UNIVERSAL HEALTH SERVICES, INC. ANNOUNCES FINANCIAL RESULTS FOR THE THREE-MONTH PERIOD ENDED MARCH 31, 2026
Consolidated Results of Operations, As Reported and As Adjusted – Three-month periods ended March 31, 2026 and 2025:
KING OF PRUSSIA, Pa., April 27, 2026 /PRNewswire/ -- Universal Health Services, Inc. (NYSE: UHS) announced today that its reported net income attributable to UHS was $348.7 million, or $5.65 per diluted share, during the first quarter of 2026, as compared to $316.7 million, or $4.80 per diluted share, during the first quarter of 2025. Net revenues increased by 9.6% to $4.495 billion during the first quarter of 2026, as compared to $4.100 billion during the first quarter of 2025.
As reflected on the Schedule of Non-GAAP Supplemental Information ("Supplemental Schedule"), our adjusted net income during the first quarter of 2026 was $346.5 million, or $5.62 per diluted share, as compared to $319.5 million, or $4.84 per diluted share, during the first quarter of 2025.
As reflected on the Supplemental Schedule, included in our reported results during the first quarter 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", Compensation – Stock Compensation: Improvements to Employee Share-Based Payment Accounting, net of the impact of executive compensation limitations pursuant to IRC section 162(m).
As reflected on the Supplemental Schedule, included in our reported results during the first quarter of 2025 were: (i) an unrealized after-tax loss (included in "Other (income) expense, net") of $3.3 million, or $.05 per diluted share ($4.3 million pre-tax), resulting from a decrease 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 $0.5 million, or $.01 per diluted share, resulting from the net tax benefit recorded in connection with ASU 2016-09.
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 $651.7 million during the first quarter of 2026, as compared to $603.9 million during the first 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 $648.3 million during the first quarter of 2026, as compared to $598.2 million during the first quarter of 2025.
Acute Care Services – Three-month periods ended March 31, 2026 and 2025:
During the first quarter of 2026, at our acute care hospitals owned during both periods ("same facility basis"), adjusted admissions (adjusted for outpatient activity) were unchanged and adjusted patient days increased by 0.8%, as compared to the first quarter of 2025. At these facilities, during the first quarter of 2026, net revenue per adjusted admission increased by 6.3% while net revenue per adjusted patient day increased by 5.5%, as compared to the first quarter of 2025. Net revenues generated from our acute care services, on a same facility basis, increased by 8.2% during the first quarter of 2026, as compared to the first quarter of 2025.
Behavioral Health Care Services – Three-month periods ended March 31, 2026 and 2025:
During the first quarter of 2026, at our behavioral health care facilities on a same facility basis, adjusted admissions increased by 1.2% while adjusted patient days increased by 1.6%, as compared to the first quarter of 2025. At these facilities, during the first quarter of 2026, net revenue per adjusted admission increased by 6.2% and net revenue per adjusted patient day increased by 5.8%, as compared to the first quarter of 2025. Net revenues generated from our behavioral health care services, on a same facility basis, increased by 7.3% during the first quarter of 2026, as compared to the first quarter of 2025.
Net Cash Provided by Operating Activities and Credit Agreement Amendment/Capital Resources:
Net Cash Provided by Operating Activities:
During the three-month period ended March 31, 2026, our net cash provided by operating activities was $402 million as compared to $360 million during the first quarter of 2025. The $42 million net increase in our net cash provided by operating activities consisted of: (i) a favorable change of $40 million resulting from an increase in net income plus/minus depreciation and amortization expense, stock-based compensation expense and gain on sales of assets and businesses; (ii) a favorable change of $95 million in accounts receivable (due, in part, to delays experienced during the first quarter of 2025 in receipt of funds in connection with certain Medicaid supplemental payment programs in various states); (iii) an unfavorable change of $80 million in other working capital accounts due primarily to the timing of accounts payable disbursements, and; (iv) other combined net unfavorable changes of $13 million.
