8B | $7.6B | $9.2B | $9.0B | $8.5B | $9.4B | $10.5B | $12.6B |
| Capital spending | $2.8B | $3.0B | $3.6B | $4.2B | $2.8B | $3.6B | $4.4B | $4.7B | $4.9B | $4.9B |
| Free cash flow | $2.9B | $2.4B | $3.2B | $3.4B | $6.4B | $5.4B | $4.1B | $4.7B | $5.6B | $7.7B |
| Stock-based compensation | $251M | $270M | $268M | $347M | $362M | $440M | $341M | $262M | $360M | $401M |
| Dividends paid | — | $0 | $487M | $550M | $153M | $624M | $653M | $661M | $690M | $679M |
| Share buybacks (net) | -$2.8B | -$2.1B | -$1.5B | -$1.0B | -$441M | -$8.2B | -$7.0B | -$3.8B | -$6.0B | -$10.1B |
| Net borrowing | $925M | $749M | $296M | $1.1B | -$737M | $475M | $3.2B | $2.3B | $5.1B | $1.1B |
| Free cash flow margin | 7.0% | 5.5% | 6.8% | 6.7% | 12.4% | 9.2% | 6.9% | 7.2% | 8.0% | 10.2% |
| Dividends per share | — | — | $1.37 | $1.58 | $0.45 | $1.90 | $2.22 | $2.39 | $2.64 | $2.84 |
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Open HCA in InvestinglyQuestions
What was HCA's revenue in 2025?
$75.6B in fiscal 2025, from its 10-K filing.
How much free cash flow does HCA generate?
$7.7B in fiscal 2025 (operating cash flow minus capital spending).
From HCA's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.