> ## Content Index
> Fetch the complete content index at: https://www.bullished.co/llms.txt
> Use this file to discover other available public pages before exploring further.

# HCA Doubles Its Commercial Paper Cap To $8 Billion As Debt Due Within A Year Reaches $8.1 Billion
- URL: https://www.bullished.co/hca-doubles-its-commercial-paper-cap-to-8-billion-as-debt-due-within-a-year-reaches-8-1-5e87d84f/
- Published: 2026-10-29T21:23:59.000Z
- Updated: 2026-10-29T21:23:59.000Z
- Description: The hospital operator's per-share profit rose on a shrinking share count while net income fell, and its credit-line cushion thinned.
- Author: Matteo Parrino
- Tags: Earnings, HCA, Industry: Healthcare

[HCA Healthcare](https://www.bullished.co/tag/hca/)'s 10-Q, filed Thursday, shows the hospital operator [raised its commercial paper limit](https://www.sec.gov/Archives/edgar/data/0000860730/000119312526437871/hca-20260930.htm?ref=bullished.co) in July from $4.000 billion to $8.000 billion. Short-term borrowings reached $8.093 billion at September 30\. Diluted earnings per share rose even as net income fell, because buybacks shrank the share count.

## A bigger short-term borrowing line

Commercial paper is unsecured short-term debt. HCA had $5.727 billion of it outstanding at September 30, up from $2.207 billion at December 31, 2025, with an average life of 26 days and a weighted average rate of 4.2%.

Short-term borrowings and debt due within one year stood at $8.093 billion, against $6.264 billion at June 30 and $4.889 billion at year-end, based on the [prior quarter's filing](https://www.sec.gov/Archives/edgar/data/0000860730/000119312526321077/hca-20260630.htm?ref=bullished.co) and the balance sheet. HCA said its working capital was negative $3.560 billion, mainly because of that borrowing. It said it can refinance the paper through its credit facility on a long-term basis.

HCA intends to keep available capacity under its $8.000 billion credit facility at least equal to the commercial paper outstanding. Availability fell to $2.226 billion at September 30 and $1.709 billion at October 26, when commercial paper stood at $6.245 billion.

## Buybacks carry the per-share gain

Net income attributable to HCA was $1.579 billion in the third quarter, down from $1.643 billion a year earlier. Diluted EPS still rose to $7.27 from $6.96, as diluted shares fell to 217.212 million from 236.181 million.

Revenue rose 3.6% to $19.849 billion. In the [earnings release](https://www.sec.gov/Archives/edgar/data/0000860730/000119312526432665/hca-ex99%5F1.htm?ref=bullished.co), HCA said a payer-mix shift toward uninsured patients, mostly people who lost exchange coverage, cut pretax income by about $400 million in the quarter. Uninsured admissions rose 27.2%.

HCA repurchased $6.605 billion of stock in the first nine months, down from $7.509 billion a year earlier. Net short-term borrowings and revolver draws rose $3.507 billion over the period. About $4.240 billion of repurchase authorization remained at September 30.

## Cash flow and a deeper deficit

Operating cash flow for the nine months fell to $8.810 billion from $10.277 billion. HCA tied the decline mostly to $1.190 billion more in income taxes paid and $472 million of unfavorable working-capital changes.

Total debt was $50.493 billion, and interest expense for the nine months reached $1.790 billion from $1.676 billion. The stockholders' deficit widened to $4.599 billion from $2.771 billion at year-end.

HCA said it now expects full-year results in the upper half of its 2026 guidance ranges, and declared a quarterly dividend of $0.78 per share. CEO Sam Hazen said HCA is "positioned to end the year positively."

The next 10-Q will show whether commercial paper keeps climbing toward the $8.000 billion cap, and how much of the credit facility is left behind it.

### Sources

- [10-Q Filing — HCA Healthcare (HCA)](https://www.sec.gov/Archives/edgar/data/0000860730/000119312526437871/hca-20260930.htm?ref=bullished.co) — SEC EDGAR
- [10-Q Filing — HCA Healthcare (HCA), Q2 FY2026 filed 2026-07-28 (comparison basis)](https://www.sec.gov/Archives/edgar/data/0000860730/000119312526321077/hca-20260630.htm?ref=bullished.co) — SEC EDGAR
- [8-K Filing — HCA Healthcare, filed 2026-10-27 (Items 2.02, 7.01, 8.01, 9.01)](https://www.sec.gov/Archives/edgar/data/0000860730/000119312526432665/hca-20261027.htm?ref=bullished.co) — SEC EDGAR
- [Earnings release (8-K Item 2.02, hca-ex99\_1.htm) — HCA Healthcare, filed 2026-10-27](https://www.sec.gov/Archives/edgar/data/0000860730/000119312526432665/hca-ex99%5F1.htm?ref=bullished.co) — SEC EDGAR
- [HCA Healthcare beats quarterly profit estimates on demand for medical services](https://finance.yahoo.com/healthcare/articles/hca-healthcare-beats-quarterly-profit-110520058.html?ref=bullished.co) — Reuters
- [HCA Healthcare Reports Q3 Adjusted EPS of $7.22, Raises Expectations Within 2026 Guidance Range](https://finance.yahoo.com/healthcare/articles/hca-healthcare-reports-q3-adjusted-150643418.html?ref=bullished.co) — Yahoo Finance
- [HCA’s bottom line suffers as ACA coverage losses mount | Healthcare Dive](https://www.healthcaredive.com/news/hcas-bottom-line-suffers-aca-coverage-losses-mount/873032/?ref=bullished.co) — healthcaredive.com
- [HCA Healthcare’s (NYSE:HCA) Q3 2026: beats on revenue, stock soars](https://finance.yahoo.com/healthcare/articles/hca-healthcare-nyse-hca-q3-111935086.html?ref=bullished.co) — Yahoo Finance
- [HCA Healthcare Q3 Earnings Beat Estimates on Higher Admissions](https://finance.yahoo.com/healthcare/articles/hca-healthcare-q3-earnings-beat-151600053.html?ref=bullished.co) — Yahoo Finance

### More on HCA Healthcare

- [HCA Sees Flat 2027 Earnings As Medicaid Payments Drop $550 Million To $650 Million](https://www.bullished.co/hca-sees-flat-2027-earnings-as-medicaid-payments-drop-550-million-to-650-million-5d4caf14/)
- [HCA's Uninsured Patients Hit 10.5% Of Volume As Exchange Losses Cost About $400 Million In A Quarter](https://www.bullished.co/hcas-uninsured-patients-hit-10-5-of-volume-as-exchange-losses-cost-about-400-million-in-a-00297eb8/)
- [HCA Healthcare Says Uninsured Patients Cost It About $400 Million, Yet Sees 2026 In Upper Half Of Guidance](https://www.bullished.co/hca-healthcare-says-uninsured-patients-cost-it-about-400-million-yet-sees-2026-in-upper-c9399799/)

[All HCA Healthcare (HCA) coverage →](https://www.bullished.co/tag/hca/)