Filing Flows

Filing Flows › Companies › Universal Health Services › Cash flow

Universal Health Services cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$422M in Q3 2026 · $1.1B over twelve months

Operating cash flow$637M
Capital spending−$215M
Free cash flow+$422M
Cash / net income2.0×

Analysis

In Q3 2026, Universal Health Services generated $637M of operating cash flow and spent $215M on capital projects, leaving free cash flow of $422M. That is $270M more than in Q3 2025 ($152M).

Over the twelve months to Sep 30, 2026, operating cash flow was $2.1B; the largest uses were buybacks ($1.1B), acquisitions ($1.0B), capital spending ($941M); besides operations, cash came from net borrowing (+) / repaid (−) ($1.0B), other investing ($44.9M); the cash balance rose by $86.0M.

Operating cash flow was $637M against net income of $313M — 2.0× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$175M, stock-based pay +$26.4M, other operating capital +$23.5M.

Free cash flow

Universal Health Services: free cash flow by quarterUniversal Health Services: free cash flow by quarter$412MQ4 2024$121MQ1 2025$283MQ2 2025$152MQ3 2025$293MQ4 2025$184MQ1 2026$216MQ2 2026$422MQ3 2026
Operating cash flow less capital spending.
Universal Health Services: operating cash flow against capital spendingUniversal Health Services: operating cash flow against capital spendingOperating cash flowCapital spending$658M$246MQ4 2024$360M$239MQ1 2025$549M$266MQ2 2025$381M$229MQ3 2025$575M$281MQ4 2025$402M$217MQ1 2026$443M$228MQ2 2026$637M$215MQ3 2026
Latest (Q3 2026): Operating cash flow $637M, Capital spending $215M.

Capital allocation, year by year

Universal Health Services: where the cash came from (up) and went (down), by fiscal yearUniversal Health Services: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksDividendsFY2021: Operating cash flow $884MFY2021: Net borrowing $214MFY2021: Shares issued $13.4MFY2021: Asset sales $25.0MFY2021: Capital spending −$856MFY2021: Acquisitions −$105MFY2021: Buybacks −$1.2BFY2021: Dividends −$65.9M$1.1BFY2021FY2022: Operating cash flow $996MFY2022: Net borrowing $612MFY2022: Shares issued $14.1MFY2022: Asset sales $12.0MFY2022: Capital spending −$734MFY2022: Acquisitions −$20.3MFY2022: Buybacks −$833MFY2022: Dividends −$58.4M$1.6BFY2022FY2023: Operating cash flow $1.3BFY2023: Net borrowing $99.6MFY2023: Shares issued $13.7MFY2023: Asset sales $24.0MFY2023: Capital spending −$743MFY2023: Acquisitions −$3.7MFY2023: Buybacks −$547MFY2023: Dividends −$55.5M$1.4BFY2023FY2024: Operating cash flow $2.1BFY2024: Net borrowing −$434MFY2024: Shares issued $15.1MFY2024: Asset sales $39.0MFY2024: Capital spending −$944MFY2024: Acquisitions −$19.0MFY2024: Buybacks −$671MFY2024: Dividends −$53.3M$2.1BFY2024FY2025: Operating cash flow $1.9BFY2025: Net borrowing $240MFY2025: Shares issued $16.7MFY2025: Asset sales $16.0MFY2025: Capital spending −$1.0BFY2025: Acquisitions −$47.8MFY2025: Buybacks −$968MFY2025: Dividends −$51.3M$2.1BFY2025
Over these 5 years operating cash flow totalled $7.1B; the largest uses were capital spending ($4.3B) and buybacks ($4.2B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$169M
Debt$5.7B
Net debt$5.5B
Due within a year$749M

Universal Health Services funds itself: free cash flow was $1.1B over the last twelve months, and $169M of cash and investments stands against $5.7B of debt ($749M due within a year, 0.2× covered by cash).

Universal Health Services: debt maturities by year (FY2025)Universal Health Services: debt maturities by year (FY2025)$749MYear 1$70.7MYear 2$71.5MYear 3$1.9BYear 4$812MYear 5$1.1BAfter year 5
Principal due in each year as disclosed in the annual report, against $169M of cash and investments now.

Where the cash came from and went

Universal Health Services: sources (+) and uses (−) of cash, Q3 2026Universal Health Services: sources (+) and uses (−) of cash, Q3 2026Acquisitions−$998MNet borrowing (+) / repaid (−)$873MOperating cash flow$637MBuybacks−$245MCapital spending−$215MCash drawn (+) / kept (−)−$30.2MOther financing−$13.3MDividends−$11.8MShares issued$4.3MAsset & business sales$2.0MOther investing−$1.2MPartners−$903K
Universal Health Services: sources (+) and uses (−) of cash, TTM to Q3 2026Universal Health Services: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$2.1BBuybacks−$1.1BNet borrowing (+) / repaid (−)$1.0BAcquisitions−$1.0BCapital spending−$941MCash drawn (+) / kept (−)−$86.0MDividends−$48.9MOther investing$44.9MAsset & business sales$31.0MShares issued$17.5MOther financing−$12.8MPartners−$5.7M

From profit to cash

Universal Health Services: net income to operating cash flow, Q3 2026Universal Health Services: net income to operating cash flow, Q3 2026Net income$313MDepreciation & amortization$175MStock-based pay$26.4MReceivables$21.5MPrepaid and other assets$7.2MOther liabilities−$3.0MOther operating capital$23.5MOperating cash flow$637M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$637M−$215M−$998M−$245M−$11.8M$873M$4.3M−$30.2M$422M
Q2 2026$443M−$228M—−$321M−$11.8M$142M$4.9M−$19.8M$216M
Q1 2026$402M−$217M−$4.9M−$164M−$13.0M−$45.2M$3.8M$18.8M$184M
Q4 2025$575M−$281M−$32K−$352M−$12.4M$60.3M$4.6M−$54.7M$293M
Q3 2025$381M−$229M−$39.5M−$237M−$12.5M$105M$4.0M$24.8M$152M
Q2 2025$549M−$266M—−$155M−$12.9M−$68.0M$4.5M−$17.7M$283M
Q1 2025$360M−$239M−$8.3M−$223M−$13.5M$143M$3.7M$1.0M$121M
Q4 2024$658M−$246M−$19.0M−$250M−$13.0M−$169M$4.2M−$20.2M$412M

Universal Health Services: income statement and cash flow

Universal Health Services, Q3 2026: revenue $4.7B (+5% year over year), operating margin 9.6%. The chart follows the revenue to costs, profit and cash.

Universal Health Services: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.