The earnings call presented a mixed outlook. Significant EPS growth, revenue increases, and strategic progress in hospital openings and share repurchase programs highlight a positive trajectory. However, increased reserves, legal settlements, and modest growth in the behavioral health segment pose challenges.

Company Guidance

During the third quarter of 2025, Universal Health Services (UHS) experienced significant financial growth and operational advancements. The company reported an adjusted net income attributable to UHS of $5.69 per share, marking a 53% year-over-year increase and was further supported by a 13.4% revenue growth. A key contributor was the $90 million net benefit from the supplemental Medicaid program in D.C. Operationally, UHS saw a 2.0% rise in same-facility adjusted admissions in acute care hospitals, with net revenues in this segment increasing by 12.8%. Pricing remained solid, with acute care same-facility revenue per adjusted admission increasing by 9.8%. In the behavioral health segment, same-facility net revenues grew by 9.3%, driven by a 7.9% increase in revenue per adjusted patient day. UHS also increased its 2025 EPS guidance by 6% to $21.80 per diluted share, reflecting strong operational performance and increased supplemental reimbursements. The company anticipates further volume improvements in behavioral health and is set to expand its outpatient access points and new hospital projects.

Significant EPS Increase

Adjusted net income attributable to UHS increased by 53% to $5.69 per share compared to the third quarter of 2024.

Revenue Growth

Revenue growth for the third quarter of 2025 was 13.4% year-over-year, driven by solid pricing and modest volume improvement.

D.C. Medicaid Program Benefit

During the third quarter, UHS recognized a $90 million net benefit from the District of Columbia supplemental Medicaid program.

New Hospital Openings Progress

Progress in West Henderson Hospital and Cedar Hill Regional Medical Center, with Cedar Hill achieving accreditation and expected to break even by year-end.

Share Repurchase Program

The Board authorized a $1.5 billion increase to the stock repurchase program, bringing the total authorization to $1.759 billion. Since 2019, UHS has repurchased about 36% of its outstanding shares.

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
Mar 04, 2026	2025 (Q4)	5.88 / -	4.92	―	―	―
Oct 27, 2025	2025 (Q3)	4.88 / 5.69	3.71	53.37% (+1.98)	―
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)	―

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
Oct 27, 2025	$214.03	$219.32	+2.47%
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%

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.