Form 8-K

8-K — UNIVERSAL HEALTH SERVICES INC

Accession: 0001193125-26-434414

Filed: 2026-10-27

Period: 2026-10-27

CIK: 0000352915

SIC: 8062 (SERVICES-GENERAL MEDICAL & SURGICAL HOSPITALS, NEC)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — uhs-20261027.htm (Primary)

EX-99.1 (uhs-ex99_1.htm)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K

8-K (Primary)

Filename: uhs-20261027.htm · Sequence: 1

8-K

0000352915false00003529152026-10-272026-10-27

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d)

of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): October 27, 2026

UNIVERSAL HEALTH SERVICES, INC.

(Exact name of registrant as specified in its charter)

Delaware

1-10765

23-2077891

(State or other jurisdiction of

(Commission

(I.R.S. Employer

Incorporation or Organization)

File Number)

Identification No.)

UNIVERSAL CORPORATE CENTER

367 SOUTH GULPH ROAD

KING OF PRUSSIA, Pennsylvania 19406

(Address of principal executive office) (Zip Code)

Registrant’s telephone number, including area code (610) 768-3300

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instructions A.2. below):

☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Class B Common Stock

UHS

New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 

Item 2.02 Results of Operations and Financial Condition.

On October 27, 2026, Universal Health Services, Inc. issued the press release attached hereto as Exhibit 99.1.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

99.1

Universal Health Services, Inc., press release, dated October 27, 2026

104

Cover Page Interactive Data File (embedded within the Inline XBRL document).

Exhibit Index

Exhibit No.

Exhibit

99.1

Universal Health Services, Inc., press release, dated October 27, 2026.

104

Cover Page Interactive Data File (embedded within the Inline XBRL document).

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Universal Health Services, Inc.

By:

/s/ Steve Filton

Name: Steve Filton

Title: Executive Vice President and

Chief Financial Officer

Date: October 27, 2026

EX-99.1

Filename: uhs-ex99_1.htm · Sequence: 2

EX-99.1

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. 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. 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 53 additional 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 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 2-Forward Looking Statements and Risk Factors in our Form 10-Q for the quarter ended June 30, 2026 and 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:

•

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.

Consolidated Statements of Income

(in thousands, except per share amounts)

(unaudited)

Three months

Nine months

ended September 30,

2026

2025

2026

2025

Net revenues

4,733,352

4,495,245

13,866,546

12,878,781

Operating charges:

Salaries, wages and benefits

2,210,461

2,071,898

6,438,999

6,037,953

Other operating expenses

1,425,781

1,294,721

4,061,667

3,563,039

Supplies expense

426,500

414,583

1,276,300

1,236,249

Depreciation and amortization

174,845

155,060

497,609

455,409

Lease and rental expense

41,316

37,295

117,987

109,348

4,278,903

3,973,557

12,392,562

11,401,998

Income from operations

454,449

521,688

1,473,984

1,476,783

Interest expense, net

56,277

38,431

133,322

113,851

Other (income) expense, net

(15,738

)

(13,629

)

(21,490

)

(27,767

)

Income before income taxes

413,910

496,886

1,362,152

1,390,699

Provision for income taxes

100,577

117,781

325,551

327,354

Net income

313,333

379,105

1,036,601

1,063,345

Less: Net income (loss) attributable to noncontrolling interests ("NCI")

4,649

6,148

20,788

20,490

Net income attributable to UHS

308,684

372,957

1,015,813

1,042,855

Basic earnings per share attributable to UHS (a)

5.25

5.92

16.98

16.27

Diluted earnings per share attributable to UHS (a)

5.22

5.86

16.86

16.07

Universal Health Services, Inc.

Footnotes to Consolidated Statements of Income

(in thousands, except per share amounts)

(unaudited)

Three months

Nine months

ended September 30,

2026

2025

2026

2025

(a) Earnings per share calculation:

Basic and diluted:

Net income attributable to UHS - basic and diluted

308,684

372,957

1,015,813

1,042,855

Weighted average number of common shares - basic

58,795

62,974

59,841

64,100

Basic earnings per share attributable to UHS:

5.25

5.92

16.98

16.27

Weighted average number of common shares

58,795

62,974

59,841

64,100

Add: Other share equivalents

350

689

400

797

Weighted average number of common shares and equiv. - diluted

59,145

63,663

60,241

64,897

Diluted earnings per share attributable to UHS:

5.22

5.86

16.86

16.07

Universal Health Services, Inc.

