Africa emerges strategic 'testing ground' for China's currency ambitions
China is advancing the global use of its currency, the yuan, aiming for de-dollarization.
The adoption of the yuan aligns with Africa's shifts towards non-Western financial systems.
Africa serves as a strategic region for testing China's currency internationalization efforts.
In a recent milestone, the central banks of China and Egypt signed a series of agreements to increase yuan use in bilateral trade and investment.
The deals, signed during Chinese Premier Li Qiang's visit to Cairo last week, were praised by People's Bank of China governor Pan Gongsheng as ' a key step in advancing economic ties ' between the two countries.
Key provisions include electronic payment cooperation such as expanding China's UnionPay system in Egypt, and enabling cross-border yuan-denominated transactions for banks operating in the China-Egypt TEDA Suez Economic and Trade Cooperation Zone.
These financial operations will be processed through the Cross-border Interbank Payment System (CIPS), China's alternative to the SWIFT network, thereby reducing reliance on Western financial systems.
With this development, Egypt now joins a growing list of African nations, including South Africa, Nigeria, and Angola, that are actively incorporating the yuan into their trade and financial dealings with China.
China's growing currency ambition in Africa
The expansion of the yuan across Africa is part of China's broader strategy to challenge the dominance of the U.S. dollar.
This move aligns with the continent's gradual shift away from Western financial systems toward a China-Russia-led coalition under BRICS, reflecting a strategic effort to diversify trade and currency frameworks.
China-Africa trade reached $282 billion in 2023, cementing China's 15-year run as the continent's top trading partner. The surge has boosted renminbi use in cross-border deals and reserve holdings.
Beyond Egypt, where the central banks recently signed agreements to deepen yuan usage in trade and investment, China has steadily advanced its currency diplomacy across Africa.
As early as 2015, South Africa signed a 30 billion yuan swap deal to improve trade liquidity. The South African Reserve Bank (SARB) explained that the three-year agreement was designed to 'facilitate trade and investment' and serve as a 'buffer for short-term balance of payment pressures.'
Earlier this year, Nigeria and China renewed their bilateral currency swap deal valued at 15 billion yuan (₦3.19 trillion), three years after the initial agreement expired.
The People's Bank of China said the renewed three-year pact aims to ' promote bilateral trade and investment facilitation.'
In Angola, a key oil supplier to China, the yuan is increasingly being used in energy and infrastructure transactions, with the Cross-Border Interbank Payment System (CIPS), China's alternative to SWIFT, being integrated into the financial system.
Lauren Johnston, a senior research fellow at the AustChina Institute and China-Africa expert, told the South China Morning Post that Africa offers a strategic testbed for Beijing's currency goals.
' Africa is a continent where trade with China is important, but it is also one where many countries struggle to access sufficient foreign currencies such as the euro or US dollar, ' she noted.
