HCA Healthcare, Inc. (HCA) Balance Sheet
HCA balance sheet, 2025
December 31, 2025 · U.S. dollars$60.72B assets = $63.49B liabilities + −$2.77B equity
Liabilities exceed assets: shareholders’ equity is negative (−$2.77B).
Both columns are drawn to the same scale: what HCA owns equals what it owes plus shareholders’ equity. Hover a block for its value.
HCA financial health
Descriptive bands, not a rating. Fiscal 2025.
HCA balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $33.76B2016 | $60.72B2025 | +6.7%/yr | |
| Total liabilities | $39.39B2016 | $63.49B2025 | +5.4%/yr | |
| Shareholders’ equity | −$5.63B2016 | −$2.77B2025 | — | |
| Cash & short-term investments | $646.0M2016 | $1.04B2025 | +5.4%/yr | |
| Total debt | $31.38B2016 | $48.70B2025 | +5.0%/yr | |
| Net cash (debt) | −$30.73B2016 | −$47.66B2025 | −$16.9B | |
| Working capital | $3.25B2016 | −$2.79B2025 | −$6.0B | |
| Book value per share | −$14.232016 | −$12.012025 | — | |
| Current ratio | 1.562016 | 0.832025 | −0.73 | |
| Debt / equity | 11.432020 | 81.512024 | +70.08 | |
| Shares outstanding | 395.9M2016 | 230.7M2025 | −5.8%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
HCA assets
HCA liabilities and equity
HCA debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
HCA balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $1.04B | $2.02B | $935.0M | $908.0M | $1.45B | $1.79B | $621.0M | $502.0M | $732.0M | $646.0M |
| Cash & equivalents | $1.04B | $1.93B | $935.0M | $908.0M | $1.45B | $1.79B | $621.0M | $502.0M | $732.0M | $646.0M |
| Short-term investments | — | $88.0M | $87.0M | $92.0M | $103.0M | $116.0M | $147.0M | $47.0M | $54.0M | $49.0M |
| Receivables | $10.87B | $10.75B | $9.96B | $8.89B | $8.10B | $7.05B | $7.38B | $6.79B | $6.50B | $5.83B |
| Inventory | $1.65B | $1.74B | $2.02B | $2.07B | $1.99B | $2.02B | $1.85B | $1.73B | $1.57B | $1.50B |
| Other current assets | $0 | $1.90B | $2.01B | $1.78B | $2.01B | $1.46B | $1.35B | $1.19B | $1.17B | $1.11B |
| Total current assets | $13.56B | $16.41B | $14.93B | $13.64B | $13.54B | $12.33B | $11.20B | $10.21B | $9.98B | $9.09B |
| Property, plant & equipment (net) | $31.14B | $31.55B | $29.92B | $27.64B | $26.18B | $25.22B | $24.55B | $19.76B | $17.89B | $16.35B |
| Goodwill & intangible assets | $20.57B | $10.09B | $9.95B | $9.65B | $9.54B | $8.58B | $8.27B | $7.95B | $7.39B | $6.70B |
| Long-term investments | $1.12B | $1.23B | $1.23B | $1.20B | $886.0M | $810.0M | $564.0M | $594.0M | $617.0M | $542.0M |
| Other non-current assets | $0 | $230.0M | $184.0M | $298.0M | $598.0M | $546.0M | $480.0M | $690.0M | $710.0M | $1.07B |
| Total assets | $60.72B | $59.51B | $56.21B | $52.44B | $50.74B | $47.49B | $45.06B | $39.21B | $36.59B | $33.76B |
| Liabilities | ||||||||||
| Accounts payable | $4.66B | $4.28B | $4.23B | $4.24B | $4.11B | $3.54B | $2.90B | $2.58B | $2.61B | $2.32B |
| Short-term debt | $5.24B | $5.04B | $2.79B | $734.0M | $629.0M | $588.0M | $495.0M | $788.0M | $200.0M | $216.0M |
