Hospital operator HCA Healthcare (NYSE:HCA) will be reporting earnings tomorrow before market open. Here’s what you need to know.

HCA Healthcare beat analysts’ revenue expectations by 0.7% last quarter, reporting revenues of $18.29 billion, up 5.7% year on year. It was a mixed quarter for the company, with a narrow beat of analysts’ EPS estimates but same-store sales in line with analysts’ estimates.

Is HCA Healthcare a buy or sell going into earnings? Read our full analysis here, it’s free.

This quarter, analysts are expecting HCA Healthcare’s revenue to grow 5.1% year on year to $18.23 billion, slowing from the 11.2% increase it recorded in the same quarter last year. Adjusted earnings are expected to come in at $5.75 per share.

Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. HCA Healthcare has only missed Wall Street’s revenue estimates once over the last two years, exceeding top-line expectations by 2.1% on average.

Looking at HCA Healthcare’s peers in the healthcare providers & services segment, some have already reported their Q1 results, giving us a hint as to what we can expect. Elevance Health delivered year-on-year revenue growth of 14.8%, beating analysts’ expectations by 5.3%, and Quest reported revenues up 12.1%, topping estimates by 1.3%. Elevance Health traded up 4.9% following the results while Quest was also up 7.2%.

Read our full analysis of Elevance Health’s results here and Quest’s results here.

Questions about potential tariffs and corporate tax changes have caused much volatility in 2025. While some of the healthcare providers & services stocks have shown solid performance in this choppy environment, the group has generally underperformed, with share prices down 7.7% on average over the last month. HCA Healthcare’s stock price was unchanged during the same time and is heading into earnings with an average analyst price target of $371.02 (compared to the current share price of $335.98).

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