HCA Healthcare, Inc. (HCA)

HCA Healthcare, Inc. is one of the leading health care services companies in the United States, operating 190 hospitals as of December 31, 2025, comprised of 179 general acute care hospitals, seven behavioral hospitals, and four rehabilitation hospitals, along with 121 freestanding ambulatory surgery centers and 31 freestanding endoscopy centers across 19 states and England. The company, incorporated in Delaware in October 2010 with roots dating to 1968, is headquartered in Nashville, Tennessee, and trades on the NYSE under the symbol "HCA." Its general, acute care hospitals (with 50,436 licensed beds) provide a comprehensive range of services including internal medicine, general surgery, cardiology, oncology, neurosurgery, orthopedics, obstetrics, diagnostics, and emergency care, while its seven behavioral hospitals (714 licensed beds) offer inpatient, partial hospitalization, and outpatient mental health and substance abuse treatment. Beyond hospitals, HCA operates a broad network of outpatient and ancillary services, including ASCs, freestanding emergency and urgent care facilities, walk-in clinics, physician practices, diagnostic and imaging centers, radiation and oncology therapy centers, rehabilitation and physical therapy centers, home health agencies, and hospices, with most ASCs structured as partnerships or LLCs majority-owned by HCA affiliates.

The company's strategic objective is to deliver a comprehensive array of quality, cost-effective health care by building integrated local networks supported by enterprise-wide scale, focusing on growth in existing markets, industry-leading clinical and operational performance, recruitment and retention of physicians and health care professionals, disciplined development, and advancing digital and AI capabilities. HCA affiliates also provide centralized management services to its facilities, including compliance, supply chain, financial and clinical systems, reimbursement support, construction planning, IT solutions, legal, and human resources services. Revenue is driven by inpatient occupancy, outpatient procedure volumes, physician-ordered services, and reimbursement rates, which vary by payer type, service line, and geography, with notable revenue concentration and sensitivity tied to operations in Florida and Texas.