UNIVERSAL HEALTH SERVICES, INC. ANNOUNCES FINANCIAL RESULTS FOR THE THREE AND SIX-MONTH PERIODS ENDED JUNE 30, 2025, AND INCREASES 2025 FULL YEAR OPERATING RESULTS FORECAST

Consolidated Results of Operations, As Reported and As Adjusted – Three-month periods ended June 30, 2025 and 2024: , /PRNewswire/ -- Universal Health Services, Inc. (NYSE: UHS) announced today that its reported net income attributable to UHS was $353.2 million, or $5.43 per diluted share, during the second quarter of 2025, as compared to $289.2 million, or $4.26 per diluted share, during the second quarter of 2024. Net revenues increased by 9.6% to $4.284 billion during the second quarter of 2025, as compared to $3.908 billion during the second quarter of 2024. As reflected on the Schedule of Non-GAAP Supplemental Information ("Supplemental Schedule"), our adjusted net income attributable to UHS during the second quarter of 2025 was $347.9 million, or $5.35 per diluted share, as compared to $292.6 million, or $4.31 per diluted share, during the second quarter of 2024. Included in our reported and adjusted net income attributable to UHS during the second quarter of 2025, were aggregate net pre-tax incremental reimbursements (net of related provider taxes) of approximately $101 million recorded in connection with the following: (i) approximately $58 million, applicable to the period of July 1, 2024 through June 30, 2025, resulting from the recently approved Tennessee Medicaid directed payment program, and; (ii) approximately $43 million of other combined additional net reimbursements recorded in connection with existing supplemental Medicaid programs in various states (approximately $21 million of which consisted of prior year retroactive reimbursements). Also included in our results of operations during the second quarter of 2025, was a pre-tax loss of approximately $25 million incurred in connection with a newly constructed, 142-bed acute care hospital located in Washington, D.C., that was completed and opened in April, 2025. The above-mentioned incremental Medicaid supplemental program reimbursements, and the substantial majority of the pre-tax loss incurred by the recently opened acute care hospital, were not included in our original 2025 operating results forecast, as previously disclosed on February 26, 2025. As reflected on the Supplemental Schedule, included in our reported results during the second quarter of 2025 were: (i) an unrealized after-tax gain of $4.5 million, or $.07 per diluted share ($5.9 million pre-tax), resulting from an increase in the market value of certain equity securities (included in "Other (income) expense, net"), and; (ii) a favorable net after-tax impact of $0.8 million, or $.01 per diluted share, resulting from the net tax benefit recorded in connection with "ASU 2016-09", Compensation – Stock Compensation: Improvements to Employee Share-Based Payment Accounting, net of the impact of executive compensation limitations pursuant to IRC section 162(m). As reflected on the Supplemental Schedule, included in our reported results during the second quarter of 2024 were: (i) an unrealized after-tax loss of $5.9 million, or $.09 per diluted share ($7.7 million pre-tax), resulting from a decrease in the market value of certain equity securities, and; (ii) a favorable after-tax impact of $2.5 million, or $.04 per diluted share, resulting from the tax benefit recorded in connection ASU 2016-09. As calculated on the attached Supplemental Schedule, our earnings before interest, taxes, depreciation & amortization ("EBITDA net of NCI", NCI is net income attributable to noncontrolling interests), was $651.4 million during the second quarter of 2025, as compared to $573.2 million during the second quarter of 2024. Our adjusted earnings before interest, taxes, depreciation & amortization ("Adjusted EBITDA net of NCI"), which excludes the impact of other (income) expense, net, was $642.9 million during the second quarter of 2025, as compared to $578.7 million during the second quarter of 2024. Consolidated Results of Operations, As Reported and As Adjusted – Six-month periods ended June 30, 2025 and 2024: Reported net income attributable to UHS was $669.9 million, or $10.23 per diluted share, during the first six months of 2025, as compared to $551.0 million, or $8.08 per diluted share, during the comparable period of 2024. Net revenues increased by 8.2% to $8.384 billion during the first six months of 2025, as compared to $7.751 billion during the comparable period of 2024. As reflected on the Supplemental Schedule, our adjusted net income attributable to UHS during the first six months of 2025 was $667.4 million, or $10.19 per diluted share, as compared to $545.7 million, or $8.00 per diluted share, during the comparable period of 2024. As reflected on the Supplemental Schedule, included in our reported results during the first six months of 2025 were: (i) an unrealized after-tax gain of $1.2 million, or $.02 per diluted share ($1.6 million pre-tax), resulting from an increase in the market value of certain equity securities, and; (ii) a favorable net after-tax impact of $1.3 million, or $.02 per diluted share, resulting from the net tax benefit recorded in connection with ASU 2016-09. As reflected on the Supplemental Schedule, included in our reported results during the first six months of 2024 were: (i) an unrealized after-tax loss of $6.3 million, or $.09 per diluted share ($8.2 million pre-tax), resulting from a decrease in the market value of certain equity securities, and; (ii) a favorable after-tax impact of $11.6 million, or $.17 per diluted share, resulting from the tax benefit recorded in connection with ASU 2016-09. As calculated on the attached Supplemental Schedule, our EBITDA net of NCI, was $1.255 billion during the first six months of 2025, as compared to $1.099 billion during the comparable period of 2024. Our Adjusted EBITDA net of NCI, was $1.241 billion during the first six months of 2025, as compared to $1.104 billion during the comparable period of 2024. Acute Care Services – Three and six-month periods ended June 30, 2025 and 2024: During the second quarter of 2025, at our acute care hospitals owned during both periods ("same facility basis"), adjusted admissions (adjusted for outpatient activity) increased by 2.0% while