Universal Health Services (UHS) Earnings: Q3 2026 Results

The quarter ended September 30, 2026 and Universal Health Services published the results on October 27, 2026. Revenue and diluted EPS are shown against Q3 2025, the same quarter a year earlier, which takes seasonal swings out of the comparison. Universal Health Services reports EPS two ways: GAAP, under the accounting rules every US filer follows, and adjusted, which leaves out items the company considers outside its operating results. The release reconciles the two, and when they diverge, the reconciliation says why.

• Universal Health Services reports net revenues, and its headline figure is net income attributable to UHS.
• Universal Health Services did not update its 2026 operating results forecast in the Q3 release. It last revised the forecast in its Q2 release on July 27, 2026.
• UHS acquired Talkspace, a virtual behavioral healthcare company, in August 2026 for approximately $820 million, net of cash acquired.

Source: Universal Health Services Q3 2026 results, October 27, 2026. Also in the Form 10-Q for the quarter ended September 30, 2026. Figures as reported; checked against the release on November 10, 2026.

How Universal Health Services splits revenue in its own release, under its own labels, for Q3 2026 against Q3 2025. Indented lines are parts of the line above them.

• Universal Health Services's Acute Care revenue was $2.8 billion in Q3 2026, up 5% from $2.6 billion in Q3 2025, 58% of total revenue.
• Universal Health Services's Behavioral Health revenue was $2.0 billion in Q3 2026, up 6% from $1.9 billion in Q3 2025, 42% of total revenue.
• Universal Health Services's Other revenue was $2.9 million in Q3 2026, down 42% from $4.9 million in Q3 2025, under 1% of total revenue.

Segment lines are the figures writers cite most often, because they show where the growth in a quarter came from. Companies redraw their segments from time to time and restate the prior year to match, so a year-ago figure here can differ from the one printed a year ago. When that has happened, the note above says so.

Revenue and diluted EPS for the last 5 quarters. Each date links to that quarter's release.

Net revenues and GAAP diluted EPS attributable to UHS, each as first reported in that quarter's release.

We do not hold a confirmed date for Universal Health Services's next report. Companies post the date on their investor relations site a few weeks ahead, usually with the time of the conference call.

Each quarter keeps its own page with the figures as reported, so a link to one stays pointed at the same numbers after the next report.

• Q3 2026 (this page), reported Oct 27, 2026

Universal Health Services' net revenues rose 5.3% to $4.733 billion in Q3 2026, from $4.495 billion. UHS runs two businesses: Acute Care, which brought in $2,764 million, and Behavioral Health, $1,966 million. At September 30, 2026 it operated 30 inpatient acute care facilities, 388 inpatient behavioral health facilities and 169 outpatient and other facilities, in 40 states, Washington, D.C., Puerto Rico, Ireland and the United Kingdom. (Universal Health Services Q3 2026 release, Oct 27, 2026; Universal Health Services Form 10-Q, Q3 2026, Nov 6, 2026)

Most of UHS's revenue comes from insurers and government programs. In the quarter, managed care (HMOs and PPOs) was 26% of net revenue, Medicaid 17%, managed Medicaid 14%, managed Medicare 12% and Medicare 11%. Behavioral Health leans more on Medicaid: managed Medicaid was 24% of that segment's revenue, against 6% in Acute Care, and UK revenue was 15% of Behavioral Health. (Universal Health Services Form 10-Q, Q3 2026, Nov 6, 2026)

In Acute Care, same facility adjusted admissions and adjusted patient days each increased by 4.9%, while net revenue per adjusted admission and per adjusted patient day each decreased by 1.7%, and same facility net revenues rose 4.7%. In Behavioral Health, same facility adjusted admissions rose 2.5%, net revenue per adjusted patient day rose 2.1% and same facility net revenues rose 4.0%. (Universal Health Services Q3 2026 release, Oct 27, 2026)

Universal Health Services' Q3 2026 results included a favorable net pre-tax impact of $47 million from increases in Medicaid supplemental payment programs, mainly in Washington, D.C. and California. The year-ago quarter included $90 million of pre-tax reimbursements under a Washington, D.C. Medicaid state directed payment program covering October 1, 2024 through September 30, 2025. (Universal Health Services Q3 2026 release, Oct 27, 2026)

