10-K 0001193125-26-071676 (2026-02-25) vs 10-K 0000950170-25-027785 (2025-02-26)
| Section | Compared text | Words now | Changed |
|---|
| Risk Factors | Item 1A | 12,418 |
15.7% |
| MD&A | Item 7 | 28,229 |
22.2% |
| Legal Proceedings | Item 3 | 30 |
not compared |
| Accounting Policies | 10-K text (note not found) | 0 |
not compared |
The redline: what was cut and what was added
In each section, the paragraph that changed most, marked against last year's 10-K:
cut words struck through, new words highlighted and underlined.
Risk Factors 435 words changed in this paragraph; it is 37% similar to last year's version.
We derive a significant portion of our revenue from third-party payers, including the Medicare and Medicaid programs. Changes in these government programs in recent years have resulted in limitations on reimbursement and, in some cases, reduced levels of reimbursement for healthcare services. Payments from federal and state government programs are subject to statutory and regulatory changes, administrative rulings, interpretations and determinations, requirements for utilization review, and federal and state funding restrictions, all of which could materially increase or decrease program payments, as well as affect the cost of providing service to patients and the timing of payments to facilities. Changes resulting Legislation adopted on July 4, 2025 (the One Big Beautiful Budget Act), attaches work and community service requirements to eligibility for Medicaid benefits that will have the effect of limiting Medicaid enrollment and expenditure. That legislation also places limits on provider fees used to increase federal Medicaid funding to states. The legislation prohibits states not previously having expanded Medicaid eligibility, which includes 9 states where we have facilities, to 138% of federal poverty level from increasing the outcome rate of current provider fees which fund certain state supplemental payments or increasing the base of the 2024 elections may include increased reliance fee to a class or items of services that the fee did not previously cover. That current provider fee threshold will remain at 6%. For states having expanded Medicaid eligibility under the legislation, the provider fee threshold will be reduced by 0.5% annually between federal fiscal years 2028 and 2032 with the resulting threshold ultimately becoming 3.5%. Under current law, and based on Medicare Advantage programs, work requirements our current expectations, we estimate that, commencing with the 2028 state fiscal years, our aggregate annual net benefit will be reduced, on an annually increasing and relatively pro rata basis, by approximately $432 million to $480 million by 2032. The legislation also eliminates certain insurance exchange premium tax credits beyond 2025 and exchange enrollment is expected to be adversely impacted. On January 8, 2026, the U.S. House of Representatives passed H.R.1834 to extend for Medicaid waiver program eligibility, increased focus three years the enhanced premium tax credits (“EPTCs”) that expired on hospital outpatient site neutral payment policies, and similar initiatives that may reduce December 31, 2025, which is currently undergoing review in the availability of funding for federal healthcare programs or make eligibility for benefits more difficult. There have been proposals to substantially decrease federal funding for state Medicaid Programs. Senate. Any significant reduction in federal Medicaid funding to states would likely result in states reducing Medicaid payments to us which would have a material adverse effect on us. We are unable to predict the effect of recent and future policy changes on our operations. In addition, the uncertainty and fiscal pressures placed upon federal and state governments as a result of, among other things, deterioration in general economic conditions and the funding requirements from the federal healthcare reform legislation, may affect the availability of taxpayer funds for Medicare and Medicaid programs. In addition, the vast majority of the net revenues generated at our behavioral health facilities located in the United Kingdom are derived from governmental payers. If the rates paid or the scope of services covered by governmental payers in the United States or United Kingdom are reduced, there could be a material adverse effect on our business, financial position and results of operations.
Source: Item 1A, 10-K 0001193125-26-071676 vs Item 1A, 10-K 0000950170-25-027785
MD&A 331 words changed in this paragraph; it is 30% similar to last year's version.