adjusted patient days increased by 1.1%, as compared to the second quarter of 2024. At these facilities, during the second quarter of 2025, net revenue per adjusted admission increased by 3.8% while net revenue per adjusted patient day increased by 4.7%, as compared to the second quarter of 2024. Net revenues generated from our acute care services, on a same facility basis, increased by 7.9% during the second quarter of 2025, as compared to the second quarter of 2024. During the six-month period ended June 30, 2025, at our acute care hospitals on a same facility basis, adjusted admissions increased by 2.2% while adjusted patient days increased by 0.7%, as compared to the comparable period of 2024. At these facilities, during the first six months of 2025, net revenue per adjusted admission increased by 3.2% while net revenue per adjusted patient day increased by 4.7%, as compared to the comparable period of 2024. Net revenues generated from our acute care services, on a same facility basis, increased by 7.2% during the first six months of 2025, as compared to the comparable period of 2024. Behavioral Health Care Services – Three and six-month periods ended June 30, 2025 and 2024: During the second quarter of 2025, at our behavioral health care facilities on a same facility basis, adjusted admissions increased by 0.4% while adjusted patient days increased by 1.2%, as compared to the second quarter of 2024. At these facilities, during the second quarter of 2025, net revenue per adjusted admission increased by 8.6% and net revenue per adjusted patient day increased by 7.8%, as compared to the second quarter of 2024. Net revenues generated from our behavioral health care services, on a same facility basis, increased by 8.9% during the second quarter of 2025, as compared to the second quarter of 2024. During the first six months of 2025, at our behavioral health care facilities on a same facility basis, adjusted admissions decreased by 0.6% while adjusted patient days increased by 0.4%, as compared to the comparable period of 2024. At these facilities, during the first six months of 2025, net revenue per adjusted admission increased by 7.9% and net revenue per adjusted patient day increased by 6.8%, as compared to the comparable period of 2024. Net revenues generated from our behavioral health care services, on a same facility basis, increased by 7.3% during the first six months of 2025, as compared to the comparable period of 2024. Net Cash Provided by Operating Activities and Liquidity: Net Cash Provided by Operating Activities: During the six-month period ended June 30, 2025, our net cash provided by operating activities was $909 million as compared to $1.076 billion during the first six months of 2024. The $167 million net decrease in our net cash provided by operating activities consisted of: (i) a favorable change of $142 million resulting from an increase in net income plus/minus depreciation and amortization expense, stock-based compensation expense and gains/losses on sales of assets and businesses, offset by; (ii) an unfavorable change of $159 million in accounts receivable; (iii) an unfavorable change of $83 million in accrued and deferred income taxes; (iv) an unfavorable change of $20 million in payments made in settlement of self-insurance claims, net of commercial insurance reimbursements; (v) a $19 million unfavorable change in other assets and deferred charges, and; (vi) $28 million of other combined net unfavorable changes. Liquidity: As of June 30, 2025, we had $1.08 billion of aggregate available borrowing capacity pursuant to our $1.3 billion revolving credit facility, net of outstanding borrowings and letters of credit. Stock Repurchase Program: In connection with our stock repurchase program, shares of our Class B Common Stock may be repurchased, from time to time as conditions allow, on the open market or in negotiated private transactions. Pursuant to this program, during the second quarter of 2025, we have repurchased 875,000 shares at an aggregate cost of approximately $150.8 million (average price of approximately $172 per share). During the first six months of 2025, we have repurchased 1.875 million shares at an aggregate cost of approximately $331.5 million (average price of approximately $177 per share). As of June 30, 2025, we had an aggregate available repurchase authorization of approximately $492.9 million pursuant to our stock repurchase program. Revised 2025 Operating Results Forecast: Based upon the operating trends and financial results experienced during the first six months of 2025, as well as the recent approval of a new Medicaid supplemental payment program in Tennessee and changes in reimbursements to certain existing Medicaid supplemental payment programs in various states, as indicated on the Revised Forecast table below, we are increasing our operating results forecast range for consolidated net revenues; adjusted earnings before interest, taxes, depreciation & amortization, and the impacts of other income/expense and net income attributable to noncontrolling interests ("Adjusted EBITDA, net of NCI"), and adjusted net income attributable to UHS per diluted share ("Adjusted EPS-diluted") for the year ended December 31, 2025. The tables below include our revised full year 2025 operating results forecast, as well as our original 2025 operating results forecast which was previously disclosed on February 26, 2025. Revised Forecast Original Forecast For the Year Ended For the Year Ended December 31, 2025 December 31, 2025 Low High Low High Net revenues $17.096 billion $17.312 billion $17.020 billion $17.364 billion Adjusted EBITDA, net of NCI $2.458 billion $2.543 billion $2.357 billion $2.484 billion Adjusted EPS – diluted $20.00 per share $21.00 per share $18.45 per share $19.95 per share Our revised 2025 forecasted net revenues are estimated to be approximately $17.096 billion to $17.312 billion, representing a change of 0.4% to -0.3% as compared to our original range of 2025 forecasted net revenues. Our revised 2025 forecasted Adjusted EBITDA, net of NCI, is estimated to be approximately $2.458 billion to $2.543 billion, representing increases of 4.3% to 2.4% over our original range of 2025 forecasted Adjusted EBITDA, net of NCI. Our revised 2025 forecasted Adjusted EPS-diluted is estimated