HCA Healthcare Inc 2025年度报告

Form 10-K (Mark One)☒ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THESECURITIES EXCHANGE ACT OF 1934For the fiscal year ended December 31, 2025Or☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THESECURITIES EXCHANGE ACT OF 1934For the transition period fromtoCommission File Number 1-11239 HCA Healthcare, Inc. (Exact Name of Registrant as Specified in its Charter) Indicate by check mark if the Registrant is a well-known seasoned issuer, as defined in Rule 405 ofthe Securities Act.Yes☒No☐ Indicate by check mark if the Registrant is not required to file reports pursuant to Section 13 orSection 15(d) of the Act.Yes☐No☒Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorterperiod that the Registrant was required to file such reports), and (2) has been subject to such filingrequirements for the past 90 days.Yes☒No☐ Indicate by check mark whether the Registrant has submitted electronically every Interactive Data Filerequired to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during thepreceding 12 months (or for such shorter period that the Registrant was required to submit such files).Yes☒No☐ Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “largeaccelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule12b-2 of the Exchange Act. Largeaccelerated filer☒Non-acceleratedfiler☐ If an emerging growth company, indicate by check mark if the Registrant has elected not to use theextended transition period for complying with any new or revised financial accounting standards providedpursuant to Section 13(a) of the Exchange Act.☐ Indicateby check mark whether the Registrant has filed a report on and attestation to itsmanagement’s assessment of the effectiveness of its internal control over financial reporting under Section404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that preparedor issued its audit report.☒ If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether thefinancial statements of the registrant included in the filing reflect the correction of an error to previouslyissued financial statements.☐ Indicate by check mark whether any of those error corrections are restatements that required arecovery analysis of incentive-based compensation received by any of the registrant’s executive officersduring the relevant recovery period pursuant to §240.10D-1(b).☐ Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of theAct).Yes☐No☒ Auditor PCAOB IDNumber: 42Auditor Name: Ernst &Young LLPAuditor Location: Nashville, Tennessee, UnitedStates of America As of January 31, 2026, there were 223,622,200 outstanding shares of the Registrant’s common stock.Asof June 30,2025,the aggregate market value of the common stock held by nonaffiliates wasapproximately $63.269 billion. For purposes of the foregoing calculation only, Hercules Holding II and theRegistrant’s directors and executive officers have been deemed to be affiliates.DOCUMENTS INCORPORATED BY REFERENCE Portions of the Registrant’s definitive proxy materials for its 2026 Annual Meeting of Stockholders are incorporated by reference into Part III hereof. INDEX Part IItem 1.Business3Item1A.Risk Factors33Item1B.Unresolved Staff Comments52Item1C.Cybersecurity52Item 2.Properties54Item 3.Legal Proceedings54Item 4.Mine Safety Disclosures54 Part IIItem 5.Market for Registrant’s Common Equity, Related StockholderMatters and Issuer Purchases of Equity Securities55Item 6.[Reserved]56Item 7.Management’s Discussion and Analysis of Financial Conditionand Results of Operations57Item7A.Quantitative and Qualitative Disclosures about Market Risk72Item 8.Financial Statements and Supplementary Data73Item 9.Changes in and Disagreements with Accountants on Accountingand Financial Disclosure73Item9A.Controls and Procedures73Item9B.Other Information75Item9C.Disclosure Regarding Foreign Jurisdictions that PreventInspections75 PartIIIItem10.Directors, Executive Officers and Corporate Governance76Item11.Executive Compensation76Item12.Security Ownership of Certain Beneficial Owners andManagement and Related Stockholder Matters76Item13.Certain Relationships and Related Transactions, and DirectorIndependence77Item14.Principal Accountant Fees and Services77 PartIVItem15.Exhibits and Financial Statement Schedules78Item16.Form 10-K Summary88Signatures89 PART I Item 1.Business General HCA Healthcare, Inc. is one of the leading health care services companiesin the United States. At December 31, 2025, we operated 190 hospitals,comprised of 179 general acute care hospita