UNIVERSAL HEALTH SERVICES (UHS) Company Report

Universal Health Services delivered Q4 2025 revenue growth of 9%, adjusted EBITDA net of NCI up 10%, and adjusted EPS up 20% year-over-year.
For FY 2025, revenue rose 10%, adjusted EBITDA net of NCI increased 15%, and adjusted EPS grew 31% versus 2024.
2026 guidance: revenue of $18.4 B–$18.8 B (+6%–8%), adjusted EBITDA net of NCI of $2.64 B–$2.79 B (+2%–8%), and adjusted EPS of $22.64–$24.52 (+4%–13%).
Capital deployment in 2025 included $899 M on share repurchases (4.65 M shares), $1 B in capital expenditures, with $1.425 B of buyback authorization and $900 M revolver capacity remaining.
Q4 same-facility acute care net revenues rose 6.9% (5.2% ex-insurer) translating to 10.4% segment EBITDA growth and a 50 bp margin lift; behavioral health net revenues grew 7.2% with headcount up 3.1%, delivering 6.9% segment EBITDA growth in Q4.

1 day ago

Transcript

Universal Health Services reports Q4 and full-year 2025 results

UHS

Earnings

Guidance Update

Share Buyback

UHS delivered +9% revenue growth, +10% adjusted EBITDA net of NCI, and +20% adjusted EPS in Q4 2025; full-year results were +10% revenue, +15% adjusted EBITDA net of NCI, and +31% adjusted EPS year-over-year.
2026 guidance forecasts $18.4 B–$18.8 B revenue (+6–8%), $2.64 B–$2.79 B adjusted EBITDA net of NCI (+2–8%), and $22.64–$24.52 adjusted EPS (+4–13%), with same-facility volume growth of 2–3% and $950 M–$1.1 B CapEx.
Operating cash flow was $1.9 B in 2025 versus $2.1 B in 2024; CapEx totaled $1.0 B. The company repurchased 4.65 M shares for $899 M, leaving $1.425 B of buyback authorization.
UHS is expanding capacity, including three acute care expansions totaling 178 beds and a 156-bed de novo hospital in Q2 2026; behavioral health will add 264 inpatient beds and at least 10 new outpatient centers under the Thousand Branches brand in 2026.
Continued expense management drove a 2% reduction in acute care length of stay, lower contract labor costs, and stable behavioral margins despite 3.1% headcount growth, positioning for volume improvements.

1 day ago

Transcript

UHS reports Q4 2025 results

UHS

Earnings

Guidance Update

Share Buyback

Revenue grew 9% in Q4 and 10% for full-year 2025; adjusted EBITDA net of NCI rose 10% in Q4 and 15% for the year; adjusted EPS increased 20% in Q4 and 31% for 2025.
Q4 adjusted EPS was $5.88 per diluted share (net income $7.06).
Same-facility acute care net revenues +6.9% (5.2% ex-insurance), revenue per admission +5.4%; behavioral health net revenues +7.2%, revenue per day +5.6%.
Capital deployment: $1 billion capex, $899 million share buyback (4.65 million shares) in 2025; $1.425 billion remaining authorization.
2026 guidance: revenue $18.4–18.8 B (+6–8%), adjusted EBITDA $2.64–2.79 B (+2–8%), adjusted EPS $22.64–24.52 (+4–13%).

1 day ago

Transcript

Universal Health Services reports Q4 2025 results

UHS

Earnings

Guidance Update

Legal Proceedings

Q4 2025 net revenues increased 9.1% to $4.486 B, with net income of $445.9 M (EPS $7.06) vs. $332.4 M (EPS $4.96) in Q4 2024.
Full-year 2025 net revenues rose 9.7% to $17.365 B, with net income of $1.489 B (EPS $23.10) vs. $1.142 B (EPS $16.82) in 2024.
2026 guidance: net revenues of $18.417–$18.789 B, adjusted EBITDA net of NCI of $2.641–$2.789 B, and EPS of $22.64–$24.52.
A new trial was ordered in a Nevada lawsuit after juror misconduct; the case initially included $500 M in punitive damages (reserve of $18 M recorded in Q3 2025).

1 day ago

8-K

Universal Health Services reports Q4 and full-year 2025 results

UHS

Earnings

Share Buyback

Guidance Update

UHS reported Q4 2025 net income of $445.9 million (or $7.06 per diluted share) on revenues up 9.1% to $4.486 billion.
For full year 2025, reported net income was $1.489 billion (or $23.10 per diluted share) with revenues up 9.7% to $17.365 billion.
Generated $1.864 billion of operating cash flow in 2025, down from $2.067 billion in 2024.
Repurchased 4.650 million shares for $899.3 million during 2025 under its buyback program, leaving $1.425 billion of authorization.
2026 guidance calls for revenues of $18.417 billion–$18.789 billion, adjusted EBITDA of $2.641 billion–$2.789 billion, and EPS of $22.64–$24.52.