Johnston added, ''
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A replay of the webcast will be available on this website for approximately one year. A telephonic replay will be available for two weeks following the conference call at +1 (412) 317-0088 conference ID: 7260452. About TriNet TriNet is a leading provider of Human Resources solutions for small and medium size businesses, offering advanced technology-enabled services that include human capital expertise, employee benefits such as health insurance and retirement plans, payroll and payroll tax administration, risk mitigation, and compliance consulting. Our long-term objective is to be the premier provider of HR services for a broad range of SMBs through industry leading benefits, sales distribution excellence, and a world class services delivery model. For more information, visit or follow us on Facebook, LinkedIn and Instagram. 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Forward-Looking Statements This press release contains, and statements made during the above referenced conference call will contain, statements that are not historical in nature, are predictive in nature, or that depend upon or refer to future events or conditions or otherwise contain forward-looking statements within the meaning of Section 21 of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995, including, among other things, TriNet's expectations and assumptions regarding: TriNet's financial guidance for the full-year 2025 and the underlying assumptions; TriNet's ability to achieve improvements in its results in 2026; the timing of TriNet's growth initiatives, TriNet's ability to drive new sales and maintain disciplined pricing and TriNet's ability to further benefit its customers with its product investments and service delivery model. Forward-looking statements are often identified by the use of words such as, but not limited to, "ability," "anticipate," "believe," "can," "continue," "could," "estimate," "expect," "guidance," "impact," "intend," "may," "plan," "predict," "project," "seek," "should," "strategy," "target," "value," "will," "would" and similar expressions or variations. These statements are not guarantees of future performance but are based on management's expectations as of the date hereof and assumptions that are inherently subject to uncertainties, risks and changes in circumstances that are difficult to predict. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from our current expectations and any past or future results, performance or achievements. Investors are cautioned not to place undue reliance upon any forward-looking statements. Important factors that could cause actual results to differ materially from those expressed or implied by these forward-looking statements include: our ability to manage unexpected changes in workers' compensation and health insurance claims and costs by WSEs; our ability to mitigate the unique business risks we face as a co-employer; the effects of volatility in the financial and economic environment on the businesses that make up our client base; our inability to realize or sustain the expected benefits from our business realignment initiatives; loss of clients for reasons beyond our control and the short-term contracts we typically use with our clients; the impact of regional or industry-specific economic and health factors on our operations; the impact of failures or limitations in the business systems and centers we rely upon; the impact of discontinuing our discretionary credits on our business and client loyalty and retention; changes in our insurance coverage or our relationships with key insurance carriers; our ability to improve our services and technology to satisfy client and regulatory expectations; our ability to effectively integrate businesses we have acquired or may acquire in the future; our ability to effectively manage and improve our operational effectiveness and resiliency; our ability to attract and retain qualified personnel; the effects of increased competition and our ability to compete effectively; the impact on our business of cyber-attacks, breaches, disclosures and other data-related incidents; our ability to comply with evolving data privacy, AI and security laws; our ability to manage changes in, uncertainty regarding, or adverse application of the complex laws and regulations that govern our business; changing laws and regulations governing health insurance and employee benefits; our ability to keep pace with changes in technology or provide timely enhancements to our solutions and support; risks associated with our international operations; our ability to operate a business subject to numerous complex laws; changing laws and regulations governing health insurance and other traditional employee benefits at the federal, state, and