Universal Health Services (UHS) financial statements
Universal Health Services reported revenue of $17.4B in fiscal 2025, up 6.6% a year over 9 years.
Net income was $1.5B and the operating margin 11.5%, against 13.1% in 2016.
Free cash flow was $849M, and the company returned $51M in dividends and $968M in net buybacks.
The diluted share count fell 34% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Universal Health Services's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $9.8B | $10.4B | $10.8B | $11.4B | $11.6B | $12.6B | $13.4B | $14.3B | $15.8B | $17.4B |
| Operating income | $1.3B | $1.3B | $1.2B | $1.2B | $1.4B | $1.4B | $1.0B | $1.2B | $1.7B | $2.0B |
| Interest expense | $125M | $145M | $155M | $163M | $106M | $84M | $127M | $207M | $186M | $156M |
| Pre-tax income | $1.2B | $1.1B | $1.0B | $1.1B | $1.3B | $1.3B | $866M | $940M | $1.5B | $2.0B |
| Income tax | $409M | $364M | $237M | $239M | $299M | $306M | $209M | $221M | $335M | $461M |
| Net income | $702M | $752M | $780M | $815M | $944M | $992M | $676M | $718M | $1.1B | $1.5B |
| EPS (diluted) | $7.14 | $7.81 | $8.31 | $9.13 | $10.99 | $11.82 | $9.14 | $10.23 | $16.82 | $23.10 |
| Diluted shares | 98M | 96M | 94M | 89M | 86M | 84M | 74M | 70M | 68M | 64M |
| Operating margin | 13.1% | 12.3% | 10.9% | 10.7% | 11.8% | 10.8% | 7.5% | 8.2% | 10.6% | 11.5% |
| Net margin | 7.2% | 7.2% | 7.2% | 7.2% | 8.2% | 7.8% | 5.0% | 5.0% | 7.2% | 8.6% |
Balance sheet
Fiscal years, from Universal Health Services's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $34M | $74M | $105M | $61M | $1.2B | $115M | $103M | $119M | $126M | $138M |
| Receivables | $1.4B | $1.5B | $1.5B | $1.6B | $1.7B | $1.7B | $2.0B | $2.2B | $2.2B | $2.6B |
| Total current assets | $1.7B | $1.8B | $1.9B | $1.9B | $3.3B | $2.3B | $2.5B | $2.8B | $2.8B | $3.4B |
| Property, plant and equipment | $4.3B | $4.6B | $4.8B | $5.0B | $5.4B | $5.9B | $5.9B | $6.1B | $6.6B | $7.0B |
| Goodwill | $3.8B | $3.8B | $3.8B | $3.9B | $3.9B | $4.0B | $3.9B | $3.9B | $3.9B | $4.0B |
| Total assets | $10.3B | $10.8B | $11.3B | $11.7B | $13.5B | $13.1B | $13.5B | $14.0B | $14.5B | $15.5B |
| Total current liabilities | $1.3B | $1.8B | $1.4B | $1.6B | $2.5B | $2.0B | $1.9B | $2.0B | $2.2B | $3.2B |
| Long-term debt | $4.0B | $3.5B | $3.9B | $3.9B | $3.5B | $4.1B | $4.7B | $4.8B | $4.5B | $4.0B |
| Total liabilities | $5.7B | $5.7B | $5.8B | $6.1B | $7.1B | $6.9B | $7.5B | $7.8B | $7.7B | $8.2B |
| Shareholders' equity | $4.5B | $5.0B | $5.4B | $5.5B | $6.3B | $6.1B | $5.9B | $6.1B | $6.7B | $7.3B |
| Net debt | $4.1B | $4.0B | $3.9B | $3.9B | $2.6B | $4.1B | $4.7B | $4.8B | $4.4B | $4.6B |
Cash flow
Fiscal years, from Universal Health Services's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $1.3B | $1.2B | $1.3B | $1.4B | $2.4B | $884M | $996M | $1.3B | $2.1B | $1.9B |
| Capital spending | $520M | $558M | $665M | $634M | $731M | $856M | $734M | $743M | $944M | $1.0B |
| Free cash flow | $814M | $690M | $610M | $804M | $1.6B | $28M | $262M | $525M | $1.1B | $849M |
| Stock-based compensation | $48M | $57M | $67M | $69M | $66M | $74M | $85M | $88M | $99M | $96M |
| Dividends paid | $39M | $38M | $37M | $53M | $17M | $66M | $58M | $55M | $53M | $51M |
| Share buybacks (net) | -$353M | -$364M | -$397M | -$771M | -$207M | -$1.2B | -$833M | -$547M | -$671M | -$968M |
| Net borrowing | -$459M | -$143M | -$830M | -$57M | -$963M | -$3.0B | -$89M | -$85M | -$2.6B | -$44M |
| Free cash flow margin | 8.3% | 6.6% | 5.7% | 7.1% | 14.1% | 0.2% | 2.0% | 3.7% | 7.1% | 4.9% |
| Dividends per share | $0.40 | $0.40 | $0.40 | $0.60 | $0.20 | $0.79 | $0.79 | $0.79 | $0.79 | $0.80 |
Questions
What was Universal Health Services's revenue in 2025?
$17.4B in fiscal 2025, from its 10-K filing.
How much free cash flow does Universal Health Services generate?
$849M in fiscal 2025 (operating cash flow minus capital spending).
From Universal Health Services's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.