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Universal Health Services, Inc. (UHS) Presents at Wells Fargo 21st Annual Healthcare Conference Transcript

A month has gone by since the last earnings report for Universal Health Services (UHS - Free Report) . Shares have added about 5.7% in that time frame, outperforming the S&P 500.

But investors have to be wondering, will the recent positive trend continue leading up to its next earnings release, or is Universal Health Services due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the most recent earnings report in order to get a better handle on the important drivers.

UHS Beats Q2 Earnings and Revenue Estimates Despite Cost Pressures

Universal Health Services reported second-quarter 2026 adjusted earnings per share (EPS) of $5.98, which beat the Zacks Consensus Estimate by 5.7%. The bottom line rose 10.1% year over year.

Net revenues of $4.6 billion improved 8.3% year over year. The top line beat the consensus mark by 2.6%.

The strong quarterly results were driven by healthy revenue growth across both the Acute Care and Behavioral Health segments. Higher adjusted admissions, increased patient days and improved unit revenues on a same-facility basis supported performance in both businesses. However, the upside was partly offset by elevated operating costs.

UHS’ Quarterly Operational UpdateAdjusted EBITDA, net of NCI, rose 5.4% year over year to $677.9 million, and beat our estimate of $647.5 million.

Total operating costs were $4.1 billion, which escalated 8.9% year over year due to higher salaries, wages and benefits, supplies expense, and other operating expenses. The metric came slightly higher than our estimate of $4 billion.

UHS’ Q2 Segmental UpdateAcute Care Hospital Services

On a same-facility basis, UHS' acute care business delivered solid volume and higher unit revenues in the second quarter of 2026. Adjusted admissions (adjusted for outpatient activity) increased 2.9% year over year, while adjusted patient days grew 3.1%. Net revenue per adjusted admission increased 3.0%, and net revenue per adjusted patient day rose 2.8%. Net revenues from Universal Health's acute care services increased 8.2% on a same-facility basis.

Behavioral Health Care Services

Behavioral health care also posted solid same-facility revenue growth, supported by modest volume gains and higher unit revenues. Adjusted admissions inched up 0.5% on a same-facility basis, while adjusted patient days increased 1.4%. Net revenue per adjusted admission improved 7.1%, and net revenue per adjusted patient day increased 6.1%. Net revenues from UHS' behavioral health care services grew 7.4% on a same-facility basis.

Universal Health’s Q2 Financial UpdateUniversal Health exited the second quarter with cash and cash equivalents of $138.8 million, which improved from the 2025-end level of $137.8 million. As part of its $1.5 billion revolving credit facility, net of outstanding borrowings and letters of credit, UHS had approximately $1.3 billion of available borrowing capacity at the end of the second quarter. Total assets of $15.9 billion increased from the 2025-end figure of $15.5 billion.

Long-term debt amounted to $4.1 billion, which increased from $4 billion as of 2025-end. Current maturities of long-term debt totaled $771.9 million.

Total equity of $7.6 billion advanced from the 2025-end figure of $7.3 billion.

UHS generated operating cash flow of $844.9 million in the first six months of 2026, down 7.1% from the year-ago period’s level.

UHS’ Share Repurchase UpdateUniversal Health repurchased shares worth approximately $320.3 million during the second quarter of 2026. The remaining authorization under its share repurchase program was approximately $977.6 million as of June 30, 2026.

2026 GuidanceManagement now expects net revenues of $18.501-$18.762 billion compared with its earlier guidance of $18.417-$18.789 billion. The midpoint of the revised guidance implies 7.3% growth from the 2025 figure of $17.365 billion.

Adjusted EBITDA, net of NCI, is now projected to be in the range of $2.610-$2.717 billion, down from the previous forecast of $2.641-$2.789 billion. The midpoint of the revised range indicates 2.8% growth from the 2025 level of $2.59 billion.

Adjusted EPS is now expected to be in the band of $22.28-$23.65 compared with the prior outlook of $22.64-$24.52. The midpoint suggests 5.6% growth from the 2025 figure of $21.74. Capital expenditures are still expected to be between $950 million and $1.1 billion, on par with the previous guidance.

How Have Estimates Been Moving Since Then?In the past month, investors have witnessed a downward trend in estimates revision.

The consensus estimate has shifted -5.42% due to these changes.

VGM ScoresCurrently, Universal Health Services has a average Growth Score of C, though it is lagging a lot on the Momentum Score front with an F. However, the stock has a grade of A on the value side, putting it in the top quintile for value investors.

Overall, the stock has an aggregate VGM Score of B. If you aren't focused on one strategy, this score is the one you should be interested in.

OutlookEstimates have been broadly trending downward for the stock, and the magnitude of these revisions indicates a downward shift. Notably, Universal Health Services has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.

Performance of an Industry PlayerUniversal Health Services belongs to the Zacks Medical - Hospital industry. Another stock from the same industry, Community Health Systems (CYH - Free Report) , has gained 6.5% over the past month. More than a month has passed since the company reported results for the quarter ended June 2026.

Community Health Systems reported revenues of $2.83 billion in the last reported quarter, representing a year-over-year change of -9.8%. EPS of -$0.19 for the same period compares with -$0.05 a year ago.

For the current quarter, Community Health Systems is expected to post a loss of $0.22 per share, indicating a change of -117.3% from the year-ago quarter. The Zacks Consensus Estimate has changed -3.2% over the last 30 days.

Community Health Systems has a Zacks Rank #3 (Hold) based on the overall direction and magnitude of estimate revisions. Additionally, the stock has a VGM Score of C.

Key Takeaways UHS shares are down 20.9% YTD as weaker volumes and ACA exchange pressures dent confidence.UHS cut 2026 volume assumptions and lowered adjusted EBITDA guidance to $2.610-$2.717 billion.UHS trades at 7.16X forward earnings after repurchasing $447.5 million of stock in first-half 2026. Universal Health Services, Inc. (UHS - Free Report) shares have plunged 20.9% year to date, underperforming the industry’s growth of 12.4% and the S&P 500’s 12.3% rise, as investors have become much less confident about the quality and sustainability of future earnings. Meanwhile, peer Tenet Healthcare Corporation (THC - Free Report) has surged 35.2%, while HCA Healthcare, Inc. (HCA - Free Report) has lost 12.8%.

Price Performance – UHS, THC, HCA, Industry & S&P 500 Image Source: Zacks Investment Research

ACA/exchange exposure became a major concern early in the year. Those concerns are now showing up operationally. UHS said second-quarter exchange volumes fell about 15% YoY, shifting some patients toward self-pay. Also, volumes have been weaker than UHS originally expected.

First-quarter acute-care volumes were hurt by a weak flu and respiratory season and winter weather. By second quarter, management concluded that some softness was structural rather than just weather. It lowered 2026 same-facility growth assumptions to 1.5-2.5% for acute admissions, from 2-3%, and 1-2% for behavioral patient days, also from 2-3%. It lowered 2026 adjusted EBITDA guidance from $2.641-$2.789 billion to $2.610-$2.717 billion, cutting the midpoint by about $50 million.

As a result, analyst estimates have reset sharply. However, the estimates still indicate significant growth going forward.

Estimates for UHSThe Zacks Consensus Estimate for 2026 adjusted earnings stands at $23.08 per share, indicating year-over-year growth of 6.2%, followed by a projected 6.4% increase in 2027. Both witnessed one upward estimate revision over the past week, against one downward movement. Revenue estimates imply growth of 7.1% in 2026 and 5.3% in 2027.

UHS has exceeded earnings expectations in three of the past four quarters and missed once, delivering an average surprise of 8.3%.

UHS’ ValuationThe share price fall created a valuation cushion. The stock trades at a forward earnings multiple of 7.16X, below its five-year median of 10.77X and the industry average of 11.24X. Relative to peers, the valuation gap is even clearer. Tenet Healthcareand HCA Healthcaretrade at forward 12-month P/E ratios of 13.47X and 13.05X, respectively.

For a profitable hospital operator still growing earnings, that multiple implies the market is pricing in substantial reimbursement and operating problems. Even a modest normalization of the valuation multiple could produce meaningful upside. UHS now has a Value Score of A.

UHS shares trade below the average price target of $192.81, suggesting a potential upside of roughly 11.9%. While target estimates range widely from $290 to $166, reflecting varying risk assumptions, the overall outlook remains constructive.

Positives to NoticeThe underlying business is still growing despite the bad headlines. First-half 2026 revenue increased 8.9%, and adjusted EPS rose from $10.19 to $11.60. Earnings estimates for both 2026 and 2027 also point to continued growth, although the expected growth is lower than previously anticipated.

UHS itself has been aggressively buying shares. The company repurchased $447.5 million of stock in the first half of 2026, including $320.3 million in the second quarter at an average price of about $169. It still had $977.6 million of repurchase authorization remaining at June 30.

UHS closed the $835 million Talkspace acquisition on Aug. 17. Strategically, the deal expands UHS beyond its traditional inpatient behavioral-health footprint into virtual therapy and psychiatry, giving it access to thousands of providers and a very large insured population. The potential to connect virtual care, outpatient treatment, inpatient facilities and post-discharge care within the same behavioral-health ecosystem can create massive opportunity for the company.

ConclusionUHS’ steep share-price decline has created a compelling valuation opportunity, supported by continued earnings growth, aggressive share repurchases and the strategic addition of Talkspace. However, weaker volumes, ACA exchange pressures, reimbursement uncertainty and reduced growth expectations continue to cloud the near-term outlook.

With meaningful upside potential balanced by execution and policy risks, the risk-reward appears fairly balanced at current levels. Therefore, investors may prefer to wait for clearer operating improvement before investing. UHS currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Creates nation's first full continuum of behavioral healthcare services, supporting people across every stage of their mental health journey

, /PRNewswire/ -- Universal Health Services, Inc. (NYSE: UHS) today announced the successful completion of its acquisition of Talkspace, Inc. (NASDAQ: TALK), bringing together one of the nation's largest providers of healthcare services with a leading virtual behavioral health platform to redefine how mental healthcare is accessed and delivered.

Talkspace's virtual care platform complements UHS' extensive network of affiliated behavioral health facilities, acute care hospitals and outpatient locations, creating an end-to-end behavioral health ecosystem that connects care across settings and levels of need*.

By making transitions between levels of care more seamless – from virtual support, counseling, therapy and psychiatry to outpatient programs, to crisis intervention, inpatient treatment and specialized care – the combined offerings position the organization moving forward to support patients throughout their mental health journey.

"We're at an inflection point in how mental healthcare is delivered," said Marc D. Miller, President and CEO of UHS. "People deserve a system that is easy to navigate, connected across care settings and built around their evolving needs. The addition of Talkspace expands our ability to connect people with care when, where and how they need it most. And we are strengthening the connection between behavioral and physical health for overall wellbeing."

Talkspace serves individuals across all 50 states, Washington, D.C., and Puerto Rico through a network of approximately 6,000 licensed providers whose services are currently available to more than 200 million people through health insurance plans, employers, employee assistance programs, schools and government organizations. Talkspace also offers self-pay options.

Talkspace recently introduced Tee, its AI-powered, purpose-built mental health guide developed to meet HIPAA privacy standards and provide subscribers with real-time support and feedback. Tee can assist individuals between appointments or as a standalone supportive companion.

"Joining UHS allows us to accelerate the mission that has guided Talkspace from the beginning: making high-quality mental healthcare more accessible to more people," said Jon R. Cohen, M.D., CEO of Talkspace. "Together, we're excited to create a nationwide network of care that brings virtual, outpatient and inpatient care together to better support patients, clinicians and communities."

As demand for behavioral health services continues to grow, the combined organization is positioned to offer patients greater flexibility and choice while improving care coordination across settings. The integrated model also strengthens support for employers, health plans and community partners seeking scalable, evidence-based mental healthcare solutions.

The transaction was originally announced on March 9, 2026, and has now received all necessary regulatory approvals and satisfied customary closing conditions. The companies will begin working together immediately to thoughtfully integrate capabilities while ensuring uninterrupted service for patients, providers and partners.

* Treating practitioners are individually licensed and exercise independent professional judgment in diagnosing and treating patients consistent with their training, scope of practice, and licensure.

About UHS

Headquartered in King of Prussia, PA, Universal Health Services, Inc. (NYSE: UHS) is one of the nation's largest and most respected providers of hospital and healthcare services, with annual revenues of approximately $17.4 billion during 2025. Through its subsidiaries, UHS employs more than 101,500 individuals and operates 30 inpatient acute care facilities, more than 380 inpatient behavioral health facilities and approximately 170 outpatient and other facilities across 40 states, Washington, D.C., Puerto Rico, Ireland and the United Kingdom. Through its subsidiaries, UHS also offers an insurance offering, a physician network and various related services in the United States.

Since our founding in 1979, UHS has grown steadily into a premier Fortune 500® corporation perennially recognized by multiple esteemed national rating entities. Our strategy includes investing in talented staff, facilities, technology and innovation across broad care continuums to deliver favorable patient outcomes and contribute to the overall health and wellbeing of the patients we are privileged to serve. A wholly-owned subsidiary of UHS also acts as the advisor to Universal Health Realty Income Trust, a real estate investment trust (NYSE: UHT). For additional information, please visit www.uhs.com.

About Talkspace, a Universal Health Services, Inc. Subsidiary

Talkspace, a Universal Health Services, Inc. subsidiary, is a leading virtual behavioral healthcare provider committed to helping people lead healthier, happier lives through access to high-quality mental healthcare. Through its subsidiaries and affiliates, Talkspace offers a comprehensive suite of mental health services – including therapy for individuals, teens, and couples as well as psychiatry and medication management. Among its offerings is Tee, a standalone, clinician-informed AI mental health guide available to those 18+ for 24/7 behavioral support.

With Talkspace's core therapy offerings, members are matched with one of thousands of affiliated licensed therapists within days and can engage in live video, audio, or chat sessions, and/or unlimited asynchronous text messaging sessions. 

Forward-Looking Statements

This press release contains "forward-looking" statements based on UHS and/or Talkspace's management expectations. Numerous factors, including those disclosed herein, those related to healthcare industry trends and those detailed in UHS and Talkspace's respective filings with the Securities and Exchange Commission (the "SEC") (as set forth in Item 1A-Risk Factors, and Item 7-Forward-Looking Statements and Risk Factors, in UHS' Annual Report on Form 10-K for the year ended December 31, 2025 and Item 2-Forward-Looking Statements and Risk Factors in UHS' Quarterly Report on Form 10-Q for the period ended June, 30, 2026, and Item 1A, Risk Factors in Talkspace's Annual Report on Form 10-K for the year ended December 31, 2025 and Item 2-Forward-Looking Statements in Talkspace' Quarterly Report on Form 10-Q for the period ended June, 30, 2026), 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. Those risks and uncertainties include: the occurrence of any event, challenges, disruptions and costs of integrating the business and achieving anticipated synergies, or that such synergies will take longer to realize than expected; failure to retain key employees of Talkspace; failure to retain a significant portion of Talkspace's providers or relationships with payors, risks that the merger and other transactions contemplated by the merger disrupt current plans and operations that may harm the businesses or divert management's attention from ongoing business operations; the amount of any costs, fees, expenses, impairments and charges related to the merger including costs and use of capital related to financing the merger; and uncertainty as to the effects of the merger on the market price of UHS. Readers should not place undue reliance on such forward-looking statements which reflect UHS and/or Talkspace's management's view only as of the date hereof. UHS undertakes 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.

SOURCE Universal Health Services, Inc.