local levels; our ability to be recognized as an employer of worksite employees and for our benefits plans to satisfy all requirements under federal and state regulations; changes in the laws and regulations that govern what it means to be an employer, employee or independent contractor; the impact of new and changing laws regarding remote work; our ability to comply with the licensing requirements that govern our solutions; the failure of third-party service providers performing their functions; the failure to comply with anti-corruption laws and regulations, economic and trade sanctions, and similar laws; the outcome of existing and future legal and tax proceedings; fluctuation in our results of operations and stock price due to factors outside of our control; our ability to comply with the restrictions of our indebtedness and meet our debt obligations; the need for additional capital or to restructure our existing debt; the continuation of our stock repurchase program; the impact of concentrated ownership in our stock by Atairos and other large stockholders; and the anti-takeover provisions in our charter documents and under Delaware law. 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In addition, we do not assume any obligation, and do not intend, to update any of our forward-looking statements, except as required by law. Contacts:Investors: Media: Alex Bauer Renee Brotherton TriNet TriNet (510) 875-7201 (925) 965-8441 Key Financial and Operating Metrics We regularly review certain key financial and operating metrics to evaluate growth trends, measure our performance and make strategic decisions. These key financial and operating metrics may change over time. 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activities: Depreciation and amortization of intangible assets 33 37 Amortization of deferred costs 23 21 Amortization of ROU asset, lease modification, impairment, and abandonment 3 3 Deferred income taxes (1) — Stock based compensation 31 38 Loss from disposition of assets 1 — Other 3 1 Changes in operating assets and liabilities: Accounts receivable, net 1 (4) Prepaid expenses, net 9 (18) Other assets (18) (35) Other payroll assets — 2 Accounts payable and other liabilities (5) (8) Client deposits and other client liabilities (1) (9) Accrued wages (10) (20) Accrued health insurance costs, net 1 (1) Accrued workers' compensation costs, net (1) (14) Payroll taxes liabilities and other payroll withholdings (14) (8) Operating lease liabilities (7) (7) Net cash provided by operating activities 170 130 Investing activities Purchases of marketable securities (41) (137) Proceeds from sale and maturity of marketable securities 66 125 Acquisitions of property and equipment and software (33) (35) Sale of property and equipment and software — — Proceeds from sale of business 1 — Net cash used in investing activities (7) (47) Financing activities Change in WSE and TriNet Trust related assets and liabilities, net (310) (382) Repurchase of common stock (91) (135) Proceeds from issuance of common stock 7 7 Awards effectively repurchased for required employee withholding taxes (8) (12) Repayment of revolving credit agreement borrowings — (25) Dividends paid (26) (13) Net cash used in financing activities (428) (560) Net change in cash and cash equivalents, unrestricted and restricted (265) (477) Cash and cash equivalents, unrestricted and restricted: Beginning of period 1,691 1,466 End of period $ 1,426 $ 989Supplemental disclosures of cash flow information Interest paid $ 27 $ 30 Income taxes paid, net $ 26 $ 62 Supplemental schedule of noncash investing and financing activities Cash dividend declared, but not yet paid $ 13 $ 12 Payable for purchase of property and equipment $ 3 $ 2 Receivable from sale of business $ 6 $ — Non-GAAP Financial Measures In addition to the selected financial measures presented in accordance with U.S. Generally Accepted Accounting Principles (GAAP), we monitor other non-GAAP financial measures that we use to manage our business, to make planning decisions, to allocate resources and to use as performance measures in our executive compensation plan. These key financial measures provide an additional view of our operational performance over the long term and provide information that we use to maintain and grow our business. The presentation of these non-GAAP financial measures is used to enhance the understanding of certain aspects of our financial performance. It is not meant to be considered in isolation from, superior to, or as a substitute for the directly comparable financial measures prepared in accordance with GAAP. Non-GAAP Measure Definition How We Use The Measure Adjusted EBITDA • Net income, excluding the effects of: - income tax provision, - interest expense, bank fees and other, - depreciation, - amortization of intangible