Strong 2025 earnings and 2026 forecast for Universal Health (NYSE: UHS)

Rhea-AI Filing Summary

Universal Health Services, Inc. reported strong growth for 2025 and updated investors on a major legal case. Net revenues rose to $17.365 billion in 2025 from $15.828 billion in 2024, while net income attributable to UHS increased to $1.489 billion, or $23.10 per diluted share, up from $16.82.

Fourth-quarter 2025 net revenues were $4.486 billion and net income attributable to UHS was $445.9 million, or $7.06 per diluted share. Adjusted net income for 2025 was $1.401 billion, or $21.74 per diluted share, and Adjusted EBITDA net of NCI reached $2.590 billion.

For 2026, the company forecasts net revenues of $18.417 billion to $18.789 billion, Adjusted EBITDA net of NCI of $2.641 billion to $2.789 billion, and EPS of $22.64 to $24.52. The company also highlighted an October 2025 authorization increase to its stock repurchase program and noted a court order granting a new trial in a Nevada lawsuit where a large punitive verdict had previously been awarded.

Positive

• Robust 2025 earnings and margin expansion: Net revenues grew 9.7% to $17.365 billion, net income attributable to UHS rose to $1.489 billion (EPS $23.10 vs. $16.82), and Adjusted EBITDA net of NCI increased to $2.590 billion from $2.246 billion.
• Constructive 2026 outlook with continued growth: The company forecasts 2026 net revenues of $18.417–$18.789 billion, Adjusted EBITDA net of NCI of $2.641–$2.789 billion, and EPS of $22.64–$24.52, with midpoint growth over 2025 adjusted EPS of 8.5%.

Negative

• Ongoing legal and cash flow pressures: Despite a new trial order in the Nevada case, the company acknowledges the matter could still have a material adverse effect if decided unfavorably, while net cash from operating activities declined by $203 million to $1.864 billion in 2025.

Insights

Healthcare equity analyst

UHS delivered double‑digit earnings growth in 2025 and issued solid 2026 guidance, while easing near‑term risk around a large Nevada verdict.

Universal Health Services grew 2025 net revenues by 9.7% to $17.365 billion, with net income attributable to UHS rising to $1.489 billion, or $23.10 per diluted share, versus $16.82 in 2024. Adjusted EBITDA net of NCI increased to $2.590 billion from $2.246 billion, reflecting broad strength across acute and behavioral segments.

The company’s 2026 forecast calls for net revenues between $18.417 billion and $18.789 billion, Adjusted EBITDA net of NCI of $2.641–$2.789 billion, and EPS of $22.64–$24.52. These ranges imply continued revenue expansion and high‑teens earnings per share compared with 2025 adjusted EPS of $21.74, supported by both service lines.

On capital allocation, UHS repurchased 4.650 million shares in 2025 for about $899.3 million, and ended the year with $889 million of available borrowing capacity under its revolving credit facility. Although net cash from operations declined to $1.864 billion from $2.067 billion, leverage metrics improved, with Debt / EBITDA net of NCI at 1.74 versus 2.00.

Legally, a Washoe County, Nevada jury had awarded approximately $4.7 million in compensatory damages and $500 million in punitive damages against a subsidiary and other defendants. On February 25, 2026, the judge verbally granted a new trial based on juror misconduct, and the company expects the prior verdict to be vacated. It recorded an $18 million legal reserve in Q3 2025 and notes that, even if punitive damages were reinstated on appeal, Nevada law would cap them at about $14 million, with case law potentially reducing them further.

false000035291500003529152026-02-252026-02-25

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d)

of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): February 25, 2026

UNIVERSAL HEALTH SERVICES, INC.

(Exact name of registrant as specified in its charter)

Delaware		1-10765		23-2077891
(State or other jurisdiction of		(Commission		(I.R.S. Employer
Incorporation or Organization)		File Number)		Identification No.)

UNIVERSAL CORPORATE CENTER

367 SOUTH GULPH ROAD

KING OF PRUSSIA, Pennsylvania 19406

(Address of principal executive office) (Zip Code)

Registrant’s telephone number, including area code (610) 768-3300

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instructions A.2. below):

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Class B Common Stock	UHS	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 

Item 2.02 Results of Operations and Financial Condition.

On February 25, 2026, Universal Health Services, Inc. issued the press release attached hereto as Exhibit 99.1.

Item 8.01 Other Events.

As disclosed in our Annual Report for the year ended December 31, 2025, filed on February 25, 2026, UHS of Delaware, Inc., the wholly-owned administrative services subsidiary of Universal Health Services, Inc. ("the Company") is a defendant in a lawsuit, St. Mary’s Medical Group, Inc. et. al. v. Pinnacle Medical Group, Northern Nevada, et. al., filed in Washoe County, Nevada, along with Pinnacle Management Group NV, LLC ("Pinnacle Medical Group", in which a subsidiary of the Company holds a 50% interest) and several individuals. The Company was previously dismissed from the lawsuit. The lawsuit contains allegations of intentional interference with contractual relationships and prospective economic advantage resulting from the departure of several physicians and advance practice providers from St. Mary’s Medical Group in Reno, Nevada, who joined Pinnacle Medical Group in 2021. A trial of this matter was concluded on September 26, 2025, with a verdict rendered against UHS of Delaware, Inc. and the other defendants for approximately $4.7 million in compensatory damages. The jury also awarded punitive damages against UHS of Delaware, Inc. of $500 million and lesser amounts against some of the other defendants.

UHS of Delaware, Inc. and the other defendants challenged this verdict in post-judgment trial court proceedings on various grounds. On February 25,2026, the judge issued a verbal order granting a new trial based upon juror misconduct. As a result of this ruling, it is anticipated that the entire verdict will be vacated and a new trial will be scheduled at the court’s convenience. Plaintiffs may attempt to appeal this ruling.

