Universal Health Services, Inc. (UHS) is a healthcare company that owns and operates a network of acute care hospitals, outpatient facilities, and behavioral health care facilities across the United States, the United Kingdom, and Puerto Rico . The company provides a wide range of medical services, including general and specialty surgery, internal medicine, obstetrics, emergency room care, radiology, oncology, diagnostic care, coronary care, pediatric services, pharmacy services, and behavioral health services . UHS's revenue is primarily derived from its acute care and behavioral health care segments, with additional support services such as capital resources and management services provided to its facilities .
- Acute Care Services - Operates acute care hospitals and outpatient facilities offering services such as general and specialty surgery, internal medicine, obstetrics, emergency room care, radiology, oncology, diagnostic care, coronary care, pediatric services, and pharmacy services.
- Behavioral Health Services - Manages behavioral health care facilities providing comprehensive mental health services, with significant operations in the United States and the United Kingdom.
- Support Services - Provides capital resources and management services, including central purchasing, information services, finance and control systems, facilities planning, physician recruitment services, administrative personnel management, marketing, and public relations to its facilities.
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Marc D. Miller ExecutiveBoard | CEO, President, and Director | Board of Trustees at Universal Health Realty Income Trust; Board of Directors at Premier, Inc. | Son of UHS founder Alan B. Miller; joined UHS in 2000; held various leadership roles, including President since 2009; became CEO in 2021. | View Report → |
Edward H. Sim Executive | EVP and President of Acute Care Division | None | Joined UHS in 2022; oversees Acute Care Division; previously COO at Centura Health and held leadership roles at Baptist Health in Florida. | |
Matthew J. Peterson Executive | EVP and President of Behavioral Health | Brigadier General in the U.S. Air National Guard | Joined UHS in 2019; leads the Behavioral Health Division; previously held leadership roles at UnitedHealth Group; promoted to Brigadier General in ANG. | |
Steve G. Filton Executive | EVP, CFO, and Secretary | None | Joined UHS in 1985; held roles including VP and Controller; became CFO in 2003 and EVP in 2017; oversees financial operations and compliance. | View Report → |
Eileen C. McDonnell Board | Director; Chair of Audit and Compensation Committees | Trustee of The Penn Mutual Life Insurance Company; National Advisor to VisionForward; Director of the Insurance Federation of Pennsylvania | Director since 2013; former CEO and Chairman of Penn Mutual; extensive experience in insurance and financial services. | |
Elliot J. Sussman, M.D. Board | Director | Chairman of The Villages Health | Director since 2018; previously served on the Board of Yale New Haven Health System; chaired boards of Council of Teaching Hospitals and AAMC. | |
Maria R. Singer Board | Director | COO of Corporate Finance at Houlihan Lokey | Director since 2020; previously Managing Director and COO of Blackstone Advisory Partners; extensive experience in corporate finance and advisory. | |
Warren J. Nimetz Board | Director | Partner at Norton Rose Fulbright US LLP | Director since 2018; Partner at Norton Rose Fulbright; provides legal services to UHS and Alan B. Miller. |
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Given your previous statements about cost management efforts in preparation for moderating volumes , could you elaborate on how your strategies have evolved in response to the faster-than-expected moderation in acute care volumes, and how confident are you in achieving EBITDA and margin expansion under these circumstances?
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With the aggressive behavior from managed care payers, including increased patient denials and status downgrades , how is this impacting your revenue cycle management, and what specific actions are you taking to mitigate these pressures, particularly related to the Two-Midnight rule?
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In light of higher liability reserves and issues at certain psychiatric facilities , are you considering a shift in your strategic direction or operational focus within the behavioral health segment, and how do you plan to address the risks associated with these challenges?
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Considering the potential capacity constraints in your acute and behavioral hospitals, with occupancy in behavioral facilities running at higher levels despite overall occupancy in the low 70s , how are you balancing capital expenditures between building new beds and optimizing existing capacity to drive admission growth?
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As you continue with significant capital expenditures and share repurchases , could you provide clarity on your capital allocation strategy going forward, including your appetite for M&A opportunities versus returning capital to shareholders, especially in the context of expanding services like outpatient care and telehealth in behavioral health?
Research analysts who have asked questions during UNIVERSAL HEALTH SERVICES earnings calls.
Michael Ha
Robert W. Baird & Co.
7 questions for UHS
Pito Chickering
Deutsche Bank
7 questions for UHS
Benjamin Rossi
JPMorgan Chase & Co.