Schedule of Non-GAAP Supplemental Information ("Supplemental Schedule")

For the Three Months ended September 30, 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

September 30, 2026

revenues

September 30, 2025

revenues

Net income attributable to UHS

308,684

372,957

Depreciation and amortization

174,845

155,060

Interest expense, net

56,277

38,431

Provision for income taxes

100,577

117,781

EBITDA net of NCI

640,383

13.5

684,229

15.2

Other (income) expense, net

(15,738

)

(13,629

)

Adjusted EBITDA net of NCI

624,645

13.2

670,600

14.9

Net revenues

4,733,352

4,495,245

Calculation of Adjusted Net Income Attributable to UHS

Three months ended

September 30, 2026

September 30, 2025

Per

Amount

Diluted Share

Amount

Diluted Share

Net income attributable to UHS

308,684

5.22

372,957

5.86

Plus/minus after-tax adjustments:

Unrealized gain on equity securities

(10,043

)

(0.16

)

Impact of ASU 2016-09, net

(623

)

(0.01

)

Subtotal adjustments

(10,666

)

(0.17

)

Adjusted net income attributable to UHS

308,684

5.22

362,291

5.69

Universal Health Services, Inc.

Schedule of Non-GAAP Supplemental Information ("Supplemental Schedule")

For the Nine Months ended September 30, 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")

Nine months ended

% Net

Nine months ended

% Net

September 30, 2026

revenues

September 30, 2025

revenues

Net income attributable to UHS

1,015,813

1,042,855

Depreciation and amortization

497,609

455,409

Interest expense, net

133,322

113,851

Provision for income taxes

325,551

327,354

EBITDA net of NCI

1,972,295

14.2

1,939,469

15.1

Other (income) expense, net

(21,490

)

(27,767

)

Adjusted EBITDA net of NCI

1,950,805

14.1

1,911,702

14.8

Net revenues

13,866,546

12,878,781

Calculation of Adjusted Net Income Attributable to UHS

Nine months ended

September 30, 2026

September 30, 2025

Per

Amount

Diluted Share

Amount

Diluted Share

Net income attributable to UHS

1,015,813

16.86

1,042,855

16.07

Plus/minus after-tax adjustments:

Unrealized gain on equity securities

(11,292

)

(0.17

)

Impact of ASU 2016-09, net

(2,164

)

(0.03

)

(1,880

)

(0.03

)

Subtotal adjustments

(2,164

)

(0.03

)

(13,172

)

(0.20

)

Adjusted net income attributable to UHS

1,013,649

16.83

1,029,683

15.87

Universal Health Services, Inc.

Condensed Consolidated Balance Sheets

(in thousands)

(unaudited)

September 30,

December 31,

2026

2025

Assets

Current assets:

Cash and cash equivalents

168,749

137,797

Accounts receivable, net

2,813,703

2,602,434

Supplies

235,557

232,110

Other current assets

462,155

435,574

Total current assets

3,680,164

3,407,915

Property and equipment

14,051,199

13,489,811

Less: accumulated depreciation

(6,833,095

)

(6,481,714

)

7,218,104

7,008,097

Other assets:

Goodwill

4,736,949

3,990,213

Deferred income taxes

95,986

70,517

Right of use assets-operating leases

421,597

374,239

Deferred charges

9,220

9,272

Other

1,023,746

667,340

Total Assets

17,185,766

15,527,593

Liabilities and Stockholders' Equity

Current liabilities:

Current maturities of long-term debt

79,813

748,158

Accounts payable and other liabilities

2,521,448

2,416,276

Operating lease liabilities

79,824

73,237

Federal and state taxes

6,271

1,930

Total current liabilities

2,687,356

3,239,601

Other noncurrent liabilities

736,430

527,827

Operating lease liabilities noncurrent

389,154

340,715

Deferred income taxes

3,232

5,649

Long-term debt

5,627,528

4,004,393

Redeemable noncontrolling interest

74,213

70,620

UHS common stockholders' equity

7,596,849

7,275,792

Noncontrolling interest

71,004

62,996

Total equity

7,667,853

7,338,788

Total Liabilities and Stockholders' Equity

17,185,766

15,527,593

Universal Health Services, Inc.

