Consolidated Results of Operations, As Reported and As Adjusted - Three-month periods ended December 31, 2025 and 2024:
KING OF PRUSSIA, Pa., Feb. 25, 2026 /PRNewswire/ -- Universal Health Services, Inc. (NYSE: UHS) announced today that its reported net income attributable to UHS was $445.9 million, or $7.06 per diluted share, during the fourth quarter of 2025, as compared to $332.4 million, or $4.96 per diluted share, during the fourth quarter of 2024. Net revenues increased by 9.1% to $4.486 billion during the fourth quarter of 2025, as compared to $4.114 billion during the fourth quarter of 2024.
As reflected on the Schedule of Non-GAAP Supplemental Information ("Supplemental Schedule"), our adjusted net income attributable to UHS during the fourth quarter of 2025 was $371.4 million, or $5.88 per diluted share, as compared to $329.9 million, or $4.92 per diluted share, during the fourth quarter of 2024.
As reflected on the Supplemental Schedule, included in our reported results during the fourth quarter of 2025 were: (i) an after-tax unrealized gain of $71.5 million, or $1.13 per diluted share ($93.3 million pre-tax), recorded in connection with our minority ownership in a healthcare generative artificial intelligence company (included in "Other (income) expense, net"); (ii) an after-tax gain of $0.8 million, or $.01 per diluted share ($1.0 million pre-tax), resulting from an increase in the market value of certain equity securities that were sold during the fourth quarter of 2025 (included in "Other (income) expense, net"), and; (iii) a favorable net after-tax impact of $2.3 million, or $.04 per diluted share, resulting from the net tax benefit recorded in connection with "ASU 2016-09", Compensation - Stock Compensation: Improvements to Employee Share-Based Payment Accounting, net of the impact of executive compensation limitations pursuant to IRC section 162(m).
As reflected on the Supplemental Schedule, included in our reported results during the fourth quarter of 2024 were: (i) an unrealized after-tax gain of $2.1 million, or $.03 per diluted share ($2.7 million pre-tax), resulting from an increase in the market value of certain equity securities (included in "Other (income) expense, net"), and; (ii) a favorable net after-tax impact of $0.4 million, or $.01 per diluted share, resulting from the net tax benefit recorded pursuant to ASU 2016-09.
As calculated on the attached Supplemental Schedule, our earnings before interest, taxes, depreciation & amortization ("EBITDA net of NCI", NCI is net income attributable to noncontrolling interests), was $785.1 million during the fourth quarter of 2025, as compared to $620.2 million during the fourth quarter of 2024. Our adjusted earnings before interest, taxes, depreciation & amortization ("Adjusted EBITDA net of NCI"), which excludes the impact of other (income) expense, net, was $678.7 million during the fourth quarter of 2025, as compared to $614.6 million during the fourth quarter of 2024.
Consolidated Results of Operations, As Reported and As Adjusted - Twelve-month periods ended December 31, 2025 and 2024:
Reported net income attributable to UHS was $1.489 billion, or $23.10 per diluted share, during the full year of 2025, as compared to $1.142 billion, or $16.82 per diluted share, during 2024. Net revenues increased by 9.7% to $17.365 billion during the full year of 2025, as compared to $15.828 billion during 2024.
As reflected on the Supplemental Schedule, our adjusted net income attributable to UHS during the full year of 2025 was $1.401 billion, or $21.74 per diluted share, as compared to $1.128 billion, or $16.61 per diluted share, during 2024.
As reflected on the Supplemental Schedule, included in our reported results during the full year of 2025 were: (i) an after-tax unrealized gain of $71.5 million, or $1.11 per diluted share, recognized in connection with our minority ownership in a healthcare generative artificial intelligence company (included in "Other (income) expense, net"); (ii) an after-tax gain of $12.1 million, or $.19 per diluted share ($15.7 million pre-tax), resulting from an increase in the market value of certain equity securities that were sold during the fourth quarter of 2025 (included in "Other (income) expense, net"), and; (iii) a favorable net after-tax impact of $4.2 million, or $.06 per diluted share, resulting from the net tax benefit recorded in connection with ASU 2016-09.
As reflected on the Supplemental Schedule, included in our reported results during the full year of 2024 were: (i) an unrealized after-tax loss of $2.0 million, or $.03 per diluted share ($2.6 million pre-tax), resulting from a decrease in the market value of certain equity securities (included in "Other (income) expense, net"), and; (ii) a favorable net after-tax impact of $15.9 million, or $.24 per diluted share, resulting from the above-mentioned net tax benefit recorded in connection with ASU 2016-09.
As calculated on the attached Supplemental Schedule, our EBITDA net of NCI, was $2.725 billion during the full year of 2025, as compared to $2.248 billion during 2024. Our Adjusted EBITDA net of NCI, was $2.590 billion during the full year of 2025, as compared to $2.246 billion during 2024.
Acute Care Services - Three and twelve-month periods ended December 31, 2025 and 2024:
During the fourth quarter of 2025, at our acute care hospitals owned during both periods ("same facility basis"), adjusted admissions (adjusted for outpatient activity) were unchanged while adjusted patient days decreased by 0.7%, as compared to the fourth quarter of 2024. At these facilities, during the fourth quarter of 2025, net revenue per adjusted admission increased by 5.4% while net revenue per adjusted patient day increased by 6.1%, as compared to the fourth quarter of 2024. Net revenues generated from our acute care services, on a same facility basis, increased by 6.9% during the fourth quarter of 2025, as compared to the fourth quarter of 2024.
During the twelve-month period ended December 31, 2025, at our acute care hospitals on a same facility basis, adjusted admissions increased by 1.6% while adjusted patient days increased by 0.3%, as compared to the comparable period of 2024. At these facilities, during the full year of 2025, net revenue per adjusted admission increased by 5.4% while net revenue per adjusted patient day increased by 6.8%, as compared to 2024. Net revenues generated from our acute care services, on a same facility basis, increased by 8.5% during 2025, as compared to 2024.
