Financial Data and Key Metrics Changes - Revenue increased by 6.7% compared to the prior year quarter, with net income attributable to HCA Healthcare rising almost 31% [4][11] - Diluted earnings per share as adjusted increased by 29%, and adjusted EBITDA grew around 11% versus the prior year period [4][11] - For the full year 2025, consolidated adjusted EBITDA increased by 12.1% over the prior year, with a 90 basis point improvement in adjusted EBITDA margins [11] Business Line Data and Key Metrics Changes - Same-facility admissions increased by 2.4%, and equivalent admissions increased by 2.5%, aligning with expectations of 2%-3% growth [9] - Inpatient surgeries were flat, while outpatient surgical volume decreased slightly [9] - ER visits increased by 50 basis points, with overall respiratory volumes having no material impact on year-over-year volume [9] Market Data and Key Metrics Changes - Same facility total commercial equivalent admissions increased by 1.1% over the prior year, with Medicare increasing by 3.5% and Medicaid by 2.2% [9][10] - Same-facility net revenue per equivalent admission increased by 2.9% versus the prior year quarter [10] Company Strategy and Development Direction - The company is focused on network expansion, workforce development, and clinical capabilities, which have contributed to positive outcomes across the HCA Healthcare system [5][6] - The Resiliency Program was strengthened in organizational capabilities, competitive positioning, and financial management, aiming to navigate policy dynamics effectively [6] - The company plans to invest significantly in technology and digital innovation strategies to deliver long-term value [15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the core business, forecasting volumes in a long-term growth range of 2%-3% [6] - The company anticipates adverse impacts on adjusted EBITDA between $600 million and $900 million related to health insurance exchanges due to administrative reforms and the expiration of enhanced premium tax credits [14] - Management remains optimistic about operational performance and believes the company is well-positioned for continued progress in 2026 [16] Other Important Information - Capital expenditures totaled $1.5 billion in the quarter and $4.9 billion for the year, with a new $10 billion share repurchase program authorized by the board [11][15] - The quarterly dividend was increased from $0.72 to $0.78 per share [15] Q&A Session Summary Question: Can you talk about the expense items and margin improvement opportunities for 2026? - Management indicated expectations for stable margins in 2026, with continued physician cost pressures anticipated [19][20] Question: Can you provide more detail on the resiliency programs and their impact? - The resiliency program focuses on revenue integrity, cost efficiencies, and capacity management, with a target of $400 million in incremental cost savings for 2026 [24][25] Question: What is the expected impact of the health insurance exchange headwinds on volume? - Management anticipates a 15%-20% decline in HIX volumes for 2026, with a significant portion migrating to uninsured status, leading to a decline in utilization [26][66] Question: Can you elaborate on the pause of Texas Medicaid supplemental payments? - The Texas Medicaid program is under review, and its potential reinstatement could impact the overall guidance for 2026 [96] Question: What are the expectations for growth in specialties and procedures in 2026? - Management noted reasonable demand for cardiac services and emphasized investments in emergency room services and outpatient facilities [88][89]

Core Insights - HCA Healthcare reported revenue of $19.51 billion for the quarter ended December 2025, reflecting a year-over-year increase of 6.7% [1] - The earnings per share (EPS) for the quarter was $8.01, up from $6.22 in the same quarter last year, with an EPS surprise of +8.9% compared to the consensus estimate of $7.36 [1] - The reported revenue was slightly below the Zacks Consensus Estimate of $19.64 billion, resulting in a revenue surprise of -0.63% [1] Financial Performance Metrics - Revenue per Equivalent Admission was $18,794, slightly below the average estimate of $18,847.16 [4] - Equivalent Admissions were reported at 1.04 billion, matching the average estimate [4] - Total Admissions reached 576.84 million, slightly above the average estimate of 575.8 million [4] - Patient Days totaled 2,708.66, marginally exceeding the estimate of 2,704.34 [4] - The Average Length of Stay remained consistent at 5 days, in line with estimates [4] - The number of hospitals was reported at 190, slightly below the estimate of 191 [4] - Inpatient Revenue per Admission was $19,847, significantly lower than the average estimate of $20,470.97 [4] - Equivalent Patient Days were 4.88 million, just below the average estimate of 4.89 million [4] - Licensed Beds at the end of the period were 50,436, below the estimate of 50,574 [4] - The number of freestanding outpatient surgery centers was 121, below the average estimate of 123 [4] Stock Performance - HCA shares have returned -0.4% over the past month, contrasting with the Zacks S&P 500 composite's +0.4% change [3] - The stock currently holds a Zacks Rank 4 (Sell), indicating potential underperformance relative to the broader market in the near term [3]

