8-K

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): April 28, 2025

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 April 28, 2025, Universal Health Services, Inc. issued the press release attached hereto as Exhibit 99.1. Exhibit 99.1 as included herein also includes additional supplementary information related to gross revenue, total deductions and net revenue, as reflected on the Selected Hospital Statistics schedule for the Three Months Ended March 31, 2025 and 2024.

Item 9.01 Financial Statements and Exhibits

(d) Exhibits.

99.1	Universal Health Services, Inc., press release, dated April 28, 2025.
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 April 28, 2025.
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: April 29, 2025

EX-99.1

Exhibit 99.1

FOR IMMEDIATE RELEASE

April 28, 2025

CONTACT:	Steve Filton
	Chief Financial Officer
	610-768-3300

UNIVERSAL HEALTH SERVICES, INC.

ANNOUNCES 2025 FIRST QUARTER FINANCIAL RESULTS

Consolidated Results of Operations, As Reported and As Adjusted – Three-month periods ended March 31, 2025 and 2024:

KING OF PRUSSIA, PA – Universal Health Services, Inc. (NYSE: UHS) announced today that its reported net income attributable to UHS was $316.7 million, or $4.80 per diluted share, during the first quarter of 2025, as compared to $261.8 million, or $3.82 per diluted share, during the first quarter of 2024. Net revenues increased by 6.7% to $4.100 billion during the first quarter of 2025, as compared to $3.844 billion during the first quarter of 2024.

As reflected on the Schedule of Non-GAAP Supplemental Information (“Supplemental Schedule”), our adjusted net income attributable to UHS during the first quarter of 2025 was $319.5 million, or $4.84 per diluted share, as compared to $253.1 million, or $3.70 per diluted share, during the first quarter of 2024.

As reflected on the Supplemental Schedule, included in our reported results during the first quarter of 2025 were: (i) an unrealized after-tax loss 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 (included in “Other (income) expense, net”), 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”, 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 2024 were: (i) a favorable after-tax impact of $9.2 million, or $.13 per diluted share, resulting from the tax benefit recorded in connection with employee share-based payments pursuant to ASU 2016-09, and; (ii) an unrealized after-tax loss of $0.4 million, or $.01 per diluted share ($0.6 million pre-tax), resulting from a decrease in the market value of certain equity securities.

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 $603.9 million during the first quarter of 2025, as compared to $525.9 million during the first quarter of 2024. Our adjusted earnings before interest, taxes, depreciation & amortization (“Adjusted EBITDA net of NCI”), which excludes the impact of other (income) expense, net, was $598.2 million during the first quarter of 2025, as compared to $525.8 million during the first quarter of 2024.

Acute Care Services – Three-month periods ended March 31, 2025 and 2024:

During the first quarter of 2025, at our acute care hospitals owned during both periods (“same facility basis”), adjusted admissions (adjusted for outpatient activity) increased by 2.4% while adjusted patient days increased by 0.3%, as compared to the first quarter of 2024. At these facilities, during the first quarter of 2025, net revenue per adjusted admission increased by 2.5% while net revenue per adjusted patient day increased by 4.7%, as compared to the first quarter of 2024. Net revenues generated from our acute care services, on a same facility basis, increased by 6.5% during the first quarter of 2025, as compared to the first quarter of 2024.

Behavioral Health Care Services – Three-month periods ended March 31, 2025 and 2024:

During the first quarter of 2025, at our behavioral health care facilities on a same facility basis, adjusted admissions decreased by 1.6% while adjusted patient days decreased by 0.3%, as compared to the first quarter

of 2024. At these facilities, during the first quarter of 2025, net revenue per adjusted admission increased by 7.2% and net revenue per adjusted patient day increased by 5.8%, as compared to the first quarter of 2024. Net revenues generated from our behavioral health care services, on a same facility basis, increased by 5.5% during the first quarter of 2025, as compared to the first quarter of 2024.