assets, - stock based compensation expense, - amortization of cloud computing arrangements, and - restructuring costs • Provides period-to-period comparisons on a consistent basis and an understanding as to how our management evaluates theeffectiveness of our business strategies by excluding certain non-recurring costs, which include restructuring costs, as well as certainnon-cash charges such as depreciation and amortization, and stock-based compensationand certain impairment charges recognizedbased on the estimated fair values. We believe these charges are either not directly resulting from our core operations or not indicative of our ongoing operations • Enhances comparisons to the prior periodand, accordingly, facilitates the developmentof future projections and earnings growthprospects • Provides a measure, among others, used inthe determination of incentive compensationfor management • We also sometimes refer to Adjusted EBITDA margin, which is the ratio of Adjusted EBITDA to total revenues Adjusted Net Income • Net income, excluding the effects of: - effective income tax rate (1), - stock based compensation expense, - amortization of intangible assets, net, - non-cash interest expense, - restructuring costs, and - the income tax effect (at our effective taxrate (1) of these pre-tax adjustments.) • Provides information to our stockholdersand board of directors to understand how ourmanagement evaluates our business, to monitor and evaluate our operating results,and analyze profitability of our ongoingoperations and trends on a consistent basis by excluding certain non-cash charges Free Cash Flow • Net cash provided by operating activitiesreduced by capital expenditures • Provides information on the strength of our liquidity and available cash • Provides management with a measure to assist in making planning decisions, evaluateour performance and allocate resources • We also sometimes refer to Free Cash FlowConversion ratio, which is the ratio of free cash flow to Adjusted EBITDA (1) Non-GAAP effective tax rate is 25.0% and 25.6% for the second quarters and full years of 2025 and 2024, which excludes the income tax impactfrom stock-based compensation, changes in uncertain tax positions, and nonrecurring benefits or expenses from federal legislative changes. Reconciliation of GAAP to Non-GAAP Measures The table below presents a reconciliation of Net (loss) income to Adjusted EBITDA:Three Months EndedJune 30,Six Months EndedJune 30, (in millions) 2025 20242025 2024 Net income $ 37 $ 60$ 122 $ 152 Provision for income taxes 14 2144 53 Stock based compensation 18 1831 38 Interest expense, bank fees and other 15 1629 32 Depreciation and amortization of intangible assets 17 1934 37 Amortization of cloud computing arrangements 2 25 4 Restructuring costs 2 —3 — Adjusted EBITDA $ 105 $ 136$ 268 $ 316 Adjusted EBITDA Margin 8.5 % 10.9 %10.6 % 12.5 % The table below presents a reconciliation of Net (loss) income to Adjusted Net Income and Adjusted Net Income per share - diluted:Three Months Ended June 30,Six Months Ended June 30, (in millions, except per share data) 2025 20242025 2024 Net income $ 37 $ 60$ 122 $ 152 Effective income tax rate adjustment 1 —2 1 Stock based compensation 18 1831 38 Amortization of intangible assets 3 55 10 Non-cash interest expense — 11 1 Restructuring costs 2 —3 — Income tax impact of pre-tax adjustments (6) (6)(10) (13) Adjusted Net Income $ 55 $ 78$ 154 $ 189 GAAP weighted average shares of common stock - diluted 49 5149 51 Adjusted Net Income per share - diluted $ 1.15 $ 1.53$ 3.15 $ 3.70 The table below presents a reconciliation of Net cash provided by operating activities to Free Cash Flow:Six Months Ended June 30, (in millions) 2025 2024 Net cash provided by operating activities $ 170 $ 130 Acquisitions of property and equipment and projects in process (33) (35) Free Cash Flow (a) $ 137 $ 95 Adjusted EBITDA (b) $ 268 $ 316 Free Cash Flow Conversion Ratio (a)/(b) 51 % 30 % Reconciliation of GAAP to Non-GAAP Measures for the full-year 2025 guidance. Low and high percentages represent increases (decreases) from the same period in the previous year. The table below presents a reconciliation of net income to Adjusted Net Income and Adjusted Net Income per share - diluted:FY 2024Year 2025 Guidance (in millions, except per share data) ActualLow High Net income $173(46) % (3) % Effective income tax rate adjustment (5)(83) (105) Stock based compensation 6511 11 Amortization of intangible assets 19(49) (49) Non-cash interest expense 3(100) (100) Restructuring costs 49(80) (80) Income tax impact of pre-tax adjustments (35)(32) (32) Adjusted Net Income $269(40) % (12) % GAAP weighted average shares of common stock - diluted 50Adjusted Net Income per share - diluted $5.32$3.25 $4.75 View original content to download multimedia: SOURCE TriNet Group, Inc.
