Segment and Geographic Information

9 Months Ended

Sep. 30, 2025

NOTE 10 — SEGMENT AND GEOGRAPHIC INFORMATION

We operate in one line of business, which is operating hospitals and related health care entities. We operate in three geographically organized groups: the National, Atlantic and American Groups. At September 30, 2025, the National Group included 54 hospitals located in Alaska, California, Idaho, Indiana, Kentucky, Nevada, New Hampshire, North Carolina, Tennessee, Utah and Virginia, the Atlantic Group included 63 hospitals located in Florida, Georgia, Northern Kansas, Missouri and South Carolina, and the American Group included 66 hospitals located in Colorado, Central Kansas, Louisiana and Texas. The eight hospitals we operate in England are included in the Corporate and other group.

Adjusted segment EBITDA is defined as income before depreciation and amortization, interest expense, losses and gains on sales of facilities, losses on retirement of debt, income taxes and net income attributable to noncontrolling interests. We use adjusted segment EBITDA as an analytical indicator for purposes of allocating resources to geographic areas and assessing their performance. Adjusted segment EBITDA is commonly used as an analytical indicator within the health care industry and also serves as a measure of leverage capacity and debt service ability. Adjusted segment EBITDA should not be considered as a measure of financial performance under generally accepted accounting principles, and the items excluded from adjusted segment EBITDA are significant components in understanding and assessing financial performance. Because adjusted segment EBITDA is not a measurement determined in accordance with generally accepted accounting principles and is thus susceptible to varying calculations, adjusted segment EBITDA, as presented, may not be comparable to other similarly titled measures of other companies. The geographic distributions of our revenues, salaries and benefits, supplies, other operating expenses, equity in earnings of affiliates, adjusted segment EBITDA, depreciation and amortization and assets that are provided to the Chief Operating Decision Maker, which is the Chief Executive Officer, are summarized in the following tables (dollars in millions) and represent the operating segments for the quarters and nine months ended September 30, 2025 and 2024 and assets at September 30, 2025 and December 31, 2024:


	Quarter									Nine Months
	2025
	National Group			Atlantic Group			American Group			National Group			Atlantic Group			American Group
Revenues	$	5,525		$	6,142		$	6,688		$	15,790		$	18,431		$	19,512

Salaries and benefits		1,970			2,288			2,275			5,848			6,750			6,687
Supplies		742			889			1,053			2,238			2,738			3,140
Other operating expenses		1,466			1,627			1,796			3,954			4,793			5,156
Equity in earnings of affiliates		(1	)		(1	)		(16	)		(1	)		(3	)		(47	)
		4,177			4,803			5,108			12,039			14,278			14,936
Adjusted segment EBITDA	$	1,348		$	1,339		$	1,580		$	3,751		$	4,153		$	4,576

NOTE 10 — SEGMENT AND GEOGRAPHIC INFORMATION (continued)


	Quarter							Nine Months
	2024
	National Group		Atlantic Group		American Group			National Group		Atlantic Group			American Group
Revenues	$	4,931	$	5,738	$	6,078		$	14,622	$	17,429		$	18,105

Salaries and benefits		1,897		2,190		2,176			5,656		6,500			6,405
Supplies		696		858		1,007			2,094		2,651			2,965
Other operating expenses		1,270		1,555		1,549			3,668		4,581			4,689
Equity in (earnings) losses of affiliates		—		—		(18	)		2		(2	)		(49	)
		3,863		4,603		4,714			11,420		13,730			14,010
Adjusted segment EBITDA	$	1,068	$	1,135	$	1,364		$	3,202	$	3,699		$	4,095


	Quarter				Nine Months
	2025		2024		2025		2024
Adjusted segment EBITDA:
National Group	$	1,348	$	1,068	$	3,751	$	3,202
Atlantic Group		1,339		1,135		4,153		3,699
American Group		1,580		1,364		4,576		4,095
		4,267		3,567		12,480		10,996
Adjustments to reconcile Total Adjusted segment EBITDA to consolidated Income before income taxes:
Corporate and Other		397		300		1,028		826
Depreciation and amortization		889		842		2,612		2,456
Interest expense		561		515		1,676		1,533
Losses (gains) on sales of facilities		2		4		4		(209	)
Income before income taxes	$	2,418	$	1,906	$	7,160	$	6,390


	Quarter				Nine Months
	2025		2024		2025		2024
Revenues:
National Group	$	5,525	$	4,931	$	15,790	$	14,622
Atlantic Group		6,142		5,738		18,431		17,429
American Group		6,688		6,078		19,512		18,105
Corporate and other		806		740		2,354		2,162
	$	19,161	$	17,487	$	56,087	$	52,318
Depreciation and amortization:
National Group	$	226	$	214	$	675	$	637
Atlantic Group		281		271		830		790
American Group		283		277		839		799
Corporate and other		99		80		268		230
	$	889	$	842	$	2,612	$	2,456


	September 30, 2025		December 31, 2024
Assets:
National Group	$	13,274	$	12,855
Atlantic Group		17,573		17,168
American Group		20,889		20,714
Corporate and other		8,011		8,776
	$	59,747	$	59,513

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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+ Details

HCA Healthcare, Inc. 10-Q