Exhibit 99.1 FOR IMMEDIATE RELEASE October 27, 2026
CONTACT: Darren Lehrich Vice President-Investor Relations 610-382-3310 Darren.Lehrich@uhsinc.com
UNIVERSAL HEALTH SERVICES, INC. ANNOUNCES FINANCIAL RESULTS FOR THE THREE AND NINE-MONTH PERIODS ENDED SEPTEMBER 30, 2026 Consolidated Results of Operations, As Reported and As Adjusted – Three-month periods ended September 30, 2026 and 2025: KING OF PRUSSIA, PA – Universal Health Services, Inc. (NYSE: UHS) announced today that its reported net income attributable to UHS was $308.7 million, or $5.22 per diluted share, during the third quarter of 2026, as compared to $373.0 million, or $5.86 per diluted share, during the third quarter of 2025. Net revenues increased by 5.3% to $4.733 billion during the third quarter of 2026, as compared to $4.495 billion during the third quarter of 2025. Included in our operating results during the third quarter of 2026, was an aggregate net favorable pre-tax impact of approximately $21 million recorded in connection with the following items which were not included in our 2026 operating results forecast, as previously disclosed on July 27, 2026: (i) a favorable net pre-tax impact of $47 million (net of related provider taxes) recorded in connection with increases in amounts received from Medicaid supplemental payment programs in various states (consisting primarily of Washington, D.C. and California), partially offset by; (ii) an unfavorable pre- tax impact of $26 million resulting from an increase to our reserves for self- insured professional and general liability claims due primarily to the tentative settlement agreement reached during the third quarter of 2026 in the matter discussed below in Legal Proceedings Update . Included in our operating results during the third quarter of 2025, was an aggregate net favorable pre-tax impact of approximately $55 million recorded in connection with the following: (i) $90 million of pre-tax reimbursements (net of related provider taxes), covering the period of October 1, 2024 through September 30, 2025, in connection with a Medicaid state directed payment program in Washington, D.C., and; (ii) a $35 million pre-tax charge incurred to increase our reserves for self-insured professional and general liabilities resulting from unfavorable claims’ trends. As reflected on the Schedule of Non-GAAP Supplemental Information (“Supplemental Schedule”), there were no adjustments applicable to our operating results during the third quarter of 2026. As reflected on the Supplemental Schedule, included in our reported results during the third quarter of 2025 were: (i) an unrealized after-tax gain of $10.0 million, or $.16 per diluted share ($13.1 million pre- tax), resulting from an increase in the market value of certain equity securities that were sold during the fourth quarter of 2025 (included in “Other (income) expense, net”), and; (ii) a favorable net after-tax impact of $0.6 million, or $.01 per diluted share, resulting from the net tax benefit recorded in connection with “ASU 2016-09”, Compensation – Stock Compensation: Improvements to Employee Share-Based Payment Accounting, net of the impact of executive compensation limitations pursuant to IRC section 162(m). After giving effect to these items, our adjusted net income during the third quarter of 2025 was $362.3 million, or $5.69 per diluted share. As calculated on the attached Supplemental Schedule, our earnings before interest, taxes, depreciation & amortization (“EBITDA net of NCI”, NCI is net income attributable to noncontrolling interests), was $640.4 million during the third quarter of 2026, as compared to $684.2 million during the third quarter of 2025. Our adjusted earnings before interest, taxes, depreciation & amortization (“Adjusted EBITDA net of NCI”), which excludes the impact of other (income) expense, net, was $624.6 million during the third quarter of 2026, as compared to $670.6 million during the third quarter of 2025.
Consolidated Results of Operations, As Reported and As Adjusted – Nine-month periods ended September 30, 2026 and 2025:
Reported net income attributable to UHS was $1.016 billion, or $16.86 per diluted share, during the first nine months of 2026, as compared to $1.043 billion, or $16.07 per diluted share, during the comparable period of 2025. Net revenues increased by 7.7% to $13.867 billion during the first nine months of 2026, as compared to $12.879 billion during the comparable period of 2025.
As reflected on the Supplemental Schedule, our adjusted net income during the first nine months of 2026 was $1.014 billion, or $16.83 per diluted share, as compared to $1.030 billion, or $15.87 per diluted share, during the comparable period of 2025.
As reflected on the Supplemental Schedule, included in our reported results during the first nine months of 2026 was a favorable net after-tax impact of $2.2 million, or $.03 per diluted share, resulting from the net tax benefit recorded in connection with ASU 2016-09. Included in our reported results during the first nine months of 2025 were the following: (i) an unrealized after-tax gain of $11.3 million, or $.17 per diluted share ($14.7 million pre-tax), resulting from an increase in the market value of certain equity securities that were sold during the fourth quarter of 2025, and; (ii) a favorable net after-tax impact of $1.9 million, or $.03 per diluted share, resulting from the net tax benefit recorded in connection with ASU 2016-09.
As calculated on the attached Supplemental Schedule, our EBITDA net of NCI, was $1.972 billion during the first nine months of 2026, as compared to $1.939 billion during the comparable period of 2025. Our Adjusted EBITDA net of NCI, which excludes the impact of other (income) expense, net, was $1.951 billion during the first nine months of 2026, as compared to $1.912 billion during the comparable period of 2025.
Acute Care Services – Three and nine-month periods ended September 30, 2026 and 2025:
During the third quarter of 2026, at our acute care hospitals owned during both periods (“same facility basis”), adjusted admissions (adjusted for outpatient activity) and adjusted patient days each increased by 4.9%, as compared to the third quarter of 2025. At these facilities, during the third quarter of 2026, net revenue per adjusted admission and net revenue per adjusted patient day each decreased by 1.7%, as compared to the third quarter of 2025. Net revenues generated from our acute care services, on a same facility basis, increased by 4.7% during the third quarter of 2026, as compared to the third quarter of 2025.
During the first nine months of 2026, on a same facility basis, adjusted admissions increased by 2.6% and adjusted patient days increased by 2.9%, as compared to the comparable period of 2025. At these facilities, during the first nine months of 2026, net revenue per adjusted admission increased by 2.4% while net revenue per adjusted patient day increased by 2.1%, as compared to the comparable period of 2025. Net revenues generated from our acute care services, on a same facility basis, increased by 7.0% during the first nine months of 2026, as compared to the comparable period of 2025.
Behavioral Health Care Services – Three and nine-month periods ended September 30, 2026 and 2025:
During the third quarter of 2026, at our behavioral health care facilities on a same facility basis, adjusted admissions increased by 2.5% while adjusted patient days increased by 2.1%, as compared to the third quarter of 2025. At these facilities, during the third quarter of 2026, net revenue per adjusted admission increased by 1.7% and net revenue per adjusted patient day increased by 2.1%, as compared to the third quarter of 2025. Net revenues generated from our behavioral health care services, on a same facility basis, increased by 4.0% during the third quarter of 2026, as compared to the third quarter of 2025.
