HCA Healthcare, Inc. (NYSE: HCA) — Q2 2026 Earnings Preview

1. Earnings Preview

Key Takeaway: HCA pre-announced Q2 2026 results on July 14 — the print is largely known, but the earnings call on July 24 is the real event: investors will focus on the magnitude of the health insurance exchange headwind escalation (now $1.0–$1.2B full-year vs. prior $600–$900M), the durability of the offsetting $400M Florida Medicaid supplemental payment windfall, and management's confidence in the revised 2H 2026 volume and margin trajectory.

HCA pre-announced Q2 2026 results on July 14, 2026, revealing a quarter defined by two roughly offsetting but structurally very different forces: a $400 million pre-tax headwind from payer mix deterioration as exchange patients lost coverage (plus a $75M upward revision to the Q1 estimate), and a $400 million incremental Medicaid supplemental payment benefit — primarily the long-awaited Florida DPP approval covering October 2024 through June 2026. The net result was Adjusted EBITDA of ~$4.027B (+4.6% YoY) on revenues of ~$20.23B (+8.7% YoY), with EBITDA margin compressing 80 bps to 19.9%. Full-year 2026 guidance was cut across all metrics — EPS to $28.70–$30.50 from $29.10–$31.50, and Adjusted EBITDA to $15.4–$16.1B from $15.55–$16.45B — reflecting the worsening exchange environment, though the Florida supplemental payment partially cushions the blow. The bar for the July 24 call is now well-defined by the pre-announcement; the key swing factors are management's tone on 2H volume recovery (same-facility equivalent admissions grew 2.7% in Q2, accelerating from Q1's 1.3%), the trajectory of surgical volume declines (-2.3% inpatient, -3.4% outpatient in Q2), and any update on additional Medicaid supplemental payment approvals. The stock has fallen ~13% since Q1 earnings vs. the healthcare ETF (IHF) up ~20%, pricing in significant structural concern about the exchange headwind — the wildcard is whether management can credibly frame the surgical volume decline as temporary or whether it signals a more durable service-mix shift.

2. KPIs & Consensus Expectations

Key Takeaway: The pre-announcement has largely set the Q2 bar — consensus is now calibrated to the preliminary figures. Adjusted EBITDA margin at 19.9% is the bigger swing factor for the call, as it came in below the ~20% threshold management has targeted; the surgical volume decline is the incremental unknown that could pressure 2H estimates further.

Table 1 — Q2 2026 Current Quarter Snapshot (Key KPIs)

Sources: HCA Q2 2026 pre-announcement (July 14, 2026); HCA Q1 2026 earnings release (April 24, 2026); Visible Alpha consensus data.

Table 2 — Beat/Miss History (Last 8 Quarters — Top 2 KPIs: Adjusted EBITDA & Diluted Operating EPS)

Pattern: HCA beat on both Adjusted EBITDA and Operating EPS in 6 of the last 8 quarters, often by wide margins — the two misses (Q3 2024 and Q1 2026) were both driven by identifiable one-time headwinds (hurricane disruption and respiratory/weather drag, respectively), suggesting the beat pattern is structural but vulnerable to macro/weather shocks. Q2 2026 is a pre-announced quarter, so the "beat/miss" dynamic shifts to the earnings call narrative and 2H guidance.

Source: Visible Alpha Consensus and Actuals Data.

3. Guidance & Commentary Evolution

Key Takeaway: Guidance was cut materially on July 14 via the Q2 pre-announcement — the first formal downward revision since the January 2026 initial guidance. The exchange headwind assumption nearly doubled (to $1.0–$1.2B from $600–$900M), while the Medicaid supplemental payment assumption swung sharply positive (to +$300–$500M from -$50 to -$250M) due to the Florida DPP approval. Management tone has shifted from “confident in reaffirming” to “navigating a dynamic environment.”

4. Guidance vs. Estimate Revision Tracker

Key Takeaway: Estimates for FY 2026 have been revised downward since Q1 earnings — the guidance cut on July 14 drove consensus EPS down ~1% and EBITDA down ~1% for the full year. For Q2 specifically, the pre-announcement has anchored consensus tightly to the preliminary figures. The gap between current consensus and revised guidance midpoints is narrow, suggesting the street has largely digested the cut; the risk is whether 2H assumptions prove too optimistic given the surgical volume deterioration.

