Income StatementBalance SheetCash FlowSegments
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HCA Healthcare Income Statement

Revenue, expenses, and profitability over time

HCA Healthcare generated $76.4B in trailing twelve-month revenue, up 0.1% year-over-year. Net income was $6.8B with a 8.89% net margin. Diluted EPS is $29.03, which grew 0.3% year-over-year. Based on the Q1 2026 filing.

Total Revenue (TTM)$76.4BNet Income (TTM)$6.8BEps Diluted (TTM)$29.04
Latest FilingQ1 2026
Report Date2026-04-29
Market Cap$87.4B
P/E Ratio12.87
ROE-138.34%

Other

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Common Stock Dividends Per Share Declared$0.7$0.7$0.7$0.7$0.7$0.8
Capital Expenditures$1.3B$991.0M$1.2B$1.3B$1.5B$1.1B
Change in Accounts Receivable$854.0M$327.0M-$647.0M-$25.0M$439.0M$463.0M
Common Stock Dividends Per Share$0.7$0.7$0.7$0.7$0.7$0.8
Comprehensive Income Including Noncontrolling Interest$1.7B$1.9B$1.9B$1.9B$2.2B$1.8B
OCI Attributable to Noncontrolling Interest$248.0M$215.0M$238.0M$260.0M$285.0M$237.0M
Dividends per share declared$0.7$0.7$0.7$0.7$0.7$0.8
Other comprehensive income (loss), net of tax-$54.0M$26.0M$45.0M——-$21.0M
Comprehensive Income Attributable to Parent$1.7B$1.9B$1.9B$1.9B$2.2B$1.8B
OCI Unrealized Holding Gain (Loss) on Securities, Net of Tax—$4.0M$3.0M$2.0M$1.0M-$1.0M
Unrealized Gain (Loss) on Securities—$6.0M$3.0M$3.0M$1.0M-$1.0M
Comprehensive Income Including Noncontrolling Interest$1.7B$1.9B$1.9B$1.9B$2.2B$1.8B
Dividends per share declared$0.7$0.7$0.7$0.7$0.7$0.8
Common Stock Dividends Per Share Declared$0.7$0.7$0.7$0.7$0.7$0.8
Income Taxes Paid, Net$358.0M$10.0M$136.0M$81.0M$1.5B-$5.0M
Interest Paid, Net$533.0M$539.0M$535.0M$622.0M$511.0M$569.0M
OCI Foreign Currency Gain (Loss) Before Reclassification and Tax-$64.0M$30.0M$55.0M-$14.0M—-$24.0M
OCI Unrealized Holding Gain (Loss) on Securities, Before Tax—$6.0M$3.0M$3.0M$1.0M-$1.0M
OCI Unrealized Holding Gain (Loss) on Securities, Net of Tax—$4.0M$3.0M$2.0M$1.0M-$1.0M
Comprehensive income (loss), including noncontrolling interest$1.7B$1.9B$1.9B$1.9B$2.2B$1.8B
Adjustments To Estimated Medicare And Medicaid Reimbursement Amounts And Disproportionate Share Funds Resulting In Net Increases To Revenues Related To Cost Reports Filed During Respective Year$10.5M$7.8M$7.8M$7.8M$7.8M—
Adjustments To Estimated Reimbursement Amounts Resulting In Net Increases To Revenues Related To Primarily Cost Reports Filed During Previous Years$19.5M$8.0M$8.0M$8.0M$8.0M—
Amortization Of Financing Costs And Discounts$9.0M$11.0M$14.0M$7.0M$12.0M$11.0M
Amortization of capitalized software and acquired intangible assets$4.0M$3.0M$3.0M$3.0M$3.0M—
Cash, Cash Equivalent, Restricted Cash, and Restricted Cash Equivalent, Period Increase (Decrease), Including Exchange Rate Effect and Discontinued Operation—-$873.0M———-$100.0M
Charity Care$3.9B$3.6B$4.1B$4.1B$4.6B$5.5B
Dividends declared (in dollars per share)$0.7$0.7$0.7$0.7$0.7$0.8
Comprehensive Income (Loss), Net of Tax, Attributable to Parent$1.4B$1.6B$1.7B$1.6B$1.9B$1.6B
