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Universal Health Services (UHS) investor relations material
Universal Health Services Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary28 Oct, 2025
Executive summary
Adjusted net income per share rose 53% year-over-year to $5.69 in Q3 2025, with revenue up 13.4% year-over-year, driven by acute care growth, modest behavioral health volume improvement, and solid pricing in both segments.
Net income attributable to shareholders rose to $373.0M ($5.86/share) in Q3 2025, up from $258.7M ($3.80/share) in Q3 2024; net revenues increased 13.4% to $4.495B year-over-year.
Q3 results included a $90 million net benefit from the District of Columbia Supplemental Medicaid program, with $73 million in acute care and the remainder in behavioral health.
New acute care hospitals, West Henderson and Cedar Hill, are ramping up, with Cedar Hill expected to reach breakeven by year-end and contribute positively in 2026.
Board authorized a $1.5B increase to the stock repurchase program, bringing total authorization to $1.759B.
Financial highlights
Net income per diluted share was $5.86; adjusted net income per diluted share was $5.69 for Q3 2025.
Acute care same-facility adjusted admissions increased 2.0% year-over-year; same-facility net revenues rose 12.8% (9.4% excluding insurance and prior DC Medicaid benefit).
Behavioral health same-facility net revenues increased 9.3% (8.5% excluding DC Medicaid impact); revenue per adjusted patient day up 7.9%.
Q3 2025 EBITDA net of NCI was $684.2M (15.2% margin), up from $528.6M (13.3%) in Q3 2024; adjusted EBITDA net of NCI was $670.6M (14.9% margin).
Cash from operations was $1.3 billion for the first nine months of 2025, down from $1.4 billion in 2024.
Outlook and guidance
2025 adjusted EPS guidance midpoint raised 6% to $21.80 per diluted share, reflecting operational performance and increased DC Medicaid reimbursement, partially offset by higher liability reserves.
2025 full-year net revenue forecast raised to $17.306B–$17.445B; adjusted EBITDA net of NCI forecasted at $2.57B–$2.62B.
Full-year 2025 net benefit from approved Medicaid supplemental programs projected at $1.3 billion.
Adjusted EPS guidance increased to $21.50–$22.10 per diluted share, a 6.4% increase at the midpoint over prior guidance.
Sustainable long-term same-store revenue growth targets: 5%-6% for acute care (split between price and volume), 6%-7% for behavioral health (2%-3% volume, 3.5%-4.5% price).
Why did operating cash flow decrease despite higher net income?
How does facility reclassification impact segment trends?
How do share repurchases affect the 2025 forecast?
Cedar Hill's 2026 financial contribution
Mitigating OB3 Medicaid payment reductions
Outpatient behavioral growth strategy
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Next Universal Health Services earnings date
Wolfe Research Healthcare Conference 202519 Nov, 2025
Next Universal Health Services earnings date
Wolfe Research Healthcare Conference 202519 Nov, 2025
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Frequently asked questions
Universal Health Services, Inc. owns and operates acute care hospitals, and outpatient and behavioral health care facilities in the United States, Puerto Rico, and the U.K. It also offers outpatient services at various sites; and management, consulting, and other services to medical groups, hospitals, healthcare providers, medical practices and third-party payors. The company provides general hospital services; behavioral healthcare services; and rehabilitative care for those who are experiencing physical or mental challenges due to illness or injury.
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