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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(MARK ONE)


☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2025


☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission file number 1-10765

UNIVERSAL HEALTH SERVICES, INC.

(Exact name of registrant as specified in its charter)

     Delaware

     23-2077891

     (State or other jurisdiction of
incorporation or organization)

     (I.R.S. Employer
Identification No.)

UNIVERSAL CORPORATE CENTER

367 SOUTH GULPH ROAD

KING OF PRUSSIA, Pennsylvania 19406

(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code (610) 768-3300

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Class B Common Stock, $0.01 par value	UHS	New York Stock Exchange

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer	☒	Accelerated filer		☐

Non-accelerated filer	☐	Smaller reporting company		☐
			Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date. Common shares outstanding, as of October 31, 2025:


Class A		6,574,600
Class B		55,233,701
Class C		661,688
Class D		12,497

UNIVERSAL HEALTH SERVICES, INC.

INDEX


		PAGE NO.

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements (unaudited)

Condensed Consolidated Statements of Income – Three and Nine Months Ended September 30, 2025 and 2024		3

Condensed Consolidated Statements of Comprehensive Income – Three and Nine Months Ended September 30, 2025 and 2024		4

Condensed Consolidated Balance Sheets – September 30, 2025 and December 31, 2024		5

Condensed Consolidated Statements of Changes in Equity – Three and Nine Months Ended September 30, 2025 and 2024		6

Condensed Consolidated Statements of Cash Flows - Nine Months Ended September 30, 2025 and 2024		8

Notes to Condensed Consolidated Financial Statements		9

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations		28

Item 3. Quantitative and Qualitative Disclosures About Market Risk		67

Item 4. Controls and Procedures		67

PART II. Other Information

Item 1. Legal Proceedings		68

Item 1A. Risk Factors		68

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds		70

Item 5. Other Information		70

Item 6. Exhibits		71

Signatures		72

This Quarterly Report on Form 10-Q is for the quarter ended September 30, 2025. This Report modifies and supersedes documents filed prior to this Report. Information that we file with the Securities and Exchange Commission (the “SEC”) in the future will automatically update and supersede information contained in this Report.

In this Quarterly Report, “we,” “us,” “our” “UHS” and the “Company” refer to Universal Health Services, Inc. and its subsidiaries. UHS is a registered trademark of UHS of Delaware, Inc., the management company for, and a wholly-owned subsidiary of Universal Health Services, Inc. Universal Health Services, Inc. is a holding company and operates through its subsidiaries including its management company, UHS of Delaware, Inc. All healthcare and management operations are conducted by subsidiaries of Universal Health Services, Inc. To the extent any reference to “UHS” or “UHS facilities” in this report including letters, narratives or other forms contained herein relates to our healthcare or management operations it is referring to Universal Health Services, Inc.’s subsidiaries including UHS of Delaware, Inc. Further, the terms “we,” “us,” “our” or the “Company” in such context similarly refer to the operations of Universal Health Services Inc.’s subsidiaries including UHS of Delaware, Inc. Any reference to employees or employment contained herein refers to employment with or employees of the subsidiaries of Universal Health Services, Inc. including UHS of Delaware, Inc.

PART I. FINANCIAL INFORMATION

UNIVERSAL HEALTH SERVICES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(amounts in thousands, except per share amounts)

(unaudited)


	Three months ended September 30,						Nine months ended September 30,
	2025			2024			2025			2024
Net revenues	$	4,495,245		$	3,963,027		$	12,878,781		$	11,714,213
Operating charges:
Salaries, wages and benefits		2,071,898			1,912,308			6,037,953			5,611,304
Other operating expenses		1,294,721			1,090,197			3,563,039			3,165,483
Supplies expense		414,583			390,250			1,236,249			1,181,886
Depreciation and amortization		155,060			149,567			455,409			438,050
Lease and rental expense		37,295			36,540			109,348			108,165
		3,973,557			3,578,862			11,401,998			10,504,888
Income from operations		521,688			384,165			1,476,783			1,209,325
Interest expense, net		38,431			44,660			113,851			146,385
Other (income) expense, net		(13,629	)		(2,028	)		(27,767	)		3,315
Income before income taxes		496,886			341,533			1,390,699			1,059,625
Provision for income taxes		117,781			75,623			327,354			233,563
Net income		379,105			265,910			1,063,345			826,062
Less: Net income (loss) attributable to noncontrolling interests		6,148			7,196			20,490			16,362
Net income attributable to UHS	$	372,957		$	258,714		$	1,042,855		$	809,700

