HCA Healthcare, Inc. (HCA) closed fiscal year 2025 with a gross margin of 41.5 % and a net margin of 9.0 %.
HCA Healthcare, Inc. (HCA) closed fiscal year 2025 with a gross margin of 41.5 % and a net margin of 9.0 %. The same year shows an EBITDA margin of 20.6 % and an EBIT margin of 16.0 %. The free cash flow margin was 10.2 %. Against the previous year the gross margin moved +0.9 pp and the net margin +0.8 pp. Across the period the gross margin ranges between 38.5 % in 2022 and 41.5 % in 2025. The series covers 17 fiscal years, from 2009 to 2025. Margins are expressed as a percentage of net revenue and are derived from the same figures as the income statement, taken from as-reported SEC EDGAR filings, with no restatements or adjustments of our own.
Fiscal year end: December
| 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross margin (%) | — | — | — | — | — | — | — | — | — | — | — | — | — | 38.48 % | 39.37 % | 40.62 % | 41.50 % |
| EBITDA margin (%) | — | — | — | — | — | — | — | — | — | — | — | — | — | 22.06 % | 19.58 % | 19.68 % | 20.64 % |
| EBIT margin (%) | — | — | — | — | — | — | — | — | — | — | — | — | — | 17.14 % | 14.84 % | 14.99 % | 15.98 % |
| Net margin (%) | 3.94 % | 4.31 % | 8.30 % | 4.86 % | 4.55 % | 5.08 % | — | 6.97 % | 5.08 % | 8.11 % | 6.83 % | 7.28 % | 11.84 % | 9.37 % | 8.07 % | 8.16 % | 8.97 % |
| FCF margin (%) | 5.34 % | 6.28 % | 7.59 % | 7.01 % | 5.08 % | 6.15 % | — | 6.97 % | 5.53 % | 6.83 % | 6.71 % | 12.41 % | 9.16 % | 6.85 % | 7.21 % | 7.99 % | 10.17 % |
