Universal Health Services (UHS) Q4 2025 earnings summary

Executive summary

• Achieved strong Q4 and full-year 2025 results, with net income attributable to shareholders rising to $445.9M ($7.06/share) in Q4 and $1.489B ($23.10/share) for the year, and adjusted EPS up 20% in Q4 and 31% for the year compared to 2024.

• Net revenues increased 9.1% year-over-year in Q4 2025 to $4.486B and 9.7% for the full year to $17.365B.

• Growth driven by expense management in acute care, sequential volume improvements in behavioral health, solid pricing, and significant share repurchases.

• Expanded inpatient and outpatient capacity, opened new hospitals, and accelerated technology adoption, including AI deployment in operations and administration.

• Q4 2025 included a $71.5M after-tax unrealized gain from minority ownership in a healthcare AI company.

Financial highlights

• Q4 2025 adjusted net income per diluted share was $5.88; reported net income per diluted share was $7.06.

• Q4 2025 EBITDA net of NCI was $785.1M (17.5% margin); adjusted EBITDA net of NCI was $678.7M (15.1%).

• Full-year 2025 EBITDA net of NCI was $2.725B (15.7% margin); adjusted EBITDA net of NCI was $2.590B (14.9%).

• Cash from operations was $1.864B for 2025; $1.015B spent on capital expenditures.

• Repurchased 4.65M shares for $899M in 2025; $1.425B repurchase authorization remains.

Outlook and guidance

• 2026 net revenues forecasted at $18.417B–$18.789B (6%–8% growth); adjusted EBITDA net of NCI at $2.641B–$2.789B (2%–8% growth).

• Adjusted net income per diluted share guidance: $22.64–$24.52 (4%–13% growth).

• Same-facility volume growth of 2%–3% expected for both segments; Q1 likely below range due to winter storms.

• Capital expenditures for 2026 projected at $950M–$1.1B.

• Pricing increases assumed at 3%–4% for acute care and 2%–3% for behavioral health.