Universal Health Realty Income Trust (UHT) Q2 2025 earnings summary

Executive summary

• Net income attributable to shareholders rose to $353.2M ($5.43/share) in Q2 2025, up from $289.2M ($4.26/share) in Q2 2024, with net revenues up 9.6% year-over-year to $4.28B.

• Adjusted net income for Q2 2025 was $347.9M ($5.35/share), compared to $292.6M ($4.31/share) in Q2 2024.

• For the first six months of 2025, net income attributable to shareholders was $669.9M ($10.23/share), up from $551.0M ($8.08/share) in the prior year period.

• Adjusted EBITDA net of NCI for Q2 2025 was $642.9M, up from $578.7M in Q2 2024; for the first half, $1.24B vs. $1.10B year-over-year.

• Results benefited from $101M in incremental Medicaid reimbursements and were impacted by a $25M pre-tax loss from a new acute care hospital.

Financial highlights

• Q2 2025 net revenues: $4.28B (+9.6% YoY); six months: $8.38B (+8.2% YoY).

• Q2 2025 adjusted net income: $347.9M ($5.35/share); six months: $667.4M ($10.19/share).

• Q2 2025 adjusted EBITDA net of NCI: $642.9M (15.0% margin); six months: $1.24B (14.8% margin).

• Net cash from operating activities for six months: $909M, down from $1.08B YoY, mainly due to unfavorable changes in receivables and taxes.

• Stock repurchases: 1.88M shares for $331.5M in H1 2025; $492.9M remaining authorization.

Outlook and guidance

• 2025 net revenue forecast raised to $17.10B–$17.31B.

• 2025 adjusted EBITDA net of NCI forecast increased to $2.46B–$2.54B (up 4.3%–2.4% from prior guidance).

• 2025 adjusted EPS forecast raised to $20.00–$21.00 (up 8.4%–5.3% from prior guidance).

• Guidance excludes nonrecurring/non-operational items such as equity security gains/losses, ASU 2016-09 impacts, and major legal or strategic events.