HCA Healthcare, Inc. Earnings Per Share Disclosure
NOTE 5 — EARNINGS PER SHARE
We compute basic earnings per share using the weighted average number of common shares outstanding. We compute diluted earnings per share using the weighted average number of common shares outstanding plus the dilutive effect of outstanding SARs, RSUs and PSUs, computed using the treasury stock method. During 2025, 2024 and 2023, we repurchased 26.739 million shares, 17.798 million shares and 14.465 million shares, respectively, of our common stock.
The following table sets forth the computations of basic and diluted earnings per share for the years ended December 31, 2025, 2024 and 2023 (dollars and shares in millions, except per share amounts):
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2025 |
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2024 |
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2023 |
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Net income attributable to HCA Healthcare, Inc. |
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$ |
6,784 |
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$ |
5,760 |
|
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$ |
5,242 |
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Weighted average common shares outstanding |
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236.413 |
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|
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258.603 |
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|
|
272.404 |
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Effect of dilutive incremental shares |
|
|
3.082 |
|
|
|
3.203 |
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|
|
4.008 |
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Shares used for diluted earnings per share |
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|
239.495 |
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|
|
261.806 |
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|
|
276.412 |
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Earnings per share: |
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Basic earnings per share |
|
$ |
28.70 |
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$ |
22.27 |
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|
$ |
19.25 |
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Diluted earnings per share |
|
$ |
28.33 |
|
|
$ |
22.00 |
|
|
$ |
18.97 |
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Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 10, 2026 | Showing above |
| 2024 | Feb 14, 2025 | |
| 2023 | Feb 16, 2024 | |
| 2022 | Feb 17, 2023 | |
| 2021 | Feb 18, 2022 | |
| 2020 | Feb 19, 2021 | |
| 2019 | Feb 20, 2020 | |
| 2018 | Feb 21, 2019 | |
| 2017 | Feb 23, 2018 | |
| 2016 | Feb 22, 2017 | |
| 2015 | Feb 26, 2016 | |
About Earnings Per Share Disclosures
The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.
Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.