During the first nine months of 2026, at our behavioral health care facilities on a same facility basis, adjusted admissions increased by 1.4% while adjusted patient days increased by 1.7%, as compared to the comparable period of 2025. At these facilities, during the first nine months of 2026, net revenue per adjusted admission increased by 4.9% and net revenue per adjusted patient day increased by 4.7%, as compared to the comparable period of 2025. Net revenues generated from our behavioral health care services, on a same facility basis, increased by 6.2% during the first nine months of 2026, as compared to the comparable period of 2025.
During the nine-month period ended September 30, 2026, our net cash provided by operating activities increased by 14.9% to $1.481 billion as compared to $1.290 billion during the first nine months of 2025.
The $192 million net increase in our net cash provided by operating activities consisted of: (i) an unfavorable change of $179 million in other working capital accounts due primarily to the timing of accrued expenses and accounts payable disbursements; (ii) a favorable change of $178 million in accounts receivable; (iii) a favorable change of $90 million in accrued insurance expense, net of payments made in settlement of self-insured claims; (iv) a favorable change of $77 million in accrued and deferred income taxes, and; (v) $26 million of other combined net favorable changes.
Capital Resources: As of September 30, 2026, pursuant to the terms of our $1.5 billion revolving credit facility, we had $1.187 billion of available borrowing capacity, net of outstanding borrowings ($310 million) and letters of credit ($3 million). Stock Repurchase Program:
In connection with our stock repurchase program, shares of our Class B Common Stock may be repurchased, from time to time as conditions allow, on the open market or in negotiated private transactions.
Pursuant to this program, during the third quarter of 2026, we have repurchased 1.35 million shares at an aggregate cost of approximately $242.1 million (average price of approximately $179 per share). During the first nine months of 2026, we have repurchased 3.915 million shares at an aggregate cost of approximately $689.6 million (average price of approximately $176 per share).
As of September 30, 2026, we had an aggregate available repurchase authorization of approximately $735.4 million pursuant to our stock repurchase program.
We will hold a conference call for investors and analysts at 8:00 a.m. eastern time on October 28, 2026. Alive webcast of the call will be available on our website atwww.uhs.com. To participate via telephone, please register in advance at thislink.Upon registration, all telephone participants will receive a confirmation email detailing how to join the conference call, including the dial-in number along with a unique passcode and registrant ID that can be used to access the call. Supplemental financial disclosures related to our financial results are available on our website.
The disclosure below provides an update for recent developments related to the matter referenced which has been previously disclosed in various Forms 10-Q and 10-K, as filed with the Securities and Exchange Commission, most recently our Form 10-Q for the quarterly period ended June 30, 2026.
K.E.E., et al., Plaintiffs v. Cumberland Hospital, LLC d/b/a Cumberland Hospital for Children and Adolescents, et al. (and related lawsuits)
Cumberland Hospital for Children and Adolescents (“Cumberland”), an indirect subsidiary of Universal Health Services, Inc. (the “Company”) and UHS of Delaware, Inc. (“UHS Delaware”), our administrative services company, are defendants in multi-plaintiff lawsuits filed in the Circuit Court for Richmond, Virginia (the “Cumberland Litigation”). The lawsuits relate to allegations of, among other things, inappropriate sexual contact during medical examinations by Dr. Daniel Davidow, an independent contractor and the former medical director for Cumberland.
The claims asserted by three of the plaintiffs in the Cumberland Litigation were consolidated for trial in September 2024. There are approximately 53additional claimants making similar allegations with claims pending in the Cumberland Litigation. The Company and UHS Delaware were dismissed from the September 2024 trial on the first three plaintiffs’ claims. In late September 2024, a jury entered a verdict finding Dr. Davidow and Cumberland liable and awarded these three plaintiffs combined compensatory damages of $60
million for all liability theories, an additional combined $180 million in trebled damages for violation of the Virginia Consumer Protection Act, and an additional combined $120 million in punitive damages. Based upon Virginia law, the Court reduced the punitive damage amount to a combined maximum of $1.05 million ($350,000 per plaintiff).
In August 2026, we reached a tentative settlement agreement, which is subject to execution of final release agreements and certain court approvals (as necessary), to resolve all of the outstanding claims related to the current claimants in the Cumberland Litigation. Pursuant to the tentative settlement agreement, the terms of the aggregate settlement are confidential. We believe a substantial portion of the tentative aggregate settlement amount, and related expenses, is covered by our commercial excess insurance and the remainder is covered by our reserves recorded in connection with the Cumberland Litigation.
General Information, Forward-Looking Statements and Risk Factors and Non-GAAP Financial Measures:
Headquartered in King of Prussia, PA, UHS is one of the nation’s largest and most respected providers of hospital and healthcare services, with annual revenues of approximately $17.4 billion during 2025. Through its subsidiaries, UHS employs more than 102,000 employees and, as of September 30, 2026, operated 30 inpatient acute care facilities, 388 inpatient behavioral health facilities, 169 outpatient and other facilities, nationwide virtual behavioral health services, an insurance offering, a physician network and various related services with physical locations in 40 states, Washington, D.C., Puerto Rico, Ireland and the United Kingdom. Since our founding in 1979, UHS has grown steadily into a premier Fortune 500® corporation perennially recognized by multiple esteemed national rating entities. Our strategy includes investing in talented staff, facilities, technology and innovation across broad care continuums to deliver favorable patient outcomes and contribute to the overall health and wellbeing of the patients we are privileged to serve. A wholly-owned subsidiary of UHS also acts as the advisor to Universal Health Realty Income Trust, a real estate investment trust (NYSE: UHT). For additional information, please visitwww.uhs.com.
This press release contains forward-looking statements based on current management expectations. Numerous factors, including those disclosed herein, those related to healthcare industry trends and those detailed in our filings with the Securities and Exchange Commission (as set forth inItem 2-Forward Looking Statements and Risk Factorsin our Form 10-Q for the quarter ended June 30, 2026 and inItem 1A-Risk Factors,andItem 7-Forward-Looking Statements and Risk Factors,in our Form 10-K for the year ended December 31, 2025), may cause the results to differ materially from those anticipated in the forward-looking statements. These statements are subject to risks and uncertainties and therefore actual results may differ materially. Readers should not place undue reliance on such forward-looking statements which reflect management’s view only as of the date hereof. We undertake no obligation to revise or update any forward-looking statements, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise.
Many of the factors that could affect our future results are beyond our control or ability to predict, including, but not limited to:
A significant portion of our revenues are derived from federal and state government programs including the Medicare and Medicaid programs. Payments from these programs are subject to statutory and regulatory changes, administrative rulings, interpretations and determinations, requirements for utilization review, and federal and state funding restrictions. Changes to these programs could materially affect program payments which could materially impact our results of operations. In addition, we receive substantial reimbursement from multiple states in connection with various supplemental Medicaid payment programs. Failure to renew these programs beyond their scheduled termination dates, failure of the public hospitals to provide the necessary Inter- Governmental Transfers for the states’ share of the Medicaid disproportionate share hospital programs, and the failure of our hospitals that currently receive supplemental Medicaid revenues to qualify for future funds under these programs could cause our actual results of operations for the year ended December 31, 2026 to differ materially from our 2026 operating results forecast.