| Deferred revenue | — | — | $2.11B | — | — | — | — | $308.0M | $299.0M | $283.0M |
| Total current liabilities | $16.35B | $15.18B | $12.65B | $9.90B | $9.58B | $8.70B | $7.76B | $7.57B | $6.16B | $5.83B |
| Long-term debt | $43.46B | $40.20B | $39.07B | $39.47B | $34.34B | $30.80B | $33.58B | $32.03B | $32.86B | $31.16B |
| Lease obligations | $2.21B | $2.21B | $2.27B | $1.75B | $1.75B | $1.67B | $1.85B | — | — | — |
| Other long-term liabilities | $3.69B | $3.58B | $3.42B | $3.14B | $5.33B | $5.10B | $4.29B | $2.52B | $2.57B | $2.40B |
| Total liabilities | $63.49B | $58.96B | $55.15B | $52.51B | $49.25B | $44.60B | $45.62B | $42.12B | $41.59B | $39.39B |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $2.0M | $3.0M | $3.0M | $3.0M | $3.0M | $3.0M | $3.0M | $3.0M | $4.0M | $4.0M |
| Retained earnings (deficit) | −$5.72B | −$2.12B | −$1.35B | −$2.28B | −$532.0M | $777.0M | −$2.35B | −$4.57B | −$6.53B | −$6.97B |
| Treasury stock | — | — | — | — | — | — | — | — | $0 | $0 |
| Accumulated other comprehensive income | −$305.0M | −$387.0M | −$425.0M | −$490.0M | −$404.0M | −$502.0M | −$460.0M | −$381.0M | −$278.0M | −$338.0M |
| Minority interest | $3.26B | $3.05B | $2.83B | $2.69B | $2.42B | $2.32B | $2.24B | $2.03B | $1.81B | $1.67B |
| Total shareholders' equity | −$2.77B | $555.0M | $1.06B | −$73.0M | $1.49B | $2.89B | −$565.0M | −$2.92B | −$5.00B | −$5.63B |
| Key figures | ||||||||||
| Total debt | $48.70B | $45.24B | $41.86B | $40.20B | $36.73B | $33.06B | $35.57B | $32.82B | $33.06B | $31.38B |
| Net cash (debt) | −$47.66B | −$43.22B | −$40.92B | −$39.29B | −$35.27B | −$31.26B | −$34.95B | −$32.32B | −$32.33B | −$30.73B |
| Working capital | −$2.79B | $1.24B | $2.27B | $3.74B | $3.96B | $3.63B | $3.44B | $2.64B | $3.82B | $3.25B |
| Tangible book value | −$23.34B | −$9.54B | −$8.88B | −$9.73B | −$8.05B | −$5.69B | −$8.83B | −$10.87B | −$12.39B | −$12.34B |
| Book value per share | −$12.01 | $2.12 | $3.83 | −$0.25 | $4.53 | $8.37 | −$1.62 | −$8.21 | −$13.42 | −$14.23 |
| Shares outstanding | 230.7M | 261.8M | 276.4M | 294.7M | 328.8M | 345.4M | 348.2M | 355.3M | 372.2M | 395.9M |
| Current ratio | 0.83 | 1.08 | 1.18 | 1.38 | 1.41 | 1.42 | 1.44 | 1.35 | 1.62 | 1.56 |
| Quick ratio | 0.73 | 0.84 | 0.86 | 0.99 | 1.00 | 1.02 | 1.03 | 0.96 | 1.17 | 1.11 |
| Debt / equity | — | 81.51 | 39.49 | — | 24.66 | 11.43 | — | — | — | — |
| Equity / assets | −4.6% | 0.9% | 1.9% | −0.1% | 2.9% | 6.1% | −1.3% | −7.4% | −13.7% | −16.7% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $1.01B | $940.0M | $1.04B | $997.0M | $1.04B | $1.06B | $1.93B | $2.89B | $831.0M | $1.28B | $935.0M | $891.0M |
| Cash & equivalents | $1.01B | $940.0M | $1.04B | $997.0M | $939.0M | $1.06B | $1.93B | $2.89B | $831.0M | $1.28B | $935.0M | $891.0M |
| Short-term investments | — | — | — | — | $101.0M | $107.0M | $88.0M | $95.0M | $104.0M | $95.0M | $87.0M | $103.0M |
| Receivables | $12.28B | $11.32B | $10.87B | $10.43B | $10.46B | $11.09B | $10.75B | $9.91B | $10.24B | $10.04B | $9.96B | $9.18B |
