The earnings call presented a mixed picture with both positive developments in earnings guidance, acute care growth, and expansions in behavioral health, but also faced challenges with cash flow declines, start-up losses at a new medical center, lower than expected behavioral health volumes, and uncertainties surrounding Medicaid program changes.

Company Guidance

In the second quarter of 2025, Universal Health Services (UHS) reported a net income attributable to UHS per diluted share of $5.43, with an adjusted net income of $5.35 per share. The company experienced a 2.0% increase in adjusted admissions to acute care hospitals on a same-facility basis, while net revenues in this segment rose by 5.7%, excluding the impact of the insurance subsidiary. Behavioral health hospitals saw a 5.4% increase in net revenues, driven by a 4.2% rise in revenue per adjusted day and a 1.2% increase in adjusted patient days. Despite a decrease in cash generated from operating activities to $909 million from $1.076 billion year-over-year, UHS raised its 2025 EPS guidance midpoint by 7% to $20.50 per diluted share. The company also highlighted the potential impact of the One Beautiful Bill Act on Medicaid payments, predicting a reduction in net benefits by $360 million to $400 million annually by 2032. UHS emphasized ongoing de novo growth and strategic partnerships in its behavioral segment while noting operational challenges at newly opened hospitals in Las Vegas and Washington, D.C.

Increased EPS Guidance

The midpoint of the 2025 EPS guidance was increased by 7% to $20.50 per diluted share, up from $19.20, primarily driven by increased DPP reimbursement.

Positive EBITDA Growth in Acute Care

Same-facility EBITDA for acute care increased by 10% during the second quarter of 2025, driven by a 5.7% increase in same-facility net revenues.

Behavioral Health Expansion

UHS expanded its behavioral health segment with the opening of new facilities, including a 96-bed Behavioral Hospital in Grand Rapids, Michigan, and a 41-bed treatment center in Mount Pleasant, South Carolina.

Share Repurchase Program

UHS repurchased 1.9 million shares at a total cost of approximately $332 million during the first half of 2025, continuing a trend of share repurchases since 2019.

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)	4.65 / -	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	$154.78	$162.64	+5.08%
Apr 28, 2025	$172.54	$171.51	-0.60%
Feb 26, 2025	$179.53	$185.45	+3.30%
Oct 24, 2024	$223.70	$201.88	-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.