Credit Agreement Amendment/Capital Resources:
In April, 2026, and as previously disclosed on Form 8-K as filed with the Securities and Exchange Commission on April 24, 2026, we amended our credit agreement to, among other things, increase our borrowing capacity by an aggregate of $900 million as follows: (i) increase the borrowing capacity of the revolving credit facility by $200 million to $1.5 billion (from $1.3 billion previously); (ii) increase the existing tranche term loan A by $300 million to $1.455 billion (from $1.155 billion previously), and; (iii) initiate a new $400 million delayed draw term loan A which is expected to be drawn upon the closing of our acquisition of Talkspace, Inc. The maturity date for our credit agreement, which is scheduled for September 26, 2029, remained unchanged.
As of March 31, 2026, we had approximately $373 million of borrowings outstanding pursuant to our revolving credit facility.
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 first quarter of 2026, we have repurchased 675,000 shares at an aggregate cost of approximately $127.3 million (average price of approximately $189 per share).
As of March 31, 2026, we had an aggregate available repurchase authorization of approximately $1.298 billion pursuant to our stock repurchase program.
Conference call information:
We will hold a conference call for investors and analysts at 9:00 a.m. eastern time on April 28, 2026. A live webcast of the call will be available on our website at www.uhs.com. To participate via telephone, please register in advance at this link. 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. A replay of the call will be available for one full year following the live call. Supplemental financial disclosures related to our financial results are available on our website.
General Information, Forward-Looking Statements and Risk Factors and Non-GAAP Financial Measures:
One of the nation's largest and most respected providers of hospital and healthcare services, Universal Health Services, Inc. (the "Company") has built an impressive record of achievement and performance. Growing steadily since our inception into an esteemed Fortune 500 ® corporation, our annual revenues during 2025 were $17.4 billion. UHS ranked #271 on the Fortune 500 ® and #355 among American companies on the Forbes Global 2000. In 2026, UHS was again recognized as one of Fortune World's Most Admired Companies™ (from Fortune, ©2025, 2026 Fortune Media IP Limited. All rights reserved. Used under license).
Our operating philosophy is as effective today as it was upon the Company's founding in 1979, enabling us to provide compassionate care to our patients and their loved ones. Our strategy includes building or acquiring high quality hospitals in rapidly growing markets, investing in the people and equipment needed to allow each facility to thrive, and becoming the leading healthcare provider in each community we serve.
UHS is headquartered in King of Prussia, PA, and, through its subsidiaries, has approximately 101,500 employees and operates 29 inpatient acute care hospitals, 346 inpatient behavioral health facilities, 168 outpatient facilities and ambulatory care access points, an insurance offering, a physician network and various related services located in 40 states, Washington, D.C., the United Kingdom and Puerto Rico.
A wholly-owned subsidiary of UHS acts as the advisor to Universal Health Realty Income Trust, a real estate investment trust (NYSE: UHT). For additional information visit www.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 in Item 1A-Risk Factors, and Item 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:
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 neutralizes 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-K for the year ended December 31, 2025. Since the items 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.
Universal Health Services, Inc.
Consolidated Statements of Income
(in thousands, except per share amounts)
(unaudited)
Three months
ended March 31,
2026
2025
Net revenues
$4,495,182
$4,099,720
Operating charges:
Salaries, wages and benefits
2,088,229
1,951,104
Other operating expenses
1,283,928
1,105,752
Supplies expense
426,543
402,881
Depreciation and amortization
155,426
148,345
Lease and rental expense
38,196
36,813
3,992,322
3,644,895
Income from operations
502,860
454,825
Interest expense, net
37,133
40,056
Other (income) expense, net
(3,389)
(5,659)
Income before income taxes
469,116
420,428
Provision for income taxes
110,438
98,800
Net income
358,678
321,628
Less: Net income (loss) attributable to
noncontrolling interests ("NCI")
9,996
4,948
Net income attributable to UHS
$348,682
$316,680
Basic earnings per share attributable to UHS (a)
$5.71
$4.87
Diluted earnings per share attributable to UHS (a)
$5.65
$4.80
Universal Health Services, Inc.