to be $20.00 per share to $21.00 per share, representing increases of 8.4% to 5.3% over our original range of 2025 forecasted Adjusted EPS-diluted. Because we do not believe we can forecast certain items with sufficient accuracy, our 2025 revised forecasted range of Adjusted EBITDA, net of NCI, net income attributable to UHS, and Adjusted EPS-diluted, exclude the impact of future items, if applicable, that are nonrecurring or non-operational in nature including items such as changes in the market value of shares of certain equity securities, the impact of ASU 2016-09, and other potential material items that are nonrecurring or non-operational in nature including, but not limited to, impairments of goodwill, long-lived and intangible assets, reserves for various matters including settlements, legal judgments and lawsuits, costs related to extinguishment of debt, gains/losses on sales of assets and businesses, potential impacts of non-ordinary acquisitions, divestitures, joint ventures or other strategic transactions, other amounts that may be reflected in the current or prior year financial statements that relate to prior periods, and the impact of share repurchases that differ from our forecasted assumptions. It is also subject to certain conditions including those as set forth below in General Information, Forward-Looking Statements and Risk Factors and Non-GAAP Financial Measures. Adjusted EBITDA net of NCI, is a non-GAAP financial measure and should not be considered a measure of financial performance under GAAP. We believe Adjusted EBITDA net of NCI is helpful to our investors as a measure of our operating performance. Please see the Supplemental Non-GAAP Disclosures - 2025 Revised Operating Results Forecast schedule as included herein for additional information and a reconciliation of our 2025 revised forecasted range of adjusted net income attributable to UHS to our 2025 revised forecasted range of Adjusted EBITDA net of NCI. Conference call information: We will hold a conference call for investors and analysts at 10:00 a.m. eastern time on July 29, 2025. A live webcast of the call will be available on our website at www.uhs.com. To participate via telephone, please register in advance at this link. Upon registration, all telephone participants will receive a confirmation email detailing how to join the conference call, including the dial-in number along with a unique passcode and registrant ID that can be used to access the call. A replay of the call will be available for one full year following the live call. General Information, Forward-Looking Statements and Risk Factors and Non-GAAP Financial Measures: One of the nation's largest and most respected providers of hospital and healthcare services, Universal Health Services, Inc. (the "Company") has built an impressive record of achievement and performance. Growing steadily since our inception into an esteemed Fortune 500 corporation, our annual revenues during 2024 were $15.8 billion. UHS ranked #271 on the Fortune 500; and #355 on Forbes' list of America's Largest Public Companies. In 2025, UHS was again recognized as one of the World's Most Admired Companies by Fortune. Our operating philosophy is as effective today as it was upon the Company's founding in 1979, enabling us to provide compassionate care to our patients and their loved ones. Our strategy includes building or acquiring high quality hospitals in rapidly growing markets, investing in the people and equipment needed to allow each facility to thrive, and becoming the leading healthcare provider in each community we serve. Headquartered in King of Prussia, PA, UHS has approximately 99,300 employees and, through its subsidiaries, operates 29 inpatient acute care hospitals, 338 inpatient behavioral health facilities, 61 outpatient facilities and ambulatory care access points, an insurance offering, a physician network and various related services located in 39 states, Washington, D.C., the United Kingdom and Puerto Rico. It acts as the advisor to Universal Health Realty Income Trust, a real estate investment trust (NYSE:UHT). For additional information visit www.uhs.com. This press release contains forward-looking statements based on current management expectations. Numerous factors, including those disclosed herein, those related to healthcare industry trends and those detailed in our filings with the Securities and Exchange Commission (as set forth in Item 2-Forward Looking Statements and Risk Factors in our Form 10-Q for the quarter ended March 31, 2025 and in Item 1A-Risk Factors, and Item 7-Forward-Looking Statements and Risk Factors, in our Form 10-K for the year ended December 31, 2024), may cause the results to differ materially from those anticipated in the forward-looking statements. These statements are subject to risks and uncertainties and therefore actual results may differ materially. Readers should not place undue reliance on such forward-looking statements which reflect management's view only as of the date hereof. We undertake no obligation to revise or update any forward-looking statements, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise. Many of the factors that could affect our future results are beyond our control or ability to predict, including, but not limited to: A significant portion of our revenues are derived from federal and state government programs including the Medicare and Medicaid programs. Payments from these programs are subject to statutory and regulatory changes, administrative rulings, interpretations and determinations, requirements for utilization review, and federal and state funding restrictions. Changes to these programs could materially affect program payments which could materially impact our results of operations. In addition, we receive substantial reimbursement from multiple states in connection with various supplemental Medicaid payment programs. Failure to renew these programs beyond their scheduled termination dates, failure of the public hospitals to provide the necessary Inter-Governmental Transfers for the states' share of the Medicaid disproportionate share hospital programs, and the failure of our hospitals that currently receive supplemental Medicaid revenues to qualify for future funds under these programs could cause our actual results of