Group 1: HCA Healthcare Inc - HCA Healthcare reported fourth-quarter adjusted EPS of $8.01, exceeding the analyst consensus estimate of $7.43 [1] - Following the earnings report, HCA Healthcare shares increased by 9.5% to $517.00 [1] - The company raised its FY25 guidance above estimates, indicating positive future expectations [1] Group 2: Other Notable Stock Movements - SuperX AI Technology Ltd shares surged by 27.1% to $16.79 [3] - Redwire Corp gained 21.4% to $13.29 after securing a contract worth up to $151 billion for missile defense [3] - HUYA Inc saw a 14.9% increase to $4.12 [3] - Cloudflare Inc shares rose by 14.5% to $216.99 [3] - Regencell Bioscience Holdings Ltd gained 13.5% to $33.13 [3] - Gold.com Inc surged 13.5% to $50.00 [3] - Corning Inc increased by 12.4% to $106.78 following a $6 billion agreement with Meta [3] - General Motors Co reported better-than-expected quarterly adjusted EPS results and raised its dividend, leading to a 6.8% increase to $84.84 [3]

分组1 - HCA Healthcare reported quarterly earnings of $8.01 per share, exceeding the Zacks Consensus Estimate of $7.36 per share, and up from $6.22 per share a year ago, representing an earnings surprise of +8.90% [1] - The company posted revenues of $19.51 billion for the quarter ended December 2025, which was 0.63% below the Zacks Consensus Estimate, and an increase from $18.29 billion year-over-year [2] - HCA has surpassed consensus EPS estimates in all four of the last quarters and has topped consensus revenue estimates three times during the same period [2] 分组2 - The stock's immediate price movement will depend on management's commentary during the earnings call and the sustainability of earnings expectations [3] - HCA shares have gained approximately 1.2% since the beginning of the year, compared to a 1.5% gain in the S&P 500 [3] - The current consensus EPS estimate for the upcoming quarter is $7.06 on revenues of $19.26 billion, and for the current fiscal year, it is $29.59 on revenues of $79.3 billion [7] 分组3 - The Zacks Industry Rank indicates that the Medical Services sector is currently in the bottom 25% of over 250 Zacks industries, which may negatively impact stock performance [8] - Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions, suggesting that investors should monitor these revisions closely [5] - HCA's current Zacks Rank is 4 (Sell), indicating expectations of underperformance in the near future [6]