Less: comprehensive income attributable to noncontrolling interest$248.0M$215.0M$238.0M$260.0M$285.0M$237.0M
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest$1.7B$1.9B$1.9B$1.9B$2.2B$1.8B
Cost To Charges Ratio—9.6%9.7%10.0%—9.2%
Federal$300.5M$387.8M$387.8M$387.8M$387.8M—
Foreign$5.0M$3.3M$3.3M$3.3M$3.3M—
Federal$98.5M$50.3M$50.3M$50.3M$50.3M—
Deferred and other income taxes$89.0M$492.0M$388.0M$434.0M—$435.0M
State$7.8M$7.8M$7.8M$7.8M$7.8M—
Depreciation$823.5M$877.0M$877.0M$877.0M$877.0M—
Dividends, Common Stock, Cash$168.0M$178.0M$173.0M$169.0M$164.0M$176.0M
Effect of exchange rate changes on cash, cash equivalents and restricted cash—$3.0M———-$2.0M
Income taxes at U.S. statutory rate of 21%—$0.2$0.2$0.2—$0.2
Effective Income Tax Rate Reconciliation Excluding Net Income Attributable To Noncontrolling Interests—23.8%———21.0%
Foreign operations$0.0$0.0$0.0$0.0$0.0—
Effective Income Tax Rate Reconciliation Internal Restructuring Of Affiliates Percent0.8%0.0%0.0%0.0%0.0%—
Effective Income Tax Rate Reconciliation Internal Restructuring Of Affiliates Amount$66.3M$0.0$0.0$0.0$0.0—
Effective Income Tax Rate Reconciliation, Noncontrolling Interest Income (Loss), Percent$0.0$0.0$0.0$0.0$0.0—
Effective Income Tax Rate Reconciliation Other Reconciling Items Percent0.1%0.1%0.1%0.1%0.1%—
Excess tax benefits associated with employee equity plans (in percent)-0.3%-0.1%-0.1%-0.1%-0.1%—
State income taxes – net of federal income tax benefit$0.0$0.0$0.0$0.0$0.0—
Changes in unrecognized tax benefits-0.5%-0.1%-0.1%-0.1%-0.1%—
Share-Based Payment Arrangement, Expense, Tax Benefit$9.0M$24.0M$9.0M$12.0M$16.0M$103.0M
Estimated Cost Of Charity Care$377.0M$350.0M$395.0M$408.0M$431.0M$507.0M
Estimated Cost Of Uncompensated Care$1.1B$1.1B$1.1B$1.2B$1.2B$1.3B
Estimated Implicit Price Concessions$1.9B$1.9B$1.9B$1.9B$1.9B—
Facilities Insured By Wholly Owned Insurance Subsidiary For Losses Maximum Amount$20.0M$27.5M$27.5M$27.5M$27.5M—
Acquired intangibles$68.5M$68.5M$68.5M$68.5M$68.5M—
Foreign Currency Translation Amortization And Other-$5.5M-$4.5M-$4.5M-$4.5M-$4.5M—
Gain/(loss) on dispositions, net—$1.0M-$3.0M-$2.0M$41.0M-$1.0M
Goodwill Additions$42.5M$54.5M$54.5M$54.5M$54.5M—
Goodwill And Other Intangible Assets Acquired During Period$42.5M$54.5M$54.5M$54.5M$54.5M—
Goodwill impairment losses$0.0$0.0$0.0$0.0$0.0—
Income Tax Examination Interest Expense Net Of Tax$29.5M—————
Income tax expense related to remeasurement of deferred tax assets and liabilities$69.0M—————
Effective Income Tax Rate Reconciliation at Federal Statutory Income Tax Rate, Amount$447.5M$516.3M$516.3M$516.3M$516.3M—
Effective Income Tax Rate Reconciliation, Noncontrolling Interest Income (Loss), Amount$47.0M$52.5M$52.5M$52.5M$52.5M—
Effective Income Tax Rate Reconciliation, Other Adjustments, Amount$250.0K$750.0K$750.0K$750.0K$750.0K—
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Amount$51.5M$57.0M$57.0M$57.0M$57.0M—
Changes in unrecognized tax benefits-$44.3M-$4.5M-$4.5M-$4.5M-$4.5M—