During 2020, we entered into various agreements with the District of Columbia (the “District”) related to the development, leasing and operation of an acute care hospital (that is expected to be completed and opened in the Spring of 2025) and certain other facilities/structures on land owned by the District (“District Facilities”). The agreements contemplate that Pursuant to the agreements, on behalf of the District, we will serve served as manager for development and construction of the District Facilities, which were funded entirely by the District. The District Facilities on behalf of the District, with a projected had an aggregate cost of approximately $439 $417 million, approximately $344 million substantially all of which was has been incurred as of December 31, 2024, which is being entirely funded by the District. Upon completion 2025. Construction of the District Facilities, we will lease the District Facilities for a nominal rental amount for a period of 75 years and are obligated to operate the District Facilities during the lease term. We have certain lease termination rights in connection with the District Facilities beginning on the tenth anniversary of the lease commencement date for various and decreasing amounts as provided for in the agreements. Additionally, any time after the 10th anniversary of the lease term, we have a right to purchase the District Facilities for a price equal to the greater of fair market value of the District Facilities or the amount necessary to defease the bonds issued by the District to fund the construction of the District Facilities. The lease agreement also entitles the District to participation rent should certain specified earnings before interest, taxes, depreciation and amortization thresholds be achieved by the acute care hospital. Additionally, we have committed to expend no less than $75 million, over a projected 12-year period, in healthcare infrastructure including expenditures related to the District Facilities as well as other healthcare related expenditures in certain specified areas of Washington, D.C. This financial commitment is included in “Purchase and other obligations” as reflected on the contractual obligations table above. Pursuant to the agreements, the District is entitled to certain termination fees and other amounts as specified in the agreements in the event we, within certain specified periods of time, cease to operate the acute care hospital or there is a transfer of control of us or our subsidiary operating (Cedar Hill Regional Medical Center) was completed and the hospital. hospital opened on April 15, 2025.
Source: Item 7, 10-K 0001193125-26-071676 vs Item 7, 10-K 0000950170-25-027785
Every change, by type
Sentences and paragraphs of UHS's Risk Factors and MD&A, 10-K 2026-02-25 against 10-K 2025-02-26.
Each links to the text at sec.gov.
Quiet changes are sentences kept from last year with one to four words changed, at least one of them a hedge, a modal or a qualifier
(may, could, will, not, significant, material…). A year or date rolling forward is not counted.
The full word list
adverse, adversely, all, although, anticipate, anticipates, any, approximately, believe, believes, can, cannot, certain, could, expect, expects, generally, however, if, intend, intends, largely, likely, many, material, materially, may, might, most, must, never, no, not, possible, primarily, probable, should, significant, significantly, some, substantial, substantially, unlikely, will, would
AddedRisk Factors
In connection with the operations at our George Washington University Hospital and Cedar Hill Regional Medical Center located in Washington, D. C. ( the “District Hospitals”), we recently agreed to the framework of an agreement with The George Washington University ( the “University”) and the faculty medical group, The Medical Faculty Associates, Inc., to change the arrangement among the parties. The transaction, which is pending completion and subject to execution of definitive agreements, is anticipated to close during the second quarter of 2026. Should this transaction be finalized as tentatively agreed, among other things: (i) a new taxable non-profit subsidiary of ours will employ a large number, but not all, of their physicians and allied health professionals who had been part of that group, and; (ii) we will assume financial and management responsibility for that group. With this transaction, there is a risk that some physicians who have traditionally treated their patients at the District Hospitals may choose to not join or remain with the new physician group or treat their patients at the District Hospitals. If the transaction is not consummated, or the anticipated benefits of the transition are not realized, the operations and financial performance of the District Hospitals could be materially adversely impacted which could potentially result in a material adverse effect on our consolidated results of operations.
Read it in 10-K 2026-02-25 at sec.gov ↗
AddedRisk Factors
1115 waiver policy emphasized work requirements, eligibility restrictions on Medicaid, and capped funding. The second Trump administration may, again, take a similar approach.
Read it in 10-K 2026-02-25 at sec.gov ↗
AddedRisk Factors
a Medicare self-referral disclosure protocol, which is intended to allow providers to self-disclose actual or potential violations of the Stark law. Because there are only a few judicial decisions interpreting the Stark law, there can be no assurance that our hospitals will not be found in violation of the Stark Law or that self-disclosure of a potential violation would result in reduced penalties.
