Proprietary Labor Tracker; May 2026 Data Drive 2Q26 Trends Most Favorable at HCA

Research evidence excerpt

Proprietary Labor Tracker; May 2026 Data Drive 2Q26 Trends Most Favorable at HCA

Healthcare Services

EQUITY RESEARCH Industry Report

June 5, 2026

Proprietary Labor Tracker; May 2026 Data Drive 2Q26

Research Analysts:

Sarah James Trends Most Favorable at HCA

212-829-5203

Sarah.James@cantor.com May 2026 data have driven 2Q26 labor trends that are the most positive

Gabie Ingoglia at HCA, with weaker signs at SGRY. Nursing trends broadly (inpatient psych,

212-610-2238 inpatient acute, ASC/Outpatient) held M/M in May, suggesting the labor Gabie.Ingoglia@cantor.com

2Q26 market has been largely stable, but company-specific trends at HCA

showed Q/Q improvement, & at THC consistently demonstrated pricing

discipline. Our physician labor market data do not suggest the supply/

demand gap has alleviated, but HCA data have more positive implications

than peers.

●May 2026 inpatient psych trends suggest the labor environment is

stable Q/Q. This is a step-down in sentiment from April 2026 trends

that showed early signals of sequential easing Q/Q in 2Q26, but the

market trends are still operable as 3/3 providers' 2Q26 openings are

nearly in-line or improving vs. 1Q26. Our HCA read-through is most

favorable in the group, as is it improved in 2/3 bonus metrics M/M &

Q/Q, while lowering openings.

●Inpatient acute metrics in May 2026 suggest 2Q26 hiring has generally

not been an obstacle. May 2026 data place 3/3 providers improving /

lowering the % of nurse positions open, & 2/3 improving geographic

pressure. THC stood out as demonstrating pricing discipline, as position

openings were stable as 3/3 bonus metrics improved / declined.

●ASC/Outpatient May 2026 data show that the segment has remained

a point of hiring ease over 2Q26. Metrics varied but ultimately,