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. That legislation also places limits on provider fees used to increase federal Medicaid funding to states and
eliminated certain exchange premium tax credits beyond 2025. 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. The increase in interest rates during the past few years has increased our interest expense significantly thereby reducing our free cash flow. As such, the effects of increased borrowing rates have adversely impacted our results of operations, financial condition and cash flows. We cannot predict future changes to interest rates, however, significant increases in our borrowing rates could have a material unfavorable impact on our future results of operations and our ability to access the capital markets on favorable terms.
Changes in laws or policies governing the terms of foreign trade, and in particular, 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.
The outcome of known and unknown litigation, liabilities and other claims asserted against us and/or our subsidiaries.
The ability to successfully integrate and realize the benefits and synergies from our acquisition of Talkspace, Inc. which was completed in August 2026. We believe that adjusted net income attributable to UHS, adjusted net income attributable to UHS per diluted share, EBITDA net of NCI and Adjusted EBITDA net of NCI, which are non-GAAP financial measures (“GAAP” is Generally Accepted Accounting Principles in the United States of America), are helpful to our investors as measures of our operating performance. In addition, we believe that, when applicable, comparing and discussing our financial results based on these measures, as calculated, is helpful to our investors since it may neutralize the effect of material items impacting our net income attributable to UHS, such as, changes in the value of certain non-marketable securities (in connection with our minority ownership in a healthcare generative artificial intelligence company), the impact of ASU 2016-09, and other potential material items that are nonrecurring or non-operational in nature including, but not limited to, impairments of goodwill, long-lived and intangible assets, reserves for various matters including settlements, legal judgments and lawsuits, costs related to extinguishment of debt, gains/losses on sales of assets and businesses, potential impacts of non-ordinary acquisitions, divestitures, joint ventures or other strategic transactions, and other amounts that may be reflected in the current or prior year financial statements that relate to prior periods. To obtain a complete understanding of our financial performance these measures should be examined in connection with net income attributable to UHS, as determined in accordance with GAAP, and as presented in the condensed consolidated financial statements and notes thereto in this report or in our filings with the Securities and Exchange Commission including our Report on Form 10-Q for the quarter ended June 30, 2026 and our Report on Form 10-K for the year ended December 31, 2025. Since the items that may be included or excluded from these measures are significant components in understanding and assessing financial performance under GAAP, these measures should not be considered to be alternatives to net income as a measure of our operating performance or profitability. Since these measures, as presented, are not determined in accordance with GAAP and are thus susceptible to varying calculations, they may not be comparable to other similarly titled measures of other companies. Investors are encouraged to use GAAP measures when evaluating our financial performance. (more)
Universal Health Services, Inc. Condensed Consolidated Balance Sheets (in thousands) (unaudited) Assets Current September 30, December 31, assets: 2026 2025 ────────────────────────────────────────────────────────────────────────────── Cash and cash $ 168,749 $ 137,797 equivalents Accounts receivable, 2,813,703 2,602,434 net Supplies 235,557 232,110 Other current 462,155 435,574 assets Total current 3,680,164 3,407,915 assets Property and 14,051,199 13,489,811 equipment Less: accumulated (6,833,095 ) (6,481,714 ) depreciation 7,218,104 7,008,097 Other assets: Goodwill 4,736,949 3,990,213 Deferred 95,986 70,517 income taxes Right of use assets-opera… 421,597 374,239 leases Deferred 9,220 9,272 charges Other 1,023,746 667,340 Total Assets $ 17,185,766 $ 15,527,593 Liabilities and Stockholders' Equity Current liabilities: Current maturities of $ 79,813 $ 748,158 long-term debt Accounts payable and 2,521,448 2,416,276 other liabilities Operating lease 79,824 73,237 liabilities Federal and 6,271 1,930 state taxes Total current 2,687,356 3,239,601 liabilities Other noncurrent 736,430 527,827 liabilities Operating lease 389,154 340,715 liabilities noncurrent Deferred 3,232 5,649 income taxes Long-term 5,627,528 4,004,393 debt Redeemable noncontrolli… 74,213 70,620 interest UHS common stockholders' 7,596,849 7,275,792 equity Noncontrolli… 71,004 62,996 interest Total equity 7,667,853 7,338,788 Total Liabilities and $ 17,185,766 $ 15,527,593 Stockholders' Equity
Universal Health Services, Inc. Consolidated Statements of Cash Flows (in thousands) (unaudited) Cash Flows from Nine months Operating ended September 30, Activities: 2026 2025 ────────────────────────────────────────────────────────────────────────────── Net income $ 1,036,601 $ 1,063,345 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation & 497,609 455,409 amortization Stock-based compensation 71,777 70,586 expense (Gain) loss on sales of assets (6,315 ) 2,833 and businesses Changes in assets & liabilities, net of effects from acquisitions and dispositions:
Accounts (116,437 ) (294,210 ) receivable Accrued interest 18,841 7,052 Accrued and deferred income 37,744 (39,287 ) taxes Other working (158,676 ) 20,415 capital accounts Other assets and (11,309 ) (29,629 ) deferred charges Other, net 7,792 19,114 Accrued insurance expense, net of 256,664 177,054 commercial premiums paid Payments made in settlement of self-insurance claims, net of (152,804 ) (162,978 ) commercial insurance reimbursements Net cash provided by operating 1,481,487 1,289,704 activities Cash Flows from Investing Activities: Property and equipment (659,732 ) (733,932 ) additions Proceeds received from sales of 17,884 2,980 assets and businesses Acquisition of businesses and (1,002,852 ) (47,772 ) property Inflows (outflows) from foreign 16,217 (49,351 ) exchange hedge contracts Costs incurred for purchase and development of enterprise (15,535 ) (18,676 ) resource planning application Decrease in capital reserves of 85 100 commercial insurance subsidiary Net cash used in investing (1,643,933 ) (846,651 ) activities Cash Flows from Financing Activities: Repayments of (828,487 ) (27,791 ) long-term debt Additional 1,800,040 208,986 borrowings Financing costs (15,261 ) (382 ) Repurchase of (729,863 ) (615,941 ) common shares Dividends paid (36,552 ) (38,902 ) Issuance of common 12,936 12,119 stock Profit distributions to (13,333 ) (10,409 ) noncontrolling interests Purchase of ownership interests by 4,865 18,728 minority members, net Net cash provided by (used in) 194,345 (453,592 ) financing activities Effect of exchange rate changes on cash (639 ) 2,390 and cash equivalents Increase in cash, cash equivalents 31,260 (8,149 ) and restricted cash Cash, cash equivalents and restricted 271,322 224,752 cash, beginning of period Cash, cash equivalents and restricted $ 302,582 $ 216,603 cash, end of period Supplemental Disclosures of Cash Flow Information: Interest paid $ 110,379 $ 103,050 Income taxes paid, $ 290,239 $ 355,968 net of refunds Noncash purchases of property and $ 78,068 $ 146,650 equipment
Universal Health Services, Inc. Supplemental Statistical Information (unaudited) % Change % Change Same Three Months Nine Months Facility: ended Ended 9/30/2026 9/30/2026 Acute Care Services (1) Revenues 4.7% 7.0% Adjusted 4.9% 2.6% Admissions Adjusted 4.9% 2.9% Patient Days Revenue Per Adjusted -1.7% 2.4% Admission Revenue Per Adjusted -1.7% 2.1% Patient Day Behavioral Health Care Services (1) Revenues 4.0% 6.2% Adjusted 2.5% 1.4% Admissions Adjusted 2.1% 1.7% Patient Days Revenue Per Adjusted 1.7% 4.9% Admission Revenue Per Adjusted 2.1% 4.7% Patient Day UHS Third Quarter Nine Months Consolidated ended Ended 9/30/2026 9/30/2025 9/30/2026 9/30/2025 Revenues $4,733,352 $4,495,245 $13,866,546 $12,878,781 EBITDA net $640,383 $684,229 $1,972,295 $1,939,469 of NCI EBITDA Margin net 13.5% 15.2% 14.2% 15.1% of NCI Adjusted EBITDA net $624,645 $670,600 $1,950,805 $1,911,702 of NCI Adjusted EBITDA 13.2% 14.9% 14.1% 14.8% Margin net of NCI Cash Flow From $636,556 $380,678 $1,481,487 $1,289,704 Operations Capital $214,942 $228,892 $659,732 $733,932 Expenditures Days Sales 55 55 Outstanding Debt $5,707,341 $4,691,120 UHS' Shareholders $7,596,849 $7,169,693 Equity Debt / Total 42.9% 39.6% Capitalizat… Debt / EBITDA net 2.07 1.83 of NCI (2) Debt / Adjusted 2.17 1.86 EBITDA net of NCI (2) Debt / Cash From 2.78 2.41 Operations (2) (1) Prior year amounts related to certain facilities previously included in our Behavioral Health Care Services’ results have been reclassified into our Acute Care Hospital Services' results as of January 1, 2025 to conform with current year presentatio… (2) Latest 4 quarters.