Read it in 10-K 2026-02-25 at sec.gov ↗
AddedRisk Factors
UHS Delaware is also a defendant in a lawsuit filed in Washoe County, Nevada, along with Pinnacle Management Group NV, LLC ("Pinnacle Medical Group", in which a subsidiary of the Company holds a 50% interest) and several individuals. The Company was previously dismissed from the lawsuit. The lawsuit contains allegations of intentional interference with contractual relationships and prospective economic advantage resulting from the departure of several physicians from St. Mary’s Medical Group in Reno, Nevada, who joined Pinnacle Medical Group in 2021. A trial of this matter was concluded on September 26, 2025, with a verdict rendered against UHS Delaware and the other defendants for approximately $4.7 million in compensatory damages. The jury also awarded punitive damages against UHS Delaware of $500 million and lesser amounts against some of the other defendants. Based upon Nevada statutory law, we expect the punitive damages to be reduced to a maximum of approximately $14 million. We also believe that recent Nevada Supreme Court precedent could further reduce the amount of punitive damages.
Read it in 10-K 2026-02-25 at sec.gov ↗
AddedRisk Factors
UHS Delaware, and the other defendants are evaluating all legal options and intend to challenge this verdict in post-judgment trial court proceedings and on appeal. We are uncertain as to the ultimate financial exposure related to this matter and we can make no assurance regarding its outcome, or the amount of damages that may be recoverable after post-judgment proceedings and appeals. If we are unsuccessful in reversing the verdict, or significantly reducing the level of damages, or we are required to post a substantial bond pending appeal, this matter could have a material adverse effect on the financial condition of the Company.
Read it in 10-K 2026-02-25 at sec.gov ↗
AddedRisk Factors
tariffs or trade barriers by the U.S., the European Union, Mexico, Canada, China or other countries, we can provide no assurance that any strategies we implement to mitigate the impact of such tariffs or other trade actions will be successful.
Read it in 10-K 2026-02-25 at sec.gov ↗
AddedRisk Factors
Our $700 million, 1.65% senior notes ("2026 Notes") mature on September 1, 2026. Market interest rates have increased significantly since the 2026 Notes were issued in 2021. We expect that we will refinance the 2026 Notes at significantly higher interest rates which will significantly increase our interest expense thereby decreasing our net income attributable to UHS.
Read it in 10-K 2026-02-25 at sec.gov ↗
RemovedRisk Factors
to implement, additional costly, technical and organizational measures designed to protect the privacy and security of each of our patient’s health and related financial information, and other personal information.
Read it in 10-K 2025-02-26 at sec.gov ↗
RemovedRisk Factors
•On March 28, 2024, a jury returned a verdict for compensatory damages of $60 million and punitive damages of $475 million and a related judgment was entered against The Pavilion Behavioral Health System (the “Pavilion”), an indirect subsidiary of the Company. In an order dated October 10, 2024, the trial court ordered a remittitur of punitive damages from $475 million to $120 million. The court denied the Pavilion’s request for reduction of compensatory damages. The Pavilion has filed an appeal of the remaining judgment and the Plaintiff filed a cross appeal of the remittitur of punitive damages. Plaintiff has filed and served a Citation to Discover Assets ("Citation") on the Pavilion as well as Universal Health Services, Inc., and UHS of Delaware, Inc. ("UHS Entities") for the purported purpose of executing on the judgment during the pendency of the appeal. We are currently contesting the Citation as to the UHS Entities who were not parties to the litigation as well as the breadth and scope of the Citation issued to the Pavilion.
Read it in 10-K 2025-02-26 at sec.gov ↗
RewordedRisk Factors
While we continue to evaluate the potential impact of the new tariffs on our business, given the uncertainty regarding the scope and duration of any new tariffs, as well as the potential for additional tariffs or trade barriers by the U.S., Mexico, Canada, China or other countries, we can provide no assurance that any strategies we implement to mitigate the impact of such tariffs or other trade actions will be successful.
