Core Insights - Universal Health Services, Inc. reported a significant increase in net income and revenues for both the fourth quarter and the full year of 2025 compared to 2024, indicating strong operational performance and growth potential [1][2]. Financial Performance - For Q4 2025, net income attributable to UHS was $445.9 million, or $7.06 per diluted share, up from $332.4 million, or $4.96 per diluted share in Q4 2024, representing a 34.1% increase in net income [1]. - Net revenues for Q4 2025 increased by 9.1% to $4.486 billion from $4.114 billion in Q4 2024 [1]. - For the full year 2025, net income attributable to UHS was $1.489 billion, or $23.10 per diluted share, compared to $1.142 billion, or $16.82 per diluted share in 2024, marking a 30.4% increase [1][5]. - Full year net revenues rose by 9.7% to $17.365 billion from $15.828 billion in 2024 [1][5]. Adjusted Earnings - Adjusted net income for Q4 2025 was $371.4 million, or $5.88 per diluted share, compared to $329.9 million, or $4.92 per diluted share in Q4 2024 [1]. - For the full year 2025, adjusted net income was $1.401 billion, or $21.74 per diluted share, up from $1.128 billion, or $16.61 per diluted share in 2024 [1][5]. EBITDA Metrics - EBITDA net of noncontrolling interests (NCI) for Q4 2025 was $785.1 million, compared to $620.2 million in Q4 2024, reflecting a 26.6% increase [1]. - Adjusted EBITDA net of NCI for Q4 2025 was $678.7 million, up from $614.6 million in Q4 2024 [1]. - For the full year 2025, EBITDA net of NCI was $2.725 billion, compared to $2.248 billion in 2024 [5]. Acute Care Services - In Q4 2025, adjusted admissions at acute care hospitals remained unchanged, while adjusted patient days decreased by 0.7% compared to Q4 2024 [1]. - Net revenue per adjusted admission increased by 5.4%, and net revenue per adjusted patient day increased by 6.1% in Q4 2025 compared to Q4 2024 [1]. - For the full year 2025, adjusted admissions increased by 1.6%, and adjusted patient days increased by 0.3% compared to 2024 [1]. Behavioral Health Care Services - In Q4 2025, adjusted admissions at behavioral health care facilities increased by 1.8%, and adjusted patient days increased by 1.5% compared to Q4 2024 [2]. - Net revenue per adjusted admission increased by 5.3%, and net revenue per adjusted patient day increased by 5.6% in Q4 2025 compared to Q4 2024 [2]. - For the full year 2025, net revenues from behavioral health care services increased by 7.7% compared to 2024 [2]. Cash Flow and Liquidity - Net cash provided by operating activities for the full year 2025 was $1.864 billion, down from $2.067 billion in 2024 [2]. - As of December 31, 2025, the company had $889 million of available borrowing capacity under its revolving credit facility [2]. Stock Repurchase Program - The company repurchased 1.461 million shares at an aggregate cost of approximately $333.5 million during Q4 2025, and 4.650 million shares for approximately $899.3 million during the full year 2025 [2]. 2026 Operating Results Forecast - The forecasted range for 2026 net revenues is between $18.417 billion and $18.789 billion, representing a 7.1% increase over 2025 [2]. - The forecasted Adjusted EBITDA net of NCI for 2026 is between $2.641 billion and $2.789 billion, indicating a 4.8% increase over 2025 [2]. - The forecasted EPS-diluted for 2026 is projected to be between $22.64 and $24.52 per share, reflecting an 8.5% increase over 2025 [2].

Financial Performance - Reported net income attributable to Universal Health Services, Inc. (UHS) for Q2 2025 was $353.2 million, or $5.43 per diluted share, compared to $289.2 million, or $4.26 per diluted share in Q2 2024, reflecting a significant increase [1][2] - Net revenues for Q2 2025 increased by 9.6% to $4.284 billion from $3.908 billion in Q2 2024 [1] - Adjusted net income attributable to UHS for Q2 2025 was $347.9 million, or $5.35 per diluted share, compared to $292.6 million, or $4.31 per diluted share in Q2 2024 [2][36] Medicaid Reimbursements - Included in the reported and adjusted net income for Q2 2025 were approximately $101 million in net pre-tax incremental reimbursements related to Medicaid programs, with $58 million from the Tennessee Medicaid directed payment program and $43 million from other states' supplemental Medicaid programs [3] EBITDA Metrics - EBITDA net of noncontrolling interests (NCI) for Q2 2025 was $651.4 million, up from $573.2 million in Q2 2024 [6] - Adjusted EBITDA net of NCI for Q2 2025 was $642.9 million, compared to $578.7 million in Q2 2024 [6][37] Acute Care Services - In Q2 2025, adjusted admissions at acute care hospitals increased by 2.0%, and adjusted patient days increased by 1.1% compared to Q2 2024 [12] - Net revenues from acute care services on a same facility basis increased by 7.9% in Q2 2025 compared to Q2 2024 [12] Behavioral Health Care Services - For Q2 2025, adjusted admissions at behavioral health care facilities increased by 0.4%, while adjusted patient days increased by 1.2% compared to Q2 2024 [14][15] - Net revenues from behavioral health care services increased by 8.9% during Q2 2025 compared to Q2 2024 [15] Cash Flow and Liquidity - Net cash provided by operating activities for the first six months of 2025 was $909 million, down from $1.076 billion in the same period of 2024 [17] - As of June 30, 2025, UHS had $1.08 billion of available borrowing capacity under its revolving credit facility [18] Stock Repurchase Program - During Q2 2025, UHS repurchased 875,000 shares at an aggregate cost of approximately $150.8 million, with a total of 1.875 million shares repurchased for $331.5 million in the first six months of 2025 [20][21] Revised Operating Results Forecast - UHS revised its 2025 operating results forecast, estimating net revenues between $17.096 billion and $17.312 billion, and adjusted EBITDA net of NCI between $2.458 billion and $2.543 billion [22][25] - The revised forecast for adjusted EPS-diluted is estimated to be between $20.00 and $21.00 per share, reflecting increases over the original forecast [25]