The estimate revision pattern is clear: the July 14 pre-announcement triggered a ~1% downward revision to FY 2026 EPS and EBITDA consensus, while Q2 quarterly estimates were revised upward as the preliminary figures came in above pre-announcement consensus. FY 2027 estimates have also drifted ~1% lower, reflecting concern that the exchange headwind may persist into 2027 if EPTCs are not reinstated. Current consensus sits modestly above the revised guidance midpoints, implying the street is not yet pricing in the worst-case scenario.

Source: Visible Alpha Consensus and Actuals Data; HCA Q2 2026 pre-announcement (July 14, 2026).

5. Stock Performance

Key Takeaway: HCA has dramatically underperformed since Q1 earnings — down ~13% (indexed to 87) vs. the healthcare ETF (IHF) up ~20% and the S&P 500 up ~3%. The underperformance is driven almost entirely by multiple compression on exchange headwind fears, not earnings revisions — the July 14 guidance cut accelerated the de-rating, with the stock falling ~16% on that day alone.

HCA vs. IHF (iShares U.S. Healthcare Providers ETF) vs. S&P 500 (SPY) — Indexed to 100 at Q1 2026 Earnings (April 24, 2026). Source: Stock Price Data.

• Apr 24, 2026 (Q1 Earnings): Stock opened at $432.46. Q1 results were a narrow miss on EBITDA (-1.9% vs. consensus) but full-year guidance was reaffirmed. Stock initially recovered to $445 before fading.
• Apr 30, 2026 ($3B Senior Notes Offering): HCA completed a $3B senior notes offering and redeemed $2.5B in existing debt — a balance sheet management action that had minimal stock impact but signaled continued capital market access.
• May 19–Jun 3, 2026 (Sustained Selloff): Stock declined from ~$435 to ~$363 (-17%) as exchange enrollment data worsened and investor concern about the EPTC expiration impact intensified. IHF and SPY were flat-to-up during this period, highlighting HCA-specific pressure.
• Jun 9–16, 2026 (Partial Recovery): Stock recovered to ~$397 on no specific catalyst — likely short covering and sector rotation back into healthcare.
• Jun 18, 2026 (CCO Departure): Dr. Michael Cuffe (Chief Clinical Officer) announced departure effective August 31, 2026. Modest negative reaction; not a major stock driver but adds leadership uncertainty.
• Jul 14, 2026 (Q2 Pre-Announcement / Guidance Cut): Stock fell sharply (~16%) from ~$390 to ~$363 as the pre-announcement revealed the exchange headwind had worsened to $400M in Q2 alone and full-year guidance was cut. This is the dominant event of the post-Q1 period.
• Jul 15–Jul 22, 2026 (Stabilization): Stock stabilized in the $370–$386 range as investors digested the pre-announcement. The Florida DPP offset and volume growth acceleration provided some floor.

Sector ETF: IHF (iShares U.S. Healthcare Providers ETF) was selected as the benchmark — it tracks managed care, hospital, and healthcare services companies, making it the most appropriate sub-sector comparator for HCA. The IHF's +20% gain since Q1 earnings reflects managed care peers (UNH, ELV) recovering from their own prior-year headwinds, creating a stark divergence with HCA's hospital-specific exchange exposure.

6. Peer Commentaries — Read-Through (Last 60 Days, Q2 2026 Relevant)

Key Takeaway: Managed care peers reporting Q2 2026 results confirm the exchange/ACA headwind is real and worsening — but the read-through is nuanced: payers are seeing better-than-feared Medicare Advantage trends and stable Medicaid costs, which is a net positive for hospital volume and payer mix stability heading into 2H 2026. The surgical volume decline flagged by HCA's pre-announcement is corroborated by ELV's commentary on elevated outpatient surgery utilization as a cost driver.

Elevance Health (ELV) — Q2 2026 Earnings Call (July 15, 2026)

Relevance: ELV is one of HCA's largest managed care payers. Its Q2 2026 commentary provides direct read-through on the ACA exchange environment, Medicaid trends, and surgical utilization patterns that flow through to HCA's revenue and payer mix.

