Cost/ Capital Survey: Capex spend to increase HSD in most hospitals surveyed

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Cost/ Capital Survey: Capex spend to increase HSD in most hospitals surveyed

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Health Care Facilities

Cost/ Capital Survey: Capex spend to

increase HSD in most hospitals surveyed

Industry Overview

Capex outlook strengthens, Supply cost to worsen 13 July 2026

According to our 2Q26 cost/capital survey of 53 hospitals in the US, more hospitals plan Equity

on increasing capex spending (survey ran late June/ early July), and do so at higher levels, United States

resulting in aggregate growth of +8.3%. The supply expense outlook has worsened for HC Facilities

2026 vs our prior survey, continuing another potential headwind for hospitals (on top of Kevin Fischbeck, CFA

worse payor mix from lost exchange subsidies and decelerating volumes). Research Analyst

BofAS

Capex outlook consistent with HSD increases +1kevin.fischbeck@bofa.com646 855 5948

23% of hospitals have changed their Capex plans due to policy/ reimbursement Joanna Gajuk

uncertainty, down from 38% in the prior survey. 77% of respondents expect their capex ResearchBofAS Analyst

spend to grow in the next 12 months (slightly above 76% prior). We note that this is the +1 646 855 3961

joanna.gajuk@bofa.com

highest % of respondents our survey has seen that expect increased capex spend. On

Craig Jones

average, respondents expect a spending increase of +8.3% (median +4.0%) above our Research Analyst

1Q26 survey average of +7.6% (median +5%). BofAS

+1 646 743 2020

craig.jones3@bofa.com

Expected tariff headwind continues to moderate Joaquin Arriagada Martinez

28% of respondents said tariffs would impact costs at their facilities in Q3 2026, below Research Analyst

54% in prior survey. 38% expect tariffs to impact facilities costs in 2026, improving +1 646 855 1654

from 66% in our last survey.