HCA Healthcare’s earnings landed above internal and analyst expectations for the third quarter as accelerated volume growth and cost reductions blunted a weakening payer mix.

On Tuesday morning, executives at the country’s largest for-profit health system said it’s now on track to land in the upper half of its 2026 estimated guidance ranges, and in an earnings call gave an early prediction that earnings performance next year “will be generally consistent with 2026” despite expected policy and macroeconomic headwinds.

“I’ve often mentioned that HCA has strong staying power because of our scale, the important role we play in providing critical services to communities and our disciplined culture,” CEO Sam Hazen said during the call. “Despite the challenges this year brought about by federal policy changes, we have continued to move the company forward and believe we are positioned to end the year positively as we look ahead to 2027.”

HCA’s stock opened the day about 4% above Monday’s close, as Q3 revenues of $19.85 and earnings of $7.22 per diluted share landed above the market’s consensus estimates as well as HCA’s performance during the same period a year prior. That trading held firm until the opening commentary of the company’s earnings call, when details on the quarter and cautious forward-looking commentary presumably dropped share prices to more than 4% below open (as of noon Tuesday).

1% increase in same-facility emergency room visits—reflecting greater growth that HCA had seen in the year’s earlier quarters.

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