Basic earnings per share attributable to UHS	$	5.92		$	3.89		$	16.27		$	12.11
Diluted earnings per share attributable to UHS	$	5.86		$	3.80		$	16.07		$	11.88

Weighted average number of common shares - basic		62,974			66,537			64,100			66,873
Add: Other share equivalents		689			1,571			797			1,297
Weighted average number of common shares and equivalents - diluted		63,663			68,108			64,897			68,170

The accompanying notes are an integral part of these condensed consolidated financial statements.

UNIVERSAL HEALTH SERVICES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(amounts in thousands, unaudited)


	Three months ended September 30,						Nine months ended September 30,
	2025			2024			2025		2024
Net income	$	379,105		$	265,910		$	1,063,345	$	826,062
Other comprehensive income (loss):
Foreign currency translation adjustment		(9,020	)		29,221			41,128		29,155
Other		-			-			-		17
Other comprehensive income (loss) before tax		(9,020	)		29,221			41,128		29,172
Income tax expense (benefit) related to items of other comprehensive income (loss)		446			(140	)		46		288
Total other comprehensive (loss) income, net of tax		(9,466	)		29,361			41,082		28,884
Comprehensive income		369,639			295,271			1,104,427		854,946
Less: Comprehensive income (loss) attributable to noncontrolling interests		6,148			7,196			20,490		16,362
Comprehensive income attributable to UHS	$	363,491		$	288,075		$	1,083,937	$	838,584

The accompanying notes are an integral part of these condensed consolidated financial statements.

UNIVERSAL HEALTH SERVICES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(amounts in thousands, unaudited)


	September 30, 2025			December 31, 2024
Assets
Current assets:
Cash and cash equivalents	$	112,895		$	125,983
Accounts receivable, net		2,585,335			2,177,751
Supplies		226,655			220,940
Other current assets		333,077			291,614
Total current assets		3,257,962			2,816,288

Property and equipment		13,449,399			12,643,283
Less: accumulated depreciation		(6,476,366	)		(6,071,058	)
		6,973,033			6,572,225
Other assets:
Goodwill		3,989,370			3,932,879
Deferred income taxes		145,319			118,449
Right of use assets-operating leases		382,430			418,719
Deferred charges		9,363			9,404
Other		586,447			601,785
Total Assets	$	15,343,924		$	14,469,749

Liabilities and Stockholders’ Equity
Current liabilities:
Current maturities of long-term debt	$	740,186		$	40,059
Accounts payable and other liabilities		2,332,418			2,081,479
Operating lease liabilities		73,334			74,649
Federal and state taxes		13,252			14,219
Total current liabilities		3,159,190			2,210,406

Other noncurrent liabilities		589,854			655,806
Operating lease liabilities noncurrent		346,467			376,239
Long-term debt		3,950,934			4,464,482

Redeemable noncontrolling interests		66,982			13,293

Equity:
UHS common stockholders’ equity		7,169,693			6,666,207
Noncontrolling interest		60,804			83,316
Total equity		7,230,497			6,749,523
Total Liabilities and Stockholders’ Equity	$	15,343,924		$	14,469,749

The accompanying notes are an integral part of these condensed consolidated financial statements.

