Universal Health Services (UHS) Q1 FY2026 earnings: revenue $4.5 billion, up 9.6% on the year

Universal Health Services Inc. (UHS) reported revenue of $4.5 billion for Q1 FY2026, the quarter ended 31 March 2026, up 9.6% on the same quarter a year earlier. Net income was $349 million, up 10.1% on the year, and diluted earnings per share $5.65. The figures are the company's own, from the 10-Q it filed with the SEC on 7 May 2026.

Revenue

$4.5 billion

+9.6% on the year · +0.2% on the quarter

Q2 FY2024Q1 FY2026

Operating margin

11.2%

11.1% a year earlier

Q2 FY2024Q1 FY2026

Net income

$349 million

+10.1% on the year · -21.8% on the quarter

Q2 FY2024Q1 FY2026

Diluted EPS

$5.65

+17.7% on the year · -20.0% on the quarter

Q2 FY2024Q1 FY2026

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

What management said

Revenue rose 9.6% in the quarter: Net revenues were $4.495 billion against $4.100 billion a year earlier, a 9.6% increase.
Diluted EPS reached $5.65: Reported diluted EPS was $5.65, against $4.80 a year earlier, on net income attributable to UHS of $348.7 million.
Acute same-facility revenue up 8.2%: Same facility acute care revenues rose 8.2%. Adjusted admissions were unchanged, adjusted patient days rose 0.8%, and revenue per adjusted admission rose 6.3%.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Revenue	4,495	4,486	4,100	+0.2%	+9.6%
Operating income	503	517	455	-2.8%	+10.6%
Operating margin	11.2%	11.5%	11.1%
Interest expense	37.1	42.2	40.1	-12.0%	-7.3%
Pre-tax income	469	581	420	-19.3%	+11.6%
Income tax	110	134	98.8	-17.3%	+11.8%
Effective tax rate	23.5%	23.0%	23.5%
Net income	349	446	317	-21.8%	+10.1%
Net margin	7.8%	9.9%	7.7%
Diluted EPS	$5.65	$7.06	$4.80	-20.0%	+17.7%

$ 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	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Operating cash flow	402	575	360	-30.1%	+11.5%
Capital expenditure	217	281	239	-22.8%	-9.1%
Free cash flow	184	293	121	-37.1%	+52.4%
Free cash flow margin	4.1%	6.5%	3.0%
Cash from investing	-198	-224	-271
Cash from financing	-222	-296	-91.4
Depreciation and amortisation	155	163	148	-4.8%	+4.8%
Share-based compensation	22.5	25.1	21.6	-10.3%	+4.2%
Buybacks	164	352	223	-53.5%	-26.7%
Dividends paid	13.0	12.4	13.5	+4.9%	-4.1%
Dividend per share	$0.20	n/a	$0.20		0.0%
Diluted shares, weighted	62m	64m	66m	-4.3%	-6.6%
Shares outstanding at period end	61m	61m	64m	-0.9%	-6.1%

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	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Shareholders' equity	7,465	7,276	6,786	+2.6%	+10.0%
Non-controlling interest	66.2	63.0	86.8	+5.2%	-23.7%
Redeemable equity	73.4	70.6	13.3	+3.9%	+450.7%
Debt	4,700	4,753	4,650	-1.1%	+1.1%
Operating lease liabilities	345	341	369	+1.1%	-6.5%
Finance lease liabilities	n/a	85.4	n/a
Other liabilities	3,032	2,940	2,971	+3.1%	+2.0%
Total liabilities and equity	15,681	15,528	14,875	+1.0%	+5.4%
Fixed assets	7,064	7,008	6,697	+0.8%	+5.5%
Goodwill	3,981	3,990	3,948	-0.2%	+0.8%
Intangible assets	n/a	75.9	n/a
Cash and equivalents	119	138	127	-13.6%	-6.1%
Receivables	2,745	2,602	2,412	+5.5%	+13.8%
Other assets	1,773	1,713	1,692	+3.5%	+4.7%
Total assets	15,681	15,528	14,875	+1.0%	+5.4%

Questions

What was Universal Health Services' revenue in Q1 FY2026?

Universal Health Services (UHS) reported revenue of $4.5 billion for Q1 FY2026, the quarter ended 31 March 2026, up 9.6% on the same quarter a year earlier.

How much did Universal Health Services earn in Q1 FY2026?

Net income for Q1 FY2026 was $349 million, up 10.1% on the year, and diluted earnings per share $5.65.

When did Universal Health Services report Q1 FY2026 results?

Universal Health Services filed its 10-Q for the quarter ended 31 March 2026 with the SEC on 7 May 2026.

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-Q for the period ended 31 March 2026, filed 7 May 2026: the filing.