Financial Performance - Revenues for Q4 2025 totaled $19.513 billion, a 6.7% increase from $18.285 billion in Q4 2024[3] - Net income attributable to HCA Healthcare, Inc. rose 30.6% to $1.878 billion, or $8.14 per diluted share, compared to $1.438 billion, or $5.63 per diluted share, in Q4 2024[5] - Adjusted EBITDA for Q4 2025 was $4.114 billion, reflecting a 10.8% increase from $3.712 billion in Q4 2024[4] - For the year ended December 31, 2025, revenues totaled $75.600 billion, up from $70.603 billion in 2024[8] - Net income for the year 2025 was $7,782 million, representing a 16.9% increase from $6,657 million in 2024[24] - Comprehensive income attributable to HCA Healthcare, Inc. for 2025 was $6,866 million, compared to $5,798 million in 2024[24] - Total revenues for the year ended December 31, 2025, were $75,600 million, a 7.1% increase from $70,603 million in 2024[24] Cash Flow and Assets - Cash flows from operating activities in Q4 2025 were $2.359 billion, down from $2.559 billion in Q4 2024[10] - Cash and cash equivalents at the end of Q4 2025 were $1,040 million, down from $1,933 million at the end of Q4 2024[26] - Net cash provided by operating activities for 2025 was $12,636 million, an increase from $10,514 million in 2024[27] - Total assets as of December 31, 2025, were $60,720 million, compared to $59,513 million at the end of 2024[26] - Long-term debt as of December 31, 2025, was $41,603 million, an increase from $38,333 million at the end of 2024[26] Future Projections - The company expects 2026 revenues to range from $76.500 billion to $80.000 billion[15] - The estimated net income for 2026 is projected to be between $6.495 billion and $7.035 billion[15] - Adjusted EBITDA for 2026 is forecasted to be between $15,550 million and $16,450 million[36] - The forecast for revenues in 2026 is between $76,500 million and $80,000 million[36] - Projected net income attributable to HCA Healthcare, Inc. for 2026 is estimated to be between $6,495 million and $7,035 million[36] Operational Metrics - Same facility admissions increased by 2.4% and same facility equivalent admissions increased by 2.5% in Q4 2025 compared to the prior year[7] - Total admissions for Q4 2025 were 576,839, a 3.2% increase from 559,170 in Q4 2024[32] - Revenue per equivalent admission increased to $18,794 in Q4 2025, up 3.6% from $18,146 in Q4 2024[32] - The average length of stay decreased slightly to 4.696 days in Q4 2025 from 4.814 days in Q4 2024[32] - The number of hospitals remained stable at 190, with licensed beds increasing to 50,436 by the end of 2025[29] Shareholder Returns - HCA Healthcare's Board of Directors declared a quarterly cash dividend of $0.78 per share, payable on March 31, 2026[13] - The company authorized an additional share repurchase program for up to $10 billion of its outstanding common stock[12]

Core Viewpoint - HCA Healthcare has projected its profit for 2026 to exceed Wall Street estimates, driven by anticipated lower costs and strong demand for its medical care services [1] Summary by Relevant Categories Financial Forecast - The company expects its profit for 2026 to be above Wall Street estimates [1] Cost Management - HCA Healthcare anticipates lower costs contributing to its profit forecast [1] Demand for Services - The company is experiencing robust demand for its medical care services, which supports its positive outlook [1]

Core Insights - The company reported strong third-quarter results with a 25% increase in diluted earnings per share to $4.90, despite an estimated impact of $0.15 per share from Hurricane Helene [1][12] - Revenue growth for the quarter was 7.9% year-over-year, driven by solid volume growth across various service lines [15] - The company anticipates continued volume growth in 2025, projecting a range of 3% to 4% [9][10] Financial Performance - Adjusted EBITDA margin improved by 90 basis points year-over-year, with labor costs as a percentage of revenue improving by 160 basis points [15] - Cash flow from operations was reported at $3.5 billion, with capital expenditures totaling $1.19 billion and share repurchases amounting to $1.79 billion during the quarter [17] - The company expects additional expenses and lost revenue of approximately $200 million to $300 million due to hurricane impacts in the fourth quarter [13] Operational Highlights - Inpatient admissions grew by 4.5% year-over-year, with emergency room visits increasing by 4.6% [7] - The company added approximately 600 inpatient beds and 100 new outpatient facilities, bringing the total to over 2,600 sites of care [8] - The company has around $6 billion in projects under development to enhance capacity and access to healthcare services [8] Hurricane Impact - Hurricane Helene and Hurricane Milton significantly affected operations, with specific hospitals facing ongoing challenges [5][6] - The company has developed industry-leading capabilities to support hospitals during disasters, leveraging past experiences and partnerships [4] - The estimated financial impact of Hurricane Helene on the third quarter was $50 million, while the ongoing effects of both hurricanes are expected to be manageable [12][46] Future Outlook - The company plans to provide formal guidance for 2025 in January, with expectations of earnings growth near or slightly above long-term targets [10][46] - The company is optimistic about recovering from hurricane impacts and believes that facilities will perform better post-recovery [6][63] - The company is focused on leveraging technology and AI to improve operational efficiency and patient outcomes [51][53]

