Companies · UHS
Universal Health Services
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Latest analysis
Updated Nov 6, 2026
UHS Q3 2026: Volume Growth Outpaced by Cost Inflation and Talkspace Integration Drag, Compressing Margins 200bps YoY
Universal Health Services delivered same-facility net revenue growth of 4.4% in Q3 2026 and 6.7% year-to-date, but consolidated operating margin contracted from 11.6% to 9.6% in Q3 as salaries, wages and benefits rose to 46.7% of net revenues, interest expense surged 46% following the Talkspace acquisition financing, and self-insured liability reserves increased $37 million. The $820 million Talkspace acquisition — the largest in UHS behavioral health history — introduces a new virtual care layer but created immediate pre-tax income drag through integration costs and acquisition-related operating expenses. Looking beyond 2026, the OBBBA-mandated provider tax and SDP caps threaten to reduce UHS's aggregate annual supplemental Medicaid net benefit by approximately $500 million by 2032 from a current run-rate of approximately $1.584 billion, representing the company's most material long-term earnings risk.
Tone: cautiousRevenue
$17.4B
UHS 10-K · FY 2025
Employees
101,500
Revenue FY2024
$15.8B
Founded
1979
Profile
UHS 10-K Item 1 · Feb 25, 2026Universal Health Services (UHS) owns and operates acute care hospitals, outpatient facilities, and behavioral health care facilities across 40 U.S. states, Washington D.C., the United Kingdom, and Puerto Rico. The company operates through two primary segments — acute care and behavioral health — serving both commercial and government payers. As of February 2026, UHS operated 375 inpatient facilities and 168 outpatient and other facilities.
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Our principal business is owning and operating, through our subsidiaries, acute care hospitals and outpatient facilities and behavioral health care facilities. As of February 25, 2026, we owned and/or operated 375 inpatient facilities and 168 outpatient and other facilities located in 40 states, Washington, D.C., the United Kingdom and Puerto Rico. Acute care facilities located in the U.S. include 29 inpatient acute care hospitals, 35 free-standing emergency departments, and 13 outpatient centers and 1 surgical hospital. Behavioral health care facilities comprise 346 inpatient facilities and 119 outpatient facilities, located in the U.S., U.K., and Puerto Rico. Net revenues from our acute care hospitals, outpatient facilities and commercial health insurer accounted for approximately 57% of our consolidated net revenues during each of 2025 and 2024. Net revenues from our behavioral health care facilities and commercial health insurer accounted for approximately 43% of our consolidated net revenues during each of 2025 and 2024. Our behavioral health care facilities located in the U.K. generated net revenues of approximately $1.001 billion in 2025 and $880 million in 2024. Services provided by our hospitals include general and specialty surgery, internal medicine, obstetrics, emergency room care, radiology, oncology, diagnostic care, coronary care, pediatric services, pharmacy services and/or behavioral health services. We provide capital resources as well as a variety of management services to our facilities, including central purchasing, information services, finance and control systems, facilities planning, physician recruitment services, administrative personnel management, marketing and public relations.
Primary products
- Inpatient acute care hospital services
- Free-standing emergency department services
- Acute care outpatient services
- Inpatient behavioral health care services
- Outpatient behavioral health care services
- General and specialty surgery
Business segments
End markets
Geographies
Named customers
Net revenues from our acute care hospitals, outpatient facilities and commercial health insurer accounted for approximately 57% of our consolidated net revenues during each of 2025 and 2024. Net revenues from our behavioral health care facilities and commercial health insurer accounted for approximately 43% of our consolidated net revenues during each of 2025 and 2024.
“In some markets, certain of our competitors may have greater financial resources, be better equipped and offer a broader range of services than us.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Net revenues grew from approximately $15.83 billion in 2024 to approximately $17.36 billion in 2025, driven by growth across both the acute care and behavioral health segments including a full-year contribution from UK behavioral health operations.
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