HCA HCA Healthcare margins

Relative Growth: Rel. Growth:

Relative Strength: Rel. Strength:

Relative Valuation: Rel. Valuation:

Relative Profitability: Rel. Profitability: 44

Gross margin

42.8%

Operating margin

15.3%

EBITDA margin

18.9%

Net margin

8.6%

For this period, HCA Healthcare reports a gross margin of 42.8%, an operating margin of 15.3%, an EBITDA margin of 18.9%, and a net margin of 8.6%. Gross margin recorded the largest improvement, gaining by 1.4 percentage points. Operating margin recorded the largest decline, dropping by 0.3 percentage points.

HCA margin history

Gross, operating, EBITDA and net margin trends

HCA Healthcare's margins averaged 41.03% gross, 15.21% operating, 18.71% EBITDA, and 8.46% net during the last 3 years. Currently all four current margins are above their three-year averages.

HCA margin expansion

Year-over-year margin changes in percentage points

The strongest improvement was in gross margin, which increased by 1.4 percentage points, and EBITDA margin also expanded by 0.1 percentage points and net margin also expanded by 0.1 percentage points, while operating margin contracted by 0.3 percentage points.

Gross margin expansion

1.4pp

Operating margin expansion

-0.3pp

EBITDA margin expansion

0.1pp

Net margin expansion

0.1pp

HCA Gross margin

HCA Healthcare's gross margin averaged 41.03% over the last 3 years. The current gross margin of 42.8% is 1.8 percentage points above its three-year average. Over the last 3 years, HCA Healthcare's gross margin peaked at 42.8% in Sep 2026 and reached a low of 39.4% in Dec 2023.

HCA Operating margin

Over the last 3 years, the average operating margin for HCA Healthcare was 15.21%. The latest operating margin for HCA Healthcare is 15.3%, 0.1 percentage points above its three-year average. HCA Healthcare's operating margin ranged from a low of 14.6% in Mar 2024 to a high of 15.8% in Dec 2025.

HCA EBITDA margin

Across the last 3 years, HCA Healthcare recorded an average EBITDA margin of 18.71%. HCA Healthcare's current EBITDA margin is 18.9% and is 0.2 percentage points above its three-year average. The highest EBITDA margin for HCA Healthcare was 19.3% in Dec 2025, while the lowest was 18.3% in Dec 2023.

HCA Net margin

Reviewing the last 3 years, HCA Healthcare recorded an average net margin of 8.46%. HCA Healthcare's current net margin is 8.6% and is 0.1 percentage points above its three-year average. The highest net margin for HCA Healthcare was 9% in Dec 2025, while the lowest was 8.1% in Dec 2023.

HCA margin group comparison

Margins compared with peer-group, industry and sector averages

HCA Healthcare's gross margin of 42.8% is above the industry average but below the Healthcare sector average. Compared to its Healthcare sector average of 68.3%, HCA Healthcare's gross margin is 37% lower.

HCA margin peer comparison

Compare margins with selected peers

Frequently asked questions

What is HCA Healthcare's gross margin?

The current gross margin for HCA is 42.8% as of Sep 30, 2026.

What is HCA Healthcare's operating margin?

For the period ending Sep 30, 2026, HCA recorded an operating margin of 15.3%.

What is HCA Healthcare's EBITDA margin?

For the period ending Sep 30, 2026, HCA recorded an EBITDA margin of 18.9%.

What is HCA Healthcare's net margin?

For the period ending Sep 30, 2026, HCA recorded a net margin of 8.6%.

What are the average margins of HCA?

Across the last 3 years, HCA averaged 41.0% gross, 15.2% operating, 18.7% EBITDA, and 8.5% net.

What are the highest historical margins of HCA?

Looking back across 5 years, HCA reached 42.8% gross in Sep 2026, 16.5% operating in Dec 2021, 23% EBITDA in Dec 2021, and 11.8% net in Dec 2021.

What are the lowest historical margins of HCA?

Over the last 5 years, HCA Healthcare's lowest margins were 37.9% gross in Jun 2022, 14.6% operating in Sep 2023, 18.3% EBITDA in Dec 2023, and 8.1% net in Dec 2023.