operations for the year ended December 31, 2025 to differ materially from our 2025 revised operating results forecast. Legislation adopted on July 4, 2025, attaches work and community service requirements to eligibility for Medicaid benefits that will have the effect of limiting Medicaid enrollment and expenditures. That legislation also places limits on provider fees used to increase federal Medicaid funding to states and eliminates certain exchange premium tax credits beyond 2025 As these provisions become effective over the next several years, they may be expected to reduce our revenues and likely increase the level of uncompensated care provided by our facilities. The increase in interest rates during the past few years has increased our interest expense significantly thereby reducing our free cash flow. As such, although interest rates have moderated more recently, the effects of increased borrowing rates have adversely impacted our results of operations, financial condition and cash flows. We cannot predict future changes to interest rates, however, significant increases in our borrowing rates could have a material unfavorable impact on our future results of operations and our ability to access the capital markets on favorable terms. Changes in laws or policies governing the terms of foreign trade, and in particular, increased trade restrictions, tariffs or taxes on imports from where our products or materials are made (either directly or through our suppliers) could have an impact on our competitive position, business operations and financial results. The outcome of known and unknown litigation, liabilities and other claims asserted against us and/or our subsidiaries, including, but not limited to, the matters related to Cumberland Hospital for Children and Adolescents, located in New Kent, Virginia, as previously disclosed in various filings including, most recently, our Form 10-Q for the quarterly period ended March 31, 2025. Although we can make no assurances regarding the ultimate outcome of these matters, or what damages will ultimately be awarded, the final resolution of these matters could have a material adverse effect on the Company. We believe that adjusted net income attributable to UHS, adjusted net income attributable to UHS per diluted share, EBITDA net of NCI and Adjusted EBITDA net of NCI, which are non-GAAP financial measures ("GAAP" is Generally Accepted Accounting Principles in the United States of America), are helpful to our investors as measures of our operating performance. In addition, we believe that, when applicable, comparing and discussing our financial results based on these measures, as calculated, is helpful to our investors since it neutralizes the effect of material items impacting our net income attributable to UHS, such as, changes in the market value of shares of certain equity securities, the impact of ASU 2016-09, net of the impact of executive compensation limitations pursuant to IRC section 162(m), and other potential material items that are nonrecurring or non-operational in nature including, but not limited to, impairments of goodwill, long-lived and intangible assets, reserves for various matters including settlements, legal judgments and lawsuits, costs related to extinguishment of debt, gains/losses on sales of assets and businesses, potential impacts of non-ordinary acquisitions, divestitures, joint ventures or other strategic transactions, and other amounts that may be reflected in the current or prior year financial statements that relate to prior periods. To obtain a complete understanding of our financial performance these measures should be examined in connection with net income attributable to UHS, as determined in accordance with GAAP, and as presented in the condensed consolidated financial statements and notes thereto in this report or in our other filings with the Securities and Exchange Commission including our Report on Form 10-Q for the quarter ended March 31, 2025 and our Report on Form 10-K for the year ended December 31, 2024. Since the items included or excluded from these measures are significant components in understanding and assessing financial performance under GAAP, these measures should not be considered to be alternatives to net income as a measure of our operating performance or profitability. Since these measures, as presented, are not determined in accordance with GAAP and are thus susceptible to varying calculations, they may not be comparable to other similarly titled measures of other companies. Investors are encouraged to use GAAP measures when evaluating our financial performance. Universal Health Services, Inc. Consolidated Statements of Income (in thousands, except per share amounts) (unaudited) Three months Six months ended June 30, ended June 30, 2025 2024 2025 2024 Net revenues $4,283,816 $3,907,604 $8,383,536 $7,751,186 Operating charges: Salaries, wages and benefits 2,014,951 1,856,372 3,966,055 3,698,996 Other operating expenses 1,162,566 1,043,116 2,268,318 2,075,286 Supplies expense 418,785 388,063 821,666 791,636 Depreciation and amortization 152,004 147,480 300,349 288,483 Lease and rental expense 35,240 36,175 72,053 71,625 3,783,546 3,471,206 7,428,441 6,926,026 Income from operations 500,270 436,398 955,095 825,160 Interest expense, net 35,364 48,899 75,420 101,725 Other (income) expense, net (8,479) 5,493 (14,138) 5,343 Income before income taxes 473,385 382,006 893,813 718,092 Provision for income taxes 110,773 87,676 209,573 157,940 Net income 362,612 294,330 684,240 560,152 Less: Net income (loss) attributable to noncontrolling interests ("NCI") 9,394 5,178 14,342 9,166 Net income attributable to UHS $353,218 $289,152 $669,898 $550,986 Basic earnings per share attributable to UHS (a) $5.49 $4.32 $10.36 $8.22 Diluted earnings per share attributable to UHS (a) $5.43 $4.26 $10.23 $8.08 Universal Health Services, Inc. Footnotes to Consolidated Statements of Income (in thousands, except per share amounts) (unaudited) Three months Six months (a) Earnings per share calculation: ended June 30, ended June 30, 2025 2024 2025 2024 Basic and diluted: Net income attributable to UHS $353,218 $289,152 $669,898 $550,986 Less: Net income attributable to unvested restricted share grants 0 (5) 0 (50) Net income attributable to UHS - basic and