The earnings call presented a mix of positive developments, such as increased EPS guidance and growth in the behavioral health segment, alongside significant challenges including cash flow declines, start-up issues at Cedar Hill, and potential impacts from Medicaid legislation. While there are plans to mitigate these challenges, the sentiment appears balanced with both opportunities and risks highlighted.

Company Guidance -

Q3 2025

During the Q2 2025 earnings call, Universal Health Services (UHS) provided several key metrics in their guidance. The company reported a net income attributable to UHS per diluted share of $5.43 for the quarter, with adjusted net income per diluted share at $5.35. In the acute care segment, same-facility adjusted admissions increased by 2.0% year-over-year, while same-facility net revenues rose by 5.7%. Operating expenses on a same-facility basis increased by 3.1%, and same-facility EBITDA grew by 10% due to effective expense management. In the behavioral health segment, same-facility net revenues climbed by 5.4%, supported by a 4.2% increase in revenue per adjusted day and a 1.2% rise in adjusted patient days. UHS also increased its full-year 2025 EPS guidance midpoint by 7% to $20.50, driven largely by increased DPP reimbursement. The company highlighted strategic initiatives, including new hospital developments and behavioral health expansions, while also addressing the potential impact of the One Beautiful Bill Act on future Medicaid supplemental payments.

Increase in EPS Guidance

Universal Health Services increased the midpoint of their 2025 EPS guidance by 7% to $20.50 per diluted share, up from $19.20 per diluted share previously, primarily due to increased DPP reimbursement.

Behavioral Health Expansion

The company continues to grow its behavioral health segment, including new facilities in Michigan, South Carolina, Pennsylvania, Missouri, and the U.K., with a focus on outpatient services.

Strong Acute Care Performance

Same-facility net revenues in the acute care hospital segment increased by 5.7% during the second quarter of 2025 compared to last year's second quarter, driven by effective expense controls leading to a 10% increase in same-facility EBITDA.

Cash Flow and Capital Allocation

UHS has approximately $1 billion of aggregate available borrowing capacity and has repurchased 34% of the company's outstanding shares since 2019, with $332 million spent on share repurchases in the first half of 2025.

Universal Health (UHS) Earnings, Revenues Date & History

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UHS Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Oct 22, 2025	2025 (Q3)	4.63 / -	3.71	―	―	―
Jul 28, 2025	2025 (Q2)	4.92 / 5.35	4.31	24.13% (+1.04)	―
Apr 28, 2025	2025 (Q1)	4.35 / 4.84	3.7	30.81% (+1.14)	―
Feb 26, 2025	2024 (Q4)	4.16 / 4.92	3.13	57.19% (+1.79)	―
Oct 24, 2024	2024 (Q3)	3.72 / 3.71	2.55	45.49% (+1.16)	―
Jul 24, 2024	2024 (Q2)	3.30 / 4.31	2.53	70.36% (+1.78)	―
Apr 24, 2024	2024 (Q1)	3.15 / 3.70	2.34	58.12% (+1.36)	―
Feb 27, 2024	2023 (Q4)	2.89 / 3.13	3.02	3.64% (+0.11)	―
Oct 25, 2023	2023 (Q3)	2.37 / 2.55	2.54	0.39% (<+0.01)	―
Jul 25, 2023	2023 (Q2)	2.43 / 2.53	2.2	15.00% (+0.33)	―

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

UHS Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Jul 28, 2025	$154.95	$162.82	+5.08%
Apr 28, 2025	$172.73	$171.70	-0.60%
Feb 26, 2025	$179.72	$185.65	+3.30%
Oct 24, 2024	$223.94	$202.10	-9.75%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.