HCA

Hospital operator HCA Healthcare (NYSE:HCA) reported Q3 2026 results beating Wall Street’s revenue expectations, with sales up 3.6% year on year to $19.85 billion.

HCA Healthcare’s third quarter results modestly exceeded Wall Street’s expectations, driven by continued growth in demand for its hospital services and improvements in core cost management initiatives.

The hospital operator has lost about $950 million in pretax earnings this year as more patients leave the exchanges. Uncompensated care and delays in elective surgeries from the trend are hitting hospitals’ earnings.

HCA Healthcare just printed Q3 2026 numbers that keep the long running thesis intact: strong hospital demand and tight cost control, even as the stock slipped about 3.3% the day after the release.

HCA Healthcare, the large US hospital operator, has seen its share price move sharply over the past few years, which puts a spotlight on a simple question: Are investors paying a price today that its cash flows can reasonably support?

HCA Healthcare (NYSE:HCA) said third-quarter results modestly exceeded its expectations as admissions growth, improved insured revenue per admission and disciplined cost management helped offset pressure from patients losing health insurance exchange coverage.

Volume growth hit 22 consecutive quarters, but payer mix shifts cost $400M in EBITDA.

Key TakeawaysUniversal Health Services shares fell 6% today after rival HCA Healthcare said its early read on 2027 points to earnings roughly in line with 2026.

The jump in uninsured patient costs sliced $400 million from pre-tax earnings.