Posted by Defense World Staff on Aug 12th, 2026

Assenagon Asset Management S.A. cut its stake in Universal Health Services, Inc. (NYSE:UHS – Free Report) by 50.2% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 44,000 shares of the health services provider’s stock after selling 44,340 shares during the period. Assenagon Asset Management S.A. owned 0.07% of Universal Health Services worth $6,542,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors also recently bought and sold shares of UHS. Pzena Investment Management LLC raised its holdings in shares of Universal Health Services by 31.5% in the fourth quarter. Pzena Investment Management LLC now owns 2,112,604 shares of the health services provider’s stock worth $460,590,000 after buying an additional 505,575 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in Universal Health Services by 12.1% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,781,262 shares of the health services provider’s stock worth $318,812,000 after acquiring an additional 192,351 shares during the last quarter. Arrowstreet Capital Limited Partnership raised its stake in Universal Health Services by 1.7% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 1,226,577 shares of the health services provider’s stock worth $219,520,000 after acquiring an additional 20,577 shares during the last quarter. Norges Bank acquired a new stake in Universal Health Services during the 4th quarter worth about $199,334,000. Finally, Morgan Stanley lifted its position in Universal Health Services by 59.5% during the 4th quarter. Morgan Stanley now owns 871,377 shares of the health services provider’s stock worth $189,978,000 after acquiring an additional 325,162 shares during the period. Hedge funds and other institutional investors own 86.05% of the company’s stock.

Universal Health Services Stock Down 2.2% Universal Health Services stock opened at $168.95 on Wednesday. The business’s 50-day moving average price is $153.54 and its 200 day moving average price is $176.43. The company has a quick ratio of 1.04, a current ratio of 1.12 and a debt-to-equity ratio of 0.54. The firm has a market cap of $10.23 billion, a price-to-earnings ratio of 6.88, a price-to-earnings-growth ratio of 0.94 and a beta of 1.05. Universal Health Services, Inc. has a 52 week low of $140.08 and a 52 week high of $246.32.

Universal Health Services (NYSE:UHS – Get Free Report) last announced its quarterly earnings results on Tuesday, July 28th. The health services provider reported $5.98 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $5.94 by $0.04. The company had revenue of $4.64 billion during the quarter, compared to the consensus estimate of $4.58 billion. Universal Health Services had a return on equity of 19.39% and a net margin of 8.42%.Universal Health Services’s revenue for the quarter was up 8.3% on a year-over-year basis. During the same period in the previous year, the company posted $5.35 earnings per share. As a group, sell-side analysts anticipate that Universal Health Services, Inc. will post 23.16 earnings per share for the current year.

Universal Health Services Dividend Announcement The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Tuesday, September 1st will be paid a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 0.5%. The ex-dividend date is Tuesday, September 1st. Universal Health Services’s payout ratio is currently 3.26%.

Universal Health Services News Roundup Here are the key news stories impacting Universal Health Services this week:

Positive Sentiment: Zacks Research raised its fiscal 2026 earnings estimate slightly to $23.07 per share from $23.04. However, the new forecast remains just below the broader consensus estimate of $23.15. Negative Sentiment: Zacks reduced its Q3 2026 EPS forecast to $5.48 from $5.63 and its Q4 2026 estimate to $5.99 from $6.30. The combined revisions point to weaker-than-previously-expected near-term earnings momentum. Negative Sentiment: Forward estimates were also trimmed for Q1 2027 EPS to $5.77 from $5.93, Q3 2027 EPS to $6.10 from $6.21, and Q4 2027 EPS to $6.42 from $6.53. Zacks lowered its full-year 2027 forecast to $24.25 from $24.59. Negative Sentiment: Longer-term expectations weakened as well: Q1 2028 EPS was cut to $6.27 from $6.35, Q2 2028 EPS to $6.56 from $6.57, and fiscal 2028 EPS to $26.47 from $27.10. The broad pattern of estimate reductions is the primary negative catalyst for UHS today. Analyst Upgrades and Downgrades UHS has been the topic of a number of research reports. Wall Street Zen lowered Universal Health Services from a “buy” rating to a “hold” rating in a report on Saturday, May 2nd. Morgan Stanley decreased their target price on Universal Health Services from $212.00 to $191.00 and set an “equal weight” rating for the company in a report on Wednesday, July 29th. Cantor Fitzgerald reiterated a “neutral” rating and issued a $194.00 target price on shares of Universal Health Services in a research report on Tuesday, July 28th. Barclays cut their price target on shares of Universal Health Services from $179.00 to $168.00 and set an “equal weight” rating on the stock in a report on Tuesday, July 28th. Finally, The Goldman Sachs Group reduced their price target on shares of Universal Health Services from $242.00 to $190.00 and set a “neutral” rating for the company in a research report on Thursday, July 30th. Five research analysts have rated the stock with a Buy rating and twelve have given a Hold rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $204.93.

Read Our Latest Research Report on Universal Health Services

Universal Health Services Company Profile (Free Report)

Universal Health Services, Inc (NYSE: UHS) is one of the largest diversified health care management companies in the United States, offering a broad spectrum of services through its acute care hospital and behavioral health segments. The company operates general acute care hospitals, surgical hospitals and ambulatory centers, as well as inpatient and outpatient behavioral health facilities. Its network provides emergency and specialized medicine, diagnostic imaging, laboratory services, advanced surgical care and rehabilitation, complemented by a comprehensive array of behavioral services including psychiatric treatment, addiction programs and developmental disabilities care.

In the acute care segment, UHS’s facilities deliver services ranging from emergency department treatment and intensive care to maternity care and outpatient surgery.

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Investors in Universal Health Services, Inc. (UHS - Free Report) need to pay close attention to the stock based on moves in the options market lately. That is because the Oct. 16, 2026 $360.00 Put had some of the highest implied volatility of all equity options today.

What is Implied Volatility?Implied volatility shows how much movement the market is expecting in the future. Options with high levels of implied volatility suggest that investors in the underlying stocks are expecting a big move in one direction or the other. It could also mean there is an event coming up soon that may cause a big rally or a huge sell-off. However, implied volatility is only one piece of the puzzle when putting together an options trading strategy.

What do the Analysts Think?Clearly, options traders are pricing in a big move for Universal Health shares, but what is the fundamental picture for the company? Currently, Universal Health is a Zacks Rank #4 (Sell) in the Medical - Hospital industry that ranks in the Top 37% of our Zacks Industry Rank. Over the last 60 days, no analysts have increased their earnings estimates for the current quarter, while three analysts have revised their estimates downward. The net effect has taken our Zacks Consensus Estimate for the current quarter from $5.81 per share to $5.64 in that period.

Given the way analysts feel about Universal Health right now, this huge implied volatility could mean there’s a trade developing. Oftentimes, options traders look for options with high levels of implied volatility to sell premium. This is a strategy many seasoned traders use because it captures decay. At expiration, the hope for these traders is that the underlying stock does not move as much as originally expected.

Posted by Defense World Staff on Jul 29th, 2026

First Trust Advisors LP decreased its stake in Universal Health Services, Inc. (NYSE:UHS – Free Report) by 8.3% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 174,680 shares of the health services provider’s stock after selling 15,819 shares during the period. First Trust Advisors LP owned 0.29% of Universal Health Services worth $31,262,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Elyxium Wealth LLC acquired a new position in Universal Health Services in the fourth quarter valued at $25,000. Harbor Capital Advisors Inc. purchased a new position in shares of Universal Health Services during the fourth quarter worth approximately $26,000. Founders Capital Management purchased a new stake in Universal Health Services in the 4th quarter valued at $28,000. CYBER HORNET ETFs LLC acquired a new stake in Universal Health Services during the 2nd quarter worth $29,000. Finally, Larson Financial Group LLC grew its position in Universal Health Services by 302.9% during the 4th quarter. Larson Financial Group LLC now owns 141 shares of the health services provider’s stock worth $31,000 after purchasing an additional 106 shares during the last quarter. 86.05% of the stock is owned by hedge funds and other institutional investors.

Universal Health Services News Roundup Here are the key news stories impacting Universal Health Services this week:

Positive Sentiment: Second-quarter results exceeded expectations. UHS reported adjusted earnings of $5.98 per share, ahead of the $5.94 consensus estimate, while revenue increased 8.3% year over year to $4.64 billion, surpassing the $4.58 billion forecast. Growth in acute-care and behavioral-health operations supported the performance. UHS Beats Q2 Earnings and Revenue Estimates Despite Cost Pressures Positive Sentiment: Management highlighted outpatient expansion opportunities. UHS views its Talkspace relationship as an accelerant for outpatient behavioral-health growth, potentially broadening access to services and supporting a less hospital-dependent growth model. Why UHS sees Talkspace as an accelerant for outpatient growth Positive Sentiment: Share repurchases remain a potential support. UHS forecast 2026 adjusted EBITDA less noncontrolling interests of $2.61 billion to $2.72 billion and said it expects to remain “highly active” in buybacks. UHS forecasts 2026 adjusted EBITDA and buybacks Neutral Sentiment: Analyst views were mixed. Cantor Fitzgerald maintained a Neutral rating with a $194 price target, while Barclays retained Equal Weight but reduced its target to $168, indicating limited near-term conviction. Negative Sentiment: Full-year earnings guidance was lowered. UHS now expects 2026 EPS of $22.28 to $23.65, below the $23.44 consensus midpoint expectation, citing uncertainty surrounding Medicaid supplemental-payment reimbursements. Higher operating costs also remain a concern. Revenue guidance of $18.5 billion to $18.8 billion was maintained broadly in line with expectations. Universal Health Services cuts 2026 forecast Wall Street Analyst Weigh In A number of brokerages have recently commented on UHS. Barclays reduced their target price on shares of Universal Health Services from $179.00 to $168.00 and set an “equal weight” rating for the company in a report on Tuesday. Robert W. Baird lowered their target price on Universal Health Services from $241.00 to $204.00 and set a “neutral” rating on the stock in a research note on Wednesday, April 29th. UBS Group reiterated a “buy” rating on shares of Universal Health Services in a research report on Friday, May 29th. Royal Bank Of Canada lowered their target price on shares of Universal Health Services from $216.00 to $190.00 and set a “sector perform” rating on the stock in a report on Wednesday, April 29th. Finally, TD Cowen reduced their price objective on shares of Universal Health Services from $230.00 to $197.00 and set a “buy” rating for the company in a research report on Monday, June 22nd. Five research analysts have rated the stock with a Buy rating and twelve have issued a Hold rating to the stock. Based on data from MarketBeat.com, Universal Health Services currently has an average rating of “Hold” and an average price target of $213.00.

Get Our Latest Stock Analysis on Universal Health Services

Universal Health Services Trading Up 4.6% Shares of Universal Health Services stock opened at $166.67 on Wednesday. The company has a 50-day moving average of $150.40 and a two-hundred day moving average of $178.81. Universal Health Services, Inc. has a 12-month low of $140.08 and a 12-month high of $246.32. The company has a current ratio of 1.08, a quick ratio of 1.01 and a debt-to-equity ratio of 0.52. The stock has a market cap of $10.09 billion, a PE ratio of 6.79, a price-to-earnings-growth ratio of 0.85 and a beta of 1.07.

Universal Health Services (NYSE:UHS – Get Free Report) last released its quarterly earnings results on Monday, July 27th. The health services provider reported $5.98 earnings per share for the quarter, topping analysts’ consensus estimates of $5.94 by $0.04. Universal Health Services had a return on equity of 19.53% and a net margin of 8.42%.The business had revenue of $4.64 billion for the quarter, compared to analysts’ expectations of $4.58 billion. During the same quarter in the prior year, the firm posted $5.35 EPS. The company’s revenue was up 8.3% compared to the same quarter last year. Universal Health Services has set its FY 2026 guidance at 22.280-23.650 EPS. On average, research analysts anticipate that Universal Health Services, Inc. will post 23.44 EPS for the current fiscal year.

Universal Health Services Dividend Announcement The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Tuesday, September 1st will be paid a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 0.5%. The ex-dividend date of this dividend is Tuesday, September 1st. Universal Health Services’s dividend payout ratio is presently 3.33%.

Universal Health Services Profile (Free Report)

Universal Health Services, Inc (NYSE: UHS) is one of the largest diversified health care management companies in the United States, offering a broad spectrum of services through its acute care hospital and behavioral health segments. The company operates general acute care hospitals, surgical hospitals and ambulatory centers, as well as inpatient and outpatient behavioral health facilities. Its network provides emergency and specialized medicine, diagnostic imaging, laboratory services, advanced surgical care and rehabilitation, complemented by a comprehensive array of behavioral services including psychiatric treatment, addiction programs and developmental disabilities care.

In the acute care segment, UHS’s facilities deliver services ranging from emergency department treatment and intensive care to maternity care and outpatient surgery.

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3 Oversold Healthcare Stocks to Buy After Jobs DataUniversal Health Services NYSE: UHS reported second-quarter adjusted earnings per share of $5.98, up 12% from a year earlier, while adjusted EBITDA less noncontrolling interests rose 5% to $678 million. The company said results benefited from a $100 million out-of-period Florida directed payment program benefit that had not been included in its original outlook.

Excluding that Florida benefit, Chief Financial Officer Steve Filton said quarterly adjusted EBITDA fell short of internal expectations, citing approximately $63 million in costs and operational pressures. Those items included $28 million of higher professional and general liability reserves, about $20 million related to a Texas behavioral health facility undergoing recertification, and roughly $15 million from a slower-than-expected ramp at Cedar Hill Regional Medical Center GW Health in Washington, D.C.

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Acute-Care Volumes Rebound, Though Full-Year Outlook Narrows HCA Healthcare: Temporary Setbacks, Long-Term StrengthSame-facility adjusted admissions in the acute-care business increased 2.9% year over year during the second quarter, improving from first-quarter trends and reflecting broad-based geographic gains. Emergency department visits rose 4%, while surgeries declined 0.8%, although Filton said surgical trends improved modestly from recent quarters.

The company reported growth in higher-acuity inpatient service lines including urology, neurology and cardiology. Payer mix continued to favor Medicare and managed Medicare, with modest managed-care volume growth excluding exchange coverage and slightly lower Medicaid volumes.

Tenet Healthcare Stock Sees Strong Gains from Acute Care BoomHowever, UHS reduced its full-year same-facility acute-care adjusted-admission growth outlook to 1.5% to 2.5%, from its earlier 2% to 3% range. Filton said the revision reflected first-half performance, as certain elective and outpatient procedures continue to shift to alternate care settings such as ambulatory surgery centers and freestanding imaging facilities.

Same-facility acute-care revenue increased 8.2%, or 5.9% excluding the company’s health plan. Revenue per adjusted admission rose 3.0% on a reported basis and 2.7% after excluding out-of-period Medicaid supplemental benefits. Labor costs per adjusted admission increased 2.7%, while supply expense per adjusted admission declined 2.5%. Contract labor represented 2.5% of acute-care revenue, down 20 basis points from the prior year.

President and CEO Marc Miller said UHS added 177 licensed beds at three acute-care hospitals during the quarter, representing a 2.5% increase in same-facility bed capacity. The company also opened the Alan B. Miller Medical Center in Palm Beach Gardens, Florida, in May and received Joint Commission accreditation for the de novo hospital in July.

Behavioral Health Revenue Grows as Volumes Remain Moderate In behavioral health, same-facility net revenue increased 7.4%, supported by a 6.1% increase in revenue per adjusted patient day and a 1.4% increase in adjusted patient days. Same-facility segment EBITDA rose 9.0%, or 5.7% excluding the net benefit from out-of-period supplemental payments.

