Universal Health Services (UHS) Q3 2026 earnings summary

Executive summary

• Q3 revenue rose 5.3% YoY to $4.733B; net income attributable to UHS was $308.7M, or $5.22 diluted EPS, versus $373.0M, or $5.86.

• Adjusted EBITDA less NCI was $624.6M versus $670.6M; 2026 guidance was reiterated with results expected toward the lower end of ranges.

Financial highlights

• Q3 operating income was $454.4M versus $521.7M; adjusted EBITDA was 13.2% of revenue versus 14.9%.

• Three items outside July guidance had a net favorable $12M impact: $47M in supplemental Medicaid benefits, $26M of added liability reserves and $8.5M of Talkspace transaction costs.

• Q3 operating cash flow was $637M versus $381M; 9M operating cash flow rose 14.9% to $1.481B.

• 9M revenue rose 7.7% to $13.867B; adjusted net income was $1.014B, or $16.83 diluted EPS, versus $1.030B, or $15.87.

Segment performance

• Acute same-facility Q3 adjusted admissions and patient days each rose 4.9%; ED visits increased 4.6%, while surgeries declined 0.7%.

• Acute same-facility revenue rose 4.7%, or 3.1% excluding the health plan; revenue per adjusted admission fell 1.7%.

• Acute EBITDA declined 4.5%; excluding out-of-period supplemental-program benefits in both periods, EBITDA rose 2.9%.

• Behavioral same-facility revenue increased 4.0%, with patient days up 2.1% and revenue per adjusted patient day up 2.1%; Talkspace's Q3 earnings contribution was immaterial.

• Labor trends moderated: acute salaries, wages and benefits per adjusted admission rose 2.1%, while behavioral salaries, wages and benefits per adjusted patient day rose 3.6%.