# EDGAR Filing Document

**Accession Number:** 0000352915
**File Stem:** 0001193125-25-252399
**Filing Date:** 2025-10
**Character Count:** 87176
**Document Hash:** a0858424110f2f9a2b64de5faaab1f66
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-252399.hdr.sgml**: 20251028

**ACCESSION NUMBER**: 0001193125-25-252399

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 11

**CONFORMED PERIOD OF REPORT**: 20251027

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251028

**DATE AS OF CHANGE**: 20251028

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** UNIVERSAL HEALTH SERVICES INC
- **CENTRAL INDEX KEY:** 0000352915
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-GENERAL MEDICAL & SURGICAL HOSPITALS, NEC [8062]
- **ORGANIZATION NAME:** 08 Industrial Applications and Services
- **EIN:** 232077891
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-10765
- **FILM NUMBER:** 251421476

**BUSINESS ADDRESS:**
- **STREET 1:** 367 S GULPH RD
- **CITY:** KING OF PRUSSIA
- **STATE:** PA
- **ZIP:** 19406
- **BUSINESS PHONE:** 6107683300

**MAIL ADDRESS:**
- **STREET 1:** 367 S GULPH ROAD
- **CITY:** KING OF PRUSSIA
- **STATE:** PA
- **ZIP:** 19406

?xml version='1.0' encoding='ASCII'? 8-K

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**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

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**FORM** 8-K

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**CURRENT REPORT** 

**Pursuant to Section 13 OR 15(d)** 

**of The Securities Exchange Act of 1934** 

**Date of Report (Date of earliest event reported):** October 27, 2025

UNIVERSAL HEALTH SERVICES, INC.

**(Exact name of registrant as specified in its charter)** 

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| | | |
|:---|:---|:---|
| Delaware | 1-10765 | 23-2077891 |
| **(State or other jurisdiction of** | **(Commission** | **(I.R.S. Employer** |
| **Incorporation or Organization)** | **File Number)** | **Identification No.)** |

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UNIVERSAL CORPORATE CENTER

367 SOUTH GULPH ROAD

KING OF PRUSSIA**,** Pennsylvania 19406

**(Address of principal executive office) (Zip Code)** 

**Registrant's telephone number, including area code** (610) 768-3300

**Not Applicable** 

**(Former name or former address, if changed since last report)** 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instructions A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) 

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) 

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) 

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) 

Securities registered pursuant to Section 12(b) of the Act:

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Title of each class | &nbsp;&nbsp;Trading Symbol(s) | &nbsp;&nbsp;Name of each exchange on which registered |
| &nbsp;&nbsp;Class B Common Stock | &nbsp;&nbsp;UHS | &nbsp;&nbsp;New York Stock Exchange |

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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 

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**Item 2.02 Results of Operations and Financial Condition** 

On October 27, 2025, Universal Health Services, Inc. issued the press release attached hereto as Exhibit 99.1.

**Item 9.01 Financial Statements and Exhibits** 

(d) Exhibits.

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| | |
|:---|:---|
| 99.1 | [<u>Universal Health Services, Inc., press release, dated October 27, 2025.</u>](uhs-ex99_1.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document).  |

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<u>Exhibit Index</u> 

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| | |
|:---|:---|
| <u>Exhibit No.</u> | <u>Exhibit</u> |
| 99.1 | [<u>Universal Health Services, Inc., press release, dated October 27, 2025.</u>](uhs-ex99_1.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document).  |

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Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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| | |
|:---|:---|
| Universal Health Services, Inc. | Universal Health Services, Inc. |
| By: | /s/ Steve Filton |
| Name: Steve Filton | Name: Steve Filton |
| Title: Executive Vice President and<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chief Financial Officer | Title: Executive Vice President and<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chief Financial Officer |

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Date: October 28, 2025

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## Exhibit 99.1

**Exhibit 99.1**

FOR IMMEDIATE RELEASE

October 27, 2025

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| | |
|:---|:---|
| &nbsp;&nbsp;CONTACT: | &nbsp;&nbsp;Darren Lehrich |
|  | &nbsp;&nbsp;Vice President-Investor Relations |
|  | &nbsp;&nbsp;610-382-3310 |
|  | &nbsp;&nbsp;Darren.Lehrich@uhsinc.com |

---

**<u>UNIVERSAL HEALTH SERVICES, INC.</u>**

 **<u>ANNOUNCES FINANCIAL RESULTS FOR THE THREE AND NINE-MONTH PERIODS ENDED SEPTEMBER 30, 2025, INCREASES 2025 FULL YEAR OPERATING RESULTS FORECAST AND ANNOUNCES $1.5 BILLION INCREASE TO STOCK REPURCHASE PROGRAM AUTHORIZATION</u>**

*<u>Consolidated Results of Operations, As Reported and As Adjusted – Three-month periods ended September 30, 2025 and 2024:</u>*

KING OF PRUSSIA, PA – Universal Health Services, Inc. (NYSE: UHS) announced today that its reported net income attributable to UHS was $373.0 million, or $5.86 per diluted share, during the third quarter of 2025, as compared to $258.7 million, or $3.80 per diluted share, during the third quarter of 2024. Net revenues increased by 13.4% to $4.495 billion during the third quarter of 2025, as compared to $3.963 billion during the third quarter of 2024.

As reflected on the Schedule of Non-GAAP Supplemental Information ("Supplemental Schedule"), our adjusted net income attributable to UHS during the third quarter of 2025 was $362.3 million, or $5.69 per diluted share, as compared to $252.5 million, or $3.71 per diluted share, during the third quarter of 2024.

Included in our reported and adjusted net income attributable to UHS during the third quarter of 2025 were the following items which were not included in our 2025 operating results forecast, as previously disclosed on July 28, 2025: (i) $90 million of pre-tax reimbursements (net of related provider taxes), covering the period of October 1, 2024 through September 30, 2025, in connection with a recently approved Medicaid state directed payment program in Washington, D.C., and; (ii) a $35 million pre-tax charge incurred to increase our reserves for self-insured professional and general liabilities resulting from unfavorable claims' trends.

As reflected on the Supplemental Schedule, included in our reported results during the third quarter of 2025 were: (i) an unrealized after-tax gain of $10.0 million, or $.16 per diluted share ($13.1 million pre-tax), resulting from an increase in the market value of certain equity securities (included in "Other (income) expense, net"), and; (ii) a favorable net after-tax impact of $0.6 million, or $.01 per diluted share, resulting from the net tax benefit recorded in connection with "ASU 2016-09", Compensation – Stock Compensation: Improvements to Employee Share-Based Payment Accounting, net of the impact of executive compensation limitations pursuant to IRC section 162(m).

As reflected on the Supplemental Schedule, included in our reported results during the third quarter of 2024 were: (i) an unrealized after-tax gain of $2.3 million, or $.03 per diluted share ($3.0 million pre-tax), resulting from an increase in the market value of certain equity securities, and; (ii) a favorable after-tax impact of $3.9 million, or $.06 per diluted share, resulting from the tax benefit recorded in connection ASU 2016-09.

As calculated on the attached Supplemental Schedule, our earnings before interest, taxes, depreciation & amortization ("EBITDA net of NCI", NCI is net income attributable to noncontrolling interests), was $684.2 million during the third quarter of 2025, as compared to $528.6 million during the third quarter of 2024. Our adjusted earnings before interest, taxes, depreciation & amortization ("Adjusted EBITDA net of NCI"), which excludes the impact of other (income) expense, net, was $670.6 million during the third quarter of 2025, as compared to $526.5 million during the third quarter of 2024.

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*<u>Consolidated Results of Operations, As Reported and As Adjusted – Nine-month periods ended September 30, 2025 and 2024:</u>*

Reported net income attributable to UHS was $1.043 billion, or $16.07 per diluted share, during the first nine months of 2025, as compared to $809.7 million, or $11.88 per diluted share, during the comparable period of 2024. Net revenues increased by 9.9% to $12.879 billion during the first nine months of 2025, as compared to $11.714 billion during the comparable period of 2024.

As reflected on the Supplemental Schedule, our adjusted net income attributable to UHS during the first nine months of 2025 was $1.030 billion, or $15.87 per diluted share, as compared to $798.2 million, or $11.71 per diluted share, during the comparable period of 2024.

As reflected on the Supplemental Schedule, included in our reported results during the first nine months of 2025 were: (i) an unrealized after-tax gain of $11.3 million, or $.17 per diluted share ($14.7 million pre-tax), resulting from an increase in the market value of certain equity securities, and; (ii) a favorable net after-tax impact of $1.9 million, or $.03 per diluted share, resulting from the net tax benefit recorded in connection with ASU 2016-09.

As reflected on the Supplemental Schedule, included in our reported results during the first nine months of 2024 were: (i) an unrealized after-tax loss of $4.0 million, or $.06 per diluted share ($5.3 million pre-tax), resulting from a decrease in the market value of certain equity securities, and; (ii) a favorable after-tax impact of $15.5 million, or $.23 per diluted share, resulting from the tax benefit recorded in connection with ASU 2016-09.

As calculated on the attached Supplemental Schedule, our EBITDA net of NCI, was $1.939 billion during the first nine months of 2025, as compared to $1.628 billion during the comparable period of 2024. Our Adjusted EBITDA net of NCI, was $1.912 billion during the first nine months of 2025, as compared to $1.631 billion during the comparable period of 2024.

*<u>Acute Care Services – Three and nine-month periods ended September 30, 2025 and 2024:</u>*

During the third quarter of 2025, at our acute care hospitals owned during both periods ("same facility basis"), adjusted admissions (adjusted for outpatient activity) increased by 2.0% while adjusted patient days increased by 0.4%, as compared to the third quarter of 2024. At these facilities, during the third quarter of 2025, net revenue per adjusted admission increased by 9.8% while net revenue per adjusted patient day increased by 11.5%, as compared to the third quarter of 2024. Net revenues generated from our acute care services, on a same facility basis, increased by 12.8% during the third quarter of 2025, as compared to the third quarter of 2024.

