Universal Health Services (UHS) FY2025 10-K Annual Report
Universal Health Services (UHS) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 25, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
Universal Health Services FY2025 10-K Analysis
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
Universal Health Services FY2025 Key Financial MetricsXBRL
Revenue
$17.4B
▲ +9.7% YoY
Net Income
$1.5B
▲ +30.4% YoY
Operating Margin
11.5%
▲ +86bp YoY
Net Margin
8.6%
▲ +136bp YoY
ROE
20.5%
▲ +333bp YoY
Total Assets
$15.5B
▲ +7.3% YoY
EPS (Diluted)
$23.10
▲ +37.3% YoY
Operating Cash Flow
$1.9B
▼ -9.8% YoY
Source: XBRL data from Universal Health Services FY2025 10-K filing on SEC EDGAR. All figures in USD.
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