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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
Net income per share rose 53% year-over-year to $5.69 in Q3 2025, with net revenues up 13.4% to $4.50 billion, driven by acute care growth, improved behavioral health volumes, and new hospital openings.
Q3 2025 net income increased 44% to $373 million, with adjusted net income at $362.3 million; nine-month net income was $1.04 billion, up 29% year-over-year.
Q3 results included a $90 million net benefit from the District of Columbia Supplemental Medicaid program.
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 $1.5 billion increase to the stock repurchase program, bringing total authorization to $1.759 billion.
Financial highlights
Q3 2025 net income per diluted share was $5.86; adjusted net income per diluted share was $5.69; net revenues were $4.50 billion (+13.4% YoY).
Nine-month 2025 net revenues were $12.88 billion (+9.9% YoY); net income was $1.04 billion (+29% YoY); EPS was $16.27 (+34%).
Acute care same-facility adjusted admissions increased 2.0% year-over-year; same-facility net revenues rose 12.8%.
Behavioral health same-facility net revenues increased 9.3%; revenue per adjusted patient day up 7.9%.
Cash from operations was $1.29 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; full-year net revenue forecast increased to $17.306–$17.445 billion.
Adjusted EBITDA net of NCI forecasted at $2.57–$2.62 billion for 2025.
Full-year 2025 net benefit from approved Medicaid supplemental programs projected at $1.3 billion.
Behavioral health same-facility adjusted patient day growth expected at 2%-3%, with near-term expectations at the lower end.
Medicaid legislative changes (OBBBA) expected to reduce future supplemental payments by $420–$470 million annually by 2032.
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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