Company file · UHS

Universal Health Services

Universal Health Services' revenue rose 9.7% in FY2025, to $17.4B, and net income rose 30.4% to $1.5B

Revenue rose 9.7% to $17.4B in FY2025, from $15.8B in FY2024. Net income rose 30.4% to $1.5B. Acute Care Hospital Services was the largest segment, at 57% of revenue.

Prepared from SEC filings · Latest annual report: 10-K for FY2025 (filed Feb 25, 2026) · Latest quarter: 10-Q for the quarter ended Sep 30, 2026 (filed Nov 6, 2026) · Data pulled Nov 11, 2026

Key facts

Universal Health Services (NYSE: UHS) reported revenue of $17.4B for fiscal 2025, the year ended Dec 31, 2025, up 9.7% from fiscal 2024. Net income was $1.5B, up 30.4%. In its latest 10-Q, for the quarter ended Sep 30, 2026, revenue was $4.7B, up 5.3% from the same quarter a year earlier, and net income was $309M. The largest piece by segment was Acute Care Hospital Services, at 57% of fiscal 2025 revenue. Sources: 10-K for fiscal 2025 (filed Feb 25, 2026) and 10-Q for the quarter ended Sep 30, 2026 (filed Nov 6, 2026).

Revenue$17.4BFY2025 · +9.7% vs FY2024

Net income$1.5BFY2025 · +30.4% vs FY2024

Operating cash flow$1.9BFY2025 · −9.8% vs FY2024

Cash & equivalents$169Mat Sep 30, 2026 · +22.5% vs FY2025 end

Total debt$5.7Bat Sep 30, 2026 · +20.1% vs FY2025 end

Diluted shares64MFY2025 avg · −5.1% vs FY2024

Revenue and net income, three fiscal yearsBy fiscal year, $bn

RevenueNet income

Source: 10-K FY2025, filed Feb 25, 2026

Quarterly revenue: fiscal 2026 vs a year earlierFiscal Q1–Q3, $bn (each quarter from that quarter's 10-Q)

FY2025FY2026

Source: 10-Q filed May 7, 2026 · 10-Q filed Aug 7, 2026 · 10-Q filed Nov 6, 2026

How it makes money

By segment, FY2025

LineAmountSharevs FY2024
Acute Care Hospital Services$9.9B57%+11.0%
Behavioral Health Services$7.4B43%+8.0%

Source: 10-K FY2025, XBRL breakdown

By segment in FY2025: Acute Care Hospital Services (57%) and Behavioral Health Services (43%), as shares of total revenue. Total revenue was $17.4B.

By segment: three-year mixShare of the total each fiscal year

FY2023

57%43%

FY2024

57%43%

FY2025

57%43%

Acute Care Hospital ServicesBehavioral Health Services

Source: 10-K FY2025

By product or service, FY2025

Managed Care$4.9B28%+9.0%

Medicaid$2.7B15%+19.3%

Managed Medicaid$2.5B14%+7.8%

Managed Medicare$2.1B12%+10.4%

Medicare$1.9B11%+11.2%

Other Patient Revenue and Adjustments Net$1.2B7%+11.5%

Other Non Patient Revenue$1.1B6%−9.3%

UK Revenue$1.0B6%+13.8%

Share is of the FY2025 total; the last column is the change from FY2024.

Learn more: Revenue vs. net income · Gross, operating and net margin

What changed last quarter

How the quarter compared with a year earlier

Comparing Q3 2026 (Jul to Sep 2026) compared with Q3 2025 (Jul to Sep 2025)

Each pair of bars shows the dollar amount for both quarters. Longer bar, more money. Bars in a group share one scale.

Q3 2026Q3 2025

Company

Revenue

$4.7B Q3 2026

$4.5B Q3 2025

5.3% increase

Net income

$309M Q3 2026

$373M Q3 2025

17.2% decrease

Source: Universal Health Services 10-Q for the quarter ended Sep 30, 2026, filed Nov 6, 2026

By segment

Acute Care Hospital Services

$2.8B Q3 2026

$2.6B Q3 2025

5.1% increase

Behavioral Health Services

$2.0B Q3 2026

$1.9B Q3 2025

5.7% increase

Source: Universal Health Services 10-Q for the quarter ended Sep 30, 2026, filed Nov 6, 2026

Cash & equivalents $169M at Sep 30, 2026, vs $138M at FY2025 end.
Total debt $5.7B at Sep 30, 2026, vs $4.8B at FY2025 end.
Operating cash flow, first 9 months of fiscal 2026: $1.5B vs $1.3B a year earlier.