Footnotes to Consolidated Statements of Income
(in thousands, except per share amounts)
(unaudited)
Three months
(a) Earnings per share calculation:
ended March 31,
2026
2025
Basic and diluted:
Net income attributable to UHS - basic and diluted
$348,682
$316,680
Weighted average number of common shares - basic
61,071
64,970
Basic earnings per share attributable to UHS:
$5.71
$4.87
Weighted average number of common shares
61,071
64,970
Add: Other share equivalents
597
1,067
Weighted average number of common shares and equiv. - diluted
61,668
66,037
Diluted earnings per share attributable to UHS:
$5.65
$4.80
Universal Health Services, Inc.
Schedule of Non-GAAP Supplemental Information ("Supplemental Schedule")
For the Three Months ended March 31, 2026 and 2025
(in thousands, except per share amounts)
(unaudited)
Calculation of Earnings/Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization
("EBITDA/Adjusted EBITDA net of NCI")
Three months ended
% Net
Three months ended
% Net
March 31, 2026
revenues
March 31, 2025
revenues
Net income attributable to UHS
$348,682
$316,680
Depreciation and amortization
155,426
148,345
Interest expense, net
37,133
40,056
Provision for income taxes
110,438
98,800
EBITDA net of NCI
$651,679
14.5 %
$603,881
14.7 %
Other (income) expense, net
(3,389)
(5,659)
Adjusted EBITDA net of NCI
$648,290
14.4 %
$598,222
14.6 %
Net revenues
$4,495,182
$4,099,720
Calculation of Adjusted Net Income Attributable to UHS
Three months ended
Three months ended
March 31, 2026
March 31, 2025
Per
Per
Amount
Diluted Share
Amount
Diluted Share
Net income attributable to UHS
$348,682
$5.65
$316,680
$4.80
Plus/minus after-tax adjustments:
Loss on marketable equity securities
-
-
3,285
0.05
Impact of ASU 2016-09, net
(2,164)
(0.03)
(461)
(0.01)
Subtotal adjustments
(2,164)
(0.03)
2,824
0.04
Adjusted net income
$346,518
$5.62
$319,504
$4.84
Universal Health Services, Inc.
Condensed Consolidated Balance Sheets
(in thousands)
(unaudited)
March 31,
December 31,
2026
2025
Assets
Current assets:
Cash and cash equivalents
$
119,028
$
137,797
Accounts receivable, net
2,745,090
2,602,434
Supplies
229,415
232,110
Other current assets
406,168
435,574
Total current assets
3,499,701
3,407,915
Property and equipment
13,609,793
13,489,811
Less: accumulated depreciation
(6,546,146)
(6,481,714)
7,063,647
7,008,097
Other assets:
Goodwill
3,980,656
3,990,213
Deferred income taxes
68,339
70,517
Right of use assets-operating leases
375,316
374,239
Deferred charges
9,234
9,272
Other
684,249
667,340
Total Assets
$
15,681,142
$
15,527,593
Liabilities and Stockholders' Equity
Current liabilities:
Current maturities of long-term debt
$
756,240
$
748,158
Accounts payable and other liabilities
2,356,343
2,416,276
Operating lease liabilities
72,904
73,237
Federal and state taxes
58,591
1,930
Total current liabilities
3,244,078
3,239,601
Other noncurrent liabilities
532,678
527,827
Operating lease liabilities noncurrent
344,555
340,715
Deferred income taxes
3,234
5,649
Long-term debt
3,952,118
4,004,393
Redeemable noncontrolling interest
73,380
70,620
UHS common stockholders' equity
7,464,857
7,275,792
Noncontrolling interest
66,242
62,996
Total equity
7,531,099
7,338,788
Total Liabilities and Stockholders' Equity
$
15,681,142
$
15,527,593
Universal Health Services, Inc.
