HCA Healthcare cash flow statement

In fiscal 2025, HCA Healthcare's operations generated $12.64bn of cash; it spent $4.94bn on capital projects, leaving free cash flow of $7.69bn. It returned $679m in dividends and $10.07bn through buybacks.

Cash flow statement

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

HCA Healthcare: cash flow statement, annual
Fiscal year	2016Dec 2016	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025	LTMSept 2026
Cash from operations	5.7	5.4	6.8	7.6	9.2	9.0	8.5	9.4	10.5	12.6	11.2
Depreciation and amortisation	2.0	2.1	2.3	2.6	2.7	2.9	3.0	3.1	3.3	3.5	3.7
Stock-based pay	0.3	0.3	0.3	0.3	0.4	0.4	0.3	0.3	0.4	0.4	0.5
Capital spending	2.8	3.0	3.6	4.2	2.8	3.6	4.4	4.7	4.9	4.9	5.2
Free cash flow	2.9	2.4	3.2	3.4	6.4	5.4	4.1	4.7	5.6	7.7	6.0
Free cash flow after stock pay	2.6	2.1	2.9	3.1	6.0	4.9	3.8	4.4	5.3	7.3	5.5
Dividends paid	—	0.0	0.5	0.6	0.2	0.6	0.7	0.7	0.7	0.7	0.7
Share buybacks	2.8	2.1	1.5	1.0	0.4	8.2	7.0	3.8	6.0	10.1	9.2

US$ millions unless shown otherwise. Fiscal quarters.

HCA Healthcare: cash flow statement, quarterly
Quarter	2024 Q4Dec 2024	2025 Q1Mar 2025	2025 Q2Jun 2025	2025 Q3Sept 2025	2025 Q4Dec 2025	2026 Q1Mar 2026	2026 Q2Jun 2026	2026 Q3Sept 2026
Cash from operations	2,559	1,651	4,210	4,416	2,359	2,014	2,335	4,461
Depreciation and amortisation	856	860	863	889	911	930	944	954
Stock-based pay	85	98	126	123	111	86	128	173
Capital spending	1,285	991	1,176	1,288	1,489	1,119	1,231	1,357
Free cash flow	1,274	660	3,034	3,128	870	895	1,104	3,104
Free cash flow after stock pay	1,189	562	2,908	3,005	759	809	976	2,931

Free cash flow is cash from operations minus capital spending. Free cash flow after stock pay also subtracts stock-based compensation, a real cost to shareholders that the cash flow statement adds back. Dividends, buybacks and shares issued are cash amounts for the period.

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Figures from HCA Healthcare's SEC filings (10-K and 10-Q), retrieved October 30, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to HCA Healthcare.