Read it in 10-K 2026-02-25 at sec.gov ↗
RewordedRisk Factors
In the event the resolution of the Pavilion and/or Cumberland matters matter exhausts all or a significant portion of the our/our subsidiaries' remaining commercial insurance coverage available related to the Company and its subsidiaries related to other matters that occurred in 2020, 2020 policy year, or the Pavilion and Cumberland matters cause matter causes the posting of large bonds or other collateral during the appeal processes, our future results of operations and capital resources would be materially adversely impacted.
Read it in 10-K 2026-02-25 at sec.gov ↗
RewordedRisk Factors
Continuing Inflationary Pressures continue to As inflationary pressures increase our operating costs and costs, we may not be able unable to pass on increases in the increased costs commensurate associated with these increases in costs. providing healthcare services to our patients.
Read it in 10-K 2026-02-25 at sec.gov ↗
RewordedRisk Factors
United Kingdom data protection laws, including the UK Data Protection Act and legislation commonly referred to as the UK GDPR, has required us to implement, and in the future may require us to implement, additional costly, technical and organizational measures designed to protect the privacy and security of each of our patient’s health and related financial information, and other personal information.
Read it in 10-K 2026-02-25 at sec.gov ↗
RewordedRisk Factors
Cumberland is evaluating all legal options and intends to challenge has filed post-trial motions challenging this verdict, including the amounts awarded in the verdict, in post-trial proceedings and on appeal. verdict.
Read it in 10-K 2026-02-25 at sec.gov ↗
RewordedRisk Factors
Based upon Virginia law, we expect that the Court has recently reduced the punitive damage amount should be reduced to a combined maximum of $1.05 million as a matter of law. ($350,000 per plaintiff).
Read it in 10-K 2026-02-25 at sec.gov ↗
RewordedRisk Factors
This rule took effect on January 1, 2021 and requires all hospitals to also make public their payer-specific negotiated rates, minimum negotiated rates, maximum negotiated rates and cash for all items and services, including individual items and services and service packages, that could be provided by a hospital to a patient.
Read it in 10-K 2026-02-25 at sec.gov ↗
RewordedRisk Factors
In addition, in some markets such as California, there are requirements to maintain specified nurse-staffing levels which could adversely affect our results of operations by increasing our salaries, wages and benefits expense, and/or by decreasing our net revenues to the extent we cannot meet those staffing levels.
Read it in 10-K 2026-02-25 at sec.gov ↗
RewordedRisk Factors
Supreme Court, As a result of the 2024 and upcoming 2026 federal elections it remains unclear what portions of that legislation may remain, or what any replacement or alternative programs may be created by future legislation.
Read it in 10-K 2026-02-25 at sec.gov ↗
RewordedRisk Factors
We own 7 inpatient acute care hospitals, 13 16 free-standing emergency departments, 1 2 acute outpatient center centers and 20 inpatient behavioral healthcare facilities and 14 behavioral healthcare outpatient facilities as listed in Item 2.
Read it in 10-K 2026-02-25 at sec.gov ↗
RewordedRisk Factors
On a combined basis, these facilities contributed 18% and 16% 17% of our consolidated net revenues during 2024 each of 2025 and 2023, respectively. 2024.
Read it in 10-K 2026-02-25 at sec.gov ↗
RewordedRisk Factors
We expect that the trials for the remaining plaintiffs, as well as any additional plaintiffs, will be scheduled at various times over the next several years and will continue to be tried in small groups. years.