Behavioral Health Care Services - Three and twelve-month periods ended December 31, 2025 and 2024:
During the fourth quarter of 2025, at our behavioral health care facilities on a same facility basis, adjusted admissions increased by 1.8% while adjusted patient days increased by 1.5%, as compared to the fourth quarter of 2024. At these facilities, during the fourth quarter of 2025, net revenue per adjusted admission increased by 5.3% and net revenue per adjusted patient day increased by 5.6%, as compared to the fourth quarter of 2024. Net revenues generated from our behavioral health care services, on a same facility basis, increased by 7.2% during the fourth quarter of 2025, as compared to the fourth quarter of 2024.
During the twelve month-period ended December 31, 2025, at our behavioral health care facilities on a same facility basis, adjusted admissions increased by 0.2% while adjusted patient days increased by 0.9%, as compared to the comparable period of 2024. At these facilities, during the full year of 2025, net revenue per adjusted admission increased by 7.5% and net revenue per adjusted patient day increased by 6.8%, as compared to 2024. Net revenues generated from our behavioral health care services, on a same facility basis, increased by 7.7% during 2025, as compared to 2024.
Net Cash Provided by Operating Activities and Liquidity:
Net Cash Provided by Operating Activities:
During the twelve-month period ended December 31, 2025, our net cash provided by operating activities was $1.864 billion as compared to $2.067 billion during the full year of 2024. The $203 million net decrease in our net cash provided by operating activities consisted of: (i) a favorable change of $300 million resulting from an increase in net income plus/minus depreciation and amortization expense, stock-based compensation expense, unrealized gain on non-marketable securities, gains/losses on sales of assets and businesses, and costs related to extinguishment of debt, offset by; (ii) an unfavorable change of $385 million in accounts receivable (due, in part, to a $145 million increase in net receivables recorded in connection with various Medicaid supplemental payment programs and a $50 million increase in accounts receivable related to two relatively recently opened hospitals in Las Vegas, NV, and Washington, D.C.); (iii) an unfavorable change of $67 million in payments made in settlement of self-insurance claims, net of commercial insurance reimbursements, and; (iv) other combined net unfavorable changes of $51 million.
Liquidity:
As of December 31, 2025, we had $889 million of aggregate available borrowing capacity pursuant to our $1.3 billion revolving credit facility, net of outstanding borrowings and letters of credit.
Stock Repurchase Program:
In connection with our stock repurchase program, shares of our Class B Common Stock may be repurchased, from time to time as conditions allow, on the open market or in negotiated private transactions. As previously announced, in October, 2025, our Board of Directors authorized a $1.5 billion increase to our stock repurchase program.
Pursuant to this program, during the fourth quarter of 2025, we have repurchased 1.461 million shares at an aggregate cost of approximately $333.5 million (average price of approximately $228 per share). During the full year of 2025, we have repurchased 4.650 million shares at an aggregate cost of approximately $899.3 million (average price of approximately $193 per share).
As of December 31, 2025, we had an aggregate available repurchase authorization of approximately $1.425 billion pursuant to our stock repurchase program.
2026 Operating Results Forecast:
Reflected below is our 2026 forecasted range for consolidated net revenues, earnings before interest, taxes, depreciation & amortization, and the impacts of other income/expense and net income attributable to noncontrolling interests ("Adjusted EBITDA net of NCI"), net income attributable to UHS per diluted share ("EPS-diluted") and capital expenditures.
Our 2026 forecasted range of net income attributable to UHS, and EPS-diluted, exclude certain items as described below because we do not believe we can forecast those items with sufficient accuracy. Adjusted EBITDA net of NCI, is a non-GAAP financial measure and should not be considered a measure of financial performance under GAAP. We believe Adjusted EBITDA net of NCI is helpful to our investors as a measure of our operating performance. Please see the Supplemental Non-GAAP Disclosures - 2026 Operating Results Forecast schedule as included herein for additional information and a reconciliation of our 2026 revised forecasted range of adjusted net income attributable to UHS to our 2026 revised forecasted range of Adjusted EBITDA net of NCI.
For the Year Ended
December 31, 2026
Low High
Net revenues
$18.417 billion
$18.789 billion
Adjusted EBITDA net of NCI
$2.641 billion
$2.789 billion
EPS-diluted
$22.64 per share
$24.52 per share
Capital expenditures
$950 million
$1.1 billion
- The midpoint of our 2026 forecasted net revenues represents an increase of 7.1% over our 2025 net revenues of $17.365 billion.
- The midpoint of our 2026 forecasted Adjusted EBITDA net of NCI, represents an increase of 4.8% over our 2025 Adjusted EBITDA net of NCI, of $2.590 billion.
- The midpoint of our 2026 forecasted Adjusted EPS-diluted represents an increase of 8.5% over our 2025 Adjusted EPS-diluted of $21.74.
Because we do not believe we can forecast certain items with sufficient accuracy, our 2026 forecasted range of Adjusted EBITDA net of NCI, net income attributable to UHS, and Adjusted EPS-diluted, exclude the impact of future items, if applicable, that are nonrecurring or non-operational in nature including items such as changes in the value of certain non-marketable securities (in connection with our minority ownership in a healthcare generative artificial intelligence company), the impact of ASU 2016-09, and other potential material items that are nonrecurring or non-operational in nature including, but not limited to, impairments of goodwill, long-lived and intangible assets, reserves for various matters including settlements, legal judgments and lawsuits, costs related to extinguishment of debt, gains/losses on sales of assets and businesses, potential impacts of non-ordinary acquisitions, divestitures, joint ventures or other strategic transactions, other amounts that may be reflected in the current or prior year financial statements that relate to prior periods, and the impact of share repurchases that differ from our forecasted assumptions. It is also subject to certain conditions including those as set forth below in General Information, Forward-Looking Statements and Risk Factors and Non-GAAP Financial Measures.
Conference call information:
We will hold a conference call for investors and analysts at 9:00 a.m. eastern time on February 26, 2026. A live webcast of the call will be available on our website at www.uhs.com. To participate via telephone, please register in advance at this link. Upon registration, all telephone participants will receive a confirmation email detailing how to join the conference call, including the dial-in number along with a unique passcode and registrant ID that can be used to access the call. A replay of the call will be available for one full year following the live call.
General Information, Forward-Looking Statements and Risk Factors and Non-GAAP Financial Measures:
One of the nation's largest and most respected providers of hospital and healthcare services, Universal Health Services, Inc. (the "Company") has built an impressive record of achievement and performance. Growing steadily since our inception into an esteemed Fortune 500® corporation, our annual revenues during 2025 were $17.365 billion. UHS ranked #271 on the Fortune 500® and #355 among American companies on the Forbes Global 2000. In 2026, UHS was again recognized as one of Fortune World's Most Admired Companies™ (from Fortune, ©2025, 2026 Fortune Media IP Limited. All rights reserved. Used under license).
