HCA Q2 prelim revenue $20.23B, EPS $7.62; cuts FY2026 guidance on payer mix shift

HCA Healthcare, Inc.

Q2 2026 revenue $20.230B (+8.7% YoY); net income $1.699B ($7.62 diluted EPS) vs $1.653B ($6.83) in Q2 2025.
Adjusted EBITDA $4.027B vs $3.849B; same-facility admissions +2.5%, ER visits +3.6%, but inpatient surgeries -2.3% and outpatient surgeries -3.4%.
Payer mix shift from health insurance exchanges reduced pre-tax income ~$400M in Q2; Medicaid supplemental programs added ~$400M net benefit.
FY2026 guidance cut: revenue $77-79.5B (prev $76.5-80B), EPS $28.70-30.50 (prev $29.10-31.50), Adjusted EBITDA $15.4-16.1B (prev $15.55-16.45B).
Health insurance exchange impact estimate worsened to ($1.0)-($1.2)B from ($600)-($900)M; Medicaid supplemental improved to $300-500M from ($50)-($250)M.

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