UHS narrowed its behavioral-health volume outlook to growth of 1% to 2% for the full year, compared with its prior 2% to 3% expectation. Filton said outpatient demand has been growing at roughly the same pace as inpatient demand, rather than at the faster rate the company had anticipated.

The company expects to complete its acquisition of Talkspace in mid-August. Miller said the transaction is intended to expand UHS’s outpatient behavioral-health presence through national virtual services, complementing its inpatient, residential and in-person outpatient offerings. Filton said Talkspace’s network of more than 6,000 therapists could help UHS provide follow-up care to patients discharged from inpatient facilities, including patients who live far from a UHS location or lack local therapist access.

UHS also continues to work toward recertification of its San Antonio behavioral health facility. The company stopped receiving reimbursement from government and managed-care payers at the end of April and does not expect reimbursement to resume until certification is regained, which it anticipates in 2027. The facility generated approximately $10 million in pretax losses during the second quarter, including staff severance costs, and UHS expects losses of $5 million to $10 million per quarter for the remainder of 2026.

Guidance Updated for Supplemental Payments and New Costs UHS now forecasts approximately 7% revenue growth, 3% adjusted EBITDA less noncontrolling interests growth and 6% adjusted EPS growth at the midpoint for 2026. Its updated adjusted EBITDA less noncontrolling interests guidance range is $2.61 billion to $2.72 billion, representing a reduction of about $50 million at the midpoint from the prior outlook.

The revised forecast includes an estimated $150 million increase in net Medicaid supplemental funding for the year, including the $100 million Florida benefit recognized in the second quarter and an anticipated $25 million Texas ATLAS program benefit in the third quarter. That benefit is offset by approximately $200 million in adverse items that were not initially contemplated.

Approximately $50 million of impact from the Texas behavioral health facility, including lost budgeted earnings and expected operating losses. A $50 million reduction in the expected year-over-year benefit from Cedar Hill, which is now projected to reach breakeven in the fourth quarter rather than earlier in the year. A $50 million increase in full-year professional and general liability expense, reflecting higher claim severity identified through a third-party actuarial review. Approximately $50 million of impact from lower volume assumptions in both operating segments. Exchange volumes declined about 15% from the prior-year quarter, producing an estimated $20 million second-quarter impact. UHS now expects the full-year pretax effect from exchange trends to be approximately $85 million, in the upper half of its original guidance range. Filton said the decline in exchange enrollment was nearly offset one-for-one by increased self-pay volume.

Capital Spending and Share Repurchases Increase Cash generated from operating activities totaled $44.3 million in the second quarter, compared with $549 million a year earlier. Capital expenditures were $228 million, reflecting the Florida hospital opening and capacity expansions.

UHS repurchased 1.89 million shares for $320 million during the quarter, up from $127 million in the first quarter. As of June 30, the company had $978 million remaining under its repurchase authorization. Miller said the company views its recent share-price weakness as an opportunity to retire shares, and Filton said UHS expects to meet or exceed its initial plan to repurchase $800 million to $900 million of stock during 2026.

The company ended the quarter with $139 million in cash, $4.85 billion in total debt and net leverage of 1.8 times. It also had $1.27 billion of additional borrowing capacity available under its revolving credit facility.

About Universal Health Services (NYSE:UHS)Universal Health Services, Inc NYSE: UHS is one of the largest diversified health care management companies in the United States, offering a broad spectrum of services through its acute care hospital and behavioral health segments. The company operates general acute care hospitals, surgical hospitals and ambulatory centers, as well as inpatient and outpatient behavioral health facilities. Its network provides emergency and specialized medicine, diagnostic imaging, laboratory services, advanced surgical care and rehabilitation, complemented by a comprehensive array of behavioral services including psychiatric treatment, addiction programs and developmental disabilities care.

In the acute care segment, UHS's facilities deliver services ranging from emergency department treatment and intensive care to maternity care and outpatient surgery.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].

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Key Takeaways UHS beat Q2 EPS and revenue estimates on growth across Acute Care and Behavioral Health.UHS updated its 2026 outlook, lowering adjusted EBITDA and adjusted EPS guidance.UHS repurchased $320.3 million of shares in Q2, with $977.6 million authorization remaining. Universal Health Services, Inc. (UHS - Free Report) reported second-quarter 2026 adjusted earnings per share (EPS) of $5.98, which beat the Zacks Consensus Estimate by 5.7%. The bottom line rose 10.1% year over year.

Net revenues of $4.6 billion improved 8.3% year over year. The top line beat the consensus mark by 2.6%.

The strong quarterly results were driven by healthy revenue growth across both the Acute Care and Behavioral Health segments. Higher adjusted admissions, increased patient days and improved unit revenues on a same-facility basis supported performance in both businesses. However, the upside was partly offset by elevated operating costs.

Universal Health Services, Inc. Price, Consensus and EPS SurpriseUHS’ Quarterly Operational UpdateAdjusted EBITDA, net of NCI, rose 5.4% year over year to $677.9 million, and beat our estimate of $647.5 million.

Total operating costs were $4.1 billion, which escalated 8.9% year over year due to higher salaries, wages and benefits, supplies expense, and other operating expenses. The metric came slightly higher than our estimate of $4 billion.

UHS’ Q2 Segmental UpdateAcute Care Hospital ServicesOn a same-facility basis, UHS' acute care business delivered solid volume and higher unit revenues in the second quarter of 2026. Adjusted admissions (adjusted for outpatient activity) increased 2.9% year over year, while adjusted patient days grew 3.1%. Net revenue per adjusted admission increased 3.0%, and net revenue per adjusted patient day rose 2.8%. Net revenues from Universal Health's acute care services increased 8.2% on a same-facility basis.

Behavioral Health Care ServicesBehavioral health care also posted solid same-facility revenue growth, supported by modest volume gains and higher unit revenues. Adjusted admissions inched up 0.5% on a same-facility basis, while adjusted patient days increased 1.4%. Net revenue per adjusted admission improved 7.1%, and net revenue per adjusted patient day increased 6.1%. Net revenues from UHS' behavioral health care services grew 7.4% on a same-facility basis.

Universal Health’s Q2 Financial UpdateUniversal Health exited the second quarter with cash and cash equivalents of $138.8 million, which improved from the 2025-end level of $137.8 million. As part of its $1.5 billion revolving credit facility, net of outstanding borrowings and letters of credit, UHS had approximately $1.3 billion of available borrowing capacity at the end of the second quarter. Total assets of $15.9 billion increased from the 2025-end figure of $15.5 billion.

Long-term debt amounted to $4.1 billion, which increased from $4 billion as of 2025-end. Current maturities of long-term debt totaled $771.9 million.

Total equity of $7.6 billion advanced from the 2025-end figure of $7.3 billion.

UHS generated operating cash flow of $844.9 million in the first six months of 2026, down 7.1% from the year-ago period’s level.

UHS’ Share Repurchase UpdateUniversal Health repurchased shares worth approximately $320.3 million during the second quarter of 2026. The remaining authorization under its share repurchase program was approximately $977.6 million as of June 30, 2026.

2026 GuidanceManagement now expects net revenues of $18.501-$18.762 billion compared with the earlier guidance of $18.417-$18.789 billion. The midpoint of the revised guidance implies 7.3% growth from the 2025 figure of $17.365 billion.

Adjusted EBITDA, net of NCI, is now projected to be in the range of $2.610-$2.717 billion, down from the previous forecast of $2.641-$2.789 billion. The midpoint of the revised range indicates 2.8% growth from the 2025 level of $2.59 billion.

Adjusted EPS is now expected to be in the band of $22.28-$23.65 compared with the prior outlook of $22.64-$24.52. The midpoint suggests 5.6% growth from the 2025 figure of $21.74. Capital expenditures are still expected to be between $950 million and $1.1 billion, on par with the previous guidance.

UHS’ Zacks RankUHS currently has a Zacks Rank #4 (Sell).

You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

How Did Other Medical Companies Perform?Here are some stocks from the broader Medical space that have also reported their quarterly results: Tenet Healthcare Corporation (THC - Free Report) , Elevance Health, Inc. (ELV - Free Report) and UnitedHealth Group Incorporated (UNH - Free Report) . Here's how they have performed:

Tenet Healthcare reported second-quarter 2026 adjusted earnings per share of $6.12, which surpassed the Zacks Consensus Estimate by 50%. The bottom line increased 52.2% year over year. THC’s net operating revenues advanced 6.8% year over year to $5.63 billion. The top line surpassed the consensus mark by 4.4%. The quarterly results were driven by strong same-facility revenue growth, higher patient acuity, disciplined expense management and higher Medicaid supplemental revenues. However, the gains were partly offset by an unfavorable payer mix due to lower exchange admissions.

Elevance Health reported second-quarter 2026 adjusted earnings per share of $7.45, which surpassed the Zacks Consensus Estimate by 20.6%. However, the bottom line declined 15.7% year over year. Operating revenues advanced 0.8% year over year to $49.8 billion. The top line beat the consensus mark by 2.9%. ELV’s quarterly results were primarily driven by higher premium yields in the Health Benefits segment and increased CarelonRx product revenues. The gains were partly offset by a decline in overall medical membership and higher operating expenses.

UnitedHealth Group reported second-quarter 2026 adjusted earnings per share of $6.38, which beat the Zacks Consensus Estimate of $4.94. The bottom line rose 56.4% year over year. Revenues rose 0.4% year over year to $112 billion. The top line beat the consensus mark by 1.7%. UNH’s strong quarterly results were aided by growth in commercial fee-based membership and the strength in Optum Insight. Medical cost management, pricing discipline and benefit design changes also contributed to the upside. However, weaker performance at Optum Health and Optum Rx, along with declining risk-based membership, partially offset these gains.

U.S. dollar banknotes and medicines are seen in this illustration taken, June 27, 2024. REUTERS/Dado Ruvic/Illustration//File Photo Purchase Licensing Rights, opens new tab

CompaniesJuly 27 (Reuters) - Hospital operator Universal Health Services (UHS.N), opens new tab lowered its full-year profit forecast on Monday, citing changes in ​reimbursements related to certain Medicaid supplemental payment ‌programs, sending its shares down nearly 8% in extended trading.

Medicaid supplemental payment programs provide hospitals with reimbursements above standard ​Medicaid payment rates and help fund care ​for low-income patients.

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Here are some details:

This comes against ⁠the backdrop of uncertainty surrounding the enhanced Affordable ​Care Act subsidies, as their expiration has left ​more patients uninsured and raised concerns about higher uncompensated-care costs for U.S. hospitals.

The King of Prussia, Pennsylvania-based company expects full-year ​adjusted earnings of $22.28 to $23.65 per share, down from ​its previous forecast of $22.64 to $24.52.

Larger peer HCA Healthcare (HCA.N), opens new tab also cut its ‌annual ⁠profit forecast earlier this month, citing a rise in uninsured patients, largely due to a number of those who dropped coverage under ACA or "Obamacare" plans.

Universal ​Health's quarterly ​same-facility adjusted ⁠admissions rose 2.9% in its acute care hospitals during the second quarter, while ​admissions in behavioral health facilities rose 0.5%.

The ​company ⁠reported an adjusted profit of $5.98 per share for the second quarter, just ahead of analysts' average estimate ⁠of $5.96, ​according to data compiled by ​LSEG.

Quarterly net revenue rose 8.3% to $4.64 billion, while analysts estimated $4.58 billion.

Reporting ​by Padmanabhan Ananthan in Bengaluru; Editing by Shilpi Majumdar

Our Standards: The Thomson Reuters Trust Principles., opens new tab

Consolidated Results of Operations, As Reported and As Adjusted  – Three-month periods ended June 30, 2026 and 2025:

, /PRNewswire/ -- Universal Health Services, Inc. (NYSE: UHS) announced today that its reported net income attributable to UHS was $358.4 million, or $5.98 per diluted share, during the second quarter of 2026, as compared to $353.2 million, or $5.43 per diluted share, during the second quarter of 2025.  Net revenues increased by 8.3% to $4.638 billion during the second quarter of 2026, as compared to $4.284 billion during the second quarter of 2025.

Included in our operating results during the second quarter of 2026, was a favorable net pre-tax impact of approximately $72 million recorded in connection with the following: (i) a favorable net pre-tax impact of $100 million (net of related provider taxes) recorded in connection with the Florida Medicaid managed care directed payment program applicable to the period of October 1, 2024 through September 30, 2025 (pursuant to the Centers for Medicare and Medicaid Services' ("CMS") preprint approval granted in April, 2026 which increased the size of the program and changed the related provider tax structure), and; (ii) an unfavorable pre-tax impact of $28 million resulting from an increase to our reserve for self-insured professional and general liability claims. The impact of these items was not included in our original 2026 operating results forecast, as previously disclosed on February 25, 2026. 

Included in our operating results during the second quarter of 2025, were aggregate net pre-tax incremental reimbursements (net of related provider taxes) of approximately $101 million recorded in connection with the following: (i) approximately $58 million, applicable to the period of July 1, 2024 through June 30, 2025, resulting from the Tennessee Medicaid directed payment program, and; (ii) approximately $43 million of other combined additional net reimbursements recorded in connection with supplemental Medicaid programs in various states (approximately $21 million of which consisted of prior year retroactive reimbursements). Also included in our results of operations during the second quarter of 2025, was a pre-tax loss of approximately $25 million incurred in connection with a newly constructed, 142-bed acute care hospital located in Washington, D.C., that was completed and opened in April, 2025.

As reflected on the Schedule of Non-GAAP Supplemental Information ("Supplemental Schedule"), there were no adjustments applicable to our operating results during the second quarter of 2026. As reflected on the Supplemental Schedule, included in our reported results during the second quarter of 2025 were: (i) an unrealized after-tax gain of $4.5 million, or $.07 per diluted share ($5.9 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; (ii) a favorable net after-tax impact of $0.8 million, or $.01 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). After giving effect to these items, our adjusted net income during the second quarter of 2025 was $347.9 million, or $5.35 per diluted share.   

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 $680.2 million during the second quarter of 2026, as compared to $651.4 million during the second quarter of 2025. Our adjusted earnings before interest, taxes, depreciation & amortization ("Adjusted EBITDA net of NCI"), which excludes the impact of other (income) expense, net, was $677.9 million during the second quarter of 2026, as compared to $642.9 million during the second quarter of 2025.

Consolidated Results of Operations, As Reported and As Adjusted  – Six-month periods ended June 30, 2026 and 2025:

Reported net income attributable to UHS was $707.1 million, or $11.63 per diluted share, during the first six months of 2026, as compared to $669.9 million, or $10.23 per diluted share, during the comparable period of 2025.  Net revenues increased by 8.9% to $9.133 billion during the first six months of 2026, as compared to $8.384 billion during the comparable period of 2025.

As reflected on the Supplemental Schedule, our adjusted net income during the first six months of 2026 was $705.0 million, or $11.60 per diluted share, as compared to $667.4 million, or $10.19 per diluted share, during the comparable period of 2025. 

As reflected on the Supplemental Schedule, included in our reported results during the first six months of 2026 was a favorable net after-tax impact of $2.2 million, or $.03 per diluted share, resulting from the net tax benefit recorded in connection with ASU 2016-09. Included in our reported results during the first six months of 2025 were: (i) an unrealized after-tax gain of $1.2 million, or $.02 per diluted share ($1.6 million pre-tax), resulting from an increase in the market value of certain equity securities that were sold during the fourth quarter of 2025, and; (ii) a favorable net after-tax impact of $1.3 million, or $.02 per diluted share, resulting from the net tax benefit recorded in connection with ASU 2016-09.    