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Previous 2025 Guidance Range, as of January 24, 2025 Revised 2025 Guidance Range, as of July 25, 2025 Revenues $72.80 to $75.80 billion $74.00 to $76.00 billion Net Income Attributable to HCA Healthcare, Inc. $5.85 to $6.29 billion $6.11 to $6.48 billion Adjusted EBITDA $14.30 to $15.10 billion $14.70 to $15.30 billion EPS (diluted) $24.05 to $25.85 per diluted share $25.50 to $27.00 per diluted share Capital expenditures for 2025, excluding acquisitions, are estimated to be approximately $5.0 billion. The Company's guidance contains a number of assumptions, including, among others, the Company's current expectations regarding volume growth coupled with an anticipated mostly stable operating environment, payer mix, the ongoing impacts of the two major 2024 hurricanes, the impact of current and future health care public policy developments, as well as general business or economic conditions, including inflation, and the impact of trade policies, including tariffs, 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 are 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 About the Company As of June 30, 2025, HCA operated 191 hospitals and approximately 2,500 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, 2025, 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 or business conditions nationally and regionally in our markets, including inflation, and the impact of trade policies, including changes in, or the imposition of, tariffs and/or trade barriers; changes in revenues resulting from declining patient volumes; changes in payer mix (including increases in uninsured and underinsured patients); potential increased expenses related to labor, pharmaceuticals, supply chain or other expenditures; workforce disruptions; supply and pharmaceutical shortages and disruptions (including as a result of tariffs or geopolitical disruptions); and the impact of potential federal government shutdowns, holds on or cancellations of congressionally authorized spending and interruptions in the distribution of governmental funds, (2) the impact of current and future health care public policy developments and the implementation of new, and possible changes to existing, federal, state or local laws and regulations affecting the health care industry, including the expiration of enhanced premium tax credits ("EPTCs") for individuals eligible to purchase insurance coverage through federal and state-based health insurance marketplaces, changes in the structure and administration of, and funding for, federal and state agencies and programs, and effects of the One Big Beautiful Bill Act ("OBBBA"), (3) the impact of our significant indebtedness and the ability to refinance such indebtedness on acceptable terms, (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 that may be required under the Pay-As-You-Go Act of 2010 as a result of the federal budget deficit impact of OBBBA, 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) the ability to achieve operating and financial targets, develop and execute resiliency plans to offset to the extent possible impacts from OBBBA, the scheduled expiration of EPTCs and tariffs, attain expected levels of patient volumes and revenues, and control the costs of providing services, (6) possible reductions or other changes in Medicare, Medicaid and other state programs, including Medicaid supplemental payment programs, Medicaid waiver programs and state directed payment arrangements, any of which may negatively impact reimbursements to health care providers and insurers and the size of the uninsured or underinsured population, (7) increases in the amount and risk of collectability of uninsured accounts and deductibles and copayment amounts for insured accounts, (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, (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, (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, including Hurricanes Milton and Helene, physical risks from changing global weather patterns or similar events beyond our control on our assets and activities and the communities we serve, (24) changes in U.S. federal, state, or foreign tax laws, interpretations