diluted $353,218 $289,147 $669,898 $550,936 Weighted average number of common shares - basic 64,356 66,878 64,663 67,041 Basic earnings per share attributable to UHS: $5.49 $4.32 $10.36 $8.22 Weighted average number of common shares 64,356 66,878 64,663 67,041 Add: Other share equivalents 635 1,042 851 1,160 Weighted average number of common shares and equiv. - diluted 64,991 67,920 65,514 68,201 Diluted earnings per share attributable to UHS: $5.43 $4.26 $10.23 $8.08 Universal Health Services, Inc. Schedule of Non-GAAP Supplemental Information ("Supplemental Schedule") For the Three Months ended June 30, 2025 and 2024 (in thousands, except per share amounts) (unaudited) Calculation of Earnings/Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization ("EBITDA/Adjusted EBITDA net of NCI") Three months ended % Net Three months ended % Net June 30, 2025 revenues June 30, 2024 revenues Net income attributable to UHS $353,218 $289,152 Depreciation and amortization 152,004 147,480 Interest expense, net 35,364 48,899 Provision for income taxes 110,773 87,676 EBITDA net of NCI $651,359 15.2 % $573,207 14.7 % Other (income) expense, net (8,479) 5,493 Adjusted EBITDA net of NCI $642,880 15.0 % $578,700 14.8 % Net revenues $4,283,816 $3,907,604 Calculation of Adjusted Net Income Attributable to UHS Three months ended Three months ended June 30, 2025 June 30, 2024 Per Per Amount Diluted Share Amount Diluted Share Net income attributable to UHS $353,218 $5.43 $289,152 $4.26 Plus/minus after-tax adjustments: Unrealized (gain) loss on equity securities (4,534) (0.07) 5,869 0.09 Impact of ASU 2016-09, net (796) (0.01) (2,456) (0.04) Subtotal adjustments (5,330) (0.08) 3,413 0.05 Adjusted net income attributable to UHS $347,888 $5.35 $292,565 $4.31 Universal Health Services, Inc. Schedule of Non-GAAP Supplemental Information ("Supplemental Schedule") For the Six Months ended June 30, 2025 and 2024 (in thousands, except per share amounts) (unaudited) Calculation of Earnings/Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization ("EBITDA/Adjusted EBITDA net of NCI") Six months ended % Net Six months ended % Net June 30, 2025 revenues June 30, 2024 revenues Net income attributable to UHS $669,898 $550,986 Depreciation and amortization 300,349 288,483 Interest expense, net 75,420 101,725 Provision for income taxes 209,573 157,940 EBITDA net of NCI $1,255,240 15.0 % $1,099,134 14.2 % Other (income) expense, net (14,138) 5,343 Adjusted EBITDA net of NCI $1,241,102 14.8 % $1,104,477 14.2 % Net revenues $8,383,536 $7,751,186 Calculation of Adjusted Net Income Attributable to UHS Six months ended Six months ended June 30, 2025 June 30, 2024 Per Per Amount Diluted Share Amount Diluted Share Net income attributable to UHS $669,898 $10.23 $550,986 $8.08 Plus/minus after-tax adjustments: Unrealized (gain) loss on equity securities (1,249) (0.02) 6,313 0.09 Impact of ASU 2016-09, net (1,257) (0.02) (11,612) (0.17) Subtotal adjustments (2,506) (0.04) (5,299) (0.08) Adjusted net income attributable to UHS $667,392 $10.19 $545,687 $8.00 Universal Health Services, Inc. Condensed Consolidated Balance Sheets (in thousands) (unaudited) June 30, December 31, 2025 2024 Assets Current assets: Cash and cash equivalents $ 137,595 $ 125,983 Accounts receivable, net 2,302,247 2,177,751 Supplies 222,783 220,940 Other current assets 327,357 291,614 Total current assets 2,989,982 2,816,288 Property and equipment 13,237,622 12,643,283 Less: accumulated depreciation (6,354,633) (6,071,058) 6,882,989 6,572,225 Other assets: Goodwill 3,977,976 3,932,879 Deferred income taxes 147,680 118,449 Right of use assets-operating leases 389,836 418,719 Deferred charges 9,535 9,404 Other 587,579 601,785 Total Assets $ 14,985,577 $ 14,469,749 Liabilities and Stockholders' Equity Current liabilities: Current maturities of long-term debt $ 40,897 $ 40,059 Accounts payable and other liabilities 2,197,635 2,081,479 Operating lease liabilities 73,168 74,649 Federal and state taxes 5,371 14,219 Total current liabilities 2,317,071 2,210,406 Other noncurrent liabilities 629,492 655,806 Operating lease liabilities noncurrent 351,932 376,239 Long-term debt 4,542,000 4,464,482 Redeemable noncontrolling interest 2,042 13,293 UHS common stockholders' equity 7,030,048 6,666,207 Noncontrolling interest 112,992 83,316 Total equity 7,143,040 6,749,523 Total Liabilities and Stockholders' Equity $ 14,985,577 $ 14,469,749 Universal Health Services, Inc. Consolidated Statements of Cash Flows (in thousands) (unaudited) Six months ended June 30, 2025 2024 Cash Flows from Operating Activities: Net income $684,240 $560,152 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation & amortization 300,349 288,483 Loss (gain) on sales of assets and businesses 2,833 (3,725) Stock-based compensation expense 45,707 46,162 Changes in assets & liabilities, net of effects from acquisitions and dispositions: Accounts receivable (92,636) 66,174 Accrued interest (4,532) 3,310 Accrued and deferred income taxes (55,913) 26,970 Other working capital accounts 25,324 39,686 Other assets and deferred charges (22,404) (3,030) Other 16,143 14,277 Accrued insurance expense, net of commercial premiums paid 94,696 102,222 Payments made in settlement of self-insurance claims, net of commercial insurance reimbursements (84,781) (64,994) Net cash provided by operating activities 909,026 1,075,687 Cash Flows from Investing Activities: Property and equipment additions (505,040) (449,933) Proceeds received from sales of assets and businesses 2,980 5,428 Acquisition of businesses and property (8,314) 0 (Outflows) inflows from foreign exchange contracts that hedge our net U.K. investment (66,402) 6,830 (Increase) decrease in capital reserves of commercial insurance subsidiary (462) 196 Net cash used in investing activities (577,238) (437,479) Cash Flows from Financing Activities: Repayments of long-term debt (18,548) (382,675) Additional borrowings 94,601 12,038 Repurchase of common shares (378,542) (237,987) Dividends paid (26,434) (27,006) Issuance of common stock 8,137 7,227 Profit distributions to noncontrolling interests (9,621) (5,089) Purchase (sale) of ownership interests by (from) minority members 11,336 5,025 Net cash used in financing activities (319,071) (628,467) Effect of exchange rate changes on cash, cash equivalents and