Consolidated Statements of Cash Flows
(in thousands)
(unaudited)
Three months
ended March 31,
2026
2025
Cash Flows from Operating Activities:
Net income
$358,678
$321,628
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation & amortization
155,426
148,345
Stock-based compensation expense
22,504
21,595
Gain on sales of assets and businesses
(5,046)
0
Changes in assets & liabilities, net of effects from
acquisitions and dispositions:
Accounts receivable
(123,862)
(218,374)
Accrued interest
10,992
11,086
Accrued and deferred income taxes
104,772
88,641
Other working capital accounts
(122,911)
(42,824)
Other assets and deferred charges
(12,257)
(489)
Other, net
(221)
3,811
Accrued insurance expense, net of commercial premiums paid
62,568
47,334
Payments made in settlement of self-insurance claims, net of commercial insurance reimbursements
(49,015)
(20,705)
Net cash provided by operating activities
401,628
360,048
Cash Flows from Investing Activities:
Property and equipment additions
(217,157)
(239,026)
Proceeds received from sales of assets and businesses
14,304
0
Acquisition of businesses and property
(4,857)
(8,314)
Inflows (outflows) from foreign exchange contracts that hedge our net U.K. investment
14,716
(23,695)
Costs incurred for purchase and development of enterprise resource planning application
(4,613)
0
Decrease (increase) in capital reserves of commercial insurance subsidiary
28
(264)
Net cash used in investing activities
(197,579)
(271,299)
Cash Flows from Financing Activities:
Repayments of long-term debt
(44,731)
(9,113)
Additional borrowings
40
152,454
Repurchase of common shares
(163,849)
(223,385)
Dividends paid
(12,974)
(13,534)
Issuance of common stock
3,782
3,658
Profit distributions to noncontrolling interests
(7,912)
(5,912)
Purchase of ownership interests by minority members, net
3,750
4,412
Net cash used in financing activities
(221,894)
(91,420)
Effect of exchange rate changes on cash and cash equivalents
(924)
1,645
Decrease in cash, cash equivalents and restricted cash
(18,769)
(1,026)
Cash, cash equivalents and restricted cash, beginning of period
271,322
224,752
Cash, cash equivalents and restricted cash, end of period
$252,553
$223,726
Supplemental Disclosures of Cash Flow Information:
Interest paid
$25,119
$27,718
Income taxes paid, net of refunds
$8,276
$5,638
Noncash purchases of property and equipment
$70,246
$116,196
Universal Health Services, Inc.
Supplemental Statistical Information
(unaudited)
% Change
Three Months ended
Same Facility:
3/31/2026
Acute Care Hospitals (1)
Revenues
8.2 %
Adjusted Admissions
0.0 %
Adjusted Patient Days
0.8 %
Revenue Per Adjusted Admission
6.3 %
Revenue Per Adjusted Patient Day
5.5 %
Behavioral Health Hospitals (1)
Revenues
7.3 %
Adjusted Admissions
1.2 %
Adjusted Patient Days
1.6 %
Revenue Per Adjusted Admission
6.2 %
Revenue Per Adjusted Patient Day
5.8 %
UHS Consolidated
Three Months ended
3/31/2026
3/31/2025
Revenues
$4,495,182
$4,099,720
EBITDA net of NCI
$651,679
$603,881
EBITDA Margin net of NCI
14.5 %
14.7 %
Adjusted EBITDA net of NCI
$648,290
$598,222
Adjusted EBITDA Margin net of NCI
14.4 %
14.6 %
Cash Flow From Operations
$401,628
$360,048
Capital Expenditures
$217,157
$239,026
Days Sales Outstanding
55
53
Debt
$4,708,358
$4,649,682
UHS' Shareholders Equity
$7,464,857
$6,785,604
Debt / Total Capitalization
38.7 %
40.7 %
Debt / EBITDA net of NCI (2)
1.70
2.00
Debt / Adjusted EBITDA net of NCI (2)
1.78
2.01
Debt / Cash From Operations (2)
2.47
2.29
(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 presentation.