2 days ago

Press Release

UHS at Wolfe Research Healthcare Conference 2025

UHS

Guidance Update

UHS expects its 2026 guidance to be based on 5.5%–6% acute same-store revenue growth and 2%–3% behavioral patient-day growth, with full details to be provided at the Q4 earnings in February 2026.
The potential expiration of ACA exchange subsidies could create a ~$100 million headwind, assuming 6%–6.5% of acute admissions are exchange patients and one-third of them lose coverage but continue ER use uninsured.
UHS forecasts $1.3 billion in 2025 Medicaid supplemental (DPP) payments, with proposed OBRA-III cuts ramping to $445 million by 2032 (about one-third of the total benefit).
Behavioral health growth initiatives include improving staffing—reducing turnover and increasing hires—to support inpatient capacity and expanding outpatient services (currently 10%–15% of behavioral revenue) via stand-alone clinics.
AI and technology enhancements in the acute revenue cycle drove a 5% pricing uplift in Q3 (versus a sustainable ~3%), with similar coding and collections initiatives planned for behavioral operations.

Nov 19, 2025, 1:00 PM

Transcript

UHS details 3Q performance, exchange subsidy headwind and DPP outlook

UHS

Guidance Update

New Projects/Investments

3Q performance: UHS reported mid-single-digit same-store revenue growth—acute at 5.5%-6% split evenly between price and volume and behavioral at 6%-7% led by pricing—and received $90 million of annual DC DPP payments offset by one-time expenses.
Exchange subsidy expiration headwind: Approximately 6%-6.5% of acute adjusted admissions are exchange patients; UHS estimates $100 million annual revenue loss if subsidies lapse, based on one-third losing coverage and continued ER utilization.
Medicaid supplemental payments (DPPs): 2025 run rate of $1.3 billion in net DPP benefits with projected OB3 cuts reaching $420 million-$470 million by 2032 (≈ one-third of benefit).
Behavioral outpatient expansion: Outpatient services account for 10%-15% of behavioral revenue, growing faster than inpatient; UHS plans to open 10-12 freestanding outpatient facilities annually.

Nov 19, 2025, 1:00 PM

Transcript

UHS outlines exchange subsidy risk, provider tax forecasts and operational trends at Wolfe Healthcare Conference

UHS

Guidance Update

Revenue Acceleration/Inflection

UHS estimates an ~$100 million annual headwind if ACA exchange subsidies expire, with exchange patients representing 6–6.5% of acute adjusted admissions and reimbursing near Medicare levels.
The company projects $1.3 billion in Medicaid supplemental payments for 2025 and potential OBRA 3 cuts ramping to ~$450 million by 2032, about one-third of the total benefit.
Same-store behavioral patient-day growth was 1.3% in Q3, and UHS targets 2–3%, underpinned by ongoing staffing improvements and expansion of outpatient services (currently 10–15% of behavioral revenue).
Enhanced revenue cycle initiatives—including AI-driven coding and collections—drove a ~5% pricing gain in acute care for Q3, with sustainable pricing growth anticipated around 3%, and plans to extend these efforts into behavioral.

Nov 19, 2025, 1:00 PM

Transcript

Hippocratic AI raises $126M Series C at $3.5B valuation

UHS

Convertible Preferred Issuance

New Projects/Investments

Hippocratic AI closed a $126 million Series C financing at a $3.5 billion valuation to fund its global expansion and product growth
Financing was led by Avenir Growth with participation from CapitalG, General Catalyst, Andreessen Horowitz, Kleiner Perkins, Universal Health Services, and others
Since commercialization, the company has partnered with 50+ large health systems, built 1,000+ clinical use cases, and completed 115 million patient interactions with no safety issues
Proceeds will accelerate worldwide deployments, deepen investment in its Polaris Safety Architecture, and support strategic M&A to broaden capabilities

Nov 3, 2025, 6:00 PM

Press Release

UHS reports Q3 2025 results and raises guidance

UHS

Earnings

Guidance Update

Share Buyback

Adjusted EPS of $5.69, up 53% year-over-year, with 13.4% revenue growth in Q3 2025
Recognized a $90 million net benefit from the District of Columbia Supplemental Medicaid Program (approx. $73 million in acute care; remainder in behavioral health), with collection expected in Q4
Increased 2025 adjusted EPS guidance midpoint by 6% to $21.80 per diluted share (from $20.50) based on operational performance and higher Medicaid reimbursement
Year-to-date CapEx of $734 million, repurchased 3.19 million shares for $566 million, and authorized an additional $1.5 billion share buyback, prioritizing returns to shareholders

Oct 28, 2025, 1:00 PM

Transcript

Earnings Transcripts

Quarterly earnings call transcripts for UNIVERSAL HEALTH SERVICES.

Q4 2025

Feb 26, 2026

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Q3 2025

Oct 28, 2025

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Q2 2025

Jul 29, 2025

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UNIVERSAL HEALTH SERVICES (UHS)

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