HCA Healthcare, Inc. (NYSE:HCA) delivered second-quarter results that exceeded Wall Street expectations and raised its full-year 2025 outlook, buoyed by stronger margins and increased patient volumes.
For the quarter, HCA reported adjusted earnings per share of $6.84, surpassing analysts’ estimates by $0.57. Revenue came in at $18.61 billion, ahead of the $18.49 billion consensus, and marked a 6.4% year-over-year increase. Net income attributable to shareholders rose 13.1% to $1.653 billion, while adjusted EBITDA climbed 8.4% to $3.85 billion.
Following the results, HCA shares gained 0.8%.
The company saw a 1.8% rise in same facility admissions, with equivalent admissions up 1.7% from a year earlier. Emergency room visits increased by 1.3%. However, inpatient and outpatient surgeries dipped slightly, by 0.3% and 0.6% respectively. Revenue per equivalent admission rose 4.0% over the prior-year period.
“We are pleased to report strong financial results for the second quarter. They reflected solid revenue growth, improved margins, and better outcomes for our patients,” said Sam Hazen, Chief Executive Officer of HCA Healthcare.
Operating cash flow more than doubled year-over-year, reaching $4.21 billion compared to $1.97 billion in the same quarter of 2024. The board declared a quarterly dividend of $0.72 per share.
The company raised its full-year 2025 revenue guidance to a range of $74.0 billion to $76.0 billion, up from a prior outlook of $72.8 billion to $75.8 billion. HCA also lifted its adjusted EBITDA forecast to between $14.7 billion and $15.3 billion and now expects diluted earnings per share of $25.50 to $27.00, compared to the previous range of $24.05 to $25.85.
Capital expenditures for the year, excluding acquisitions, are projected at approximately $5.0 billion.
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