2Q26 Hospital Executive Survey; Softer Volume Ramp in Inpatient/Outpatient vs. Consensus While Pricing Comes in More Positive

Research evidence excerpt

2Q26 Hospital Executive Survey; Softer Volume Ramp in Inpatient/Outpatient vs. Consensus While Pricing Comes in More Positive

Healthcare Services

EQUITY RESEARCH Industry Report

July 1, 2026

2Q26 Hospital Executive Survey; Softer Volume Ramp

Companies mentioned

Ticker Price Rating Target in Inpatient/Outpatient vs. Consensus While Pricing

ACHC $29.53 Neutral $30.00 Comes in More Positive

CNC $64.19 Overweight $60.00

ELV $386.73 Overweight $400.00 Our Hospital Executive Survey of 7% of U.S. inpatient beds suggests a

HCA $389.89 Overweight $588.00 softer 2Q26 ramp on volumes than consensus is baking in, but a stronger

SGRY $16.80 Overweight $18.00 pricing ramp. Across inpatient & outpatient volumes, we are seeing Y/

THC $187.08 Overweight $245.00

Y improvement in 2Q26 vs. 1Q26, but at a more muted magnitude than UHS $148.69 Neutral $194.00

consensus. Weaker responses around 2026 revenue & profit outlook, UNH $415.63 Overweight $440.00

claims experience and labor are potential drivers, while the HIX landscape

Research Analysts: readthrough as manageable throughout 2Q26. THC's lower bar than peers

Sarah James on 2026 volumes (1-2% vs. HCA/UHS 2-3%) is most aligned with our survey

212-829-5203 results. Sarah.James@cantor.com

Gabie Ingoglia Inpatient survey results suggest a slight improvement from 1Q26, but 212-610-2238

Gabie.Ingoglia@cantor.com not to the magnitude consensus has baked in, and a stable pricing

environment. Inpatient admissions improved Y/Y to 1.3% in 2Q26 & Q/Q to

0.7%, but results are below consensus expectations and full-year provider

guidance of 2-3% at HCA/UHS, at the low end of THC 1-2%. Providers opted

to maintain full-year volume guidance despite the 1Q26 200bps drag to

UHS, 100bps to HCA & 90bps to THC from flu & weather, so we were looking