Income Taxes Paid, Net$358.0M$10.0M$136.0M$81.0M$1.5B-$5.0M
Accounts payable and other current liabilities$282.0M-$1.0B$324.0M$705.0M$637.0M-$990.0M
Increase (Decrease) in Accounts Receivable$854.0M$327.0M-$647.0M-$25.0M$439.0M$463.0M
Increase Decrease In Inventories And Other Operating Assets-$150.0M$360.0M$67.0M—$29.0M-$80.0M
Interest Paid, Excluding Capitalized Interest, Operating Activity$533.0M$539.0M$535.0M$622.0M$511.0M$569.0M
Minority Interest Decrease From Distributions To Noncontrolling Interest Holders$181.0M$220.0M$174.0M$237.0M$196.0M$191.0M
Cash Provided by (Used in) Financing Activity, Including Discontinued Operation-$2.2B-$1.5B-$3.1B-$3.0B-$999.0M-$830.0M
Cash Provided by (Used in) Investing Activity, Including Discontinued Operation-$1.3B-$1.0B-$1.3B-$1.4B-$1.3B-$1.3B
Cash Provided by (Used in) Operating Activity, Including Discontinued Operation$2.6B$1.7B$4.2B$4.4B$2.4B$2.0B
Net Income Loss Attributable To Noncontrolling Interest$248.0M$215.0M$238.0M$260.0M$285.0M$237.0M
Number of reportable segments—3.00———3.00
Other Comprehensive Income Defined Benefit Plans Net Unamortized Gain Arising During Period Tax Expense$3.8M$1.8M$1.8M$1.8M$1.8M—
Other Comprehensive Income Foreign Currency Translation Adjustment Tax Expense—$4.0M$10.0M——$3.0M
Foreign currency translation gains (losses)-$54.0M$26.0M$45.0M——-$21.0M
Other comprehensive income (loss)—$30.0M$48.0M-$8.0M$12.0M-$22.0M
Tax expense (benefit)$3.0M$6.0M$10.0M-$3.0M$5.0M-$3.0M
Other Comprehensive Income Reclassified Interest Benefit On Derivatives Arising During Period Tax Expense—$500.0K$500.0K$500.0K$500.0K—
Net unrealized gains (losses) on securities still held—$4.0M$3.0M$2.0M$1.0M-$1.0M
Other Noncash Income (Expense)-$61.0M-$53.0M-$48.0M-$45.0M-$49.0M-$67.0M
Patient Care Costs$15.4B$15.5B$15.6B$16.2B$16.3B$16.2B
Payments For Proceeds From Investments$30.0M-$28.0M-$13.0M$67.0M-$98.0M-$103.0M
Payment for (Proceeds from) Other Investing Activity$5.0M$3.0M-$5.0M$8.0M-$18.0M$4.0M
Payments for Repurchase of Common Stock$1.7B$2.5B$2.5B$2.5B$2.6B$1.6B
Payments of Debt Issuance Costs—$57.0M——$22.0M$0.0
Payments of Dividends$165.0M$180.0M$171.0M$166.0M$162.0M$183.0M
Payments To Acquire Interest In Subsidiaries And Affiliates$42.0M$227.0M$99.0M$35.0M$36.0M$265.0M
Payments to Acquire Property, Plant, and Equipment$1.3B$991.0M$1.2B$1.3B$1.5B$1.1B
Payments to Noncontrolling Interests—$220.0M———$191.0M
Proceeds from principal business dispositions$16.0M$161.0M$6.0M$10.0M$92.0M$3.0M
Debt issued (Note 13)—$5.2B——$3.2B$0.0
Financing — other-$53.0M-$90.0M-$22.0M-$30.0M-$43.0M-$262.0M
Proceeds From Repayments Of Lines Of Credit—$220.0M$1.5B$138.0M$296.0M$1.4B
Professional And General Liability Claims Payments Net$150.0M$175.5M$175.5M$175.5M$175.5M—
Profit Loss And Other Comprehensive Income$1.7B$1.9B$1.9B$1.9B$2.2B$1.8B
Provisions For Losses Related To Professional Liability Risks$156.8M$162.8M$162.8M$162.8M$162.8M—
Reinsurance For Professional Liability Risks Retention Level Of Amount$8.8M$8.8M$8.8M$8.8M$8.8M—