| Inventory | $1.66B | $1.68B | $1.65B | $1.73B | $1.79B | $1.79B | $1.74B | $1.78B | $1.80B | $1.90B | $2.02B | $2.03B |
| Other current assets | $0 | $2.11B | $0 | $2.13B | $2.27B | $2.32B | $1.99B | $2.08B | $2.30B | $2.05B | $2.01B | $2.19B |
| Total current assets | $14.96B | $16.05B | $13.56B | $15.29B | $15.56B | $16.26B | $16.41B | $16.66B | $15.17B | $15.28B | $14.93B | $14.29B |
| Property, plant & equipment (net) | $34.10B | $33.57B | $31.14B | $32.68B | $32.28B | $31.87B | $31.55B | $31.25B | $30.82B | $30.31B | $29.92B | $29.20B |
| Goodwill & intangible assets | $10.66B | $10.50B | $10.29B | $10.28B | $10.27B | $10.24B | $10.09B | $9.98B | $9.96B | $9.97B | $9.95B | $19.56B |
| Long-term investments | $1.22B | $1.00B | $1.12B | $1.23B | $1.19B | $1.21B | $1.23B | $1.26B | $1.19B | $1.21B | $1.23B | $1.12B |
| Other non-current assets | $0 | $326.0M | $4.61B | $277.0M | $236.0M | $226.0M | $230.0M | $309.0M | $240.0M | $199.0M | $184.0M | $0 |
| Total assets | $60.53B | $61.45B | $60.72B | $59.75B | $59.54B | $59.80B | $59.51B | $59.46B | $57.38B | $56.96B | $56.21B | $54.59B |
| Liabilities | ||||||||||||
| Accounts payable | $4.75B | $4.81B | $4.66B | $4.55B | $4.25B | $4.49B | $4.28B | $4.24B | $4.03B | $4.74B | $4.23B | $4.14B |
| Short-term debt | $8.10B | $8.53B | $5.24B | $6.11B | $5.10B | $3.52B | $5.04B | $4.68B | $4.57B | $3.03B | $2.79B | $2.55B |
| Deferred revenue | — | — | — | — | — | — | — | $4.00B | — | — | — | — |
| Total current liabilities | $19.14B | $19.26B | $16.35B | $17.90B | $15.94B | $13.63B | $15.18B | $14.90B | $14.30B | $13.14B | $12.65B | $12.41B |
| Long-term debt | $43.45B | $39.49B | $43.46B | $40.24B | $41.26B | $42.92B | $40.20B | $38.28B | $36.31B | $37.16B | $37.17B | $36.79B |
| Lease obligations | $1.83B | $1.82B | $2.21B | $1.84B | $1.88B | $1.86B | $2.21B | $1.92B | $1.89B | $1.91B | $2.27B | $1.78B |
| Other long-term liabilities | $1.07B | $5.68B | $3.69B | $3.77B | $3.58B | $3.69B | $3.58B | $5.49B | $5.43B | $5.39B | $5.33B | $5.03B |
| Total liabilities | $63.67B | $64.43B | $63.49B | $61.91B | $60.77B | $60.24B | $58.96B | $58.67B | $56.04B | $55.69B | $55.15B | $54.23B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $2.0M | $2.0M | $2.0M | $2.0M | $2.0M | $2.0M | $3.0M | $3.0M | $3.0M | $3.0M | $3.0M | $3.0M |
| Retained earnings (deficit) | −$6.25B | −$5.98B | −$5.72B | −$5.03B | −$4.09B | −$3.16B | −$2.12B | −$1.81B | −$1.17B | −$1.19B | −$1.35B | −$1.99B |
| Accumulated other comprehensive income | −$327.0M | −$327.0M | −$305.0M | −$309.0M | −$309.0M | −$357.0M | −$387.0M | −$378.0M | −$433.0M | −$433.0M | −$425.0M | −$491.0M |
| Minority interest | $3.43B | $3.33B | $3.26B | $3.18B | $3.16B | — | — | — | — | — | — | — |
| Total shareholders' equity | −$6.58B | −$6.30B | −$2.77B | −$2.16B | −$1.24B | −$438.0M | $555.0M | $786.0M | $1.34B | $1.27B | $1.06B | $357.0M |
| Key figures | ||||||||||||
