Universal Health Services

Universal Health Services (UHS) owns and operates hospitals and other health care facilities. It has two segments, Acute Care Hospital Services and Behavioral Health Care Services. At September 30, 2026, it operated 30 inpatient acute care facilities, 388 inpatient behavioral health facilities and 169 outpatient and other facilities in 40 states, Washington, D.C., Puerto Rico, Ireland and the United Kingdom.

Revenue was about $17.4 billion in 2025, and UHS has more than 102,000 employees. Medicare, Medicaid and state supplemental payment programs pay for a large part of its services. In August 2026, UHS bought Talkspace, a virtual behavioral health company with about 6,000 licensed professionals.

The market prices UHS for the risk that government payments to hospitals will fall. The One Big Beautiful Bill Act of July 2025 adds work requirements to Medicaid and limits the provider fees that states use to fund supplemental payments. UHS receives Medicaid revenue of about $100 million or more each year from each of 15 states and Washington, D.C., and most of these programs are approved one year at a time. In Q2 2026, a $100 million benefit from the Florida Medicaid directed payment program helped results, but CMS has not approved the larger program for periods after September 30, 2025.

UHS lowered its 2026 adjusted EPS guidance to $22.28 to $23.65 from $22.64 to $24.52. Regulators also ended the Medicare agreement of the Laurel Ridge behavioral facility in Texas and revoked the licenses of the Provo Canyon School campuses in Utah in 2026. Growth also slowed in Q3 2026. Same facility revenue rose 4.7% in acute care and 4.0% in behavioral health, down from 8.2% and 7.4% in Q2 2026, and adjusted EPS fell to $5.22 from $5.69.

For the gap to close, three things must be true. Volumes and revenue per admission must keep growing in both segments. Results must stay near the revised 2026 guidance without new large cuts to state payment programs. The Talkspace purchase must add to behavioral growth and pay for its higher interest cost.

The Q4 2026 report and the 2027 guidance, expected in early 2027, show how management expects the payment changes to affect earnings. If these checks pass, the gap can close over the next four to six quarters. The main reason it may not close is a cut to Medicaid supplemental payments, which UHS cannot control.

1. Oct 27, 2026Passed

   Q3 2026 earnings: volumes and guidanceSame facility revenue growth in both segments and 2026 guidance kept within the revised range pass; a new guidance cut or new large payment cuts fail.Outcome: Same facility revenue grew in both segments and UHS did not cut its 2026 guidance, although growth slowed and adjusted EPS fell from Q3 2025.
2. Jan 27, 2027 · est.Pending

   2026 results and 2027 guidance2027 guidance for adjusted EPS growth despite the Medicaid changes passes; guidance for lower adjusted EPS fails.

Every passed and failed checkpoint across all picks

• October 27, 2026UHS reported Q3 2026 results. Net revenues rose 5.3% to $4.733 billion. Net income was $308.7 million, or $5.22 per diluted share, against $5.69 adjusted in Q3 2025. Same facility revenue rose 4.7% in acute care and 4.0% in behavioral health. The results included a net benefit of about $21 million before tax: $47 million more from Medicaid supplemental payment programs, mostly in Washington, D.C. and California, less a $26 million increase in liability reserves. UHS bought back 1.35 million shares for about $242.1 million. The release did not change the 2026 guidance.
• October 27, 2026UHS said that in August 2026 it reached a tentative settlement of all current claims in the Cumberland Hospital lawsuits in Virginia, where a 2024 jury awarded three plaintiffs large damages. The terms are confidential. UHS said that commercial excess insurance covers a large part of the amount and its reserves cover the rest.
• August 20, 2026UHS completed the sale of $600 million of 5.500% senior secured notes due 2031 and $500 million of 6.000% senior secured notes due 2036.

Last earnings

October 27, 2026 (8-K on sec.gov)

Next earnings

Expected about January 27, 2027. The company has not confirmed the date.

• 10-QQuarterly report for the period ended Sep 30, 2026Filed November 6, 2026 · uhs-20260930
• 8-KEarnings releaseFiled October 27, 2026 · Press release and exhibits
• 8-KNew material agreement and New debt or financial obligationFiled August 21, 2026 · Read it on sec.gov
• 8-KNew debt or financial obligation and Other company newsFiled August 17, 2026 · uhs-20260817
• 8-KNew material agreementFiled August 13, 2026 · Read it on sec.gov
• 10-QQuarterly report for the period ended Jun 30, 2026Filed August 7, 2026 · uhs-20260630
• 8-KEarnings releaseFiled July 28, 2026 · Press release and exhibits
• 8-KNew material agreement and New debt or financial obligationFiled July 21, 2026 · uhs-20260720
• 8-KShareholder vote resultsFiled May 22, 2026 · uhs-20260520
• 8-KChange of directors or officersFiled May 21, 2026 · uhs-20260518

Every filing on SEC EDGAR (CIK 352915)

• Medicaid and state supplemental payment programs are a large part of revenue, and most programs are approved one year at a time. The One Big Beautiful Bill Act limits the provider fees that fund these payments and adds work requirements that can reduce Medicaid enrollment. Lower payments reduce earnings directly.
• Regulators took action against behavioral facilities in 2026. CMS ended the Medicare and Medicaid agreement of Laurel Ridge Treatment Center in Texas, and Utah revoked the licenses of the Provo Canyon School campuses. More actions can cause lost revenue, legal costs and harm to the company's name.
• UHS is self-insured for much of its professional and general liability. It increased this reserve by $28 million in Q2 2026 and by $26 million in Q3 2026, mostly for the tentative Cumberland settlement. Large claims or jury awards can cause new charges.
• UHS paid about $835 million for Talkspace with borrowed money. Net interest expense rose to $56.3 million in Q3 2026 from $38.4 million in Q3 2025. If virtual behavioral health grows more slowly than expected, the purchase adds debt without the expected growth.

UHS funds its operations with senior secured notes, term loans and a $1.5 billion revolving credit facility. At September 30, 2026, total debt was $5.71 billion and cash was $169 million. Read more

Yield at the current rate

0.4% (current annual rate, at today’s price)

Dividend yield

0.4% (last 12 months, at today’s price of $196.77)

Paid per share

$0.80 in the last 12 months (4 payments)

Current annual rate

$0.80 ($0.20 × 4 a year)

Payout ratio

3% of the last fiscal year’s earnings (the year that ended December 31, 2025)

Latest ex-dividend date

September 1, 2026, $0.20 per share

Dividends per share by year

From 2020 to 2025, the dividend grew by about 32.0% a year. From 2015 to 2025, the dividend grew by about 7.2% a year.

Source: company filings and market data, read on November 13, 2026. The ex-dividend date is the first day a buyer no longer gets the next payment.