HCA Q3业绩超预期但仅重申全年指引、并披露约4亿美元医保mix冲击，医院板块盘中集体下挫

Despite better-than-expected Q3 2026 results, HCA Healthcare ( HCA ) traded lower on Tuesday as the company, the hospital sector’s bellwether for the earnings season, reaffirmed its full-year outlook, sending its peers also lower. Notable decliners include Community Health Systems ( CYH ), Tenet Healthcare ( THC ), Universal Health Services ( UHS ), Ardent Health ( ARDT ), and Acadia Healthcare ( ACHC ), which are yet to report their latest quarterly results. Earlier in the day, Nashville, Tennessee-based HCA recorded $19.9B in revenue for the quarter with ~4% YoY growth, exceeding the consensus by $520M, while its adjusted EBITDA for the period reached $3.9B with a ~1% YoY rise. At the end of the quarter, roughly 50.4K licensed beds were available across 189 HCA hospitals, compared to ~50.6K and 191 hospitals a year ago, and the company improved its same-facility revenue per equivalent admission by ~3% YoY to roughly 1.1M during Q3. Meanwhile, HCA’s adjusted EBITDA margin reached about 20%, a decline of roughly 50 bps from the prior-year period, and its non-GAAP earnings per share improved ~4% YoY to $7.22, beating the consensus $0.52. The company noted a roughly $400M impact on its profit before tax in Q3, citing a payer mix shift driven by those who lost coverage on health insurance exchanges following the expiry of their COVID-era enhanced tax credits at the end of 2025. However, HCA ( HCA ) expects its full-year results to reach the upper half of its previously announced projections, including for revenue and adjusted EBITDA at $77.0B - $79.50B and $15.40B - $16.10B, respectively, which were in line with consensus according to Bloomberg data.