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Universal Health Services, Inc.

uhs.com

What Do They Do?

Runs acute care hospitals, outpatient facilities and behavioral health facilities, providing medical and behavioral health services to patients.

How Do They Make Money?

Patients, private insurers and government programs, including Medicare and Medicaid, pay UHS for care. UHS earns patient-care revenue as services are provided; payment arrangements include rates per hospital stay, daily rates and discounted charges.

revenue

Segment	Share	How money arrives
Medicare Usage-based	11% FY2022: 12%	Usage-based
Managed Medicare Usage-based	12% FY2022: 12%	Usage-based
Medicaid Usage-based	15% FY2022: 11%	Usage-based
Managed Medicaid Usage-based	14% FY2022: 16%	Usage-based
Managed Care (HMO and PPOs) Usage-based	28% FY2022: 30%	Usage-based
UK Revenue	5.8% FY2022: 5.1%
Other Patient Revenue and Adjustments, Net	7.1% FY2022: 5.6%
Other Non-patient Revenue	6.4% FY2022: 7.9%

Who Are Their Customers?

Patients receive care at UHS hospitals and outpatient facilities. Private insurers, managed care plans, Medicare and state Medicaid programs pay for services, alongside patients who pay directly.

Do Revenues Turn Into Profits?

Yes. It kept 9 cents of every revenue dollar as net income in FY2025 and turned 5 cents into free cash flow.

Operating income, FY2025

11% of revenue

▲ +19% vs FY2024 ($1.7B, 11%)

Net income, FY2025

9% of revenue

▲ +30% vs FY2024 ($1.1B, 7%)

Free cash flow, FY2025

5% of revenue

▼ −24% vs FY2024 ($1.1B, 7%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +8%; vs $4.3B in Q2 FY2025
Net income: ▲ +1%; vs $353.2M in Q2 FY2025

Managed Care (HMO and PPOs) share of revenue vs 28.7% in Q2 FY2025

Aug 17, 2026 Acquired Talkspace Talkspace became an indirect, wholly owned subsidiary, adding its virtual behavioral health platform.
Jul 28, 2026 Revised its full-year operating-results forecast

Growing. Revenue grew 37% in 4 years, from $12.6B in FY2021 to $17.4B in FY2025, about 8% a year.

Revenue over time

Medicare Managed Medicare Medicaid Managed Medicaid Managed Care (HMO and PPOs) UK Revenue Other Patient Revenue and Adjustments, Net Other Non-patient Revenue

$20B$10B$0

FY2021 FY2022 FY2023 FY2024 FY2025