UNIVERSAL HEALTH SERVICES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

For the Three and Nine Months ended September 30, 2025

(amounts in thousands, unaudited)


																			Accumulated			UHS
	Redeemable																		Other			Common
	Noncontrolling			Class A		Class B			Class C		Class D		Cumulative			Retained			Comprehensive			Stockholders'			Noncontrolling
	Interest			Common		Common			Common		Common		Dividends			Earnings			Income (Loss)			Equity			Interest			Total
Balance, July 1, 2025	$	59,569		$	66	$	564		$	7	$	0	$	(740,083	)	$	7,711,745		$	57,749		$	7,030,048		$	55,465		$	7,085,513
Common Stock
Issued/(converted)		—			—		1			—		—		—			3,982			—			3,983			—			3,983
Repurchased, including excise tax		—			—		(14	)		—		—		—			(239,659	)		—			(239,673	)		—			(239,673	)
Restricted share-based compensation expense		—			—		—			—		—		—			16,410			—			16,410			—			16,410
Dividends paid and accrued		—			—		—			—		—		(12,689	)		—			—			(12,689	)		—			(12,689	)
Stock option expense		—			—		—			—		—		—			8,123			—			8,123			—			8,123
Reclass of noncontrolling interests to redeemable noncontrolling interests		—			—		—			—		—		—			—			—			—			—			—
Change in redemption amount of redeemable noncontrolling interest		—			—		—			—		—		—			—			—			—			—			—
Distributions to noncontrolling interests		—			—		—			—		—		—			—			—			—			(789	)		(789	)
Purchase (sale) of ownership interests by (from) minority members		4,403			—		—			—		—		—			—			—			—			2,989			2,989
Comprehensive income:
Net income (loss) to UHS / noncontrolling interests		3,010			—		—			—		—		—			372,957			—			372,957			3,139			376,096
Foreign currency translation adjustments, net of income tax		—			—		—			—		—		—			—			(9,466	)		(9,466	)		—			(9,466	)
Subtotal - comprehensive income		3,010			—		—			—		—		—			372,957			(9,466	)		363,491			3,139			366,630
Balance, September 30, 2025	$	66,982		$	66	$	551		$	7	$	0	$	(752,772	)	$	7,873,558		$	48,283		$	7,169,693		$	60,804		$	7,230,497

																			Accumulated			UHS
	Redeemable																		Other			Common
	Noncontrolling			Class A		Class B			Class C		Class D		Cumulative			Retained			Comprehensive			Stockholders'			Noncontrolling
	Interest			Common		Common			Common		Common		Dividends			Earnings			Income (Loss)			Equity			Interest			Total
Balance, January 1, 2025	$	13,293		$	66	$	577		$	7	$	0	$	(713,705	)	$	7,372,061		$	7,201		$	6,666,207		$	83,316		$	6,749,523
Common Stock
Issued/(converted)		—			—		9			—		—		—			12,289			—			12,298			—			12,298
Repurchased, including excise tax		—			—		(35	)		—		—		—			(620,728	)		—			(620,763	)		—			(620,763	)
Restricted share-based compensation expense		—			—		—			—		—		—			43,722			—			43,722			—			43,722
Dividends paid and accrued		—			—		—			—		—		(39,067	)		—			—			(39,067	)		—			(39,067	)
Stock option expense		—			—		—			—		—		—			25,671			—			25,671			—			25,671
Reclass of noncontrolling interests to redeemable noncontrolling interests		38,523			—		—			—		—		—			—			—			—			(38,523	)		(38,523	)
Change in redemption amount of redeemable noncontrolling interest		2,312			—		—			—		—		—			(2,312	)		—			(2,312	)		—			(2,312	)
Distributions to noncontrolling interests		(2,395	)		—		—			—		—		—			—			—			—			(8,016	)		(8,016	)
Purchase (sale) of ownership interests by (from) minority members		8,635			—		—			—		—		—			—			—			—			10,150			10,150
Comprehensive income:
Net income (loss) to UHS / noncontrolling interests		6,614			—		—			—		—		—			1,042,855			—			1,042,855			13,877			1,056,732
Foreign currency translation adjustments, net of income tax		—			—		—			—		—		—			—			41,082			41,082			—			41,082
Subtotal - comprehensive income		6,614			—		—			—		—		—			1,042,855			41,082			1,083,937			13,877			1,097,814
Balance, September 30, 2025	$	66,982		$	66	$	551		$	7	$	0	$	(752,772	)	$	7,873,558		$	48,283		$	7,169,693		$	60,804		$	7,230,497

The accompanying notes are an integral part of these condensed consolidated financial statements.

