UNIVERSAL HEALTH SERVICES (UHS) Company Report

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

Universal Health Services reports Q3 2025 results

UHS

Earnings

Guidance Update

Share Buyback

UHS reported adjusted EPS of $5.69 (up 53% YoY) and revenue growth of 13.4% in Q3 2025.
The quarter included a $90 million net benefit from the District of Columbia Supplemental Medicaid Program, aiding both acute and behavioral segments.
UHS raised the midpoint of its 2025 adjusted EPS guidance by 6% to $21.80 per diluted share.
The Board authorized a $1.5 billion increase in the share repurchase program (total authorization $1.759 billion); YTD, UHS bought back 3.19 million shares for $566 million.
Operational highlights: 2 new acute care hospital openings (West Henderson and Cedar Hill) and 4 freestanding emergency departments opened YTD (total now 34).

Oct 28, 2025, 1:00 PM

Transcript

UHS reports Q3 2025 results

UHS

Earnings

Guidance Update

Share Buyback

Adjusted EPS of $5.69, up 53% YoY; revenue grew 13.4%, aided by a $90 M D.C. supplemental Medicaid benefit.
Raised 2025 adjusted EPS guidance midpoint by 6% to $21.80, up from $20.50, reflecting year-to-date operational performance and supplemental reimbursements.
Generated $1.3 B of cash from operations in the first nine months; spent $566 M to repurchase 3.19 M shares in Q3, and authorized an additional $1.5 B stock buyback.
Same-facility acute admissions increased 2.0% with EBITDA margin up 190 bps to 15.8%; behavioral net revenues rose 9.3% with patient days up 1.3%; Cedar Hill and West Henderson hospitals are ramping and a new facility opens spring 2026.
Projected $1.3 B full-year benefit from Medicaid supplemental programs; pending Florida and Nevada plans could add $75–80 M annually, though OB3 legislation may cut future benefits by ~$420–470 M by 2032.

Oct 28, 2025, 1:00 PM

Transcript

UHS reports Q3 2025 results and raises full-year guidance

UHS

Earnings

Guidance Update

Share Buyback

Universal Health reported Q3 2025 net income attributable to UHS of $373.0 million ($5.86 per diluted share), up from $258.7 million ($3.80) in Q3 2024; net revenues increased 13.4% to $4.495 billion.
Adjusted EBITDA net of NCI for Q3 2025 was $670.6 million, compared with $526.5 million in Q3 2024.
The company raised its 2025 full-year guidance: net revenues to $17.306–17.445 billion (prior $17.096–17.312 billion), Adjusted EBITDA net of NCI to $2.569–2.619 billion (prior $2.458–2.543 billion) and adjusted EPS to $21.50–22.10 per share (prior $20.00–21.00).
Authorized an additional $1.5 billion increase to its stock repurchase program.

Oct 28, 2025, 12:00 PM

8-K

Universal Health Services announces Q3 2025 results, raises full-year guidance and boosts share buyback

UHS

Earnings

Guidance Update

Share Buyback

Reported Q3 2025 net income of $373.0 million, or $5.86 per diluted share, on net revenues of $4.495 billion, a 13.4% increase YoY; adjusted net income was $362.3 million, or $5.69 per diluted share
Nine-month 2025 net revenues rose 9.9% to $12.879 billion, with net income of $1.043 billion, or $16.07 per diluted share
Revised full-year 2025 guidance: net revenues of $17.306 billion–$17.445 billion; adjusted EBITDA net of NCI of $2.569 billion–$2.619 billion; and adjusted EPS of $21.50–$22.10
Board authorized a $1.5 billion increase to the share repurchase program, bringing total authorization to $1.759 billion; in Q3 repurchased 1.315 million shares for $234.3 million and YTD repurchased 3.190 million shares for $565.8 million

Oct 27, 2025, 8:16 PM

Press Release

Universal Health Services reports Q2 2025 results

UHS

Earnings

Guidance Update

Share Buyback

UHS reported $5.43 net income per diluted share and $5.35 adjusted EPS for Q2 2025.
On a same-facility basis, acute care net revenues rose 5.7% with a 10% increase in EBITDA; behavioral health net revenues grew 5.4% with adjusted patient days up 1.2%.
Cash from operating activities was $900 million (down from $1,076 million); Q2 capex was $550 million and UHS repurchased 1.9 million shares for $332 million, with $1 billion available under its revolving credit facility.
The 2025 EPS guidance midpoint was raised by 7% to $20.5, driven by increased DPP reimbursement.
UHS expects its aggregate net benefit from state Medicaid supplemental programs to be reduced by $360–400 million annually by FY 2032 due to the One Beautiful Bill Act.

Jul 29, 2025, 6:20 PM

Earnings Transcripts

Quarterly earnings call transcripts for UNIVERSAL HEALTH SERVICES.

Q3 2025

Oct 28, 2025

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Q2 2025

Jul 29, 2025

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Q1 2025

Apr 29, 2025

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UNIVERSAL HEALTH SERVICES (UHS)

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Edward H. Sim

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A.J. Rice

Hua Ha

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