Jun 2026 (Q2 FY26) — Jul 28, 2026
Universal Health Services Q2 FY26 — Strong Acute Care Rebound, Strategic Capacity Expansion, and Share Buyback Acceleration
Read the full callUniversal Health Services (UHS) earnings
- Jun 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
Universal Health Services earnings: last reported Tue, 28 Jul 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 4,638 | +8.3% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 11.1 | −0.5 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | 358 | +1.5% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
Guidance
What management said, and what became of it
11 of 16 judged targets kept · 15 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| 2026 acute care inpatient expansions (Florida, California, Nevada -- 178 licensed beds) | 178 licensed beds across 3 inpatient expansions | Dec 2025 | In Acute Care, we added 177 licensed beds in 3 hospitals during the second quarter. | Achieved |
| Cedar Hill Regional Medical Center EBITDA run-rate exiting 2025 | breakeven or better exiting 2025 | Sep 2025 | Our original guidance assumed Cedar Hill would be breakeven during the first half and have positive earnings in the second half of 2026, which would have yielded a $50 million de novo tailwind net of anticipated start-up losses at the Palm Beach Gardens de novo hospital. | Missed |
| Cedar Hill Regional Medical Center FY2026 year-over-year EBITDA tailwind (net of Palm Beach Gardens start-up costs) | $50 million | Dec 2025 | we are adjusting the year-over-year tailwind related to Cedar Hill Regional Medical Center in Washington, D.C. from $50 million to $20 million | Revised Down |
5 of UNIVERSAL HEALTH SERVICES INC's 31 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 28 more targets are in the full ledger.
Claimed
- Adjusted EPS grew 12% year-over-year to $5.98 in Q2 FY26.
- Acute Care same-facility adjusted admissions increased 2.9% year-over-year, with net revenue up 8.2%.
- Behavioral Health same-facility net revenue increased 7.4%, driven by a 6.1% increase in revenue per adjusted patient day.
- Accelerated share repurchases to $320 million in Q2 FY26, with $978 million remaining authorization.
- Added 177 licensed beds in Acute Care, a 2.5% increase in same-facility capacity, and opened Alan B. Miller Medical Center in Palm Beach Gardens.
Qualified
- Q2 adjusted EBITDA less NCI fell short of internal expectations by approximately $63 million due to higher professional liability reserves, San Antonio facility losses, and slower Cedar Hill ramp-up.
- Full-year adjusted EBITDA less NCI guidance reduced by $50 million at the midpoint, primarily due to $200 million of adverse items.
- Increased professional and general liability expense estimate for FY26 by $50 million, reflecting industry-wide higher claim severity.
- San Antonio behavioral facility incurred $10 million in pretax losses in Q2 FY26 and expects $5 million-$10 million quarterly losses for the rest of 2026 due to recertification issues.
- Acute Care and Behavioral Health full-year volume guidance fine-tuned downwards, reflecting recent performance.
Price
$182.29 −1.52% · −$2.81
Performance −10.9% 1Y
1Y: $204.56 on 17 Oct 2025 → $182.29. High $244.18 (26 Nov 2025), low $141.17 (18 Jun 2026).
- Previous close
- $185.1
- 52-week range
- $141.17 – $244.18
- One year
- −12.04%
Overview
- Symbol
- UHS
- Sector
- Health Care
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
11 of 16 judged targets kept · 15 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| 2026 acute care inpatient expansions (Florida, California, Nevada -- 178 licensed beds) | 178 licensed beds across 3 inpatient expansions | Dec 2025 | In Acute Care, we added 177 licensed beds in 3 hospitals during the second quarter. | Achieved |
| Cedar Hill Regional Medical Center EBITDA run-rate exiting 2025 | breakeven or better exiting 2025 | Sep 2025 | Our original guidance assumed Cedar Hill would be breakeven during the first half and have positive earnings in the second half of 2026, which would have yielded a $50 million de novo tailwind net of anticipated start-up losses at the Palm Beach Gardens de novo hospital. | Missed |
| Cedar Hill Regional Medical Center FY2026 year-over-year EBITDA tailwind (net of Palm Beach Gardens start-up costs) | $50 million | Dec 2025 | we are adjusting the year-over-year tailwind related to Cedar Hill Regional Medical Center in Washington, D.C. from $50 million to $20 million | Revised Down |
Claimed
- Adjusted EPS grew 12% year-over-year to $5.98 in Q2 FY26.
- Acute Care same-facility adjusted admissions increased 2.9% year-over-year, with net revenue up 8.2%.
- Behavioral Health same-facility net revenue increased 7.4%, driven by a 6.1% increase in revenue per adjusted patient day.
- Accelerated share repurchases to $320 million in Q2 FY26, with $978 million remaining authorization.
- Added 177 licensed beds in Acute Care, a 2.5% increase in same-facility capacity, and opened Alan B. Miller Medical Center in Palm Beach Gardens.
Qualified
- Q2 adjusted EBITDA less NCI fell short of internal expectations by approximately $63 million due to higher professional liability reserves, San Antonio facility losses, and slower Cedar Hill ramp-up.
