INVESTOR CONTACT: MEDIA CONTACT: Frank Morgan Harlow Sumerford 615-344-2688 615-344-1851 HCA HEALTHCARE REPORTS SECOND QUARTER 2024 RESULTS RAISES 2024 GUIDANCE Nashville, Tenn.

HCA HEALTHCARE REPORTS SECOND QUARTER 2024 RESULTS

RAISES 2024 GUIDANCE

Nashville, Tenn., July 23, 2024 HCA Healthcare, Inc . (NYSE: HCA) today announced financial and operating results for the second quarter ended June 30, 2024.

Key second quarter metrics (all percentage changes compare 2Q 2024 to 2Q 2023 unless otherwise noted):

The company s results for the second quarter were positive and reflected strong demand for our services. Our teams continued to execute our strategic plan effectively and produce positive outcomes for our patients. I want to thank our HCA colleagues for their outstanding work and their continued pursuits to innovate and deliver on our mission, said Sam Hazen, Chief Executive Officer of HCA Healthcare.

Revenues in the second quarter of 2024 totaled $17.492 billion, compared to $15.861 billion in the second quarter of 2023. Net income attributable to HCA Healthcare, Inc. totaled $1.461 billion, or $5.53 per diluted share, compared to $1.193 billion, or $4.29 per diluted share, in the second quarter of 2023. Results for the second quarter of 2024 include gains on sales of facilities of $12 million, or $0.03 per diluted share.

For the second quarter of 2024, Adjusted EBITDA totaled $3.550 billion, compared to $3.056 billion in the second quarter of 2023. Adjusted EBITDA is a non-GAAP financial measure. A table providing supplemental information on Adjusted EBITDA and reconciling net income attributable to HCA Healthcare, Inc. to Adjusted EBITDA is included in this release.

Same facility admissions increased 5.8 percent while same facility equivalent admissions increased 5.2 percent in the second quarter of 2024, compared to the prior year period. Same facility emergency room visits increased 5.5 percent in the second quarter of 2024, compared to the prior year period. Same facility inpatient surgeries increased 2.6 percent, and same facility outpatient surgeries declined 2.1 percent in the second quarter of 2024, compared to the same period of 2023. Same facility revenue per equivalent admission increased 4.4 percent in the second quarter of 2024, compared to the second quarter of 2023.

Six Months Ended June 30, 2024

Revenues for the six months ended June 30, 2024 totaled $34.831 billion, compared to $31.452 billion in the same period of 2023. Net income attributable to HCA Healthcare, Inc. was $3.052 billion, or $11.47 per diluted share, compared to $2.556 billion, or $9.14 per diluted share, for the first six months of 2023. Results for the six months ended June 30, 2024 include gains on sales of facilities of $213 million, or $0.61 per diluted share. Results for the six months ended June 30, 2023 included losses on sales of facilities of $14 million, or $0.08 per diluted share.

Balance Sheet and Cash Flows from Operations

As of June 30, 2024, HCA Healthcare, Inc. s balance sheet reflected cash and cash equivalents of $831 million, total debt of $40.880 billion, and total assets of $57.379 billion. During the second quarter of 2024, capital expenditures totaled $1.281 billion, excluding acquisitions. Cash flows provided by operating activities in the second quarter of 2024 totaled $1.971 billion, compared to $2.475 billion in the second quarter of 2023.

During the second quarter of 2024, the Company repurchased 4.217 million shares of its common stock at a cost of $1.367 billion. The Company had $4.228 billion remaining under its repurchase authorization as of June 30, 2024. As of June 30, 2024, the Company had $7.137 billion of availability under its credit facilities.

HCA today announced that its Board of Directors declared a quarterly cash dividend of $0.66 per share on the Company s common stock. The dividend will be paid on September 30, 2024 to stockholders of record at the close of business on September 16, 2024.

The declaration and payment of any future dividend will be subject to the discretion of the Board of Directors and will depend on a variety of factors, including the Company s financial condition, results of operations, and contractual restrictions. Future dividends are expected to be funded by cash balances and future cash flows from operations.

2024 Revised Guidance

Today, the Company revised its 2024 estimated guidance ranges issued on January 30, 2024.

Capital expenditures for 2024, excluding acquisitions, are estimated to be in the range of $5.1 to $5.3 billion.