(2) Latest 4 quarters.
Universal Health Services, Inc.
Acute Care Hospital Services
For the Three Months ended
March 31, 2026 and 2025
(in thousands)
(unaudited)
Same Facility Basis - Acute Care Hospital Services
Three months ended
Three months ended
March 31, 2026
March 31, 2025
Amount
% of Net
Revenues
Amount
% of Net
Revenues
Net revenues
$2,470,045
100.0 %
$2,281,831
100.0 %
Operating charges:
Salaries, wages and benefits
952,835
38.6 %
913,829
40.0 %
Other operating expenses
728,152
29.5 %
638,599
28.0 %
Supplies expense
365,497
14.8 %
348,824
15.3 %
Depreciation and amortization
95,681
3.9 %
94,901
4.2 %
Lease and rental expense
26,738
1.1 %
25,344
1.1 %
Subtotal-operating expenses
2,168,903
87.8 %
2,021,497
88.6 %
Income from operations
301,142
12.2 %
260,334
11.4 %
Interest expense, net
986
0.0 %
2,262
0.1 %
Other (income) expense, net
(2,555)
(0.1) %
(8,572)
(0.4) %
Income before income taxes
$302,711
12.3 %
$266,644
11.7 %
All Acute Care Hospital Services
Three months ended
Three months ended
March 31, 2026
March 31, 2025
Amount
% of Net
Revenues
Amount
% of Net
Revenues
Net revenues
$2,610,136
100.0 %
$2,357,814
100.0 %
Operating charges:
Salaries, wages and benefits
972,846
37.3 %
915,524
38.8 %
Other operating expenses
859,847
32.9 %
716,662
30.4 %
Supplies expense
367,938
14.1 %
348,692
14.8 %
Depreciation and amortization
96,318
3.7 %
94,903
4.0 %
Lease and rental expense
26,572
1.0 %
25,344
1.1 %
Subtotal-operating expenses
2,323,521
89.0 %
2,101,125
89.1 %
Income from operations
286,615
11.0 %
256,689
10.9 %
Interest expense, net
986
0.0 %
2,262
0.1 %
Other (income) expense, net
(2,132)
(0.1) %
(8,267)
(0.4) %
Income before income taxes
$287,761
11.0 %
$262,694
11.1 %
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.
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 Months ended
March 31, 2026 and 2025
(in thousands)
(unaudited)
Same Facility Basis - Behavioral Health Care Services
Three months ended
Three months ended
March 31, 2026
March 31, 2025
Amount
% of Net
Revenues
Amount
% of Net
Revenues
Net revenues
$1,818,676
100.0 %
$1,694,160
100.0 %
Operating charges:
Salaries, wages and benefits
993,038
54.6 %
919,790
54.3 %
Other operating expenses
334,423
18.4 %
319,600
18.9 %
Supplies expense
58,456
3.2 %
54,995
3.2 %
Depreciation and amortization
55,156
3.0 %
50,879
3.0 %
Lease and rental expense
11,305
0.6 %
10,878
0.6 %
Subtotal-operating expenses
1,452,378
79.9 %
1,356,142
80.0 %
Income from operations
366,298
20.1 %
338,018
20.0 %
Interest expense, net
1,192
0.1 %
1,075
0.1 %
Other (income) expense, net
(883)
(0.0) %
(825)
(0.0) %
Income before income taxes
$365,989
20.1 %
$337,768
19.9 %
All Behavioral Health Care Services
Three months ended
Three months ended
March 31, 2026
March 31, 2025
Amount
% of Net
Revenues
Amount
% of Net
Revenues
Net revenues
$1,882,152
100.0 %
$1,739,064
100.0 %
Operating charges:
Salaries, wages and benefits
1,001,094
53.2 %
923,366
53.1 %
Other operating expenses
391,898
20.8 %
362,262
20.8 %
Supplies expense
58,787
3.1 %
55,148
3.2 %
Depreciation and amortization
56,634
3.0 %
51,152
2.9 %
Lease and rental expense
11,515
0.6 %
11,364
0.7 %
Subtotal-operating expenses
1,519,928
80.8 %
1,403,292
80.7 %
Income from operations
362,224
19.2 %
335,772
19.3 %
Interest expense, net
1,272
0.1 %
1,075
0.1 %
Other (income) expense, net
(883)
(0.0) %
(825)
(0.0) %
Income before income taxes
$361,835
19.2 %
$335,522
19.3 %
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.