of tax laws by taxing authorities, other standard setting bodies or judicial decisions, (25) the results of our efforts to use technology and resilience initiatives, including artificial intelligence and machine learning, to drive efficiencies, better outcomes and an enhanced patient experience and (26) other risk factors described in our annual report on Form 10-K for the year ended December 31, 2024 and our other filings with the Securities and Exchange Commission. Many of the factors that will determine our future results are beyond our ability to control or predict. In light of the significant uncertainties inherent in the forward-looking statements contained herein, readers should not place undue reliance on forward-looking statements, which reflect management's views only as of the date hereof. We undertake no obligation to revise or update any forward-looking statements, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise. All references to "Company," "HCA" and "HCA Healthcare" as used throughout this release refer to HCA Healthcare, Inc. and its affiliates. HCA Healthcare, Consolidated Comprehensive Income StatementsSecond QuarterUnaudited(Dollars in millions, except per share amounts) 2025 2024 Amount Ratio Amount Ratio Revenues $ 18,605 100.0 % $ 17,492 100.0 % Salaries and benefits 8,138 43.7 7,685 43.9 Supplies 2,844 15.3 2,634 15.1 Other operating expenses 3,793 20.4 3,623 20.7 Equity in earnings of affiliates (19 ) (0.1 ) — — Depreciation and amortization 863 4.7 819 4.7 Interest expense 568 3.0 506 2.9 Losses (gains) on sales of facilities 3 — (12 ) (0.1 ) 16,190 87.0 15,255 87.2 Income before income taxes 2,415 13.0 2,237 12.8 Provision for income taxes 524 2.8 550 3.2 Net income 1,891 10.2 1,687 9.6 Net income attributable to noncontrolling interests 238 1.3 226 1.2 Net income attributable to HCA Healthcare, Inc. $ 1,653 8.9 $ 1,461 8.4 Diluted earnings per share $ 6.83 $ 5.53 Shares used in computing diluted earnings per share (millions) 241.911 264.071 Comprehensive income attributable to HCA Healthcare, Inc. $ 1,701 $ 1,461 HCA Healthcare, Consolidated Comprehensive Income StatementsFor the Six Months Ended June 30, 2025 and 2024Unaudited(Dollars in millions, except per share amounts) 2025 2024 Amount Ratio Amount Ratio Revenues $ 36,926 100.0 % $ 34,831 100.0 % Salaries and benefits 16,135 43.7 15,392 44.2 Supplies 5,608 15.2 5,305 15.2 Other operating expenses 7,638 20.7 7,229 20.8 Equity in (earnings) losses of affiliates (37 ) (0.1 ) 2 — Depreciation and amortization 1,723 4.7 1,614 4.6 Interest expense 1,115 3.0 1,018 2.9 Losses (gains) on sales of facilities 2 — (213 ) (0.6 ) 32,184 87.2 30,347 87.1 Income before income taxes 4,742 12.8 4,484 12.9 Provision for income taxes 1,026 2.7 995 2.9 Net income 3,716 10.1 3,489 10.0 Net income attributable to noncontrolling interests 453 1.3 437 1.2 Net income attributable to HCA Healthcare, Inc. $ 3,263 8.8 $ 3,052 8.8 Diluted earnings per share $ 13.28 $ 11.47 Shares used in computing diluted earnings per share (millions) 245.654 266.044 Comprehensive income attributable to HCA Healthcare, Inc. $ 3,341 $ 3,044 HCA Healthcare, Consolidated Balance SheetsUnaudited(Dollars in millions) June 30, March 31, December 31, 2025 2025 2024 ASSETS Current assets: Cash and cash equivalents $ 939 $ 1,060 $ 1,933 Accounts receivable 10,459 11,088 10,751 Inventories 1,792 1,794 1,738 Other 2,373 2,316 1,992 15,563 16,258 16,414 Property and equipment, at cost 64,388 63,680 62,514 Accumulated depreciation (34,265 ) (33,942 ) (33,100 ) 30,123 29,738 29,414 Investments of insurance subsidiaries 531 550 569 Investments in and advances to affiliates 654 657 662 Goodwill and other intangible assets 10,273 10,237 10,093 Right-of-use operating lease assets 2,156 2,132 2,131 Other 236 226 230 $ 59,536 $ 59,798 $ 59,513 LIABILITIES AND STOCKHOLDERS' (DEFICIT) EQUITY Current liabilities: Accounts payable $ 4,250 $ 4,488 $ 4,276 Accrued salaries 2,072 1,857 2,304 Other accrued expenses 4,513 3,767 3,899 Short-term borrowings and long-term debt due within one year 5,104 3,519 4,698 15,939 13,631 15,177 Long-term debt, less debt issuance costs and discounts of $429, $432 and $369 39,379 41,057 38,333 Professional