The Company s revised 2024 guidance contains a number of assumptions, including, among others, the Company s current expectations regarding patient volumes and payor mix as well as general economic conditions, including inflation, and excludes the impact of items such as, but not limited to, gains or losses on sales of facilities, losses on retirement of debt, legal claims costs and impairment of long-lived assets.

Adjusted EBITDA is a non-GAAP financial measure. A table reconciling forecasted net income attributable to HCA Healthcare, Inc. to forecasted Adjusted EBITDA is included in this release.

The Company s guidance is based on current plans and expectations and is subject to a number of known and unknown uncertainties and risks, including those set forth below in the Company s Forward-Looking Statements.

Earnings Conference Call

HCA Healthcare will host a conference call for investors at 9:00 a.m. Central Time today. All interested investors are invited to access a live audio broadcast of the call via webcast. The broadcast also will be available on a replay basis beginning this afternoon. The webcast can be accessed through the Company s Investor Relations web page at https://investor.hcahealthcare.com/events-and-presentations/default.aspx .

About the Company

As of June 30, 2024, HCA operated 188 hospitals and approximately 2,400 ambulatory sites of care, including surgery centers, freestanding emergency rooms, urgent care centers and physician clinics, in 20 states and the United Kingdom.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the federal securities laws, which involve risks and uncertainties. Forward-looking statements include the Company s financial guidance for the year ending December 31, 2024, as well as other statements that do not relate solely to historical or current facts. Forward-looking statements can be identified by the use of words like may, believe, will, expect, project, estimate, anticipate, plan, initiative or continue. These forward-looking statements are based on our current plans and expectations and are subject to a number of known and unknown uncertainties and risks, many of which are beyond our control, which could significantly affect

current plans and expectations and our future financial position and results of operations. These factors include, but are not limited to, (1) changes in or related to general economic conditions nationally and regionally in our markets, including inflation and economic and business conditions (and the impact thereof on the economy, financial markets and banking industry); changes in revenues due to declining patient volumes; changes in payer mix (including increases in uninsured and underinsured patients); potential increased expenses related to labor, supply chain or other expenditures; workforce disruptions; supply shortages and disruptions (including as a result of geopolitical disruptions); and the impact of potential federal government shutdowns, (2) the impact of our significant indebtedness and the ability to refinance such indebtedness on acceptable terms, (3) the impact of current and future federal and state health reform initiatives and possible changes to other federal, state or local laws and regulations affecting the health care industry, including, but not limited to, proposals to expand coverage of federally-funded insurance programs as an alternative to private insurance or establish a single-payer system (such reforms often referred to as Medicare for All ), (4) the effects related to the implementation of sequestration spending reductions required under the Budget Control Act of 2011, related legislation extending these reductions and those required under the Pay-As-You-Go Act of 2010 as a result of the federal budget deficit impact of the American Rescue Plan Act of 2021, and the potential for future deficit reduction legislation that may alter these spending reductions, which include cuts to Medicare payments, or create additional spending reductions, (5) increases in the amount and risk of collectability of uninsured accounts and deductibles and copayment amounts for insured accounts, (6) the ability to achieve operating and financial targets, attain expected levels of patient volumes and revenues, and control the costs of providing services, (7) possible changes in Medicare, Medicaid and other state programs, including Medicaid supplemental payment programs, Medicaid waiver programs or state directed payments, that may impact reimbursements to health care providers and insurers and the size of the uninsured or underinsured population, (8) personnel-related capacity constraints, increases in wages and the ability to attract, utilize and retain qualified management and other personnel, including affiliated physicians, nurses and medical and technical support personnel, (9) the highly competitive nature of the health care business, (10) changes in service mix, revenue mix and surgical volumes, including potential declines in the population covered under third-party payer agreements, the ability to enter into and renew third-party payer provider agreements on acceptable terms and the impact of consumer-driven health plans and physician utilization trends and practices, (11) the efforts of health insurers, health care providers, large employer groups and others to contain health care costs, (12) the outcome of our continuing efforts to monitor, maintain and comply with appropriate laws, regulations, policies and procedures, (13) the availability and terms of capital to fund the expansion of our business and improvements to our existing facilities, (14) changes in accounting practices, (15) the emergence of and effects related to pandemics, epidemics and outbreaks of infectious diseases or other public health crises, including but not limited to developments related to COVID-19, (16) future divestitures which may result in charges and possible impairments of long-lived assets, (17) changes in business strategy or development plans, (18) delays in receiving payments for services provided, (19) the outcome of pending and any future tax audits, disputes and litigation associated with our tax positions, (20) the impact of known and unknown government investigations, litigation and other claims that may be made against us, (21) the impact of actual and potential cybersecurity incidents or security breaches involving us or our vendors and other third parties, including the data security incident disclosed in July 2023, (22) our ongoing ability to demonstrate meaningful use of certified electronic health record technology and the impact of interoperability requirements, (23) the impact of natural disasters, such as hurricanes and floods, physical risks from climate change or similar events beyond our control, (24) changes in U.S. federal, state, or foreign tax laws including interpretive guidance that may be issued by taxing authorities or other standard setting bodies, (25) the results of our efforts to use technology and resilience initiatives,