Read it in 10-K 2026-02-25 at sec.gov ↗
AddedMD&A
•legislation adopted on July 4, 2025 (the One Big Beautiful Bill Act), attaches work and community service requirements to eligibility for Medicaid benefits that will have the effect of limiting Medicaid enrollment and expenditure. That legislation also places limits on provider fees used to increase federal Medicaid funding to states. The legislation prohibits states not previously having expanded Medicaid eligibility to 138% of federal poverty level from increasing the rate of current provider fees which fund certain state supplemental payments or increasing the base of the fee to a class or items of services that the fee did not previously cover. That current provider fee threshold will remain at 6%. For states having expanded Medicaid eligibility under the legislation, the provider fee threshold will be reduced by 0.5% annually between federal fiscal years 2028 and 2032 with the resulting threshold ultimately becoming 3.5%. Under current law, and based on our current expectations, we estimate that, commencing with the 2028 state fiscal years, our aggregate annual net benefit will be reduced, on an annually increasing and relatively pro rata basis, by approximately $432 million to $480 million by 2032. The legislation also eliminates certain insurance exchange premium tax credits beyond 2025 and exchange enrollment is expected to be adversely impacted. On January 8, 2026, the U.S. House of Representatives passed H.R.1834 to extend for three years the enhanced premium tax credits ("EPTCs") that expired on December 31, 2025, which is currently undergoing review in the Senate. We cannot predict whether these subsidies will ultimately be adopted in federal fiscal year 2026. All of these factors, which could have a material unfavorable impact on our results of operations, may be expected to reduce our revenue and likely increase the level of uncompensated care provided by our facilities;
Read it in 10-K 2026-02-25 at sec.gov ↗
AddedMD&A
•there have been numerous political and legal efforts to expand, repeal, replace or modify the ACA since its enactment, some of which have been successful, in part, in modifying the ACA, as well as court challenges to the constitutionality of
Read it in 10-K 2026-02-25 at sec.gov ↗
AddedMD&A
•our ability to achieve operating and financial targets, develop and execute plans to offset to the extent possible impacts from the recent regulatory changes, including the enactment of the One Big Beautiful Bill Act and the expiration of EPTCs, and tariffs, attain expected levels of patient volumes and revenues, and control the costs of providing services;
Read it in 10-K 2026-02-25 at sec.gov ↗
AddedMD&A
•the outcome of known and unknown litigation, government investigations, inquiries, false claims act allegations, and liabilities and other claims asserted against us and other matters, and the effects of adverse publicity relating to such matters, as disclosed in Note 8 to the Condensed Consolidated Financial Statements - Commitments and Contingencies, including, but not limited to, the jury verdict returned against Cumberland Hospital for Children and Adolescents located in New Kent, Virginia, an indirect subsidiary of ours, and the verdict in the Pinnacle litigation in Washoe County, Nevada, against certain subsidiaries of ours;
Read it in 10-K 2026-02-25 at sec.gov ↗
AddedMD&A
•effective March, 2025, our excess commercial insurance coverage for professional and general liability claims contains less favorable terms than previous years including coverage exclusions for incidents involving sexual molestation or abuse, higher premiums and lower aggregate limitations;
Read it in 10-K 2026-02-25 at sec.gov ↗
AddedMD&A
•our ability to implement technology and other programs to drive efficiencies, and improve patient outcomes and experiences, and the risks associated with the use of technologies by us or our services providers;
Read it in 10-K 2026-02-25 at sec.gov ↗
AddedMD&A
Behavioral health care services provided in the U.K.: The majority of the revenues generated by our behavioral health care facilities located in the U.K. are recorded pursuant to contracts with the National Health Service and other local governments for services including the following: behavioral health care services, rehabilitation services, residential homes, nursing homes, supported living services and specialist day services.
Read it in 10-K 2026-02-25 at sec.gov ↗
AddedMD&A
Commercial health insurer - certain acute care markets: The majority of the revenues generated by our commercial health insurer conducting business in certain acute care markets relate to Medicare Advantage premiums which are determined by the Centers for Medicare and Medicaid Services ("CMS") utilizing a risk adjustment model that apportions premiums paid to health plans according to health and geographic factors. Risk score adjustments result in retroactive premium adjustments. The revenue adjustments are recognized when the amount is determinable and collectability or liability is reasonably assured. CMS also uses a star rating system which is derived from comprehensive evaluations of member satisfaction, quality of care and operational efficiency. In addition, our insurer also generates revenues from premiums for coverage under membership contracts with employer groups and individuals.
Read it in 10-K 2026-02-25 at sec.gov ↗
AddedMD&A
Non-Marketable Securities: Non-marketable securities that we hold are accounted for under the measurement alternative. Under the measurement alternative, the carrying value is measured at cost, less any impairment, plus or minus changes resulting from observable price changes in orderly transactions for identical or similar investments of the same issuer. Adjustments are determined primarily based on a market approach as of the transaction date and are recorded in other (income) expense, net. We recorded an unrealized pre-tax gain of $93 million during the year ended December 31, 2025.
