Short answer
HCA Healthcare (HCA) filed its fiscal 2025 10-K annual report with the SEC on Feb 10, 2026. It reported revenue of $75.6B (+7.1% year over year) and net income of $6.8B.
- Top risk flagged: Indebtedness $46.5B as of 12/31/2025, risk of default if financial covenants under senior unsecured credit facility are breached
FY2025 key financial metrics · XBRL
- Revenue
- $75.6B
- +7.1% YoY
- Net income
- $6.8B
- +17.8% YoY
- EPS (diluted)
- $28.33
- +28.8% YoY
- ROE
- -112.6%
- +117.9 pp YoY
- Operating cash flow
- $12.6B
- +20.2% YoY
Source: XBRL data from the HCA Healthcare (HCA) FY2025 10-K on SEC EDGAR. USD.
HCA Healthcare FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business model: Operates healthcare facilities primarily through hospital services and affiliated outpatient centers
- No new products, services, or segments introduced or emphasized in 2026 filing
- Competitive positioning and strategy remain consistent with prior years; focus on governance and compliance highlighted
- Equity compensation plans include 6.439 million securities issuable, weighted average exercise price $194.62, 27.913 million shares available for future issuance
- Emphasis on enhanced governance disclosures and securities trading policy compliance, as detailed in proxy materials and investor relations website
Management Discussion & Analysis
- Operating cash flow $12.636B in 2025, up $2.122B from $10.514B in 2024 due to $1.319B net income increase and working capital improvements
- Capital expenditures $4.944B in 2025, slightly up from $4.875B in 2024; acquisitions $397M in 2025 vs $266M in 2024
- Financing cash use $8.550B in 2025 including $10.067B stock repurchases, $679M dividends; net debt increased $3.287B
- Debt totaled $46.492B in 2025, up from $43.031B in 2024; interest expense $2.248B vs $2.061B with 5.0% average effective rate both years
- Management expects 2026 capex $5.0B-$5.5B, sufficient liquidity from operations, $5.779B credit facility available, and access to debt markets
Risk Factors
- Indebtedness $46.5B as of 12/31/2025, risk of default if financial covenants under senior unsecured credit facility are breached
- Workforce shortages and labor competition, including nurse-staffing ratio mandates in multiple states raising labor costs significantly
- Cybersecurity risks from increased AI-driven attacks and state-sponsored threat actors targeting health data and operational systems
- AI regulation risk: compliance with state laws California AB 3030, Utah AIPA, Colorado CAIA affecting generative AI use in patient care
- Key management dependency risk: unexpected loss of senior managers could disrupt operations despite succession planning efforts
Generated from the filing text; verify against the original. How to read a 10-K
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