Our operating philosophy is as effective today as it was upon the Company's founding in 1979, enabling us to provide compassionate care to our patients and their loved ones. Our strategy includes building or acquiring high quality hospitals in rapidly growing markets, investing in the people and equipment needed to allow each facility to thrive, and becoming the leading healthcare provider in each community we serve.
UHS is headquartered in King of Prussia, PA, and, through its subsidiaries, has approximately 101,500 employees and operates 29 inpatient acute care hospitals, 346 inpatient behavioral health facilities, 168 outpatient facilities and ambulatory care access points, an insurance offering, a physician network and various related services located in 40 states, Washington, D.C., the United Kingdom and Puerto Rico. We have changed the method of our outpatient behavioral health care facility counts during the third quarter of 2025 and substantially all the increase from prior periods relates to that change in convention.
A wholly-owned subsidiary of UHS acts as the advisor to Universal Health Realty Income Trust, a real estate investment trust (NYSE:UHT). For additional information visit www.uhs.com.
This press release contains forward-looking statements based on current management expectations. Numerous factors, including those disclosed herein, those related to healthcare industry trends and those detailed in our filings with the Securities and Exchange Commission (as set forth in Item 1A-Risk Factors, and Item 7-Forward-Looking Statements and Risk Factors, in our Form 10-K for the year ended December 31, 2025), may cause the results to differ materially from those anticipated in the forward-looking statements. These statements are subject to risks and uncertainties and therefore actual results may differ materially. Readers should not place undue reliance on such forward-looking statements which reflect management's view only as of the date hereof. We undertake no obligation to revise or update any forward-looking statements, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise.
Many of the factors that could affect our future results are beyond our control or ability to predict, including, but not limited to:
- A significant portion of our revenues are derived from federal and state government programs including the Medicare and Medicaid programs. Payments from these programs are subject to statutory and regulatory changes, administrative rulings, interpretations and determinations, requirements for utilization review, and federal and state funding restrictions. Changes to these programs could materially affect program payments which could materially impact our results of operations. In addition, we receive substantial reimbursement from multiple states in connection with various supplemental Medicaid payment programs. Failure to renew these programs beyond their scheduled termination dates, failure of the public hospitals to provide the necessary Inter-Governmental Transfers for the states' share of the Medicaid disproportionate share hospital programs, and the failure of our hospitals that currently receive supplemental Medicaid revenues to qualify for future funds under these programs could cause our actual results of operations for the year ended December 31, 2026 to differ materially from our 2026 operating results forecast.
- Legislation adopted on July 4, 2025, attaches work and community service requirements to eligibility for Medicaid benefits that will have the effect of limiting Medicaid enrollment and expenditures. That legislation also places limits on provider fees used to increase federal Medicaid funding to states and eliminates certain exchange premium tax credits beyond 2025. As these provisions become effective over the next several years, they may be expected to reduce our revenues and likely increase the level of uncompensated care provided by our facilities.
- The increase in interest rates during the past few years has increased our interest expense significantly thereby reducing our free cash flow. As such, although interest rates have moderated more recently, the effects of increased borrowing rates have adversely impacted our results of operations, financial condition and cash flows. We cannot predict future changes to interest rates, however, significant increases in our borrowing rates could have a material unfavorable impact on our future results of operations and our ability to access the capital markets on favorable terms.
- Changes in laws or policies governing the terms of foreign trade, and in particular, increased trade restrictions, tariffs or taxes on imports from where our products or materials are made (either directly or through our suppliers) could have an impact on our competitive position, business operations and financial results.
- The outcome of known and unknown litigation, liabilities and other claims asserted against us and/or our subsidiaries, including, but not limited to, the matters related to Cumberland Hospital for Children and Adolescents, located in New Kent, Virginia, and the verdict in Washoe County, Nevada, against certain subsidiaries of ours, both of which were previously disclosed in various filings including, most recently, our Form 10-K for the year ended December 31, 2025. Although we can make no assurances regarding the ultimate outcome of these matters, or what damages will ultimately be awarded, the final resolution of these matters could have a material adverse effect on the Company.
We believe that adjusted net income attributable to UHS, adjusted net income attributable to UHS per diluted share, EBITDA net of NCI and Adjusted EBITDA net of NCI, which are non-GAAP financial measures ("GAAP" is Generally Accepted Accounting Principles in the United States of America), are helpful to our investors as measures of our operating performance. In addition, we believe that, when applicable, comparing and discussing our financial results based on these measures, as calculated, is helpful to our investors since it neutralizes the effect of material items impacting our net income attributable to UHS, such as, changes in the value of certain non-marketable securities (in connection with our minority ownership in a healthcare generative artificial intelligence company), the impact of ASU 2016-09, and other potential material items that are nonrecurring or non-operational in nature including, but not limited to, impairments of goodwill, long-lived and intangible assets, reserves for various matters including settlements, legal judgments and lawsuits, costs related to extinguishment of debt, gains/losses on sales of assets and businesses, potential impacts of non-ordinary acquisitions, divestitures, joint ventures or other strategic transactions, and other amounts that may be reflected in the current or prior year financial statements that relate to prior periods. To obtain a complete understanding of our financial performance these measures should be examined in connection with net income attributable to UHS, as determined in accordance with GAAP, and as presented in the condensed consolidated financial statements and notes thereto in this report or in our filings with the Securities and Exchange Commission including our Report on Form 10-K for the year ended December 31, 2025. Since the items included or excluded from these measures are significant components in understanding and assessing financial performance under GAAP, these measures should not be considered to be alternatives to net income as a measure of our operating performance or profitability. Since these measures, as presented, are not determined in accordance with GAAP and are thus susceptible to varying calculations, they may not be comparable to other similarly titled measures of other companies. Investors are encouraged to use GAAP measures when evaluating our financial performance.
Universal Health Services, Inc.
