Short answer
Universal Health Services (UHS) filed its fiscal 2025 10-K annual report with the SEC on Feb 25, 2026. It reported revenue of $17.4B (+9.7% year over year) and net income of $1.5B.
- Top risk flagged: One Big Beautiful Bill Act (July 4, 2025) to cut Medicaid provider fee threshold from 6% to 3.5% by 2032, reducing UHS net benefit by $432M–$480M annually
FY2025 key financial metrics · XBRL
- Revenue
- $17.4B
- +9.7% YoY
- Net income
- $1.5B
- +30.4% YoY
- Operating margin
- 11.5%
- +0.9 pp YoY
- EPS (diluted)
- $23.10
- +37.3% YoY
- ROE
- 20.5%
- +3.3 pp YoY
- Operating cash flow
- $1.9B
- −9.8% YoY
Source: XBRL data from the Universal Health Services (UHS) FY2025 10-K on SEC EDGAR. USD.
Universal Health Services FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Dual-segment operator: acute care hospitals (57% of revenue) and behavioral health facilities (43%), spanning 40 states, D.C., UK, and Puerto Rico
- UK behavioral health revenue grew to $1.001B in 2025 from $880M in 2024; total UK assets $1.531B vs $1.358B
- Outpatient behavioral health facility count methodology changed Q3 2025, driving majority of reported increase from 168 outpatient/other facilities total
- 101,500 total employees as of Dec 31, 2025; pending GWU Hospital physician group restructuring expected to absorb large number of physicians in Q2 2026
- "One Big Beautiful Budget Act" (July 4, 2025) estimated to reduce UHS annual net benefit by $432M–$480M by 2032 via Medicaid provider fee caps
Management Discussion & Analysis
- Revenue not explicitly stated as a total figure in the provided MD&A text; Medicaid legislative risk flagged at $432M–$480M annual net benefit reduction by 2032
- Share repurchases ~4.7 million shares at ~$899M aggregate cost in 2025; remaining buyback authorization ~$1.425B as of Dec 31, 2025
- $700M 1.65% senior notes maturing Sept 1, 2026; refinancing expected at materially higher interest rates, increasing interest expense
- Key risk: "One Big Beautiful Bill" Medicaid cuts estimated to reduce annual net benefit by $432M–$480M beginning 2028, phased through 2032
Risk Factors
- One Big Beautiful Bill Act (July 4, 2025) to cut Medicaid provider fee threshold from 6% to 3.5% by 2032, reducing UHS net benefit by $432M–$480M annually
- UK behavioral health operations generated $1.001B revenue in 2025 with $1.531B total assets, exposed to pound sterling fluctuations and NHS contract dependency
- $700M senior notes at 1.65% mature September 1, 2026, requiring refinancing at materially higher market rates, increasing interest expense and reducing net income
- Excess commercial insurance renewed March 2025 with coverage exclusions for sexual abuse/molestation claims, higher premiums, and lower aggregate limits: heightened exposure given behavioral health patient population
- Ransomware and cybersecurity threats flagged as heightened risk; no insurance adequacy guarantee for potential breach costs across 375+ inpatient facilities
Generated from the filing text; verify against the original. How to read a 10-K
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