During the nine-month period ended September 30, 2025, at our acute care hospitals on a same facility basis, adjusted admissions increased by 2.1% while adjusted patient days increased by 0.6%, as compared to the comparable period of 2024. At these facilities, during the first nine months of 2025, net revenue per adjusted admission increased by 5.4% while net revenue per adjusted patient day increased by 7.0%, as compared to the comparable period of 2024. Net revenues generated from our acute care services, on a same facility basis, increased by 9.1% during the first nine months of 2025, as compared to the comparable period of 2024.

*<u>Behavioral Health Care Services – Three and nine-month periods ended September 30, 2025 and 2024:</u>*

During the third quarter of 2025, at our behavioral health care facilities on a same facility basis, adjusted admissions increased by 0.5% while adjusted patient days increased by 1.3%, as compared to the third quarter of 2024. At these facilities, during the third quarter of 2025, net revenue per adjusted admission increased by 8.8% and net revenue per adjusted patient day increased by 7.9%, as compared to the third quarter of 2024. Net revenues generated from our behavioral health care services, on a same facility basis, increased by 9.3% during the third quarter of 2025, as compared to the third quarter of 2024.

During the first nine months of 2025, at our behavioral health care facilities on a same facility basis, adjusted admissions decreased by 0.2% while adjusted patient days increased by 0.7%, as compared to the comparable period of 2024. At these facilities, during the first nine months of 2025, net revenue per adjusted admission increased by 8.2% and net revenue per adjusted patient day increased by 7.2%, as compared to the

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comparable period of 2024. Net revenues generated from our behavioral health care services, on a same facility basis, increased by 7.9% during the first nine months of 2025, as compared to the comparable period of 2024.

*<u>Net Cash Provided by Operating Activities and Liquidity:</u>*

*Net Cash Provided by Operating Activities:*

During the nine-month period ended September 30, 2025, our net cash provided by operating activities was $1.290 billion as compared to $1.409 billion during the first nine months of 2024. The $119 million net decrease in our net cash provided by operating activities consisted of: (i) a favorable change of $257 million resulting from an increase in net income plus/minus depreciation and amortization expense, stock-based compensation expense and gains/losses on sales of assets and businesses, offset by; (ii) an unfavorable change of $306 million in accounts receivable (which includes the above-mentioned $90 million of net reimbursements recorded during the third quarter of 2025, which we expect will be received during the fourth quarter of 2025, in connection with a recently approved Medicaid state directed payment program in Washington, D.C.); (iii) an unfavorable change of $41 million in payments made in settlement of self-insurance claims, net of commercial insurance reimbursements, and; (iv) an unfavorable change of $28 million in accrued and deferred income taxes.

*Liquidity:*

As of September 30, 2025, we had $965 million of aggregate available borrowing capacity pursuant to our $1.3 billion revolving credit facility, net of outstanding borrowings and letters of credit.

*<u>Increased Authorization to Stock Repurchase Program:</u>*

On October 27, 2025, our Board of Directors authorized a $1.5 billion increase to our stock repurchase program. Pursuant to this program, which including today's increased authorization has a current aggregate available repurchase authorization of $1.759 billion, shares of our Class B Common Stock may be repurchased, from time to time as conditions allow, on the open market or in negotiated private transactions.

Pursuant to this program, during the third quarter of 2025, we have repurchased 1.315 million shares at an aggregate cost of approximately $234.3 million (average price of approximately $178 per share). During the first nine months of 2025, we have repurchased 3.190 million shares at an aggregate cost of approximately $565.8 million (average price of approximately $177 per share).

*<u>Revised 2025 Operating Results Forecast:</u>*

Based upon the operating trends and financial results experienced during the first nine months of 2025, as well as the recent approval of a new Medicaid supplemental payment program in Washington, D.C., as indicated on the *Revised Forecast* table below, we are increasing our operating results forecast range for consolidated net revenues, adjusted earnings before interest, taxes, depreciation & amortization, and the impacts of other income/expense and net income attributable to noncontrolling interests ("Adjusted EBITDA, net of NCI"), and adjusted net income attributable to UHS per diluted share ("Adjusted EPS-diluted") for the year ended December 31, 2025.

The tables below include our revised full year 2025 operating results forecast, as well as our previously revised 2025 operating results forecast which was disclosed on July 28, 2025.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Revised Forecast** | &nbsp;&nbsp;**Revised Forecast** | &nbsp;&nbsp;**Previous Forecast** | &nbsp;&nbsp;**Previous Forecast** |
|  | &nbsp;&nbsp;**For the Year Ended** | &nbsp;&nbsp;**For the Year Ended** | &nbsp;&nbsp;**For the Year Ended** | &nbsp;&nbsp;**For the Year Ended** |
|  | &nbsp;&nbsp;**December 31, 2025** | &nbsp;&nbsp;**December 31, 2025** | &nbsp;&nbsp;**December 31, 2025** | &nbsp;&nbsp;**December 31, 2025** |
|  | &nbsp;&nbsp;**Low** | &nbsp;&nbsp;**High** | &nbsp;&nbsp;**Low** | &nbsp;&nbsp;**High** |
| &nbsp;&nbsp;Net revenues | &nbsp;&nbsp;$17.306 billion | &nbsp;&nbsp;$17.445 billion | &nbsp;&nbsp;$17.096 billion | &nbsp;&nbsp;$17.312 billion |
| &nbsp;&nbsp;Adjusted EBITDA, net of NCI | &nbsp;&nbsp;$2.569 billion | &nbsp;&nbsp;$2.619 billion | &nbsp;&nbsp;$2.458 billion | &nbsp;&nbsp;$2.543 billion |
| &nbsp;&nbsp;Adjusted EPS – diluted | &nbsp;&nbsp;$21.50 per share | &nbsp;&nbsp;$22.10 per share | &nbsp;&nbsp;$20.00 per share | &nbsp;&nbsp;$21.00 per share |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The midpoint of our revised 2025 forecasted net revenues represents an increase of 1.0% over the midpoint our previous range of 2025 forecasted net revenues.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The midpoint of our revised 2025 forecasted Adjusted EBITDA, net of NCI, represents an increase of 3.9% over the midpoint of our previous range of 2025 forecasted Adjusted EBITDA, net of NCI.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The midpoint of our revised 2025 forecasted Adjusted EPS-diluted represents an increase of 6.4% over the midpoint of our previous range of 2025 forecasted Adjusted EPS-diluted.

Because we do not believe we can forecast certain items with sufficient accuracy, our 2025 revised forecasted range of Adjusted EBITDA, net of NCI, net income attributable to UHS, and Adjusted EPS-diluted, exclude the impact of future items, if applicable, that are nonrecurring or non-operational in nature including items such as changes in the market value of shares of certain equity securities, the impact of ASU 2016-09, and other potential material items that are nonrecurring or non-operational in nature including, but not limited to, impairments of goodwill, long-lived and intangible assets, reserves for various matters including settlements, legal judgments and lawsuits, costs related to extinguishment of debt, gains/losses on sales of assets and businesses, potential impacts of non-ordinary acquisitions, divestitures, joint ventures or other strategic transactions, other amounts that may be reflected in the current or prior year financial statements that relate to prior periods, and the impact of share repurchases that differ from our forecasted assumptions. It is also subject to certain conditions including those as set forth below in *General Information, Forward-Looking Statements and Risk Factors and Non-GAAP Financial Measures.* Adjusted EBITDA net of NCI, is a non-GAAP financial measure and should not be considered a measure of financial performance under GAAP. We believe Adjusted EBITDA net of NCI is helpful to our investors as a measure of our operating performance. Please see the *Supplemental Non-GAAP Disclosures - 2025 Revised Operating Results Forecast* schedule as included herein for additional information and a reconciliation of our 2025 revised forecasted range of adjusted net income attributable to UHS to our 2025 revised forecasted range of Adjusted EBITDA net of NCI.

*<u>Conference call information:</u>*

We will hold a conference call for investors and analysts at 9:00 a.m. eastern time on October 28, 2025. A live webcast of the call will be available on our website at <u>www.uhs.com</u>. To participate via telephone, please register in advance at this <u>link.</u> Upon registration, all telephone participants will receive a confirmation email detailing how to join the conference call, including the dial-in number along with a unique passcode and registrant ID that can be used to access the call. A replay of the call will be available for one full year following the live call.

*<u>General Information, Forward-Looking Statements and Risk Factors and Non-GAAP Financial Measures:</u>*

One of the nation's largest and most respected providers of hospital and healthcare services, Universal Health Services, Inc. (the "Company") has built an impressive record of achievement and performance. Growing steadily since our inception into an esteemed Fortune 500 corporation, our annual revenues during 2024 were $15.8 billion. UHS ranked #271 on the Fortune 500; and #355 on *Forbes'*list of America's Largest Public Companies. In 2025, UHS was again recognized as one of the World's Most Admired Companies by *Fortune*.

Our operating philosophy is as effective today as it was upon the Company's founding in 1979, enabling us to provide compassionate care to our patients and their loved ones. Our strategy includes building or acquiring high quality hospitals in rapidly growing markets, investing in the people and equipment needed to allow each facility to thrive, and becoming the leading healthcare provider in each community we serve.

Headquartered in King of Prussia, PA, UHS has approximately 99,300 employees and, through its subsidiaries, operates 29 inpatient acute care hospitals, 345 inpatient behavioral health facilities, 156 outpatient facilities and ambulatory care access points, an insurance offering, a physician network and various related services located in 39 states, Washington, D.C., the United Kingdom and Puerto Rico. We have changed the method of our outpatient behavioral health care facility counts during the third quarter of 2025 and substantially all of the increase from prior periods relates to that change in convention.