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Consolidated Statements of Income
---
(in thousands, except per share amounts)
(unaudited)
Three months
Twelve months
ended December 31, ended December 31,
2025 2024 2025 2024
Net revenues $4,486,048 $4,113,722 $17,364,829 $15,827,935
Operating charges:
Salaries, wages and benefits 2,046,629 1,907,383 8,084,582 7,518,687
Other operating expenses 1,297,207 1,142,901 4,860,246 4,308,384
Supplies expense 422,760 405,900 1,659,009 1,587,786
Depreciation and amortization 163,334 146,781 618,743 584,831
Lease and rental expense 38,886 38,268 148,234 146,433
3,968,816 3,641,233 15,370,814 14,146,121
Income from operations 517,232 472,489 1,994,015 1,681,814
Interest expense, net 42,217 39,724 156,068 186,109
Other (income) expense, net (106,427) (5,546) (134,194) (2,231)
Income before income taxes 581,442 438,311 1,972,141 1,497,936
Provision for income taxes 133,605 101,264 460,959 334,827
Net income 447,837 337,047 1,511,182 1,163,109
Less: Net income (loss) attributable to
noncontrolling interests ("NCI") 1,896 4,650 22,386 21,012
Net income attributable to UHS $445,941 $332,397 $1,488,796 $1,142,097
Basic earnings per share attributable to UHS (a) $7.19 $5.07 $23.42 $17.16
Diluted earnings per share attributable to UHS (a) $7.06 $4.96 $23.10 $16.82
Universal Health Services, Inc.
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Footnotes to Consolidated Statements of Income
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(in thousands, except per share amounts)
(unaudited)
Three months Twelve months
(a) Earnings per share calculation: ended December 31, ended December 31,
2025 2024 2025 2024
Basic and diluted:
Net income attributable to UHS $445,941 $332,397 $1,488,796 $1,142,097
Less: Net income attributable to unvested restricted share grants 0 0 0 (50)
Net income attributable to UHS - basic and diluted $445,941 $332,397 $1,488,796 $1,142,047
Weighted average number of common shares - basic 62,024 65,597 63,581 66,554
Basic earnings per share attributable to UHS: $7.19 $5.07 $23.42 $17.16
Weighted average number of common shares 62,024 65,597 63,581 66,554
Add: Other share equivalents 1,133 1,477 881 1,342
Weighted average number of common shares and equiv. - diluted 63,157 67,074 64,462 67,896
Diluted earnings per share attributable to UHS: $7.06 $4.96 $23.10 $16.82
Universal Health Services, Inc.
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Schedule of Non-GAAP Supplemental Information ("Supplemental Schedule")
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For the Three Months ended December 31, 2025 and 2024
---
(in thousands, except per share amounts)
(unaudited)
Calculation of Earnings/Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization
("EBITDA/Adjusted EBITDA net of NCI")
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Three months % Net Three months
ended ended % Net
December 31, 2025 revenues December 31, 2024 revenues
Net income attributable to UHS $445,941 $332,397
Depreciation and amortization 163,334 146,781
Interest expense, net 42,217 39,724
Provision for income taxes 133,605 101,264
EBITDA net of NCI $785,097 17.5 % $620,166 15.1 %
Other (income) expense, net (106,427) (5,546)
Adjusted EBITDA net of NCI $678,670 15.1 % $614,620 14.9 %
Net revenues $4,486,048 $4,113,722
Calculation of Adjusted Net Income Attributable to UHS
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Three months ended
Three months ended
December 31, 2025
December 31, 2024
Per Per
Amount Diluted
Amount Diluted
Share Share
Net income attributable to UHS $445,941 $7.06 $332,397 $4.96
Plus/minus after-tax adjustments:
(Gain) loss on marketable equity securities (769) (0.01) (2,053) (0.03)
Unrealized gain on non-marketable securities (71,489) (1.13)
Impact of ASU 2016-09, net (2,284) (0.04) (407) (0.01)
Subtotal adjustments (74,542) (1.18) (2,460) (0.04)
Adjusted net income attributable to UHS $371,399 $5.88 $329,937 $4.92
Universal Health Services, Inc.
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Schedule of Non-GAAP Supplemental Information ("Supplemental Schedule")
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For the Twelve Months ended December 31, 2025 and 2024
---
(in thousands, except per share amounts)
(unaudited)
Calculation of Earnings/Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization
("EBITDA/Adjusted EBITDA net of NCI")
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Twelve months % Net Twelve months
ended ended % Net
December 31, 2025 revenues December 31, 2024 revenues
Net income attributable to UHS $1,488,796 $1,142,097
Depreciation and amortization 618,743 584,831
Interest expense, net 156,068 186,109
Provision for income taxes 460,959 334,827
EBITDA net of NCI $2,724,566 15.7 % $2,247,864 14.2 %
Other (income) expense, net (134,194) (2,231)
Adjusted EBITDA net of NCI $2,590,372 14.9 % $2,245,633 14.2 %
Net revenues $17,364,829 $15,827,935
Calculation of Adjusted Net Income Attributable to UHS
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Twelve months ended
Twelve months ended
December 31, 2025
December 31, 2024
Per Per
Amount Diluted
Amount Diluted
Share Share
Net income attributable to UHS $1,488,796 $23.10 $1,142,097 $16.82
Plus/minus after-tax adjustments:
(Gain) loss on marketable equity securities (12,061) (0.19) 1,985 0.03
Unrealized gain on non-marketable securities (71,489) (1.11)
Impact of ASU 2016-09, net (4,164) (0.06) (15,947) (0.24)
Subtotal adjustments (87,714) (1.36) (13,962) (0.21)
Adjusted net income attributable to UHS $1,401,082 $21.74 $1,128,135 $16.61
Universal Health Services, Inc.
