HCA Healthcare Inc. (NYSE:HCA) released mixed fourth-quarter 2025 financial results on Tuesday.
HCA reported total revenues of $19.513 billion, representing a 6.7% year-over-year increase, missing the consensus estimate of $19.67 billion.
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The hospital chain operator reported adjusted earnings of $8.01, up from $6.22 a year ago, surpassing the consensus of $7.43.
HCA Healthcare forecasts fiscal 2026 earnings of $29.10-$31.50 per share compared to the consensus of $29.54.
The company sees 2026 sales of $76.5 billion-$80 billion compared to the consensus of $79.08 billion.
Cantor Fitzgerald said that HCA sets the stage for another year of promising core growth. Analyst Sarah James reiterates the Overweight rating, while increasing the price target from $525 to $588.
“Our thesis holds that the provider setup is still attractive,” James added in an investor note.
The first sizing of eAPTC subsidy risk from HCA evaded Bear Case fears and is complemented by strong core growth.
The hospital operator expects 2026 adjusted EBITDA between $15.55 billion and $16.45 billion, and analyst James wrote that this is well over the investor Bear Case expectations for flat year-over-year growth.
Cantor Fitzgerald also highlighted confidence in the underlying structural levels of stability that HCA has built its fiscal 2026 guidance on. The company’s balance sheet remains “best-in-class” and opportunities ripe with management, noting a better pipeline for outpatient acquisitions that it has seen in a few years.
The $10 billion share buyback is another boost of confidence in the long-term valuation creation.
BofA Securities, in an investor note on Tuesday, said it remains cautious on hospitals, given the moderating fundamentals and restrictive policy and reimbursement environment.
It noted that Universal Health Services Inc. (NYSE:UHS) and Ardent Health Inc. (NYSE:ARDT) are expected to be hit hardest, while HCA Healthcare is likely best positioned to mitigate headwinds.
HCA Price Action: HCA Healthcare stock is down 3.99% at $485.59 at publication on Wednesday, according to Benzinga Pro data.
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