6 questions for UHS
Joanna Gajuk
Bank of America
6 questions for UHS
Ryan Langston
TD Cowen
6 questions for UHS
Andrew Mok
Barclays
5 questions for UHS
Matthew Gillmor
KeyCorp
5 questions for UHS
A.J. Rice
UBS Group AG
4 questions for UHS
Ann Hynes
Mizuho Financial Group
4 questions for UHS
Benjamin Hendrix
RBC Capital Markets
4 questions for UHS
Craig Hettenbach
Morgan Stanley
4 questions for UHS
Justin Lake
Wolfe Research, LLC
4 questions for UHS
Sarah James
Cantor Fitzgerald
4 questions for UHS
Albert Rice
UBS
3 questions for UHS
Ben Hendrix
RBC Capital Markets
3 questions for UHS
Jamie Perse
The Goldman Sachs Group, Inc.
3 questions for UHS
Jason Cassorla
Guggenheim Partners
3 questions for UHS
Joshua Raskin
Nephron Research
3 questions for UHS
Kevin Fischbeck
Bank of America
3 questions for UHS
Raj Kumar
Stephens
3 questions for UHS
Scott Fidel
Stephens Inc.
3 questions for UHS
A.J. Rice
UBS
2 questions for UHS
Hua Ha
Robert W. Baird & Co. Incorporated
2 questions for UHS
Stephen Baxter
Wells Fargo
2 questions for UHS
Stephen Baxter
Wells Fargo & Company
2 questions for UHS
Whit Mayo
Leerink Partners
2 questions for UHS
Benjamin Mayo
Leerink Partners
1 question for UHS
Dillon Nissan
Wolfe Research
1 question for UHS
Gabrielle Ingoglia
Cantor Fitzgerald
1 question for UHS
Marco Criscuolo
Nephron Research
1 question for UHS
Recent press releases and 8-K filings for UHS.
- 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
- 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).
- 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.
- 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.
- 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
- 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.
- UHS highlighted a mid-single digit acute care revenue growth outlook driven by both volume and pricing improvements in a post-COVID environment.
- The CFO detailed a focus on margin expansion, aiming to return acute care margins to pre-pandemic levels over an 18–24 month period through tighter expense management.
- The company is advancing its expansion plans with plans to add 300 beds this year and another 300 beds next year, noting that ramp-up speeds vary by market.
- In the behavioral segment, UHS discussed the balance between pricing strength and volume challenges, emphasizing the impact of labor constraints and headcount investments.
- 2025 Annual Meeting held via live audio webcast on May 14, 2025, where two directors were elected and key proposals were voted on, including board elections and auditor ratification.
- PricewaterhouseCoopers, LLP was ratified as the independent registered public accounting firm for the fiscal year ending December 31, 2025, while stockholders rejected a proposal for annual director elections.
- Overall Financial Performance: Reported net income of $316.7 million (EPS of $4.80) and adjusted net income of $319.5 million, with net revenues increasing by 6.7% to $4.100 billion; EBITDA net of NCI reached $603.9 million and adjusted EBITDA was $598.2 million
- EPS Performance: Achieved a net income attributable EPS of $4.80 and adjusted EPS of $4.84
- Revenue & EBITDA Growth: Acute care same-facility net revenues rose by 5.0% with EBITDA up 21%, while behavioral health net revenues grew by 5.5%
- Share Repurchase & Capital Allocation: Repurchased approximately 1.0 million shares at a cost of about $181 million, with operating cash flow at $360 million and $239 million in capital expenditures
- Guidance & Expense Management: Maintained full-year behavioral patient day revenue growth guidance of 2.5%-3% and managed premium labor expense at $63 million
- Diversified Portfolio and Strategic History: UHS emphasized its long history and balanced portfolio of acute and behavioral health services, highlighting how diversification has mitigated risks and created operational synergies, such as referrals from acute care to behavioral facilities.
- Post-COVID Financial Recovery and Margin Strategies: Management noted that 2024 brought robust EBITDA growth (over 20% in both segments) as the company returned to a more normalized operating model, with behavioral margins largely restored to or above 2019 levels, while acute care continues to face margin pressure due to increased physician expenses.
- Regulatory and Medicaid Developments: The call discussed the potential impact of proposed Medicaid supplemental payment reforms and the ongoing process for program reapprovals in states like Tennessee and D.C., indicating a cautious but proactive approach to anticipated changes in reimbursement.