As calculated on the attached Supplemental Schedule, our EBITDA net of NCI, was $1.332 billion during the first six months of 2026, as compared to $1.255 billion during the comparable period of 2025. Our Adjusted EBITDA net of NCI", which excludes the impact of other (income) expense, net, was $1.326 billion during the first six months of 2026, as compared to $1.241 billion during the comparable period of 2025.

Acute Care Services – Three and six-month periods ended June 30, 2026 and 2025:

During the second quarter of 2026, at our acute care hospitals owned during both periods ("same facility basis"), adjusted admissions (adjusted for outpatient activity) increased by 2.9% and adjusted patient days increased by 3.1%, as compared to the second quarter of 2025. At these facilities, during the second quarter of 2026, net revenue per adjusted admission increased by 3.0% while net revenue per adjusted patient day increased by 2.8%, as compared to the second quarter of 2025. Net revenues generated from our acute care services, on a same facility basis, increased by 8.2% during the second quarter of 2026, as compared to the second quarter of 2025.

During the first six months of 2026, on a same facility basis, adjusted admissions increased by 1.4% and adjusted patient days increased by 1.9%, as compared to the comparable period of 2025. At these facilities, during the first six months of 2026, net revenue per adjusted admission increased by 4.6% while net revenue per adjusted patient day increased by 4.2%, as compared to the comparable period of 2025. Net revenues generated from our acute care services, on a same facility basis, increased by 8.2% during the first six months of 2026, as compared to the comparable period of 2025.

Behavioral Health Care Services – Three and six-month periods ended June 30, 2026 and 2025:

During the second quarter of 2026, at our behavioral health care facilities on a same facility basis, adjusted admissions increased by 0.5% while adjusted patient days increased by 1.4%, as compared to the second quarter of 2025. At these facilities, during the second quarter of 2026, net revenue per adjusted admission increased by 7.1% and net revenue per adjusted patient day increased by 6.1%, as compared to the second quarter of 2025. Net revenues generated from our behavioral health care services, on a same facility basis, increased by 7.4% during the second quarter of 2026, as compared to the second quarter of 2025.

During the first six months of 2026, at our behavioral health care facilities on a same facility basis, adjusted admissions increased by 0.9% while adjusted patient days increased by 1.5%, as compared to the comparable period of 2025. At these facilities, during the first six months of 2026, net revenue per adjusted admission increased by 6.6% and net revenue per adjusted patient day increased by 6.0%, as compared to the comparable period of 2025. Net revenues generated from our behavioral health care services, on a same facility basis, increased by 7.4% during the first six months of 2026, as compared to the comparable period of 2025.

Net Cash Provided by Operating Activities and Credit Agreement Amendment/Capital Resources:

Net Cash Provided by Operating Activities:

During the six-month period ended June 30, 2026, our net cash provided by operating activities was $845 million as compared to $909 million during the first six months of 2025. The $64 million net decrease in our net cash provided by operating activities consisted of: (i) an unfavorable change of $207 million in other working capital accounts due primarily to the timing of accounts payable disbursements; (ii) a favorable change of $86 million in accrued and deferred income taxes; (iii) a favorable change of $53 million resulting from an increase in net income plus/minus depreciation and amortization expense, stock-based compensation expense and gain on sales of assets and businesses; (iv) a favorable change of $47 million in accrued insurance expense, net of payments made in settlement of self-insured claims; (v) an unfavorable change of $45 million in accounts receivable, and; (vi) other combined net favorable changes of $2 million.  

Credit Agreement Amendment/Capital Resources:

As of June 30, 2026, pursuant to the terms of our $1.5 billion revolving credit facility, we had $1.272 billion of available borrowing capacity, net of outstanding borrowings ($225 million) and letters of credit.  Also as of June 30, 2026, as part of our credit agreement, we had $400 million of borrowing capacity pursuant to a delayed draw term loan A which is expected to be drawn upon the closing of our acquisition of Talkspace, Inc. (expected to be finalized during the third quarter of 2026). The maturity date for our $1.5 billion revolving credit facility and our $400 million delayed draw term loan A is September 26, 2029.

In July, 2026, and as previously disclosed on Form 8-K as filed with the Securities and Exchange Commission on July 21, 2026, we amended our credit agreement to add a new $700 million delayed draw term loan A which, if we elect to utilize, would be funded on or prior to September 30, 2026, with a maturity date 364 days after the initial funding. Potential future borrowings pursuant to this facility would be used for general corporate purposes, including, should we elect, repayment at maturity of our $700 million, 1.650% Senior Secured Notes due on September 1, 2026.  

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. 

Pursuant to this program, during the second quarter of 2026, we have repurchased 1.890 million shares at an aggregate cost of approximately $320.3 million (average price of approximately $169 per share). During the first six months of 2026, we have repurchased 2.565 million shares at an aggregate cost of approximately $447.5 million (average price of approximately $174 per share).

As of June 30, 2026, we had an aggregate available repurchase authorization of approximately $977.6 million pursuant to our stock repurchase program.

Revised 2026 Operating Results Forecast:

Based upon the operating trends, changes in reimbursements related to certain Medicaid supplemental payment programs and financial results experienced during the first six months of 2026, as indicated on the Revised Forecast table below, we are revising our operating results forecast range for consolidated net revenues; adjusted 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"), and adjusted net income attributable to UHS per diluted share ("Adjusted EPS-diluted") for the year ended December 31, 2026.

As discussed above, our operating results for the three and six-month periods ended June 30, 2026 included a favorable net pre-tax impact of $100 million (net of related provider taxes) recorded in connection with the Florida Medicaid managed care directed payment program applicable to the period of October 1, 2024 through September 30, 2025. Since CMS has not yet approved the increased size of this program for periods beyond September 30, 2025, no incremental benefit related to this program has been included in our revised 2026 operating results forecast beyond amounts included in our operating results during the three and six-month periods ended June 30, 2026.  

Our revised 2026 forecasted range of adjusted net income attributable to UHS, and adjusted 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 – Revised 2026 Operating Results Forecast schedule as included herein for additional information and a reconciliation of our revised 2026 forecasted range of adjusted net income attributable to UHS to our revised 2026 forecasted range of Adjusted EBITDA net of NCI. 

The tables below include our full year revised 2026 operating results forecast, as well as our original 2026 operating results forecast which was previously disclosed on February 25, 2026.

Revised Forecast

Original Forecast

For the Year Ended

For the Year Ended

December 31, 2026

December 31, 2026

Low

High

Low

High

Net revenues

$18.501 billion

$18.762 billion

$18.417 billion

$18.789 billion

Adjusted EBITDA, net of NCI

$2.610 billion

$2.717 billion

$2.641 billion

$2.789 billion

Adjusted EPS – diluted

$22.28 per share

$23.65 per share

$22.64 per share

$24.52 per share

The midpoint of our revised 2026 forecasted net revenues represents an increase of 0.2% as compared to the midpoint of our original 2026 forecasted net revenues. The midpoint of our revised 2026 forecasted Adjusted EBITDA net of NCI, represents a decrease of 1.9% as compared to the midpoint of our original 2026 forecasted Adjusted EBITDA net of NCI. The midpoint of our revised 2026 forecasted Adjusted EPS-diluted represents a decrease of 2.6% as compared to our original 2026 Adjusted EPS-diluted. As previously disclosed, during the full year of 2026, we expect to spend approximately $950 million to $1.1 billion on capital expenditures which includes expenditures for capital equipment, construction of new facilities, and renovations and expansions to our existing hospitals.    Because we do not believe we can forecast certain items with sufficient accuracy, our revised 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 July 28, 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. Supplemental financial disclosures related to our financial results are available on our website.

General Information, Forward-Looking Statements and Risk Factors and Non-GAAP Financial Measures:

Headquartered in King of Prussia, PA, UHS is one of the nation's largest and most respected providers of hospital and healthcare services, with annual revenues of approximately $17.4 billion during 2025. Through its subsidiaries, UHS employs more than 102,000 employees and, as of June 30, 2026, operated 30 inpatient acute care facilities, 346 inpatient behavioral health facilities and approximately 170 outpatient and other facilities, an insurance offering, a physician network and various related services located in 40 states, Washington, D.C., Puerto Rico and the United Kingdom. Since our founding in 1979, UHS has grown steadily into a premier Fortune 500® corporation perennially recognized by multiple esteemed national rating entities.  Our strategy includes investing in talented staff, facilities, technology and innovation across broad care continuums to deliver favorable patient outcomes and contribute to the overall health and wellbeing of the patients we are privileged to serve. A wholly-owned subsidiary of UHS also acts as the advisor to Universal Health Realty Income Trust, a real estate investment trust (NYSE: UHT). For additional information, please 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 2-Forward Looking Statements and Risk Factors in our Form 10-Q for the quarter ended March 31, 2026 and 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 revised 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 eliminated 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, which was previously disclosed in various filings including, most recently, our Form 10-Q for the quarterly period ended March 31, 2026. 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. The ability to successfully complete, integrate and realize the benefit and synergies from our proposed acquisition of Talkspace, Inc.  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-Q for the quarter ended March 31, 2026 and 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.

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Universal Health Services, Inc.

Consolidated Statements of Income

(in thousands, except per share amounts)

(unaudited)

Three months

Six months

ended June 30,

ended June 30,

2026

2025

2026

2025

Net revenues

$4,638,012

$4,283,816

$9,133,194

$8,383,536

Operating charges:

   Salaries, wages and benefits

2,140,309

2,014,951

4,228,538

3,966,055

   Other operating expenses

1,351,958

1,162,566

2,635,886

2,268,318

   Supplies expense

423,257

418,785

849,800

821,666

   Depreciation and amortization

167,338

152,004

322,764

300,349

   Lease and rental expense

38,475

35,240

76,671

72,053

4,121,337

3,783,546

8,113,659

7,428,441

Income from operations

516,675

500,270

1,019,535

955,095

Interest expense, net

39,912

35,364

77,045

75,420

Other (income) expense, net

(2,363)

(8,479)

(5,752)

(14,138)

Income before income taxes

479,126

473,385

948,242

893,813

Provision for income taxes

114,536

110,773

224,974

209,573

Net income

364,590

362,612

723,268

684,240

Less:  Net income (loss) attributable to

noncontrolling interests ("NCI")

6,143

9,394

16,139

14,342

Net income attributable to UHS

$358,447

$353,218

$707,129

$669,898

Basic earnings per share attributable to UHS (a)

$6.01

$5.49

$11.71

$10.36

Diluted earnings per share attributable to UHS (a)

$5.98

$5.43

$11.63

$10.23

Universal Health Services, Inc.

Footnotes to Consolidated Statements of Income

(in thousands, except per share amounts)

(unaudited)

Three months

Six months

(a) Earnings per share calculation:

ended June 30,

ended June 30,

2026

2025

2026

2025

Basic and diluted:

Net income attributable to UHS - basic and diluted

$358,447

$353,218

$707,129

$669,898

Weighted average number of common shares - basic

59,657

64,356

60,364

64,663

Basic earnings per share attributable to UHS:

$6.01

$5.49

$11.71

$10.36

Weighted average number of common shares

59,657

64,356

60,364

64,663

Add: Other share equivalents

253

635

425

851

Weighted average number of common shares and equiv. - diluted

59,910

64,991

60,789

65,514

Diluted earnings per share attributable to UHS:

$5.98

$5.43

$11.63

$10.23

Universal Health Services, Inc.

Schedule of Non-GAAP Supplemental Information ("Supplemental Schedule")

For the Three Months ended June 30, 2026 and 2025

(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

June 30, 2026

revenues

June 30, 2025

revenues

Net income attributable to UHS

$358,447

$353,218

   Depreciation and amortization

167,338

152,004

   Interest expense, net

39,912

35,364

   Provision for income taxes

114,536

110,773

EBITDA net of NCI

$680,233

14.7 %

$651,359

15.2 %

Other (income) expense, net

(2,363)

(8,479)

Adjusted EBITDA net of NCI

$677,870

14.6 %

$642,880

15.0 %

Net revenues

$4,638,012

$4,283,816

Calculation of Adjusted Net Income Attributable to UHS

Three months ended

Three months ended

June 30, 2026

June 30, 2025

Per

Per

Amount

Diluted Share

Amount

Diluted Share

Net income attributable to UHS

$358,447

$5.98

$353,218

$5.43

Plus/minus after-tax adjustments:

Unrealized gain on equity securities

-

-

(4,534)

(0.07)

Impact of ASU 2016-09, net

-

-

(796)

(0.01)

Subtotal adjustments

-

-

(5,330)

(0.08)

Adjusted net income

$358,447

$5.98

$347,888

$5.35

Universal Health Services, Inc.

Schedule of Non-GAAP Supplemental Information ("Supplemental Schedule")

For the Six Months ended June 30, 2026 and 2025

(in thousands, except per share amounts)

(unaudited)

Calculation of Earnings/Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization
("EBITDA/Adjusted EBITDA net of NCI")

Six months ended

% Net

Six months ended

% Net

June 30, 2026

revenues

June 30, 2025

revenues

Net income attributable to UHS

$707,129

$669,898

   Depreciation and amortization

322,764

300,349

   Interest expense, net

77,045

75,420

   Provision for income taxes

224,974

209,573

EBITDA net of NCI

$1,331,912

14.6 %

$1,255,240

15.0 %

Other (income) expense, net

(5,752)

(14,138)

Adjusted EBITDA net of NCI

$1,326,160

14.5 %

$1,241,102

14.8 %

Net revenues

$9,133,194

$8,383,536

Calculation of Adjusted Net Income Attributable to UHS

Six months ended

Six months ended

June 30, 2026

June 30, 2025

Per

Per

Amount

Diluted Share

Amount

Diluted Share

Net income attributable to UHS

$707,129

$11.63

$669,898

$10.23

Plus/minus after-tax adjustments:

Unrealized gain on equity securities

-

-

(1,249)

(0.02)

Impact of ASU 2016-09, net

(2,164)

(0.03)

(1,257)

(0.02)

Subtotal adjustments

(2,164)

(0.03)

(2,506)

(0.04)

Adjusted net income attributable to UHS

$704,965

$11.60

$667,392

$10.19

Universal Health Services, Inc.

Condensed Consolidated Balance Sheets

(in thousands)

(unaudited)

June 30,

December 31,

2026

2025

Assets

Current assets:

    Cash and cash equivalents

$

138,800

$

137,797

    Accounts receivable, net

2,801,108

2,602,434

    Supplies

234,094

232,110

    Other current assets

505,323

435,574

          Total current assets

3,679,325

3,407,915

Property and equipment

13,830,293

13,489,811

Less: accumulated depreciation

(6,687,668)

(6,481,714)

7,142,625

7,008,097

Other assets:

    Goodwill

3,981,713

3,990,213

    Deferred income taxes

63,719

70,517

    Right of use assets-operating leases

365,758

374,239

    Deferred charges

9,908

9,272

    Other

692,438

667,340

Total Assets

$

15,935,486

$

15,527,593

Liabilities and Stockholders' Equity

Current liabilities:

    Current maturities of long-term debt

$

771,910

$

748,158

    Accounts payable and other liabilities

2,451,182

2,416,276

    Operating lease liabilities

70,861

73,237

    Federal and state taxes

3,703

1,930

          Total current liabilities

3,297,656

3,239,601

Other noncurrent liabilities

559,955

527,827

Operating lease liabilities noncurrent

339,467

340,715

Deferred income taxes

3,233

5,649

Long-term debt

4,079,937

4,004,393

Redeemable noncontrolling interest

73,603

70,620

UHS common stockholders' equity

7,513,812

7,275,792

Noncontrolling interest

67,823

62,996

          Total equity

7,581,635

7,338,788

Total Liabilities and Stockholders' Equity

$

15,935,486

$

15,527,593

Universal Health Services, Inc.