UHS's 10-K estimates that under the July 2025 federal legislation limiting provider fees, its aggregate annual net benefit from these programs will be reduced by approximately $432 million to $480 million by 2032, starting with the 2028 state fiscal years. The legislation also adds work and community service requirements to Medicaid eligibility. (Universal Health Services Form 10-K, 2025, Feb 25, 2026; Universal Health Services Q3 2026 release, Oct 27, 2026)

Universal Health Services' GAAP diluted EPS was $5.22 in Q3 2026, against $5.86 a year earlier, on net income attributable to UHS of $308.7 million against $373.0 million. UHS made no adjustments this quarter, so adjusted EPS was also $5.22. Its year-ago adjusted EPS of $5.69 excluded a $.16 per share unrealized gain on equity securities and a $.01 tax benefit. (Universal Health Services Q3 2026 release, Oct 27, 2026)

UHS does not adjust out several items in reported results. Q3 2026 included the $47 million Medicaid supplemental benefit, partly offset by a $26 million increase to reserves for self-insured professional and general liability claims, tied mainly to a tentative settlement in the Cumberland Hospital litigation. The year-ago quarter had a $35 million reserve charge. Adjusted EBITDA net of NCI fell to $624.6 million, or 13.2% of net revenues, from $670.6 million, or 14.9%. (Universal Health Services Q3 2026 release, Oct 27, 2026)

Buybacks reduced the share count: diluted weighted average shares were 59,145 thousand, against 63,663 thousand a year earlier. UHS repurchased 1.35 million shares for approximately $242.1 million in the quarter and had about $735.4 million of authorization left. Interest expense, net rose to $56 million from $38 million, and the effective tax rate was 24.3%, against 23.7%. (Universal Health Services Q3 2026 release, Oct 27, 2026; Universal Health Services Form 10-Q, Q3 2026, Nov 6, 2026)

Diluted EPS divides net income by the weighted average number of shares outstanding in the quarter, plus the shares that options and other equity awards could add. Buybacks shrink that count and lift EPS for the same profit; share issuance and stock awards enlarge it.

Universal Health Services publishes a full-year operating results forecast and revises it in some releases, but its Q3 2026 release does not give or update one. It says the quarter's net favorable pre-tax impact of approximately $21 million (the $47 million Medicaid benefit less the $26 million reserve increase) was not included in the 2026 operating results forecast it disclosed on July 27, 2026. (Universal Health Services Q3 2026 release, Oct 27, 2026)

A consensus figure is the average of the models published by the analysts who cover Universal Health Services, collected by a data provider and revised up to the day of the report. A quarter that lands above it says how expectations were set as much as how the business did, and the share price on the day also reflects the guidance and the lines no consensus covers.

The consensus figures on this page are Yahoo Finance's, as pulled on the date shown. Each comes with the number of analysts behind it; the smaller that number, the more one revised estimate can move the average.

The figures below are the ones Universal Health Services's own release and filings put weight on for Q3 2026, with the latest reported value for each.

What the quarter means for a holding is a separate question from what it reported. The case for and against owning UHS is on is UHS a buy or a sell?, what analysts expect next is on the UHS forecast, and what the company does is on the Universal Health Services (UHS) stock page.

Every number on this page can be traced to a document Universal Health Services published. Checking one takes a couple of minutes, and it is worth doing before you quote a figure anywhere.

• The results release is the document linked in the source line above. Companies publish it on their investor relations site at the moment results go out, and it carries the headline tables: revenue, operating income, net income and EPS for the quarter and the year-ago quarter.
• The same release is filed with the SEC as Exhibit 99.1 to a Form 8-K under Item 2.02, usually on the day of the report. The SEC copy does not change after the fact, which makes it the safer thing to link when you cite a number.
• The quarterly report (Form 10-Q) follows within a few weeks and carries the full financial statements, the segment note and management's discussion of what changed. The fourth quarter is covered by the annual report (Form 10-K) instead.
• Restated comparisons are flagged in the notes on this page. When a company redraws its segments or changes how it adjusts EPS, it restates the year-ago column, so the year-ago figure in a new release can differ from the one printed a year ago. This page always uses the comparison in the newer release, because that is the like-for-like one.

A walk-through of every line in a release, with what each one tells you, is in how to read an earnings report.