• ACA Exchange — Better-than-feared but structurally challenged: ELV reported its individual ACA business is "developing broadly consistent with how it was priced and planned for the year," with member retention "modestly ahead of expectations." ELV now expects to end 2026 with at least 1 million ACA members. The higher mix of bronze plans creates more pronounced seasonality. Read-through for HCA: ELV's ACA book is stabilizing, but the shift to bronze plans means higher patient cost-sharing — consistent with HCA's observation that exchange patients are presenting with higher out-of-pocket obligations, driving uncompensated care risk.
• Outpatient Surgery as an Elevated Cost Driver: ELV explicitly called out outpatient surgery as one of the "elevated cost drivers" alongside behavioral health, specialty pharmacy, and ED utilization. CFO Mark Kaye noted that in Medicaid, outpatient surgery trend is "more utilization driven," while in commercial it is "more unit cost mix driven." Read-through for HCA: This corroborates HCA's Q2 outpatient surgery decline (-3.4%) — payers are actively managing outpatient surgical utilization, which may be redirecting cases to lower-cost ASC settings rather than hospital outpatient departments. This is a structural headwind for HCA's outpatient revenue per case.
• Managed Care Denials — AI-driven friction reduction: ELV highlighted that in health systems where its Health OS workflows have been deployed, there has been a "significant reduction in avoidable denials, documentation requests, and administrative friction." Read-through for HCA: HCA has been deploying AI-powered denial appeal tools (via Palantir and Google partnerships). ELV's commentary suggests payers are also investing in reducing friction — a potential tailwind for HCA's revenue cycle recovery if the digital integration between payers and providers accelerates.
• Medicaid — Trough year, rates improving: ELV confirmed 2026 is the "trough year for Medicaid margin" with July 1 rate updates coming in at the upper end of mid-single digits, "modestly favorable to expectations." The company expects Medicaid margin to improve over time as rates reflect cost experience. Read-through for HCA: Improving Medicaid rates are a positive for HCA's Medicaid revenue per admission, though the Medicaid conversion slowdown (fewer uninsured patients completing applications) observed in Q1 remains a watch item.
• Medicare Advantage — Recovering: ELV is on track for at least 2% MA operating margin in 2026, with "favorable claims experience" and care management programs showing results. Read-through for HCA: Better MA performance at payers means less pressure on denial rates and prior authorization friction for Medicare patients at HCA hospitals — a modest positive for HCA's Medicare revenue integrity.

UnitedHealth Group (UNH) — Q2 2026 Earnings Call (July 16, 2026)

Relevance: UNH is the largest managed care organization and a major payer for HCA. Its commentary on utilization trends, surgical volumes, and prior authorization reform is directly relevant to HCA's volume and revenue per admission outlook.

• Surgical Volumes — In line with expectations: UNH stated surgical volumes are "pacing in line with our expectations," with its ASC business showing volumes "in line to slightly better than what we would have expected." UNH's fee-for-service businesses are "pointed towards higher value sites of care like ASCs, which are generally about a third of the cost of hospital-based procedures." Read-through for HCA: UNH's active steering of surgical cases to ASCs is a structural headwind for HCA's hospital-based outpatient surgery volumes. The -3.4% outpatient surgery decline in Q2 is at least partially attributable to this payer-driven site-of-care shift, which is unlikely to reverse.
• Commercial Medical Cost Trend — Stubbornly elevated: UNH flagged commercial medical cost trends "modestly above 11%," driven by the No Surprises Act IDR process (contributing ~100 bps of incremental trend), provider coding intensity, and pharmacy costs. UNH noted that "roughly 60% of all arbitration cases are brought by one of just five entities" and that average payout from arbiters is "11 times what Medicare would pay." Read-through for HCA: Elevated commercial cost trends mean payers are under pressure to tighten prior authorization and manage utilization more aggressively — a headwind for HCA's commercial revenue per admission growth. However, HCA's own commercial contracting is ~1/3 complete for 2027 at single-digit rate increases, suggesting some insulation.
• Prior Authorization Reform — Reducing friction: UNH committed to eliminating 30% of prior authorization volume by end of 2026 and processing 80% of prior authorizations in real time by end of 2027. Optum Insight's digital prior authorization is producing "96% first pass approval." Read-through for HCA: This is a meaningful positive for HCA's revenue cycle efficiency. Reduced prior authorization friction should lower HCA's denial rate and administrative costs, supporting the resiliency program's $400M savings target.
• Medicare Advantage — Better than expected: UNH now expects full-year MA enrollment to decline by ~1.1M (better than feared) and MA margins to finish 2026 "above 3%." Medicare medical cost trend is expected to "come in below our initial estimate of around 10%." Read-through for HCA: Better MA performance at UNH means less aggressive utilization management for Medicare patients — a modest positive for HCA's Medicare volume and revenue per admission.
• Medicaid — Stable but pressured: UNH's Medicaid business is "in line with expectations," with annualized 2026 rate impacts in the "6% to 7%" range, "still lagging elevated medical trend." Medicaid margins expected within the -1% to -1.7% range for 2026. Read-through for HCA: Medicaid rate increases of 6-7% are a positive for HCA's Medicaid revenue per admission, partially offsetting the payer mix headwind from exchange attrition.

Molina Healthcare (MOH) — Q2 2026 Earnings Call (July 23, 2026)

Relevance: MOH is a Medicaid-focused managed care company operating in many of HCA's markets. Its commentary on Medicaid cost trends, work requirements, and ACA marketplace dynamics provides read-through on HCA's Medicaid and uninsured volume outlook.

• Medicaid Cost Trend — Stable at 5%: MOH reported Medicaid medical cost trend "remained stable and consistent with full-year guidance of 5%." High trend categories (behavioral health, professional office visits, inpatient care) are "expected to remain stable in the second half." The broader Medicaid market is estimated to be "underfunded by 300 basis points." Read-through for HCA: Stable Medicaid cost trends suggest payers are not aggressively cutting utilization in Medicaid — a positive for HCA's Medicaid volume. The underfunding dynamic supports future rate increases that would benefit HCA's Medicaid revenue per admission.
• ACA Marketplace — Adverse selection worsening: MOH cut its Marketplace guidance by $1.50/share, citing "unfavorable current year member acuity mix" and prior year risk adjustment items. MOH is reducing its Marketplace footprint by ~$1B in 2027. The company noted that "people who need coverage, especially those on high-cost drug therapies (HIV, oncology), tend to stay with the health plan" even with higher prices, creating adverse selection. Read-through for HCA: MOH's experience confirms that the ACA exchange risk pool is deteriorating as healthier members drop coverage while sicker members retain it. This is consistent with HCA's observation of increasing uninsured volume from exchange attrition — the patients losing coverage are likely lower-acuity, while higher-acuity exchange patients may retain coverage longer, creating a complex payer mix dynamic.
• Medicaid Work Requirements — Manageable, gradual: MOH's long-term assumption is that Medicaid membership will decline 2-3% annually for three years, with "only a minor acuity shift" from work requirements. The company noted that "the big wave redetermination process" already removed many low-acuity members, so the remaining population is higher-acuity and less likely to be disenrolled. Read-through for HCA: This is a positive read-through for HCA — if Medicaid work requirements result in only a minor, gradual membership decline with limited acuity shift, the impact on HCA's Medicaid volume and payer mix should be manageable. Management's own assessment (effective January 2027, ~40% of Medicaid revenue from expansion states) aligns with MOH's view.
• Inpatient Utilization in Medicaid — Stable: MOH noted that inpatient care is a "high trend category" in Medicaid but is "expected to remain stable in the second half." In Medicare duals, "inpatient and pharmacy were down meaningfully." Read-through for HCA: Stable inpatient Medicaid utilization supports HCA's volume growth assumptions for 2H 2026. The Medicare duals inpatient decline is a modest headwind for HCA's Medicare volume but is consistent with broader care management trends.

Universal Health Services (UHS) — Goldman Sachs Healthcare Conference (June 9, 2026)

Relevance: UHS is HCA's closest hospital peer. Its June 2026 conference commentary provides direct read-through on hospital volume trends, ACA exchange impact, Medicaid supplemental payments, and outpatient strategy heading into Q2 2026.