Consolidated Statements of Cash Flows

(in thousands)

(unaudited)

Six months

ended June 30,

2026

2025

Cash Flows from Operating Activities:

  Net income

$723,268

$684,240

  Adjustments to reconcile net income to net 

cash provided by operating activities:

Depreciation & amortization

322,764

300,349

Stock-based compensation expense

45,413

45,707

(Gain) loss on sales of assets and businesses

(5,578)

2,833

  Changes in assets & liabilities, net of effects from

acquisitions and dispositions:

   Accounts receivable

(137,907)

(92,636)

   Accrued interest

(29)

(4,532)

   Accrued and deferred income taxes 

29,759

(55,913)

   Other working capital accounts 

(182,146)

25,324

   Other assets and deferred charges

(18,466)

(22,404)

   Other, net 

10,753

16,143

   Accrued insurance expense, net of commercial premiums paid

157,435

94,696

   Payments made in settlement of self-insurance claims, net of commercial insurance reimbursements

(100,335)

(84,781)

          Net cash provided by operating activities

844,931

909,026

Cash Flows from Investing Activities:

   Property and equipment additions

(444,790)

(505,040)

   Proceeds received from sales of assets and businesses

15,732

2,980

   Acquisition of businesses and property

(4,857)

(8,314)

   Inflows (outflows) from foreign exchange contracts that hedge our net U.K. investment

12,011

(66,402)

   Costs incurred for purchase and development of enterprise resource planning application

(9,964)

0

   Decrease (increase) in capital reserves of commercial insurance subsidiary 

56

(462)

          Net cash used in investing activities

(431,812)

(577,238)

Cash Flows from Financing Activities:

   Repayments of long-term debt

(201,745)

(18,548)

   Additional borrowings

300,040

94,601

   Financing costs

(1,410)

0

   Repurchase of common shares

(484,601)

(378,542)

   Dividends paid

(24,760)

(26,434)

   Issuance of common stock

8,659

8,137

   Profit distributions to noncontrolling interests

(11,889)

(9,621)

   Purchase of ownership interests by minority members, net

4,324

11,336

          Net cash used in financing activities

(411,382)

(319,071)

   Effect of exchange rate changes on cash and cash equivalents

(676)

3,931

Increase in cash, cash equivalents and restricted cash

1,061

16,648

Cash, cash equivalents and restricted cash, beginning of period

271,322

224,752

Cash, cash equivalents and restricted cash, end of period

$272,383

$241,400

Supplemental Disclosures of Cash Flow Information:

  Interest paid

$74,460

$77,448

  Income taxes paid, net of refunds

$197,419

$251,786

  Noncash purchases of property and equipment

$80,646

$148,887

Universal Health Services, Inc.

Supplemental Statistical Information

(unaudited)

 % Change 

 % Change 

3 Months ended

6 Months ended

Same Facility:

6/30/2026

6/30/2026

Acute Care Hospitals (1)

Revenues

8.2 %

8.2 %

Adjusted Admissions

2.9 %

1.4 %

Adjusted Patient Days

3.1 %

1.9 %

Revenue Per Adjusted Admission

3.0 %

4.6 %

Revenue Per Adjusted Patient Day

2.8 %

4.2 %

Behavioral Health Hospitals (1)

Revenues

7.4 %

7.4 %

Adjusted Admissions

0.5 %

0.9 %

Adjusted Patient Days

1.4 %

1.5 %

Revenue Per Adjusted Admission

7.1 %

6.6 %

Revenue Per Adjusted Patient Day

6.1 %

6.0 %

UHS Consolidated

Second Quarter Ended

Six Months Ended

6/30/2026

6/30/2025

6/30/2026

6/30/2025

Revenues

$4,638,012

$4,283,816

$9,133,194

$8,383,536

EBITDA net of NCI

$680,233

$651,359

$1,331,912

$1,255,240

EBITDA Margin net of NCI

14.7 %

15.2 %

14.6 %

15.0 %

Adjusted EBITDA net of NCI

$677,870

$642,880

$1,326,160

$1,241,102

Adjusted EBITDA Margin net of NCI

14.6 %

15.0 %

14.5 %

14.8 %

Cash Flow From Operations

$443,303

$548,978

$844,931

$909,026

Capital Expenditures  

$227,633

$266,014

$444,790

$505,040

Days Sales Outstanding

56

50

Debt 

$4,851,847

$4,582,897

UHS' Shareholders Equity

$7,513,812

$7,030,048

Debt / Total Capitalization

39.2 %

39.5 %

Debt / EBITDA net of NCI (2)

1.73

1.91

Debt / Adjusted EBITDA net of NCI (2)

1.81

1.92

Debt / Cash From Operations (2)

2.70

2.41

(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 January 1, 2025 to conform with current year presentation.

(2) Latest 4 quarters.

Universal Health Services, Inc.

Acute Care Hospital Services

For the Three and Six Months ended

June 30, 2026 and 2025

(in thousands)

(unaudited)

Same Facility Basis - Acute Care Hospital Services

Three months ended

Three months ended

Six months ended

Six months ended

June 30, 2026

June 30, 2025

June 30, 2026

June 30, 2025

Amount

% of Net
Revenues 

Amount

% of Net
Revenues 

Amount

% of Net
Revenues 

Amount

% of Net
Revenues 

Net revenues

$2,507,889

100.0 %

$2,318,826

100.0 %

$4,977,934

100.0 %

$4,600,657

100.0 %

Operating charges:

Salaries, wages and benefits

991,733

39.5 %

938,594

40.5 %

1,944,568

39.1 %

1,852,423

40.3 %

Other operating expenses

779,029

31.1 %

672,172

29.0 %

1,507,181

30.3 %

1,310,771

28.5 %

Supplies expense

362,131

14.4 %

361,093

15.6 %

727,628

14.6 %

709,917

15.4 %

Depreciation and amortization

103,112

4.1 %

96,458

4.2 %

198,793

4.0 %

191,359

4.2 %

Lease and rental expense

25,959

1.0 %

24,240

1.0 %

52,697

1.1 %

49,584

1.1 %

Subtotal-operating expenses

2,261,964

90.2 %

2,092,557

90.2 %

4,430,867

89.0 %

4,114,054

89.4 %

Income from operations

245,925

9.8 %

226,269

9.8 %

547,067

11.0 %

486,603

10.6 %

Interest expense, net 

1,301

0.1 %

(1,613)

(0.1) %

2,287

0.0 %

649

0.0 %

Other (income) expense, net 

(1,189)

(0.0) %

(1,011)

(0.0) %

(3,744)

(0.1) %

(9,583)

(0.2) %

Income before income taxes

$245,813

9.8 %

$228,893

9.9 %

$548,524

11.0 %

$495,537

10.8 %

All Acute Care Hospital Services

Three months ended

Three months ended

Six months ended

Six months ended

June 30, 2026

June 30, 2025

June 30, 2026

June 30, 2025

Amount

% of Net
Revenues

Amount

% of Net
Revenues 

Amount

% of Net
Revenues

Amount

% of Net
Revenues 

Net revenues

$2,609,999

100.0 %

$2,403,837

100.0 %

$5,220,135

100.0 %

$4,761,651

100.0 %

Operating charges:

Salaries, wages and benefits

999,864

38.3 %

938,708

39.1 %

1,972,710

37.8 %

1,854,232

38.9 %

Other operating expenses

885,882

33.9 %

757,549

31.5 %

1,745,729

33.4 %

1,474,211

31.0 %

Supplies expense

363,494

13.9 %

361,097

15.0 %

731,432

14.0 %

709,789

14.9 %

Depreciation and amortization

106,623

4.1 %

96,459

4.0 %

202,941

3.9 %

191,362

4.0 %

Lease and rental expense

26,170

1.0 %

24,240

1.0 %

52,742

1.0 %

49,584

1.0 %

Subtotal-operating expenses

2,382,033

91.3 %

2,178,053

90.6 %

4,705,554

90.1 %

4,279,178

89.9 %

Income from operations

227,966

8.7 %

225,784

9.4 %

514,581

9.9 %

482,473

10.1 %

Interest expense, net 

1,301

0.0 %

(1,613)

(0.1) %

2,287

0.0 %

649

0.0 %

Other (income) expense, net 

(985)

(0.0) %

(916)

(0.0) %

(3,117)

(0.1) %

(9,183)

(0.2) %

Income before income taxes

$227,650

8.7 %

$228,313

9.5 %

$515,411

9.9 %

$491,007

10.3 %

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 and our Form 10-Q for the quarter ended March 31, 2026.

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 January 1, 2025 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 Six Months ended

June 30, 2026 and 2025

(in thousands)

(unaudited)

Same Facility Basis - Behavioral Health Care Services

Three months ended

Three months ended

Six months ended

Six months ended

June 30, 2026

June 30, 2025

June 30, 2026

June 30, 2025

Amount

% of Net
Revenues 

Amount

% of Net
Revenues 

Amount

% of Net
Revenues 

Amount

% of Net
Revenues 

Net revenues

$1,929,171

100.0 %

$1,796,295

100.0 %

$3,747,847

100.0 %

$3,490,455

100.0 %

Operating charges:

Salaries, wages and benefits

1,019,296

52.8 %

959,030

53.4 %

2,012,334

53.7 %

1,878,820

53.8 %

Other operating expenses

355,579

18.4 %

325,595

18.1 %

690,002

18.4 %

645,195

18.5 %

Supplies expense

57,889

3.0 %

56,957

3.2 %

116,345

3.1 %

111,952

3.2 %

Depreciation and amortization

56,764

2.9 %

51,873

2.9 %

111,920

3.0 %

102,752

2.9 %

Lease and rental expense

12,054

0.6 %

10,412

0.6 %

23,359

0.6 %

21,290

0.6 %

Subtotal-operating expenses

1,501,582

77.8 %

1,403,867

78.2 %

2,953,960

78.8 %

2,760,009

79.1 %

Income from operations

427,589

22.2 %

392,428

21.8 %

793,887

21.2 %

730,446

20.9 %

Interest expense, net 

1,168

0.1 %

1,104

0.1 %

2,360

0.1 %

2,179

0.1 %

Other (income) expense, net 

(983)

(0.1) %

(837)

(0.0) %

(1,866)

(0.0) %

(1,662)

(0.0) %

Income before income taxes

$427,404

22.2 %

$392,161

21.8 %

$793,393

21.2 %

$729,929

20.9 %

All Behavioral Health Care Services

Three months ended

Three months ended

Six months ended

Six months ended

June 30, 2026

June 30, 2025

June 30, 2026

June 30, 2025

Amount

% of Net
Revenues

Amount

% of Net
Revenues 

Amount

% of Net
Revenues

Amount

% of Net
Revenues 

Net revenues

$2,025,065

100.0 %

$1,877,273

100.0 %

$3,907,217

100.0 %

$3,616,337

100.0 %

Operating charges:

Salaries, wages and benefits

1,040,604

51.4 %

975,553

52.0 %

2,041,698

52.3 %

1,898,919

52.5 %

Other operating expenses

443,752

21.9 %

383,412

20.4 %

835,650

21.4 %

745,674

20.6 %

Supplies expense

58,475

2.9 %

58,289

3.1 %

117,262

3.0 %

113,437

3.1 %

Depreciation and amortization

58,895

2.9 %

53,170

2.8 %

115,529

3.0 %

104,322

2.9 %

Lease and rental expense

12,212

0.6 %

10,963

0.6 %

23,727

0.6 %

22,327

0.6 %

Subtotal-operating expenses

1,613,938

79.7 %

1,481,387

78.9 %

3,133,866

80.2 %

2,884,679

79.8 %

Income from operations

411,127

20.3 %

395,886

21.1 %

773,351

19.8 %

731,658

20.2 %

Interest expense, net 

1,273

0.1 %

1,104

0.1 %

2,545

0.1 %

2,179

0.1 %

Other (income) expense, net 

(983)

(0.0) %

(837)

(0.0) %

(1,866)

(0.0) %

(1,662)

(0.0) %

Income before income taxes

$410,837

20.3 %

$395,619

21.1 %

$772,672

19.8 %

$731,141

20.2 %

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 and our Form 10-Q for the quarter ended March 31, 2026.

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 January 1, 2025 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

June 30, 2026 and 2025

(unaudited)

AS REPORTED:

ACUTE

BEHAVIORAL HEALTH

6/30/26

6/30/25

%  change

6/30/26

6/30/25

%  change

Hospitals owned and leased

30

28

7.1 %

346

338

2.4 %

Average licensed beds

7,434

7,159

3.8 %

24,587

24,254

1.4 %

Average available beds

7,262

6,987

3.9 %

24,487

24,154

1.4 %

Patient days

420,001

412,885

1.7 %

1,631,375

1,620,819

0.7 %

Average daily census

4,615.4

4,537.2

1.7 %

17,927.2

17,811.2

0.7 %

Occupancy-licensed beds

62.1 %

63.4 %

-2.0 %

72.9 %

73.4 %

-0.7 %

Occupancy-available beds

63.6 %

64.9 %

-2.1 %

73.2 %

73.7 %

-0.7 %

Admissions

88,649

87,278

1.6 %

116,857

118,519

-1.4 %

Length of stay

4.7

4.7

0.2 %

14.0

13.7

2.1 %

Inpatient revenue

$15,586,752

$13,886,867

12.2 %

$3,302,515

$2,993,234

10.3 %

Outpatient revenue

11,194,461

9,638,566

16.1 %

326,489

294,989

10.7 %

Total patient revenue

26,781,213

23,525,433

13.8 %

3,629,004

3,288,223

10.4 %

Other revenue

353,881

285,690

23.9 %

96,736

93,542

3.4 %

Gross revenue

27,135,094

23,811,123

14.0 %

3,725,740

3,381,765

10.2 %

Total deductions

24,525,095

21,407,286

14.6 %

1,700,675

1,504,492

13.0 %

Net revenue 

$2,609,999

$2,403,837

8.6 %

$2,025,065

$1,877,273

7.9 %

SAME FACILITY:

ACUTE

BEHAVIORAL HEALTH

6/30/26

6/30/25

%  change

6/30/26

6/30/25

%  change

Hospitals owned and leased

29

29

0.0 %

334

334

0.0 %

Average licensed beds

7,330

7,159

2.4 %

23,703

23,652

0.2 %

Average available beds

7,158

6,987

2.4 %

23,603

23,552

0.2 %

Patient days

419,710

412,885

1.7 %

1,597,105

1,576,830

1.3 %

Average daily census

4,612.2

4,537.2

1.7 %

17,550.6

17,327.8

1.3 %

Occupancy-licensed beds

62.9 %

63.4 %

-0.7 %

74.0 %

73.3 %

1.1 %

Occupancy-available beds

64.4 %

64.9 %

-0.8 %

74.4 %

73.6 %

1.1 %

Admissions

88,562

87,278

1.5 %

114,911

114,433

0.4 %

Length of stay

4.7

4.7

0.2 %

13.9

13.8

0.9 %

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 January 1, 2025 to conform with current year presentation.

Universal Health Services, Inc.