Net Cash Provided by Operating Activities and Liquidity:

Net Cash Provided by Operating Activities:

During the three-month period ended March 31, 2025, our net cash provided by operating activities was $360 million as compared to $396 million during the first quarter of 2024. The $36 million net decrease in our net cash provided by operating activities consisted of: (i) a favorable change of $69 million resulting from an increase in net income plus/minus depreciation and amortization expense, stock-based compensation expense and gains on sales of assets and businesses; (ii) an unfavorable change of $144 million in accounts receivable due, in part, to delays in receipt of funds in connection with certain Medicaid supplement payment programs in various states (approximately $82 million of which related to the Nevada state directed payment program which was approved by the Centers for Medicare and Medicaid Services in April, 2025, retroactive to January 1, 2025); (iii) a favorable change of $20 million in other assets and deferred charges; (iv) a favorable change of $16 million in accrued and deferred income taxes, and; (v) $3 million of other combined net favorable changes.

Liquidity:

As of March 31, 2025, we had $1.02 billion of aggregate available borrowing capacity pursuant to our $1.3 billion revolving credit facility, net of outstanding borrowings and letters of credit.

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 2025, we have repurchased approximately 1.0 million shares at an aggregate cost of approximately $180.6 million (average price of approximately $181 per share).

As of March 31, 2025, we had an aggregate available repurchase authorization of approximately $643.7 million 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 29, 2025. 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 thislink. 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.

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 2024 were $15.8 billion. UHS ranked #299 on the Fortune 500; and #399 on Forbes’ list of America’s Largest Public Companies. In 2025, UHS was again recognized as one of the World’s Most Admired Companies by Fortune.

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.

Headquartered in King of Prussia, PA, UHS has approximately 99,300 employees and, through its subsidiaries, operates 29 inpatient acute care hospitals, 334 inpatient behavioral health facilities, 60 outpatient facilities and ambulatory care access points, an insurance offering, a physician network and various related services located in 39 states, Washington, D.C., the United Kingdom and Puerto Rico. It 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, 2024), 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, if adopted, 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, failure of our hospitals that currently receive supplemental Medicaid revenues to qualify for future funds under these programs, the adoption of certain proposed reductions of federal funding for Medicaid, or reductions in other reimbursements, could cause our actual results of operations for the year ended December 31, 2025 to differ materially from our 2025 operating results forecast.

•The increase in interest rates during the past few years has increased our interest expense significantly thereby reducing our free cash flow. As such, although interest rates have moderated more recently, 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, including, but not limited to, the matters related to Cumberland Hospital for Children and Adolescents, located in New Kent, Virginia, as previously disclosed on Form 8-K on September 30, 2024, Form 10-Q for the quarterly period ended September 30, 2024 and Form 10-K for the year ended December 31, 2024; and the matter related to the Pavilion Behavioral Health System (“Pavilion”), located in Champaign, Illinois, as previously disclosed on Forms 8-K on April 1, 2024, September 30, 2024 and October 11, 2024, Forms 10-Q for the quarterly periods ended March 31, 2024, June 30, 2024 and September 30, 2024 and Form 10-K for the year ended December 31, 2024. We have reached an agreement in principle with respect to the Pavilion matter which is subject to the execution of a final settlement agreement and court approval of that agreement. Although the terms of

the settlement are confidential, we expect that the settlement, if finalized and approved by the court, will be covered by our commercial excess insurance and our existing reserves for that matter. Although we can make no assurances regarding the ultimate outcome of these matters, or what damages will ultimately be awarded, the final resolution of these matters could have a material adverse effect on the Company.

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 market value of shares of certain equity securities, the impact of ASU 2016-09, net of the impact of executive compensation limitations pursuant to IRC section 162(m), 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 other filings with the Securities and Exchange Commission including our Report on Form 10-K for the year ended December 31, 2024. 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.

