HCA Healthcare, Inc. EVP and CFO Mike A. Marks filed a Form 4 on November 3, 2026, disclosing a series of transactions in HCA common stock and stock appreciation rights occurring on October 30 and November 2, 2026.

Key Highlights

  • SAR exercise: Marks exercised 4,585 stock appreciation rights on October 30, 2026, at an exercise price of $81.96, acquiring 4,585 shares of common stock.
  • Tax withholding disposal: 2,287 shares were disposed of on October 30, 2026, at $473.19 per share, coded as a tax withholding transaction (code F).
  • Trust-to-direct transfer: On November 2, 2026, 1,042 shares were transferred from the LAM 2020 Trust to direct ownership at $469.405 per share, a change in form of beneficial ownership only.
  • Gift of shares: On November 2, 2026, Marks gifted 1,042 shares of common stock, reducing his direct holdings accordingly.
  • Post-transaction ownership: Following all reported transactions, Marks directly owned 2,298 shares, with 25,458 shares held indirectly by the LAM 2020 Trust and 46,576 shares held indirectly by the MAM 2020 Trust.
  • SAR balance: The exercised stock appreciation rights had vested in four equal annual installments beginning February 1, 2018, leaving a remaining balance of 0 derivative securities after the exercise.

Mike A. Marks Discloses Multiple HCA Healthcare Transactions Across October and November 2026

According to the filing, Mike A. Marks, EVP and CFO of HCA Healthcare, Inc. (NYSE:HCA), reported a sequence of transactions beginning October 30, 2026. On that date, Marks exercised 4,585 stock appreciation rights (SARs) with a conversion price of $81.96, acquiring 4,585 shares of common stock. The same day, 2,287 shares were disposed of at $473.19 per share under transaction code F, which the form uses for shares withheld for tax purposes, reducing his direct holdings to 2,298 shares.

The filing further discloses that on November 2, 2026, Marks transferred 1,042 shares from the LAM 2020 Trust to direct ownership at a price of $469.405 per share, described as the average of the high and low prices of HCA common stock on that date. The filing states this transfer was made pursuant to a power of substitution and "did not change the total number of shares of common stock of the Issuer of which the Reporting Person may be deemed to have beneficial ownership." The reporting person cited Rule 16a-13 under the Securities Exchange Act of 1934 as the applicable exemption for this change in form of ownership. On the same date, Marks gifted those 1,042 shares of common stock, leaving his direct holdings at 2,298 shares.

After all reported transactions, the filing shows Marks held 2,298 shares directly, 25,458 shares indirectly through the LAM 2020 Trust, and 46,576 shares indirectly through the MAM 2020 Trust. The SARs exercised on October 30, 2026, had a remaining balance of zero following the exercise. The Form 4 was signed by Kevin A. Ball as attorney-in-fact and filed on November 3, 2026.

What Was Disclosed

The filing reports an SAR exercise, a tax-related share disposal, a trust-to-direct ownership transfer, and a gift of shares by HCA Healthcare's CFO, Mike A. Marks, covering transactions dated October 30 and November 2, 2026.