secwatch.observer — SEC 8-K summary
======================================

Issuer:     HCA Healthcare, Inc. (HCA)
CIK:        0000860730
Form:       8-K
Filed at:   2026-07-14T11:40:57+00:00
Accession:  0001193125-26-302539
Event type: earnings
Sentiment:  negative
Materiality: 0.80
Item codes: 2.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/860730/000119312526302539/0001193125-26-302539-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/860730/000119312526302539/hca-20260714.htm
  HTML page:      https://secwatch.observer/filing/0001193125-26-302539

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer