HCA Healthcare

Q2 FY2026 EarningsQ2 FY26 results beat consensus across most key financial metrics, driven by a surge in Medicaid supplemental payments. Revenue of $20.23B exceeded the expected $19.74B (+2.46%), while Diluted EPS of $7.62 comfortably beat the mean estimate of $7.46. The Atlantic Group was the primary driver, with revenue jumping 23.7% YoY following the approval of the Florida directed payment program. Despite volume headwinds in surgeries and the expiration of pandemic-era tax credits, aggressive share repurchases (4.75M shares in Q2) continued to provide significant EPS accretion.