Selected Hospital Statistics

For the Six Months ended

June 30, 2026 and 2025

(unaudited)

AS REPORTED:

ACUTE

BEHAVIORAL HEALTH

6/30/26

6/30/25

%  change

6/30/26

6/30/25

%  change

Hospitals owned and leased

30

28

7.1 %

346

338

2.4 %

Average licensed beds

7,300

7,076

3.2 %

24,579

24,170

1.7 %

Average available beds

7,128

6,904

3.2 %

24,479

24,070

1.7 %

Patient days

851,080

841,922

1.1 %

3,250,959

3,209,365

1.3 %

Average daily census

4,702.1

4,651.5

1.1 %

17,961.1

17,731.3

1.3 %

Occupancy-licensed beds

64.4 %

65.7 %

-2.0 %

73.1 %

73.4 %

-0.4 %

Occupancy-available beds

66.0 %

67.4 %

-2.1 %

73.4 %

73.7 %

-0.4 %

Admissions

176,538

175,368

0.7 %

234,348

234,869

-0.2 %

Length of stay

4.8

4.8

0.4 %

13.9

13.7

1.5 %

Inpatient revenue

$31,549,934

$28,205,158

11.9 %

$6,568,817

$5,838,122

12.5 %

Outpatient revenue

22,007,439

18,966,362

16.0 %

638,981

569,023

12.3 %

Total patient revenue

53,557,373

47,171,520

13.5 %

7,207,798

6,407,145

12.5 %

Other revenue

691,138

566,133

22.1 %

192,211

181,921

5.7 %

Gross revenue

54,248,511

47,737,653

13.6 %

7,400,009

6,589,066

12.3 %

Total deductions

49,028,376

42,976,002

14.1 %

3,492,792

2,972,729

17.5 %

Net revenue 

$5,220,135

$4,761,651

9.6 %

$3,907,217

$3,616,337

8.0 %

SAME FACILITY:

ACUTE

BEHAVIORAL HEALTH

6/30/26

6/30/25

%  change

6/30/26

6/30/25

%  change

Hospitals owned and leased

29

29

0.0 %

334

334

0.0 %

Average licensed beds

7,177

7,076

1.4 %

23,860

23,754

0.4 %

Average available beds

7,005

6,904

1.5 %

23,760

23,654

0.4 %

Patient days

845,542

841,922

0.4 %

3,190,451

3,147,427

1.4 %

Average daily census

4,671.5

4,651.5

0.4 %

17,626.8

17,389.1

1.4 %

Occupancy-licensed beds

65.1 %

65.7 %

-1.0 %

73.9 %

73.2 %

0.9 %

Occupancy-available beds

66.7 %

67.4 %

-1.0 %

74.2 %

73.5 %

0.9 %

Admissions

175,342

175,368

0.0 %

231,179

229,482

0.7 %

Length of stay

4.8

4.8

0.4 %

13.8

13.7

0.6 %

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 January 1, 2025 to conform with current year presentation.

Universal Health Services, Inc.

Supplemental Non-GAAP Disclosures

Revised 2026 Operating Results Forecast

(in thousands, except per share amounts)

Revised Forecast For The Year Ending December 31, 2026

% Net

% Net

Low

revenues

High

revenues

Net revenues

$18,501,000

$18,762,000

Adjusted net income attributable to UHS (a)

$1,322,985

$1,404,050

 Depreciation and amortization

669,318

669,318

 Interest expense

204,898

204,898

 Other (income) expense, net

(9,924)

(9,924)

 Provision for income taxes

422,378

448,259

Adjusted EBITDA net of NCI (b)

$2,609,655

14.1 %

$2,716,601

14.5 %

Adjusted net income attributable to UHS, per diluted share (a)

$22.28

$23.65

Shares used in computing diluted earnings per share

59,369

59,369

(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.

SOURCE Universal Health Services, Inc.

Posted by Defense World Staff on Jul 25th, 2026

Allspring Global Investments Holdings LLC lowered its stake in shares of Universal Health Services, Inc. (NYSE:UHS – Free Report) by 51.6% during the 1st quarter, according to its most recent filing with the SEC. The firm owned 27,191 shares of the health services provider’s stock after selling 28,932 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Universal Health Services were worth $4,838,000 as of its most recent SEC filing.

A number of other institutional investors also recently bought and sold shares of the stock. Elyxium Wealth LLC purchased a new stake in Universal Health Services in the 4th quarter worth $25,000. Harbor Capital Advisors Inc. bought a new position in shares of Universal Health Services in the fourth quarter worth about $26,000. Founders Capital Management purchased a new position in shares of Universal Health Services during the fourth quarter worth approximately $28,000. Larson Financial Group LLC raised its position in Universal Health Services by 302.9% during the 4th quarter. Larson Financial Group LLC now owns 141 shares of the health services provider’s stock valued at $31,000 after purchasing an additional 106 shares in the last quarter. Finally, CYBER HORNET ETFs LLC purchased a new position in Universal Health Services during the 2nd quarter valued at about $29,000. 86.05% of the stock is owned by institutional investors.

Universal Health Services Stock Performance NYSE:UHS opened at $155.96 on Friday. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.01 and a current ratio of 1.08. The stock has a market capitalization of $9.44 billion, a PE ratio of 6.50, a P/E/G ratio of 0.81 and a beta of 1.07. Universal Health Services, Inc. has a fifty-two week low of $140.08 and a fifty-two week high of $246.32. The company has a fifty day moving average of $150.58 and a two-hundred day moving average of $179.85.

Universal Health Services (NYSE:UHS – Get Free Report) last announced its earnings results on Tuesday, April 28th. The health services provider reported $5.62 earnings per share (EPS) for the quarter, beating the consensus estimate of $5.41 by $0.21. Universal Health Services had a net margin of 8.56% and a return on equity of 19.57%. The business had revenue of $4.50 billion for the quarter, compared to analyst estimates of $4.39 billion. During the same quarter last year, the business earned $4.84 earnings per share. The company’s revenue for the quarter was up 9.6% compared to the same quarter last year. As a group, research analysts forecast that Universal Health Services, Inc. will post 23.44 earnings per share for the current fiscal year.

Universal Health Services Dividend Announcement The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Tuesday, September 1st will be paid a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 0.5%. The ex-dividend date is Tuesday, September 1st. Universal Health Services’s payout ratio is 3.33%.

Analyst Upgrades and Downgrades A number of equities analysts have commented on UHS shares. TD Cowen reduced their target price on shares of Universal Health Services from $230.00 to $197.00 and set a “buy” rating for the company in a report on Monday, June 22nd. JPMorgan Chase & Co. reduced their price target on Universal Health Services from $235.00 to $205.00 and set a “neutral” rating on the stock in a research report on Wednesday, May 20th. Raymond James Financial downgraded Universal Health Services from an “outperform” rating to a “market perform” rating in a research note on Wednesday, April 29th. Cantor Fitzgerald lowered their price target on Universal Health Services from $229.00 to $194.00 and set a “neutral” rating for the company in a report on Wednesday, April 29th. Finally, Stephens dropped their price target on Universal Health Services from $235.00 to $205.00 and set an “equal weight” rating on the stock in a research note on Wednesday, April 29th. Five research analysts have rated the stock with a Buy rating and twelve have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $213.73.

Check Out Our Latest Analysis on Universal Health Services

About Universal Health Services (Free Report)

Universal Health Services, Inc (NYSE: UHS) is one of the largest diversified health care management companies in the United States, offering a broad spectrum of services through its acute care hospital and behavioral health segments. The company operates general acute care hospitals, surgical hospitals and ambulatory centers, as well as inpatient and outpatient behavioral health facilities. Its network provides emergency and specialized medicine, diagnostic imaging, laboratory services, advanced surgical care and rehabilitation, complemented by a comprehensive array of behavioral services including psychiatric treatment, addiction programs and developmental disabilities care.

In the acute care segment, UHS’s facilities deliver services ranging from emergency department treatment and intensive care to maternity care and outpatient surgery.

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Posted by Defense World Staff on Jul 23rd, 2026

Dimensional Fund Advisors LP raised its position in shares of Universal Health Services, Inc. (NYSE:UHS – Free Report) by 12.1% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,781,262 shares of the health services provider’s stock after buying an additional 192,351 shares during the period. Dimensional Fund Advisors LP owned about 2.92% of Universal Health Services worth $318,812,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently modified their holdings of the company. Elyxium Wealth LLC acquired a new stake in Universal Health Services during the 4th quarter valued at $25,000. Harbor Capital Advisors Inc. bought a new position in Universal Health Services in the 4th quarter valued at $26,000. Founders Capital Management acquired a new position in Universal Health Services in the fourth quarter worth $28,000. CYBER HORNET ETFs LLC acquired a new position in Universal Health Services in the second quarter worth $29,000. Finally, Larson Financial Group LLC grew its holdings in shares of Universal Health Services by 302.9% during the fourth quarter. Larson Financial Group LLC now owns 141 shares of the health services provider’s stock worth $31,000 after purchasing an additional 106 shares during the last quarter. Institutional investors own 86.05% of the company’s stock.

Analyst Ratings Changes UHS has been the subject of a number of research reports. Wall Street Zen lowered Universal Health Services from a “buy” rating to a “hold” rating in a research note on Saturday, May 2nd. Guggenheim decreased their price objective on shares of Universal Health Services from $211.00 to $195.00 and set a “buy” rating on the stock in a report on Monday. Barclays cut shares of Universal Health Services from an “overweight” rating to an “equal weight” rating and set a $179.00 price objective for the company. in a research report on Wednesday, July 8th. Weiss Ratings downgraded shares of Universal Health Services from a “hold (c)” rating to a “hold (c-)” rating in a research note on Tuesday, July 14th. Finally, Cantor Fitzgerald reduced their target price on shares of Universal Health Services from $229.00 to $194.00 and set a “neutral” rating on the stock in a research report on Wednesday, April 29th. Five analysts have rated the stock with a Buy rating and twelve have assigned a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $213.73.

Check Out Our Latest Stock Analysis on Universal Health Services

Universal Health Services Price Performance Universal Health Services stock opened at $149.35 on Thursday. The business’s 50-day simple moving average is $151.22 and its 200 day simple moving average is $180.50. The company has a quick ratio of 1.01, a current ratio of 1.08 and a debt-to-equity ratio of 0.52. The stock has a market cap of $9.04 billion, a price-to-earnings ratio of 6.22, a P/E/G ratio of 0.80 and a beta of 1.07. Universal Health Services, Inc. has a 12-month low of $140.08 and a 12-month high of $246.32.

Universal Health Services (NYSE:UHS – Get Free Report) last announced its quarterly earnings data on Tuesday, April 28th. The health services provider reported $5.62 earnings per share for the quarter, topping the consensus estimate of $5.41 by $0.21. The firm had revenue of $4.50 billion during the quarter, compared to analysts’ expectations of $4.39 billion. Universal Health Services had a return on equity of 19.57% and a net margin of 8.56%.The company’s quarterly revenue was up 9.6% compared to the same quarter last year. During the same period in the previous year, the business posted $4.84 EPS. As a group, research analysts anticipate that Universal Health Services, Inc. will post 23.44 earnings per share for the current year.

Universal Health Services Dividend Announcement The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Tuesday, September 1st will be issued a $0.20 dividend. This represents a $0.80 annualized dividend and a yield of 0.5%. The ex-dividend date is Tuesday, September 1st. Universal Health Services’s dividend payout ratio is currently 3.33%.

Universal Health Services Company Profile (Free Report)

Universal Health Services, Inc (NYSE: UHS) is one of the largest diversified health care management companies in the United States, offering a broad spectrum of services through its acute care hospital and behavioral health segments. The company operates general acute care hospitals, surgical hospitals and ambulatory centers, as well as inpatient and outpatient behavioral health facilities. Its network provides emergency and specialized medicine, diagnostic imaging, laboratory services, advanced surgical care and rehabilitation, complemented by a comprehensive array of behavioral services including psychiatric treatment, addiction programs and developmental disabilities care.

In the acute care segment, UHS’s facilities deliver services ranging from emergency department treatment and intensive care to maternity care and outpatient surgery.

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News Products Contact Hamburger menu Send a Release KING OF PRUSSIA, Pa., July 15, 2026 /PRNewswire/ -- Universal Health Services, Inc. (NYSE: UHS) announced today that its Board of Directors voted to pay a cash dividend of $0.20 per share on September 15, 2026 to shareholders of record as of September 1, 2026.

Universal Health Services, Inc. ("UHS") is one of the nation's largest providers of hospital and healthcare services. Through its subsidiaries, UHS operates acute care hospitals, behavioral health facilities, outpatient facilities and ambulatory care access points located throughout the United States, Puerto Rico and the United Kingdom.

SOURCE Universal Health Services, Inc.

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Stock to Watch: Universal Health Services (UHS - Free Report) Universal Health Services, Inc. is a King of Prussia, PA-based hospital operator with acute care and behavioral health facilities, plus related outpatient access points. It also operates surgical hospitals, ambulatory surgery centers and radiation oncology centers, and offers an insurance product and physician network.

UHS is a #3 (Hold) on the Zacks Rank, with a VGM Score of A.

Additionally, the company could be a top pick for growth investors. UHS has a Growth Style Score of B, forecasting year-over-year earnings growth of 8% for the current fiscal year.

One analyst revised their earnings estimate higher in the last 60 days for fiscal 2026, while the Zacks Consensus Estimate has increased $0.01 to $23.47 per share. UHS also boasts an average earnings surprise of +9.5%.

With a solid Zacks Rank and top-tier Growth and VGM Style Scores, UHS should be on investors' short list.

In its upcoming report, Universal Health Services (UHS - Free Report) is predicted by Wall Street analysts to post quarterly earnings of $5.36 per share, reflecting an increase of 10.7% compared to the same period last year. Revenues are forecasted to be $4.37 billion, representing a year-over-year increase of 6.6%.

The consensus EPS estimate for the quarter has remained unchanged over the last 30 days. This represents how the covering analysts, as a whole, have reassessed their initial estimates during this timeframe.

Before a company announces its earnings, it is essential to take into account any changes made to earnings estimates. This is a valuable factor in predicting the potential reactions of investors toward the stock. Empirical research has consistently shown a strong correlation between trends in earnings estimate revisions and the short-term price performance of a stock.

While investors typically use consensus earnings and revenue estimates as indicators of quarterly business performance, exploring analysts' projections for specific key metrics can offer valuable insights.

With that in mind, let's delve into the average projections of some Universal Health Services metrics that are commonly tracked and projected by analysts on Wall Street.

It is projected by analysts that the 'Net Revenues- Acute care hospital services' will reach $2.50 billion. The estimate indicates a change of +6.3% from the prior-year quarter.

The consensus estimate for 'Net Revenues- Behavioral health services' stands at $1.86 billion. The estimate indicates a year-over-year change of +6.2%.

The combined assessment of analysts suggests that 'Admissions - Acute - Same facility basis' will likely reach 88,434 . Compared to the present estimate, the company reported 85,244 in the same quarter last year.

Analysts expect 'Admissions - Behavioral health' to come in at 118,679 . Compared to the current estimate, the company reported 117,788 in the same quarter of the previous year.

The average prediction of analysts places 'Operating Income- Behavioral Health Care Services' at $352.05 million. The estimate is in contrast to the year-ago figure of $337.68 million.

The collective assessment of analysts points to an estimated 'Operating Income- Acute Care Hospital Services' of $259.08 million. Compared to the present estimate, the company reported $254.79 million in the same quarter last year.

View all Key Company Metrics for Universal Health Services here>>>

Over the past month, Universal Health Services shares have recorded returns of -4% versus the Zacks S&P 500 composite's +8.6% change. Based on its Zacks Rank #3 (Hold), UHS will likely exhibit a performance that aligns with the overall market in the upcoming period. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>> .