liability risks 1,506 1,497 1,544 Right-of-use operating lease obligations 1,881 1,860 1,863 Income taxes and other liabilities 2,069 2,191 2,041 Stockholders' (deficit) equity: Stockholders' deficit attributable to HCA Healthcare, Inc. (4,394 ) (3,519 ) (2,499 ) Noncontrolling interests 3,156 3,081 3,054 (1,238 ) (438 ) 555 $ 59,536 $ 59,798 $ 59,513 HCA Healthcare, Consolidated Statements of Cash FlowsFor the Six Months Ended June 30, 2025 and 2024Unaudited(Dollars in millions) 2025 2024 Cash flows from operating activities: Net income $ 3,716 $ 3,489 Adjustments to reconcile net income to net cash provided by operating activities: Increase (decrease) in cash from operating assets and liabilities: Accounts receivable 320 (285 ) Inventories and other assets (427 ) (68 ) Accounts payable and accrued expenses (676 ) (459 ) Depreciation and amortization 1,723 1,614 Income taxes 880 (4 ) Losses (gains) on sales of facilities 2 (213 ) Amortization of debt issuance costs and discounts 25 17 Share-based compensation 197 199 Other 101 150 Net cash provided by operating activities 5,861 4,440 Cash flows from investing activities: Purchase of property and equipment (2,167 ) (2,399 ) Acquisition of hospitals and health care entities (326 ) (131 ) Sales of hospitals and health care entities 167 311 Change in investments 41 (14 ) Other 2 (2 ) Net cash used in investing activities (2,283 ) (2,235 ) Cash flows from financing activities: Issuances of long-term debt 5,233 4,483 Net change in short-term borrowings and revolving credit facilities 1,768 (1,030 ) Repayment of long-term debt (5,660 ) (2,269 ) Distributions to noncontrolling interests (394 ) (338 ) Payment of debt issuance costs (57 ) (40 ) Payment of dividends (351 ) (356 ) Repurchase of common stock (5,011 ) (2,547 ) Other (112 ) (212 ) Net cash used in financing activities (4,584 ) (2,309 ) Effect of exchange rate changes on cash and cash equivalents 12 - Change in cash and cash equivalents (994 ) (104 ) Cash and cash equivalents at beginning of period 1,933 935 Cash and cash equivalents at end of period $ 939 $ 831 Interest payments $ 1,074 $ 943 Income tax payments, net $ 146 $ 999 HCA Healthcare, Statistics Second Quarter For the Six Months Ended June 30, 2025 2024 2025 2024 Operations: Number of Hospitals 191 188 191 188 Number of Freestanding Outpatient Surgery Centers* 124 123 124 123 Licensed Beds at End of Period 50,485 49,844 50,485 49,844 Weighted Average Beds in Service 42,858 42,624 42,860 42,594 Reported: Admissions 566,061 554,456 1,142,422 1,115,325 % Change 2.1 % 2.4 % Equivalent Admissions 1,017,994 994,835 2,030,084 1,976,356 % Change 2.3 % 2.7 % Revenue per Equivalent Admission $ 18,276 $ 17,583 $ 18,189 $ 17,624 % Change 3.9 % 3.2 % Inpatient Revenue per Admission $ 19,656 $ 18,814 $ 19,501 $ 18,869 % Change 4.5 % 3.3 % Patient Days 2,675,284 2,662,550 5,511,900 5,444,146 % Change 0.5 % 1.2 % Equivalent Patient Days 4,813,548 4,779,234 9,794,646 9,647,027 % Change 0.7 % 1.5 % Inpatient Surgery Cases 136,122 135,860 269,881 269,258 % Change 0.2 % 0.2 % Outpatient Surgery Cases 258,365 258,967 504,985 511,802 % Change -0.2 % -1.3 % Emergency Room Visits 2,439,763 2,414,960 4,958,479 4,843,874 % Change 1.0 % 2.4 % Outpatient Revenues as a Percentage of Patient Revenues 38.4 % 38.2 % 37.9 % 37.6 % Average Length of Stay (days) 4.726 4.802 4.825 4.881 Occupancy** 72.0 % 71.9 % 74.4 % 73.6 % Same Facility: Admissions 556,544 546,945 1,123,176 1,098,367 % Change 1.8 % 2.3 % Equivalent Admissions 990,092 973,562 1,974,543 1,930,929 % Change 1.7 % 2.3 % Revenue per Equivalent Admission $ 18,110 $ 17,408 $ 18,080 $ 17,456 % Change 4.0 % 3.6 % Inpatient Revenue per Admission $ 19,576 $ 18,741 $ 19,470 $ 18,800 % Change 4.5 % 3.6 % Inpatient Surgery Cases 134,307 134,662 266,330 266,321 % Change -0.3 % 0.0 % Outpatient Surgery Cases 253,006 254,599 495,316 502,037 % Change -0.6 % -1.3 % Emergency Room Visits 2,401,684 2,370,754 4,868,579 4,741,737 % Change 1.3 % 2.7 % * Excludes freestanding endoscopy centers (29 centers at June 30, 2025 and 23 centers at June 30, 2024). ** Reflects the rate of occupancy (patient days and observations) based on weighted average beds in service. HCA Healthcare, Non-GAAP