(more)

Universal Health Services, Inc.
Consolidated Statements of Income
(in thousands, except per share amounts)
(unaudited)
	Three months
	ended March 31,
	2025			2024
Net revenues	$	4,099,720			3,843,582
Operating charges:
Salaries, wages and benefits		1,951,104			1,842,624
Other operating expenses		1,105,752			1,032,170
Supplies expense		402,881			403,573
Depreciation and amortization		148,345			141,003
Lease and rental expense		36,813			35,450
		3,644,895			3,454,820
Income from operations		454,825			388,762
Interest expense, net		40,056			52,826
Other (income) expense, net		(5,659	)		(150	)
Income before income taxes		420,428			336,086
Provision for income taxes		98,800			70,264
Net income		321,628			265,822
Less: Net income (loss) attributable to noncontrolling interests ("NCI")		4,948			3,988
Net income attributable to UHS	$	316,680		$	261,834
Basic earnings per share attributable to UHS (a)	$	4.87		$	3.90
Diluted earnings per share attributable to UHS (a)	$	4.80		$	3.82

Universal Health Services, Inc.
Footnotes to Consolidated Statements of Income
(in thousands, except per share amounts)
(unaudited)
	Three months
	ended March 31,
	2025		2024
(a) Earnings per share calculation:
Basic and diluted:
Net income attributable to UHS	$	316,680	$	261,834
Less: Net income attributable to unvested restricted share grants		0		(45	)
Net income attributable to UHS - basic and diluted	$	316,680	$	261,789
Weighted average number of common shares - basic		64,970		67,204
Basic earnings per share attributable to UHS:	$	4.87	$	3.90
Weighted average number of common shares		64,970		67,204
Add: Other share equivalents		1,067		1,278
Weighted average number of common shares and equiv. - diluted		66,037		68,482
Diluted earnings per share attributable to UHS:	$	4.80	$	3.82

Universal Health Services, Inc.
Schedule of Non-GAAP Supplemental Information ("Supplemental Schedule")
For the Three Months ended March 31, 2025 and 2024
(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, 2025			revenues			March 31, 2024			revenues
Net income attributable to UHS	$	316,680					$	261,834
Depreciation and amortization		148,345						141,003
Interest expense, net		40,056						52,826
Provision for income taxes		98,800						70,264
EBITDA net of NCI	$	603,881			14.7	%	$	525,927			13.7	%
Other (income) expense, net		(5,659	)					(150	)
Adjusted EBITDA net of NCI	$	598,222			14.6	%	$	525,777			13.7	%
Net revenues	$	4,099,720					$	3,843,582
Calculation of Adjusted Net Income Attributable to UHS
	Three months ended						Three months ended
	March 31, 2025						March 31, 2024
				Per						Per
	Amount			Diluted Share			Amount			Diluted Share
Net income attributable to UHS	$	316,680		$	4.80		$	261,834		$	3.82
Plus/minus after-tax adjustments:
Unrealized loss on equity securities		3,285			0.05			444			0.01
Impact of ASU 2016-09, net		(461	)		(0.01	)		(9,156	)		(0.13	)
Subtotal adjustments		2,824			0.04			(8,712	)		(0.12	)
Adjusted net income attributable to UHS	$	319,504		$	4.84		$	253,122		$	3.70

Universal Health Services, Inc.
Condensed Consolidated Balance Sheets
(in thousands)
(unaudited)
	March 31,			December 31,
	2025			2024
Assets
Current assets:
Cash and cash equivalents	$	126,753		$	125,983
Accounts receivable, net		2,411,524			2,177,751
Supplies		221,991			220,940
Other current assets		317,106			291,614
Total current assets		3,077,374			2,816,288
Property and equipment		12,905,358			12,643,283
Less: accumulated depreciation		(6,208,744	)		(6,071,058	)
		6,696,614			6,572,225
Other assets:
Goodwill		3,948,178			3,932,879
Deferred income taxes		133,244			118,449
Right of use assets-operating leases		409,458			418,719
Deferred charges		9,186			9,404
Other		601,376			601,785
Total Assets	$	14,875,430		$	14,469,749
Liabilities and Stockholders' Equity
Current liabilities:
Current maturities of long-term debt	$	40,410		$	40,059
Accounts payable and other liabilities		2,092,451			2,081,479
Operating lease liabilities		75,929			74,649
Federal and state taxes		121,462			14,219
Total current liabilities		2,330,252			2,210,406
Other noncurrent liabilities		681,654			655,806
Operating lease liabilities noncurrent		368,518			376,239
Long-term debt		4,609,272			4,464,482
Redeemable noncontrolling interest		13,324			13,293
UHS common stockholders' equity		6,785,604			6,666,207
Noncontrolling interest		86,806			83,316
Total equity		6,872,410			6,749,523
Total Liabilities and Stockholders' Equity	$	14,875,430		$	14,469,749