- Full-year adjusted EBITDA less NCI guidance reduced by $50 million at the midpoint, primarily due to $200 million of adverse items.
- Increased professional and general liability expense estimate for FY26 by $50 million, reflecting industry-wide higher claim severity.
- San Antonio behavioral facility incurred $10 million in pretax losses in Q2 FY26 and expects $5 million-$10 million quarterly losses for the rest of 2026 due to recertification issues.
- Acute Care and Behavioral Health full-year volume guidance fine-tuned downwards, reflecting recent performance.
The full ledger
Open UNIVERSAL HEALTH SERVICES INC’s full ledger
A free account opens 5 company ledgers a month. All 31 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2026 (Q1 FY26) — Apr 28, 2026
Universal Health Services Q1 FY26 — Strong Performance with Talkspace Acquisition and AI Integration
Read the full callDec 2025 (Q4 FY25) — Feb 26, 2026
Universal Health Services Q4 FY25 — Strong Growth and Strategic Investments
Read the full callEvery analysed call
Universal Health Services earnings calls (UHS)
Financials
What the filings say
Net profit, year on year: +1% (quarter to jun 2026 against jun 2025).
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 3,963 | 4,114 | 4,100 | 4,284 | 4,495 | 4,486 | 4,495 | 4,638 |
| Operating profit | 384 | 472 | 455 | 500 | 522 | 517 | 503 | 517 |
| Operating margin | 9.7% | 11.5% | 11.1% | 11.7% | 11.6% | 11.5% | 11.2% | 11.1% |
| Interest | 45 | 40 | 40 | 35 | 38 | 42 | 37 | 40 |
| Profit before tax | 342 | 438 | 420 | 473 | 497 | 581 | 469 | 479 |
| Tax rate | 22.1% | 23.1% | 23.5% | 23.4% | 23.7% | 23.0% | 23.5% | 23.9% |
| Net profit | 259 | 332 | 317 | 353 | 373 | 446 | 349 | 358 |
| EPS ($ per share) | 3.89 | — | 4.87 | 5.49 | 5.92 | — | 5.71 | 6.01 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Reserves | 5,793 | 5,934 | 6,748 | 6,604 | 6,534 | 6,799 | 7,372 | 7,993 |
| Total liabilities | 5,800 | 6,089 | 7,075 | 6,900 | 7,529 | 7,771 | 7,720 | 8,189 |
| Fixed assets | 4,848 | 5,017 | 5,373 | 5,874 | 5,918 | 6,125 | 6,572 | 7,008 |
| Total assets | 11,265 | 11,668 | 13,477 | 13,094 | 13,494 | 13,968 | 14,470 | 15,528 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 1,275 | 1,438 | 2,360 | 884 | 996 | 1,268 | 2,067 | 1,864 |
| Cash from investing | -747 | -688 | -803 | -914 | -647 | -763 | -911 | -1,071 |
| Cash from financing | -492 | -845 | -385 | -1,069 | -318 | -494 | -1,145 | -750 |
| Net cash flow | 32 | -94 | 1,173 | -1,100 | 22 | 14 | 10 | 47 |
| Capital expenditure | -665 | -634 | -731 | -856 | -734 | -743 | -944 | -1,015 |
| Free cash flow | 610 | 804 | 1,629 | 28 | 262 | 525 | 1,123 | 849 |
UHS revenue by segment
| Segment | Q3 FY2024 | Q4 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Acute Care Hospital Services | 57% | 56% | 57% | 56% | 59% | 57% | 58% | 56% | +8.7% |
| Behavioral Health Services | 43% | 44% | 43% | 44% | 41% | 43% | 42% | 44% | +7.7% |
| All Other Segments | <1% | <1% | <1% | <1% | <1% | <1% | <1% | <1% | +8.9% |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
Revenue by region
Q2 FY2026 · share of revenue
- GB 6%
As UHS cuts its regions in its filings; they can nest, so they need not add to 100%.
Insider filings
81 filings between Oct 29, 2025 and May 27, 2026.
Open market
decisions to buy or sellPurchases
None
No insider bought shares.
Sales
$1.20M
5 sales by 2 insiders
Compensation
not trading decisions- 15
- Award — granted as compensation
- 17
- Option exercise — converted options into shares
- 26
- Tax withheld — shares kept back by the company to cover tax
Also filed: 18 other filings.
