UNIVERSAL HEALTH SERVICES INC (UHS)

Universal Health Services, Inc. owns and operates, through its subsidiaries, acute care hospitals, outpatient facilities and behavioral health care facilities. As of February 25, 2026, it owned and/or operated 375 inpatient facilities and 168 outpatient and other facilities located in 40 states, Washington, D.C., the United Kingdom and Puerto Rico. The company also operates a commercial health insurer. It provides capital resources and management services to its facilities, including central purchasing, information services, finance and control systems, facilities planning, physician recruitment, administrative personnel management, marketing and public relations.

The business has two main parts. The U.S. acute care operation comprises 29 inpatient acute care hospitals, 35 free-standing emergency departments, 13 outpatient centers and one surgical hospital. Together with the commercial health insurer, acute care accounted for about 57% of consolidated net revenues in both 2025 and 2024. The behavioral health operation comprises 346 inpatient and 119 outpatient facilities: 182 inpatient and 110 outpatient facilities in the U.S., 161 inpatient and 2 outpatient facilities in the U.K., and 3 inpatient and 7 outpatient facilities in Puerto Rico. Together with the commercial health insurer, behavioral health accounted for about 43% of consolidated net revenues in both years. The company changed its method of counting outpatient behavioral facilities in the third quarter of 2025, which explains substantially all of the increase from prior periods. U.K. behavioral facilities generated net revenues of about $1.001 billion in 2025 and $880 million in 2024. Hospital services include general and specialty surgery, internal medicine, obstetrics, emergency care, radiology, oncology, diagnostics, coronary care, pediatrics, pharmacy and behavioral health.

Customers are patients, who are served in community-based hospitals and outpatient settings. Payment comes from private insurers (including managed care plans), Medicare, state Medicaid programs and patients directly. The company's strategy is to grow selectively by acquiring, constructing or leasing hospitals, and to expand outpatient services in response to payer demand. It also partners with non-UHS acute care hospitals to help run their behavioral health services, through hospital purchases, leased beds and joint venture agreements. Acute care volumes and revenues are typically higher in the first and fourth quarters.

UHS is a Delaware corporation organized in 1979, with principal executive offices in King of Prussia, Pennsylvania. Its facilities operate under extensive healthcare regulation, including licensing, Joint Commission accreditation, Medicare and Medicaid certification, certificate of need laws in certain states, utilization review, government payment audits, and self-referral and anti-kickback laws. All eligible hospitals are Joint Commission accredited, and U.K. facilities are subject to separate laws and regulations.