A wholly-owned subsidiary of UHS acts as the advisor to Universal Health Realty Income Trust, a real estate investment trust (NYSE:UHT). For additional information visit <u>www.uhs.com</u><u>.</u>

This press release contains forward-looking statements based on current management expectations. Numerous factors, including those disclosed herein, those related to healthcare industry trends

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and those detailed in our filings with the Securities and Exchange Commission (as set forth in *Item 2-Forward Looking Statements and Risk Factors* in our Form 10-Q for the quarter ended June 30, 2025 and in *Item 1A*-*Risk Factors,* and *Item 7-Forward-Looking Statements and Risk Factors,* in our Form 10-K for the year ended December 31, 2024), may cause the results to differ materially from those anticipated in the forward-looking statements. These statements are subject to risks and uncertainties and therefore actual results may differ materially. Readers should not place undue reliance on such forward-looking statements which reflect management's view only as of the date hereof. We undertake no obligation to revise or update any forward-looking statements, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise.

Many of the factors that could affect our future results are beyond our control or ability to predict, including, but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•A significant portion of our revenues are derived from federal and state government programs including the Medicare and Medicaid programs. Payments from these programs are subject to statutory and regulatory changes, administrative rulings, interpretations and determinations, requirements for utilization review, and federal and state funding restrictions. Changes to these programs could materially affect program payments which could materially impact our results of operations. In addition, we receive substantial reimbursement from multiple states in connection with various supplemental Medicaid payment programs. Failure to renew these programs beyond their scheduled termination dates, failure of the public hospitals to provide the necessary Inter-Governmental Transfers for the states' share of the Medicaid disproportionate share hospital programs, and the failure of our hospitals that currently receive supplemental Medicaid revenues to qualify for future funds under these programs could cause our actual results of operations for the year ended December 31, 2025 to differ materially from our 2025 revised operating results forecast.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Legislation adopted on July 4, 2025, attaches work and community service requirements to eligibility for Medicaid benefits that will have the effect of limiting Medicaid enrollment and expenditures. That legislation also places limits on provider fees used to increase federal Medicaid funding to states and eliminates certain exchange premium tax credits beyond 2025. As these provisions become effective over the next several years, they may be expected to reduce our revenues and likely increase the level of uncompensated care provided by our facilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Potential unfavorable effects that the shutdown of the federal government, and/or the impact of any related negotiated agreements to end the shutdown, may have on our future results of operations and financial condition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The increase in interest rates during the past few years has increased our interest expense significantly thereby reducing our free cash flow. As such, although interest rates have moderated more recently, the effects of increased borrowing rates have adversely impacted our results of operations, financial condition and cash flows. We cannot predict future changes to interest rates, however, significant increases in our borrowing rates could have a material unfavorable impact on our future results of operations and our ability to access the capital markets on favorable terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Changes in laws or policies governing the terms of foreign trade, and in particular, increased trade restrictions, tariffs or taxes on imports from where our products or materials are made (either directly or through our suppliers) could have an impact on our competitive position, business operations and financial results.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The outcome of known and unknown litigation, liabilities and other claims asserted against us and/or our subsidiaries, including, but not limited to, the matters related to Cumberland Hospital for Children and Adolescents, located in New Kent, Virginia, as previously disclosed in various filings including, most recently, our Form 10-Q for the quarterly period ended June 30, 2025, and the verdict in Washoe County, Nevada, against certain subsidiaries of ours, as previously disclosed on Form 8-K as filed on September 29, 2025. Although we can make no assurances regarding the ultimate outcome of these matters, or what damages will ultimately be awarded, the final resolution of these matters could have a material adverse effect on the Company.

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We believe that adjusted net income attributable to UHS, adjusted net income attributable to UHS per diluted share, EBITDA net of NCI and Adjusted EBITDA net of NCI, which are non-GAAP financial measures ("GAAP" is Generally Accepted Accounting Principles in the United States of America), are helpful to our investors as measures of our operating performance. In addition, we believe that, when applicable, comparing and discussing our financial results based on these measures, as calculated, is helpful to our investors since it neutralizes the effect of material items impacting our net income attributable to UHS, such as, changes in the market value of shares of certain equity securities, the impact of ASU 2016-09, net of the impact of executive compensation limitations pursuant to IRC section 162(m), and other potential material items that are nonrecurring or non-operational in nature including, but not limited to, impairments of goodwill, long-lived and intangible assets, reserves for various matters including settlements, legal judgments and lawsuits, costs related to extinguishment of debt, gains/losses on sales of assets and businesses, potential impacts of non-ordinary acquisitions, divestitures, joint ventures or other strategic transactions, and other amounts that may be reflected in the current or prior year financial statements that relate to prior periods. To obtain a complete understanding of our financial performance these measures should be examined in connection with net income attributable to UHS, as determined in accordance with GAAP, and as presented in the condensed consolidated financial statements and notes thereto in this report or in our other filings with the Securities and Exchange Commission including our Report on Form 10-Q for the quarter ended June 30, 2025 and our Report on Form 10-K for the year ended December 31, 2024. Since the items included or excluded from these measures are significant components in understanding and assessing financial performance under GAAP, these measures should not be considered to be alternatives to net income as a measure of our operating performance or profitability. Since these measures, as presented, are not determined in accordance with GAAP and are thus susceptible to varying calculations, they may not be comparable to other similarly titled measures of other companies. Investors are encouraged to use GAAP measures when evaluating our financial performance.