Reinsurance For Professional Liability Risks Retention Minimum Level Of Amount$6.3M$6.3M$6.3M$6.3M$6.3M—
Repayments of Long-Term Debt$64.0M$3.9B$1.8B$174.0M$1.6B$58.0M
Revenue Ratio—100.0%100.0%100.0%—100.0%
Self Insured Retention Amount$3.8M$3.8M$3.8M$3.8M$3.8M—
Stock-based compensation$85.0M$98.0M$99.0M$104.0M$100.0M$86.0M
Expected volatility8.3%8.3%8.3%8.3%8.3%—
Risk-free rate1.0%1.1%1.1%1.1%1.1%—
Weighted-average dividend yield0.2%0.2%0.2%0.2%0.2%—
Options canceled (in dollars per share)$61.70$77.14$77.14$77.14$77.14—
Granted (in shares)$76.36$82.45$82.45$82.45$82.45—
Exercised (in shares)$27.75$31.27$31.27$31.27$31.27—
Value of shares repurchased$1.7B$2.5B$2.5B$2.5B$2.5B$1.6B
Stock Repurchased During Period Shares4.7M7.8M7M6.5M5.4M3.2M
Stockholders Equity Period Increase Decrease Other$21.0M$21.0M$12.0M-$11.0M-$8.0M$22.0M
Supplies Expense$2.8B$2.8B$2.8B$2.8B$3.0B$2.9B
Tax Cuts And Jobs Act Of2017Income Tax Examination Change In Tax Rate$45.3M—————
Tax Cuts And Jobs Act Of2017Income Tax Examination Interest Expense Net Of Tax$11.8M—————
Average price paid (in dollars per share)$5.25$322.84$15.93$13.63$22.14$497.63
Uncompensated Care$11.7B$11.0B$11.6B$12.0B$13.3B$13.6B
Unrecognized tax benefits, settlements$4.3M$250.0K$250.0K$250.0K$250.0K—
Unrecognized Tax Benefits Increase Decrease Resulting From Current Period Tax Positions$10.0M$5.3M$5.3M$5.3M$5.3M—
Additions for tax positions of prior years$15.8M$6.3M$6.3M$6.3M$6.3M—
Add: dilutive effect of potential common shares (in shares)—$2.5M$2.7M$3.3M$238.0K$3.1M
Comprehensive Income (Loss), Total$1.7B$1.9B$1.9B$1.9B$2.2B$1.8B
Foreign Currency Translation Adjustments, Net-$64.0M$30.0M$55.0M-$14.0M—-$24.0M
OCI Available-for-Sale Debt Securities, Before Tax—$6.0M$3.0M$3.0M$1.0M-$1.0M
Other Comprehensive Income (Loss), Before Tax—$36.0M$58.0M-$11.0M$17.0M-$25.0M
OCI Foreign Currency Translation Adjustment, Before Tax-$64.0M$30.0M$55.0M-$14.0M—-$24.0M
Recognition of Net Gains/Losses on Benefit Obligations, Net of Taxes$12.5M$6.0M$6.0M$6.0M$6.0M—
Comprehensive Income Attributable to Noncontrolling Interests$248.0M$215.0M$238.0M$260.0M$285.0M$237.0M
Comprehensive Income, Including Noncontrolling Interest$1.7B$1.9B$1.9B$1.9B$2.2B$1.8B
Amortization of Actuarial Gain, Net of Tax$12.5M$6.0M$6.0M$6.0M$6.0M—
Foreign Currency Translation Adjustment, Net of Tax-$54.0M$26.0M$45.0M——-$21.0M
Other Comprehensive Income (Loss)$1.4B$1.6B$1.7B$1.6B$1.9B$1.6B
Other Comprehensive Income Tax$3.0M$6.0M$10.0M-$3.0M$5.0M-$3.0M
Common Stock Dividends Per Share Declared$0.7$0.7$0.7$0.7$0.7$0.8
Comprehensive Income Including Noncontrolling Interest$1.7B$1.9B$1.9B$1.9B$2.2B$1.8B
Total Comprehensive Income$1.7B$1.9B$1.9B$1.9B$2.2B$1.8B
Comprehensive Income, Noncontrolling Interest$248.0M$215.0M$238.0M$260.0M$285.0M$237.0M
Common Stock Dividends Per Share Declared$0.7$0.7$0.7$0.7$0.7$0.8
OCI Foreign Currency Gain (Loss), Pre-tax-$64.0M$30.0M$55.0M-$14.0M—-$24.0M
Other Comprehensive Income (Loss), Tax$3.0M$6.0M$10.0M-$3.0M$5.0M-$3.0M

