Universal Health Services, Inc. · NYSE:UHS

Universal Health Services — Q2 2026 Earnings Presentation

45 slides from Universal Health Services's earnings presentation, Jul 27, 2026

Slide 1: Investor Presentation Q2 2026 Update
Investor Presentation Q2 2026 Update Universal Health Services, Inc. (UHS) is a holding company that operates through its subsidiaries. This document has been prepared by UHS of Delaware, Inc. Any reference to "UHS" or "UHS facilities" refers to UHS’ subsidiaries. Further, the terms "we," "us," "our
Slide 2: Disclaimer
Disclaimer Numerous factors, including those disclosed herein, those related to healthcare industry trends and those detailed in our press release announcing our Second Quarter 2026 results dated July 27, 2026, filings with the Securities and Exchange Commission (as set forth in Item 1A-Risk Factors
Slide 3: Strategically Positioned to Deliver Long-Term Value
Strategically Positioned to Deliver Long-Term Value Experienced & Innovative Leadership Team Quality Patient Care Long-tenured management team has successful long-term Culture that is committed to delivering high-quality track record and strong shareholder alignment patient care and service excellen
Slide 4: Table of Contents
Table of Contents About Us Our Portfolio Financial Highlights Founded in 1979, Universal Health We operate 540+ facilities across 40 During FY 2025, we generated Net Services, Inc. (NYSE: UHS) is one of states, the District of Columbia, revenue of $17.4 billion, Net income the nation’s largest and m
Slide 6: Our Mission
SINCE OUR MISSION 1979 To provide superior quality healthcare services that: Patients recommend to family and friends, Physicians prefer for their patients, Purchasers select for their clients, Employees are proud of, and Investors seek for long-term returns Penned in 1979 by Alan B. Miller, Founder
Slide 7: Our Principles
Our Principles WE PROVIDE SUPERIOR QUALITY WE VALUE EACH MEMBER OF OUR PATIENT CARE TEAM AND ALL THEIR GOOD WORK We strive to be the provider of choice We know that the quality of the because we are passionate about patient experience is driven by the providing superior quality care for each persona
Slide 8: Industry Accolades
Industry Accolades We are honored to receive industry accolades that recognize the care and services we provide. 19 of 29 Acute Care Hospitals Scored A or B Leapfrog Safety Grade Spring 2026 16 consecutive 22 years 22 years 3 consecutive years years Ranked 271st Ranked 355th among U.S. companies Fro
Slide 9: UHS at a Glance
UHS at a Glance OUR PORTFOLIO AS OF JUNE 30, 2026 540+ hospitals and healthcare facilities across 40 states, INPATIENT LICENSED BEDS OUTPATIENT FACILITIES LOCATIONS Washington D.C., Puerto Rico and the United Kingdom with 2025 revenue of $17.4B. 376 32,086 168 ACUTE CARE BEHAVIORAL HEALTH INPATIENT
Slide 10: Strong Revenue Growth Profile Across Segments
Strong Revenue Growth Profile Across Segments NET REVENUE ($ in millions) REVENUE BY SEGMENT ($ in millions) 5-Yr. CAGR1: ACUTE CARE BEHAVIORAL HEALTH OTHER 8.5% ACUTE CARE – 5-Yr. CAGR1: 9.4% $17,365 $15,828 $9,926 BEHAVIORAL HEALTH – 5 Yr. $14,282 CAGR1: 7.3% $8,944 $13,399 $12,642 $8,081 $7,647 $
Slide 11: Highly Diversified Revenue and Payor Mix (2025)
Highly Diversified Revenue and Payor Mix (2025) REVENUE MIX BY SEGMENT & PAYOR REVENUE MIX BY PAYOR Other non-patient revenue Other patient 6% ACUTE CARE HOSPITAL SERVICES BEHAVIORAL HEALTHCARE SERVICES revenue and adjustments 57% OF TOTAL 43% OF TOTAL 7% Other non-patient Other non-patient revenue
Slide 12: Strong Adjusted EBITDA & EPS Growth
Strong Adjusted EBITDA & EPS Growth ADJUSTED EBITDA NET OF NCI ADJUSTED EPS ($ in millions) $25.00 $3,000 $21.74 $2,590 $20.00 $2,500 $2,246 $16.61 $2,000 $1,900 $15.00 $1,742 $1,662 ADJUSTED EBITDA ADJUSTED EPS NET OF NCI 5-YEAR $11.82 $1,500 6.8% CAGR1 14.3% $10.00 $9.88 $10.54 $1,000 $5.00 $500 $
Slide 13: Long-term track record of disciplined capital deployment
Long-term track record of disciplined capital deployment Cumulative Amounts 2021-2025 ($ in millions) INVESTMENT CAPITAL FOR GROWTH RETURNING CAPITAL TO SHAREHOLDERS Capital Expenditures Dividends $4,292 $284 Acquisition Capital Cash Flow from Share Buyback1 Operations $196 $7,079 $4,034 Note: (1) R
Slide 16: Acute Care Hospital Services
Acute Care Hospital Services BY THE NUMBERS Financial Highlights (2025) Portfolio Statistics Q2 2026 $9.9B Net Revenue 30 Hospitals 7,500 Beds $1.4B Segment EBITDA 35 FEDs 14 Ambulatory Sites 7.0% 10-Yr. Avg. Same Facility Revenue Growth 1 7 States and Washington, D.C. KEY DEVELOPMENTS • Significant
Slide 17: Acute Care Market Overview