• ACA Exchange — Payer mix / collectability issue, not volume: UHS framed the ACA subsidy expiration as "more of a payer mix collectability issue versus volumes," assuming 25-30% of exchange patients would lose coverage and 80-90% of those would be unable to obtain alternative coverage. UHS noted in Q1 they "weren't seeing the loss of exchange patients at that full rate" but expected the impact to "grow as the year goes on." Read-through for HCA: UHS's framing is consistent with HCA's Q2 experience — the $400M pre-tax hit was primarily a payer mix/collectability issue as exchange patients presented as uninsured. The fact that UHS expected the impact to grow through the year suggests HCA's 2H exchange headwind assumption ($1.0-$1.2B full-year) may still be at risk of further deterioration.
• Florida Medicaid Supplemental Payments — ~$100M retroactive benefit in Q2: UHS disclosed an expected "approximately $100 million retroactive benefit in the second quarter" from the 2025 Florida SCP approval, with the 2026 program still awaiting approval. Read-through for HCA: HCA's Florida DPP benefit was far larger (~$400M in Q2 covering Oct 2024-Jun 2026) given HCA's much larger Florida footprint. UHS's confirmation of the Florida approval validates the program's legitimacy and suggests HCA's recognition was appropriate.
• Outpatient Expansion — Accelerating: UHS has 35 freestanding EDs with "several more by end of year" and plans to "double or even triple" its ASC count over the next several years. UHS expects "outpatient over the next several years will grow faster than inpatient." Read-through for HCA: Both HCA and UHS are aggressively expanding outpatient networks — HCA's target of 20 outpatient sites per hospital (from current 14) is consistent with this industry trend. The competitive dynamic in outpatient is intensifying, but HCA's scale advantage should allow it to capture disproportionate share.
• AI in Revenue Cycle — Meaningful productivity gains: UHS reported that AI-powered ER coding is "more accurate and consistent" than manual coding, and AI-generated denial appeal letters have reduced clinician time from "an hour" to "five minutes." UHS estimated a "50 basis point increase in revenue per adjusted admission" from revenue cycle AI improvements in 2025. Read-through for HCA: HCA is deploying similar AI tools (Palantir, Google partnerships) in its revenue cycle. UHS's quantified benefit (50 bps revenue per admission uplift) provides a benchmark for HCA's potential upside from its own AI investments, which are scaling in 2026-2028.
• Volume Growth — 2-3% framework maintained: UHS reiterated its "2 to 3% 2026 volume growth framework" and noted Q1 was "roughly in line with the low end of the range after adjusting for flu and weather." UHS added 178 acute beds in Q2 across three projects. Read-through for HCA: UHS's volume framework is identical to HCA's, and both companies are adding capacity. HCA's Q2 equivalent admissions growth of +2.7% (above UHS's implied Q2 trajectory) suggests HCA may be gaining market share in its markets.

7. Material News & Developments

Key Takeaway: The July 14 Q2 pre-announcement is the dominant event — the exchange headwind doubling and guidance cut are the most material developments since Q1 earnings. The Florida DPP approval is a significant positive offset but is largely a one-time catch-up. The CCO departure adds modest leadership uncertainty heading into the earnings call.

