Payer mix shifted toward uninsured patients who lost exchange coverage, creating an estimated $400 million pre-tax hit; Medicaid supplemental programs added about $400 million net benefit.
Q2 results and margin trends
HCA Healthcare previewed Q2 2026 results with revenue rising 8.74% to $20.23 billion.
Net income attributable to shareholders increased 2.78% to $1.7 billion; diluted EPS climbed 11.57% to $7.62.
Adjusted EBITDA rose 4.63% to $4.03 billion; adjusted EBITDA margin narrowed 0.8 percentage points to 19.9%.
Full-year guidance and management commentary
2026 guidance was cut to net income of $6.3 billion-$6.7 billion on revenue of $77 billion-$79.5 billion; Sam Hazen cited a “dynamic environment” while backing digitization plans.
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