Universal Health Services Inc

Company facts

Industry

Services-General Medical & Surgical Hospitals, NEC

Headquarters

King of Prussia, Pennsylvania

Most recent report

10-Q, filed Nov 6, 2026

Incorporated

Delaware

Filings on record

1,001+ filings

On EDGAR

CIK 352915

Fiscal year ends

December

Filer status

Large accelerated filer

What to read: Sep 2026 10-Q

SECSift found 5 of 10 sections worth reading, with 0 positive, 10 notable, and 11 negative flags.

• Part I

  Net income fell 17% in Q3 2026; large liability accruals, litigation settlements, and a Medicare termination are material.
  Notable

  • Acquired Talkspace for $820M net of cash in Aug 2026, adding virtual behavioral health; goodwill rose to $4.7B from $4.0B.
  Negative

  • Commercial insurance terms worsened in March 2025: exclusions for sexual molestation, higher premiums, lower aggregate limits.
  • Cumberland tentative settlement drove a $26M reserve increase in Q3 2026; total self-insured liability rose to $545M from $449M at Dec 2025.
  • Laurel Ridge lost Medicare/Medicaid certification; generated a $16M loss in the first nine months of 2026 vs $23M profit in FY2025.
  • Provo Canyon School lost its Utah license in July 2026; both campuses agreed to voluntarily relinquish adolescent licenses.

• Management's Discussion (Item 2)

  Net income fell 17% QoQ; OBBBA law will cut ~$500M/yr by 2032; $820M Talkspace deal closed.
  Notable

  • Issued $600M 5.5% notes due 2031 and $500M 6.0% notes due 2036 in August 2026 to refinance $700M 1.65% notes that matured.
  • Same-facility acute care income before taxes fell 5.3% in Q3 2026, while behavioral health fell 1.7%.
  • Interest expense rose 46% to $56M in Q3 2026, driven by higher debt and lower capitalized interest.
  • Spent $690M on open-market share repurchases in first nine months of 2026, up from $566M in same period of 2025.
  • Total debt as a percentage of total capitalization rose to 43% at September 30, 2026 from 40% at December 31, 2025.
  Negative

  • OBBBA law will reduce aggregate annual net benefit by ~$500M by 2032, starting in state fiscal year 2028.
  • Net income attributable to UHS fell 17% to $309M in Q3 2026 from $373M in Q3 2025.
  • Reserves for self-insured claims increased $37M in Q3 2026 and $65M YTD, due to unfavorable trends and a tentative settlement.

• Legal Proceedings (Item 1)

  Cross-reference to Note 6; legal proceedings often contain material contingencies.
  Notable

  • Section is a cross-reference; actual legal details are in Note 6, which must be reviewed.

• Risk Factors (Item 1A)

  New $820M Talkspace acquisition risks and DC hospital restructuring with OAG review.
  Negative

  • $820M Talkspace acquisition financed with new debt; integration, provider retention, and synergy risks are now live.
  • UHS assumed management and financial responsibility for new physician group CMG; operating losses may exceed expectations.
  • University's financial support to UHS for DC hospitals ends after five years; losses after that hit results harder.
  • Some MFA physicians did not join CMG; they may stop treating patients at UHS's DC hospitals, reducing revenue.

• Unregistered Sales and Repurchases (Item 2)

  Large buyback activity: $242M spent in Q3 2026, $1.4B authorization remaining.
  Notable

  • Remaining buyback authorization of $1.4B as of Dec 31, 2025, with no expiration.
  • Repurchased 1.35M shares for $242.1M in Q3 2026 at $179.34 average price.
  • Paid $0.20 per share dividend in Q3 2026; dividend equivalents accrue on unvested RSUs.

What changed: Sep 2026 vs. Jun 2026

About 10% of UHS's Sep 2026 10-Q is new information. 63 paragraphs were added, 282 changed, and 81 removed. Below are the most important lines SECSift identified.

• Item 2 216
• Part I 74
• Item 6 10
• Item 1A 7
• Item 4 2
• Item 3 1
• Item 5 1