UHS insider Miller reports option exercises and share disposition

Rhea-AI Filing Summary

Universal Health Services (UHS) reported insider activity by Executive Chairman, Director and 10% Owner Alan B. Miller. On 10/29/2025, he exercised options (code M) to acquire 70,213 Class B shares at $152.68 and 62,500 Class B shares at $138.8. He also disposed of 105,519 Class B shares (code F) at $227.04.

Following these transactions, Miller directly owned 1,746,031 Class B shares. The filing also lists indirect holdings across several entities, including 55,763 shares by The Abby Miller King 2011 Family Trust and 59,900 shares by The Marc Daniel Miller 2011 Family Trust. The options referenced carry an expiration date of 03/16/2026. The report notes a disclaimer of beneficial ownership for certain indirect holdings.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

MILLER ALAN B

(Last) (First) (Middle)

UNIVERSAL HEALTH SERVICES, INC.

(Street)

KING OF PRUSSIA PA 19406

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
UNIVERSAL HEALTH SERVICES INC [ UHS ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	X	10% Owner
X	Officer (give title below)		Other (specify below)
	Executive Chairman

3. Date of Earliest Transaction (Month/Day/Year)
10/29/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Class B Common Stock	10/29/2025		M		70,213	A	$152.68	1,789,050	D
Class B Common Stock	10/29/2025		M		62,500	A	$138.8	1,851,550	D
Class B Common Stock	10/29/2025		F		105,519	D	$227.04	1,746,031	D
Class B Common Stock								55,763	I	By The Abby Miller King 2011 Family Trust
Class B Common Stock								8,623	I	The Alan and Jill Miller Foundation(1)
Class B Common Stock								59,900	I	The Marc Daniel Miller 2011 Family Trust
Class B Common Stock								55,763	I	The Marni Spencer 2011 Family Trust
Class B Common Stock								9,418	I	Abby Miller King 2024 GRAT
Class B Common Stock								24,295	I	Abby Miller King 2025 GRAT
Class B Common Stock								13,963	I	Marc Daniel Miller 2024 GRAT
Class B Common Stock								24,295	I	Marc Daniel Miller 2025 GRAT
Class B Common Stock								9,418	I	Marni Spencer 2024 GRAT
Class B Common Stock								24,295	I	Marni Spencer 2025 GRAT

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Option To Purchase Class B Common Stock	$152.68	10/29/2025		M			70,213	(2)	03/16/2026	Class B Common Stock	70,213	$0	70,212	D
Option To Purchase Class B Common Stock	$138.8	10/29/2025		M			62,500	(2)	03/16/2026	Class B Common Stock	62,500	$0	62,500	D

Explanation of Responses:

1. Mr. Alan B. Miller disclaims beneficial ownership of these securities, and this report shall not be deemed an admission that Mr. Alan B. Miller is the beneficial owner of these securities for purposes of Section 16 or for any other purpose.

2. Option vested ratably on each of 3/17/2022, 3/17/2023, 3/17/2024 and 3/17/2025.

	/s/ Steve Filton, Attorney-in-Fact for Alan B. Miller	10/30/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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FAQ

What insider transaction did UHS (UHS) disclose?

Alan B. Miller exercised options to acquire 70,213 shares at $152.68 and 62,500 shares at $138.8, and disposed of 105,519 shares at $227.04.

When did the UHS insider transactions occur?

The transactions took place on 10/29/2025.

How many UHS shares does Alan B. Miller own directly after the transactions?

He directly owned 1,746,031 Class B common shares after the reported transactions.

What were the transaction codes used in the UHS filing?

The filing shows codes M for option exercises and F for a disposition of shares.

What are some of the indirect UHS holdings listed for Alan B. Miller?

Indirect holdings include 55,763 shares by The Abby Miller King 2011 Family Trust and 59,900 shares by The Marc Daniel Miller 2011 Family Trust.

What is the expiration date of the options referenced?

The options carry an expiration date of 03/16/2026.