Consolidated Results of Operations, As Reported and As Adjusted  – Three-month periods ended March 31, 2026 and 2025:

, /PRNewswire/ -- Universal Health Services, Inc. (NYSE: UHS) announced today that its reported net income attributable to UHS was $348.7 million, or $5.65 per diluted share, during the first quarter of 2026, as compared to $316.7 million, or $4.80 per diluted share, during the first quarter of 2025.  Net revenues increased by 9.6% to $4.495 billion during the first quarter of 2026, as compared to $4.100 billion during the first quarter of 2025.

As reflected on the Schedule of Non-GAAP Supplemental Information ("Supplemental Schedule"), our adjusted net income during the first quarter of 2026 was $346.5 million, or $5.62 per diluted share, as compared to $319.5 million, or $4.84 per diluted share, during the first quarter of 2025. 

As reflected on the Supplemental Schedule, included in our reported results during the first quarter of 2026 was a favorable net after-tax impact of $2.2 million, or $.03 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 first quarter of 2025 were: (i) an unrealized after-tax loss (included in "Other (income) expense, net") of $3.3 million, or $.05 per diluted share ($4.3 million pre-tax), resulting from a decrease in the market value of certain equity securities (that were sold during the fourth quarter of 2025), and; (ii) a favorable net after-tax impact of $0.5 million, or $.01 per diluted share, resulting from the net tax benefit recorded in connection with 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 $651.7 million during the first quarter of 2026, as compared to $603.9 million during the first quarter of 2025. Our adjusted earnings before interest, taxes, depreciation & amortization ("Adjusted EBITDA net of NCI"), which excludes the impact of other (income) expense, net, was $648.3 million during the first quarter of 2026, as compared to $598.2 million during the first quarter of 2025.

Acute Care Services – Three-month periods ended March 31, 2026 and 2025:

During the first quarter of 2026, at our acute care hospitals owned during both periods ("same facility basis"), adjusted admissions (adjusted for outpatient activity) were unchanged and adjusted patient days increased by 0.8%, as compared to the first quarter of 2025. At these facilities, during the first quarter of 2026, net revenue per adjusted admission increased by 6.3% while net revenue per adjusted patient day increased by 5.5%, as compared to the first quarter of 2025. Net revenues generated from our acute care services, on a same facility basis, increased by 8.2% during the first quarter of 2026, as compared to the first quarter of 2025.

Behavioral Health Care Services – Three-month periods ended March 31, 2026 and 2025:

During the first quarter of 2026, at our behavioral health care facilities on a same facility basis, adjusted admissions increased by 1.2% while adjusted patient days increased by 1.6%, as compared to the first quarter of 2025. At these facilities, during the first quarter of 2026, net revenue per adjusted admission increased by 6.2% and net revenue per adjusted patient day increased by 5.8%, as compared to the first quarter of 2025. Net revenues generated from our behavioral health care services, on a same facility basis, increased by 7.3% during the first quarter of 2026, as compared to the first quarter of 2025.

Net Cash Provided by Operating Activities and Credit Agreement Amendment/Capital Resources:

Net Cash Provided by Operating Activities:

During the three-month period ended March 31, 2026, our net cash provided by operating activities was $402 million as compared to $360 million during the first quarter of 2025. The $42 million net increase in our net cash provided by operating activities consisted of: (i) a favorable change of $40 million resulting from an increase in net income plus/minus depreciation and amortization expense, stock-based compensation expense and gain on sales of assets and businesses; (ii) a favorable change of $95 million in accounts receivable (due, in part, to delays experienced during the first quarter of 2025 in receipt of funds in connection with certain Medicaid supplemental payment programs in various states); (iii) an unfavorable change of $80 million in other working capital accounts due primarily to the timing of accounts payable disbursements, and; (iv) other combined net unfavorable changes of $13 million.  

Credit Agreement Amendment/Capital Resources:

In April, 2026, and as previously disclosed on Form 8-K as filed with the Securities and Exchange Commission on April 24, 2026, we amended our credit agreement to, among other things, increase our borrowing capacity by an aggregate of $900 million as follows: (i) increase the borrowing capacity of the revolving credit facility by $200 million to $1.5 billion (from $1.3 billion previously); (ii) increase the existing tranche term loan A by $300 million to $1.455 billion (from $1.155 billion previously), and; (iii) initiate a new $400 million delayed draw term loan A which is expected to be drawn upon the closing of our acquisition of Talkspace, Inc. The maturity date for our credit agreement, which is scheduled for September 26, 2029, remained unchanged.     

As of March 31, 2026, we had approximately $373 million of borrowings outstanding pursuant to our revolving credit facility.

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. Pursuant to this program, during the first quarter of 2026, we have repurchased 675,000 shares at an aggregate cost of approximately $127.3 million (average price of approximately $189 per share).

As of March 31, 2026, we had an aggregate available repurchase authorization of approximately $1.298 billion pursuant to our stock repurchase program.

Conference call information:

We will hold a conference call for investors and analysts at 9:00 a.m. eastern time on April 28, 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. Supplemental financial disclosures related to our financial results are available on our website.

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 $17.4 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.

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 previously disclosed 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 eliminated 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. The ability to successfully complete, integrate and realize the benefit and synergies from our proposed acquisition of Talkspace, Inc.  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.

Consolidated Statements of Income

(in thousands, except per share amounts)

(unaudited)

Three months

ended March 31,

2026

2025

Net revenues

$4,495,182

$4,099,720

Operating charges:

   Salaries, wages and benefits

2,088,229

1,951,104

   Other operating expenses

1,283,928

1,105,752

   Supplies expense

426,543

402,881

   Depreciation and amortization

155,426

148,345

   Lease and rental expense

38,196

36,813

3,992,322

3,644,895

Income from operations

502,860

454,825

Interest expense, net

37,133

40,056

Other (income) expense, net

(3,389)

(5,659)

Income before income taxes

469,116

420,428

Provision for income taxes

110,438

98,800

Net income

358,678

321,628

Less:  Net income (loss) attributable to

noncontrolling interests ("NCI")

9,996

4,948

Net income attributable to UHS

$348,682

$316,680

Basic earnings per share attributable to UHS (a)

$5.71

$4.87

Diluted earnings per share attributable to UHS (a)

$5.65

$4.80

Universal Health Services, Inc.

Footnotes to Consolidated Statements of Income

(in thousands, except per share amounts)

(unaudited)

Three months

(a) Earnings per share calculation:

ended March 31,

2026

2025

Basic and diluted:

Net income attributable to UHS - basic and diluted

$348,682

$316,680

Weighted average number of common shares - basic

61,071

64,970

Basic earnings per share attributable to UHS:

$5.71

$4.87

Weighted average number of common shares

61,071

64,970

Add: Other share equivalents

597

1,067

Weighted average number of common shares and equiv. - diluted

61,668

66,037

Diluted earnings per share attributable to UHS:

$5.65

$4.80

Universal Health Services, Inc.

Schedule of Non-GAAP Supplemental Information ("Supplemental Schedule")

For the Three Months ended March 31, 2026 and 2025

(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

March 31, 2026

revenues

March 31, 2025

revenues

Net income attributable to UHS

$348,682

$316,680

   Depreciation and amortization

155,426

148,345

   Interest expense, net

37,133

40,056

   Provision for income taxes

110,438

98,800

EBITDA net of NCI

$651,679

14.5 %

$603,881

14.7 %

Other (income) expense, net

(3,389)

(5,659)

Adjusted EBITDA net of NCI

$648,290

14.4 %

$598,222

14.6 %

Net revenues

$4,495,182

$4,099,720

Calculation of Adjusted Net Income Attributable to UHS

Three months ended

Three months ended

March 31, 2026

March 31, 2025

Per

Per

Amount

Diluted Share

Amount

Diluted Share

Net income attributable to UHS

$348,682

$5.65

$316,680

$4.80

Plus/minus after-tax adjustments:

Loss on marketable equity securities

-

-

3,285

0.05

Impact of ASU 2016-09, net

(2,164)

(0.03)

(461)

(0.01)

Subtotal adjustments

(2,164)

(0.03)

2,824

0.04

Adjusted net income

$346,518

$5.62

$319,504

$4.84

Universal Health Services, Inc.

Condensed Consolidated Balance Sheets

(in thousands)

(unaudited)

March 31,

December 31,

2026

2025

Assets

Current assets:

    Cash and cash equivalents

$

119,028

$

137,797

    Accounts receivable, net

2,745,090

2,602,434

    Supplies

229,415

232,110

    Other current assets

406,168

435,574

          Total current assets

3,499,701

3,407,915

Property and equipment

13,609,793

13,489,811

Less: accumulated depreciation

(6,546,146)

(6,481,714)

7,063,647

7,008,097

Other assets:

    Goodwill

3,980,656

3,990,213

    Deferred income taxes

68,339

70,517

    Right of use assets-operating leases

375,316

374,239

    Deferred charges

9,234

9,272

    Other

684,249

667,340

Total Assets

$

15,681,142

$

15,527,593

Liabilities and Stockholders' Equity

Current liabilities:

    Current maturities of long-term debt

$

756,240

$

748,158

    Accounts payable and other liabilities

2,356,343

2,416,276

    Operating lease liabilities

72,904

73,237

    Federal and state taxes

58,591

1,930

          Total current liabilities

3,244,078

3,239,601

Other noncurrent liabilities

532,678

527,827

Operating lease liabilities noncurrent

344,555

340,715

Deferred income taxes

3,234

5,649

Long-term debt

3,952,118

4,004,393

Redeemable noncontrolling interest

73,380

70,620

UHS common stockholders' equity

7,464,857

7,275,792

Noncontrolling interest

66,242

62,996

          Total equity

7,531,099

7,338,788

Total Liabilities and Stockholders' Equity

$

15,681,142

$

15,527,593

Universal Health Services, Inc.

Consolidated Statements of Cash Flows

(in thousands)

(unaudited)

Three months

ended March 31,

2026

2025

Cash Flows from Operating Activities:

  Net income

$358,678

$321,628

  Adjustments to reconcile net income to net 

cash provided by operating activities:

Depreciation & amortization

155,426

148,345

Stock-based compensation expense

22,504

21,595

Gain on sales of assets and businesses

(5,046)

0

  Changes in assets & liabilities, net of effects from

acquisitions and dispositions:

   Accounts receivable

(123,862)

(218,374)

   Accrued interest

10,992

11,086

   Accrued and deferred income taxes 

104,772

88,641

   Other working capital accounts 

(122,911)

(42,824)

   Other assets and deferred charges

(12,257)

(489)

   Other, net 

(221)

3,811

   Accrued insurance expense, net of commercial premiums paid

62,568

47,334

   Payments made in settlement of self-insurance claims, net of commercial insurance reimbursements

(49,015)

(20,705)

          Net cash provided by operating activities

401,628

360,048

Cash Flows from Investing Activities:

   Property and equipment additions

(217,157)

(239,026)

   Proceeds received from sales of assets and businesses

14,304

0

   Acquisition of businesses and property

(4,857)

(8,314)

   Inflows (outflows) from foreign exchange contracts that hedge our net U.K. investment

14,716

(23,695)

   Costs incurred for purchase and development of enterprise resource planning application

(4,613)

0

   Decrease (increase) in capital reserves of commercial insurance subsidiary 

28

(264)

          Net cash used in investing activities

(197,579)

(271,299)

Cash Flows from Financing Activities:

   Repayments of long-term debt

(44,731)

(9,113)

   Additional borrowings

40

152,454

   Repurchase of common shares

(163,849)

(223,385)

   Dividends paid

(12,974)

(13,534)

   Issuance of common stock

3,782

3,658

   Profit distributions to noncontrolling interests

(7,912)

(5,912)

   Purchase of ownership interests by minority members, net

3,750

4,412

          Net cash used in financing activities

(221,894)

(91,420)

   Effect of exchange rate changes on cash and cash equivalents

(924)

1,645

Decrease in cash, cash equivalents and restricted cash

(18,769)

(1,026)

Cash, cash equivalents and restricted cash, beginning of period

271,322

224,752

Cash, cash equivalents and restricted cash, end of period

$252,553

$223,726

Supplemental Disclosures of Cash Flow Information:

  Interest paid

$25,119

$27,718

  Income taxes paid, net of refunds

$8,276

$5,638

  Noncash purchases of property and equipment

$70,246

$116,196

Universal Health Services, Inc.

Supplemental Statistical Information

(unaudited)

 % Change 

Three Months ended

Same Facility:

3/31/2026

Acute Care Hospitals (1)

Revenues

8.2 %

Adjusted Admissions

0.0 %

Adjusted Patient Days

0.8 %

Revenue Per Adjusted Admission

6.3 %

Revenue Per Adjusted Patient Day

5.5 %

Behavioral Health Hospitals (1)

Revenues

7.3 %

Adjusted Admissions

1.2 %

Adjusted Patient Days

1.6 %

Revenue Per Adjusted Admission

6.2 %

Revenue Per Adjusted Patient Day

5.8 %

UHS Consolidated

Three Months ended

3/31/2026

3/31/2025

Revenues

$4,495,182

$4,099,720

EBITDA net of NCI

$651,679

$603,881

EBITDA Margin net of NCI

14.5 %

14.7 %

Adjusted EBITDA net of NCI

$648,290

$598,222

Adjusted EBITDA Margin net of NCI

14.4 %

14.6 %

Cash Flow From Operations

$401,628

$360,048

Capital Expenditures  

$217,157

$239,026

Days Sales Outstanding

55

53

Debt 

$4,708,358

$4,649,682

UHS' Shareholders Equity

$7,464,857

$6,785,604

Debt / Total Capitalization

38.7 %

40.7 %

Debt / EBITDA net of NCI (2)

1.70

2.00

Debt / Adjusted EBITDA net of NCI (2)

1.78

2.01

Debt / Cash From Operations (2)

2.47

2.29

(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 January 1, 2025 to conform with current year presentation.

(2) Latest 4 quarters.

Universal Health Services, Inc.