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| | | | | |
|:---|:---|:---|:---|:---|
| **<u>Universal Health Services, Inc.</u>** | **<u>Universal Health Services, Inc.</u>** | **<u>Universal Health Services, Inc.</u>** | **<u>Universal Health Services, Inc.</u>** | **<u>Universal Health Services, Inc.</u>** |
| <u>Consolidated Statements of Income</u> | <u>Consolidated Statements of Income</u> | <u>Consolidated Statements of Income</u> | <u>Consolidated Statements of Income</u> | <u>Consolidated Statements of Income</u> |
| (in thousands, except per share amounts) | (in thousands, except per share amounts) | (in thousands, except per share amounts) | (in thousands, except per share amounts) | (in thousands, except per share amounts) |
| (unaudited) | (unaudited) | (unaudited) | (unaudited) | (unaudited) |
|  | Three months | Three months | Nine months | Nine months |
|  | ended September 30, | ended September 30, | ended September 30, | ended September 30, |
|  | 2025 | 2024 | 2025 | 2024 |
| Net revenues | $4495245 | $3963027 | $12878781 | $11714213 |
| *Operating charges:* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Salaries, wages and benefits | 2071898 | 1912308 | 6037953 | 5611304 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other operating expenses | 1294721 | 1090197 | 3563039 | 3165483 |
| &nbsp;&nbsp;&nbsp;&nbsp;Supplies expense | 414583 | 390250 | 1236249 | 1181886 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 155060 | 149567 | 455409 | 438050 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lease and rental expense | 37295 | 36540 | 109348 | 108165 |
|  | 3973557 | 3578862 | 11401998 | 10504888 |
| Income from operations | 521688 | 384165 | 1476783 | 1209325 |
| Interest expense, net | 38431 | 44660 | 113851 | 146385 |
| Other (income) expense, net | (13629) | (2028) | (27767) | 3315 |
| Income before income taxes | 496886 | 341533 | 1390699 | 1059625 |
| Provision for income taxes | 117781 | 75623 | 327354 | 233563 |
| Net income | 379105 | 265910 | 1063345 | 826062 |
| Less: Net income (loss) attributable to noncontrolling interests ("NCI") | 6148 | 7196 | 20490 | 16362 |
| Net income attributable to UHS | $372957 | $258714 | $1042855 | $809700 |
| Basic earnings per share attributable to UHS (a) | $5.92 | $3.89 | $16.27 | $12.11 |
| Diluted earnings per share attributable to UHS (a) | $5.86 | $3.80 | $16.07 | $11.88 |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **<u>Universal Health Services, Inc.</u>** | **<u>Universal Health Services, Inc.</u>** | **<u>Universal Health Services, Inc.</u>** | **<u>Universal Health Services, Inc.</u>** | **<u>Universal Health Services, Inc.</u>** |
| <u>Footnotes to Consolidated Statements of Income</u> | <u>Footnotes to Consolidated Statements of Income</u> | <u>Footnotes to Consolidated Statements of Income</u> | <u>Footnotes to Consolidated Statements of Income</u> | <u>Footnotes to Consolidated Statements of Income</u> |
| (in thousands, except per share amounts) | (in thousands, except per share amounts) | (in thousands, except per share amounts) | (in thousands, except per share amounts) | (in thousands, except per share amounts) |
| (unaudited) | (unaudited) | (unaudited) | (unaudited) | (unaudited) |
|  | Three months | Three months | Nine months | Nine months |
|  | ended September 30, | ended September 30, | ended September 30, | ended September 30, |
|  | 2025 | 2024 | 2025 | 2024 |
| **<u>(a) Earnings per share calculation:</u>** |  |  |  |  |
| <u>Basic and diluted:</u> |  |  |  |  |
| Net income attributable to UHS | $372957 | $258714 | $1042855 | $809700 |
| Less: Net income attributable to unvested restricted share grants | 0 | 0 | 0 | (50) |
| Net income attributable to UHS - basic and diluted | $372957 | $258714 | $1042855 | $809650 |
| Weighted average number of common shares - basic | 62974 | 66537 | 64100 | 66873 |
| Basic earnings per share attributable to UHS: | $5.92 | $3.89 | $16.27 | $12.11 |
| Weighted average number of common shares | 62974 | 66537 | 64100 | 66873 |
| Add: Other share equivalents | 689 | 1571 | 797 | 1297 |
| Weighted average number of common shares and equiv. - diluted | 63663 | 68108 | 64897 | 68170 |
| Diluted earnings per share attributable to UHS: | $5.86 | $3.80 | $16.07 | $11.88 |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **<u>Universal Health Services, Inc.</u>** | **<u>Universal Health Services, Inc.</u>** | **<u>Universal Health Services, Inc.</u>** | **<u>Universal Health Services, Inc.</u>** | **<u>Universal Health Services, Inc.</u>** |
| <u>Schedule of Non-GAAP Supplemental Information ("Supplemental Schedule")</u> | <u>Schedule of Non-GAAP Supplemental Information ("Supplemental Schedule")</u> | <u>Schedule of Non-GAAP Supplemental Information ("Supplemental Schedule")</u> | <u>Schedule of Non-GAAP Supplemental Information ("Supplemental Schedule")</u> | <u>Schedule of Non-GAAP Supplemental Information ("Supplemental Schedule")</u> |
| <u>For the Three Months ended September 30, 2025 and 2024</u> | <u>For the Three Months ended September 30, 2025 and 2024</u> | <u>For the Three Months ended September 30, 2025 and 2024</u> | <u>For the Three Months ended September 30, 2025 and 2024</u> | <u>For the Three Months ended September 30, 2025 and 2024</u> |
| (in thousands, except per share amounts) | (in thousands, except per share amounts) | (in thousands, except per share amounts) | (in thousands, except per share amounts) | (in thousands, except per share amounts) |
| (unaudited) | (unaudited) | (unaudited) | (unaudited) | (unaudited) |
| <u>Calculation of Earnings/Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization ("EBITDA/Adjusted EBITDA net of NCI")</u> | <u>Calculation of Earnings/Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization ("EBITDA/Adjusted EBITDA net of NCI")</u> | <u>Calculation of Earnings/Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization ("EBITDA/Adjusted EBITDA net of NCI")</u> | <u>Calculation of Earnings/Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization ("EBITDA/Adjusted EBITDA net of NCI")</u> | <u>Calculation of Earnings/Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization ("EBITDA/Adjusted EBITDA net of NCI")</u> |
|  | Three months ended | % Net | Three months ended | % Net |
|  | <u>September 30, 2025</u> | <u>revenues</u> | <u>September 30, 2024</u> | <u>revenues</u> |
| Net income attributable to UHS | $372957 |  | $258714 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 155060 |  | 149567 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense, net | 38431 |  | 44660 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision for income taxes | 117781 |  | 75623 |  |
| EBITDA net of NCI | $684229 | 15.2% | $528564 | 13.3% |
| Other (income) expense, net | (13629) |  | (2028) |  |
| Adjusted EBITDA net of NCI | $670600 | 14.9% | $526536 | 13.3% |
| Net revenues | $4495245 |  | $3963027 |  |
| <u>Calculation of Adjusted Net Income Attributable to UHS</u> | <u>Calculation of Adjusted Net Income Attributable to UHS</u> | <u>Calculation of Adjusted Net Income Attributable to UHS</u> | <u>Calculation of Adjusted Net Income Attributable to UHS</u> | <u>Calculation of Adjusted Net Income Attributable to UHS</u> |
|  | Three months ended | Three months ended | Three months ended | Three months ended |
|  | September 30, 2025 | September 30, 2025 | September 30, 2024 | September 30, 2024 |
|  |  | Per |  | Per |
|  | Amount | <u>Diluted Share</u> | Amount | <u>Diluted Share</u> |
| Net income attributable to UHS | $372957 | $5.86 | $258714 | $3.80 |
| Plus/minus after-tax adjustments: |  |  |  |  |
| Unrealized (gain) loss on equity securities | (10043) | (0.16) | (2275) | (0.03) |
| Impact of ASU 2016-09, net | (623) | (0.01) | (3928) | (0.06) |
| Subtotal adjustments | (10666) | (0.17) | (6203) | (0.09) |
| Adjusted net income attributable to UHS | $362291 | $5.69 | $252511 | $3.71 |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **<u>Universal Health Services, Inc.</u>** | **<u>Universal Health Services, Inc.</u>** | **<u>Universal Health Services, Inc.</u>** | **<u>Universal Health Services, Inc.</u>** | **<u>Universal Health Services, Inc.</u>** |
| <u>Schedule of Non-GAAP Supplemental Information ("Supplemental Schedule")</u> | <u>Schedule of Non-GAAP Supplemental Information ("Supplemental Schedule")</u> | <u>Schedule of Non-GAAP Supplemental Information ("Supplemental Schedule")</u> | <u>Schedule of Non-GAAP Supplemental Information ("Supplemental Schedule")</u> | <u>Schedule of Non-GAAP Supplemental Information ("Supplemental Schedule")</u> |
| <u>For the Nine Months ended September 30, 2025 and 2024</u> | <u>For the Nine Months ended September 30, 2025 and 2024</u> | <u>For the Nine Months ended September 30, 2025 and 2024</u> | <u>For the Nine Months ended September 30, 2025 and 2024</u> | <u>For the Nine Months ended September 30, 2025 and 2024</u> |
| (in thousands, except per share amounts) | (in thousands, except per share amounts) | (in thousands, except per share amounts) | (in thousands, except per share amounts) | (in thousands, except per share amounts) |
| (unaudited) | (unaudited) | (unaudited) | (unaudited) | (unaudited) |
| <u>Calculation of Earnings/Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization ("EBITDA/Adjusted EBITDA net of NCI")</u> | <u>Calculation of Earnings/Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization ("EBITDA/Adjusted EBITDA net of NCI")</u> | <u>Calculation of Earnings/Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization ("EBITDA/Adjusted EBITDA net of NCI")</u> | <u>Calculation of Earnings/Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization ("EBITDA/Adjusted EBITDA net of NCI")</u> | <u>Calculation of Earnings/Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization ("EBITDA/Adjusted EBITDA net of NCI")</u> |
|  | Nine months ended | % Net | Nine months ended | % Net |
|  | <u>September 30, 2025</u> | <u>revenues</u> | <u>September 30, 2024</u> | <u>revenues</u> |
| Net income attributable to UHS | $1042855 |  | $809700 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 455409 |  | 438050 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense, net | 113851 |  | 146385 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision for income taxes | 327354 |  | 233563 |  |
| EBITDA net of NCI | $1939469 | 15.1% | $1627698 | 13.9% |
| Other (income) expense, net | (27767) |  | 3315 |  |
| Adjusted EBITDA net of NCI | $1911702 | 14.8% | $1631013 | 13.9% |
| Net revenues | $12878781 |  | $11714213 |  |
| <u>Calculation of Adjusted Net Income Attributable to UHS</u> | <u>Calculation of Adjusted Net Income Attributable to UHS</u> | <u>Calculation of Adjusted Net Income Attributable to UHS</u> | <u>Calculation of Adjusted Net Income Attributable to UHS</u> | <u>Calculation of Adjusted Net Income Attributable to UHS</u> |
|  | Nine months ended | Nine months ended | Nine months ended | Nine months ended |
|  | September 30, 2025 | September 30, 2025 | September 30, 2024 | September 30, 2024 |
|  |  | Per |  | Per |
|  | Amount | <u>Diluted Share</u> | Amount | <u>Diluted Share</u> |
| Net income attributable to UHS | $1042855 | $16.07 | $809700 | $11.88 |
| Plus/minus after-tax adjustments: |  |  |  |  |
| Unrealized (gain) loss on equity securities | $(11292) | (0.17) | 4038 | 0.06 |
| Impact of ASU 2016-09, net | (1880) | (0.03) | (15540) | (0.23) |
| Subtotal adjustments | (13172) | (0.20) | (11502) | (0.17) |
| Adjusted net income attributable to UHS | $1029683 | $15.87 | $798198 | $11.71 |

---

------

---

| | | |
|:---|:---|:---|
| **<u>Universal Health Services, Inc.</u>** | **<u>Universal Health Services, Inc.</u>** | **<u>Universal Health Services, Inc.</u>** |
| <u>Condensed Consolidated Balance Sheets</u> | <u>Condensed Consolidated Balance Sheets</u> | <u>Condensed Consolidated Balance Sheets</u> |
| (in thousands) | (in thousands) | (in thousands) |
| (unaudited) | (unaudited) | (unaudited) |
|  | September 30, | December 31, |
|  | 2025 | 2024 |
| Assets |  |  |
| Current assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $112895 | $125983 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable, net | 2585335 | 2177751 |
| &nbsp;&nbsp;&nbsp;&nbsp;Supplies | 226655 | 220940 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other current assets | 333077 | 291614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 3257962 | 2816288 |
| Property and equipment | 13449399 | 12643283 |
| Less: accumulated depreciation | (6476366) | (6071058) |
|  | 6973033 | 6572225 |
| Other assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Goodwill | 3989370 | 3932879 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes | 145319 | 118449 |
| &nbsp;&nbsp;&nbsp;&nbsp;Right of use assets-operating leases | 382430 | 418719 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred charges | 9363 | 9404 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 586447 | 601785 |
| Total Assets | $15343924 | $14469749 |
| Liabilities and Stockholders' Equity |  |  |
| Current liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Current maturities of long-term debt | $740186 | $40059 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and other liabilities | 2332418 | 2081479 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating lease liabilities | 73334 | 74649 |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal and state taxes | 13252 | 14219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 3159190 | 2210406 |
| Other noncurrent liabilities | 589854 | 655806 |
| Operating lease liabilities noncurrent | 346467 | 376239 |
| Long-term debt | 3950934 | 4464482 |
| Redeemable noncontrolling interest | 66982 | 13293 |
| UHS common stockholders' equity | 7169693 | 6666207 |
| Noncontrolling interest | 60804 | 83316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total equity | 7230497 | 6749523 |
| Total Liabilities and Stockholders' Equity | $15343924 | $14469749 |