restricted cash 3,931 (392) Increase in cash, cash equivalents and restricted cash 16,648 9,349 Cash, cash equivalents and restricted cash, beginning of period 224,752 214,470 Cash, cash equivalents and restricted cash, end of period $241,400 $223,819 Supplemental Disclosures of Cash Flow Information: Interest paid $77,448 $95,902 6,921 Income taxes paid, net of refunds $251,786 $131,499 Noncash purchases of property and equipment $148,887 $108,260 Universal Health Services, Inc. Supplemental Statistical Information (unaudited) % Change % Change 3 Months ended 6 Months ended Same Facility: 6/30/2025 6/30/2025 Acute Care Hospitals (1) Revenues 7.9 % 7.2 % Adjusted Admissions 2.0 % 2.2 % Adjusted Patient Days 1.1 % 0.7 % Revenue Per Adjusted Admission 3.8 % 3.2 % Revenue Per Adjusted Patient Day 4.7 % 4.7 % Behavioral Health Hospitals (1) Revenues 8.9 % 7.3 % Adjusted Admissions 0.4 % -0.6 % Adjusted Patient Days 1.2 % 0.4 % Revenue Per Adjusted Admission 8.6 % 7.9 % Revenue Per Adjusted Patient Day 7.8 % 6.8 % UHS Consolidated Second Quarter Ended Six Months Ended 6/30/2025 6/30/2024 6/30/2025 6/30/2024 Revenues $4,283,816 $3,907,604 $8,383,536 $7,751,186 EBITDA net of NCI $651,359 $573,207 $1,255,240 $1,099,134 EBITDA Margin net of NCI 15.2 % 14.7 % 15.0 % 14.2 % Adjusted EBITDA net of NCI $642,880 $578,700 $1,241,102 $1,104,477 Adjusted EBITDA Margin net of NCI 15.0 % 14.8 % 14.8 % 14.2 % Cash Flow From Operations $548,978 $679,281 $909,026 $1,075,687 Capital Expenditures $266,014 $241,394 $505,040 $449,933 Days Sales Outstanding 50 51 Debt $4,582,897 $4,544,239 UHS' Shareholders Equity $7,030,048 $6,485,372 Debt / Total Capitalization 39.5 % 41.2 % Debt / EBITDA net of NCI (2) 1.91 2.29 Debt / Adjusted EBITDA net of NCI (2) 1.92 2.27 Debt / Cash From Operations (2) 2.41 2.69 (1) Prior year amounts related to certain facilities previously included in our Behavioral Health Care Services' results have been reclassified into our Acute Care Hospital Services' results as of May 1, 2024 to conform with current year presentation. (2) Latest 4 quarters. Universal Health Services, Inc. Acute Care Hospital Services For the Three and Six months ended June 30, 2025 and 2024 (in thousands) (unaudited) Same Facility Basis - Acute Care Hospital Services Three months ended Three months ended Six months ended Six months ended June 30, 2025 June 30, 2024 June 30, 2025 June 30, 2024 Amount % of NetRevenues Amount % of NetRevenues Amount % of NetRevenues Amount % of NetRevenues Net revenues $2,272,316 100.0 % $2,105,189 100.0 % $4,516,378 100.0 % $4,213,234 100.0 % Operating charges: Salaries, wages and benefits 905,960 39.9 % 858,559 40.8 % 1,800,061 39.9 % 1,719,645 40.8 % Other operating expenses 646,546 28.5 % 579,981 27.6 % 1,276,571 28.3 % 1,157,563 27.5 % Supplies expense 352,075 15.5 % 331,901 15.8 % 695,545 15.4 % 679,031 16.1 % Depreciation and amortization 89,190 3.9 % 94,337 4.5 % 177,274 3.9 % 184,620 4.4 % Lease and rental expense 24,101 1.1 % 24,314 1.2 % 49,172 1.1 % 48,147 1.1 % Subtotal-operating expenses 2,017,872 88.8 % 1,889,092 89.7 % 3,998,623 88.5 % 3,789,006 89.9 % Income from operations 254,444 11.2 % 216,097 10.3 % 517,755 11.5 % 424,228 10.1 % Interest expense, net (1,613) (0.1) % 986 0.0 % 649 0.0 % 2,286 0.1 % Other (income) expense, net (1,011) (0.0) % (677) (0.0) % (9,583) (0.2) % (517) (0.0) % Income before income taxes $257,068 11.3 % $215,788 10.3 % $526,689 11.7 % $422,459 10.0 % All Acute Care Hospital Services Three months ended Three months ended Six months ended Six months ended June 30, 2025 June 30, 2024 June 30, 2025 June 30, 2024 Amount % of NetRevenues Amount % of NetRevenues Amount % of NetRevenues Amount % of NetRevenues Net revenues $2,401,034 100.0 % $2,178,686 100.0 % $4,750,263 100.0 % $4,363,767 100.0 % Operating charges: Salaries, wages and benefits 937,105 39.0 % 859,147 39.4 % 1,847,829 38.9 % 1,720,694 39.4 % Other operating expenses 757,120 31.5 % 655,760 30.1 % 1,472,460 31.0 % 1,310,743 30.0 % Supplies expense 360,985 15.0 % 331,877 15.2 % 709,378 14.9 % 678,881 15.6 % Depreciation and amortization 96,370 4.0 % 94,361 4.3 % 191,017 4.0 % 184,673 4.2 % Lease and rental expense 24,239 1.0 % 24,316 1.1 % 49,578 1.0 % 48,149 1.1 % Subtotal-operating expenses 2,175,819 90.6 % 1,965,461 90.2 % 4,270,262 89.9 % 3,943,140 90.4 % Income from operations 225,215 9.4 % 213,225 9.8 % 480,001 10.1 % 420,627 9.6 % Interest expense, net (1,613) (0.1) % 986 0.0 % 649 0.0 % 2,286 0.1 % Other (income) expense, net (916) (0.0) % (461) (0.0) % (9,183) (0.2) % 173 0.0 % Income before income taxes $227,744 9.5 % $212,700 9.8 % $488,535 10.3 % $418,168 9.6 % We believe that providing our results on a "Same Facility" basis (which is a non-GAAP measure), which includes the operating results for facilities and businesses operated in both the current year and prior year periods, is helpful to our investors as a measure of our operating performance. Our Same Facility results also neutralize (if applicable), the effect of material items that are nonrecurring or non-operational in nature including items such as, but not limited to, reserves for various matters, settlements, legal judgments and lawsuits, cost related to extinguishment of debt, gains/losses on sales of assets and businesses, impairments of goodwill, long-lived and intangible assets and other amounts that may be reflected in the current or prior year financial statements that relate to prior periods. Our Same Facility basis results exclude from net revenues and other operating expenses, provider tax assessments incurred in each period. However, these provider tax assessments are included in net revenues and other operating expenses as reflected in the table under All Acute Care Hospital Services. The provider tax assessments had no impact on the income before income taxes as reflected on the above tables since the amounts offset between net revenues and other operating expenses. To obtain a complete understanding of our financial performance, the Same Facility results should be examined in connection with our net income as determined in accordance with GAAP and as presented herein and the condensed consolidated financial statements and notes thereto as contained in our Form 10-K for the year ended December 31, 2024 and our Form 10-Q for the quarter ended