Acute Care Market Overview Strong market presence in core MSAs Size of the U.S. Acute Care Hospital market Many financially challenged Non-Profits $1.7 TRILLION IN 2025 Limited technology obsolescence risk for acute care services Focus on markets growing more rapidly than the U.S. as a whole Stable
Slide 18: Leadership in Acute Care
Leadership in Acute Care Deliver superior quality care through 30 inpatient acute care UHS ACUTE CARE STRENGTHS hospitals, 35 freestanding emergency departments, • Acute care portfolio concentrated in higher-growth 13 outpatient centers and 1 surgical hospital across 6 states markets with strong dem
Slide 19: Acute Care Markets
Acute Care Markets WASHINGTON, D.C. The George Washington University Hospital is a 395-bed academic medical center. In the U.S. News & World Report 2025-2026 Best Hospital Rankings, the hospital earned “High Performing” designations for six procedures & conditions and 1 specialty (Neurology & Neuros
Slide 20: Acute Care Markets
Acute Care Markets SOUTH CAROLINA Aiken Regional Medical Centers offers a comprehensive range of services, including programs for cardiovascular conditions, orthopedics, women’s health, wound healing, neurosurgery and physical rehabilitation. It was awarded three 2025 Certified Zero Harm Awards from
Slide 21: Acute Care Markets
Acute Care Markets NORTHERN TEXAS Northwest Texas Healthcare System has nearly 500 beds, including a specialty Heart and Vascular Center, a children’s hospital as well as Northwest Texas Healthcare System Behavioral Health. It has four FEDs in Amarillo, including Northwest Emergency at Tascosa, whic
Slide 22: Acute Care Markets
Acute Care Markets NEVADA The Valley Health System in Las Vegas has seven acute care hospitals, including a specialty hospital and West Henderson Hospital, which opened in December 2024. They, and the affiliated Desert View Hospital, total more than 2,040 beds. The system also includes nine FEDs, th
Slide 23: Acute Care Key Operating Metrics (Same-Facility Basis)
Acute Care Key Operating Metrics (Same-Facility Basis) REVENUE GROWTH ADMISSIONS & ADJUSTED ADMISSIONS GROWTH 2021 2022 2023 2024 2025 YTD Q2 2026 2021 2022 2023 2024 2025 YTD Q2 2026 11.6% 7.7% 7.6% 6.4% 6.4% 8.5% 8.5% 8.2% 7.6% 3.1% 3.1% 2.9% 4.1% 1.3% 1.6% 1.4% 0.7% 0.0% Admissions Adjusted Admis
Slide 24: Behavioral Health Care Services
Behavioral Health Care Services BY THE NUMBERS Financial Highlights (2025) Portfolio Statistics Q2 2026 $7.4B Net Revenue 346 Hospitals 24,600 Beds $1.7B Segment EBITDA 119 Outpatient Locations 4.7% 10-Yr. Avg. Same Facility Revenue Growth 1 40 States, Puerto Rico and the U.K. KEY DEVELOPMENTS BEHAV
Slide 25: Behavioral Market Overview
Behavioral Market Overview 61.5M people in the U.S. with Size of the Mental Health and diagnosable mental illness2 Substance Use Disorder industry More than 1 in 5 U.S. adults live $95 BILLION IN 20251 with a mental illness2 Stable pricing and demand trends drive Increased demand for services in att
Slide 26: Leadership in Behavioral Health
Leadership in Behavioral Health UHS Behavioral Health Division reinforced its leadership position through continued commitment to patient safety and clinical excellence. Guided by a culture of empathy and collaboration, we continue to expand access and drive innovation across the continuum of care.
Slide 27: Behavioral Health Quality Indicators - 2025
Behavioral Health Quality Indicators - 2025 • All UHS behavioral health facilities are fully accredited by The Joint Commission and/or Commission on Accreditation of Rehabilitation Facilities (CARF) • On key CMS quality metrics, our results continue to exceed the national average • Feedback from pat
Slide 28: Behavioral Health Specialty Programming
Behavioral Health Specialty Programming Evidence-based compassionate treatment services are available for children, adolescents, adults and seniors in inpatient, partial hospitalization and outpatient settings. Specialty treatment programs include: MILITARY – ACTIVE DUTY, SUBSTANCE USE EATING AUTISM
Slide 29: Patriot Support Programs
Patriot Support Programs The UHS Patriot Support Programs provide a network of care across more than 30 UHS behavioral health facilities. These programs offer behavioral health services to active- duty military, veterans and their families. Programs and services are specifically designed to address
Slide 30: Behavioral Health Integrations
Behavioral Health Integrations In response to the significant rise in demand for behavioral health services, UHS works with leading health systems to develop: • Joint ventures • Partnerships • New care delivery models Integration of behavioral health and physical health services can decrease ED visi