| Total debt | $48.78B | $49.84B | $48.70B | $46.35B | $46.36B | $46.44B | $45.24B | $44.89B | $42.77B | $42.10B | $41.86B | $41.12B |
| Net cash (debt) | −$47.76B | −$48.91B | −$47.66B | −$45.35B | −$45.32B | −$45.38B | −$43.30B | −$42.00B | −$41.94B | −$40.82B | −$40.92B | −$40.23B |
| Working capital | −$4.19B | −$3.21B | −$2.79B | −$2.61B | −$376.0M | $2.63B | $1.24B | $1.76B | $872.0M | $2.14B | $2.27B | $1.89B |
| Tangible book value | −$17.24B | −$16.81B | −$13.06B | −$12.43B | −$11.51B | −$10.68B | −$9.54B | −$9.20B | −$8.62B | −$8.70B | −$8.88B | −$19.20B |
| Book value per share | −$29.51 | −$27.81 | −$12.01 | −$8.90 | −$5.12 | −$1.76 | $2.17 | $3.02 | $5.07 | $4.74 | $3.91 | $1.32 |
| Shares outstanding | 222.8M | 226.7M | 230.7M | 242.5M | 241.9M | 249.4M | 255.3M | 259.9M | 264.1M | 268.0M | 271.2M | 271.2M |
| Current ratio | 0.78 | 0.83 | 0.83 | 0.85 | 0.98 | 1.19 | 1.08 | 1.12 | 1.06 | 1.16 | 1.18 | 1.15 |
| Quick ratio | 0.69 | 0.64 | 0.73 | 0.64 | 0.72 | 0.89 | 0.84 | 0.86 | 0.77 | 0.86 | 0.86 | 0.81 |
| Debt / equity | — | — | — | — | — | — | 81.51 | 57.11 | 31.94 | 33.15 | 39.49 | 115.19 |
| Equity / assets | −10.9% | −10.3% | −4.6% | −3.6% | −2.1% | −0.7% | 0.9% | 1.3% | 2.3% | 2.2% | 1.9% | 0.7% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 10, 2026); data from EODHD.
HCA financial position
At the end of fiscal 2025 (December 31, 2025), HCA Healthcare had total assets of $60.7 billion (up 2.0% from a year earlier), total liabilities of $63.5 billion and shareholders' equity of -$2.8 billion. It held $1.0 billion in cash and short-term investments against $48.7 billion of debt, net debt of $47.7 billion. Its current ratio was 0.83. In the latest quarter (ended June 30, 2026) total assets were $60.5 billion and equity -$6.6 billion.
Related: HCA income statement, HCA cash flow statement, HCA key metrics. See the HCA stock overview for the latest quote and news.
HCA balance sheet FAQ
What are HCA Healthcare's total assets?
HCA Healthcare reported total assets of $60.7 billion at the end of fiscal 2025 (December 31, 2025), compared with $59.5 billion a year earlier.
How much debt does HCA Healthcare have?
HCA Healthcare had $48.7 billion of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was —.
How much cash does HCA Healthcare have?
HCA Healthcare held $1.0 billion in cash and short-term investments at the end of fiscal 2025; with $48.7 billion of debt that is net debt of $47.7 billion.
What is HCA Healthcare's book value?
HCA Healthcare's shareholders' equity (book value) was -$2.8 billion at the end of fiscal 2025, or −$12.01 per share.
What is HCA Healthcare's current ratio?
HCA Healthcare had current assets of $13.6 billion and current liabilities of $16.4 billion, a current ratio of 0.83 (current liabilities exceed current assets).
How much goodwill does HCA Healthcare have?
HCA Healthcare carried $20.6 billion of goodwill and intangible assets, 33.9% of total assets, at the end of fiscal 2025.