Universal Health Services (UHS) Q2 2025 earnings summary

Executive summary

• Q2 2025 net income attributable to shareholders rose to $353M ($5.43/share), up 22% year-over-year, with net revenues increasing 9.6% to $4.28B, driven by growth in both acute care and behavioral health segments and contributions from new facilities.

• Adjusted net income per diluted share was $5.35, with strong acute care revenue growth and effective expense management driving a 10% increase in same-facility EBITDA year-over-year.

• Operating income margin improved to 11.7% in Q2 2025 from 11.2% in Q2 2024, with both segments showing margin expansion.

• EPS guidance midpoint for 2025 was raised by 7% to $20.50 per diluted share, reflecting increased DPP reimbursement.

• Results included $101M in incremental Medicaid reimbursements and a $25M pre-tax loss from a new acute care hospital in Washington, D.C.

Financial highlights

• Q2 2025 net revenues: $4.28B (up 9.6% year-over-year); six months: $8.38B (up 8.2%).

• Q2 2025 net income attributable to shareholders: $353M (up 22%); adjusted net income was $5.35 per share.

• Cash from operating activities for the first six months was $909M, down from $1.08B in the prior year.

• Capital expenditures totaled $505M in H1 2025, with full-year guidance of $950M–$1.1B.

• 1.9M shares repurchased for $332M in H1 2025; $492.9M remains authorized for repurchase.

Outlook and guidance

• 2025 EPS guidance midpoint increased to $20.50 per diluted share, up from $19.20; full-year net revenue forecast raised to $17.10B–$17.31B.

• 2025 adjusted EBITDA net of NCI forecast increased to $2.46B–$2.54B.

• Guidance excludes potential Medicaid supplemental programs in D.C. and other pending approvals.

• Cedar Hill Regional Medical Center expected to remain a drag through 2025, with profitability ramping up by 2026.

• Behavioral segment targeting 2.5%-3% adjusted patient day growth long-term, with focus on outpatient expansion.