HCA Healthcare, Inc. (HCA) Income Statement
HCA 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsHCA revenue and net income
Where HCA's revenue goes
2025Each bar shows an amount and its share of revenue. HCA kept 9.0% of revenue as net income.
HCA profit margins
HCA growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +7.1% | +7.9% | +8.0% | +6.7% |
| Gross profit | +9.4% | +10.6% | −6.2% | −0.5% |
| Operating income | +13.4% | +9.7% | +10.5% | +7.2% |
| Net income | +17.8% | +6.3% | +12.6% | +12.3% |
| EPS (diluted) | +28.6% | +18.7% | +23.4% | +17.6% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
HCA quarterly EPS vs estimates
HCA Healthcare beat the analyst EPS estimate in 7 of the last 8 quarters. Next report: October 27, 2026 (estimate $6.75).
HCA income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $75.60B | $70.60B | $64.97B | $60.23B | $58.75B | $51.53B | $51.34B | $46.68B | $43.61B | $41.49B |
| Cost of revenue | $44.23B | $41.92B | $39.39B | $37.06B | $36.26B | $8.37B | $8.48B | $7.72B | $7.32B | $6.93B |
| Gross profit | $31.37B | $28.68B | $25.58B | $23.18B | $22.49B | $43.16B | $42.85B | $38.95B | $36.30B | $34.56B |
| Research & development | — | — | — | — | — | — | — | $0 | $0 | $0 |
| Sales, general & admin | $8.00B | $31.17B | $29.49B | $27.68B | $26.78B | $23.87B | $23.56B | $21.43B | $20.06B | $18.90B |
| Total operating expenses | $19.41B | $18.13B | $15.95B | $14.12B | $12.81B | $35.90B | $35.64B | $32.31B | $30.24B | $28.36B |
| Operating income | $11.96B | $10.55B | $9.63B | $9.05B | $9.68B | $7.26B | $7.22B | $6.64B | $6.06B | $6.20B |
| Interest income | $2.17B | $2.04B | $1.92B | $1.70B | $1.45B | $1.53B | $1.78B | $1.73B | $1.65B | $1.65B |
| Interest expense | $2.25B | $2.06B | $1.94B | $1.74B | $1.53B | $1.56B | $1.84B | $1.76B | $1.67B | $1.60B |
| Income before taxes | $9.83B | $8.52B | $7.71B | $8.58B | $9.83B | $5.43B | $5.24B | $5.33B | $4.38B | $4.81B |
| Income taxes | $2.05B | $1.87B | $1.61B | $1.75B | $2.11B | $1.04B | $1.10B | $946.0M | $1.64B | $1.38B |
| Net income | $6.78B | $5.76B | $5.24B | $5.64B | $6.96B | $3.75B | $3.50B | $3.79B | $2.22B | $2.89B |
| EBITDA | $15.60B | $13.90B | $12.72B | $13.29B | $14.25B | $9.73B | $9.66B | $9.37B | $8.20B | $8.48B |
| EPS (diluted) | $28.26 | $21.98 | $19.03 | $16.90 | $17.50 | $9.88 | $10.50 | $9.77 | $6.83 | $6.87 |
| Gross margin | 41.5% | 40.6% | 39.4% | 38.5% | 38.3% | 83.8% | 83.5% | 83.5% | 83.2% | 83.3% |
| Operating margin | 15.8% | 14.9% | 14.8% | 15.0% | 16.5% | 14.1% | 14.1% | 14.2% | 13.9% | 14.9% |
| Net margin | 9.0% | 8.2% | 8.1% | 9.4% | 11.8% | 7.3% | 6.8% | 8.1% | 5.1% | 7.0% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $20.23B | $19.11B | $19.51B | $19.16B | $18.61B | $18.32B | $18.29B | $17.49B | $17.49B | $17.34B | $17.30B | $16.21B |
| Cost of revenue | $17.16B | $16.25B | $11.34B | $11.15B | $10.98B | $10.76B | $10.71B | $10.52B | $10.32B | $2.67B | $2.58B | $2.42B |
| Gross profit | $3.07B | $2.86B | $8.18B | $8.02B | $7.62B | $7.56B | $7.58B | $6.97B | $7.17B | $14.67B | $14.72B | $13.80B |
| Sales, general & admin | — | — | $8.36B | $7.86B | $7.86B | $8.00B | $7.92B | $7.86B | $7.68B | $7.71B | $7.57B | $7.56B |