Earnings Per Share

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Common Stock Dividends Per Share Declared$0.7$0.7$0.7$0.7$0.7$0.8
Weighted Average Diluted Shares Adjustment—$2.5M$2.7M$3.3M$238.0K$3.1M
Common Stock Dividends Per Share (Declared)$0.7$0.7$0.7$0.7$0.7$0.8
Common Stock Dividends Per Share Declared$0.7$0.7$0.7$0.7$0.7$0.8
Basic earnings per share$5.70$6.52$6.91$7.05$8.23$7.25
Diluted earnings per share$5.63$6.45$6.83$6.96$8.10$7.15
Common Stock Dividends Per Share Declared$0.7$0.7$0.7$0.7$0.7$0.8
Dividends Per Share Declared$0.7$0.7$0.7$0.7$0.7$0.8
Common Stock Dividends Per Share Declared$0.7$0.7$0.7$0.7$0.7$0.8
Common Stock Dividends Per Share Declared$0.7$0.7$0.7$0.7$0.7$0.8
Common stock dividends per share declared$0.7$0.7$0.7$0.7$0.7$0.8
Dividends Per Share Declared$0.7$0.7$0.7$0.7$0.7$0.8
Dividends per share declared$0.7$0.7$0.7$0.7$0.7$0.8
Weighted Average Diluted Shares Adjustment—$2.5M$2.7M$3.3M$238.0K$3.1M
Common Stock Dividends Per Share Declared$0.7$0.7$0.7$0.7$0.7$0.8
Dividends per share declared$0.7$0.7$0.7$0.7$0.7$0.8
Dividends per share declared$0.7$0.7$0.7$0.7$0.7$0.8
Dividends per Share Declared$0.7$0.7$0.7$0.7$0.7$0.8
Common Stock Dividends Per Share Declared$0.7$0.7$0.7$0.7$0.7$0.8
Common Stock Dividends Per Share Declared$0.7$0.7$0.7$0.7$0.7$0.8
Common stock dividends per share declared$0.7$0.7$0.7$0.7$0.7$0.8
Common Stock Dividends Per Share Declared$0.7$0.7$0.7$0.7$0.7$0.8
Common Stock Dividends Per Share Declared$0.7$0.7$0.7$0.7$0.7$0.8
Common stock dividends per share declared$0.7$0.7$0.7$0.7$0.7$0.8
Weighted average number diluted shares outstanding adjustment—$2.5M$2.7M$3.3M$238.0K$3.1M
Weighted-average shares, basic—246.9M239.2M232.9M—223.6M
Weighted-average shares, diluted—249.4M241.9M236.2M—226.7M