---

------

---

| | | |
|:---|:---|:---|
| **<u>Universal Health Services, Inc.</u>** | **<u>Universal Health Services, Inc.</u>** | **<u>Universal Health Services, Inc.</u>** |
| <u>Consolidated Statements of Cash Flows</u> | <u>Consolidated Statements of Cash Flows</u> | <u>Consolidated Statements of Cash Flows</u> |
| (in thousands) | (in thousands) | (in thousands) |
| (unaudited) | (unaudited) | (unaudited) |
|  | Nine months | Nine months |
|  | ended September 30, | ended September 30, |
|  | 2025 | 2024 |
| Cash Flows from Operating Activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income | $1063345 | $826062 |
| &nbsp;&nbsp;&nbsp;&nbsp;*Adjustments to reconcile net income to net cash provided by operating activities:* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation & amortization | 455409 | 438050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss (gain) on sales of assets and businesses | 2833 | (5124) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation expense | 70586 | 72727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Costs related to extinguishment of debt | 0 | 3158 |
| &nbsp;&nbsp;&nbsp;&nbsp;*Changes in assets & liabilities, net of effects from acquisitions and dispositions:* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | (294210) | 11703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued interest | 7052 | (1762) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued and deferred income taxes | (39287) | (10949) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other working capital accounts | 20415 | 1329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other assets and deferred charges | (29629) | (5621) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other, net | 19114 | 25732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued insurance expense, net of commercial premiums paid | 177054 | 175104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payments made in settlement of self-insurance claims, net of commercial insurance reimbursements | (162978) | (121745) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by operating activities | 1289704 | 1408664 |
| Cash Flows from Investing Activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Property and equipment additions | (733932) | (697865) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds received from sales of assets and businesses | 2980 | 30219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acquisition of businesses and property | (47772) | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Outflows from foreign exchange contracts that hedge our net U.K. investment | (49351) | (35667) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Costs incurred for purchase and development of enterprise resource planning application | (18676) | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Decrease in capital reserves of commercial insurance subsidiary | 100 | 197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in investing activities | (846651) | (703116) |
| Cash Flows from Financing Activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repayments of long-term debt | (27791) | (2471515) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additional borrowings | 208986 | 2210248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financing costs | (382) | (9992) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repurchase of common shares | (615941) | (420588) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends paid | (38902) | (40302) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issuance of common stock | 12119 | 10864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Profit distributions to noncontrolling interests | (10409) | (5791) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchase (sale) of ownership interests by (from) minority members | 18728 | 8959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in financing activities | (453592) | (718117) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Effect of exchange rate changes on cash, cash equivalents and restricted cash | 2390 | 2696 |
| Increase in cash, cash equivalents and restricted cash | (8149) | (9873) |
| Cash, cash equivalents and restricted cash, beginning of period | 224752 | 214470 |
| Cash, cash equivalents and restricted cash, end of period | $216603 | $204597 |
| Supplemental Disclosures of Cash Flow Information: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest paid | $103050 | $144378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income taxes paid, net of refunds | $355968 | $236975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Noncash purchases of property and equipment | $146650 | $87333 |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **<u>Universal Health Services, Inc.</u>** | **<u>Universal Health Services, Inc.</u>** | **<u>Universal Health Services, Inc.</u>** | **<u>Universal Health Services, Inc.</u>** | **<u>Universal Health Services, Inc.</u>** |
| <u>Supplemental Statistical Information</u> | <u>Supplemental Statistical Information</u> | <u>Supplemental Statistical Information</u> | <u>Supplemental Statistical Information</u> | <u>Supplemental Statistical Information</u> |
| (unaudited) | (unaudited) | (unaudited) | (unaudited) | (unaudited) |
|  |  |  | % Change | % Change |
| **<u>Same Facility:</u>** |  |  | Three Months ended | Nine Months Ended |
|  |  |  | 9/30/2025 | 9/30/2025 |
| **<u>Acute Care Services (1)</u>** |  |  |  |  |
| Revenues |  |  | 12.8% | 9.1% |
| Adjusted Admissions |  |  | 2.0% | 2.1% |
| Adjusted Patient Days |  |  | 0.4% | 0.6% |
| Revenue Per Adjusted Admission |  |  | 9.8% | 5.4% |
| Revenue Per Adjusted Patient Day |  |  | 11.5% | 7.0% |
| **<u>Behavioral Health Care Services (1)</u>** |  |  |  |  |
| Revenues |  |  | 9.3% | 7.9% |
| Adjusted Admissions |  |  | 0.5% | -0.2% |
| Adjusted Patient Days |  |  | 1.3% | 0.7% |
| Revenue Per Adjusted Admission |  |  | 8.8% | 8.2% |
| Revenue Per Adjusted Patient Day |  |  | 7.9% | 7.2% |
| **<u>UHS Consolidated</u>** | Third quarter ended | Third quarter ended | Nine Months Ended | Nine Months Ended |
|  | 9/30/2025 | 9/30/2024 | 9/30/2025 | 9/30/2024 |
| Revenues | $4495245 | $3963027 | $12878781 | $11714213 |
| EBITDA net of NCI | $684229 | $528564 | $1939469 | $1627698 |
| EBITDA Margin net of NCI | 15.2% | 13.3% | 15.1% | 13.9% |
| Adjusted EBITDA net of NCI | $670600 | $526536 | $1911702 | $1631013 |
| Adjusted EBITDA Margin net of NCI | 14.9% | 13.3% | 14.8% | 13.9% |
| Cash Flow From Operations | $380678 | $332977 | $1289704 | $1408664 |
| Capital Expenditures | $228892 | $247932 | $733932 | $697865 |
| Days Sales Outstanding |  |  | 55 | 52 |
| Debt |  |  | $4691120 | $4656411 |
| UHS' Shareholders Equity |  |  | $7169693 | $6605696 |
| Debt / Total Capitalization |  |  | 39.6% | 41.3% |
| Debt / EBITDA net of NCI (2) |  |  | 1.83 | 2.21 |
| Debt / Adjusted EBITDA net of NCI (2) |  |  | 1.86 | 2.21 |
| Debt / Cash From Operations (2) |  |  | 2.41 | 2.50 |
| (1) Prior year amounts related to certain facilities previously included in our Behavioral Health Care Services' results have been reclassified into our Acute Care Hospital Services' results as of May 1, 2024 to conform with current year presentation. | (1) Prior year amounts related to certain facilities previously included in our Behavioral Health Care Services' results have been reclassified into our Acute Care Hospital Services' results as of May 1, 2024 to conform with current year presentation. | (1) Prior year amounts related to certain facilities previously included in our Behavioral Health Care Services' results have been reclassified into our Acute Care Hospital Services' results as of May 1, 2024 to conform with current year presentation. | (1) Prior year amounts related to certain facilities previously included in our Behavioral Health Care Services' results have been reclassified into our Acute Care Hospital Services' results as of May 1, 2024 to conform with current year presentation. | (1) Prior year amounts related to certain facilities previously included in our Behavioral Health Care Services' results have been reclassified into our Acute Care Hospital Services' results as of May 1, 2024 to conform with current year presentation. |
| (2) Latest 4 quarters. |  |  |  |  |

---

------

**<u>Universal Health Services, Inc</u>**.

<u>Acute Care Hospital Services</u>

For the Three and Nine Months ended

September 30, 2025 and 2024

(in thousands)

(unaudited)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **<u>Same Facility Basis - Acute Care Hospital Services</u>** | **<u>Same Facility Basis - Acute Care Hospital Services</u>** | **<u>Same Facility Basis - Acute Care Hospital Services</u>** | **<u>Same Facility Basis - Acute Care Hospital Services</u>** | **<u>Same Facility Basis - Acute Care Hospital Services</u>** |  |  |  |  |
|  | **Three months ended** | **Three months ended** | **Three months ended** | **Three months ended** | **Nine months ended** | **Nine months ended** | **Nine months ended** | **Nine months ended** |
|  | **September 30, 2025** | **September 30, 2025** | **September 30, 2024** | **September 30, 2024** | **September 30, 2025** | **September 30, 2025** | **September 30, 2024** | **September 30, 2024** |
|  | **Amount** | **% of Net<br>Revenues** | **Amount** | **% of Net<br>Revenues** | **Amount** | **% of Net<br>Revenues** | **Amount** | **% of Net<br>Revenues** |
| Net revenues | $2433065 | 100.0% | $2156034 | 100.0% | $6949443 | 100.0% | $6369268 | 100.0% |
| Operating charges: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Salaries, wages and benefits | 939607 | 38.6% | 898260 | 41.7% | 2739668 | 39.4% | 2617905 | 41.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other operating expenses | 695141 | 28.6% | 600217 | 27.8% | 1971712 | 28.4% | 1757780 | 27.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Supplies expense | 344742 | 14.2% | 333063 | 15.4% | 1040287 | 15.0% | 1012094 | 15.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 90012 | 3.7% | 93977 | 4.4% | 267286 | 3.8% | 278597 | 4.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Lease and rental expense | 25284 | 1.0% | 24205 | 1.1% | 74456 | 1.1% | 72352 | 1.1% |
| Subtotal-operating expenses | 2094786 | 86.1% | 1949722 | 90.4% | 6093409 | 87.7% | 5738728 | 90.1% |
| Income from operations | 338279 | 13.9% | 206312 | 9.6% | 856034 | 12.3% | 630540 | 9.9% |
| Interest expense, net | 319 | 0.0% | 1077 | 0.0% | 968 | 0.0% | 3363 | 0.1% |
| Other (income) expense, net | (678) | (0.0)% | (590) | (0.0)% | (10261) | (0.1)% | (1107) | (0.0)% |
| Income before income taxes | $338638 | 13.9% | $205825 | 9.5% | $865327 | 12.5% | $628284 | 9.9% |
| **<u>All Acute Care Hospital Services</u>** | **<u>All Acute Care Hospital Services</u>** | **<u>All Acute Care Hospital Services</u>** | **<u>All Acute Care Hospital Services</u>** | **<u>All Acute Care Hospital Services</u>** |  |  |  |  |
|  | **Three months ended** | **Three months ended** | **Three months ended** | **Three months ended** | **Nine months ended** | **Nine months ended** | **Nine months ended** | **Nine months ended** |
|  | **September 30, 2025** | **September 30, 2025** | **September 30, 2024** | **September 30, 2024** | **September 30, 2025** | **September 30, 2025** | **September 30, 2024** | **September 30, 2024** |
|  | **Amount** | **% of Net<br>Revenues** | **Amount** | **% of Net<br>Revenues** | **Amount** | **% of Net<br>Revenues** | **Amount** | **% of Net<br>Revenues** |
| Net revenues | $2630065 | 100.0% | $2253819 | 100.0% | $7380328 | 100.0% | $6617586 | 100.0% |
| Operating charges: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Salaries, wages and benefits | 973680 | 37.0% | 899375 | 39.9% | 2821509 | 38.2% | 2620069 | 39.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other operating expenses | 878746 | 33.4% | 700558 | 31.1% | 2351206 | 31.9% | 2011301 | 30.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Supplies expense | 354697 | 13.5% | 333036 | 14.8% | 1064075 | 14.4% | 1011917 | 15.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 97389 | 3.7% | 94747 | 4.2% | 288406 | 3.9% | 279420 | 4.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Lease and rental expense | 25543 | 1.0% | 24492 | 1.1% | 75121 | 1.0% | 72641 | 1.1% |
| Subtotal-operating expenses | 2330055 | 88.6% | 2052208 | 91.1% | 6600317 | 89.4% | 5995348 | 90.6% |
| Income from operations | 300010 | 11.4% | 201611 | 8.9% | 780011 | 10.6% | 622238 | 9.4% |
| Interest expense, net | 528 | 0.0% | 1077 | 0.0% | 1177 | 0.0% | 3363 | 0.1% |
| Other (income) expense, net | (623) | (0.0)% | (527) | (0.0)% | (9806) | (0.1)% | (354) | (0.0)% |
| Income before income taxes | $300105 | 11.4% | $201061 | 8.9% | $788640 | 10.7% | $619229 | 9.4% |