Universal Health Services, Inc . Acute Care Hospital Services For the Three and Nine Months ended September 30, 2026 and 2025 (in thousands) (unaudited)
We believe that providing our results on a “Same Facility” basis (which is a non-GAAP measure), which includes the operating results for facilities and businesses operated in both the current year and prior year periods, is helpful to our investors as a measure of our operating performance. Our Same Facility results also neutralize (if applicable), the effect of material items that are nonrecurring or non-operational in nature including items such as, but not limited to, reserves for various matters, settlements, legal judgments and lawsuits, cost related to extinguishment of debt, gains/losses on sales of assets and businesses, impairments of goodwill, 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. Our Same Facility basis results exclude from net revenues and other operating expenses, provider tax assessments incurred in each period. However, these provider tax assessments are included in net revenues and other operating expenses as reflected in the table under All Acute Care Hospital Services. The provider tax assessments had no impact on the income before income taxes as reflected on the above tables since the amounts offset between net revenues and other operating expenses. To obtain a complete understanding of our financial performance, the Same Facility results should be examined in connection with our net income as determined in accordance with GAAP and as presented herein and the condensed consolidated financial statements and notes thereto as contained in our Form 10-K for the year ended December 31, 2025 and our Form 10-Q for the quarter ended June 30, 2026.
Prior year amounts related to certain facilities previously included in our Behavioral Health Care Services’ results have been reclassified into our Acute Care Hospital Services' results as of January 1, 2025 to conform with current year presentation. ─────────────────────────────────────────────────── The All Acute Care Hospital Services table summarizes the results of operations for all our acute care operations during the periods presented. These amounts include: (i) our acute care results on a same facility basis, as indicated above; (ii) the impact of provider tax assessments which increased net revenues and other operating expenses but had no impact on income before income taxes, and; (iii) certain other amounts including the results of facilities acquired or opened during the last twelve months.
Universal Health Services, Inc . Behavioral Health Care Services For the Three and Nine Months ended September 30, 2026 and 2025 (in thousands) (unaudited)
We believe that providing our results on a “Same Facility” basis (which is a non-GAAP measure), which includes the operating results for facilities and businesses operated in both the current year and prior year periods, is helpful to our investors as a measure of our operating performance. Our Same Facility results also neutralize (if applicable), the effect of material items that are nonrecurring or non-operational in nature including items such as, but not limited to, reserves for various matters, settlements, legal judgments and lawsuits, cost related to extinguishment of debt, gains/losses on sales of assets and businesses, impairments of goodwill, 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. Our Same Facility basis results exclude from net revenues and other operating expenses, provider tax assessments incurred in each period. However, these provider tax assessments are included in net revenues and other operating expenses as reflected in the table under All Behavioral Health Care Services. The provider tax assessments had no impact on the income before income taxes as reflected on the above tables since the amounts offset between net revenues and other operating expenses. To obtain a complete understanding of our financial performance, the Same Facility results should be examined in connection with our net income as determined in accordance with GAAP and as presented herein and the condensed consolidated financial statements and notes thereto as contained in our Form 10-K for the year ended December 31, 2025 and or Form 10-Q for the quarter ended June 30, 2026.
Prior year amounts related to certain facilities previously included in our Behavioral Health Care Services’ results have been reclassified into our Acute Care Hospital Services' results as of January 1, 2025 to conform with current year presentation. ──────────────────────────────────────────────────── The All Behavioral Health Care Services table summarizes the results of operations for all our behavioral health care facilities during the periods presented. These amounts include: (i) our behavioral health results on a same facility basis, as indicated above; (ii) the impact of provider tax assessments which increased net revenues and other operating expenses but had no impact on income before income taxes, and; (iii) certain other amounts including the results of facilities acquired/divested or opened/closed or had changes in governmental certifications/licensure status during the last twelve months.
Full text with the tables
Exhibit 99.1 FOR IMMEDIATE RELEASE October 27, 2026
CONTACT: Darren Lehrich
Vice President-Investor Relations
610-382-3310
Darren.Lehrich@uhsinc.com
UNIVERSAL HEALTH SERVICES, INC. ANNOUNCES FINANCIAL RESULTS FOR THE THREE AND
NINE-MONTH PERIODS ENDED SEPTEMBER 30, 2026 Consolidated Results of Operations,
As Reported and As Adjusted – Three-month periods ended September 30, 2026 and
2025: KING OF PRUSSIA, PA – Universal Health Services, Inc. (NYSE: UHS)
announced today that its reported net income attributable to UHS was $308.7
million, or $5.22 per diluted share, during the third quarter of 2026, as
compared to $373.0 million, or $5.86 per diluted share, during the third quarter
of 2025. Net revenues increased by 5.3% to $4.733 billion during the third
quarter of 2026, as compared to $4.495 billion during the third quarter of 2025.
