Universal Health Services
UHS · NYSEServices-General Medical & Surgical Hospitals, NEC · Fiscal year ends Dec 31
Universal Health Services reported revenue of $17.4B in the fiscal year ended Dec 2025, up 9.7% from the year before. Operating income was $2B, an operating margin of 11.5%, and net income was $1.5B. Operating cash flow of $1.9B less capital expenditure of $1B left free cash flow of $849M. Net debt was $4.6B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $12.6B | $13.4B | $14.3B | $15.8B | $17.4B |
| Operating income | $1.4B | $1B | $1.2B | $1.7B | $2B |
| Interest expense | $84M | $127M | $207M | $186M | $156M |
| Pre-tax income | $1.3B | $866M | $940M | $1.5B | $2B |
| Income tax | $306M | $209M | $221M | $335M | $461M |
| Net income | $992M | $676M | $718M | $1.1B | $1.5B |
| Diluted EPS | 11.82 | 9.14 | 10.23 | 16.82 | 23.10 |
| Diluted shares | 84M | 74M | 70M | 68M | 64M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $115M | $103M | $119M | $126M | $138M |
| Receivables | $1.7B | $2B | $2.2B | $2.2B | $2.6B |
| Current assets | $2.3B | $2.5B | $2.8B | $2.8B | $3.4B |
| Net PP&E | $5.9B | $5.9B | $6.1B | $6.6B | $7B |
| Goodwill | $4B | $3.9B | $3.9B | $3.9B | $4B |
| Total assets | $13.1B | $13.5B | $14B | $14.5B | $15.5B |
| Payables | $659M | $637M | $614M | $632M | $750M |
| Current liabilities | $2B | $1.9B | $2B | $2.2B | $3.2B |
| Short-term debt | $48M | $81M | $127M | $40M | $748M |
| Long-term debt | $4.1B | $4.7B | $4.8B | $4.5B | $4B |
| Shareholders' equity | $6.1B | $5.9B | $6.1B | $6.7B | $7.3B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $884M | $996M | $1.3B | $2.1B | $1.9B |
| Capital expenditure | $856M | $734M | $743M | $944M | $1B |
| Free cash flow | $28M | $262M | $525M | $1.1B | $849M |
| Depreciation & amortisation | $533M | $582M | $568M | $585M | $619M |
| Stock-based compensation | $74M | $85M | $88M | $99M | $96M |
| Acquisitions | $105M | $20M | $4M | $19M | $48M |
| Share buybacks | $1.2B | $833M | $547M | $671M | $968M |
| Dividends paid | $66M | $58M | $55M | $53M | $51M |
| Dividend per share | 0.80 | 0.80 | 0.80 | 0.80 | 0.80 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 6.0% | 6.6% | 10.8% | 9.7% |
| Operating income growth (YoY) | – | −26.4% | 17.1% | 43.1% | 18.6% |
| EPS growth (YoY) | – | −22.7% | 11.9% | 64.4% | 37.3% |
| Operating margin | 10.8% | 7.5% | 8.2% | 10.6% | 11.5% |
| Net margin | 7.8% | 5.0% | 5.0% | 7.2% | 8.6% |
| Return on equityBlank when equity is negative | 16.3% | 11.4% | 11.7% | 17.1% | 20.5% |
| ROCEEBIT ÷ (assets − current liabilities) | 12.3% | 8.7% | 9.8% | 13.7% | 16.2% |
| Free cash flow margin | 0.2% | 2.0% | 3.7% | 7.1% | 4.9% |
| Cash conversion (CFO ÷ net income) | 0.89x | 1.47x | 1.77x | 1.81x | 1.25x |
| Receivable days | 50 | 55 | 57 | 50 | 55 |
| Interest cover | 16.3x | 7.91x | 5.69x | 9.04x | 12.8x |
| Debt ÷ equity | 0.69x | 0.81x | 0.80x | 0.68x | 0.65x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $4.1B | $4.7B | $4.8B | $4.4B | $4.6B |
| Current ratio | 1.14x | 1.33x | 1.40x | 1.27x | 1.05x |
Recent filings
More in Services-General Medical & Surgical Hospitals, Nec
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.