Universal Health Services, Inc.
Consolidated Statements of Cash Flows
(in thousands)
(unaudited)
	Three months
	ended March 31,
	2025			2024
Cash Flows from Operating Activities:
Net income	$	321,628		$	265,822
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation & amortization		148,345			141,003
Gains on sales of assets and businesses		0			(3,725	)
Stock-based compensation expense		21,595			19,630
Changes in assets & liabilities, net of effects from acquisitions and dispositions:
Accounts receivable		(218,374	)		(74,446	)
Accrued interest		11,086			3,453
Accrued and deferred income taxes		88,641			72,193
Other working capital accounts		(42,824	)		(33,291	)
Other assets and deferred charges		(489	)		(20,307	)
Other		3,811			8,897
Accrued insurance expense, net of commercial premiums paid		47,334			51,112
Payments made in settlement of self-insurance claims		(20,705	)		(33,935	)
Net cash provided by operating activities		360,048			396,406
Cash Flows from Investing Activities:
Property and equipment additions		(239,026	)		(208,539	)
Proceeds received from sales of assets and businesses		0			5,428
Acquisition of businesses and property		(8,314	)		0
(Outflows) inflows from foreign exchange contracts that hedge our net U.K. investment		(23,695	)		8,319
(Increase) decrease in capital reserves of commercial insurance subsidiary		(264	)		155
Net cash used in investing activities		(271,299	)		(194,637	)
Cash Flows from Financing Activities:
Repayments of long-term debt		(9,113	)		(63,905	)
Additional borrowings		152,454			12,038
Repurchase of common shares		(223,385	)		(142,084	)
Dividends paid		(13,534	)		(13,601	)
Issuance of common stock		3,658			3,241
Profit distributions to noncontrolling interests		(5,912	)		(4,480	)
Purchase (sale) of ownership interests by (from) minority members		4,412			(156	)
Net cash used in financing activities		(91,420	)		(208,947	)
Effect of exchange rate changes on cash, cash equivalents and restricted cash		1,645			(492	)
Decrease in cash, cash equivalents and restricted cash		(1,026	)		(7,670	)
Cash, cash equivalents and restricted cash, beginning of period		224,752			214,470
Cash, cash equivalents and restricted cash, end of period	$	223,726		$	206,800
Supplemental Disclosures of Cash Flow Information:
Interest paid	$	27,718		$	48,116
Income taxes paid, net of refunds	$	5,638		$	2,671
Noncash purchases of property and equipment	$	116,196		$	60,125

Universal Health Services, Inc.
Supplemental Statistical Information
(unaudited)
		% Change
Same Facility:		Three Months ended
		3/31/2025
Acute Care Services
Revenues		6.5%
Adjusted Admissions		2.4%
Adjusted Patient Days		0.3%
Revenue Per Adjusted Admission		2.5%
Revenue Per Adjusted Patient Day		4.7%
Behavioral Health Care Services
Revenues		5.5%
Adjusted Admissions		-1.6%
Adjusted Patient Days		-0.3%
Revenue Per Adjusted Admission		7.2%
Revenue Per Adjusted Patient Day		5.8%
UHS Consolidated	Three Months ended
	3/31/2025	3/31/2024
Revenues	$4,099,720	$3,843,582
EBITDA net of NCI	$603,881	$525,927
EBITDA Margin net of NCI	14.7%	13.7%
Adjusted EBITDA net of NCI	$598,222	$525,777
Adjusted EBITDA Margin net of NCI	14.6%	13.7%
Cash Flow From Operations	$360,048	$396,406
Capital Expenditures	$239,026	$208,539
Days Sales Outstanding	53	54
Debt	$4,649,682	$4,861,805
UHS' Shareholders Equity	$6,785,604	$6,256,697
Debt / Total Capitalization	40.7%	43.7%
Debt / EBITDA net of NCI (1)	2.00	2.65
Debt / Adjusted EBITDA net of NCI (1)	2.01	2.63
Debt / Cash From Operations (1)	2.29	3.54
(1) Latest 4 quarters.