---

------

*We believe that providing our results on a "Same Facility" basis (which is a non-GAAP measure), which includes the operating results for facilities and businesses operated in both the current year and prior year periods, is helpful to our investors as a measure of our operating performance. Our Same Facility results also neutralize (if applicable), the effect of material items that are nonrecurring or non-operational in nature including items such as, but not limited to, reserves for various matters, settlements, legal judgments and lawsuits, cost related to extinguishment of debt, gains/losses on sales of assets and businesses, impairments of goodwill, long-lived and intangible assets and other amounts that may be reflected in the current or prior year financial statements that relate to prior periods. Our Same Facility basis results exclude from net revenues and other operating expenses, provider tax assessments incurred in each period. However, these provider tax assessments are included in net revenues and other operating expenses as reflected in the table under All Acute Care Hospital Services. The provider tax assessments had no impact on the income before income taxes as reflected on the above tables since the amounts offset between net revenues and other operating expenses. To obtain a complete understanding of our financial performance, the Same Facility results should be examined in connection with our net income as determined in accordance with GAAP and as presented herein and the condensed consolidated financial statements and notes thereto as contained in our Form 10-K for the year ended December 31, 2024 and our Form 10-Q for the quarter ended June 30, 2025.*

---

| |
|:---|
| Prior year amounts related to certain facilities previously included in our Behavioral Health Care Services' results have been reclassified into our Acute Care Hospital Services' results as of May 1, 2024 to conform with current year presentation. |
| The *All Acute Care Hospital Services* table summarizes the results of operations for all our acute care operations during the periods presented. These amounts include: (i) our acute care results on a same facility basis, as indicated above; (ii) the impact of provider tax assessments which increased net revenues and other operating expenses but had no impact on income before income taxes, and; (iii) certain other amounts including the results of facilities acquired or opened during the last twelve months. |

---

------

**<u>Universal Health Services, Inc</u>**.

<u>Behavioral Health Care Services</u>

For the Three and Nine Months ended

September 30, 2025 and 2024

(in thousands)

(unaudited)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **<u>Same Facility - Behavioral Health Care Services</u>** | **<u>Same Facility - Behavioral Health Care Services</u>** | **<u>Same Facility - Behavioral Health Care Services</u>** | **<u>Same Facility - Behavioral Health Care Services</u>** | **<u>Same Facility - Behavioral Health Care Services</u>** |  |  |  |  |
|  | **Three months ended** | **Three months ended** | **Three months ended** | **Three months ended** | **Nine months ended** | **Nine months ended** | **Nine months ended** | **Nine months ended** |
|  | **September 30, 2025** | **September 30, 2025** | **September 30, 2024** | **September 30, 2024** | **September 30, 2025** | **September 30, 2025** | **September 30, 2024** | **September 30, 2024** |
|  | **Amount** | **% of Net<br>Revenues** | **Amount** | **% of Net<br>Revenues** | **Amount** | **% of Net<br>Revenues** | **Amount** | **% of Net<br>Revenues** |
| Net revenues | $1813502 | 100.0% | $1659264 | 100.0% | $5346883 | 100.0% | $4953381 | 100.0% |
| Operating charges: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Salaries, wages and benefits | 990740 | 54.6% | 910044 | 54.8% | 2890753 | 54.1% | 2669555 | 53.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other operating expenses | 347370 | 19.2% | 316234 | 19.1% | 999325 | 18.7% | 937738 | 18.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Supplies expense | 59400 | 3.3% | 57345 | 3.5% | 172962 | 3.2% | 170831 | 3.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 54493 | 3.0% | 51855 | 3.1% | 158824 | 3.0% | 149635 | 3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Lease and rental expense | 11494 | 0.6% | 11526 | 0.7% | 33316 | 0.6% | 34383 | 0.7% |
| Subtotal-operating expenses | 1463497 | 80.7% | 1347004 | 81.2% | 4255180 | 79.6% | 3962142 | 80.0% |
| Income from operations | 350005 | 19.3% | 312260 | 18.8% | 1091703 | 20.4% | 991239 | 20.0% |
| Interest expense, net | 1246 | 0.1% | 1041 | 0.1% | 3425 | 0.1% | 3076 | 0.1% |
| Other (income) expense, net | (236) | (0.0)% | (794) | (0.0)% | (1898) | (0.0)% | (2341) | (0.0)% |
| Income before income taxes | $348995 | 19.2% | $312013 | 18.8% | $1090176 | 20.4% | $990504 | 20.0% |
| **<u>All Behavioral Health Care Services</u>** | **<u>All Behavioral Health Care Services</u>** | **<u>All Behavioral Health Care Services</u>** | **<u>All Behavioral Health Care Services</u>** | **<u>All Behavioral Health Care Services</u>** |  |  |  |  |
|  | **Three months ended** | **Three months ended** | **Three months ended** | **Three months ended** | **Nine months ended** | **Nine months ended** | **Nine months ended** | **Nine months ended** |
|  | **September 30, 2025** | **September 30, 2025** | **September 30, 2024** | **September 30, 2024** | **September 30, 2025** | **September 30, 2025** | **September 30, 2024** | **September 30, 2024** |
|  | **Amount** | **% of Net<br>Revenues** | **Amount** | **% of Net<br>Revenues** | **Amount** | **% of Net<br>Revenues** | **Amount** | **% of Net<br>Revenues** |
| Net revenues | $1860259 | 100.0% | $1706612 | 100.0% | $5487984 | 100.0% | $5088711 | 100.0% |
| Operating charges: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Salaries, wages and benefits | 995570 | 53.5% | 914477 | 53.6% | 2900892 | 52.9% | 2682167 | 52.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other operating expenses | 390783 | 21.0% | 353089 | 20.7% | 1138209 | 20.7% | 1051937 | 20.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Supplies expense | 59696 | 3.2% | 57566 | 3.4% | 173544 | 3.2% | 171574 | 3.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 55294 | 3.0% | 52227 | 3.1% | 159961 | 2.9% | 150577 | 3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Lease and rental expense | 11652 | 0.6% | 11954 | 0.7% | 33985 | 0.6% | 35232 | 0.7% |
| Subtotal-operating expenses | 1512995 | 81.3% | 1389313 | 81.4% | 4406591 | 80.3% | 4091487 | 80.4% |
| Income from operations | 347264 | 18.7% | 317299 | 18.6% | 1081393 | 19.7% | 997224 | 19.6% |
| Interest expense, net | 1265 | 0.1% | 1041 | 0.1% | 3444 | 0.1% | 3076 | 0.1% |
| Other (income) expense, net | 733 | 0.0% | (861) | (0.1)% | (929) | (0.0)% | (2408) | (0.0)% |
| Income before income taxes | $345266 | 18.6% | $317119 | 18.6% | $1078878 | 19.7% | $996556 | 19.6% |

---

------

*We believe that providing our results on a "Same Facility" basis (which is a non-GAAP measure), which includes the operating results for facilities and businesses operated in both the current year and prior year periods, is helpful to our investors as a measure of our operating performance. Our Same Facility results also neutralize (if applicable), the effect of material items that are nonrecurring or non-operational in nature including items such as, but not limited to, reserves for various matters, settlements, legal judgments and lawsuits, cost related to extinguishment of debt, gains/losses on sales of assets and businesses, impairments of goodwill, long-lived and intangible assets and other amounts that may be reflected in the current or prior year financial statements that relate to prior periods. Our Same Facility basis results exclude from net revenues and other operating expenses, provider tax assessments incurred in each period. However, these provider tax assessments are included in net revenues and other operating expenses as reflected in the table under All Behavioral Health Care Services. The provider tax assessments had no impact on the income before income taxes as reflected on the above tables since the amounts offset between net revenues and other operating expenses. To obtain a complete understanding of our financial performance, the Same Facility results should be examined in connection with our net income as determined in accordance with GAAP and as presented herein and the condensed consolidated financial statements and notes thereto as contained in our Form 10-K for the year ended December 31, 2024 and our Form 10-Q for the quarter ended June 30, 2025.*

---

| |
|:---|
| Prior year amounts related to certain facilities previously included in our Behavioral Health Care Services' results have been reclassified into our Acute Care Hospital Services' results as of May 1, 2024 to conform with current year presentation. |
| The *All Behavioral Health Care Services* table summarizes the results of operations for all our behavioral health care facilities during the periods presented. These amounts include: (i) our behavioral health results on a same facility basis, as indicated above; (ii) the impact of provider tax assessments which increased net revenues and other operating expenses but had no impact on income before income taxes, and; (iii) certain other amounts including the results of facilities acquired or opened during the last twelve months. |

