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Universal Health Services (UHS) earnings and revenue breakdown

Latest: Q3 2026 · 10-Q filed Nov 6, 2026 · Universal Health Services (UHS) Q3 2026 earnings results →

Q3 2026 Revenue up 5% year over year to $4.7B · 7¢ of every $1 of revenue kept as net profit · operating margin 9.6%

Universal Health Services made $4.7B in Q3 2026 (+5% Y/Y): Managed Care $1.2B, Medicaid $798M, Managed Medicaid $655M. Operating margin 9.6%, net earnings $309M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 6, 2026.

Revenue$4.7B

Year over year+5%

Operating margin9.6%

Net earnings$309M

Operating cash flow$637M

Drawing the Sankey…

Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF

What changed this quarter

Revenue was $4.7B in Q3 2026, up 5% year over year and up 2% from the previous quarter. Managed Care was the largest line at 26% of revenue. Managed Medicare added $0.06B year over year (up 12%), 25% of the total change. Managed Care declined 1%.

Operating profit was $0.45B, a 9.6% margin (down 2.0 points year over year). Operating profit fell $0.07B even though revenue rose $0.24B versus Q3 2025, so costs grew faster than sales. Total costs grew 8% against revenue growth of 5%. Net earnings were $0.31B, down 17% year over year. The effective tax rate was 24.3%.

Operating cash flow was $0.64B (up 67% year over year), 203% of net earnings. Non-cash charges added back $0.17B of depreciation and amortization and $0.03B of share-based compensation. Working capital and other items added $0.12B. Capital expenditures of $0.21B left free cash flow of $0.42B.

Quarterly history

Quarter	Form	Filed	Revenue	Y/Y	Op. margin	Net earnings	Op. cash flow
Q3 2026	10-Q	Nov 6, 2026	$4.7B	+5%	9.6%	$309M	$637M
Q2 2026	10-Q	Aug 7, 2026	$4.6B	+8%	11.1%	$358M	$443M
Q1 2026	10-Q	May 7, 2026	$4.5B	+10%	11.2%	$349M	$402M
Q4 2025	10-K	Feb 25, 2026	$4.5B	+9%	11.5%	$446M	$575M
Q3 2025	10-Q	Nov 7, 2025	$4.5B	+13%	11.6%	$373M	$381M
Q2 2025	10-Q	Aug 8, 2025	$4.3B	+10%	11.7%	$353M	$549M
Q1 2025	10-Q	May 8, 2025	$4.1B	+7%	11.1%	$317M	$360M

Charts

Latest (Q3 2026): Y/Y +5%, Q/Q +2%.

From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.

Latest (Q3 2026): Net income $313M, Operating cash flow $637M.

-24.7% since FY2020: buybacks shrank the count.

Cash $138M, short-term investments —, long-term debt $4.8B at 2025-12-31.

Services-General Medical & Surgical Hospitals, NEC; dot size is quarterly revenue; dashed lines are the industry's medians.