Core Viewpoint - HCA Healthcare is expected to report significant growth in its quarterly earnings, with an anticipated EPS of $7.36 and revenue of approximately $19.67 billion, driven by higher admissions and occupancy rates [2][6]. Financial Performance - The upcoming earnings report for the quarter ended December 2025 is projected to show an EPS of $7.36, representing an 18.3% increase year-over-year [2]. - Revenue is expected to reach $19.67 billion, indicating a 7.4% year-over-year increase, attributed to higher admissions, increased occupancy, and rising revenue per admission [2][6]. Challenges - Despite the positive growth outlook, HCA faces challenges such as higher operating expenses and supply-cost inflation, along with a potential decrease in outpatient surgeries that could impact overall results [3][6]. Market Valuation - HCA's market valuation is reflected in its P/E ratio of approximately 17.91, a price-to-sales ratio of about 1.44, and an enterprise value to sales ratio of around 2.05 [4][6]. Financial Health - The company's earnings yield is about 5.58%, and it has a negative debt-to-equity ratio of -8.69, indicating a higher level of debt compared to its equity [5]. - HCA's current ratio is approximately 0.85, suggesting its ability to cover short-term liabilities with short-term assets, which is crucial for assessing liquidity [5].

Core Viewpoint - HCA Healthcare, Inc. is expected to report its fourth-quarter 2025 results on January 27, 2026, with earnings estimated at $7.37 per share and revenues of $19.68 billion, indicating year-over-year growth of 18.5% and 7.6% respectively [1][2][6] Financial Estimates - The Zacks Consensus Estimate for HCA Healthcare's total revenues for 2025 is $75.77 billion, reflecting a year-over-year increase of 7.3% [3] - The consensus estimate for 2025 EPS is $27.60, indicating a 25.7% year-over-year growth [3] Recent Performance - HCA Healthcare has consistently beaten earnings estimates in the last four quarters, with an average surprise of 12.4% [3] Earnings Prediction Model - The current model indicates uncertainty regarding an earnings beat for HCA Healthcare, as it has an Earnings ESP of 0.00% and a Zacks Rank of 4 (Sell) [4] Q4 Performance Drivers - Expected Q4 EPS of $7.37 and revenues of $19.68 billion suggest growth driven by higher admissions, occupancy gains, and increased revenue per admission [6] - The consensus estimate for equivalent admissions shows a 3.4% year-over-year growth, while revenue per equivalent admission is expected to rise by 3.9% [7] - Occupancy is projected at 73.1%, up from 71.7% a year ago, but the average length of stay is expected to decline by 2.6% [7] Cost Pressures - Total operating expenses are anticipated to increase by 7.1% year-over-year, primarily due to higher salaries, benefits, and supply costs [9] - Supply costs are expected to rise by more than 7%, and outpatient surgery cases are projected to fall by 0.9% from the previous year [9]

Group 1: Robinhood Markets - Robinhood Markets has seen exceptional performance over the past two years, with significant revenue and earnings growth, but faces concerns about maintaining this momentum due to high valuation and reliance on cryptocurrency trading [3][4]. - The company's forward price-to-earnings ratio stands at 46.5, which is notably high compared to the average of 16.5 for financial stocks, raising questions about its valuation [3]. - Despite volatility in the crypto market, Robinhood's trading platform is popular among younger investors, and the company has expanded its services, including the launch of Robinhood Legend and AI trading tools, which could support future growth [6][7]. Group 2: HCA Healthcare - HCA Healthcare is positioned to benefit from demographic shifts, with projections indicating that older adults will outnumber younger individuals in the U.S. by 2035, leading to increased healthcare spending [9]. - The company operates a diverse network of facilities, including urgent care centers and hospitals, and has experienced strong performance due to higher demand and favorable reimbursement rates [10]. - HCA Healthcare faces reimbursement risks from potential changes in Medicare and Medicaid programs but manages this through a diversified payer mix, with approximately half of its revenue coming from commercial insurance [12].