HCA Healthcare's second quarter revenue and EPS beat estimates, but full-year 2026 guidance was lowered amid volume weakness.

HCA Healthcare reported second quarter 2026 revenue of $20.23 billion, an increase of 8.7% year-over-year, with diluted EPS of $7.62, up 11.6% from the prior year. The results included a significant benefit from a state Medicaid program, which offset headwinds from a negative payer mix shift and declining surgical volumes.

Key Highlights

• The company lowered its full-year 2026 EPS guidance to a range of $28.70 - $30.50, down from the previous range of $29.10 - $31.50.
• Same-facility equivalent admissions, a key volume indicator, grew 2.7%, missing analyst expectations for 4.2% growth.
• Results were negatively impacted by a payer mix shift toward uninsured patients, which had an estimated unfavorable pre-tax income impact of approximately $400 million. This was offset by a $400 million incremental net benefit from Medicaid Supplemental Payment Programs.
• Surgical volumes declined, with same-facility inpatient surgeries down 2.3% and outpatient surgeries down 3.4% compared to the prior year.