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Condensed Consolidated Balance Sheets
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(in thousands)
(unaudited)
December 31, December 31,
2025 2024
Assets
Current assets:
Cash and cash equivalents $
137,797 $
125,983
Accounts receivable, net 2,602,434 2,177,751
Supplies 232,110 220,940
Other current assets 435,574 291,614
Total current assets 3,407,915 2,816,288
Property and equipment 13,489,811 12,643,283
Less: accumulated depreciation (6,481,714) (6,071,058)
7,008,097 6,572,225
Other assets:
Goodwill 3,990,213 3,932,879
Deferred income taxes 70,517 118,449
Right of use assets-operating leases 374,239 418,719
Deferred charges 9,272 9,404
Other 667,340 601,785
Total Assets $
15,527,593 $
14,469,749
Liabilities and Stockholders' Equity
Current liabilities:
Current maturities of long-term debt $
748,158 $
40,059
Accounts payable and other liabilities 2,416,276 2,081,479
Operating lease liabilities 73,237 74,649
Federal and state taxes 1,930 14,219
Total current liabilities 3,239,601 2,210,406
Other noncurrent liabilities 527,827 655,806
Operating lease liabilities noncurrent 340,715 376,239
Deferred income taxes 5,649
Long-term debt 4,004,393 4,464,482
Redeemable noncontrolling interest 70,620 13,293
UHS common stockholders' equity 7,275,792 6,666,207
Noncontrolling interest 62,996 83,316
Total equity 7,338,788 6,749,523
Total Liabilities and Stockholders' Equity $
15,527,593 $
14,469,749
Universal Health Services, Inc.
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Consolidated Statements of Cash Flows
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(in thousands)
(unaudited)
Twelve months
ended December 31,
2025 2024
Cash Flows from Operating Activities:
Net income $1,511,182 $1,163,109
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation & amortization 618,743 584,831
Stock-based compensation expense 95,688 99,349
Unrealized gain on non-marketable securities (93,291) 0
Loss (gain) on sales of assets and businesses 7,968 (9,920)
Costs related to extinguishment of debt 0 3,158
Changes in assets & liabilities, net of effects from
acquisitions and dispositions:
Accounts receivable (317,985) 67,355
Accrued interest (4,053) 12,814
Accrued and deferred income taxes (21,441) 12,651
Other working capital accounts 99,189 61,897
Other assets and deferred charges (28,599) (12,163)
Other, net 19,700 21,811
Accrued insurance expense, net of commercial premiums paid 236,771 254,394
Payments made in settlement of self-insurance claims, net of commercial insurance reimbursements (259,475) (192,185)
Net cash provided by operating activities 1,864,397 2,067,101
Cash Flows from Investing Activities:
Property and equipment additions (1,015,152) (943,810)
Proceeds received from sales of assets and businesses 15,863 38,563
Acquisition of businesses and property (47,804) (18,998)
(Outflows) inflows from foreign exchange contracts that hedge our net U.K. investment (52,213) 12,860
Costs incurred for purchase and development of enterprise resource planning application (24,695) 0
Proceeds from sale of marketable equity securities 63,073 0
Investments in non-marketable securities (9,831) 0
Decrease in capital reserves of commercial insurance subsidiary 142 276
Net cash used in investing activities (1,070,617) (911,109)
Cash Flows from Financing Activities:
Repayments of long-term debt (43,504) (2,640,001)
Additional borrowings 285,536 2,210,248
Financing costs (382) (12,566)
Repurchase of common shares (967,951) (670,754)
Dividends paid (51,267) (53,346)
Issuance of common stock 16,729 15,070
Profit distributions to noncontrolling interests (11,734) (6,508)
Purchase of ownership interests by minority members 22,846 12,980
Net cash used in financing activities (749,727) (1,144,877)
Effect of exchange rate changes on cash and cash equivalents 2,517 (833)
Increase in cash, cash equivalents and restricted cash 46,570 10,282
Cash, cash equivalents and restricted cash, beginning of period 224,752 214,470
Cash, cash equivalents and restricted cash, end of period $271,322 $224,752
Supplemental Disclosures of Cash Flow Information:
Interest paid $156,041 $168,274
Income taxes paid, net of refunds $470,865 $325,430
Noncash purchases of property and equipment $74,423 $118,109
Universal Health Services, Inc.
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Supplemental Statistical Information
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(unaudited)
% Change % Change
3 Months ended 12 Months ended
Same Facility: 12/31/2025 12/31/2025
Acute Care Hospitals (1)
Revenues 6.9 % 8.5 %
Adjusted Admissions 0.0 % 1.6 %
Adjusted Patient Days -0.7 % 0.3 %
Revenue Per Adjusted Admission 5.4 % 5.4 %
Revenue Per Adjusted Patient Day 6.1 % 6.8 %
Behavioral Health Hospitals (1)
Revenues 7.2 % 7.7 %
Adjusted Admissions 1.8 % 0.2 %
Adjusted Patient Days 1.5 % 0.9 %
Revenue Per Adjusted Admission 5.3 % 7.5 %
Revenue Per Adjusted Patient Day 5.6 % 6.8 %
UHS Consolidated Fourth Quarter Ended
Twelve Months Ended
12/31/2025 12/31/2024 12/31/2025 12/31/2024
Revenues $4,486,048 $4,113,722 $17,364,829 $15,827,935
EBITDA net of NCI $785,097 $620,166 $2,724,566 $2,247,864
EBITDA Margin net of NCI 17.5 % 15.1 % 15.7 % 14.2 %
Adjusted EBITDA net of NCI $678,670 $614,620 $2,590,372 $2,245,633
Adjusted EBITDA Margin net of NCI 15.1 % 14.9 % 14.9 % 14.2 %
Cash Flow From Operations $574,693 $658,437 $1,864,397 $2,067,101
Capital Expenditures $281,220 $245,945 $1,015,152 $943,810
Days Sales Outstanding 55 50
Debt $4,752,551 $4,504,541
UHS' Shareholders Equity $7,275,792 $6,666,207
Debt / Total Capitalization 39.5 % 40.3 %
Debt / EBITDA net of NCI (2) 1.74 2.00
Debt / Adjusted EBITDA net of NCI (2) 1.83 2.01
Debt / Cash From Operations (2) 2.55 2.18
(1) Prior year amounts related to certain facilities previously included in our Behavioral Health Care Services' results have been reclassified into our Acute Care Hospital Services' results as of May 1, 2024 to conform with current year presentation.
(2) Latest 4 quarters.
Universal Health Services, Inc.