Read it in 10-K 2026-02-25 at sec.gov ↗
AddedMD&A
Legislation adopted on July 4, 2025 attaches work and community service requirements to eligibility for Medicaid benefits that will have the effect of limiting Medicaid enrollment and expenditures and the legislation also places limits on provider taxes used to increase federal Medicaid funding to states. In addition, insurance exchange subsidies expired on December 31, 2025 which could unfavorably impact insurance exchange enrollment. Extension of these subsidies is currently the subject of Congressional debate as part of the federal budget negotiation, and we cannot predict whether these subsidies will ultimately be adopted in federal fiscal year 2026. As these provisions become effective over the next several years, they may be expected to reduce our revenues and likely increase the level of uncompensated care provided by our facilities. Please see Sources of Revenue below for additional disclosure related to Medicaid supplemental payment programs in various states in which we operate.
Read it in 10-K 2026-02-25 at sec.gov ↗
AddedMD&A
increased trade restrictions, tariffs or taxes on imports from where our products or materials are made (either directly or through our suppliers) could have an impact on our competitive position, business operations and financial results.
Read it in 10-K 2026-02-25 at sec.gov ↗
AddedMD&A
•$287 million of other combined net increases consisting primarily of the combined net revenues generated during 2025 at two newly constructed acute care hospitals located in Las Vegas, Nevada (West Henderson Hospital which opened during the fourth quarter of 2024) and Washington, D.C. (Cedar Hill Regional Medical Center which opened during the second quarter of 2025).
Read it in 10-K 2026-02-25 at sec.gov ↗
RemovedMD&A
•on December 29, 2022, the Consolidated Appropriations Act, 2023, was signed into law phasing out the enhanced federal medical assistance percentage rate that states received during the COVID-19 public health emergency and fully eliminated the increase on December 31, 2023. States were also permitted to begin Medicaid eligibility redeterminations on March 31, 2023, which has resulted in a decrease in Medicaid enrollment;
Read it in 10-K 2025-02-26 at sec.gov ↗
RemovedMD&A
impacted foreign countries, we can provide no assurance that any strategies we implement to mitigate the impact of such tariffs or other trade actions will be successful;
Read it in 10-K 2025-02-26 at sec.gov ↗
RemovedMD&A
Administration and health care fraud and abuse compliance, where parties may no longer be able to rely on federal agencies’ policies, rules and guidance;
Read it in 10-K 2025-02-26 at sec.gov ↗
RemovedMD&A
•the outcome of known and unknown litigation, government investigations, inquiries, false claims act allegations, and liabilities and other claims asserted against us and other matters, and the effects of adverse publicity relating to such matters, including, but not limited to, the jury verdicts returned against The Pavilion Behavioral Health System (the "Pavilion") and Cumberland Hospital for Children and Adolescents ("Cumberland"), two of our indirect subsidiaries, as disclosed in Note 8 to the Consolidated Financial Statements - Commitments and Contingencies, Legal Proceedings. We are uncertain as to the ultimate financial exposure related to the Pavilion and Cumberland matters (which relate to occurrences in the 2020 policy year) and we can make no assurances regarding timing or substance of their outcome, or the amount of damages that may be ultimately held recoverable after post-judgment proceedings and appeals. As of December 31, 2024, without reduction for any potential amounts related to the Pavilion and Cumberland matters, the Company and its subsidiaries have aggregate insurance coverage of approximately $221 million remaining under commercial policies for matters applicable to the 2020 policy year (in excess of the applicable self-insured retention amounts of $10 million per single occurrence/$25 million for multi-plaintiff matters for professional liability claims and $3 million per occurrence for general liability claims). In the event the resolution of the Pavilion and/or Cumberland matters exhausts all or a significant portion of the remaining commercial insurance coverage available to the Company and its subsidiaries related to other matters that occurred in 2020, or the Pavilion and Cumberland matters cause the posting of large bonds or other collateral during the appeal processes, our future results of operations and capital resources would be materially adversely impacted;