| Total operating expenses | $17.16B | $16.25B | $5.00B | $5.05B | $4.66B | $4.71B | $4.73B | $4.56B | $4.44B | $12.11B | $11.92B | $13.80B |
| Operating income | $3.07B | $2.86B | $3.18B | $2.96B | $2.97B | $2.85B | $2.85B | $2.41B | $2.73B | $2.56B | $2.80B | $2.09B |
| Interest income | — | — | $547.0M | $545.0M | $549.0M | $529.0M | $518.0M | $500.0M | — | — | — | $464.0M |
| Interest expense | $599.0M | $584.0M | $572.0M | $561.0M | $568.0M | $547.0M | $528.0M | $515.0M | $506.0M | $512.0M | $491.0M | $483.0M |
| Income before taxes | $2.49B | $2.29B | $2.67B | $2.42B | $2.42B | $2.33B | $2.13B | $1.91B | $2.24B | $2.25B | $2.35B | $1.63B |
| Income taxes | $564.0M | $430.0M | $509.0M | $515.0M | $524.0M | $502.0M | $447.0M | $424.0M | $550.0M | $445.0M | $484.0M | $355.0M |
| Net income | $1.70B | $1.62B | $1.88B | $1.64B | $1.65B | $1.61B | $1.44B | $1.27B | $1.46B | $1.59B | $1.61B | $1.08B |
| EBITDA | $4.01B | $3.80B | $4.16B | $3.87B | $3.85B | $3.73B | $3.52B | $3.26B | $3.56B | $3.55B | $3.62B | $2.88B |
| EPS (diluted) | $7.59 | $7.15 | $8.01 | $6.96 | $6.84 | $6.45 | $6.22 | $4.90 | $5.50 | $5.36 | $5.90 | $3.91 |
| Gross margin | 15.2% | 15.0% | 41.9% | 41.8% | 41.0% | 41.3% | 41.4% | 39.9% | 41.0% | 84.6% | 85.1% | 85.1% |
| Operating margin | 15.2% | 15.0% | 16.3% | 15.5% | 15.9% | 15.6% | 15.6% | 13.8% | 15.6% | 14.8% | 16.2% | 12.9% |
| Net margin | 8.4% | 8.5% | 9.6% | 8.6% | 8.9% | 8.8% | 7.9% | 7.3% | 8.4% | 9.2% | 9.3% | 6.7% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in HCA's financial statements (latest annual report filed February 10, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
HCA financial results
In fiscal year 2025 (ended December 31, 2025), HCA Healthcare reported revenue of $75.6 billion, up 7.1% from the year before. It had net income of $6.8 billion (up 17.8%), a net profit margin of 9.0%. Diluted earnings per share came to $28.26. Over five years revenue grew at an average rate of 8.0% a year.
See the HCA stock overview for the latest quote and news, or the HCA chart for price history and technical indicators.
HCA income statement FAQ
What is HCA Healthcare's annual revenue?
HCA Healthcare reported total revenue of $75.6 billion for fiscal year 2025, which ended on December 31, 2025. That was up 7.1% from $70.6 billion the previous year.
Is HCA Healthcare profitable?
Yes. HCA Healthcare reported net income of $6.8 billion in fiscal 2025, a net profit margin of 9.0%; its operating margin was 15.8%.
What is HCA Healthcare's gross margin?
HCA Healthcare's gross margin was 41.5% in fiscal 2025: for every $100 of revenue, HCA Healthcare kept $42 after the direct cost of its products and services.
How fast is HCA Healthcare growing?
Revenue grew 8.0% a year on average over the last five fiscal years, from $51.5 billion to $75.6 billion.
What are HCA Healthcare's earnings per share?
HCA Healthcare earned $28.26 per diluted share in fiscal 2025, compared with $21.98 a year earlier.
When will HCA Healthcare report its next earnings?
HCA Healthcare is expected to report results for the quarter ending September 30, 2026 on October 27, 2026 before the market opens.
When does HCA Healthcare's fiscal year end?
HCA Healthcare's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 10, 2026.