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Acute Care Hospital Services
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For the Three and Twelve months ended
December 31, 2025 and 2024
(in thousands)
(unaudited)
Same Facility Basis -Acute Care Hospital Services
---
Three months ended Three months ended Twelve months ended Twelve months ended
December 31, 2025 December 31, 2024 December 31, 2025 December 31, 2024
Amount % of Net Amount % of Net Amount % of Net Amount % of Net
Revenues Revenues Revenues Revenues
Net revenues $2,374,204 100.0 % $2,220,941 100.0 % $9,323,647 100.0 % $8,590,209 100.0 %
Operating charges:
Salaries, wages and benefits 947,349 39.9 % 901,004 40.6 % 3,687,017 39.5 % 3,518,909 41.0 %
Other operating expenses 692,685 29.2 % 626,978 28.2 % 2,664,397 28.6 % 2,384,758 27.8 %
Supplies expense 356,967 15.0 % 348,558 15.7 % 1,397,254 15.0 % 1,360,652 15.8 %
Depreciation and amortization 94,702 4.0 % 89,225 4.0 % 361,988 3.9 % 367,822 4.3 %
Lease and rental expense 26,222 1.1 % 26,425 1.2 % 100,678 1.1 % 98,777 1.1 %
Subtotal-operating expenses 2,117,925 89.2 % 1,992,190 89.7 % 8,211,334 88.1 % 7,730,918 90.0 %
Income from operations 256,279 10.8 % 228,751 10.3 % 1,112,313 11.9 % 859,291 10.0 %
Interest expense, net 5,007 0.2 % 2,976 0.1 % 5,975 0.1 % 6,339 0.1 %
Other (income) expense, net (10,902) (0.5) % (775) (0.0) % (21,163) (0.2) % (1,882) (0.0) %
Income before income taxes $262,174 11.0 % $226,550 10.2 % $1,127,501 12.1 % $854,834 10.0 %
All Acute Care Hospital Services
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Three months ended Three months ended Twelve months ended Twelve months ended
December 31, 2025 December 31, 2024 December 31, 2025 December 31, 2024
Amount % of Net Amount % of Net Amount % of Net Amount % of Net
Revenues Revenues Revenues Revenues
Net revenues $2,545,579 100.0 % $2,326,702 100.0 % $9,925,907 100.0 % $8,944,288 100.0 %
Operating charges:
Salaries, wages and benefits 976,301 38.4 % 903,457 38.8 % 3,797,810 38.3 % 3,523,526 39.4 %
Other operating expenses 828,716 32.6 % 735,765 31.6 % 3,179,922 32.0 % 2,747,066 30.7 %
Supplies expense 361,984 14.2 % 348,841 15.0 % 1,426,059 14.4 % 1,360,758 15.2 %
Depreciation and amortization 100,398 3.9 % 89,297 3.8 % 388,804 3.9 % 368,717 4.1 %
Lease and rental expense 26,501 1.0 % 26,425 1.1 % 101,622 1.0 % 99,066 1.1 %
Subtotal-operating expenses 2,293,900 90.1 % 2,103,785 90.4 % 8,894,217 89.6 % 8,099,133 90.6 %
Income from operations 251,679 9.9 % 222,917 9.6 % 1,031,690 10.4 % 845,155 9.4 %
Interest expense, net 5,108 0.2 % 2,976 0.1 % 6,285 0.1 % 6,339 0.1 %
Other (income) expense, net (11,727) (0.5) % (951) (0.0) % (21,533) (0.2) % (1,305) (0.0) %
Income before income taxes $258,298 10.1 % $220,892 9.5 % $1,046,938 10.5 % $840,121 9.4 %
We believe that providing our results on a "Same Facility" basis (which is a non-GAAP measure), which includes the operating results for facilities and businesses operated in both the current year and prior year periods, is helpful to our investors as a measure of our operating performance. Our Same Facility results also neutralize (if applicable), the effect of material items that are nonrecurring or non-operational in nature including items such as, but not limited to, reserves for various matters,
settlements, legal judgments and lawsuits, cost related to extinguishment of debt, gains/losses on sales of assets and businesses, impairments of goodwill, long-lived and intangible assets and other amounts that may be reflected in the current or prior year financial statements that relate to prior periods. Our Same Facility basis results exclude from net revenues and other operating expenses, provider tax assessments incurred in each period. However, these provider tax assessments are included in net
revenues and other operating expenses as reflected in the table under All Acute Care Hospital Services. The provider tax assessments had no impact on the income before income taxes as reflected on the above tables since the amounts offset between net revenues and other operating expenses. To obtain a complete understanding of our financial performance, the Same Facility results should be examined in connection with our net income as determined in accordance with GAAP and as presented herein and the
condensed consolidated financial statements and notes thereto as contained in our Form 10-K for the year ended December 31, 2025.
Prior year amounts related to certain facilities previously included in our Behavioral Health Care Services' results have been reclassified into our Acute Care Hospital Services' results as of May 1, 2024 to conform with current year presentation.
The All Acute Care Hospital Services table summarizes the results of operations for all our acute care operations during the periods presented. These amounts include: (i) our acute care results on a same facility basis, as indicated above; (ii) the impact of provider tax assessments which increased net revenues and other operating expenses but had no impact on income before income taxes, and; (iii) certain other amounts including the results of facilities acquired or opened during the last twelve months.
Universal Health Services, Inc.