Universal Health Services, Inc.

Acute Care Hospital Services

For the Three Months ended

March 31, 2025 and 2024

(in thousands)

(unaudited)

Same Facility Basis - Acute Care Hospital Services
	Three months ended						Three months ended
	March 31, 2025						March 31, 2024
	Amount			% of Net Revenues			Amount		% of Net Revenues
Net revenues	$	2,244,062			100.0	%	$	2,108,045		100.0	%
Operating charges:
Salaries, wages and benefits		894,101			39.8	%		861,086		40.8	%
Other operating expenses		630,025			28.1	%		577,582		27.4	%
Supplies expense		343,470			15.3	%		347,130		16.5	%
Depreciation and amortization		88,084			3.9	%		90,283		4.3	%
Lease and rental expense		25,071			1.1	%		23,833		1.1	%
Subtotal-operating expenses		1,980,751			88.3	%		1,899,914		90.1	%
Income from operations		263,311			11.7	%		208,131		9.9	%
Interest expense, net		2,262			0.1	%		1,300		0.1	%
Other (income) expense, net		(8,572	)		(0.4	)%		160		0.0	%
Income before income taxes	$	269,621			12.0	%	$	206,671		9.8	%
All Acute Care Hospital Services
	Three months ended						Three months ended
	March 31, 2025						March 31, 2024
	Amount			% of Net Revenues			Amount		% of Net Revenues
Net revenues	$	2,349,229			100.0	%	$	2,185,081		100.0	%
Operating charges:
Salaries, wages and benefits		910,724			38.8	%		861,547		39.4	%
Other operating expenses		715,340			30.4	%		654,983		30.0	%
Supplies expense		348,393			14.8	%		347,004		15.9	%
Depreciation and amortization		94,647			4.0	%		90,312		4.1	%
Lease and rental expense		25,339			1.1	%		23,833		1.1	%
Subtotal-operating expenses		2,094,443			89.2	%		1,977,679		90.5	%
Income from operations		254,786			10.8	%		207,402		9.5	%
Interest expense, net		2,262			0.1	%		1,300		0.1	%
Other (income) expense, net		(8,267	)		(0.4	)%		634		0.0	%
Income before income taxes	$	260,791			11.1	%	$	205,468		9.4	%

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, 2024.

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, 2025 and 2024

(in thousands)

(unaudited)

Same Facility - Behavioral Health Care Services
	Three months ended						Three months ended
	March 31, 2025						March 31, 2024
	Amount			% of Net Revenues			Amount			% of Net Revenues
Net revenues	$	1,705,862			100.0	%	$	1,616,241			100.0	%
Operating charges:
Salaries, wages and benefits		925,537			54.3	%		868,656			53.7	%
Other operating expenses		321,446			18.8	%		314,001			19.4	%
Supplies expense		55,379			3.2	%		56,709			3.5	%
Depreciation and amortization		51,368			3.0	%		47,597			2.9	%
Lease and rental expense		11,127			0.7	%		11,454			0.7	%
Subtotal-operating expenses		1,364,857			80.0	%		1,298,417			80.3	%
Income from operations		341,005			20.0	%		317,824			19.7	%
Interest expense, net		1,074			0.1	%		1,027			0.1	%
Other (income) expense, net		(825	)		(0.0	)%		(676	)		(0.0	)%
Income before income taxes	$	340,756			20.0	%	$	317,473			19.6	%
All Behavioral Health Care Services
	Three months ended						Three months ended
	March 31, 2025						March 31, 2024
	Amount			% of Net Revenues			Amount			% of Net Revenues
Net revenues	$	1,747,649			100.0	%	$	1,656,067			100.0	%
Operating charges:
Salaries, wages and benefits		928,166			53.1	%		872,196			52.7	%
Other operating expenses		363,584			20.8	%		347,268			21.0	%
Supplies expense		55,447			3.2	%		56,924			3.4	%
Depreciation and amortization		51,408			2.9	%		47,872			2.9	%
Lease and rental expense		11,369			0.7	%		11,518			0.7	%
Subtotal-operating expenses		1,409,974			80.7	%		1,335,778			80.7	%
Income from operations		337,675			19.3	%		320,289			19.3	%
Interest expense, net		1,075			0.1	%		1,027			0.1	%
Other (income) expense, net		(825	)		(0.0	)%		(676	)		(0.0	)%
Income before income taxes	$	337,425			19.3	%	$	319,938			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, 2024.