Consolidated Statements of Cash Flows

(in thousands)

(unaudited)

Nine months

ended September 30,

2026

2025

Cash Flows from Operating Activities:

Net income

1,036,601

1,063,345

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation & amortization

497,609

455,409

Stock-based compensation expense

71,777

70,586

(Gain) loss on sales of assets and businesses

(6,315

)

2,833

Changes in assets & liabilities, net of effects from acquisitions and dispositions:

Accounts receivable

(116,437

)

(294,210

)

Accrued interest

18,841

7,052

Accrued and deferred income taxes

37,744

(39,287

)

Other working capital accounts

(158,676

)

20,415

Other assets and deferred charges

(11,309

)

(29,629

)

Other, net

7,792

19,114

Accrued insurance expense, net of commercial premiums paid

256,664

177,054

Payments made in settlement of self-insurance claims, net of commercial insurance reimbursements

(152,804

)

(162,978

)

Net cash provided by operating activities

1,481,487

1,289,704

Cash Flows from Investing Activities:

Property and equipment additions

(659,732

)

(733,932

)

Proceeds received from sales of assets and businesses

17,884

2,980

Acquisition of businesses and property

(1,002,852

)

(47,772

)

Inflows (outflows) from foreign exchange hedge contracts

16,217

(49,351

)

Costs incurred for purchase and development of enterprise resource planning application

(15,535

)

(18,676

)

Decrease in capital reserves of commercial insurance subsidiary

100

Net cash used in investing activities

(1,643,933

)

(846,651

)

Cash Flows from Financing Activities:

Repayments of long-term debt

(828,487

)

(27,791

)

Additional borrowings

1,800,040

208,986

Financing costs

(15,261

)

(382

)

Repurchase of common shares

(729,863

)

(615,941

)

Dividends paid

(36,552

)

(38,902

)

Issuance of common stock

12,936

12,119

Profit distributions to noncontrolling interests

(13,333

)

(10,409

)

Purchase of ownership interests by minority members, net

4,865

18,728

Net cash provided by (used in) financing activities

194,345

(453,592

)

Effect of exchange rate changes on cash and cash equivalents

(639

)

2,390

Increase in cash, cash equivalents and restricted cash

31,260

(8,149

)

Cash, cash equivalents and restricted cash, beginning of period

271,322

224,752

Cash, cash equivalents and restricted cash, end of period

302,582

216,603

Supplemental Disclosures of Cash Flow Information:

Interest paid

110,379

103,050

Income taxes paid, net of refunds

290,239

355,968

Noncash purchases of property and equipment

78,068

146,650

Universal Health Services, Inc.

Supplemental Statistical Information

(unaudited)

% Change

Same Facility:

Three Months ended

Nine Months Ended

9/30/2026

Acute Care Services (1)

Revenues

4.7%

7.0%

Adjusted Admissions

4.9%

2.6%

Adjusted Patient Days

4.9%

2.9%

Revenue Per Adjusted Admission

-1.7%

2.4%

Revenue Per Adjusted Patient Day

-1.7%

2.1%

Behavioral Health Care Services (1)

Revenues

4.0%

6.2%

Adjusted Admissions

2.5%

1.4%

Adjusted Patient Days

2.1%

1.7%

Revenue Per Adjusted Admission

1.7%

4.9%

Revenue Per Adjusted Patient Day

2.1%

4.7%

UHS Consolidated

Third Quarter ended

Nine Months 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 of NCI

$640,383

$684,229

$1,972,295

$1,939,469

EBITDA Margin net of NCI

13.5%

15.2%

14.2%

15.1%

Adjusted EBITDA net of NCI

$624,645

$670,600

$1,950,805

$1,911,702

Adjusted EBITDA Margin net of NCI

13.2%

14.9%

14.1%

14.8%

Cash Flow From Operations

$636,556

$380,678

$1,481,487

$1,289,704

Capital Expenditures

$214,942

$228,892

$659,732

$733,932

Days Sales Outstanding

Debt

$5,707,341

$4,691,120

UHS' Shareholders Equity

$7,596,849

$7,169,693

Debt / Total Capitalization

42.9%

39.6%

Debt / EBITDA net of NCI (2)