DisclosuresOperating Results Summary(Dollars in millions, except per share amounts) Second Quarter For the Six Months Ended June 30, 2025 2024 2025 2024 Revenues $ 18,605 $ 17,492 $ 36,926 $ 34,831 Net income attributable to HCA Healthcare, Inc. $ 1,653 $ 1,461 $ 3,263 $ 3,052 Losses (gains) on sales of facilities (net of tax) 3 (9 ) 2 (163 ) Net income attributable to HCA Healthcare, Inc., as adjusted (a) 1,656 1,452 3,265 2,889 Depreciation and amortization 863 819 1,723 1,614 Interest expense 568 506 1,115 1,018 Provision for income taxes 524 547 1,026 945 Net income attributable to noncontrolling interests 238 226 453 437 Adjusted EBITDA (a) 3,849 $ 3,550 $ 7,582 $ 6,903 Adjusted EBITDA margin (a) 20.7 % 20.3 % 20.5 % 19.8 % Diluted earnings per share: Net income attributable to HCA Healthcare, Inc. $ 6.83 $ 5.53 $ 13.28 $ 11.47 Losses (gains) on sales of facilities 0.01 (0.03 ) 0.01 (0.61 ) Net income attributable to HCA Healthcare, Inc., as adjusted (a) $ 6.84 $ 5.50 $ 13.29 $ 10.86 Shares used in computing diluted earnings per share (millions) 241.911 264.071 245.654 266.044 __________________________ (a) Net income attributable to HCA Healthcare, Inc., as adjusted, diluted earnings per share, as adjusted, and Adjusted EBITDA should not be considered as measures of financial performance under generally accepted accounting principles ("GAAP"). These non-GAAP financial measures are adjusted to exclude losses (gains) on sales of facilities and losses on retirement of debt. We believe net income attributable to HCA Healthcare, Inc., as adjusted, diluted earnings per share, as adjusted, and Adjusted EBITDA are important measures that supplement discussions and analysis of our results of operations. We believe it is useful to investors to provide disclosures of our results of operations on the same basis used by management. Management relies upon net income attributable to HCA Healthcare, Inc., as adjusted, diluted earnings per share, as adjusted, and Adjusted EBITDA as the primary measures to review and assess operating performance of its health care facilities and their management teams. 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, Non-GAAP Disclosures2025 Operating Results Forecast(Dollars in millions, except per share amounts) For the Year Ending December 31, 2025 Low High Revenues $ 74,000 $ 76,000 Net income attributable to HCA Healthcare, Inc. (a) $ 6,110 $ 6,480 Depreciation and amortization 3,450 3,495 Interest expense 2,250 2,300 Provision for income taxes 1,930 2,035 Net income attributable to noncontrolling interests 960 990 Adjusted EBITDA (a) (b) $ 14,700 $ 15,300 Diluted earnings per share: Net income attributable to HCA Healthcare, Inc. $ 25.50 $ 27.00 Shares used in computing diluted earnings per share (millions) 240.000 240.000 The Company's forecasted guidance is based on current plans and expectations and is subject to a number of known and unknown uncertainties and risks. __________________________ (a) The Company does not forecast the impact of items such as, but not limited to, losses (gains) on sales of facilities, losses on retirement of debt, legal claim costs (benefits) and impairments of long-lived assets because the Company does not believe that it can forecast these items with sufficient accuracy. (b) Adjusted EBITDA should not be considered a measure of financial performance under generally accepted accounting principles ("GAAP"). We believe Adjusted EBITDA is an important measure that supplements discussions and analysis of our results of operations. We believe it is useful to investors to provide disclosures of our results of operations on the same basis used by management. Management relies upon Adjusted EBITDA as a primary measure to review and assess operating performance of its health care facilities and their management teams. Management and investors review both the overall performance (including net income attributable to HCA Healthcare, Inc.) and operating performance (Adjusted EBITDA) of our healthcare 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. View source version on Contacts INVESTOR CONTACT: Frank Morgan615-344-2688 MEDIA CONTACT: Harlow Sumerford615-344-1851 Sign in to access your portfolio