UHS · Universal Health Services, Inc.

Universal Health Services, Inc. delivered a strong first quarter 2026, with net revenues increasing 9.6% year-over-year to $4.50 billion. This growth was broad-based, with same-facility revenues increasing 8.2% in Acute Care Services and 7.3% in Behavioral Health Care Services. The revenue expansion was driven primarily by pricing power, as net revenue per adjusted admission rose 6.3% in Acute Care and 6.2% in Behavioral Health, while volume metrics such as adjusted admissions remained relatively flat or showed modest growth. Income from operations grew to $502.9 million from $454.8 million in the prior year period. Reported net income attributable to UHS was $348.7 million, or $5.65 per diluted share, compared to $316.7 million, or $4.80 per diluted share, in the first quarter of 2025. Adjusted for a net tax benefit related to ASU 2016-09, adjusted net income was $346.5 million, or $5.62 per diluted share. The company noted that prior year results included an unrealized loss on marketable equity securities. Operating cash flow improved to $402 million, aided by favorable changes in accounts receivable, partially offset by timing of accounts payable disbursements. The company actively returned capital to shareholders, repurchasing 675,000 shares for approximately $127.3 million during the quarter. Subsequent to the quarter end, UHS amended its credit agreement to increase total borrowing capacity by $900 million, strategically positioning the company to finance the proposed acquisition of Talkspace, Inc. with a new $400 million delayed draw term loan. This financial flexibility, combined with solid operational performance, supports the company's strategic growth initiatives.