Included in our operating results during the third quarter of 2026, was an
aggregate net favorable pre-tax impact of approximately $21 million recorded in
connection with the following items which were not included in our 2026
operating results forecast, as previously disclosed on July 27, 2026: (i) a
favorable net pre-tax impact of $47 million (net of related provider taxes)
recorded in connection with increases in amounts received from Medicaid
supplemental payment programs in various states (consisting primarily of
Washington, D.C. and California), partially offset by; (ii) an unfavorable pre-
tax impact of $26 million resulting from an increase to our reserves for self-
insured professional and general liability claims due primarily to the tentative
settlement agreement reached during the third quarter of 2026 in the matter
discussed below in Legal Proceedings Update . Included in our operating results
during the third quarter of 2025, was an aggregate net favorable pre-tax impact
of approximately $55 million recorded in connection with the following: (i) $90
million of pre-tax reimbursements (net of related provider taxes), covering the
period of October 1, 2024 through September 30, 2025, in connection with a
Medicaid state directed payment program in Washington, D.C., and; (ii) a $35
million pre-tax charge incurred to increase our reserves for self-insured
professional and general liabilities resulting from unfavorable claims’ trends.
As reflected on the Schedule of Non-GAAP Supplemental Information (“Supplemental
Schedule”), there were no adjustments applicable to our operating results during
the third quarter of 2026. As reflected on the Supplemental Schedule, included
in our reported results during the third quarter of 2025 were: (i) an unrealized
after-tax gain of $10.0 million, or $.16 per diluted share ($13.1 million pre-
tax), resulting from an increase in the market value of certain equity
securities that were sold during the fourth quarter of 2025 (included in “Other
(income) expense, net”), and; (ii) a favorable net after-tax impact of $0.6
million, or $.01 per diluted share, resulting from the net tax benefit recorded
in connection with “ASU 2016-09”, Compensation – Stock Compensation:
Improvements to Employee Share-Based Payment Accounting, net of the impact of
executive compensation limitations pursuant to IRC section 162(m). After giving
effect to these items, our adjusted net income during the third quarter of 2025
was $362.3 million, or $5.69 per diluted share. As calculated on the attached
Supplemental Schedule, our earnings before interest, taxes, depreciation &
amortization (“EBITDA net of NCI”, NCI is net income attributable to
noncontrolling interests), was $640.4 million during the third quarter of 2026,
as compared to $684.2 million during the third quarter of 2025. Our adjusted
earnings before interest, taxes, depreciation & amortization (“Adjusted EBITDA
net of NCI”), which
excludes the impact of other (income) expense, net, was $624.6 million during
the third quarter of 2026, as compared to $670.6 million during the third
quarter of 2025.
Consolidated Results of Operations, As Reported and As Adjusted – Nine-month
periods ended September 30, 2026 and 2025:
Reported net income attributable to UHS was $1.016 billion, or $16.86 per
diluted share, during the first nine months of 2026, as compared to $1.043
billion, or $16.07 per diluted share, during the comparable period of 2025. Net
revenues increased by 7.7% to $13.867 billion during the first nine months of
2026, as compared to $12.879 billion during the comparable period of 2025.
As reflected on the Supplemental Schedule, our adjusted net income during the
first nine months of 2026 was $1.014 billion, or $16.83 per diluted share, as
compared to $1.030 billion, or $15.87 per diluted share, during the comparable
period of 2025.
As reflected on the Supplemental Schedule, included in our reported results
during the first nine months of 2026 was a favorable net after-tax impact of
$2.2 million, or $.03 per diluted share, resulting from the net tax benefit
recorded in connection with ASU 2016-09. Included in our reported results during
the first nine months of 2025 were the following: (i) an unrealized after-tax
gain of $11.3 million, or $.17 per diluted share ($14.7 million pre-tax),
resulting from an increase in the market value of certain equity securities that
were sold during the fourth quarter of 2025, and; (ii) a favorable net after-tax
impact of $1.9 million, or $.03 per diluted share, resulting from the net tax
benefit recorded in connection with ASU 2016-09.
As calculated on the attached Supplemental Schedule, our EBITDA net of NCI, was
$1.972 billion during the first nine months of 2026, as compared to $1.939
billion during the comparable period of 2025. Our Adjusted EBITDA net of NCI,
which excludes the impact of other (income) expense, net, was $1.951 billion
during the first nine months of 2026, as compared to $1.912 billion during the
comparable period of 2025.
Acute Care Services – Three and nine-month periods ended September 30, 2026 and
2025:
During the third quarter of 2026, at our acute care hospitals owned during both
periods (“same facility basis”), adjusted admissions (adjusted for outpatient
activity) and adjusted patient days each increased by 4.9%, as compared to the
third quarter of 2025. At these facilities, during the third quarter of 2026,
net revenue per adjusted admission and net revenue per adjusted patient day each
decreased by 1.7%, as compared to the third quarter of 2025. Net revenues
generated from our acute care services, on a same facility basis, increased by
4.7% during the third quarter of 2026, as compared to the third quarter of 2025.
During the first nine months of 2026, on a same facility basis, adjusted
admissions increased by 2.6% and adjusted patient days increased by 2.9%, as
compared to the comparable period of 2025. At these facilities, during the first
nine months of 2026, net revenue per adjusted admission increased by 2.4% while
net revenue per adjusted patient day increased by 2.1%, as compared to the
comparable period of 2025. Net revenues generated from our acute care services,
on a same facility basis, increased by 7.0% during the first nine months of
2026, as compared to the comparable period of 2025.
Behavioral Health Care Services – Three and nine-month periods ended September
30, 2026 and 2025:
During the third quarter of 2026, at our behavioral health care facilities on a
same facility basis, adjusted admissions increased by 2.5% while adjusted
patient days increased by 2.1%, as compared to the third quarter of 2025. At
these facilities, during the third quarter of 2026, net revenue per adjusted
admission increased by 1.7% and net revenue per adjusted patient day increased
by 2.1%, as compared to the third quarter of 2025. Net revenues generated from
our behavioral health care services, on a same facility basis, increased by 4.0%
during the third quarter of 2026, as compared to the third quarter of 2025.
During the first nine months of 2026, at our behavioral health care facilities
on a same facility basis, adjusted admissions increased by 1.4% while adjusted
patient days increased by 1.7%, as compared to the comparable period of 2025. At
these facilities, during the first nine months of 2026, net revenue per adjusted
admission increased by 4.9% and net revenue per adjusted patient day increased
by 4.7%, as compared to the comparable period of 2025. Net revenues generated
from our behavioral health care services, on a same facility basis, increased by
6.2% during the first nine months of 2026, as compared to the comparable period
of 2025.
Net Cash Provided by Operating Activities and Capital Resources:
Net Cash Provided by Operating Activities:
During the nine-month period ended September 30, 2026, our net cash provided by
operating activities increased by 14.9% to $1.481 billion as compared to $1.290
billion during the first nine months of 2025.
The $192 million net increase in our net cash provided by operating activities
consisted of: (i) an unfavorable change of $179 million in other working capital
accounts due primarily to the timing of accrued expenses and accounts payable
disbursements; (ii) a favorable change of $178 million in accounts receivable;
(iii) a favorable change of $90 million in accrued insurance expense, net of
payments made in settlement of self-insured claims; (iv) a favorable change of
$77 million in accrued and deferred income taxes, and; (v) $26 million of other
combined net favorable changes.
Capital Resources:
As of September 30, 2026, pursuant to the terms of our $1.5 billion revolving
credit facility, we had $1.187 billion of available borrowing capacity, net of
outstanding borrowings ($310 million) and letters of credit ($3 million).