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, 2025 and 2024
(unaudited)
AS REPORTED:
	ACUTE									BEHAVIORAL HEALTH
	03/31/25			03/31/24			%change			03/31/25			03/31/24			% change
Hospitals owned and leased		28			27			3.7	%		334			333			0.3	%
Average licensed beds		6,854			6,657			3.0	%		24,223			24,378			-0.6	%
Average available beds		6,682			6,485			3.0	%		24,123			24,278			-0.6	%
Patient days		420,687			415,327			1.3	%		1,596,888			1,608,992			-0.8	%
Average daily census		4,674.3			4,564.0			2.4	%		17,743.2			17,681.2			0.4	%
Occupancy-licensed beds		68.2	%		68.6	%		-0.5	%		73.2	%		72.5	%		1.0	%
Occupancy-available beds		70.0	%		70.4	%		-0.6	%		73.6	%		72.8	%		1.0	%
Admissions		86,652			83,581			3.7	%		117,788			119,930			-1.8	%
Length of stay		4.9			5.0			-2.0	%		13.6			13.4			1.5	%
Inpatient revenue	$	14,301,609		$	12,910,102			10.8	%	$	2,861,570		$	2,754,684			3.9	%
Outpatient revenue		9,327,284			8,346,289			11.8	%		274,546			278,528			-1.4	%
Total patient revenue		23,628,893			21,256,391			11.2	%		3,136,116			3,033,212			3.4	%
Other revenue		280,437			246,251			13.9	%		88,385			80,211			10.2	%
Gross revenue		23,909,330			21,502,642			11.2	%		3,224,501			3,113,423			3.6	%
Total deductions		21,560,101			19,317,561			11.6	%		1,476,852			1,457,356			1.3	%
Net revenue	$	2,349,229		$	2,185,081			7.5	%	$	1,747,649		$	1,656,067			5.5	%
SAME FACILITY:
	ACUTE									BEHAVIORAL HEALTH
	03/31/25			03/31/24			% change			03/31/25			03/31/24			% change
Hospitals owned and leased		27			27			0.0	%		333			333			0.0	%
Average licensed beds		6,704			6,657			0.7	%		24,097			23,914			0.8	%
Average available beds		6,532			6,485			0.7	%		23,997			23,814			0.8	%
Patient days		414,738			415,327			-0.1	%		1,586,691			1,584,255			0.2	%
Average daily census		4,608.2			4,564.0			1.0	%		17,629.9			17,409.4			1.3	%
Occupancy-licensed beds		68.7	%		68.6	%		0.3	%		73.2	%		72.8	%		0.5	%
Occupancy-available beds		70.5	%		70.4	%		0.2	%		73.5	%		73.1	%		0.5	%
Admissions		85,244			83,581			2.0	%		117,075			118,408			-1.1	%
Length of stay		4.9			5.0			-2.0	%		13.6			13.4			1.5	%

XML

Document and Entity Information	Apr. 28, 2025
Cover [Abstract]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Apr. 28, 2025
Entity Registrant Name	UNIVERSAL HEALTH SERVICES, INC.
Entity Central Index Key	0000352915
Entity Emerging Growth Company	false
Entity File Number	1-10765
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	23-2077891
Entity Address, Address Line One	UNIVERSAL CORPORATE CENTER
Entity Address, Address Line Two	367 SOUTH GULPH ROAD
Entity Address, City or Town	KING OF PRUSSIA
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	19406
City Area Code	610
Local Phone Number	768-3300
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of each class	Class B Common Stock
Trading Symbol	UHS
Security Exchange Name	NYSE