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Universal Health Services UHS State Medicaid Programs — Revenue

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Other financials

Income statement

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Revenue$4.6B+8.3%
Operating income$516.7M+3.3%
Net income$358.4M+1.5%
EPS (diluted)$5.98+10.1%

Balance sheet

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Cash & equivalents$138.8M+0.9%
Total debt$5.3B+5.1%
Total equity$7.5B+6.9%
Total assets$15.9B+6.3%

Cash flow

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Operating cash flow$443.3M-19.2%
CapEx$227.6M-14.4%
Free cash flow$215.7M-23.8%

Valuation

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Market cap$10.27B-2.5%
Enterprise value$15.4B0.0%
P/E6.7×-1.6×
P/S0.6×-0.1×

Profitability

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Operating margin11.4%+0.4pp
Net margin8.4%+0.8pp
FCF margin4.7%-0.8pp

Returns & leverage

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Return on equity21%+2.3pp
Debt / equity0.7×0.0×
Current ratio1.1×-0.2×

Where this comes from

Reported directly by Universal Health Services in its filing.

Tagged under the XBRL concept us-gaap:Revenues.

The source filing: Universal Health Services’s 10-K, filed February 25, 2026.

Filed
Feb 25, 2026, 4:21 PM EST
Fiscal year
FY2025
Accession
0001193125-26-071676

Under these programs, including the impact of the Texas Uncompensated Care and Upper Payment Limit program, the Texas Delivery System Reform Incentive program, the Nevada State Directed Payment program, the Washington D.C State Directed Payment program and various other state programs, we earned revenues (before Provider Taxes) of approximately $1.914 billion during 2025, $1.499 billion during 2024 and $853 million during 2023. These revenues were offset by Provider Taxes of approximately $631 million during 2025, $536 million during 2024 and $297 million during 2023, which are recorded in other operating expenses on the consolidated statements of income as included herein. The aggregate net benefit from these programs was $1.283 billion during 2025, $963 million during 2024 and $556 million during 2023. The aggregate net benefit pursuant to these programs is earned from multiple states and therefore no particular state’s portion is individually material to our consolidated financial statements. In addition, under various disproportionate share hospital payment programs and state plan amendment programs, we earned revenues of $56 million in 2025, $53 million in 2024 and $73 million in 2023.

ITEM 16. Form 10-K Summary

FAQ

What is Universal Health Services's state medicaid programs — revenue?
Universal Health Services (UHS) reported state medicaid programs — revenue of $14M in Q4 2025.
How has Universal Health Services's state medicaid programs — revenue changed year-over-year?
Universal Health Services's state medicaid programs — revenue increased by 5.7% year-over-year, from $13.25M to $14M.
What is the long-term trend for Universal Health Services's state medicaid programs — revenue?
Over 4 years (2021 to 2025), Universal Health Services's state medicaid programs — revenue has grown at a -6.7% compound annual growth rate (CAGR), from $74M to $56M.
What does state medicaid programs — revenue mean?
This metric represents the total gross revenue generated from services provided to patients under state-administered Medicaid programs. It reflects the top-line contribution of this specific government-sponsored segment to the overall hospital or behavioral health business. It is a key indicator of the company's market share and service volume within the public healthcare sector.

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