HCA Healthcare, Inc. Segments Disclosure
NOTE 13 — SEGMENT AND GEOGRAPHIC INFORMATION
We operate in one line of business, which is operating hospitals and related health care entities. We operate in three geographically organized groups: the National, Atlantic and American Groups. At December 31, 2025, the National Group included 53 hospitals located in Alaska, California, Idaho, Kentucky, Nevada, New Hampshire, North Carolina, Tennessee, Utah and Virginia; the Atlantic Group included 63 hospitals located in Florida, Georgia, Northern Kansas, Missouri and South Carolina; and the American Group included 66 hospitals located in Colorado, Central Kansas, Louisiana and Texas. The eight hospitals we operate in England are included in the Corporate and other group.
NOTE 13 — SEGMENT AND GEOGRAPHIC INFORMATION (continued)
Adjusted segment EBITDA is defined as income before depreciation and amortization, interest expense, losses and gains on sales of facilities, losses on retirement of debt, income taxes and net income attributable to noncontrolling interests. We use adjusted segment EBITDA as an analytical indicator for purposes of allocating resources to geographic areas and assessing their performance. Adjusted segment EBITDA is commonly used as an analytical indicator within the health care industry, and also serves as a measure of leverage capacity and debt service ability. Adjusted segment EBITDA should not be considered as a measure of financial performance under generally accepted accounting principles, and the items excluded from adjusted segment EBITDA are significant components in understanding and assessing financial performance. Because adjusted segment EBITDA is not a measurement determined in accordance with generally accepted accounting principles and is thus susceptible to varying calculations, adjusted segment EBITDA, as presented, may not be comparable to other similarly titled measures of other companies. The geographic distributions of our revenues, salaries and benefits, supplies, other operating expenses, equity in earnings or losses of affiliates, adjusted segment EBITDA, depreciation and amortization, assets and goodwill and other intangible assets that are provided to the Chief Operating Decision Maker, which is the Chief Executive Officer, are summarized in the following tables (dollars in millions) and represent the operating segments at December 31, 2025:
|
|
For the Year Ended December 31, 2025 |
|
|||||||||
|
|
National |
|
|
Atlantic |
|
|
American |
|
|||
Revenues |
|
$ |
21,278 |
|
|
$ |
24,709 |
|
|
$ |
26,445 |
|
|
|
|
|
|
|
|
|
|
|
|||
Salaries and benefits |
|
|
7,812 |
|
|
|
9,023 |
|
|
|
8,992 |
|
Supplies |
|
|
3,043 |
|
|
|
3,689 |
|
|
|
4,263 |
|
Other operating expenses |
|
|
5,321 |
|
|
|
6,358 |
|
|
|
6,962 |
|
Equity in (earnings) losses of affiliates |
|
|
(1 |
) |
|
|
(3 |
) |
|
|
(68 |
) |
|
|
|
16,175 |
|
|
|
19,067 |
|
|
|
20,149 |
|
Adjusted segment EBITDA |
|
$ |
5,103 |
|
|
$ |
5,642 |
|
|
$ |
6,296 |
|
|
|
For the Year Ended December 31, 2024 |
|
|||||||||
|
|
National |
|
|
Atlantic |
|
|
American |
|
|||
Revenues |
|
$ |
19,656 |
|
|
$ |
23,380 |
|
|
$ |
24,668 |
|
|
|
|
|
|
|
|
|
|
|
|||
Salaries and benefits |
|
|
7,542 |
|
|
|
8,686 |
|
|
|
8,599 |
|
Supplies |
|
|
2,812 |
|
|
|
3,553 |
|
|
|
4,035 |
|
Other operating expenses |
|
|
4,908 |
|
|
|
6,206 |
|
|
|
6,367 |
|
Equity in (earnings) losses of affiliates |
|
|
2 |
|
|
|
(3 |
) |
|
|
(62 |
) |
|
|
|
15,264 |
|
|
|
18,442 |
|
|
|
18,939 |
|
Adjusted segment EBITDA |
|
$ |
4,392 |
|
|
$ |
4,938 |
|
|
$ |
5,729 |
|
NOTE 13 — SEGMENT AND GEOGRAPHIC INFORMATION (continued)
|
|
For the Year Ended December 31, 2023 |
|
|||||||||
|
|
National |
|
|
Atlantic |
|
|
American |
|
|||
Revenues |
|
$ |
18,105 |
|
|
$ |
21,167 |
|
|
$ |