Slide 31: Behavioral Health Key Operating Metrics (Same-Facility Basis)
Behavioral Health Key Operating Metrics (Same-Facility Basis) REVENUE GROWTH ADJUSTED PATIENT DAY GROWTH 2021 2022 2023 2024 2025 YTD Q2 2026 2021 2022 2023 2024 2025 YTD Q2 2026 10.7% 2.1% 8.0% 7.7% 1.7% 7.4% 1.5% 5.4% 1.2% 4.2% 0.9% 0.4% REVENUE PER ADJUSTED PATIENT DAY OCCUPANCY RATE 2021 2022 20
Slide 32: Transaction Highlights
On March 9, 2026, UHS announced it entered into a definitive Transaction Highlights agreement to acquire Talkspace, Inc. a leading virtual behavioral healthcare company that is trusted by patients, providers, payors and employers*. ~$835M Total Enterprise Value Key benefits include: • First National
Slide 34: Second Quarter 2026 Highlights
Second Quarter 2026 Highlights $ in millions except per share amounts Consolidated Acute Care Hospital Services Behavioral Health Care Services FINANCIAL RESULTS SEGMENT FINANCIAL RESULTS SEGMENT FINANCIAL RESULTS Consolidated Net revenue growth of 8.3%, Adjusted EBITDA net of NCI growth of $4,638.0
Slide 35: Recent Performance
Recent Performance REVENUE ($ in millions) ADJUSTED EBITDA1 ADJUSTED EPS 1 NET REVENUES ACUTE CARE BEHAVIORAL HEALTH OTHER ($ in millions) $4,638 $5.98 $4,284 $3 $3 $678 $2,025 $1,877 $643 $5.35 $2,610 $2,404 Q2 2025 Q2 2026 Q2 2025 Q2 2026 Q2 2025 Q2 2026 © 2026 UHS of Delaware, Inc. All Rights Res
Slide 36: Strong Cash Flow Profile
Strong Cash Flow Profile CASH FLOW FROM OPERATIONS CAPITAL EXPENDITURES FREE CASH FLOW 1 ($ in millions) ($ in millions) ($ in millions) $1,063 $2,067 $1,015 $944 $1,864 $856 $786 $734 $743 $1,268 $996 $462 $884 $445 $845 $363 $198 2021 2022 2023 2024 2025 YTD Q2 2021 2022 2023 2024 2025 YTD Q2 2021
Slide 37: Capital Allocation Strategy Update
Capital Allocation Strategy Update CAPITAL ALLOCATION BY YEAR (IN $ MILLIONS) COMMENTARY CapEx Acquisitions Share Repurchase Dividends • Capital deployment prioritization centered on: • Expanding in existing markets through bed $66 additions and development of outpatient $51 $50 access points $58 $5
Slide 38: Disciplined Balance Sheet Management
Disciplined Balance Sheet Management • Prudent balance sheet management, strong free cash flow and access to multiple capital markets • Track record of maintaining conservative leverage profile with target range of 2x to 3x • Pro forma leverage for pending Talkspace, Inc. acquisition expected to be
Slide 39: Our Strategy has Driven Consistent Long-term Growth
Our Strategy has Driven Consistent Long-term Growth EXPERIENCED LEADERSHIP QUALITY & SERVICES DIVERSE BUSINESS MIX NET ADJUSTED ADJUSTED FINANCIAL STRENGTH REVENUES EBITDA-NCI EPS 5-YEAR CAGR 5-YEAR CAGR 5-YEAR CAGR MULTIPLE GROWTH DRIVERS 8.5% 6.8% 14.3% 2025 2025 2025 ATTRACTIVE MARKETS $17.4B $2.
Slide 41: 2026 Operating Results Forecast
HIGHLIGHTS & KEY ASSUMPTIONS 2026 Operating Results Forecast 4.5% - 6.5% Acute Care Hospital Services same-facility revenue UPDATED FORECAST AS OF JULY 27, 2026 growth of 4.5% to 6.5%, driven by 1.5% to 2.5% volume and 3% to 4% pricing growth 3.0% - 5.0% Behavioral Health Care Services same-facility
Slide 42: Calculation of EBITDA/Adjusted EBITDA Net of NCI
Calculation of Earnings/Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (“EBITDA/Adjusted EBITDA Net of NCI”): $ in thousands FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 QTD Q2 2025 QTD Q2 2026 Net income attributable to UHS $991,590 $675,609 $717,795 $1,142,097 $1,488,796 $353,2
Slide 43: Calculation of Adjusted Net Income Attributable to UHS Per Diluted Share
Calculation of Adjusted Net Income Attributable to UHS Per Diluted Share ("Adjusted EPS") $ in thousands, except per share amounts FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 QTD Q2 2025 QTD Q2 2026 Net income attributable to UHS $991,590 $675,609 $717,795 $1,142,097 $1,488,796 $353,218 $358,447 Plus/mi
Slide 44: Calculation of Acute Care Hospitals Segment EBITDA
Calculation of Acute Care Hospitals Segment EBITDA Three Months Three Months Three Months Three Months Three Months Twelve Months Three Months Ended Ended Ended Ended Ended Ended Ended March 31, March 31, 2025 June 30, 2025 Sept. 30, 2025 Dec. 31, 2025 Dec. 31, 2025 June 30, 2026 2026 ($ in thousand
Slide 45: Calculation of Behavioral Health Services Segment EBITDA
Calculation of Behavioral Health Services Segment EBITDA Three Months Three Months Three Months Three Months Three Months Twelve Months Three Months Ended Ended Ended Ended Ended Ended Ended March 31, March 31, 2025 June 30, 2025 Sept. 30, 2025 Dec. 31, 2025 Dec. 31, 2025 June 30, 2026 2026 ($ in th

