Filing Flows › Universal Health Services (UHS) › Q2 2026 › vs Q1 2026
Universal Health Services (UHS) Q2 2026 vs Q1 2026 (quarter over quarter)
Universal Health Services's revenue rose $143M (+3%) from $4.5B in Q1 2026 to $4.6B in Q2 2026. The biggest changes: Medicaid +$110M (+16%); Other Non Patient Revenue +$38.8M (+12%); Other Patient Revenue and Adjustments Net −$18.6M (-6%). Operating margin 11.1% against 11.2% (-0.0 pts).
Universal Health Services, Q2 2026: revenue $4.6B (+8% year over year), operating margin 11.1%, net earnings $358M, operating cash flow $443M. The chart draws each line against Q1 2026, the increases inside each band.
Margins
| Q2 2026 | Q1 2026 | Change | |
|---|---|---|---|
| Operating margin | 11.1% | 11.2% | -0.0 pts |
| Net margin | 7.7% | 7.8% | -0.0 pts |
| Free cash flow margin | 4.7% | 4.1% | +0.5 pts |
Every line
| Line | Q2 2026 | Q1 2026 | Change | % |
|---|---|---|---|---|
| Managed Care | $1.2B | $1.2B | $1.6M | +0.1% |
| Medicaid | $820M | $710M | $110M | +16% |
| Managed Medicaid | $654M | $647M | $7.1M | +1% |
| Managed Medicare | $549M | $550M | −$1.4M | -0.3% |
| Medicare | $479M | $482M | −$3.0M | -0.6% |
| Other Non Patient Revenue | $355M | $316M | $38.8M | +12% |
| Other Patient Revenue and Adjustments Net | $311M | $329M | −$18.6M | -6% |
| UK Revenue | $269M | $261M | $8.0M | +3% |
| Revenue | $4.6B | $4.5B | $143M | +3% |
| Operating profit | $517M | $503M | $13.8M | +3% |
| Costs & expenses | $4.1B | $4.0B | $129M | +3% |
| Pre-tax earnings | $479M | $469M | $10.0M | +2% |
| Other expense, net | $37.5M | $33.7M | $3.8M | +11% |
| Net earnings | $358M | $349M | $9.8M | +3% |
| Minority interests | $6.1M | $10.0M | −$3.9M | -39% |
| Income tax | $115M | $110M | $4.1M | +4% |
| Depreciation & amortization | $167M | $155M | $11.9M | +8% |
| Share-based compensation | $22.9M | $22.5M | $405K | +2% |
| Working capital & other | $105M | $125M | −$19.6M | -16% |
| Operating cash flow | $443M | $402M | $41.7M | +10% |
| Free cash flow (OCF − capex) | $216M | $184M | $31.2M | +17% |
| Capital expenditures | $228M | $217M | $10.5M | +5% |
Questions
How much did Universal Health Services's revenue grow quarter over quarter in Q2 2026?
Universal Health Services's revenue rose $143M (+3%) from $4.5B in Q1 2026 to $4.6B in Q2 2026.
What drove Universal Health Services's revenue change in Q2 2026?
Medicaid +$110M (+16%); Other Non Patient Revenue +$38.8M (+12%); Other Patient Revenue and Adjustments Net −$18.6M (-6%).