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| Nimetz Warren J. | — | $852.3K | Nov 11, 2025 |
| SUSSMAN ELLIOT J MD MBA | — | $345.9K | Mar 13, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| May 27, 2026 | MILLER ALAN B Executive Chairman | Other | 9,418 | $0 |
| May 27, 2026 | MILLER ALAN B Executive Chairman | Other | 13,963 | $0 |
| May 27, 2026 | MILLER ALAN B Executive Chairman | Other | 14,163 | $0 |
| May 27, 2026 | MILLER ALAN B Executive Chairman | Other | 9,418 | $0 |
| May 27, 2026 | MILLER ALAN B Executive Chairman | Other | 14,163 | $0 |
| May 27, 2026 | MILLER ALAN B Executive Chairman | Other | 50,990 | $0 |
| May 27, 2026 | MILLER ALAN B Executive Chairman | Other | 25,495 | $0 |
| May 27, 2026 | MILLER ALAN B Executive Chairman | Other | 14,163 | $0 |
| May 27, 2026 | MILLER ALAN B Executive Chairman | Other | 9,418 | $0 |
| May 27, 2026 | MILLER ALAN B Executive Chairman | Other | 14,163 | $0 |
| May 27, 2026 | MILLER ALAN B Executive Chairman | Other | 9,418 | $0 |
| May 27, 2026 | MILLER ALAN B Executive Chairman | Other | 50,990 | $0 |
| May 27, 2026 | MILLER ALAN B Executive Chairman | Other | 14,163 | $0 |
| May 27, 2026 | MILLER ALAN B Executive Chairman | Other | 25,495 | $0 |
| May 27, 2026 | MILLER ALAN B Executive Chairman | Other | 13,963 | $0 |
| May 27, 2026 | MILLER ALAN B Executive Chairman | Other | 25,495 | $0 |
| May 27, 2026 | MILLER ALAN B Executive Chairman | Other | 14,163 | $0 |
| May 27, 2026 | MILLER ALAN B Executive Chairman | Other | 25,495 | $0 |
| May 20, 2026 | Nimetz Warren J. Director | Award | 1,217 | $0 |
| May 20, 2026 | Chen-Langenmayr Nina Director | Award | 1,217 | $0 |
| May 20, 2026 | SUSSMAN ELLIOT J MD MBA Director | Award | 1,217 | $0 |
| May 20, 2026 | McDonnell Eileen C. Director | Award | 1,217 | $0 |
| May 20, 2026 | Singer Maria Ruderman Director | Award | 1,217 | $0 |
| Mar 26, 2026 | FILTON STEVE Executive Vice President & CFO | Award | 6,850 | $0 |
| Mar 26, 2026 | Sim Edward H Executive Vice President | Award | 6,404 | $0 |
| Mar 26, 2026 | Peterson Matthew Jay Executive Vice President, UHS | Award | 5,627 | $0 |
| Mar 26, 2026 | MILLER ALAN B Executive Chairman | Award | 14,153 | $0 |
| Mar 26, 2026 | Miller Marc D President and CEO | Award | 29,715 | $0 |
| Mar 21, 2026 | MILLER ALAN B Executive Chairman | Tax withheld | 1,177 | $218.7K |
| Mar 21, 2026 | Sim Edward H Executive Vice President | Tax withheld | 593 | $110.2K |
| Mar 21, 2026 | Peterson Matthew Jay Executive Vice President, UHS | Tax withheld | 512 | $95.1K |
| Mar 21, 2026 | FILTON STEVE Executive Vice President & CFO | Tax withheld | 616 | $114.5K |
| Mar 21, 2026 | Miller Marc D President and CEO | Tax withheld | 2,239 | $416.1K |
| Mar 19, 2026 | Miller Marc D President and CEO | Tax withheld | 2,762 | $523.6K |
| Mar 19, 2026 | MILLER ALAN B Executive Chairman | Tax withheld | 1,399 | $265.2K |
| Mar 19, 2026 | Sim Edward H Executive Vice President | Tax withheld | 704 | $133.5K |
| Mar 19, 2026 | Peterson Matthew Jay Executive Vice President, UHS | Tax withheld | 608 | $115.3K |
| Mar 19, 2026 | FILTON STEVE Executive Vice President & CFO | Tax withheld | 731 | $138.6K |
| Mar 13, 2026 | SUSSMAN ELLIOT J MD MBA Director | Sale | 356 | $68.8K |
| Mar 13, 2026 | SUSSMAN ELLIOT J MD MBA Director | Tax withheld | 894 | $173.7K |
| Mar 13, 2026 | SUSSMAN ELLIOT J MD MBA Director | Option exercise | 1,250 | $173.5K |
| Mar 12, 2026 | Miller Marc D President and CEO | Option exercise | 50,000 | $6.94M |
| Mar 12, 2026 | FILTON STEVE Executive Vice President & CFO | Tax withheld | 6,818 | $1.30M |
| Mar 12, 2026 | FILTON STEVE Executive Vice President & CFO | Award | 16,044 | $0 |
| Mar 12, 2026 | FILTON STEVE Executive Vice President & CFO | Tax withheld | 71,752 | $13.80M |
| Mar 12, 2026 | FILTON STEVE Executive Vice President & CFO | Option exercise | 44,037 | $6.72M |
| Mar 12, 2026 | FILTON STEVE Executive Vice President & CFO | Option exercise | 39,200 | $5.44M |
| Mar 12, 2026 | Miller Marc D President and CEO | Option exercise | 50,425 | $7.70M |
| Mar 12, 2026 | Miller Marc D President and CEO | Tax withheld | 86,045 | $16.42M |
| Mar 12, 2026 | Miller Marc D President and CEO | Award | 63,036 | $0 |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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