The bull case and the bear case

The bull case

Revenue rose 9.7% in FY2025 to $17.4B, from $15.8B a year earlier. 10-K, FY2025
Net income rose 30.4% in FY2025 to $1.5B, from $1.1B. 10-K, FY2025
Diluted shares fell 5.1% in FY2025, so each share represents a larger slice of profit. 10-K, FY2025
Revenue in the quarter ended Sep 30, 2026 was $4.7B, up 5.3% on a year earlier. 10-Q, quarter ended Sep 30, 2026

The bear case

Operating cash flow fell 9.8% in FY2025 to $1.9B. 10-K, FY2025
Total debt rose 5.5% in FY2025 to $4.8B. 10-K, FY2025
Net income in the quarter ended Sep 30, 2026 was $309M, down 17.2% on a year earlier. 10-Q, quarter ended Sep 30, 2026
Other Non Patient Revenue revenue fell 9.3% in FY2025 to $1.1B. 10-K, FY2025

What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.

What the company does

Universal Health Services is in the health care facilities industry, part of the health care sector. The SEC files it under Services-General Medical & Surgical Hospitals, Nec.

Universal Health Services reports 2 segments: Acute Care Hospital Services and Behavioral Health Services.

Its fiscal year ends in December; the latest, FY2025, ended Dec 31, 2025.

Source: 10-K, Item 1 Business

Risks common in this industry

These are general risks for companies in the health care facilities industry. They are not a summary of Universal Health Services’s own risk factors; for those, read Item 1A of its latest 10-K, linked below.

RegulationApprovals, safety rules and government oversight shape what it can sell and how.
Pricing and reimbursementPayers, insurers and governments influence what it can charge.
CompetitionNew treatments, generics and rival products can take share.
LitigationProduct liability and other legal claims can lead to costs.
SupplyManufacturing and supplier problems can interrupt products.

Source: 10-K, Item 1A Risk Factors (the company's own list, in the company's words)

Three years of key numbers

Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.

US$	FY2023	FY2024	FY2025
Revenue	$14.3B	$15.8B	$17.4B
Net income	$718M	$1.1B	$1.5B
Operating cash flow	$1.3B	$2.1B	$1.9B
Cash & equivalents (year end)	$119M	$126M	$138M
Total debt (year end)	$4.9B	$4.5B	$4.8B
Diluted shares	70M	68M	64M

Revenue: Total revenue for the fiscal year, as the company reports it on its income statement.
Net income: Net income attributable to the company's shareholders, after all costs, interest and taxes.
Operating cash flow: Cash the business brought in from its day-to-day operations during the year (cash flow statement).
Cash & equivalents: Cash and short-term investments that count as cash equivalents on the balance sheet. Excludes longer-dated marketable securities.
Total debt: The current part of long-term debt plus long-term debt, at carrying value.
Diluted shares: Weighted average shares outstanding for the year, including the effect of options and stock awards.

Learn more: How to read an income statement · Earnings per share, basic and diluted · Free cash flow · How to read a balance sheet · Growth rate calculator · P/E calculator · Market cap calculator · Free cash flow calculator · Return on equity and assets calculator

Explainers for this page

Plain-English guides to terms this file uses, with real numbers from filings.

About these numbers

Recent filings

Form	Filed	Period
10-Q	Nov 6, 2026	Sep 30, 2026
10-Q	Aug 7, 2026	Jun 30, 2026
10-Q	May 7, 2026	Mar 31, 2026
DEF 14A	Apr 9, 2026	May 20, 2026
10-K	Feb 25, 2026	Dec 31, 2025

Learn more: 10-K vs. 10-Q vs. 8-K · Form 4 insider filings · Fiscal years and quarters

Common questions about Universal Health Services

How does Universal Health Services make money?