Read it in 10-K 2025-02-26 at sec.gov ↗
RemovedMD&A
•our business, results of operations, financial condition, or stock price may be adversely affected if we are not able to achieve our environmental, social and governance (“ESG”) goals or comply with emerging ESG regulations, or otherwise meet the expectations of our stakeholders with respect to ESG matters;
Read it in 10-K 2025-02-26 at sec.gov ↗
RemovedMD&A
second Trump administration is likely to explore similar solutions to limit Medicaid enrollment or expenditure. The Trump administration has already taken steps to undo Biden-era executive orders and to freeze funding for federal programs. While the administration’s initial freeze has since been rescinded, the administration is likely to make other attempts to reduce federal program expenditures and can generally be expected to oppose increases in ACA and Medicaid enrollment. We also receive Medicaid DSH payments in certain states including, most significantly, Texas. We are therefore particularly sensitive to potential reductions in Medicaid and other state-based revenue programs as well as regulatory, economic, environmental and competitive changes in those states;
Read it in 10-K 2025-02-26 at sec.gov ↗
RemovedMD&A
Due to recent guidance and enacted laws surrounding the global 15% minimum tax rate that will be effective after 2024 from the Organization for Economic Co-operation and Development ("OECD") as well as jurisdictions that we operate in, we anticipate adverse effects to our provision for income taxes as well as cash taxes. We do not expect these adverse effects to be material and will continue to monitor changes in tax policies and laws issued by the OECD and jurisdictions that we operate in.
Read it in 10-K 2025-02-26 at sec.gov ↗
RemovedMD&A
•$222 million of other combined net increases consisting primarily of a $239 million increase in provider tax assessments which had no impact on income before income taxes since amounts offset between net revenues and other operating expenses.
Read it in 10-K 2025-02-26 at sec.gov ↗
RemovedMD&A
revenues during 2023. Included in our Same Facility basis' net revenues and income before income taxes, during 2024, was approximately $186 million of net reimbursements (net of related provider taxes) recorded in connection with the Nevada state directed payment program which was approved by the Centers for Medicare and Medicaid Services in December, 2023. Please see additional disclosure below in Sources of Revenue-Nevada State Directed Payment Program ("SDP").
Read it in 10-K 2025-02-26 at sec.gov ↗
RemovedMD&A
expenses), and; (iii) $20 million of other combined net decreases consisting primarily of decreased revenues at Desert Springs Hospital.
Read it in 10-K 2025-02-26 at sec.gov ↗
RemovedMD&A
Please see Results of Operations - Clinical Staffing, Physician Related Expenses and Effects of Inflation above for additional disclosure regarding the factors impacting our operating costs.
Read it in 10-K 2025-02-26 at sec.gov ↗
RemovedMD&A
Please see Results of Operations - Clinical Staffing, Physician Related Expenses and Effects of Inflation above for additional disclosure regarding the factors impacting our operating costs.
Read it in 10-K 2025-02-26 at sec.gov ↗
RewordedMD&A
Our business and financial results may be harmed by an international, national or localized outbreak of a highly contagious or epidemic disease, including but not limited to, COVID-19 or similar corona viruses, Ebola or Zika, may put stress on the capacity of all or a part of our health care facilities, could result in an abnormally high demand for health care services, require that resources be diverted from one part of operations to another part, or disrupt the supply chain for equipment and supplies necessary for operations. Zika.
Read it in 10-K 2026-02-25 at sec.gov ↗
RewordedMD&A
Our business and financial results Such outbreaks may be harmed by an international, national or localized outbreak of a highly contagious or epidemic disease, including but not limited to, COVID-19 or similar corona viruses, Ebola or Zika, may put stress on the capacity of all or a part of our health care facilities, could result in an abnormally high demand for health care services, services which may require that resources be diverted from one part of operations to another part, another, or disrupt the supply chain for equipment and supplies necessary for operations.