Stock Repurchase Program:
In connection with our stock repurchase program, shares of our Class B Common
Stock may be repurchased, from time to time as conditions allow, on the open
market or in negotiated private transactions.
Pursuant to this program, during the third quarter of 2026, we have repurchased
1.35 million shares at an aggregate cost of approximately $242.1 million
(average price of approximately $179 per share). During the first nine months of
2026, we have repurchased 3.915 million shares at an aggregate cost of
approximately $689.6 million (average price of approximately $176 per share).
As of September 30, 2026, we had an aggregate available repurchase authorization
of approximately $735.4 million pursuant to our stock repurchase program.
Conference call information:
We will hold a conference call for investors and analysts at 8:00 a.m. eastern
time on October 28, 2026. Alive webcast of the call will be available on our
website atwww.uhs.com. To participate via telephone, please register in advance
at thislink.Upon registration, all telephone participants will receive a
confirmation email detailing how to join the conference call, including the
dial-in number along with a unique passcode and registrant ID that can be used
to access the call. Supplemental financial disclosures related to our financial
results are available on our website.
Legal Proceedings Update:
The disclosure below provides an update for recent developments related to the
matter referenced which has been previously disclosed in various Forms 10-Q and
10-K, as filed with the Securities and Exchange Commission, most recently our
Form 10-Q for the quarterly period ended June 30, 2026.
K.E.E., et al., Plaintiffs v. Cumberland Hospital, LLC d/b/a Cumberland Hospital
for Children and Adolescents, et al. (and related lawsuits)
Cumberland Hospital for Children and Adolescents (“Cumberland”), an indirect
subsidiary of Universal Health Services, Inc. (the “Company”) and UHS of
Delaware, Inc. (“UHS Delaware”), our administrative services company, are
defendants in multi-plaintiff lawsuits filed in the Circuit Court for Richmond,
Virginia (the “Cumberland Litigation”). The lawsuits relate to allegations of,
among other things, inappropriate sexual contact during medical examinations by
Dr. Daniel Davidow, an independent contractor and the former medical director
for Cumberland.
The claims asserted by three of the plaintiffs in the Cumberland Litigation were
consolidated for trial in September 2024. There are approximately 53additional
claimants making similar allegations with claims pending in the Cumberland
Litigation. The Company and UHS Delaware were dismissed from the September 2024
trial on the first three plaintiffs’ claims. In late September 2024, a jury
entered a verdict finding Dr. Davidow and Cumberland liable and awarded these
three plaintiffs combined compensatory damages of $60
million for all liability theories, an additional combined $180 million in
trebled damages for violation of the Virginia Consumer Protection Act, and an
additional combined $120 million in punitive damages. Based upon Virginia law,
the Court reduced the punitive damage amount to a combined maximum of $1.05
million ($350,000 per plaintiff).
In August 2026, we reached a tentative settlement agreement, which is subject to
execution of final release agreements and certain court approvals (as
necessary), to resolve all of the outstanding claims related to the current
claimants in the Cumberland Litigation. Pursuant to the tentative settlement
agreement, the terms of the aggregate settlement are confidential. We believe a
substantial portion of the tentative aggregate settlement amount, and related
expenses, is covered by our commercial excess insurance and the remainder is
covered by our reserves recorded in connection with the Cumberland Litigation.
General Information, Forward-Looking Statements and Risk Factors and Non-GAAP
Financial Measures:
Headquartered in King of Prussia, PA, UHS is one of the nation’s largest and
most respected providers of hospital and healthcare services, with annual
revenues of approximately $17.4 billion during 2025. Through its subsidiaries,
UHS employs more than 102,000 employees and, as of September 30, 2026, operated
30 inpatient acute care facilities, 388 inpatient behavioral health facilities,
169 outpatient and other facilities, nationwide virtual behavioral health
services, an insurance offering, a physician network and various related
services with physical locations in 40 states, Washington, D.C., Puerto Rico,
Ireland and the United Kingdom. Since our founding in 1979, UHS has grown
steadily into a premier Fortune 500® corporation perennially recognized by
multiple esteemed national rating entities. Our strategy includes investing in
talented staff, facilities, technology and innovation across broad care
continuums to deliver favorable patient outcomes and contribute to the overall
health and wellbeing of the patients we are privileged to serve. A wholly-owned
subsidiary of UHS also acts as the advisor to Universal Health Realty Income
Trust, a real estate investment trust (NYSE: UHT). For additional information,
please visitwww.uhs.com.
This press release contains forward-looking statements based on current
management expectations. Numerous factors, including those disclosed herein,
those related to healthcare industry trends and those detailed in our filings
with the Securities and Exchange Commission (as set forth inItem 2-Forward
Looking Statements and Risk Factorsin our Form 10-Q for the quarter ended June
30, 2026 and inItem 1A-Risk Factors,andItem 7-Forward-Looking Statements and
Risk Factors,in our Form 10-K for the year ended December 31, 2025), may cause
the results to differ materially from those anticipated in the forward-looking
statements. These statements are subject to risks and uncertainties and
therefore actual results may differ materially. Readers should not place undue
reliance on such forward-looking statements which reflect management’s view only
as of the date hereof. We undertake no obligation to revise or update any
forward-looking statements, or to make any other forward-looking statements,
whether as a result of new information, future events or otherwise.
Many of the factors that could affect our future results are beyond our control
or ability to predict, including, but not limited to:
A significant portion of our revenues are derived from federal and state
government programs including the Medicare and Medicaid programs. Payments from
these programs are subject to statutory and regulatory changes, administrative
rulings, interpretations and determinations, requirements for utilization
review, and federal and state funding restrictions. Changes to these programs
could materially affect program payments which could materially impact our
results of operations. In addition, we receive substantial reimbursement from
multiple states in connection with various supplemental Medicaid payment
programs. Failure to renew these programs beyond their scheduled termination
dates, failure of the public hospitals to provide the necessary Inter-
Governmental Transfers for the states’ share of the Medicaid disproportionate
share hospital programs, and the failure of our hospitals that currently receive
supplemental Medicaid revenues to qualify for future funds under these programs
could cause our actual results of operations for the year ended December 31,
2026 to differ materially from our 2026 operating results forecast.
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. That legislation also places
limits on provider fees used to increase federal Medicaid funding to states and
eliminated certain exchange premium tax credits beyond 2025. 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.
The increase in interest rates during the past few years has increased our
interest expense significantly thereby reducing our free cash flow. As such, the
effects of increased borrowing rates have adversely impacted our results of
operations, financial condition and cash flows. We cannot predict future changes
to interest rates, however, significant increases in our borrowing rates could
have a material unfavorable impact on our future results of operations and our
ability to access the capital markets on favorable terms.
Changes in laws or policies governing the terms of foreign trade, and in
particular, 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.
The outcome of known and unknown litigation, liabilities and other claims
asserted against us and/or our subsidiaries.
The ability to successfully integrate and realize the benefits and synergies
from our acquisition of Talkspace, Inc. which was completed in August 2026.