• July 14, 2026 — Q2 2026 Pre-Announcement & Guidance Cut (MOST MATERIAL): HCA pre-announced Q2 2026 preliminary results via 8-K, revealing revenues of ~$20.23B (+8.7% YoY), Adjusted EBITDA of ~$4.027B (+4.6% YoY), and diluted EPS of $7.62. Full-year 2026 guidance was cut: EPS to $28.70-$30.50 (from $29.10-$31.50), Adjusted EBITDA to $15.4-$16.1B (from $15.55-$16.45B). The exchange headwind assumption was raised to ($1.0B)-($1.2B) from ($600M)-($900M). Implication: The pre-announcement removes most of the Q2 earnings surprise element; the July 24 call is now about 2H guidance credibility and management's tone on the exchange trajectory.
• July 14, 2026 — Florida DPP Approval (~$400M Q2 Benefit): CMS formally approved Florida's state-directed payment program during Q2, covering October 1, 2024 through June 30, 2026. HCA recognized approximately $400M of incremental net Medicaid supplemental payment benefit in Q2, primarily from Florida. This swung the full-year supplemental payment assumption to +$300M-+$500M from a prior decline of ($50M)-($250M). Implication: The Florida DPP is a significant positive but is largely a multi-year catch-up payment; the ongoing annual run-rate benefit will be much smaller. Investors will want clarity on the 2027 Florida DPP outlook.
• June 18, 2026 — Chief Clinical Officer Dr. Michael Cuffe to Step Down: HCA announced via 8-K that Dr. Cuffe and the company reached an agreement for him to step down as EVP and Chief Clinical Officer, effective August 31, 2026. He will transition to a different role through February 2027. Implication: The CCO role is critical given HCA's AI-driven clinical transformation agenda (ambient listening, length-of-stay reduction, nurse handoff programs). The departure creates uncertainty about the pace of clinical AI deployment, though the transition period through February 2027 provides some continuity.
• April 30, 2026 — $3 Billion Senior Notes Offering & $2.5B Debt Redemption: HCA completed a $3B senior notes offering and simultaneously redeemed $2.5B in existing senior debt. Implication: Proactive balance sheet management; extends debt maturity profile and demonstrates continued capital market access despite policy uncertainty. Leverage remains in the lower half of the stated target range.
• April 28, 2026 — Annual Meeting: Shareholders Re-Elect Board, Reject Activist Proposals: HCA shareholders re-elected all board members and rejected activist proposals at the annual meeting. Implication: No governance disruption; management retains full board support to execute the strategic plan.
• Q2 2026 — Payer Mix Deterioration: Exchange Attrition Accelerates: During Q2, HCA experienced a significant payer mix shift driven by an increase in uninsured volume, primarily from patients who lost coverage on health insurance exchanges. The $400M pre-tax impact includes a $75M upward revision to the Q1 estimate. Same-facility exchange equivalent admissions declined approximately 15% in Q1 and likely accelerated in Q2. Implication: The exchange headwind is tracking at the high end of the revised guidance range. The key question for the July 24 call is whether the rate of attrition has stabilized or is still accelerating.
• Q2 2026 — Surgical Volume Decline: Inpatient -2.3%, Outpatient -3.4%: Same-facility inpatient surgeries declined 2.3% and outpatient surgeries declined 3.4% in Q2 2026 vs. Q2 2025. This is a deterioration from Q1's -0.3% inpatient and -1.7% outpatient. Implication: The surgical volume decline is the most concerning new data point in the pre-announcement. Management attributed it to a "service mix shift" but did not provide detail. The July 24 call will need to address whether this is payer-driven site-of-care steering (to ASCs), exchange patient mix (lower surgical acuity), or a broader demand softening.
• Ongoing — One Big Beautiful Bill Act (Medicaid Work Requirements): Work requirements for Medicaid expansion members are effective January 2027. HCA management views the impact as manageable given ~60% of Medicaid revenue comes from non-expansion states. Revenue cycle teams are being prepared to educate patients on qualification requirements. Implication: A 2027 headwind that is not yet in guidance; the magnitude depends on state implementation pace and the degree of acuity shift among disenrolled members. Peer commentary (MOH, ELV) suggests the impact will be gradual and manageable.
• Ongoing — Rural Health Transformation Program: The One Big Beautiful Bill Act includes a Rural Health Transformation Program with first-year state allocations. HCA has excluded any benefit from 2026 guidance pending visibility into state-level application processes. Implication: Potential upside to 2027+ guidance if HCA's rural markets qualify for meaningful allocations; not a near-term catalyst.

8. Insider Transaction Activity

Key Takeaway: No open-market buys or discretionary sells were filed in the post-Q1 earnings window. All transactions are either routine director equity compensation awards (code A) or a CFO gift/transfer (code G) — no insider is signaling conviction in either direction through open-market activity.

No open-market buys (Form 4 Code P) or open-market sells (Form 4 Code S) were filed by HCA insiders in the April 24 – July 23, 2026 window. The CFO's gift transaction (Code G) is a non-economic transfer to a family trust and carries no directional signal. The absence of any discretionary open-market buying despite a ~13% stock decline since Q1 earnings is notable — insiders are not stepping in to signal a bottom, though the lack of selling is also consistent with confidence in the long-term plan.

Source: Insider Transaction Data (Form 4 filings, SEC EDGAR).

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Disclosures & Sources

This document is prepared for informational purposes only. Data sources include: Visible Alpha Consensus and Actuals Data (KPI tables, beat/miss history, estimate revision tracker); HCA Healthcare SEC filings (8-K pre-announcement July 14, 2026; Q1 2026 earnings release April 24, 2026; Q1 2026 earnings call transcript); peer earnings call transcripts (ELV Q2 2026, UNH Q2 2026, MOH Q2 2026, UHS Goldman Sachs Conference June 2026); Stock Price Data (Yahoo Finance); Insider Transaction Data (SEC Form 4 filings). All preliminary Q2 2026 figures are subject to finalization of HCA's quarterly financial and accounting procedures.