Tax

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Effective Tax Rate Statutory Reconciliation—$0.2$0.2$0.2—$0.2
Unrecognized Tax Benefits Prior Period Decreases$51.5M$750.0K$750.0K$750.0K$750.0K—
Cash Paid for Income Taxes$358.0M$10.0M$136.0M$81.0M$1.5B-$5.0M
Deferred Foreign Tax Expense (Benefit)$1.8M$1.5M$1.5M$1.5M$1.5M—
Income Tax at U.S. Statutory Rate$1.8B$0.2$0.2$0.2$2.1B$0.2
Stock-Based Compensation Tax Benefit$9.0M$24.0M$9.0M$12.0M$16.0M$103.0M
State and Local Income Taxes, Net$53.0M$62.0M$62.0M$62.0M$62.0M—
Tax Reconciliation: Other Adjustments$0.0$0.0$0.0$0.0$0.0—
Current State Tax Expense$53.0M$62.0M$62.0M$62.0M$62.0M—
Deferred Foreign Tax Expense$1.8M$1.5M$1.5M$1.5M$1.5M—
Tax Reconciliation, Federal Statutory Amount$1.8B$0.2$0.2$0.2$2.1B$0.2
Tax Reconciliation, Foreign Rate Differential$0.0$0.0$0.0$0.0$0.0—
Tax Reconciliation, Other Items$0.0$0.0$0.0$0.0$0.0—
Tax Reconciliation, State and Local Taxes$0.0$0.0$0.0$0.0$0.0—
Effective Tax Rate—$0.2$0.2$0.2—$0.2
Current State and Local Tax Expense (Benefit)$53.0M$62.0M$62.0M$62.0M$62.0M—
Deferred Foreign Tax Expense (Benefit)$1.8M$1.5M$1.5M$1.5M$1.5M—
Income Taxes Paid, Net$358.0M$10.0M$136.0M$81.0M$1.5B-$5.0M
Share-Based Compensation Tax Benefit$9.0M$24.0M$9.0M$12.0M$16.0M$103.0M
Income Tax Penalties and Interest Expense$15.3M$6.8M$6.8M$6.8M$6.8M—
Current State and Local Tax Expense$53.0M$62.0M$62.0M$62.0M$62.0M—
Deferred Foreign Tax Expense$1.8M$1.5M$1.5M$1.5M$1.5M—
Income tax expense$447.0M$502.0M$524.0M$515.0M$509.0M$430.0M
Share-Based Compensation Tax Benefit$9.0M$24.0M$9.0M$12.0M$16.0M$103.0M
Tax Reconciliation at Federal Statutory Rate—$0.2$0.2$0.2—$0.2
Unrecognized Tax Benefits Reevaluation (Statute Lapse)$3.8M$6.8M$6.8M$6.8M$6.8M—
Current State and Local Tax Expense (Benefit)$53.0M$62.0M$62.0M$62.0M$62.0M—
Deferred Income Tax Expense$89.0M$492.0M$388.0M$434.0M—$435.0M
Tax Reconciliation - Federal Statutory Rate—$0.2$0.2$0.2—$0.2
Current Federal Tax Expense$300.5M$387.8M$387.8M$387.8M$387.8M—
Current Foreign Tax Expense$5.0M$3.3M$3.3M$3.3M$3.3M—
Current State and Local Tax Expense$53.0M$62.0M$62.0M$62.0M$62.0M—
Deferred Federal Tax Expense$98.5M$50.3M$50.3M$50.3M$50.3M—
Deferred Foreign Tax Expense$1.8M$1.5M$1.5M$1.5M$1.5M—
Deferred State and Local Tax Expense$7.8M$7.8M$7.8M$7.8M$7.8M—
Income Taxes Paid, Net$358.0M$10.0M$136.0M$81.0M$1.5B-$5.0M
Excess Tax Benefits from Share-Based Compensation-$22.8M-$13.8M-$13.8M-$13.8M-$13.8M—
Foreign Rate Differential$2.5M-$1.0M-$1.0M-$1.0M-$1.0M—
Statutory Federal Income Tax Rate—$0.2$0.2$0.2—$0.2
Tax Reconciliation: Other Adjustments$250.0K$750.0K$750.0K$750.0K$750.0K—
Current State and Local Tax Expense (Benefit)$53.0M$62.0M$62.0M$62.0M$62.0M—
Deferred Foreign Tax Expense (Benefit)$1.8M$1.5M$1.5M$1.5M$1.5M—
Current State and Local Tax Expense (Benefit)$53.0M$62.0M$62.0M$62.0M$62.0M—
Deferred and Other Income Taxes$89.0M$492.0M$388.0M$434.0M—$435.0M
Deferred Foreign Tax Expense (Benefit)$1.8M$1.5M$1.5M$1.5M$1.5M—
Income and Other Taxes$358.0M$10.0M$136.0M$81.0M$1.5B-$5.0M
Tax Examination Penalties and Interest$15.3M$6.8M$6.8M$6.8M$6.8M—
Current State and Local Tax Expense$53.0M$62.0M$62.0M$62.0M$62.0M—
Deferred Foreign Tax Expense$1.8M$1.5M$1.5M$1.5M$1.5M—
Income Tax Examination Penalties and Interest Expense$15.3M$6.8M$6.8M$6.8M$6.8M—
Tax Reconciliation Federal Statutory Rate—$0.2$0.2$0.2—$0.2
Tax Reconciliation Minority Interest$0.0$0.0$0.0$0.0$0.0—
Tax Reconciliation Other Adjustments$0.0$0.0$0.0$0.0$0.0—
Tax Reconciliation State and Local Taxes$0.0$0.0$0.0$0.0$0.0—