Acute Care Hospital Services

For the Three Months ended

March 31, 2026 and 2025

(in thousands)

(unaudited)

Same Facility Basis - Acute Care Hospital Services

Three months ended

Three months ended

March 31, 2026

March 31, 2025

Amount

% of Net
Revenues 

Amount

% of Net
Revenues 

Net revenues

$2,470,045

100.0 %

$2,281,831

100.0 %

Operating charges:

Salaries, wages and benefits

952,835

38.6 %

913,829

40.0 %

Other operating expenses

728,152

29.5 %

638,599

28.0 %

Supplies expense

365,497

14.8 %

348,824

15.3 %

Depreciation and amortization

95,681

3.9 %

94,901

4.2 %

Lease and rental expense

26,738

1.1 %

25,344

1.1 %

Subtotal-operating expenses

2,168,903

87.8 %

2,021,497

88.6 %

Income from operations

301,142

12.2 %

260,334

11.4 %

Interest expense, net 

986

0.0 %

2,262

0.1 %

Other (income) expense, net 

(2,555)

(0.1) %

(8,572)

(0.4) %

Income before income taxes

$302,711

12.3 %

$266,644

11.7 %

All Acute Care Hospital Services

Three months ended

Three months ended

March 31, 2026

March 31, 2025

Amount

% of Net
Revenues

Amount

% of Net
Revenues 

Net revenues

$2,610,136

100.0 %

$2,357,814

100.0 %

Operating charges:

Salaries, wages and benefits

972,846

37.3 %

915,524

38.8 %

Other operating expenses

859,847

32.9 %

716,662

30.4 %

Supplies expense

367,938

14.1 %

348,692

14.8 %

Depreciation and amortization

96,318

3.7 %

94,903

4.0 %

Lease and rental expense

26,572

1.0 %

25,344

1.1 %

Subtotal-operating expenses

2,323,521

89.0 %

2,101,125

89.1 %

Income from operations

286,615

11.0 %

256,689

10.9 %

Interest expense, net 

986

0.0 %

2,262

0.1 %

Other (income) expense, net 

(2,132)

(0.1) %

(8,267)

(0.4) %

Income before income taxes

$287,761

11.0 %

$262,694

11.1 %

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 January 1, 2025 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 Months ended

March 31, 2026 and 2025

(in thousands)

(unaudited)

Same Facility Basis - Behavioral Health Care Services

Three months ended

Three months ended

March 31, 2026

March 31, 2025

Amount

% of Net
Revenues 

Amount

% of Net
Revenues 

Net revenues

$1,818,676

100.0 %

$1,694,160

100.0 %

Operating charges:

Salaries, wages and benefits

993,038

54.6 %

919,790

54.3 %

Other operating expenses

334,423

18.4 %

319,600

18.9 %

Supplies expense

58,456

3.2 %

54,995

3.2 %

Depreciation and amortization

55,156

3.0 %

50,879

3.0 %

Lease and rental expense

11,305

0.6 %

10,878

0.6 %

Subtotal-operating expenses

1,452,378

79.9 %

1,356,142

80.0 %

Income from operations

366,298

20.1 %

338,018

20.0 %

Interest expense, net 

1,192

0.1 %

1,075

0.1 %

Other (income) expense, net 

(883)

(0.0) %

(825)

(0.0) %

Income before income taxes

$365,989

20.1 %

$337,768

19.9 %

All Behavioral Health Care Services

Three months ended

Three months ended

March 31, 2026

March 31, 2025

Amount

% of Net
Revenues

Amount

% of Net
Revenues 

Net revenues

$1,882,152

100.0 %

$1,739,064

100.0 %

Operating charges:

Salaries, wages and benefits

1,001,094

53.2 %

923,366

53.1 %

Other operating expenses

391,898

20.8 %

362,262

20.8 %

Supplies expense

58,787

3.1 %

55,148

3.2 %

Depreciation and amortization

56,634

3.0 %

51,152

2.9 %

Lease and rental expense

11,515

0.6 %

11,364

0.7 %

Subtotal-operating expenses

1,519,928

80.8 %

1,403,292

80.7 %

Income from operations

362,224

19.2 %

335,772

19.3 %

Interest expense, net 

1,272

0.1 %

1,075

0.1 %

Other (income) expense, net 

(883)

(0.0) %

(825)

(0.0) %

Income before income taxes

$361,835

19.2 %

$335,522

19.3 %

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 January 1, 2025 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

March 31, 2026 and 2025

(unaudited)

AS REPORTED:

ACUTE

BEHAVIORAL HEALTH

3/31/26

3/31/25

%  change

3/31/26

3/31/25

%  change

Hospitals owned and leased

29

28

3.6 %

346

334

3.6 %

Average licensed beds

7,165

6,994

2.4 %

24,570

24,083

2.0 %

Average available beds

6,993

6,822

2.5 %

24,470

23,983

2.0 %

Patient days

431,073

429,030

0.5 %

1,619,586

1,588,545

2.0 %

Average daily census

4,789.7

4,767.0

0.5 %

17,995.4

17,650.5

2.0 %

Occupancy-licensed beds

66.8 %

68.2 %

-1.9 %

73.2 %

73.3 %

-0.1 %

Occupancy-available beds

68.5 %

69.9 %

-2.0 %

73.5 %

73.6 %

-0.1 %

Admissions

87,889

88,090

-0.2 %

117,491

116,350

1.0 %

Length of stay

4.9

4.9

0.0 %

13.8

13.7

0.7 %

Inpatient revenue

$15,963,182

$14,318,291

11.5 %

$3,266,302

$2,844,888

14.8 %

Outpatient revenue

10,812,978

9,327,796

15.9 %

312,492

274,034

14.0 %

Total patient revenue

26,776,160

23,646,087

13.2 %

3,578,794

3,118,922

14.7 %

Other revenue

337,257

280,443

20.3 %

95,475

88,379

8.0 %

Gross revenue

27,113,417

23,926,530

13.3 %

3,674,269

3,207,301

14.6 %

Total deductions

24,503,281

21,568,716

13.6 %

1,792,117

1,468,237

22.1 %

Net revenue 

$2,610,136

$2,357,814

10.7 %

$1,882,152

$1,739,064

8.2 %

SAME FACILITY:

ACUTE

BEHAVIORAL HEALTH

3/31/26

3/31/25

%  change

3/31/26

3/31/25

%  change

Hospitals owned and leased

28

28

0.0 %

334

334

0.0 %

Average licensed beds

7,023

6,994

0.4 %

24,016

23,856

0.7 %

Average available beds

6,851

6,822

0.4 %

23,916

23,756

0.7 %

Patient days

425,835

429,030

-0.7 %

1,593,351

1,570,599

1.4 %

Average daily census

4,731.5

4,767.0

-0.7 %

17,703.9

17,451.1

1.4 %

Occupancy-licensed beds

67.4 %

68.2 %

-1.2 %

73.7 %

73.2 %

0.8 %

Occupancy-available beds

69.1 %

69.9 %

-1.2 %

74.0 %

73.5 %

0.8 %

Admissions

86,780

88,090

-1.5 %

116,268

115,049

1.1 %

Length of stay

4.9

4.9

0.0 %

13.7

13.7

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 January 1, 2025 to conform with current year presentation.

SOURCE Universal Health Services, Inc.

Universal Health Services, Inc. (UHS) Q1 2026 Earnings Call Transcript

For new and old investors, taking full advantage of the stock market and investing with confidence are common goals. Zacks Premium provides lots of different ways to do both.

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Value ScoreFor value investors, it's all about finding good stocks at good prices, and discovering which companies are trading under their true value before the broader market catches on. The Value Style Score utilizes ratios like P/E, PEG, Price/Sales, Price/Cash Flow, and a host of other multiples to help pick out the most attractive and discounted stocks.

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Momentum ScoreMomentum trading is all about taking advantage of upward or downward trends in a stock's price or earnings outlook, and these investors live by the saying "the trend is your friend." The Momentum Style Score can pinpoint good times to build a position in a stock, using factors like one-week price change and the monthly percentage change in earnings estimates.

VGM ScoreIf you like to use all three kinds of investing, then the VGM Score is for you. It's a combination of all Style Scores, and is an important indicator to use with the Zacks Rank. The VGM Score rates each stock on their shared weighted styles, narrowing down the companies with the most attractive value, best growth forecast, and most promising momentum.

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#1 (Strong Buy) stocks have produced an unmatched +23.93% average annual return since 1988, which is more than double the S&P 500's performance over the same time frame. However, the Zacks Rank examines a ton of stocks, and there can be more than 200 companies with a Strong Buy rank, and another 600 with a #2 (Buy) rank, on any given day.

This totals more than 800 top-rated stocks, and it can be overwhelming to try and pick the best stocks for you and your portfolio.

That's where the Style Scores come in.

To have the best chance of big returns, you'll want to always consider stocks with a Zacks Rank #1 or #2 that also have Style Scores of A or B, which will give you the highest probability of success. If you're looking at stocks with a #3 (Hold) rank, it's important they have Scores of A or B as well to ensure as much upside potential as possible.

The direction of a stock's earnings estimate revisions should always be a key factor when choosing which stocks to buy, since the Scores were created to work together with the Zacks Rank.

A stock with a #4 (Sell) or #5 (Strong Sell) rating, for instance, even one with Scores of A and B, will still have a declining earnings forecast, and a greater chance its share price will fall too.

Thus, the more stocks you own with a #1 or #2 Rank and Scores of A or B, the better.

Stock to Watch: Universal Health Services (UHS - Free Report) King of Prussia, PA-based Universal Health Services Inc. owns and operates (through its subsidiaries) acute care hospitals, behavioral health centers, surgical hospitals, ambulatory surgery centers and radiation oncology centers.

UHS is a #3 (Hold) on the Zacks Rank, with a VGM Score of A.

It also boasts a Value Style Score of A thanks to attractive valuation metrics like a forward P/E ratio of 6.91; value investors should take notice.

For fiscal 2026, four analysts revised their earnings estimate upwards in the last 60 days, and the Zacks Consensus Estimate has increased $0.28 to $23.53 per share. UHS boasts an average earnings surprise of +9.5%.

With a solid Zacks Rank and top-tier Value and VGM Style Scores, UHS should be on investors' short list.

Taking full advantage of the stock market and investing with confidence are common goals for new and old investors, and Zacks Premium offers many different ways to do both.

The research service features daily updates of the Zacks Rank and Zacks Industry Rank, full access to the Zacks #1 Rank List, Equity Research reports, and Premium stock screens, all of which will help you become a smarter, more confident investor.

Zacks Premium also includes the Zacks Style Scores.

What are the Zacks Style Scores? The Zacks Style Scores, developed alongside the Zacks Rank, are complementary indicators that rate stocks based on three widely-followed investing methodologies; they also help investors pick stocks with the best chances of beating the market over the next 30 days.

Based on their value, growth, and momentum characteristics, each stock is assigned a rating of A, B, C, D, or F. The better the score, the better chance the stock will outperform; an A is better than a B, a B is better than a C, and so on.

The Style Scores are broken down into four categories:

Value ScoreValue investors love finding good stocks at good prices, especially before the broader market catches on to a stock's true value. Utilizing ratios like P/E, PEG, Price/Sales, Price/Cash Flow, and many other multiples, the Value Style Score identifies the most attractive and most discounted stocks.

Growth ScoreGrowth investors are more concerned with a stock's future prospects, and the overall financial health and strength of a company. Thus, the Growth Style Score analyzes characteristics like projected and historic earnings, sales, and cash flow to find stocks that will see sustainable growth over time.

Momentum ScoreMomentum traders and investors live by the saying "the trend is your friend." This investing style is all about taking advantage of upward or downward trends in a stock's price or earnings outlook. Employing factors like one-week price change and the monthly percentage change in earnings estimates, the Momentum Style Score can indicate favorable times to build a position in high-momentum stocks.

VGM ScoreIf you like to use all three kinds of investing, then the VGM Score is for you. It's a combination of all Style Scores, and is an important indicator to use with the Zacks Rank. The VGM Score rates each stock on their shared weighted styles, narrowing down the companies with the most attractive value, best growth forecast, and most promising momentum.

How Style Scores Work with the Zacks Rank The Zacks Rank, which is a proprietary stock-rating model, employs earnings estimate revisions, or changes to a company's earnings expectations, to make building a winning portfolio easier.

It's highly successful, with #1 (Strong Buy) stocks producing an unmatched +23.7% average annual return since 1988. That's more than double the S&P 500. But because of the large number of stocks we rate, there are over 200 companies with a Strong Buy rank, plus another 600 with a #2 (Buy) rank, on any given day.

With more than 800 top-rated stocks to choose from, it can certainly feel overwhelming to pick the ones that are right for you and your investing journey.

That's where the Style Scores come in.

You want to make sure you're buying stocks with the highest likelihood of success, and to do that, you'll need to pick stocks with a Zacks Rank #1 or #2 that also have Style Scores of A or B. If you like a stock that only has a #3 (Hold) rank, it should also have Scores of A or B to guarantee as much upside potential as possible.

As mentioned above, the Scores are designed to work with the Zacks Rank, so any change to a company's earnings outlook should be a deciding factor when picking which stocks to buy.

A stock with a #4 (Sell) or #5 (Strong Sell) rating, for instance, even one with Scores of A and B, will still have a declining earnings forecast, and a greater chance its share price will fall too.

Thus, the more stocks you own with a #1 or #2 Rank and Scores of A or B, the better.

Stock to Watch: Universal Health Services (UHS - Free Report) Universal Health Services, Inc. is a King of Prussia, PA-based hospital operator with acute care and behavioral health facilities, plus related outpatient access points. It also operates surgical hospitals, ambulatory surgery centers and radiation oncology centers, and offers an insurance product and physician network.

UHS is a #3 (Hold) on the Zacks Rank, with a VGM Score of A.

Additionally, the company could be a top pick for growth investors. UHS has a Growth Style Score of B, forecasting year-over-year earnings growth of 7.4% for the current fiscal year.

For fiscal 2026, three analysts revised their earnings estimate upwards in the last 60 days, and the Zacks Consensus Estimate has increased $0.01 to $23.34 per share. UHS boasts an average earnings surprise of +9.5%.

With a solid Zacks Rank and top-tier Growth and VGM Style Scores, UHS should be on investors' short list.

Universal Health Services, Inc. (UHS) Shareholder/Analyst Call Prepared Remarks Transcript

Resources Investor Relations Journalists Agencies Client Login Send a Release

News Products Contact Hamburger menu Send a Release KING OF PRUSSIA, Pa., May 27, 2026 /PRNewswire/ -- Universal Health Services, Inc. (NYSE: UHS) announced today that its Board of Directors voted to pay a cash dividend of $0.20 per share on June 18, 2026 to shareholders of record as of June 8, 2026.

Universal Health Services, Inc. ("UHS") is one of the nation's largest providers of hospital and healthcare services. Through its subsidiaries, UHS operates acute care hospitals, behavioral health facilities, outpatient facilities and ambulatory care access points located throughout the United States, Puerto Rico and the United Kingdom.

SOURCE Universal Health Services, Inc.

Also from this source

New York, New York--(Newsfile Corp. - May 28, 2026) - Scott+Scott Attorneys at Law LLP has launched an urgent investigation into whether certain officers and directors of Universal Health Services, Inc. (NYSE: UHS) failed to manage Universal Health in an acceptable manner, breaching their fiduciary duties to Universal Health, and whether Universal Health and its shareholders have suffered damages as a result. Attorney Joseph A. Pettigrew is heading the investigation-what shareholders need to know:

On May 26, the Capitol Forum reported that South Carolina regulators flagged one of Universal Health's facilities multiple times, alleging the company failed to prevent sexual assaults of juvenile patients by other patients. Numerous other states have made similar moves.If you own Universal Health common stock, join our investigation on behalf of Universal Health and its shareholders by contacting us.If you own Universal Health common stock and you wish to discuss this investigation-at no cost for you-please contact attorney Joe Pettigrew toll-free at (844) 818-6982 or [email protected].

About this investigation-FAQ:

Q1: What is this ongoing investigation into Universal Health about?

A: According to our investigation, owners of Universal Health common stock have been impacted by regulatory action against one of its South Carolina facilities. Numerous other states have acted likewise. Scott+Scott has a decades-long track record in fighting for corporate governance and monetary recoveries on behalf of companies and their shareholders.

Q2: How does this Scott+Scott investigation work?

A: Joining our investigation is easy and at no cost for you. By contacting us, we will let you know your rights as a Universal Health shareholder, and how the process works and what you can expect. If you currently own Universal Health stock, we look forward to hearing from you.

To learn more about Scott+Scott, our attorneys, or complex case resolution, please visit www.scott-scott.com.

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To view the source version of this press release, please visit https://www.newsfilecorp.com/release/299221

Source: Scott+Scott Attorneys at Law LLP

Universal Health Services, Inc. (UHS) Presents at Goldman Sachs 47th Annual Global Healthcare Conference 2026 Transcript