U.S. Health Care: Barclays 2Q26 Hospital Survey: Steady Volume Results Up for Interpretation

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U.S. Health Care: Barclays 2Q26 Hospital Survey: Steady Volume Results Up for Interpretation

Equity Research

8 July 2026

U.S. Health Care

Barclays 2Q26 Hospital Survey:

Steady Volume Results Up for

U.S. Life Science & Diagnostic ToolsInterpretation

POSITIVE

Our survey indicates volumes remain healthy in 2Q across U.S. Healthcare Facilities & Managed Care

most categories, which finished +2.9% y/y on average (vs NEUTRAL

+2.8% last quarter). U.S. Healthcare Facilities & Managed Care

Andrew Mok, CFA

Facilities (Mok): 2Q Volumes Steady: Volumes continued to remain healthy in our 2Q26 survey +1 212 526 5496

across major categories, which finished +2.9% y/y on average (vs 2.8% last quarter). On the one andrew.mok@barclays.com

BCI, UShand, steady results indicate no meaningful fundamental inflection; on the other hand,

performance did not materially improve from a generally underwhelming 1Q hospital print. IRF Mingchuan Song

discharges saw the largest sequential increase at +60 bps leading to +2.3% growth in the +1 212 526 9787

quarter, while IP admissions (3.1%), OP surgeries (3.9%), and ER visits (3.0%) stayed flat q/q. mingchuan.song@barclays.com

BCI, USMeanwhile, IP surgeries (-20 bps to 2.7%) and behavioral health (-30 bps to 2.1%) saw a modest

deceleration. Respondents also see a more bullish 2026 outlook. IP admissions saw the largest U.S. Life Science & Diagnostic Tools

sequential acceleration by +80 bps to +4.2%, followed by IP surgeries (+40 bps to +3.3%) and ER Luke Sergott

visits (+40 bps to +4.8%). Finally, acuity expectations were largely stable (+2.7%), while OP +1 212 526 9258

surgeries moderated (-50 bps to +5.0%). luke.sergott@barclays.com

BCI, US

Facilities (Mok): Commercial Mix Potentially Softer: In response to growing concerns on

Anna Kruszenski