Filing Flows › Universal Health Services (UHS) › Q2 2026 › vs Q2 2025
Universal Health Services (UHS) Q2 2026 vs Q2 2025 (year over year)
Universal Health Services's revenue rose $354M (+8%) from $4.3B in Q2 2025 to $4.6B in Q2 2026. The biggest changes: Medicaid +$176M (+27%); Other Non Patient Revenue +$87.8M (+33%); Managed Medicaid +$34.1M (+6%). Operating margin 11.1% against 11.7% (-0.5 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 Q2 2025, the increases inside each band.
Margins
| Q2 2026 | Q2 2025 | Change | |
|---|---|---|---|
| Operating margin | 11.1% | 11.7% | -0.5 pts |
| Net margin | 7.7% | 8.2% | -0.5 pts |
| Free cash flow margin | 4.7% | 6.6% | -2.0 pts |
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| Managed Care | $1.2B | $1.2B | −$25.7M | -2% |
| Medicaid | $820M | $644M | $176M | +27% |
| Managed Medicaid | $654M | $620M | $34.1M | +6% |
| Managed Medicare | $549M | $519M | $29.5M | +6% |
| Medicare | $479M | $449M | $29.5M | +7% |
| Other Non Patient Revenue | $355M | $267M | $87.8M | +33% |
| Other Patient Revenue and Adjustments Net | $311M | $310M | $647K | +0.2% |
| UK Revenue | $269M | $247M | $22.3M | +9% |
| Revenue | $4.6B | $4.3B | $354M | +8% |
| Operating profit | $517M | $500M | $16.4M | +3% |
| Costs & expenses | $4.1B | $3.8B | $338M | +9% |
| Pre-tax earnings | $479M | $473M | $5.7M | +1% |
| Other expense, net | $37.5M | $26.9M | $10.7M | +40% |
| Net earnings | $358M | $353M | $5.2M | +1% |
| Minority interests | $6.1M | $9.4M | −$3.3M | -35% |
| Income tax | $115M | $111M | $3.8M | +3% |
| Depreciation & amortization | $167M | $152M | $15.3M | +10% |
| Share-based compensation | $22.9M | $24.1M | −$1.2M | -5% |
| Working capital & other | $105M | −$19.6M | $125M | — |
| Operating cash flow | $443M | $549M | −$106M | -19% |
| Free cash flow (OCF − capex) | $216M | $283M | −$67.3M | -24% |
| Capital expenditures | $228M | $266M | −$38.4M | -14% |
Questions
How much did Universal Health Services's revenue grow year over year in Q2 2026?
Universal Health Services's revenue rose $354M (+8%) from $4.3B in Q2 2025 to $4.6B in Q2 2026.
What drove Universal Health Services's revenue change in Q2 2026?
Medicaid +$176M (+27%); Other Non Patient Revenue +$87.8M (+33%); Managed Medicaid +$34.1M (+6%).