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HCA Healthcare
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Latest analysis
Updated Nov 5, 2026
HCA completes $6.5B senior notes offering across seven tranches maturing 2028–2056.
HCA Healthcare completed a $6.5 billion public debt offering on November 5, 2026, issuing seven series of senior notes with coupons ranging from 5.20% to 6.50% and maturities from two to thirty years. The offering includes $500M of 5.20% notes due 2028, $300M of floating-rate notes due 2028, $1B of 5.35% notes due 2029, $1.25B of 5.50% notes due 2031, $1.2B of 5.75% notes due 2033, $1.5B of 6.00% notes due 2036, and $750M of 6.50% notes due 2056, all guaranteed by HCA Healthcare as parent guarantor. The financing extends HCA's debt maturity ladder and reflects refinancing and capital allocation activity in a rising rate environment.
Tone: neutralRevenue
$75.6B
HCA 10-K · FY 2025
Employees
320,000
Revenue growth YoY
+7.1%
Founded
1968
Profile
HCA 10-K Item 1 · Feb 10, 2026HCA Healthcare is one of the largest for-profit hospital operators in the United States, operating 190 hospitals and 121 freestanding ambulatory surgery centers across 19 states and England as of December 31, 2025. The company provides a comprehensive array of inpatient, outpatient, and ancillary health care services spanning general acute care, behavioral health, rehabilitation, emergency care, and physician practices. Its strategy centers on growing presence in existing markets, advancing digital and AI capabilities, and developing comprehensive local health care networks supported by enterprise-scale economics.
Read filing description ↓ Collapse description ↑
HCA Healthcare, Inc. is one of the leading health care services companies in the United States. At December 31, 2025, we operated 190 hospitals, comprised of 179 general acute care hospitals, seven behavioral hospitals, and four rehabilitation hospitals. In addition, we operated 121 freestanding ambulatory surgery centers ('ASCs') and 31 freestanding endoscopy centers. Our facilities are located in 19 states and England. Our primary objective is to provide a comprehensive array of quality health care services in the most cost-effective manner possible. Our general, acute care hospitals typically provide a full range of services to accommodate such medical specialties as internal medicine, general surgery, cardiology, oncology, neurosurgery, orthopedics and obstetrics, as well as diagnostic and emergency services. Outpatient and ancillary health care services are provided by our general, acute care hospitals, ASCs, freestanding emergency care facilities, urgent care facilities, walk-in clinics, physician practices, diagnostic centers, home health agencies, hospices and rehabilitation facilities and various other facilities. Our behavioral hospitals provide a full range of mental health care services through inpatient, partial hospitalization and outpatient settings. Our strategy is organized around a framework that seeks to drive sustained growth by delivering operational excellence, attracting exceptional physicians and other health care professionals, developing comprehensive services, creating greater access and coordinating higher quality care for patients. Our strategy also emphasizes investments that seek to advance our clinical systems and digital capabilities, transform care models with innovative care solutions, expand our workforce development programs and enhance our health care networks and partnerships.
Primary products
- General acute care hospital services
- Behavioral health hospital services
- Rehabilitation hospital services
- Ambulatory surgery centers (ASCs)
- Freestanding endoscopy centers
- Freestanding emergency care facilities
End markets
Geographies
Named customers
“We believe our hospitals and other facilities compete within local communities on the basis of many factors, including the quality of care, ability to attract and retain quality physicians, skilled clinical personnel and other health care professionals, location, breadth of services, technology offered and quality and condition of the facilities.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Revenues increased 7.1% on a consolidated basis for 2025 compared to 2024, driven primarily by a 2.9% increase in equivalent admissions and a 4.0% increase in revenue per equivalent admission.
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