HCA Healthcare (HCA) 10-K Summaries & Annual Filing History
Review HCA Healthcare, Inc. (HCA) 10-K filings from 2023 through the latest annual report, including business, financial performance, risks, and liquidity.
Key takeaway
Year ended Dec 31, 2025 · FY2025 10-K
The company reported revenue growth and increased operating cash flow for the period. Net income also rose compared to the prior period.
Financial snapshot
Selected annual figures reported with the filing, shown separately from the narrative summary.
Annual revenue
$75.6B
Revenue reported for the fiscal year.
Operating income
n/a
Income from operations reported for the year.
Net income
$6.8B
Net income reported for the year.
Operating cash flow
$12.6B
Cash generated by operating activities.
Annual revenue trend
Reported annual revenue and its change from the preceding fiscal year.
| Period ended | Revenue | Year-over-year change |
|---|---|---|
| Dec 31, 2022 | $60.2B | +2.5% |
| Dec 31, 2023 | $65B | +7.9% |
| Dec 31, 2024 | $70.6B | +8.7% |
| Dec 31, 2025 | $75.6B | +7.1% |
Business overview
HCA Healthcare operates hospitals and healthcare entities. The company generates revenue from providing healthcare services.
Financial performance
Revenue grew across the periods presented. Operating cash flow and net income both increased relative to the prior period.
Material risks
The company's working capital turned negative at the end of the period, and cash payments for interest and taxes increased. These factors may present liquidity risks.
Liquidity and capital
Primary cash sources are operations and debt issuance. Cash is used for operating expenses, debt service, capital expenditures, acquisitions, and shareholder returns.
What to watch
Monitor the company's working capital position and its ability to generate sufficient operating cash flow to cover obligations.