Universal Health Services Reports Q4 2025 Earnings and 2026 Outlook

Universal Health Services, Inc. (UHS) announced its fourth-quarter 2025 results on February 25, 2026, reporting adjusted earnings per share (EPS) of $5.88. This figure missed the Zacks Consensus Estimate by 0.63% . However, the bottom line increased by 19.5% compared to the same period last year.

Q4 2025 Performance Highlights

• Net Revenues: $4.49 billion, a 9.1% increase year-over-year, slightly exceeding the Zacks Consensus Estimate by 0.05% .
• Adjusted EBITDA: Reached $678.7 million, a 10.4% year-over-year rise, but fell slightly short of estimates at $681 million.
• Operating Costs: Totaled $3.97 billion, up 9% year-over-year, driven by increases in salaries, wages, benefits, supplies, and other operating expenses. This also exceeded estimates of $3.93 billion.

Segment Performance

Acute Care Hospital Services

Adjusted admissions remained flat on a same-facility basis, missing model estimates of 1.4% growth. Adjusted patient days decreased by 0.7% year-over-year, while net revenue per adjusted admission increased by 5.4%. Net revenues from acute care services rose 6.9% on a same-facility basis .

Behavioral Health Care Services

Adjusted admissions edged up 1.8% on a same-facility basis, below expectations. Adjusted patient days increased by 1.5%, and net revenue per adjusted patient days advanced by 5.6%. Net revenues from behavioral healthcare services improved 7.2% on a same-facility basis .

Financial Position (as of December 31, 2025)

• Cash and Cash Equivalents: $137.8 million, up from $126 million at the finish of 2024.
• Available Borrowing Capacity: $889 million under a $1.3 billion revolving credit facility.
• Total Assets: $15.53 billion, increased from $14.47 billion at the end of 2024.
• Long-Term Debt: $4 billion, down from $4.46 billion at the end of 2024.
• Total Equity: $7.34 billion, up from $6.75 billion at the end of 2024.
• Cash Flow from Operations: $1.86 billion for 2025, a decrease from $2.07 billion in the prior year.

Share Repurchase Program

UHS repurchased approximately $333.5 million worth of shares in Q4 2025 and $899.3 million in 2025. The remaining authorization under the buyback program is $1.4 billion.

2026 Guidance

Management forecasts net revenues between $18.417 billion and $18.789 billion for 2026, representing a projected 7.1% growth from the 2025 figure of $17.365 billion. Adjusted EBITDA is expected to range from $2.641 billion to $2.789 billion, indicating a 4.8% increase from $2.59 billion in 2025. EPS is anticipated to be between $22.64 and $24.52, suggesting an 8.5% growth from the 2025 EPS of $21.74. Capital expenditures are projected to be between $950 million and $1.1 billion.

Stock Information (February 27, 2026)

As of 3:01:22 PM EST, Universal Health Services, Inc. (NYSE: UHS) was trading at $206.47, up $2.14 (1.05%) . The stock has a 52-week range of $152.33 – $246.33 and a market capitalization of $13.139 billion . Zacks Research currently rates UHS as a “Strong Buy” and indicates the stock could outperform the broader market in the near term.