HCA Healthcare, Inc.

Condensed Consolidated Comprehensive Income Statements

(Dollars in millions, except per share amounts)

HCA Healthcare, Inc.

Condensed Consolidated Comprehensive Income Statements

For the Six Months Ended June 30, 2024 and 2023

(Dollars in millions, except per share amounts)

HCA Healthcare, Inc.

Condensed Consolidated Balance Sheets

(Dollars in millions)

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Condensed Consolidated Statements of Cash Flows

For the Six Months Ended June 30, 2024 and 2023

(Dollars in millions)

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Operating Statistics

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Supplemental Non-GAAP Disclosures

Operating Results Summary

(Dollars in millions, except per share amounts)

Management and investors review both the overall performance (including net income attributable to HCA Healthcare, Inc., as adjusted, diluted earnings per share, as adjusted, and GAAP net income attributable to HCA Healthcare, Inc.) and operating performance (Adjusted EBITDA) of our health care facilities. Adjusted EBITDA and the Adjusted EBITDA margin (Adjusted EBITDA divided by revenues) are utilized by management and investors to compare our current operating results with the corresponding periods during the previous year and to compare our operating results with other companies in the health care industry. It is reasonable to expect that adjustments, including losses (gains) on sales of facilities and losses on retirement of debt will occur in future periods, but the amounts recognized can vary significantly from period to period, do not directly relate to the ongoing operations of our health care facilities and complicate period comparisons of our results of operations and operations comparisons with other health care companies.

Net income attributable to HCA Healthcare, Inc., as adjusted, diluted earnings per share, as adjusted, and Adjusted EBITDA are not measures of financial performance under GAAP, and should not be considered as alternatives to net income attributable to HCA Healthcare, Inc. as a measure of operating performance or cash flows from operating, investing and financing activities as a measure of liquidity. Because net income attributable to HCA Healthcare, Inc., as adjusted, diluted earnings per share, as adjusted, and Adjusted EBITDA are not measurements determined in accordance with GAAP and are susceptible to varying calculations, net income attributable to HCA Healthcare, Inc., as adjusted, diluted earnings per share, as adjusted, and Adjusted EBITDA, as presented, may not be comparable to other similarly titled measures presented by other companies.

HCA Healthcare, Inc.

Supplemental Non-GAAP Disclosures

2024 Operating Results Forecast

(Dollars in millions, except per share amounts)

The Company s forecasted guidance range is based on current plans and expectations and is subject to a number of known and unknown uncertainties and risks.

Management and investors review both the overall performance (including net income attributable to HCA Healthcare, Inc.) and operating performance (Adjusted EBITDA) of our health care facilities. Adjusted EBITDA is utilized by management and investors to compare our current operating results with the corresponding periods during the previous year and to compare our operating results with other companies in the health care industry.

Adjusted EBITDA is not a measure of financial performance under GAAP and should not be considered as an alternative to net income attributable to HCA Healthcare, Inc. as a measure of operating performance or cash flows from operating, investing and financing activities as a measure of liquidity. Because Adjusted EBITDA is not a measurement determined in accordance with GAAP and is susceptible to varying calculations, Adjusted EBITDA, as presented, may not be comparable to other similarly titled measures presented by other companies.