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Behavioral Health Care Services
---
For the Three and Twelve months ended
December 31, 2025 and 2024
(in thousands)
(unaudited)
Same Facility Basis - Behavioral Health Care Services
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Three months ended Three months ended Twelve months ended Twelve months ended
December 31, 2025 December 31, 2024 December 31, 2025 December 31, 2024
Amount % of Net Amount % of Net Amount % of Net Amount % of Net
Revenues Revenues Revenues Revenues
Net revenues $1,838,453 100.0 % $1,715,590 100.0 % $7,185,336 100.0 % $6,668,971 100.0 %
Operating charges:
Salaries, wages and benefits 986,078 53.6 % 905,324 52.8 % 3,876,831 54.0 % 3,574,879 53.6 %
Other operating expenses 339,582 18.5 % 326,173 19.0 % 1,338,907 18.6 % 1,263,911 19.0 %
Supplies expense 61,644 3.4 % 57,775 3.4 % 234,606 3.3 % 228,606 3.4 %
Depreciation and amortization 58,551 3.2 % 54,562 3.2 % 217,375 3.0 % 204,197 3.1 %
Lease and rental expense 11,862 0.6 % 11,243 0.7 % 45,178 0.6 % 45,626 0.7 %
Subtotal-operating expenses 1,457,717 79.3 % 1,355,077 79.0 % 5,712,897 79.5 % 5,317,219 79.7 %
Income from operations 380,736 20.7 % 360,513 21.0 % 1,472,439 20.5 % 1,351,752 20.3 %
Interest expense, net 596 0.0 % 951 0.1 % 4,021 0.1 % 4,027 0.1 %
Other (income) expense, net (209) (0.0) % (1,139) (0.1) % (2,107) (0.0) % (3,480) (0.1) %
Income before income taxes $380,349 20.7 % $360,701 21.0 % $1,470,525 20.5 % $1,351,205 20.3 %
All Behavioral Health Care Services
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Three months ended Three months ended Twelve months ended Twelve months ended
December 31, 2025 December 31, 2024 December 31, 2025 December 31, 2024
Amount % of Net Amount % of Net Amount % of Net Amount % of Net
Revenues Revenues Revenues Revenues
Net revenues $1,937,516 100.0 % $1,784,379 100.0 % $7,425,500 100.0 % $6,873,090 100.0 %
Operating charges:
Salaries, wages and benefits 992,582 51.2 % 908,789 50.9 % 3,893,474 52.4 % 3,590,956 52.2 %
Other operating expenses 428,196 22.1 % 391,920 22.0 % 1,566,405 21.1 % 1,443,857 21.0 %
Supplies expense 61,878 3.2 % 57,953 3.2 % 235,422 3.2 % 229,527 3.3 %
Depreciation and amortization 60,503 3.1 % 55,164 3.1 % 220,464 3.0 % 205,741 3.0 %
Lease and rental expense 12,272 0.6 % 11,748 0.7 % 46,257 0.6 % 46,980 0.7 %
Subtotal-operating expenses 1,555,431 80.3 % 1,425,574 79.9 % 5,962,022 80.3 % 5,517,061 80.3 %
Income from operations 382,085 19.7 % 358,805 20.1 % 1,463,478 19.7 % 1,356,029 19.7 %
Interest expense, net 666 0.0 % 951 0.1 % 4,110 0.1 % 4,027 0.1 %
Other (income) expense, net (206) (0.0) % (1,139) (0.1) % (1,135) (0.0) % (3,547) (0.1) %
Income before income taxes $381,625 19.7 % $358,993 20.1 % $1,460,503 19.7 % $1,355,549 19.7 %
We believe that providing our results on a "Same Facility" basis (which is a non-GAAP measure), which includes the operating results for facilities and businesses operated in both the current year and prior year periods, is helpful to our investors as a measure of our operating performance. Our Same Facility results also neutralize (if applicable), the effect of material items that are nonrecurring or non-operational in nature including items such as, but not limited to, reserves for various matters,
settlements, legal judgments and lawsuits, cost related to extinguishment of debt, gains/losses on sales of assets and businesses, impairments of goodwill, long-lived and intangible assets and other amounts that may be reflected in the current or prior year financial statements that relate to prior periods. Our Same Facility basis results exclude from net revenues and other operating expenses, provider tax assessments incurred in each period. However, these provider tax assessments are included in net
revenues and other operating expenses as reflected in the table under All Behavioral Health Care Services. The provider tax assessments had no impact on the income before income taxes as reflected on the above tables since the amounts offset between net revenues and other operating expenses. To obtain a complete understanding of our financial performance, the Same Facility results should be examined in connection with our net income as determined in accordance with GAAP and as presented herein and the
condensed consolidated financial statements and notes thereto as contained in our Form 10-K for the year ended December 31, 2025.
Prior year amounts related to certain facilities previously included in our Behavioral Health Care Services' results have been reclassified into our Acute Care Hospital Services' results as of May 1, 2024 to conform with current year presentation.
The All Behavioral Health Care Services table summarizes the results of operations for all our behavioral health care facilities during the periods presented. These amounts include: (i) our behavioral health results on a same facility basis, as indicated above; (ii) the impact of provider tax assessments which increased net revenues and other operating expenses but had no impact on income before income taxes, and; (iii) certain other amounts including the results of facilities acquired or opened during
the last twelve months.
Universal Health Services, Inc.
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Selected Hospital Statistics
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For the Three Months ended
December 31, 2025 and 2024
(unaudited)
AS REPORTED:
ACUTE BEHAVIORAL HEALTH
12/31/25 12/31/24 % change 12/31/25 12/31/24 % change
Hospitals owned and leased 29 28 3.6 % 345 331 4.2 %
Average licensed beds 7,165 6,847 4.6 % 24,436 24,080 1.5 %
Average available beds 6,993 6,675 4.8 % 24,336 23,980 1.5 %
Patient days 414,230 409,299 1.2 % 1,616,026 1,581,195 2.2 %
Average daily census 4,502.5 4,448.9 1.2 % 17,565.5 17,186.9 2.2 %
Occupancy-licensed beds 62.8 % 65.0 % -3.3 % 71.9 % 71.4 % 0.7 %
Occupancy-available beds 64.4 % 66.7 % -3.4 % 72.2 % 71.7 % 0.7 %
Admissions 87,277 85,444 2.1 % 115,654 114,236 1.2 %
Length of stay 4.7 4.8 -2.1 % 14.0 13.8 1.4 %
Inpatient revenue $14,235,538 $12,502,393 13.9 % $3,018,727 $2,740,068 10.2 %
Outpatient revenue 9,974,040 8,645,714 15.4 % 296,161 284,689 4.0 %
Total patient revenue 24,209,578 21,148,107 14.5 % 3,314,888 3,024,757 9.6 %
Other revenue 304,196 251,237 21.1 % 101,945 83,784 21.7 %
Gross revenue 24,513,774 21,399,344 14.6 % 3,416,833 3,108,541 9.9 %
Total deductions 21,968,195 19,072,642 15.2 % 1,479,317 1,324,162 11.7 %
Net revenue $2,545,579 $2,326,702 9.4 % $1,937,516 $1,784,379 8.6 %
SAME FACILITY:
ACUTE BEHAVIORAL HEALTH
12/31/25 12/31/24 % change 12/31/25 12/31/24 % change
Hospitals owned and leased 28 28 0.0 % 334 334 0.0 %
Average licensed beds 6,923 6,847 1.1 % 24,050 23,895 0.6 %
Average available beds 6,751 6,675 1.1 % 23,950 23,795 0.7 %
Patient days 404,644 409,299 -1.1 % 1,592,235 1,566,594 1.6 %
Average daily census 4,398.3 4,448.9 -1.1 % 17,306.9 17,028.2 1.6 %
Occupancy-licensed beds 63.5 % 65.0 % -2.2 % 72.0 % 71.3 % 1.0 %
Occupancy-available beds 65.2 % 66.7 % -2.3 % 72.3 % 71.6 % 1.0 %
Admissions 85,033 85,444 -0.5 % 114,718 113,039 1.5 %
Length of stay 4.8 4.8 0.0 % 13.9 13.9 0.0 %
Prior year amounts related to certain facilities previously included in our Behavioral Health Care Services' results have been reclassified into our Acute Care Hospital Services' results as of May 1, 2024 to conform with current year presentation.