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 or opened during the last twelve months.
Universal Health Services, Inc.
Selected Hospital Statistics
For the Three Months ended
March 31, 2026 and 2025
(unaudited)
AS REPORTED:
ACUTE
BEHAVIORAL HEALTH
3/31/26
3/31/25
% change
3/31/26
3/31/25
% change
Hospitals owned and leased
29
28
3.6 %
346
334
3.6 %
Average licensed beds
7,165
6,994
2.4 %
24,570
24,083
2.0 %
Average available beds
6,993
6,822
2.5 %
24,470
23,983
2.0 %
Patient days
431,073
429,030
0.5 %
1,619,586
1,588,545
2.0 %
Average daily census
4,789.7
4,767.0
0.5 %
17,995.4
17,650.5
2.0 %
Occupancy-licensed beds
66.8 %
68.2 %
-1.9 %
73.2 %
73.3 %
-0.1 %
Occupancy-available beds
68.5 %
69.9 %
-2.0 %
73.5 %
73.6 %
-0.1 %
Admissions
87,889
88,090
-0.2 %
117,491
116,350
1.0 %
Length of stay
4.9
4.9
0.0 %
13.8
13.7
0.7 %
Inpatient revenue
$15,963,182
$14,318,291
11.5 %
$3,266,302
$2,844,888
14.8 %
Outpatient revenue
10,812,978
9,327,796
15.9 %
312,492
274,034
14.0 %
Total patient revenue
26,776,160
23,646,087
13.2 %
3,578,794
3,118,922
14.7 %
Other revenue
337,257
280,443
20.3 %
95,475
88,379
8.0 %
Gross revenue
27,113,417
23,926,530
13.3 %
3,674,269
3,207,301
14.6 %
Total deductions
24,503,281
21,568,716
13.6 %
1,792,117
1,468,237
22.1 %
Net revenue
$2,610,136
$2,357,814
10.7 %
$1,882,152
$1,739,064
8.2 %
SAME FACILITY:
ACUTE
BEHAVIORAL HEALTH
3/31/26
3/31/25
% change
3/31/26
3/31/25
% change
Hospitals owned and leased
28
28
0.0 %
334
334
0.0 %
Average licensed beds
7,023
6,994
0.4 %
24,016
23,856
0.7 %
Average available beds
6,851
6,822
0.4 %
23,916
23,756
0.7 %
Patient days
425,835
429,030
-0.7 %
1,593,351
1,570,599
1.4 %
Average daily census
4,731.5
4,767.0
-0.7 %
17,703.9
17,451.1
1.4 %
Occupancy-licensed beds
67.4 %
68.2 %
-1.2 %
73.7 %
73.2 %
0.8 %
Occupancy-available beds
69.1 %
69.9 %
-1.2 %
74.0 %
73.5 %
0.8 %
Admissions
86,780
88,090
-1.5 %
116,268
115,049
1.1 %
Length of stay
4.9
4.9
0.0 %
13.7
13.7
0.0 %
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.
SOURCE Universal Health Services, Inc.