Universal Health Services delivered Q4 adjusted EPS of $5.88, with revenue up 9%, adjusted EBITDA net of noncontrolling interests up 10% and adjusted EPS up 20% year-over-year. For all of 2025, revenue rose 10%, adjusted EBITDA grew 15% and adjusted EPS increased 31%, generating $1.9 billion in operating cash and enabling $899 million in share repurchases.

In acute care, same-facility net revenue increased 6.9% (5.2% excluding the insurance subsidiary), driven by a 5.4% rise in revenue per admission and controlled labor and supply costs that lifted Q4 segment EBITDA margin to 14.8%. Behavioral health same-facility net revenue grew 7.2% on a 5.6% increase in revenue per patient day and 1.5% volume growth, while the outpatient network expanded to 119 locations.

Management set 2026 targets of $18.4–18.8 billion in revenue, adjusted EBITDA of $2.64–2.79 billion and adjusted EPS of $22.64–24.52, noting approximately $110 million in pre-tax headwinds from lower exchange volumes and new California staffing rules. Capex is forecast at $950 million–$1.1 billion, with inpatient expansions adding 334 beds across five projects, two new behavioral de novo sites and continued AI deployment across revenue cycle and post-discharge care for efficiency gains.