HCA Healthcare’s QQ2 2025 results reflect a solid top-line performance with 6.36% year-over-year revenue growth to $18.605 billion and robust EBITDA leverage, producing an EBITDA of $3.846 billion and an EBITDA margin of approximately 20.7%. Net income of $1.653 billion translated into an 8.88% net margin and diluted EPS of $6.83. Operating income reached $2.967 billion, supporting a stable operating margin near 15.95%. Despite favorable margins, the company remains capital-intensive with a substantial debt burden: total debt of $46.364 billion and net debt around $45.425 billion, against total assets of $59.536 billion and current liabilities just shy of current assets (current ratio ~0.98). Free cash flow stood at $3.034 billion, underscoring meaningful cash generation even after heavy capital expenditure and aggressive shareholder returns (net cash used in financing was $3.089 billion, including $2.506 billion in share repurchases). The balance sheet shows negative shareholders’ equity (-$4.394 billion), highlighting the scale of leverage and equity outflows. The QQ2 2025 performance aligns with industry peers in delivering solid profitability, yet balance sheet risk and liquidity considerations warrant continued attention, particularly around debt maturity profiles, labor costs, and patient volumes. Management commentary (where available) will be critical to gauge trajectory on volumes, cost inflation, and capital allocation priorities going forward.