March 31, 2025. Prior year amounts related to certain facilities previously included in our Behavioral Health Care Services' results have been reclassified into our Acute Care Hospital Services' results as of May 1, 2024 to conform with current year presentation. The All Acute Care Hospital Services table summarizes the results of operations for all our acute care operations during the periods presented. These amounts include: (i) our acute care results on a same facility basis, as indicated above; (ii) the impact of provider tax assessments which increased net revenues and other operating expenses but had no impact on income before income taxes, and; (iii) certain other amounts including the results of facilities acquired or opened during the last twelve months. Universal Health Services, Inc. Behavioral Health Care Services For the Three and Six months ended June 30, 2025 and 2024 (in thousands) (unaudited) Same Facility Basis - Behavioral Health Care Services Three months ended Three months ended Six months ended Six months ended June 30, 2025 June 30, 2024 June 30, 2025 June 30, 2024 Amount % of NetRevenues Amount % of NetRevenues Amount % of NetRevenues Amount % of NetRevenues Net revenues $1,827,519 100.0 % $1,677,876 100.0 % $3,533,381 100.0 % $3,294,117 100.0 % Operating charges: Salaries, wages and benefits 974,476 53.3 % 890,855 53.1 % 1,900,013 53.8 % 1,759,511 53.4 % Other operating expenses 330,508 18.1 % 307,502 18.3 % 651,954 18.5 % 621,503 18.9 % Supplies expense 58,183 3.2 % 56,777 3.4 % 113,562 3.2 % 113,486 3.4 % Depreciation and amortization 52,963 2.9 % 50,183 3.0 % 104,331 3.0 % 97,780 3.0 % Lease and rental expense 10,695 0.6 % 11,403 0.7 % 21,822 0.6 % 22,857 0.7 % Subtotal-operating expenses 1,426,825 78.1 % 1,316,720 78.5 % 2,791,682 79.0 % 2,615,137 79.4 % Income from operations 400,694 21.9 % 361,156 21.5 % 741,699 21.0 % 678,980 20.6 % Interest expense, net 1,105 0.1 % 1,008 0.1 % 2,179 0.1 % 2,035 0.1 % Other (income) expense, net (837) (0.0) % (871) (0.1) % (1,662) (0.0) % (1,547) (0.0) % Income before income taxes $400,426 21.9 % $361,019 21.5 % $741,182 21.0 % $678,492 20.6 % All Behavioral Health Care Services Three months ended Three months ended Six months ended Six months ended June 30, 2025 June 30, 2024 June 30, 2025 June 30, 2024 Amount % of NetRevenues Amount % of NetRevenues Amount % of NetRevenues Amount % of NetRevenues Net revenues $1,880,076 100.0 % $1,726,032 100.0 % $3,627,725 100.0 % $3,382,099 100.0 % Operating charges: Salaries, wages and benefits 977,156 52.0 % 895,494 51.9 % 1,905,322 52.5 % 1,767,690 52.3 % Other operating expenses 383,841 20.4 % 351,579 20.4 % 747,425 20.6 % 698,847 20.7 % Supplies expense 58,401 3.1 % 57,084 3.3 % 113,848 3.1 % 114,008 3.4 % Depreciation and amortization 53,259 2.8 % 50,478 2.9 % 104,667 2.9 % 98,350 2.9 % Lease and rental expense 10,964 0.6 % 11,760 0.7 % 22,333 0.6 % 23,278 0.7 % Subtotal-operating expenses 1,483,621 78.9 % 1,366,395 79.2 % 2,893,595 79.8 % 2,702,173 79.9 % Income from operations 396,455 21.1 % 359,637 20.8 % 734,130 20.2 % 679,926 20.1 % Interest expense, net 1,104 0.1 % 1,008 0.1 % 2,179 0.1 % 2,035 0.1 % Other (income) expense, net (837) (0.0) % (871) (0.1) % (1,662) (0.0) % (1,547) (0.0) % Income before income taxes $396,188 21.1 % $359,500 20.8 % $733,613 20.2 % $679,438 20.1 % We believe that providing our results on a "Same Facility" basis (which is a non-GAAP measure), which includes the operating results for facilities and businesses operated in both the current year and prior year periods, is helpful to our investors as a measure of our operating performance. Our Same Facility results also neutralize (if applicable), the effect of material items that are nonrecurring or non-operational in nature including items such as, but not limited to, reserves for various matters, settlements, legal judgments and lawsuits, cost related to extinguishment of debt, gains/losses on sales of assets and businesses, impairments of goodwill, long-lived and intangible assets and other amounts that may be reflected in the current or prior year financial statements that relate to prior periods. Our Same Facility basis results exclude from net revenues and other operating expenses, provider tax assessments incurred in each period. However, these provider tax assessments are included in net revenues and other operating expenses as reflected in the table under All Behavioral Health Care Services. The provider tax assessments had no impact on the income before income taxes as reflected on the above tables since the amounts offset between net revenues and other operating expenses. To obtain a complete understanding of our financial performance, the Same Facility results should be examined in connection with our net income as determined in accordance with GAAP and as presented herein and the condensed consolidated financial statements and notes thereto as contained in our Form 10-K for the year ended December 31, 2024 and our Form 10-Q for the quarter ended March 31, 2025. Prior year amounts related to certain facilities previously included in our Behavioral Health Care Services' results have been reclassified into our Acute Care Hospital Services' results as of May 1, 2024 to conform with current year presentation. The All Behavioral Health Care Services table summarizes the results of operations for all our behavioral health care facilities during the periods presented. These amounts include: (i) our behavioral health results on a same facility basis, as indicated above; (ii) the impact of provider tax assessments which increased net revenues and other operating expenses but had no impact on income before income taxes, and; (iii) certain other amounts including the results of facilities acquired or opened during the last twelve months. Universal Health Services, Inc. Selected Hospital Statistics For the Three Months ended June 30, 2025 and 2024 (unaudited) AS REPORTED: ACUTE BEHAVIORAL HEALTH 6/30/25 6/30/24 % change 6/30/25 6/30/24 % change Hospitals owned and leased 29 27 7.4 % 331 332 -0.3 % Average licensed beds 7,112 6,750 5.4 % 24,301 24,326 -0.1 % Average available beds 6,940 6,578 5.5 % 24,201 24,226 -0.1 % Patient days 410,246 395,868 3.6 % 1,623,458 1,613,648 0.6 % Average daily census 4,508.2 4,350.2 3.6 % 17,840.2 17,732.4 0.6 % Occupancy-licensed beds 63.4 % 64.4 % -1.6 % 73.4 % 72.9 % 0.7 % Occupancy-available beds 65.0 % 66.1 % -1.8 % 73.7 % 73.2 % 0.7 % Admissions 86,823 82,744 4.9 % 118,974 118,912 0.1 % Length of stay 4.7 4.8 -2.1 % 13.6 13.6 0.0 % Inpatient revenue $13,879,739 $12,345,576 12.4 % $3,000,362 $2,774,639 8.1 % Outpatient revenue 9,638,377 8,634,202 11.6 % 295,178 286,240 3.1 % Total patient revenue 23,518,116 20,979,778 12.1 % 3,295,540 3,060,879 7.7 % Other revenue 285,688 234,356 21.9 % 93,544 82,196 13.8 % Gross revenue 23,803,804 21,214,134 12.2 % 3,389,084 3,143,075 7.8 % Total deductions 21,402,770 19,035,448 12.4 % 1,509,008 1,417,043 6.5 % Net revenue $2,401,034 $2,178,686 10.2 % $1,880,076 $1,726,032 8.9 % SAME FACILITY: ACUTE BEHAVIORAL HEALTH 6/30/25 6/30/24 % change 6/30/25 6/30/24 % change Hospitals owned and leased 27 27 0.0 % 335 335 0.0 % Average licensed beds 6,820 6,750 1.0 % 24,130 23,861 1.1 % Average available beds 6,648 6,578 1.1 % 24,030 23,761 1.1 % Patient days 400,910 395,868 1.3 % 1,612,948 1,590,252 1.4 % Average daily census 4,405.6 4,350.2 1.3 % 17,724.7 17,475.3 1.4 % Occupancy-licensed beds 64.6 % 64.4 % 0.2 % 73.5 % 73.2 % 0.3 % Occupancy-available beds 66.3 % 66.1 % 0.2 % 73.8 % 73.5 % 0.3 % Admissions 84,529 82,744 2.2 % 118,170 117,423 0.6 % Length of stay 4.7 4.8 -2.1 % 13.6 13.5 0.7 % Prior year amounts related to certain facilities previously included in our Behavioral Health Care Services' results have been reclassified into our Acute Care Hospital Services' results as of May 1, 2024 to conform with current year presentation. Universal Health Services, Inc. Selected Hospital Statistics For the Six Months ended June 30, 2025 and 2024 (unaudited) AS REPORTED: ACUTE BEHAVIORAL HEALTH 6/30/25 6/30/24 % change 6/30/25 6/30/24 % change Hospitals owned and leased 29 27 7.4 % 338 332 1.8 % Average licensed beds 6,983 6,704 4.2 % 24,263 24,353 -0.4 % Average available beds 6,811 6,532 4.3 % 24,163 24,253 -0.4 % Patient days 830,935 811,192 2.4 % 3,220,352 3,222,638 -0.1 % Average daily census 4,590.8 4,457.1 3.0 % 17,792.0 17,706.8 0.5 % Occupancy-licensed beds 65.7 % 66.5 % -1.1 % 73.3 % 72.7 % 0.9 % Occupancy-available beds 67.4 % 68.2 % -1.2 % 73.6 % 73.0 % 0.9 % Admissions 173,475 166,325 4.3 % 236,762 238,842 -0.9 % Length of stay 4.8 4.9 -2.0 % 13.6 13.5 0.7 % Inpatient revenue $28,181,348 $25,255,678 11.6 % $5,861,932 $5,529,323 6.0 % Outpatient revenue 18,965,661 16,980,491 11.7 % 569,724 564,768 0.9 % Total patient revenue 47,147,009 42,236,169 11.6 % 6,431,656 6,094,091 5.5 % Other revenue 566,125 480,607 17.8 % 181,929 162,407 12.0 % Gross revenue 47,713,134 42,716,776 11.7 % 6,613,585 6,256,498 5.7 % Total deductions 42,962,871 38,353,009 12.0 % 2,985,860 2,874,399 3.9 % Net revenue $4,750,263 $4,363,767 8.9 % $3,627,725 $3,382,099 7.3 % SAME FACILITY: ACUTE BEHAVIORAL HEALTH 6/30/25 6/30/24 % change 6/30/25 6/30/24 % change Hospitals owned and leased 27 27 0.0 % 335 335 0.0 % Average licensed beds 6,762 6,704 0.9 % 24,114 23,888 0.9 % Average available beds 6,590 6,532 0.9 % 24,014 23,788 1.0 % Patient days 815,640 811,192 0.5 % 3,199,646 3,174,499 0.8 % Average daily census 4,506.3 4,457.1 1.1 % 17,677.6 17,442.3 1.3 % Occupancy-licensed beds 66.6 % 66.5 % 0.2 % 73.3 % 73.0 % 0.4 % Occupancy-available beds 68.4 % 68.2 % 0.2 % 73.6 % 73.3 % 0.4 % Admissions 169,773 166,325 2.1 % 235,245 235,831 -0.2 % Length of stay 4.8 4.9 -2.0 % 13.6 13.5 0.7 % Prior year amounts related to certain facilities previously included in our Behavioral Health Care Services' results have been reclassified into our Acute Care Hospital Services' results as of May 1, 2024 to conform with current year presentation. Universal Health Services, Inc. Supplemental Non-GAAP Disclosures 2025 Revised Operating Results Forecast (in thousands, except per share amounts) Revised Forecast For The Year Ending December 31, 2025 % Net % Net Low revenues High revenues Net revenues $17,096,000 $17,312,000 Adjusted net income attributable to UHS (a) $1,298,461 $1,363,549 Depreciation and amortization 622,675 622,675 Interest expense 147,155 147,155 Other (income) expense, net (18,408) (18,408) Provision for income taxes 407,795 428,237 Adjusted EBITDA net of NCI (b) $2,457,678 14.4 % $2,543,208 14.7 % Adjusted net income attributable to UHS, per diluted share (a) $20.00 $21.00 Shares used in computing diluted earnings per share 64,922 64,922 (a) Adjusted net income attributable to UHS/per diluted share exclude the following items because we do not believe we can forecast these items with sufficient accuracy. Such items include: the impact of future items, if applicable, that are nonrecurring or non-operational in nature including items such as pre-tax unrealized gains/losses resulting from changes in the market value of shares of certain equity securities, the impact of ASU 2016-09, and other potential material items including, but not limited to, impairments of goodwill, long-lived and intangible assets, reserves for various matters including settlements, legal judgments and lawsuits, costs related to extinguishment of debt, gains/losses on sales of assets and businesses, potential impacts of non-ordinary acquisitions, divestitures, joint ventures or other strategic transactions, other amounts that may be reflected in the current or prior year financial statements that relate to prior periods, and the impact of share repurchases that differ from our forecasted assumptions. Adjusted net income attributable to UHS/per diluted share is also subject to certain conditions including those as set forth in General Information, Forward-Looking Statements and Risk Factors and Non-GAAP Financial Measures. (b) Adjusted EBITDA net of NCI is a non-GAAP financial measure and should not be considered a measure of financial performance under GAAP. We believe Adjusted EBITDA net of NCI is helpful to our investors as a measure of operating performance. SOURCE Universal Health Services, Inc. WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM? 440k+ Newsrooms & Influencers 9k+ Digital Media Outlets 270k+ Journalists Opted In

UNIVERSAL HEALTH SERVICES, INC. ANNOUNCES FINANCIAL RESULTS FOR THE THREE AND SIX-MONTH PERIODS ENDED JUNE 30, 2025, AND INCREASES 2025 FULL YEAR OPERATING RESULTS FORECAST

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