---

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **<u>Universal Health Services, Inc.</u>** | **<u>Universal Health Services, Inc.</u>** | **<u>Universal Health Services, Inc.</u>** | **<u>Universal Health Services, Inc.</u>** | **<u>Universal Health Services, Inc.</u>** | **<u>Universal Health Services, Inc.</u>** | **<u>Universal Health Services, Inc.</u>** |
| <u>Selected Hospital Statistics</u> | <u>Selected Hospital Statistics</u> | <u>Selected Hospital Statistics</u> | <u>Selected Hospital Statistics</u> | <u>Selected Hospital Statistics</u> | <u>Selected Hospital Statistics</u> | <u>Selected Hospital Statistics</u> |
| For the Three Months Ended | For the Three Months Ended | For the Three Months Ended | For the Three Months Ended | For the Three Months Ended | For the Three Months Ended | For the Three Months Ended |
| September 30, 2025 and 2024 | September 30, 2025 and 2024 | September 30, 2025 and 2024 | September 30, 2025 and 2024 | September 30, 2025 and 2024 | September 30, 2025 and 2024 | September 30, 2025 and 2024 |
| (unaudited) | (unaudited) | (unaudited) | (unaudited) | (unaudited) | (unaudited) | (unaudited) |
| **AS REPORTED:** |  |  |  |  |  |  |
|  | **ACUTE** | **ACUTE** | **ACUTE** | **BEHAVIORAL HEALTH** | **BEHAVIORAL HEALTH** | **BEHAVIORAL HEALTH** |
|  | **09/30/25** | **09/30/24** | **% change** | **09/30/25** | **09/30/24** | **% change** |
| Hospitals owned and leased | 29 | 27 | 7.4% | 345 | 334 | 3.3% |
| Average licensed beds | 7161 | 6797 | 5.4% | 24398 | 24306 | 0.4% |
| Average available beds | 6989 | 6625 | 5.5% | 24298 | 24206 | 0.4% |
| Patient days | 412353 | 401479 | 2.7% | 1639882 | 1622411 | 1.1% |
| Average daily census | 4482.1 | 4363.9 | 2.7% | 17824.8 | 17634.9 | 1.1% |
| Occupancy-licensed beds | 62.6% | 64.2% | -2.5% | 73.1% | 72.6% | 0.7% |
| Occupancy-available beds | 64.1% | 65.9% | -2.6% | 73.4% | 72.9% | 0.7% |
| Admissions | 86984 | 83149 | 4.6% | 120655 | 120003 | 0.5% |
| Length of stay | 4.7 | 4.8 | -2.1% | 13.6 | 13.5 | 0.7% |
| Inpatient revenue | $13935095 | $12293443 | 13.4% | $3063186 | $2819421 | 8.6% |
| Outpatient revenue | 9827354 | 8573731 | 14.6% | 282966 | 267721 | 5.7% |
| Total patient revenue | 23762449 | 20867174 | 13.9% | 3346152 | 3087142 | 8.4% |
| Other revenue | 315779 | 266833 | 18.3% | 99370 | 84759 | 17.2% |
| Gross revenue | 24078228 | 21134007 | 13.9% | 3445522 | 3171901 | 8.6% |
| Total deductions | 21448163 | 18880188 | 13.6% | 1585263 | 1465289 | 8.2% |
| Net revenue | $2630065 | $2253819 | 16.7% | $1860259 | $1706612 | 9.0% |
| **SAME FACILITY:** |  |  |  |  |  |  |
|  | **ACUTE** | **ACUTE** | **ACUTE** | **BEHAVIORAL HEALTH** | **BEHAVIORAL HEALTH** | **BEHAVIORAL HEALTH** |
|  | **09/30/25** | **09/30/24** | **% change** | **09/30/25** | **09/30/24** | **% change** |
| Hospitals owned and leased | 27 | 27 | 0.0% | 334 | 334 | 0.0% |
| Average licensed beds | 6869 | 6797 | 1.1% | 24069 | 23965 | 0.4% |
| Average available beds | 6697 | 6625 | 1.1% | 23969 | 23865 | 0.4% |
| Patient days | 401148 | 401479 | -0.1% | 1623202 | 1603808 | 1.2% |
| Average daily census | 4360.3 | 4363.9 | -0.1% | 17643.5 | 17432.7 | 1.2% |
| Occupancy-licensed beds | 63.5% | 64.2% | -1.1% | 73.3% | 72.7% | 0.8% |
| Occupancy-available beds | 65.1% | 65.9% | -1.2% | 73.6% | 73.0% | 0.8% |
| Admissions | 84368 | 83149 | 1.5% | 119608 | 118638 | 0.8% |
| Length of stay | 4.8 | 4.8 | 0.0% | 13.6 | 13.5 | 0.7% |
| Prior year amounts related to certain facilities previously included in our Behavioral Health Care Services' results have been reclassified into our Acute Care Hospital Services' results as of May 1, 2024 to conform with current year presentation. | Prior year amounts related to certain facilities previously included in our Behavioral Health Care Services' results have been reclassified into our Acute Care Hospital Services' results as of May 1, 2024 to conform with current year presentation. | Prior year amounts related to certain facilities previously included in our Behavioral Health Care Services' results have been reclassified into our Acute Care Hospital Services' results as of May 1, 2024 to conform with current year presentation. | Prior year amounts related to certain facilities previously included in our Behavioral Health Care Services' results have been reclassified into our Acute Care Hospital Services' results as of May 1, 2024 to conform with current year presentation. | Prior year amounts related to certain facilities previously included in our Behavioral Health Care Services' results have been reclassified into our Acute Care Hospital Services' results as of May 1, 2024 to conform with current year presentation. | Prior year amounts related to certain facilities previously included in our Behavioral Health Care Services' results have been reclassified into our Acute Care Hospital Services' results as of May 1, 2024 to conform with current year presentation. | Prior year amounts related to certain facilities previously included in our Behavioral Health Care Services' results have been reclassified into our Acute Care Hospital Services' results as of May 1, 2024 to conform with current year presentation. |

---

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **<u>Universal Health Services, Inc.</u>** | **<u>Universal Health Services, Inc.</u>** | **<u>Universal Health Services, Inc.</u>** | **<u>Universal Health Services, Inc.</u>** | **<u>Universal Health Services, Inc.</u>** | **<u>Universal Health Services, Inc.</u>** | **<u>Universal Health Services, Inc.</u>** |
| <u>Selected Hospital Statistics</u> | <u>Selected Hospital Statistics</u> | <u>Selected Hospital Statistics</u> | <u>Selected Hospital Statistics</u> | <u>Selected Hospital Statistics</u> | <u>Selected Hospital Statistics</u> | <u>Selected Hospital Statistics</u> |
| For the Nine Months Ended | For the Nine Months Ended | For the Nine Months Ended | For the Nine Months Ended | For the Nine Months Ended | For the Nine Months Ended | For the Nine Months Ended |
| September 30, 2025 and 2024 | September 30, 2025 and 2024 | September 30, 2025 and 2024 | September 30, 2025 and 2024 | September 30, 2025 and 2024 | September 30, 2025 and 2024 | September 30, 2025 and 2024 |
| **AS REPORTED:** |  |  |  |  |  |  |
|  | **ACUTE** | **ACUTE** | **ACUTE** | **BEHAVIORAL HEALTH** | **BEHAVIORAL HEALTH** | **BEHAVIORAL HEALTH** |
|  | **09/30/25** | **09/30/24** | **% change** | **09/30/25** | **09/30/24** | **% change** |
| Hospitals owned and leased | 29 | 27 | 7.4% | 345 | 334 | 3.3% |
| Average licensed beds | 7043 | 6735 | 4.6% | 24308 | 24335 | -0.1% |
| Average available beds | 6871 | 6563 | 4.7% | 24208 | 24235 | -0.1% |
| Patient days | 1243297 | 1212669 | 2.5% | 4860246 | 4845060 | 0.3% |
| Average daily census | 4554.2 | 4425.8 | 2.9% | 17803.1 | 17682.7 | 0.7% |
| Occupancy-licensed beds | 64.7% | 65.7% | -1.6% | 73.2% | 72.7% | 0.8% |
| Occupancy-available beds | 66.3% | 67.4% | -1.7% | 73.5% | 73.0% | 0.8% |
| Admissions | 260459 | 249474 | 4.4% | 357417 | 358845 | -0.4% |
| Length of stay | 4.8 | 4.9 | -2.0% | 13.6 | 13.5 | 0.7% |
| Inpatient revenue | $42116443 | $37549121 | 12.2% | $8925118 | $8348744 | 6.9% |
| Outpatient revenue | 28793015 | 25554222 | 12.7% | 852690 | 832489 | 2.4% |
| Total patient revenue | 70909458 | 63103343 | 12.4% | 9777808 | 9181233 | 6.5% |
| Other revenue | 881904 | 747440 | 18.0% | 281299 | 247166 | 13.8% |
| Gross revenue | 71791362 | 63850783 | 12.4% | 10059107 | 9428399 | 6.7% |
| Total deductions | 64411034 | 57233197 | 12.5% | 4571123 | 4339688 | 5.3% |
| Net revenue | $7380328 | $6617586 | 11.5% | $5487984 | $5088711 | 7.8% |
| **SAME FACILITY:** |  |  |  |  |  |  |
|  | **ACUTE** | **ACUTE** | **ACUTE** | **BEHAVIORAL HEALTH** | **BEHAVIORAL HEALTH** | **BEHAVIORAL HEALTH** |
|  | **09/30/25** | **09/30/24** | **% change** | **09/30/25** | **09/30/24** | **% change** |
| Hospitals owned and leased | 27 | 27 | 0.0% | 334 | 334 | 0.0% |
| Average licensed beds | 6798 | 6735 | 0.9% | 24099 | 23913 | 0.8% |
| Average available beds | 6626 | 6563 | 1.0% | 23999 | 23813 | 0.8% |
| Patient days | 1216788 | 1212669 | 0.3% | 4822845 | 4778313 | 0.9% |
| Average daily census | 4457.1 | 4425.8 | 0.7% | 17666.1 | 17439.1 | 1.3% |
| Occupancy-licensed beds | 65.6% | 65.7% | -0.2% | 73.3% | 72.9% | 0.5% |
| Occupancy-available beds | 67.3% | 67.4% | -0.3% | 73.6% | 73.2% | 0.5% |
| Admissions | 254141 | 249474 | 1.9% | 354853 | 354469 | 0.1% |
| Length of stay | 4.8 | 4.9 | -2.0% | 13.6 | 13.5 | 0.7% |
| Prior year amounts related to certain facilities previously included in our Behavioral Health Care Services' results have been reclassified into our Acute Care Hospital Services' results as of May 1, 2024 to conform with current year presentation. | Prior year amounts related to certain facilities previously included in our Behavioral Health Care Services' results have been reclassified into our Acute Care Hospital Services' results as of May 1, 2024 to conform with current year presentation. | Prior year amounts related to certain facilities previously included in our Behavioral Health Care Services' results have been reclassified into our Acute Care Hospital Services' results as of May 1, 2024 to conform with current year presentation. | Prior year amounts related to certain facilities previously included in our Behavioral Health Care Services' results have been reclassified into our Acute Care Hospital Services' results as of May 1, 2024 to conform with current year presentation. | Prior year amounts related to certain facilities previously included in our Behavioral Health Care Services' results have been reclassified into our Acute Care Hospital Services' results as of May 1, 2024 to conform with current year presentation. | Prior year amounts related to certain facilities previously included in our Behavioral Health Care Services' results have been reclassified into our Acute Care Hospital Services' results as of May 1, 2024 to conform with current year presentation. | Prior year amounts related to certain facilities previously included in our Behavioral Health Care Services' results have been reclassified into our Acute Care Hospital Services' results as of May 1, 2024 to conform with current year presentation. |