2.07

1.83

Debt / Adjusted EBITDA net of NCI (2)

2.17

1.86

Debt / Cash From Operations (2)

2.78

2.41

(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 and Nine Months ended

September 30, 2026 and 2025

(in thousands)

(unaudited)

Same Facility Basis - Acute Care Hospital Services

Three months ended

Nine months ended

September 30, 2026

September 30, 2025

September 30, 2026

September 30, 2025

Amount

% of Net

Revenues

Amount

% of Net

Revenues

Amount

% of Net

Revenues

Amount

% of Net

Revenues

Net revenues

2,610,702

100.0

2,492,536

100.0

7,588,636

100.0

7,093,193

100.0

Operating charges:

Salaries, wages and benefits

1,044,653

40.0

973,522

39.1

2,989,221

39.4

2,825,945

39.8

Other operating expenses

776,378

29.7

722,724

29.0

2,283,559

30.1

2,033,495

28.7

Supplies expense

363,780

13.9

354,698

14.2

1,091,408

14.4

1,064,615

15.0

Depreciation and amortization

103,340

4.0

97,388

3.9

302,133

4.0

288,747

4.1

Lease and rental expense

28,533

1.1

25,543

1.0

81,230

1.1

75,127

1.1

Subtotal-operating expenses

2,316,684

88.7

2,173,875

87.2

6,747,551

88.9

6,287,929

88.6

Income from operations

294,018

11.3

318,661

12.8

841,085

11.1

805,264

11.4

Interest expense, net

1,302

0.0

528

0.0

3,589

0.0

1,177

0.0

Other (income) expense, net

(9,338

)

(0.4

(678

)

(0.0

(13,082

)

(0.2

(10,261

)

(0.1

Income before income taxes

302,054

11.6

318,811

12.8

850,578

11.2

814,348

11.5

All Acute Care Hospital Services

Three months ended

Nine months ended

September 30, 2026

September 30, 2025

September 30, 2026

September 30, 2025

Amount

% of Net

Revenues

Amount

% of Net

Revenues

Amount

% of Net

Revenues

Amount

% of Net

Revenues

Net revenues

2,764,072

100.0

2,630,065

100.0

7,984,207

100.0

7,391,716

100.0

Operating charges:

Salaries, wages and benefits

1,054,866

38.2

973,680

37.0

3,027,576

37.9

2,827,912

38.3

Other operating expenses

930,909

33.7

878,746

33.4

2,676,638

33.5

2,352,957

31.8

Supplies expense

365,597

13.2

354,697

13.5

1,097,029

13.7

1,064,486

14.4

Depreciation and amortization

108,924

3.9

97,389

3.7

311,865

3.9

288,751

3.9

Lease and rental expense

28,675

1.0

25,543

1.0

81,417

1.0

75,127

1.0

Subtotal-operating expenses

2,488,971

90.0

2,330,055

88.6

7,194,525

90.1

6,609,233

89.4

Income from operations

275,101

10.0

300,010

11.4

789,682

9.9

782,483

10.6

Interest expense, net

1,302

0.0

528

0.0

3,589

0.0

1,177

0.0

Other (income) expense, net

(9,329

)

(0.3

(623

)

(0.0

(12,446

)

(0.2

(9,806

)

(0.1

Income before income taxes

283,128

10.2

300,105

11.4

798,539

10.0

791,112

10.7

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)

Same Facility - Behavioral Health Care Services

Three months ended

Nine months ended

September 30, 2026

September 30, 2025

September 30, 2026

September 30, 2025

Amount

% of Net

Revenues

Amount

% of Net

Revenues

Amount

% of Net

Revenues

Amount

% of Net

Revenues

Net revenues

1,857,445

100.0

1,786,231

100.0

5,605,292

100.0

5,276,686

100.0

Operating charges:

Salaries, wages and benefits

1,032,001

55.6

975,934

54.6

3,044,335

54.3

2,854,754

54.1

Other operating expenses

361,742

19.5

342,491

19.2

1,051,744

18.8

987,686

18.7

Supplies expense

60,459

3.3

58,016

3.2

176,804

3.2

169,968

3.2

Depreciation and amortization

58,984

3.2

53,787

3.0

170,904

3.0

156,539

3.0

Lease and rental expense

12,271

0.7

11,167

0.6

35,630

0.6

32,457

0.6

Subtotal-operating expenses

1,525,457

82.1

1,441,395

80.7

4,479,417

79.9

4,201,404

79.6

Income from operations

331,988

17.9

344,836

19.3

1,125,875

20.1

1,075,282

20.4

Interest expense, net

1,009

0.1

1,244

0.1

3,369

0.1

3,423

0.1

Other (income) expense, net

(5,909

)

(0.3

733

0.0

(7,775

)

(0.1

(929

)

(0.0

Income before income taxes

336,888

18.1

342,859

19.2

1,130,281

20.2

1,072,788

20.3

All Behavioral Health Care Services

Three months ended

Nine months ended

September 30, 2026

September 30, 2025

September 30, 2026

September 30, 2025

Amount

% of Net

Revenues

Amount

% of Net

Revenues

Amount

% of Net

Revenues

Amount

% of Net

Revenues

Net revenues

1,966,427

100.0

1,860,259

100.0

5,873,644

100.0

5,476,596

100.0

Operating charges:

Salaries, wages and benefits

1,057,054

53.8

995,570

53.5

3,098,752

52.8

2,894,489

52.9

Other operating expenses

460,853

23.4

390,783

21.0

1,296,503

22.1

1,136,457

20.8

Supplies expense

61,022

3.1

59,696

3.2

178,284

3.0

173,133

3.2

Depreciation and amortization

63,522

3.2

55,294

3.0

179,051

3.0

159,616

2.9

Lease and rental expense

12,568

0.6

11,652

0.6

36,295

0.6

33,979

0.6

Subtotal-operating expenses

1,655,019

84.2

1,512,995

81.3

4,788,885

81.5

4,397,674

80.3

Income from operations

311,408

15.8

347,264

18.7

1,084,759

18.5

1,078,922

19.7

Interest expense, net

1,214

0.1

1,265

0.1

3,759

0.1

3,444

0.1

Other (income) expense, net

(5,909

)

(0.3

733

0.0

(7,775

)

(0.1

(929

)

(0.0

Income before income taxes

316,103

16.1

345,266

18.6

1,088,775

18.5

1,076,407

19.7

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.

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.

Universal Health Services, Inc.

Selected Hospital Statistics

For the Three Months ended

September 30, 2026 and 2025

(unaudited)

AS REPORTED:

ACUTE

BEHAVIORAL HEALTH

09/30/26

09/30/25

% change

09/30/26

09/30/25

% change

Hospitals owned and leased

3.4

388

345

12.5

Average licensed beds

7,519

7,161

5.0

24,715

24,398

1.3

Average available beds

7,347

6,989

5.1

24,615

24,298

1.3

Patient days

429,842

412,353

4.2

1,654,546

1,639,882

0.9

Average daily census

4,672.2

4,482.1

4.2

17,984.2

17,824.8

0.9

Occupancy-licensed beds

62.1

62.6

-0.7

72.8

73.1

-0.4

Occupancy-available beds

63.6

64.1

-0.8

73.1

73.4

-0.4

Admissions

90,722

86,984

4.3

121,428

120,655

0.6

Length of stay

4.7

-0.1

13.6

0.3

Inpatient revenue

15,763,396

13,935,095

13.1

3,356,016

3,063,186

9.6

Outpatient revenue

11,370,036

9,827,354

15.7

344,838

282,966

21.9

Total patient revenue

27,133,432

23,762,449

14.2

3,700,854

3,346,152

10.6

Other revenue

378,328

315,779

19.8

105,977

99,370

6.6

Gross revenue

27,511,760

24,078,228

14.3

3,806,831

3,445,522

10.5

Total deductions

24,747,688

21,448,163

15.4

1,840,404

1,585,263

16.1

Net revenue

2,764,072

2,630,065

5.1

1,966,427

1,860,259

5.7

SAME FACILITY:

ACUTE

BEHAVIORAL HEALTH

09/30/26

09/30/25

% change

09/30/26

09/30/25

% change

Hospitals owned and leased

0.0

341

0.0

Average licensed beds

7,363

7,161

2.8

23,706

23,635

0.3

Average available beds

7,191

6,989

2.9

23,606

23,535

0.3

Patient days

428,858

412,353

4.0

1,623,726

1,589,558

2.1

Average daily census

4,661.5

4,482.1

4.0

17,649.2

17,277.8

2.1

Occupancy-licensed beds

63.3

62.6

1.1

74.5

73.1

1.8

Occupancy-available beds

64.8

64.1

1.1

74.8

73.4

1.8

Admissions

90,414

86,984

3.9

120,168

117,107

2.6

Length of stay

4.7

0.1

13.5

13.6

-0.5

Universal Health Services, Inc.

Selected Hospital Statistics

For the Nine Months Ended

September 30, 2026 and 2025

(unaudited)

AS REPORTED:

ACUTE

BEHAVIORAL HEALTH

09/30/26

09/30/25

% change

09/30/26

09/30/25

% change

Hospitals owned and leased

3.4

388

345

12.5

Average licensed beds

7,373

7,105

3.8

24,624

24,246

1.6

Average available beds

7,201

6,933

3.9

24,524

24,146

1.6

Patient days

1,280,916

1,254,271

2.1

4,905,510

4,849,272

1.2

Average daily census

4,692.0

4,594.4

2.1

17,968.9

17,762.9

1.2

Occupancy-licensed beds

63.6

64.7

-1.6

73.0

73.3

-0.4

Occupancy-available beds

65.2

66.3

-1.7

73.3

73.6

-0.4

Admissions

267,260

262,352

1.9

355,776

355,524

0.1

Length of stay

4.8

0.2

13.8

13.6

1.1

Inpatient revenue

47,313,330

42,140,253

12.3

9,924,833

8,901,308

11.5

Outpatient revenue

33,377,475

28,793,716

15.9

983,819

851,989

15.5

Total patient revenue

80,690,805

70,933,969

13.8

10,908,652

9,753,297

11.8

Other revenue

1,069,466

881,912

21.3

298,188

281,291

6.0

Gross revenue

81,760,271

71,815,881

13.8

11,206,840

10,034,588

11.7

Total deductions

73,776,064

64,424,165

14.5

5,333,196

4,557,992

17.0

Net revenue

7,984,207

7,391,716

8.0

5,873,644

5,476,596

7.2

SAME FACILITY:

ACUTE

BEHAVIORAL HEALTH

09/30/26

09/30/25

% change

09/30/26

09/30/25

% change

Hospitals owned and leased

0.0

341

0.0

Average licensed beds

7,239

7,105

1.9

23,809

23,714

0.4

Average available beds

7,067

6,933

1.9

23,709

23,614

0.4

Patient days

1,274,419

1,254,271

1.6

4,814,191

4,736,987

1.6

Average daily census

4,668.2

4,594.4

1.6

17,634.4

17,351.6

1.6

Occupancy-licensed beds

64.5

64.7

-0.3

74.1

73.2

1.2

Occupancy-available beds

66.1

66.3

-0.3

74.4

73.5

1.2

Admissions

265,756

262,352

1.3

351,347

346,589

1.4

Length of stay

4.8

0.3

13.7

0.3

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Oct. 27, 2026

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For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period. The format of the date is YYYY-MM-DD.

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- Definition

The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.

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No definition available.

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Address Line 1 such as Attn, Building Name, Street Name

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Address Line 2 such as Street or Suite number

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Name of the City or Town

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Code for the postal or zip code

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Name of the state or province.

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A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.

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Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

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Indicate if registrant meets the emerging growth company criteria.

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Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

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Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.

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Two-character EDGAR code representing the state or country of incorporation.

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The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.

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Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

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The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.

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Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

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Local phone number for entity.

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Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.

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Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 13e

-Subsection 4c

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Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.

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Reference 1: http://www.xbrl.org/2003/role/presentationRef

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-Name Exchange Act

-Number 240

-Section 14d

-Subsection 2b

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Title of a 12(b) registered security.

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-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b

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Name of the Exchange on which a security is registered.

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-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection d1-1

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Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.

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Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14a

-Subsection 12

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Trading symbol of an instrument as listed on an exchange.

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Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.

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-Publisher SEC

-Name Securities Act

-Number 230

-Section 425

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