We believe that adjusted net income attributable to UHS, adjusted net income
attributable to UHS per diluted share, EBITDA net of NCI and Adjusted EBITDA net
of NCI, which are non-GAAP financial measures (“GAAP” is Generally Accepted
Accounting Principles in the United States of America), are helpful to our
investors as measures of our operating performance. In addition, we believe
that, when applicable, comparing and discussing our financial results based on
these measures, as calculated, is helpful to our investors since it may
neutralize the effect of material items impacting our net income attributable to
UHS, such as, changes in the value of certain non-marketable securities (in
connection with our minority ownership in a healthcare generative artificial
intelligence company), the impact of ASU 2016-09, and other potential material
items that are nonrecurring or non-operational in nature including, but not
limited to, impairments of goodwill, long-lived and intangible assets, reserves
for various matters including settlements, legal judgments and lawsuits, costs
related to extinguishment of debt, gains/losses on sales of assets and
businesses, potential impacts of non-ordinary acquisitions, divestitures, joint
ventures or other strategic transactions, and other amounts that may be
reflected in the current or prior year financial statements that relate to prior
periods. To obtain a complete understanding of our financial performance these
measures should be examined in connection with net income attributable to UHS,
as determined in accordance with GAAP, and as presented in the condensed
consolidated financial statements and notes thereto in this report or in our
filings with the Securities and Exchange Commission including our Report on Form
10-Q for the quarter ended June 30, 2026 and our Report on Form 10-K for the
year ended December 31, 2025. Since the items that may be included or excluded
from these measures are significant components in understanding and assessing
financial performance under GAAP, these measures should not be considered to be
alternatives to net income as a measure of our operating performance or
profitability. Since these measures, as presented, are not determined in
accordance with GAAP and are thus susceptible to varying calculations, they may
not be comparable to other similarly titled measures of other companies.
Investors are encouraged to use GAAP measures when evaluating our financial
performance.
(more)
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2026 2025 2026 2025
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──────────────────────────────────────────────────────────────────────────────
Net
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equi…
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comm… 59,145 63,663 60,241 64,897
shar…
and
equi…
-
dilu…
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earn…
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share $ 5.22 $ 5.86 $ 16.86 $ 16.07
attr…
to
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──────────────────────────────────────────────────────────────────────────────
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ended ended
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inc…
att… $ 308,… $ 372,…
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Dep…
and 174,… 155,…
amo…
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exp… 56,2… 38,4…
net
Pro…
for 100,… 117,…
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net $ 640,… 13.5 % $ 684,… 15.2 %
of
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Oth…
(in… (15,… ) (13,… )
exp…
net
Adj…
EBI…
net $ 624,… 13.2 % $ 670,… 14.9 %
of
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Three Three
mont… mont…
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Sept… Sept…
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Per Per
Amou… Dilu… Amou… Dilu…
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inc…
att… $ 308,… $ 5.22 $ 372,… $ 5.86
to
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inc… $ 308,… $ 5.22 $ 362,… $ 5.69
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and 497,… 455…
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exp… 133,… 113…
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net $ 1,97… 14.2 % $ 1,9… 15.1 %
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net $ 1,95… 14.1 % $ 1,9… 14.8 %
of
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Universal
Health
Services,
Inc.
Condensed
Consolidated
Balance
Sheets
(in
thousands)
(unaudited)
Assets
Current September 30, December 31,
assets: 2026 2025
──────────────────────────────────────────────────────────────────────────────
Cash and cash $ 168,749 $ 137,797
equivalents
Accounts
receivable, 2,813,703 2,602,434
net
Supplies 235,557 232,110
Other current 462,155 435,574
assets
Total current 3,680,164 3,407,915
assets
Property and 14,051,199 13,489,811
equipment
Less:
accumulated (6,833,095 ) (6,481,714 )
depreciation
7,218,104 7,008,097
Other assets:
Goodwill 4,736,949 3,990,213
Deferred 95,986 70,517
income taxes
Right of use
assets-opera… 421,597 374,239
leases
Deferred 9,220 9,272
charges
Other 1,023,746 667,340
Total Assets $ 17,185,766 $ 15,527,593
Liabilities
and
Stockholders'
Equity
Current
liabilities:
Current
maturities of $ 79,813 $ 748,158
long-term
debt
Accounts
payable and 2,521,448 2,416,276
other
liabilities
Operating
lease 79,824 73,237
liabilities
Federal and 6,271 1,930
state taxes
Total current 2,687,356 3,239,601
liabilities
Other
noncurrent 736,430 527,827
liabilities
Operating
lease 389,154 340,715
liabilities
noncurrent
Deferred 3,232 5,649
income taxes
Long-term 5,627,528 4,004,393
debt
Redeemable
noncontrolli… 74,213 70,620
interest
UHS common
stockholders' 7,596,849 7,275,792
equity
Noncontrolli… 71,004 62,996
interest
Total equity 7,667,853 7,338,788
Total
Liabilities
and $ 17,185,766 $ 15,527,593
Stockholders'
Equity
Universal Health
Services, Inc.
Consolidated
Statements of Cash
Flows
(in thousands)
(unaudited)
Cash Flows from Nine months
Operating ended September 30,
Activities: 2026 2025
──────────────────────────────────────────────────────────────────────────────
Net income $ 1,036,601 $ 1,063,345
Adjustments to
reconcile net
income to
net cash provided
by operating
activities:
Depreciation & 497,609 455,409
amortization
Stock-based
compensation 71,777 70,586
expense
(Gain) loss on
sales of assets (6,315 ) 2,833
and
businesses
Changes in assets
& liabilities, net
of
effects from
acquisitions and
dispositions:
Accounts (116,437 ) (294,210 )
receivable
Accrued interest 18,841 7,052
Accrued and
deferred income 37,744 (39,287 )
taxes
Other working (158,676 ) 20,415
capital accounts
Other assets and (11,309 ) (29,629 )
deferred charges
Other, net 7,792 19,114
Accrued insurance
expense, net of 256,664 177,054
commercial
premiums paid
Payments made in
settlement of
self-insurance
claims, net of (152,804 ) (162,978 )
commercial
insurance
reimbursements
Net cash provided
by operating 1,481,487 1,289,704
activities
Cash Flows from
Investing
Activities:
Property and
equipment (659,732 ) (733,932 )
additions
Proceeds received
from sales of 17,884 2,980
assets
and businesses
Acquisition of
businesses and (1,002,852 ) (47,772 )
property
Inflows (outflows)
from foreign 16,217 (49,351 )
exchange
hedge contracts
Costs incurred for
purchase and
development of
enterprise (15,535 ) (18,676 )
resource
planning
application
Decrease in
capital reserves
of 85 100
commercial
insurance
subsidiary
Net cash used in
investing (1,643,933 ) (846,651 )
activities
Cash Flows from
Financing
Activities:
Repayments of (828,487 ) (27,791 )
long-term debt
Additional 1,800,040 208,986
borrowings
Financing costs (15,261 ) (382 )
Repurchase of (729,863 ) (615,941 )
common shares
Dividends paid (36,552 ) (38,902 )
Issuance of common 12,936 12,119
stock
Profit
distributions to (13,333 ) (10,409 )
noncontrolling
interests
Purchase of
ownership
interests by 4,865 18,728
minority members,
net
Net cash provided
by (used in) 194,345 (453,592 )
financing
activities
Effect of exchange
rate changes on
cash (639 ) 2,390
and cash
equivalents
Increase in cash,
cash equivalents 31,260 (8,149 )
and
restricted cash
Cash, cash
equivalents and
restricted 271,322 224,752
cash, beginning of
period
Cash, cash
equivalents and
restricted $ 302,582 $ 216,603
cash, end of
period
Supplemental
Disclosures of
Cash Flow
Information:
Interest paid $ 110,379 $ 103,050
Income taxes paid, $ 290,239 $ 355,968
net of refunds
Noncash purchases
of property and $ 78,068 $ 146,650
equipment
Universal
Health
Services,
Inc.
