King of Prussia, Pa.-based Universal Health Services recorded a net income of $1.5 billion in 2025, up from $1.1 billion in 2024, according to its Feb. 25 financial report.
Eight things to know:
1. The for-profit system reported an operating income of $2 billion (11.5% operating margin) for the 12 months ended Dec. 31, up from $1.7 billion (10.6% margin) during the same period last year.
2. Net revenue was $17.4 billion in 2025, up from $15.8 billion in 2024.
3. Total operating expenses were $15.3 billion in 2025, up from $14.1 billion in 2024. Salaries, wages and benefits were $8.1 billion, up from $7.5 billion. Supply expenses were $1.7 billion, up from $1.6 billion. Other operating expenses were $4.9 billion, up from $4.3 billion.
4. UHS’ acute care hospitals saw adjusted admissions increase by 1.6% on a same-facility basis in 2025, while adjusted patient days increased by 0.3%. Net revenue per adjusted admission increased by 5.4%, while net revenue per adjusted patient day increased by 6.8%. Net revenues generated from acute care services — on a same facility basis — increased 8.5%.
5. The system’s behavioral health hospitals saw adjusted admissions increase by 0.2% on a same-facility basis in 2025, while adjusted patient days increased by 0.9%. Net revenue per adjusted admission increased by 7.5% and net revenue per adjusted patient day increased by 6.8%. Net revenues generated from behavioral healthcare services — on a same facility basis — increased 7.7%.
6. UHS is projecting net revenue between $18.4 billion and $18.8 billion in 2026.
7. The system expects to spend between $950 million and $1.1 billion in capital expenditures in 2026. UHS spent $1 billion in capital expenditures in 2025 and $943.8 million in 2024.
8. UHS operates 29 inpatient acute care hospitals, 346 behavioral health facilities, 168 outpatient facilities, an insurance offering, and a physician network in 40 states, Washington, D.C., the United Kingdom and Puerto Rico.