Universal Health Services, Inc.
Selected Hospital Statistics
For the Twelve Months ended
December 31, 2025 and 2024
(unaudited)
AS REPORTED:
ACUTE BEHAVIORAL HEALTH
12/31/25 12/31/24 % change 12/31/25 12/31/24 % change
Hospitals owned and leased 29 28 3.6 % 345 331 4.2 %
Average licensed beds 7,073 6,763 4.6 % 24,342 24,274 0.3 %
Average available beds 6,901 6,591 4.7 % 24,242 24,187 0.2 %
Patient days 1,657,502 1,621,966 2.2 % 6,476,268 6,426,265 0.8 %
Average daily census 4,541.1 4,431.6 2.5 % 17,743.2 17,558.1 1.1 %
Occupancy-licensed beds 64.2 % 65.5 % -2.0 % 72.9 % 72.3 % 0.8 %
Occupancy-available beds 65.8 % 67.2 % -2.1 % 73.2 % 72.6 % 0.8 %
Admissions 347,736 334,918 3.8 % 473,071 473,081 0.0 %
Length of stay 4.8 4.8 0.0 % 13.7 13.6 0.7 %
Inpatient revenue $56,351,981 $50,051,514 12.6 % $11,943,845 $11,088,812 7.7 %
Outpatient revenue 38,767,055 34,199,936 13.4 % 1,148,851 1,117,178 2.8 %
Total patient revenue 95,119,036 84,251,450 12.9 % 13,092,696 12,205,990 7.3 %
Other revenue 1,186,100 998,677 18.8 % 383,244 330,950 15.8 %
Gross revenue 96,305,136 85,250,127 13.0 % 13,475,940 12,536,940 7.5 %
Total deductions 86,379,229 76,305,839 13.2 % 6,050,440 5,663,850 6.8 %
Net revenue $9,925,907 $8,944,288 11.0 % $7,425,500 $6,873,090 8.0 %
SAME FACILITY:
ACUTE BEHAVIORAL HEALTH
12/31/25 12/31/24 % change 12/31/25 12/31/24 % change
Hospitals owned and leased 28 28 0.0 % 334 334 0.0 %
Average licensed beds 6,830 6,763 1.0 % 24,087 23,909 0.7 %
Average available beds 6,658 6,591 1.0 % 23,987 23,809 0.7 %
Patient days 1,621,440 1,621,966 0.0 % 6,415,058 6,344,903 1.1 %
Average daily census 4,442.3 4,431.6 0.2 % 17,575.5 17,335.8 1.4 %
Occupancy-licensed beds 65.0 % 65.5 % -0.7 % 73.0 % 72.5 % 0.6 %
Occupancy-available beds 66.7 % 67.2 % -0.8 % 73.3 % 72.8 % 0.6 %
Admissions 339,174 334,918 1.3 % 469,571 467,508 0.4 %
Length of stay 4.8 4.8 0.0 % 13.7 13.6 0.7 %
Prior year amounts related to certain facilities previously included in our Behavioral Health Care Services' results have been reclassified into our Acute Care Hospital Services' results as of May 1, 2024 to conform with current year presentation.
Universal Health Services, Inc.
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Supplemental Non-GAAP Disclosures
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2026 Operating Results Forecast
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(in thousands, except per share amounts)
Forecast For The Year Ending December 31, 2026
% Net % Net
Low revenues High revenues
Net revenues $18,417,000 $18,789,000
Adjusted net income attributable to UHS (a) $1,366,561 $1,479,817
Depreciation and amortization 671,628 671,628
Interest expense 181,140 181,140
Other (income) expense, net (7,960) (7,960)
Provision for income taxes 429,183 464,751
Adjusted EBITDA net of NCI (b) $2,640,552 14.3 % $2,789,376 14.8 %
Adjusted net income attributable to UHS, per diluted share (a) $22.64 $24.52
Shares used in computing diluted earnings per share 60,349 60,349
(a) Adjusted net income attributable to UHS/per diluted share exclude the following items because we do not believe we can forecast these items with sufficient accuracy. Such items include: the impact of future items, if applicable, that are nonrecurring or non-operational in nature including items such as pre-tax unrealized gains/losses resulting from changes in the value of certain non-marketable securities, the impact of ASU 2016-09, and other potential material items including, but not limited
to, impairments of goodwill, long-lived and intangible assets, reserves for various matters including settlements, legal judgments and lawsuits, costs related to extinguishment of debt, gains/losses on sales of assets and businesses, potential impacts of non-ordinary acquisitions, divestitures, joint ventures or other strategic transactions, other amounts that may be reflected in the current or prior year financial statements that relate to prior periods, and the impact of share repurchases that
differ from our forecasted assumptions. Adjusted net income attributable to UHS/per diluted share is also subject to certain conditions including those as set forth in General Information, Forward-Looking Statements and Risk Factors and Non-GAAP Financial Measures.
(b) Adjusted EBITDA net of NCI is a non-GAAP financial measure and should not be considered a measure of financial performance under GAAP. We believe Adjusted EBITDA net of NCI is helpful to our investors as a measure of operating performance.
View original content:https://www.prnewswire.com/news-releases/universal-health-services-inc-announces-financial-results-for-the-three-and-twelve-month-periods-ended-december-31-2025-and-operating-results-forecast-for-the-full-year-of-2026-302697559.html
SOURCE Universal Health Services, Inc.
Darren Lehrich, Vice President-Investor Relations, 610-382-3310, Darren.Lehrich@uhsinc.com