Universal Health Services (UHS) Q4 FY2025 earnings: revenue $4.5 billion, up 9.1% on the year

Universal Health Services Inc. (UHS) reported revenue of $4.5 billion for Q4 FY2025, the quarter ended 31 December 2025, up 9.1% on the same quarter a year earlier. Net income was $446 million, up 34.2% on the year, and diluted earnings per share $7.06. The figures are the company's own, from the 10-K it filed with the SEC on 25 February 2026.

Revenue

$4.5 billion

+9.1% on the year · -0.2% on the quarter

Q1 FY2024Q4 FY2025

Operating margin

11.5%

11.5% a year earlier

Q1 FY2024Q4 FY2025

Net income

$446 million

+34.2% on the year · +19.6% on the quarter

Q1 FY2024Q4 FY2025

Diluted EPS

$7.06

+42.3% on the year · +20.5% on the quarter

Q1 FY2024Q4 FY2025

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 11 new.

Fourth-quarter net income rose: Fourth-quarter net income attributable to UHS was $445.9 million, or $7.06 per diluted share, against $332.4 million, or $4.96, a year earlier. Net revenues rose 9.1% to $4.486 billion, from $4.114 billion.
Generative AI stake gain in reported results: Reported results included an unrealized after-tax gain on a minority stake in a healthcare generative AI company, recorded in other (income) expense, net. Adjusted results exclude this gain.
Full-year net income and revenue: Full-year 2025 net income attributable to UHS was $1.489 billion, or $23.10 per diluted share, against $1.142 billion, or $16.82. Net revenues rose 9.7% to $17.365 billion.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Revenue	4,486	4,495	4,114	-0.2%	+9.1%
Operating income	517	522	472	-0.9%	+9.5%
Operating margin	11.5%	11.6%	11.5%
Interest expense	42.2	38.4	39.7	+9.9%	+6.3%
Pre-tax income	581	497	438	+17.0%	+32.7%
Income tax	134	118	101	+13.4%	+31.9%
Effective tax rate	23.0%	23.7%	23.1%
Net income	446	373	332	+19.6%	+34.2%
Net margin	9.9%	8.3%	8.1%
Diluted EPS	$7.06	$5.86	$4.96	+20.5%	+42.3%

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Operating cash flow	575	381	658	+51.0%	-12.7%
Capital expenditure	281	229	246	+22.9%	+14.3%
Free cash flow	293	152	412	+93.3%	-28.9%
Free cash flow margin	6.5%	3.4%	10.0%
Cash from investing	-224	-269	-208
Cash from financing	-296	-135	-427
Depreciation and amortisation	163	155	147	+5.3%	+11.3%
Share-based compensation	25.1	24.9	26.6	+0.9%	-5.7%
Buybacks	352	237	250	+48.3%	+40.7%
Dividends paid	12.4	12.5	13.0	-0.8%	-5.2%
Dividend per share	n/a	$0.20	n/a
Diluted shares, weighted	64m	64m	68m	+1.3%	-5.1%
Shares outstanding at period end	61m	62m	65m	-2.2%	-6.0%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Shareholders' equity	7,276	7,170	6,666	+1.5%	+9.1%
Non-controlling interest	63.0	60.8	83.3	+3.6%	-24.4%
Redeemable equity	70.6	67.0	13.3	+5.4%	+431.3%
Debt	4,753	4,700	4,505	+1.1%	+5.5%
Operating lease liabilities	341	346	376	-1.7%	-9.4%
Finance lease liabilities	85.4	n/a	87.2		-2.1%
Other liabilities	2,940	3,000	2,739	-2.0%	+7.3%
Total liabilities and equity	15,528	15,344	14,470	+1.2%	+7.3%
Fixed assets	7,008	6,973	6,572	+0.5%	+6.6%
Goodwill	3,990	3,989	3,933	+0.0%	+1.5%
Intangible assets	75.9	n/a	76.3		-0.5%
Cash and equivalents	138	113	126	+22.1%	+9.4%
Receivables	2,602	2,585	2,178	+0.7%	+19.5%
Other assets	1,713	1,683	1,585	+1.8%	+8.1%
Total assets	15,528	15,344	14,470	+1.2%	+7.3%

Questions

What was Universal Health Services' revenue in Q4 FY2025?

Universal Health Services (UHS) reported revenue of $4.5 billion for Q4 FY2025, the quarter ended 31 December 2025, up 9.1% on the same quarter a year earlier.

How much did Universal Health Services earn in Q4 FY2025?

Net income for Q4 FY2025 was $446 million, up 34.2% on the year, and diluted earnings per share $7.06.

When did Universal Health Services report Q4 FY2025 results?

Universal Health Services filed its 10-K for the year that ended with the quarter on 25 February 2026; the fourth quarter is the year less the first three.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	3,275	3,293	3,323	3,336	3,447	3,468	3,548	3,563	3,704	3,844	3,908	3,963	4,114	4,100	4,284	4,495	4,486	4,495	4,638	4,733
Operating income	314	233	233	276	261	279	280	285	331	389	436	384	472	455	500	522	517	503	517	454
Operating margin	10%	7%	7%	8%	8%	8%	8%	8%	9%	10%	11%	10%	11%	11%	12%	12%	12%	11%	11%	10%
Interest expense	19.2	21.7	25.7	35.7	43.9	50.9	48.8	53.4	53.6	52.8	48.9	44.7	39.7	40.1	35.4	38.4	42.2	37.1	39.9	56.3
Pre-tax income	307	200	210	234	222	214	225	221	281	336	382	342	438	420	473	497	581	469	479	414
Tax rate	24%	24%	24%	25%	23%	24%	25%	24%	22%	21%	23%	22%	23%	23%	23%	24%	23%	24%	24%	24%
Net income	239	154	164	183	175	163	171	167	216	262	289	259	332	317	353	373	446	349	358	309
Net margin	7%	5%	5%	5%	5%	5%	5%	5%	6%	7%	7%	7%	8%	8%	8%	8%	10%	8%	8%	7%
Diluted EPS	$3.00	$2.02	$2.20	$2.50	$2.43	$2.28	$2.42	$2.40	$3.16	$3.82	$4.26	$3.80	$4.96	$4.80	$5.43	$5.86	$7.06	$5.65	$5.98	$5.22
Operating cash flow	322	445	32.6	221	297	291	363	162	452	396	679	333	658	360	549	381	575	402	443	637
Capital expenditure	190	200	208	162	164	169	168	200	206	209	241	248	246	239	266	229	281	217	228	215
Free cash flow	132	245	-175	59.1	133	122	195	-38.3	246	188	438	85.0	412	121	283	152	293	184	216	422
Buybacks	450	366	200	158	110	85.0	125	176	162	142	95.9	183	250	223	155	237	352	164	321	245
Dividends paid	15.6	14.9	14.8	14.6	14.3	14.2	14.0	13.7	13.5	13.6	13.4	13.3	13.0	13.5	12.9	12.5	12.4	13.0	11.8	11.8
Shares outstanding	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	65m	64m	64m	62m	61m	61m	59m	58m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-K for the period ended 31 December 2025, filed 25 February 2026: the filing.