KING OF PRUSSIA, PA — Universal Health Services, Inc. (NYSE: UHS) reported net income attributable to the company of $445.9 million, or $7.06 per diluted share, for the fourth quarter of 2025, up from $332.4 million, or $4.96 per diluted share, in the same period of 2024.
Net revenues rose 9.1 percent to $4.486 billion in the quarter, compared with $4.114 billion a year earlier, the company said.
Adjusted net income attributable to UHS totaled $371.4 million, or $5.88 per diluted share, compared with $329.9 million, or $4.92 per diluted share, in the fourth quarter of 2024.
The company said fourth-quarter results included a $71.5 million after-tax unrealized gain related to its minority ownership in a healthcare generative artificial intelligence company, as well as a $0.8 million after-tax gain from the increased value of certain equity securities sold during the quarter.
Earnings before interest, taxes, depreciation and amortization totaled $785.1 million in the fourth quarter, compared with $620.2 million in the prior-year period.
For the full year, UHS reported net income attributable to the company of $1.489 billion, or $23.10 per diluted share, compared with $1.142 billion, or $16.82 per diluted share, in 2024.
Net revenues for 2025 increased 9.7 percent to $17.365 billion, up from $15.828 billion the previous year.
Adjusted net income attributable to UHS for the year was $1.401 billion, or $21.74 per diluted share, compared with $1.128 billion, or $16.61 per diluted share in 2024.
EBITDA net of noncontrolling interests totaled $2.725 billion for 2025, compared with $2.248 billion in 2024.
At acute care hospitals owned during both periods, adjusted admissions were unchanged in the fourth quarter compared with the prior year, while adjusted patient days declined 0.7 percent.
Net revenue per adjusted admission increased 5.4 percent and net revenue per adjusted patient day rose 6.1 percent in the quarter.
Behavioral health facilities reported higher patient activity, with adjusted admissions rising 1.8 percent and adjusted patient days increasing 1.5 percent in the fourth quarter.
For the full year, adjusted admissions at acute care hospitals increased 1.6 percent while adjusted patient days rose 0.3 percent.
Behavioral health facilities reported a 0.2 percent increase in adjusted admissions and a 0.9 percent increase in adjusted patient days during 2025.
Net cash provided by operating activities totaled $1.864 billion for the year, compared with $2.067 billion in 2024.
As of December 31, 2025, the company reported $889 million in available borrowing capacity under its $1.3 billion revolving credit facility.
During the fourth quarter, the company repurchased 1.461 million shares of its Class B common stock for approximately $333.5 million at an average price of about $228 per share.
For the full year, UHS repurchased 4.65 million shares at a total cost of approximately $899.3 million, or about $193 per share on average.
As of December 31, 2025, the company had approximately $1.425 billion remaining under its stock repurchase authorization.
UHS said its 2026 forecast calls for continued revenue and earnings growth.
The midpoint of the company’s 2026 revenue forecast represents a 7.1 percent increase over 2025 net revenues of $17.365 billion.
The midpoint of projected adjusted EBITDA represents a 4.8 percent increase compared with 2025 adjusted EBITDA of $2.590 billion, while projected adjusted earnings per diluted share represent an 8.5 percent increase from 2025 adjusted earnings per share of $21.74.
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