UNIVERSAL HEALTH SERVICES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

For the Three and Nine Months ended September 30, 2024

(amounts in thousands, unaudited)


																			Accumulated		UHS
	Redeemable																		Other		Common
	Noncontrolling			Class A		Class B			Class C		Class D		Cumulative			Retained			Comprehensive		Stockholders'			Noncontrolling
	Interest			Common		Common			Common		Common		Dividends			Earnings			Income (Loss)		Equity			Interest			Total
Balance, July 1, 2024	$	5,418		$	66	$	594		$	7	$	0	$	(687,015	)	$	7,162,908		$	8,812	$	6,485,372		$	65,433		$	6,550,805
Common Stock
Issued/(converted)		—			—		3			—		—		—			3,634			—		3,637			—			3,637
Repurchased, including excise tax		—			—		(8	)		—		—		—			(184,131	)		—		(184,139	)		—			(184,139	)
Restricted share-based compensation expense		—			—		—			—		—		—			12,867			—		12,867			—			12,867
Dividends paid and accrued		—			—		—			—		—		(13,472	)		—			—		(13,472	)		—			(13,472	)
Stock option expense		—			—		—			—		—		—			13,356			—		13,356			—			13,356
Distributions to noncontrolling interests		—			—		—			—		—		—			—			—		—			(702	)		(702	)
Purchase (sale) of ownership interests by (from) minority members		—			—		—			—		—		—			—			—		—			3,668			3,668
Comprehensive income:
Net income (loss) to UHS / noncontrolling interests		205			—		—			—		—		—			258,714			—		258,714			6,991			265,705
Other		—			—		—			—		—		—			—			—		—			—			—
Foreign currency translation adjustments, net of income tax		—			—		—			—		—		—			—			29,361		29,361			—			29,361
Subtotal - comprehensive income		205			—		—			—		—		—			258,714			29,361		288,075			6,991			295,066
Balance, September 30, 2024	$	5,623		$	66	$	589		$	7	$	0	$	(700,487	)	$	7,267,348		$	38,173	$	6,605,696		$	75,390		$	6,681,086

																			Accumulated		UHS
	Redeemable																		Other		Common
	Noncontrolling			Class A		Class B			Class C		Class D		Cumulative			Retained			Comprehensive		Stockholders'			Noncontrolling
	Interest			Common		Common			Common		Common		Dividends			Earnings			Income (Loss)		Equity			Interest			Total
Balance, January 1, 2024	$	5,191		$	66	$	599		$	7	$	0	$	(659,890	)	$	6,798,930		$	9,289	$	6,149,001		$	47,714		$	6,196,715
Common Stock
Issued/(converted)		—			—		11			—		—		—			11,020			—		11,031			—			11,031
Repurchased, including excise tax		—			—		(21	)		—		—		—			(424,056	)		—		(424,077	)		—			(424,077	)
Restricted share-based compensation expense		—			—		—			—		—		—			30,746			—		30,746			—			30,746
Dividends paid and accrued		—			—		—			—		—		(40,597	)					—		(40,597	)		—			(40,597	)
Stock option expense		—			—		—			—		—		—			41,025			—		41,025			—			41,025
Distributions to noncontrolling interests		(649	)		—		—			—		—		—			—			—		—			(5,142	)		(5,142	)
Purchase (sale) of ownership interests by (from) minority members		—			—		—			—		—		—			—			—		—			17,537			17,537
Comprehensive income:																				—
Net income (loss) to UHS / noncontrolling interests		1,081

UNIVERSAL HEALTH SERVICES INC 10-Q