Read it in 10-K 2026-02-25 at sec.gov ↗
RewordedMD&A
Our Same Facility results also neutralize (if applicable) the effect of items that are non-operational in nature including items such as, but not limited to, gains/losses on sales of assets and businesses, impacts of settlements, legal judgments and lawsuits, impairments of long-lived and intangible assets and other amounts that may be reflected in the current or prior year financial statements that relate to prior periods.
Read it in 10-K 2026-02-25 at sec.gov ↗
RewordedMD&A
(ii) a $16 $12 million decrease increase in the provision for income taxes during 2024, as compared due to 2023, from a decrease in the net tax benefit recorded pursuant to ASU 2016-09, net of the impact of executive compensation limitations pursuant to IRC section 162(m). in connection with "ASU 2016-09", Compensation-Stock Compensation:
Read it in 10-K 2026-02-25 at sec.gov ↗
RewordedMD&A
In January, 2025, CMS approved addition, the DPP payment increase program for the period July calendar year 2025 (January 1, 2024 2025 to December 31, 2024, 2025) was approved by CMS in April, 2025, also contingent upon CMS' approval of the state's 1115 Medicaid Waiver amendment . which was approved by CMS in June, 2025.
Read it in 10-K 2026-02-25 at sec.gov ↗
RewordedMD&A
If CMS determines Provider Taxes used by a state Medicaid program to finance the non-federal share of a SDP (or other Medicaid supplemental payment programs) are not in compliance with the applicable Provider Tax regulations and related federal statutes, our SDP payments (and other Medicaid supplemental payments) could be subject to recoupment by the respective state agency when non-compliance is determined by CMS to exist.
Read it in 10-K 2026-02-25 at sec.gov ↗
RewordedMD&A
Although our Credit Agreement contains restrictions on the incurrence of additional indebtedness and our Credit Agreement and All the Notes contain restrictions on our ability to incur liens to secure additional indebtedness, these restrictions are subject to a number of qualifications and exceptions, and the additional indebtedness incurred in compliance with these restrictions could be substantial.
Read it in 10-K 2026-02-25 at sec.gov ↗
RewordedMD&A
Income before income taxes increased by $295 $207 million, or 54.6%, 25%, to $835 $1.05 billion, or 10.5% of net revenues during 2025, as compared to $840 million, or 9.4% of net revenues during 2024, as compared to $540 million, or 6.7% of net revenues during 2023. 2024.
Read it in 10-K 2026-02-25 at sec.gov ↗
RewordedMD&A
In connection with this transaction, an asset purchase and sale agreement, and related lease agreements, completed with Universal Health Realty Income Trust ("Trust") in December 2021, our consolidated balance sheets at December 31, 2024 2025 and December 31, 2023 2024 reflect financial liabilities, which are included in debt, of approximately $74 $70 million and $77 $74 million, respectively.
Read it in 10-K 2026-02-25 at sec.gov ↗
RewordedMD&A
Income before income taxes (and before income attributable to noncontrolling interests) increased by $301 $273 million, or 54%, 32%, amounting to $858 $1.13 billion, or 12.1% of net revenues during 2025, as compared to $855 million, or 10.0% of net revenues during 2024, as compared to $557 million, or 7.1% of net 2024.
Read it in 10-K 2026-02-25 at sec.gov ↗
RewordedMD&A
We were in compliance with all required covenants as of December 31, 2024 (pursuant to the terms of the Credit Agreement, as amended on September 26, 2024) 2025 and as of December 31, 2023 (pursuant to the terms of the previous credit agreement). 2024.
Read it in 10-K 2026-02-25 at sec.gov ↗
RewordedMD&A
In connection with these operating lease commitments, our consolidated balance sheet as of December 31, 2024 2025 includes right of use assets amounting to $419 million and aggregate operating lease liabilities of $451 million ($75 million included in current liabilities and $376 million included in noncurrent liabilities).
Read it in 10-K 2026-02-25 at sec.gov ↗
Quiet changesMD&A
We intend to be are in compliance with this CMS billing requirement.
Read it in 10-K 2026-02-25 at sec.gov ↗
