Filing Flows › Universal Health Services (UHS) › Q3 2025
Universal Health Services (UHS) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 7, 2025
Universal Health Services (UHS) reported revenue of $4.5B for the third quarter 2025 (Q3 2025), +13% from a year earlier and +5% from the quarter before. Operating margin was 11.6%, net earnings $373M (8.3% of revenue).
Universal Health Services, Q3 2025: revenue $4.5B (+13% year over year), operating margin 11.6%, net earnings $373M, operating cash flow $381M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $4.5B | +5% | +13% |
| Operating profit | $522M | +4% | +36% |
| Net earnings | $373M | +6% | +44% |
| Operating cash flow | $381M | -31% | +14% |
| Free cash flow | $152M | -46% | +78% |
What changed
Revenue was $4.5B in Q3 2025, up 13% year over year and up 5% from the previous quarter. Managed Care was the largest line at 28% of revenue. Medicaid added $0.21B year over year (up 37%), 39% of the total change. Other Non Patient Revenue declined 8%.
Operating profit was $0.52B, a 11.6% margin (up 1.9 points year over year). Of the extra revenue versus a year earlier, 26% reached operating profit, above the 10% margin then. Total costs grew 11% against revenue growth of 13%. Net earnings were $0.37B, up 44% year over year. The effective tax rate was 23.7%.
Operating cash flow was $0.38B (up 14% year over year), 100% of net earnings. Non-cash charges added back $0.16B of depreciation and amortization and $0.02B of share-based compensation. Working capital and other items used $0.18B. Capital expenditures of $0.23B left free cash flow of $0.15B.
Questions
What was Universal Health Services' revenue in the third quarter 2025?
Universal Health Services (UHS) reported revenue of $4.5B for the third quarter 2025 (Q3 2025), +13% from a year earlier and +5% from the quarter before.
Was Universal Health Services profitable in the third quarter 2025?
Operating profit was $522M (11.6% of revenue) and net earnings $373M.