Operating Expenses

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Stock-Based Compensation Expense$85.0M$98.0M$99.0M$104.0M$100.0M$86.0M
Amortization of Finite-Lived Intangible Assets$4.0M$3.0M$3.0M$3.0M$3.0M—
Share-Based Compensation Expense$85.0M$98.0M$99.0M$104.0M$100.0M$86.0M
Amortization expense$4.0M$3.0M$3.0M$3.0M$3.0M—
Operating Lease Cost$125.8M$129.0M$129.0M$129.0M$129.0M—
Compensation and benefits$7.9B$8.0B$8.1B$8.4B$8.4B$8.3B
Depreciation and amortization$856.0M$860.0M$863.0M$889.0M$911.0M$930.0M
Other Costs and Expenses$3.9B$3.8B$3.8B$4.2B$4.1B$4.2B
General and administrative$120.0M$126.0M$130.0M$139.0M$153.0M$133.0M
Total Lease Cost$311.3M$313.3M$313.3M$313.3M$313.3M—
Goodwill impairment$0.0$0.0$0.0$0.0$0.0—
Operating Lease Cost$125.8M$129.0M$129.0M$129.0M$129.0M—
Total Lease Cost$311.3M$313.3M$313.3M$313.3M$313.3M—
Other operating charges$3.9B$3.8B$3.8B$4.2B$4.1B$4.2B
Lease Cost$311.3M$313.3M$313.3M$313.3M$313.3M—
Operating Lease Cost$125.8M$129.0M$129.0M$129.0M$129.0M—
Stock-based compensation expense$85.0M$98.0M$99.0M$104.0M$100.0M$86.0M
Share-Based Compensation$85.0M$98.0M$99.0M$104.0M$100.0M$86.0M
Total operating expenses$16.2B$16.0B$16.2B$16.7B$16.8B$16.8B
Lease Costs$311.3M$313.3M$313.3M$313.3M$313.3M—
Operating Lease Cost$125.8M$129.0M$129.0M$129.0M$129.0M—

Other Income & Expense

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Other Non-Cash Income (Expense)-$61.0M-$53.0M-$48.0M-$45.0M-$49.0M-$67.0M
Cash Paid for Interest$533.0M$539.0M$535.0M$622.0M$511.0M$569.0M
Other non-cash income (expense)-$61.0M-$53.0M-$48.0M-$45.0M-$49.0M-$67.0M
Income from equity method investments$10.0M$18.0M$19.0M$16.0M$25.0M$9.0M
Interest expense$528.0M$547.0M$568.0M$561.0M$572.0M$584.0M
Other Non-Cash Income (Expense)-$61.0M-$53.0M-$48.0M-$45.0M-$49.0M-$67.0M
Other Non-cash Income (Expense)-$61.0M-$53.0M-$48.0M-$45.0M-$49.0M-$67.0M
Other Non-Cash Income (Expense)-$61.0M-$53.0M-$48.0M-$45.0M-$49.0M-$67.0M

Net Income

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Common Dividends Declared (Per Share)$0.7$0.7$0.7$0.7$0.7$0.8
Comprehensive income (loss), including noncontrolling interest$1.7B$1.9B$1.9B$1.9B$2.2B$1.8B
Net income attributable to noncontrolling interests$248.0M$215.0M$238.0M$260.0M$285.0M$237.0M
Net income$1.4B$1.6B$1.7B$1.6B$1.9B$1.6B

Income Before Tax

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Income before income taxes$2.1B$2.3B$2.4B$2.4B$2.7B$2.3B

Revenue

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Total revenue$18.3B$18.3B$18.6B$19.2B$19.5B$19.1B