Analysts surveyed by Zacks Investment Research project HCA Healthcare’s revenue for the quarter ended December 2025 at $16.3 billion, reflecting a year-over-year increase of 4.1%. The consensus EPS estimate stands at $3.42 per share, up 5.8% from the prior year’s $3.23. Forecasts break down to adjusted admissions growth of 3.8%, driven by a 5.2% rise in inpatient stays and a 2.1% uptick in emergency-room visits. Revenue per adjusted admission is pegged at $10,750, roughly 0.9% above last year’s level, as pricing gains and service mix improvements offset modest headwinds in utilization. These metrics suggest a solid but unspectacular quarter that will test HCA’s ability to exceed estimates in a higher-cost environment.

While revenue and admissions show strength, investors are watching operating expenses, which are forecast to climb by 4.2% year-over-year. Labor costs are expected to be the biggest driver, with wage and benefit expenses up an estimated 6.1% as HCA continues to fill vacancies and invest in retention programs. Supply-chain pressures have pushed nonlabor costs higher as well, with per-case supply spend rising approximately 3.5%. Outpatient surgery cases are projected to decline by 2.5% versus the prior year, as elective procedures face scheduling delays in select markets. The combination of slower outpatient growth and elevated cost inflation may compress profit margins by roughly 30 basis points, putting pressure on the company’s ability to top consensus earnings estimates.