22,318 |
|
|
|
|
|
|
|
|
|
|
|
|||
Salaries and benefits |
|
|
7,196 |
|
|
|
8,058 |
|
|
|
8,080 |
|
Supplies |
|
|
2,658 |
|
|
|
3,331 |
|
|
|
3,616 |
|
Other operating expenses |
|
|
4,253 |
|
|
|
5,289 |
|
|
|
5,473 |
|
Equity in (earnings) losses of affiliates |
|
|
(2 |
) |
|
|
(3 |
) |
|
|
(59 |
) |
|
|
|
14,105 |
|
|
|
16,675 |
|
|
|
17,110 |
|
Adjusted segment EBITDA |
|
$ |
4,000 |
|
|
$ |
4,492 |
|
|
$ |
5,208 |
|
|
|
For the Year Ended December 31, |
|
|||||||||
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
|||
Adjusted segment EBITDA: |
|
|
|
|
|
|
|
|
|
|||
National Group |
|
$ |
5,103 |
|
|
$ |
4,392 |
|
|
$ |
4,000 |
|
Atlantic Group |
|
|
5,642 |
|
|
|
4,938 |
|
|
|
4,492 |
|
American Group |
|
|
6,296 |
|
|
|
5,729 |
|
|
|
5,208 |
|
|
|
|
17,041 |
|
|
|
15,059 |
|
|
|
13,700 |
|
Adjustments to reconcile Total Adjusted segment |
|
|
|
|
|
|
|
|
|
|||
Corporate and Other |
|
|
1,475 |
|
|
|
1,177 |
|
|
|
974 |
|
Depreciation and amortization |
|
|
3,523 |
|
|
|
3,312 |
|
|
|
3,077 |
|
Interest expense |
|
|
2,248 |
|
|
|
2,061 |
|
|
|
1,938 |
|
Losses (gains) on sales of facilities |
|
|
(37 |
) |
|
|
(14 |
) |
|
|
5 |
|
Income before income taxes |
|
$ |
9,832 |
|
|
$ |
8,523 |
|
|
$ |
7,706 |
|
|
|
For the Year Ended December 31, |
|
|||||||||
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
|||
Revenues: |
|
|
|
|
|
|
|
|
|
|||
National Group |
|
$ |
21,278 |
|
|
$ |
19,656 |
|
|
$ |
18,105 |
|
Atlantic Group |
|
|
24,709 |
|
|
|
23,380 |
|
|
|
21,167 |
|
American Group |
|
|
26,445 |
|
|
|
24,668 |
|
|
|
22,318 |
|
Corporate and other |
|
|
3,168 |
|
|
|
2,899 |
|
|
|
3,378 |
|
|
|
$ |
75,600 |
|
|
$ |
70,603 |
|
|
$ |
64,968 |
|
|
|
|
|
|
|
|
|
|
|
|||
Depreciation and amortization: |
|
|
|
|
|
|
|
|
|
|||
National Group |
|
$ |
905 |
|
|
$ |
857 |
|
|
$ |
834 |
|
Atlantic Group |
|
|
1,122 |
|
|
|
1,061 |
|
|
|
989 |
|
American Group |
|
|
1,131 |
|
|
|
1,083 |
|
|
|
971 |
|
Corporate and other |
|
|
365 |
|
|
|
311 |
|
|
|
283 |
|
|
|
$ |
3,523 |
|
|
$ |
3,312 |
|
|
$ |
3,077 |
|
NOTE 13 — SEGMENT AND GEOGRAPHIC INFORMATION (continued)
|
|
December 31, |
|
|||||||||
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
|||
Assets: |
|
|
|
|
|
|
|
|
|
|||
National Group |
|
$ |
13,596 |
|
|
$ |
12,855 |
|
|
$ |
12,487 |
|
Atlantic Group |
|
|
17,945 |
|
|
|
17,168 |
|
|
|
16,098 |
|
American Group |
|
|
21,217 |
|
|
|
20,714 |
|
|
|
19,786 |
|
Corporate and other |
|
|
7,962 |
|
|
|
8,776 |
|
|
|
7,840 |
|
|
|
$ |
60,720 |
|
|
$ |
59,513 |
|
|
$ |
56,211 |
|
|
|
National |
|
|
Atlantic |
|
|
American |
|
|
Corporate |
|
|
Total |
|
|||||
Goodwill and other intangible assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Balance at December 31, 2022 |
|
$ |
1,244 |
|
|
$ |
2,057 |
|
|
$ |
5,152 |
|
|
$ |
1,200 |
|
|
$ |
9,653 |
|
Acquisitions |
|
|
— |
|
|
|
8 |
|
|
|
326 |
|
|
|
28 |
|
|
|
362 |
|
Foreign currency translation, amortization and other |
|
|
(3 |
) |
|
|
(1 |
) |
|
|
— |
|
|
|
(66 |
) |
|
|
(70 |
) |
Balance at December 31, 2023 |
|
|
1,241 |
|
|
|
2,064 |
|
|
|
5,478 |
|
|
|
1,162 |
|
|
|
9,945 |
|
Acquisitions |
|
|
— |
|
|
|
61 |
|
|
|
105 |
|
|
|
4 |
|
|
|
170 |
|
Foreign currency translation, amortization and other |
|
|
(4 |
) |
|
|
(1 |
) |
|
|
3 |
|
|
|
(20 |
) |
|
|
(22 |
) |
Balance at December 31, 2024 |
|
|
1,237 |
|
|
|
2,124 |
|
|
|
5,586 |
|
|
|
1,146 |
|
|
|
10,093 |
|
Acquisitions |
|
|
21 |
|
|
|
90 |
|
|
|
101 |
|
|
|
6 |
|
|
|
218 |
|
Foreign currency translation, amortization and other |
|
|
(24 |
) |
|
|
— |
|
|
|
1 |
|
|
|
5 |
|
|
|
(18 |
) |
Balance at December 31, 2025 |
|
$ |
1,234 |
|
|
$ |
2,214 |
|
|
$ |
5,688 |
|
|
$ |
1,157 |
|
|
$ |
10,293 |
|
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 Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.