Even if the verdict is reinstated on appeal, under Nevada statutory law, we would expect the punitive damages to be reduced to a maximum of approximately $14 million and recent Nevada Supreme Court precedent could further reduce the amount of punitive damages. Although we are uncertain as to the ultimate financial exposure related to this matter and we can make no assurance regarding its outcome, or the amount of damages that may be recoverable after post-judgment proceedings and appeals, during the third quarter of 2025, we recorded an $18 million legal reserve in connection with this matter. If this matter is decided adversely to us, this matter could have a material adverse effect on the financial condition of the Company.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

99.1		Universal Health Services, Inc., press release, dated February 25, 2026
104		Cover Page Interactive Data File (embedded within the Inline XBRL document).

Exhibit Index

Exhibit No.		Exhibit
99.1		Universal Health Services, Inc., press release, dated February 25, 2026.
104		Cover Page Interactive Data File (embedded within the Inline XBRL document).

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Universal Health Services, Inc.
By:		/s/ Steve Filton
Name: Steve Filton
Title: Executive Vice President and             Chief Financial Officer

Date: February 26, 2026

Exhibit 99.1

FOR IMMEDIATE RELEASE

February 25, 2026

CONTACT:	Darren Lehrich
	Vice President-Investor Relations
	610-382-3310
	Darren.Lehrich@uhsinc.com

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

Consolidated Results of Operations, As Reported and As Adjusted – Three-month periods ended December 31, 2025 and 2024:

KING OF PRUSSIA, PA – 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.

(more)

Universal Health Services, Inc.
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.
Footnotes to 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
(a) Earnings per share calculation:
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.
Schedule of Non-GAAP Supplemental Information ("Supplemental Schedule")
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")
	Three months ended				% Net				Three months 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
	Three months ended								Three months ended
	December 31, 2025								December 31, 2024
					Per								Per
	Amount				Diluted Share				Amount				Diluted 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.
Schedule of Non-GAAP Supplemental Information ("Supplemental Schedule")
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")
	Twelve months ended				% Net				Twelve months 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
	Twelve months ended								Twelve months ended
	December 31, 2025								December 31, 2024
					Per								Per
	Amount				Diluted Share				Amount				Diluted 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.
Condensed Consolidated Balance Sheets
(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.
Consolidated Statements of Cash Flows
(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.
Supplemental Statistical Information
(unaudited)
					% Change		% Change
Same Facility:					Three Months ended		Twelve Months ended
					12/31/2025		12/31/2025
Acute Care Services (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 Care Services (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.

Acute Care Hospital Services

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 Revenues				Amount				% of Net Revenues				Amount				% of Net Revenues				Amount				% of Net 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
		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 Revenues				Amount				% of Net Revenues				Amount				% of Net Revenues				Amount				% of Net 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.

Behavioral Health Care Services

For the Three and Twelve Months ended

December 31, 2025 and 2024

(in thousands)

(unaudited)

Same Facility - Behavioral Health Care 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 Revenues				Amount				% of Net Revenues				Amount				% of Net Revenues				Amount				% of Net 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
		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 Revenues				Amount				% of Net Revenues				Amount				% of Net Revenues				Amount				% of Net 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.
Selected Hospital Statistics
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
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.
Supplemental Non-GAAP Disclosures
2026 Operating Results Forecast
(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
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	%
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.

FAQ

How did Universal Health Services (UHS) perform financially in 2025?

UHS delivered strong growth in 2025. Net revenues rose to $17.365 billion from $15.828 billion, while net income attributable to UHS increased to $1.489 billion, or $23.10 per diluted share, compared with $16.82 in 2024, reflecting improved profitability across its operations.

What guidance did UHS provide for its 2026 financial results?

UHS issued an upbeat 2026 outlook. It forecasts net revenues of $18.417–$18.789 billion, Adjusted EBITDA net of NCI of $2.641–$2.789 billion, and net income attributable to UHS per diluted share of $22.64–$24.52, excluding certain nonrecurring and non-operational items.

How are UHS’s acute care and behavioral health segments performing?

Both segments showed solid same-facility growth. In 2025, acute care same-facility net revenues increased 8.5%, while behavioral health same-facility net revenues grew 7.7%. Revenue per adjusted admission and per adjusted patient day increased in both segments, supporting higher margins and overall earnings.

What is UHS’s cash flow and balance sheet position at year-end 2025?

UHS generated substantial but lower operating cash flow. Net cash provided by operating activities was $1.864 billion versus $2.067 billion in 2024. The company had $889 million of borrowing capacity available under its $1.3 billion revolving credit facility and reported Debt / EBITDA net of NCI of 1.74.

How much stock did UHS repurchase in 2025 and what remains authorized?

UHS was active in share repurchases. It bought back 4.650 million Class B shares during 2025 at an aggregate cost of approximately $899.3 million. After an October 2025 authorization increase, the company had around $1.425 billion of remaining repurchase authorization as of December 31, 2025.

What is the status of the Nevada lawsuit involving UHS of Delaware, Inc.?

The Nevada case is moving to a new trial. A jury had awarded about $4.7 million in compensatory damages and $500 million in punitive damages against UHS of Delaware, Inc. and others. On February 25, 2026, the judge verbally granted a new trial based on juror misconduct, and UHS expects the prior verdict to be vacated.

How did non-GAAP measures like Adjusted EBITDA and adjusted EPS trend for UHS?

Non-GAAP metrics improved meaningfully. Adjusted net income attributable to UHS rose to $1.401 billion in 2025, or $21.74 per diluted share, from $1.128 billion, or $16.61, in 2024. Adjusted EBITDA net of NCI increased to $2.590 billion from $2.246 billion, indicating stronger underlying operations.

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