Universal Health Services — Q2 2026 Earnings Presentation on 6ix

Universal Health Services — Q2 2026 Earnings Presentation

Slide 1: Investor Presentation Q2 2026 Update

Slide 2: Disclaimer

Slide 3: Strategically Positioned to Deliver Long-Term Value

Slide 4: Table of Contents

Slide 5: About Universal Health Services

Slide 6: Our Mission

Slide 7: Our Principles

Slide 8: Industry Accolades

Slide 9: UHS at a Glance

Slide 10: Strong Revenue Growth Profile Across Segments

Slide 11: Highly Diversified Revenue and Payor Mix (2025)

Slide 12: Strong Adjusted EBITDA & EPS Growth

Slide 13: Long-term track record of disciplined capital deployment

Slide 14: Our Portfolio

Slide 15: UHS Business Segments

Slide 16: Acute Care Hospital Services

Slide 17: Acute Care Market Overview

Slide 18: Leadership in Acute Care

Slide 19: Acute Care Markets

Slide 20: Acute Care Markets

Slide 21: Acute Care Markets

Slide 22: Acute Care Markets

Slide 23: Acute Care Key Operating Metrics (Same-Facility Basis)

Slide 24: Behavioral Health Care Services

Slide 25: Behavioral Market Overview

Slide 26: Leadership in Behavioral Health

Slide 27: Behavioral Health Quality Indicators - 2025

Slide 28: Behavioral Health Specialty Programming

Slide 29: Patriot Support Programs

Slide 30: Behavioral Health Integrations

Slide 31: Behavioral Health Key Operating Metrics (Same-Facility Basis)

Slide 32: Transaction Highlights

Slide 33: Financial Highlights

Slide 34: Second Quarter 2026 Highlights

Slide 35: Recent Performance

Slide 36: Strong Cash Flow Profile

Slide 37: Capital Allocation Strategy Update

Slide 38: Disciplined Balance Sheet Management

Slide 39: Our Strategy has Driven Consistent Long-term Growth

Slide 40: Appendix

Slide 41: 2026 Operating Results Forecast

Slide 42: Calculation of EBITDA/Adjusted EBITDA Net of NCI

Slide 43: Calculation of Adjusted Net Income Attributable to UHS Per Diluted Share

Slide 44: Calculation of Acute Care Hospitals Segment EBITDA

Slide 45: Calculation of Behavioral Health Services Segment EBITDA