Supplemental
Statistical
Information
(unaudited)
% Change % Change
Same Three Months Nine Months
Facility: ended Ended
9/30/2026 9/30/2026
Acute Care
Services (1)
Revenues 4.7% 7.0%
Adjusted 4.9% 2.6%
Admissions
Adjusted 4.9% 2.9%
Patient Days
Revenue Per
Adjusted -1.7% 2.4%
Admission
Revenue Per
Adjusted -1.7% 2.1%
Patient Day
Behavioral
Health Care
Services (1)
Revenues 4.0% 6.2%
Adjusted 2.5% 1.4%
Admissions
Adjusted 2.1% 1.7%
Patient Days
Revenue Per
Adjusted 1.7% 4.9%
Admission
Revenue Per
Adjusted 2.1% 4.7%
Patient Day
UHS Third Quarter Nine Months
Consolidated ended Ended
9/30/2026 9/30/2025 9/30/2026 9/30/2025
Revenues $4,733,352 $4,495,245 $13,866,546 $12,878,781
EBITDA net $640,383 $684,229 $1,972,295 $1,939,469
of NCI
EBITDA
Margin net 13.5% 15.2% 14.2% 15.1%
of NCI
Adjusted
EBITDA net $624,645 $670,600 $1,950,805 $1,911,702
of NCI
Adjusted
EBITDA 13.2% 14.9% 14.1% 14.8%
Margin net
of NCI
Cash Flow
From $636,556 $380,678 $1,481,487 $1,289,704
Operations
Capital $214,942 $228,892 $659,732 $733,932
Expenditures
Days Sales 55 55
Outstanding
Debt $5,707,341 $4,691,120
UHS'
Shareholders $7,596,849 $7,169,693
Equity
Debt / Total 42.9% 39.6%
Capitalizat…
Debt /
EBITDA net 2.07 1.83
of NCI (2)
Debt /
Adjusted 2.17 1.86
EBITDA net
of NCI (2)
Debt / Cash
From 2.78 2.41
Operations
(2)
(1) Prior
year amounts
related to
certain
facilities
previously
included
in our
Behavioral
Health Care
Services’
results have
been
reclassified
into our
Acute Care
Hospital
Services'
results as
of January
1, 2025 to
conform with
current year
presentatio…
(2) Latest 4
quarters.
Universal Health Services, Inc . Acute Care Hospital Services For the Three and
Nine Months ended September 30, 2026 and 2025 (in thousands) (unaudited)
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We believe that providing our results on a “Same Facility” basis (which is a
non-GAAP measure), which includes the operating results for facilities and
businesses operated in both the current year and prior year periods, is helpful
to our investors as a measure of our operating performance. Our Same Facility
results also neutralize (if applicable), the effect of material items that are
nonrecurring or non-operational in nature including items such as, but not
limited to, reserves for various matters, settlements, legal judgments and
lawsuits, cost related to extinguishment of debt, gains/losses on sales of
assets and businesses, impairments of goodwill, 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. Our Same Facility basis results exclude
from net revenues and other operating expenses, provider tax assessments
incurred in each period. However, these provider tax assessments are included in
net revenues and other operating expenses as reflected in the table under All
Acute Care Hospital Services. The provider tax assessments had no impact on the
income before income taxes as reflected on the above tables since the amounts
offset between net revenues and other operating expenses. To obtain a complete
understanding of our financial performance, the Same Facility results should be
examined in connection with our net income as determined in accordance with GAAP
and as presented herein and the condensed consolidated financial statements and
notes thereto as contained in our Form 10-K for the year ended December 31, 2025
and our Form 10-Q for the quarter ended June 30, 2026.
Prior year amounts related to certain facilities
previously included in our Behavioral Health Care
Services’ results have been reclassified into our
Acute Care Hospital Services' results as of
January 1, 2025 to conform with current year
presentation.
───────────────────────────────────────────────────
The All Acute Care Hospital Services table
summarizes the results of operations for all our
acute care operations during the periods
presented. These amounts include:
(i) our acute care results on a same facility
basis, as indicated above; (ii) the impact of
provider tax assessments which increased net
revenues and other operating expenses but had no
impact on income before income taxes, and; (iii)
certain other amounts including the results of
facilities acquired or opened during the last
twelve months.
Universal Health Services, Inc . Behavioral Health Care Services For the Three
and Nine Months ended September 30, 2026 and 2025 (in thousands) (unaudited)
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$ … … % … … $ … $ …
We believe that providing our results on a “Same Facility” basis (which is a
non-GAAP measure), which includes the operating results for facilities and
businesses operated in both the current year and prior year periods, is helpful
to our investors as a measure of our operating performance. Our Same Facility
results also neutralize (if applicable), the effect of material items that are
nonrecurring or non-operational in nature including items such as, but not
limited to, reserves for various matters, settlements, legal judgments and
lawsuits, cost related to extinguishment of debt, gains/losses on sales of
assets and businesses, impairments of goodwill, 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. Our Same Facility basis results exclude
from net revenues and other operating expenses, provider tax assessments
incurred in each period. However, these provider tax assessments are included in
net revenues and other operating expenses as reflected in the table under All
Behavioral Health Care Services. The provider tax assessments had no impact on
the income before income taxes as reflected on the above tables since the
amounts offset between net revenues and other operating expenses. To obtain a
complete understanding of our financial performance, the Same Facility results
should be examined in connection with our net income as determined in accordance
with GAAP and as presented herein and the condensed consolidated financial
statements and notes thereto as contained in our Form 10-K for the year ended
December 31, 2025 and or Form 10-Q for the quarter ended June 30, 2026.
Prior year amounts related to certain facilities
previously included in our Behavioral Health Care
Services’ results have been reclassified into our
Acute Care Hospital Services' results as of
January 1, 2025 to conform with current year
presentation.
────────────────────────────────────────────────────
The All Behavioral Health Care Services table
summarizes the results of operations for all our
behavioral health care facilities during the
periods presented. These amounts include:
(i) our behavioral health results on a same
facility basis, as indicated above; (ii) the
impact of provider tax assessments which increased
net revenues and other operating expenses but had
no impact on income before income taxes, and;
(iii) certain other amounts including the results
of facilities acquired/divested or opened/closed
or had changes in governmental
certifications/licensure status during the last
twelve months.
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