Q2 FY26 · Ended Jun 30, 2026 · View SEC filing
Revenue growth leaked into overhead before reaching profit
Revenue rose 8.3%, but other operating expenses grew far faster, led by insurer medical costs, liability reserves and provider taxes.
For investorsWhat the margin depends on once supplemental payments shrink
For foundersRunning a business that is paid by the day
Supplemental Medicaid payments lifted revenue while commercial managed care, where the company negotiates rates, shrank 2.1%.
Receivables stretched to 56 days from 50, so free cash flow fell even as net income edged up.
Net income barely moved, but Class B repurchases shrank the share count, so each share earned 10.1% more.
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Business Lens describes Universal Health Services from its own filings with the SEC. It is not a view on its shares, a target, or advice to buy, sell or hold anything; figures are as filed and may be restated by the company later. The filing is linked above.
