Overview

• US hospital operator's Q1 revenue rose 4.3%, slightly beating analyst expectations

• Adjusted EPS for Q1 rose 10.9% to $7.15

• Company repurchased $1.6 bln of shares in Q1

Outlook

• HCA Healthcare reaffirms 2026 full-year revenue guidance of $76.5 bln to $80 bln

• Company expects 2026 diluted EPS between $29.10 and $31.50

• HCA Healthcare anticipates a mostly stable operating environment and volume growth in 2026

Result Drivers

• LOWER RESPIRATORY VOLUMES - Co said respiratory-related admissions and ER visits fell sharply, reducing typical seasonal volume increase

• WINTER STORM IMPACT - Winter storm in January negatively affected Q1 volumes in some markets

• MEDICAID SUPPLEMENTAL PROGRAMS - Recognition of certain Medicaid supplemental programs not in initial guidance mostly offset unfavorable volume impacts

Company press release: ID:nBw3GwFcCa

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q1 Revenue	Slight Beat*	$19.11 bln	$19.10 bln (18 Analysts)
Q1 Adjusted EPS		$7.15
Q1 EPS		$7.15
Q1 Net Income		$1.86 bln

*Applies to a deviation of less than 1%; not applicable for per-share numbers.

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 16 "strong buy" or "buy", 9 "hold" and 1 "sell" or "strong sell"

• The average consensus recommendation for the healthcare facilities & services peer group is "buy"

• Wall Street's median 12-month price target for HCA Healthcare Inc is $554.50, about 17% above its April 23 closing price of $474.03

• The stock recently traded at 15 times the next 12-month earnings vs. a P/E of 16 three months ago

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