Executive Summary
HCA Healthcare reported a solid start to QQ1 2025, with revenue of $18.32 billion, up 5.66% year-over-year and 0.20% quarter-over-quarter. Gross profit of $2.855 billion yielded a gross margin of 15.58%, and EBITDA reached $3.734 billion, underscoring the resilience of the core hospital network amid volume-driven demand. Net income totaled $1.61 billion and diluted earnings per share were $6.45, reflecting favorable mix and operating leverage in a capital-intensive services business. Notably, cash generation remained strong, with operating cash flow of $1.651 billion and free cash flow of $660 million, supporting ongoing capital investments and a sizable share repurchase program.
Key Performance Indicators
Key Insights
Revenue: $18.32B (YoY +5.66%, QoQ +0.20%). Gross Profit: $2.855B (YoY +11.52%, QoQ +0.32%), Gross Margin: 15.58%. Operating Income: $2.855B (YoY +11.52%, QoQ +0.32%). Net Income: $1.61B (YoY +1.19%, QoQ +11.96%). EPS (Diluted): $6.45 (YoY +7.95%, QoQ +14.39%). EBITDA: $3.734B (EBITDA Margin: 20.38%). Net debt: $45.376B; Total debt: $46.436B; Cash: $1.06B; Equity: -$3.519B. Current ratio: 1.193; Quick ratio: 1.061; Cash ratio: 0.0778. Free Cash Flow: $660M; CFO: $1.651B; Capex: $991M; Dividends: ...
Financial Highlights
Revenue: $18.32B (YoY +5.66%, QoQ +0.20%). Gross Profit: $2.855B (YoY +11.52%, QoQ +0.32%), Gross Margin: 15.58%. Operating Income: $2.855B (YoY +11.52%, QoQ +0.32%). Net Income: $1.61B (YoY +1.19%, QoQ +11.96%). EPS (Diluted): $6.45 (YoY +7.95%, QoQ +14.39%). EBITDA: $3.734B (EBITDA Margin: 20.38%). Net debt: $45.376B; Total debt: $46.436B; Cash: $1.06B; Equity: -$3.519B. Current ratio: 1.193; Quick ratio: 1.061; Cash ratio: 0.0778. Free Cash Flow: $660M; CFO: $1.651B; Capex: $991M; Dividends: $180M; Share repurchases: $2.506B.
Income Statement
| Metric |
Value |
YoY Change |
QoQ Change |
| Revenue |
18.32B |
5.66% |
0.20% |
| Gross Profit |
2.86B |
11.52% |
0.32% |
| Operating Income |
2.86B |
11.52% |
0.32% |
| Net Income |
1.61B |
1.19% |
11.96% |
| EPS |
6.52 |
7.95% |
14.39% |
Key Financial Ratios
operatingProfitMargin
15.6%
operatingCashFlowPerShare
$6.62
freeCashFlowPerShare
$2.65
dividendPayoutRatio
11.2%
Management Commentary
Note: The earnings transcript data payload is empty for QQ1 2025, thus no management quotes or theme highlights are available in this dataset. Contextual interpretation relies on disclosed financial results and industry trends rather than direct verbatim commentary from the call.
Forward Guidance
No formal forward guidance was provided in the QQ1 2025 data package. Given the double-digit leverage and negative shareholders’ equity, investors should watch debt refinancing needs, interest expense sensitivity to rates, and cash flow conversion. Key variables likely to influence trajectory include patient volumes and mix (inpatient vs. outpatient), reimbursement rates and payer mix, staffing costs, capital deployment efficiency, and potential regulatory changes affecting hospital billing. In the absence of explicit guidance, a conservative outlook would assume continued demand for US hospital services with ongoing emphasis on outpatient and ambulatory care expansion, tempered by financing headwinds and reimbursement pressures.