Universal Health Services's revenue was $17.4B in fiscal 2025. By segment in FY2025: Acute Care Hospital Services (57%) and Behavioral Health Services (43%), as shares of total revenue. Total revenue was $17.4B. Source: 10-K for fiscal 2025, filed Feb 25, 2026.

What was Universal Health Services's revenue in fiscal 2025?

$17.4B of revenue for the fiscal year ended Dec 31, 2025, up 9.7% from $15.8B in fiscal 2024. Fiscal 2023 was $14.3B. Source: 10-K for fiscal 2025, filed Feb 25, 2026.

Is Universal Health Services profitable?

Universal Health Services reported net income of $1.5B for fiscal 2025, up 30.4% from $1.1B in fiscal 2024. That is a profit under US accounting rules (GAAP). In the quarter ended Sep 30, 2026, net income was $309M. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2025, filed Feb 25, 2026.

What did Universal Health Services report in its latest quarterly filing?

Revenue was $4.7B in the quarter ended Sep 30, 2026, up 5.3% from $4.5B a year earlier. Net income was $309M, down 17.2% from $373M. Source: 10-Q for the quarter ended Sep 30, 2026, filed Nov 6, 2026.

How much cash and debt does Universal Health Services have?

Universal Health Services had $169M in cash and cash equivalents and $5.7B of total debt on Sep 30, 2026. Total debt here is the current part of long-term debt plus long-term debt, at carrying value. Source: 10-Q filed Nov 6, 2026.

What are the main risks Universal Health Services faces?

Universal Health Services's own risk factors are in Item 1A of its 10-K for fiscal 2025, filed Feb 25, 2026. Risks that are common among companies in the health care facilities industry include Regulation; pricing and reimbursement; competition; litigation; supply. The first: Approvals, safety rules and government oversight shape what it can sell and how. Source: 10-K, Item 1A Risk Factors.

Where do these Universal Health Services numbers come from?

From Universal Health Services's own SEC filings: the 10-K for fiscal 2025 (filed Feb 25, 2026) and the 10-Q for the quarter ended Sep 30, 2026 (filed Nov 6, 2026), read through the SEC's public XBRL data. Each number on this page links to its filing. Methodology explains how fiscal years and missing numbers are handled.

Tracked funds that report owning Universal Health Services

Millennium Management: 417,369 shares, reported value $62.1M at Jun 30, 2026 (−39.3% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
Citadel Advisors: 308,147 shares, reported value $45.8M at Jun 30, 2026 (+274.9% in shares since the filing for Mar 31, 2026). Form 13F filed Sep 2, 2026.
Bridgewater Associates: 228,121 shares, reported value $33.9M at Jun 30, 2026 (+67.3% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
Point72 Asset Management: 41,363 shares, reported value $6.2M at Jun 30, 2026 (new in this filing). Form 13F filed Aug 14, 2026.

From each fund’s latest Form 13F, which is filed up to 45 days after quarter end and lists long positions in US-listed stocks only. A listing here is a fact about a filing, not a view on the stock. What a 13F does and doesn’t show.

Disclosures

Editor holdings in UHS: The editor holds no position in Universal Health Services (UHS). As of Nov 11, 2026.
Trading rule: The editor does not buy or sell UHS from 3 days before to 3 days after this page is published or substantively updated.
Compensation: Nobody paid for this page. No affiliate links on this page.
Sources: The company's SEC filings, linked next to each number or, for charts, in the source line under them.
Last updated: Nov 10, 2026

General education, the same for every reader. Not a recommendation to buy, sell or hold UHS, and it doesn't consider your situation.

Compare with peers

Company	Fiscal year	Revenue	Revenue growth	Net income
Universal Health ServicesUHS	FY2025	$17.4B	+9.7%	$1.5B
HCA HealthcareHCA	FY2025	$75.6B	+7.1%	$6.8B
Eli LillyLLY	FY2025	$65.2B	+44.7%	$20.6B
Johnson & JohnsonJNJ	FY2025	$94.2B	+6.0%	$26.8B

Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.

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New to filings? Learn has plain-English explainers and Tools has calculators. Methodology & Disclosures covers where every number comes from.