Filing Flows › Universal Health Services (UHS) › Q4 2025
Universal Health Services (UHS) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 25, 2026
Universal Health Services (UHS) reported revenue of $4.5B for the fourth quarter 2025 (Q4 2025), +9% from a year earlier and -0.2% from the quarter before. Operating margin was 11.5%, net earnings $446M (9.9% of revenue).
Universal Health Services, Q4 2025: revenue $4.5B (+9% year over year), operating margin 11.5%, net earnings $446M, operating cash flow $575M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $4.5B | -0.2% | +9% |
| Operating profit | $517M | -0.9% | +9% |
| Net earnings | $446M | +20% | +34% |
| Operating cash flow | $575M | +51% | -13% |
| Free cash flow | $293M | +93% | -29% |
What changed
Revenue was $4.5B in Q4 2025, up 9% year over year and roughly flat from the previous quarter. Managed Care was the largest line at 28% of revenue.
Operating profit was $0.52B, a 11.5% margin (unchanged year over year). Of the extra revenue versus a year earlier, 12% reached operating profit, above the 11% margin then. Total costs grew 9% against revenue growth of 9%. Net earnings were $0.45B, up 34% year over year. The effective tax rate was 23.0%.
Operating cash flow was $0.57B (down 13% year over year), 128% of net earnings. Non-cash charges added back $0.16B of depreciation and amortization and $0.03B of share-based compensation. Working capital and other items used $0.06B. Capital expenditures of $0.28B left free cash flow of $0.29B.
Questions
What was Universal Health Services' revenue in the fourth quarter 2025?
Universal Health Services (UHS) reported revenue of $4.5B for the fourth quarter 2025 (Q4 2025), +9% from a year earlier and -0.2% from the quarter before.
Was Universal Health Services profitable in the fourth quarter 2025?
Operating profit was $517M (11.5% of revenue) and net earnings $446M.