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| | | | | |
|:---|:---|:---|:---|:---|
| **<u>Universal Health Services, Inc.</u>** | **<u>Universal Health Services, Inc.</u>** | **<u>Universal Health Services, Inc.</u>** | **<u>Universal Health Services, Inc.</u>** | **<u>Universal Health Services, Inc.</u>** |
| <u>Supplemental Non-GAAP Disclosures</u> | <u>Supplemental Non-GAAP Disclosures</u> | <u>Supplemental Non-GAAP Disclosures</u> | <u>Supplemental Non-GAAP Disclosures</u> | <u>Supplemental Non-GAAP Disclosures</u> |
| <u>2025 Revised Operating Results Forecast</u> | <u>2025 Revised Operating Results Forecast</u> | <u>2025 Revised Operating Results Forecast</u> | <u>2025 Revised Operating Results Forecast</u> | <u>2025 Revised Operating Results Forecast</u> |
| (in thousands, except per share amounts) | (in thousands, except per share amounts) | (in thousands, except per share amounts) | (in thousands, except per share amounts) | (in thousands, except per share amounts) |
|  | **Revised Forecast For The Year Ending December 31, 2025** | **Revised Forecast For The Year Ending December 31, 2025** | **Revised Forecast For The Year Ending December 31, 2025** | **Revised Forecast For The Year Ending December 31, 2025** |
|  |  | % Net |  | % Net |
|  | **Low** | <u>revenues</u> | **High** | <u>revenues</u> |
| Net revenues | $17306000 |  | $17445000 |  |
| Net income attributable to UHS (a) | $1382259 |  | $1420335 |  |
| &nbsp;&nbsp; Depreciation and amortization | 617346 |  | 617346 |  |
| &nbsp;&nbsp; Interest expense | 151883 |  | 151883 |  |
| &nbsp;&nbsp; Other (income) expense, net | (16389) |  | (16389) |  |
| &nbsp;&nbsp; Provision for income taxes | 434352 |  | 446316 |  |
| Adjusted EBITDA net of NCI (b) | $2569451 | 14.8% | $2619491 | 15.0% |
| Net income attributable to UHS, per diluted share (a) | $21.50 |  | $22.10 |  |
| Shares used in computing diluted earnings per share | 64282 |  | 64282 |  |
| (a) Adjusted net income attributable to UHS/per diluted share exclude the following items because we do not believe we can forecast these items with sufficient accuracy. Such items include: the impact of future items, if applicable, that are nonrecurring or non-operational in nature including items such as pre-tax unrealized gains/losses resulting from changes in the market value of shares of certain equity securities, the impact of ASU 2016-09, and other potential material items including, but not limited to, impairments of goodwill, long-lived and intangible assets, reserves for various matters including settlements, legal judgments and lawsuits, costs related to extinguishment of debt, gains/losses on sales of assets and businesses, potential impacts of non-ordinary acquisitions, divestitures, joint ventures or other strategic transactions, other amounts that may be reflected in the current or prior year financial statements that relate to prior periods, and the impact of share repurchases that differ from our forecasted assumptions. Adjusted net income attributable to UHS/per diluted share is also subject to certain conditions including those as set forth in *General Information, Forward-Looking Statements and Risk Factors and Non-GAAP Financial Measures*. | (a) Adjusted net income attributable to UHS/per diluted share exclude the following items because we do not believe we can forecast these items with sufficient accuracy. Such items include: the impact of future items, if applicable, that are nonrecurring or non-operational in nature including items such as pre-tax unrealized gains/losses resulting from changes in the market value of shares of certain equity securities, the impact of ASU 2016-09, and other potential material items including, but not limited to, impairments of goodwill, long-lived and intangible assets, reserves for various matters including settlements, legal judgments and lawsuits, costs related to extinguishment of debt, gains/losses on sales of assets and businesses, potential impacts of non-ordinary acquisitions, divestitures, joint ventures or other strategic transactions, other amounts that may be reflected in the current or prior year financial statements that relate to prior periods, and the impact of share repurchases that differ from our forecasted assumptions. Adjusted net income attributable to UHS/per diluted share is also subject to certain conditions including those as set forth in *General Information, Forward-Looking Statements and Risk Factors and Non-GAAP Financial Measures*. | (a) Adjusted net income attributable to UHS/per diluted share exclude the following items because we do not believe we can forecast these items with sufficient accuracy. Such items include: the impact of future items, if applicable, that are nonrecurring or non-operational in nature including items such as pre-tax unrealized gains/losses resulting from changes in the market value of shares of certain equity securities, the impact of ASU 2016-09, and other potential material items including, but not limited to, impairments of goodwill, long-lived and intangible assets, reserves for various matters including settlements, legal judgments and lawsuits, costs related to extinguishment of debt, gains/losses on sales of assets and businesses, potential impacts of non-ordinary acquisitions, divestitures, joint ventures or other strategic transactions, other amounts that may be reflected in the current or prior year financial statements that relate to prior periods, and the impact of share repurchases that differ from our forecasted assumptions. Adjusted net income attributable to UHS/per diluted share is also subject to certain conditions including those as set forth in *General Information, Forward-Looking Statements and Risk Factors and Non-GAAP Financial Measures*. | (a) Adjusted net income attributable to UHS/per diluted share exclude the following items because we do not believe we can forecast these items with sufficient accuracy. Such items include: the impact of future items, if applicable, that are nonrecurring or non-operational in nature including items such as pre-tax unrealized gains/losses resulting from changes in the market value of shares of certain equity securities, the impact of ASU 2016-09, and other potential material items including, but not limited to, impairments of goodwill, long-lived and intangible assets, reserves for various matters including settlements, legal judgments and lawsuits, costs related to extinguishment of debt, gains/losses on sales of assets and businesses, potential impacts of non-ordinary acquisitions, divestitures, joint ventures or other strategic transactions, other amounts that may be reflected in the current or prior year financial statements that relate to prior periods, and the impact of share repurchases that differ from our forecasted assumptions. Adjusted net income attributable to UHS/per diluted share is also subject to certain conditions including those as set forth in *General Information, Forward-Looking Statements and Risk Factors and Non-GAAP Financial Measures*. | (a) Adjusted net income attributable to UHS/per diluted share exclude the following items because we do not believe we can forecast these items with sufficient accuracy. Such items include: the impact of future items, if applicable, that are nonrecurring or non-operational in nature including items such as pre-tax unrealized gains/losses resulting from changes in the market value of shares of certain equity securities, the impact of ASU 2016-09, and other potential material items including, but not limited to, impairments of goodwill, long-lived and intangible assets, reserves for various matters including settlements, legal judgments and lawsuits, costs related to extinguishment of debt, gains/losses on sales of assets and businesses, potential impacts of non-ordinary acquisitions, divestitures, joint ventures or other strategic transactions, other amounts that may be reflected in the current or prior year financial statements that relate to prior periods, and the impact of share repurchases that differ from our forecasted assumptions. Adjusted net income attributable to UHS/per diluted share is also subject to certain conditions including those as set forth in *General Information, Forward-Looking Statements and Risk Factors and Non-GAAP Financial Measures*. |
| (b) Adjusted EBITDA net of NCI is a non-GAAP financial measure and should not be considered a measure of financial performance under GAAP. We believe Adjusted EBITDA net of NCI is helpful to our investors as a measure of operating performance. | (b) Adjusted EBITDA net of NCI is a non-GAAP financial measure and should not be considered a measure of financial performance under GAAP. We believe Adjusted EBITDA net of NCI is helpful to our investors as a measure of operating performance. | (b) Adjusted EBITDA net of NCI is a non-GAAP financial measure and should not be considered a measure of financial performance under GAAP. We believe Adjusted EBITDA net of NCI is helpful to our investors as a measure of operating performance. | (b) Adjusted EBITDA net of NCI is a non-GAAP financial measure and should not be considered a measure of financial performance under GAAP. We believe Adjusted EBITDA net of NCI is helpful to our investors as a measure of operating performance. | (b) Adjusted EBITDA net of NCI is a non-GAAP financial measure and should not be considered a measure of financial performance under GAAP. We believe Adjusted EBITDA net of NCI is helpful to our investors as a measure of operating performance. |

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