Universal Health Services, Inc. (UHS) Cash Flow Statement
Where UHS’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $1.86B −9.8% vs 2024
- Capital expenditures
- $1.02B 5.8% of revenue
- Free cash flow
- $849.2M 4.9% margin
- Returned to shareholders
- $1.02B 120% of free cash flow
- Change in cash
- $46.6M cash at year-end $271.3M
Drawn to scale: where the cash came from and how it was used. Hover for values.
UHS operating cash flow, capex and free cash flow
UHS cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $1.29B2016 | $1.86B2025 | +4.2%/yr | |
| Capital expenditures | $1.16B2016 | $1.02B2025 | −1.4%/yr | |
| Free cash flow | $133.3M2016 | $849.2M2025 | +22.8%/yr | |
| Free cash flow margin | 1.4%2016 | 4.9%2025 | +3.5 pts | |
| Operating cash flow / net income | 1.722016 | 1.232025 | −0.49 | |
| Stock-based compensation | $48.1M2016 | $95.7M2025 | +7.9%/yr | |
| Dividends paid | $38.9M2016 | $51.3M2025 | +3.1%/yr | |
| Share buybacks (net) | $353.4M2016 | $968.0M2025 | +11.8%/yr | |
| Capex / revenue | 11.8%2016 | 5.8%2025 | −6.0 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
UHS cash flow by activity
UHS net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
UHS cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $1.51B | $1.16B | $717.5M | $657.0M | $987.6M | $952.8M | $827.5M | $797.9M | $771.3M | $747.2M |
| Depreciation & amortization | $618.7M | $584.8M | $568.0M | $581.9M | $533.2M | $510.5M | $490.4M | $453.1M | $447.9M | $416.6M |
| Stock-based compensation | $95.7M | $99.3M | $87.7M | $85.4M | $73.7M | $65.8M | $69.4M | $66.6M | $56.7M | $48.1M |
| Change in working capital | −$275.9M | $418.8M | $17.1M | −$244.3M | $53.4M | $940.8M | $58.8M | $50.0M | −$14.2M | $158.5M |
| Other non-cash items | −$85.3M | −$198.9M | −$122.5M | −$83.8M | −$764.2M | −$109.8M | −$7.7M | −$26.6M | −$79.2M | −$82.0M |
| Cash from operating activities | $1.86B | $2.07B | $1.27B | $996.0M | $883.7M | $2.36B | $1.44B | $1.34B | $1.18B | $1.29B |
| Investing activities | ||||||||||
| Capital expenditures | −$1.02B | −$943.8M | −$743.1M | −$734.0M | −$855.7M | −$734.2M | −$663.5M | −$811.7M | −$609.4M | −$1.16B |
| Investments (net) | $1.0M | −$911.1M | −$763.3M | −$647.3M | $1.4M | −$24.4M | −$34.3M | −$15.3M | −$8.0M | −$1.19B |
| Acquisitions & other investing | −$56.5M | $943.8M | $743.1M | $734.0M | −$60.2M | −$43.9M | $9.4M | $13.6M | −$7.0M | $1.16B |
| Cash from investing activities | −$1.07B | −$911.1M | −$763.3M | −$647.3M | −$914.5M | −$802.6M | −$688.4M | −$813.4M | −$624.4M | −$1.19B |
| Financing activities | ||||||||||
| Dividends paid | −$51.3M | −$53.3M | −$55.5M | −$58.4M | −$65.9M | −$17.3M | −$53.0M | −$37.3M | −$38.2M | −$38.9M |
| Share repurchases & issuance (net) | −$968.0M | −$670.8M | −$547.4M | −$832.9M | −$1.22B | −$206.7M | −$770.5M | −$397.4M | −$364.4M | −$353.4M |
| Net borrowing (repayment) | $242.0M | −$429.8M | $99.6M | $616.0M | $217.1M | −$171.3M | −$17.9M | −$53.0M | −$102.1M | $699.2M |
| Shares issued | $16.7M | $15.1M | $13.7M | $14.1M | $13.4M | $12.3M | $10.8M | $10.2M | $0 | $0 |
| Other financing | $10.7M | −$6.1M | −$4.4M | −$57.1M | −$12.7M | −$1.8M | −$14.4M | −$14.6M | −$14.5M | −$432.9M |
| Cash from financing activities | −$749.7M | −$1.14B | −$493.9M | −$318.4M | −$1.07B | −$384.9M | −$845.0M | −$492.2M | −$519.2M | −$125.9M |
| Summary | ||||||||||
| Net change in cash | $46.6M | $10.3M | $13.6M | $21.9M | −$1.10B | $1.17B | −$94.0M | $32.4M | $40.7M | −$27.5M |
| Cash at end of period | $271.3M | $224.8M | $214.5M | $200.8M | $178.9M | $1.28B | $105.7M | $199.7M | $74.4M | $33.7M |
| Free cash flow | $849.2M | $1.12B | $524.7M | $262.0M | $28.0M | $1.63B | $775.0M | $529.2M | $573.1M | $133.3M |
| Free cash flow margin | 4.9% | 7.1% | 3.7% | 2.0% | 0.2% | 14.1% | 6.8% | 4.9% | 5.5% | 1.4% |
| Capex / revenue | 5.8% | 6.0% | 5.2% | 5.5% | 6.8% | 6.4% | 5.8% | 7.5% | 5.9% | 11.8% |
| Operating cash flow / net income | 1.23 | 1.78 | 1.77 | 1.52 | 0.89 | 2.48 | 1.74 | 1.68 | 1.53 | 1.72 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $358.4M | $358.7M | $433.5M | $379.1M | $362.6M | $321.6M | $337.0M | $258.7M | $289.1M | $261.8M | $216.3M | $168.0M |
| Depreciation & amortization | $167.3M | $155.4M | $163.3M | $155.1M | $152.0M | $148.3M | $146.8M | $149.6M | $147.5M | $141.0M | $145.5M | $137.2M |
| Stock-based compensation | $22.9M | $22.5M | $990,000 | $24.9M | $24.1M | $21.6M | $26.6M | $26.6M | $26.5M | $19.6M | $22.0M | $22.6M |
| Change in working capital | −$111.0M | −$122.9M | $26.6M | −$100.2M | $71.5M | −$110.8M | −$130.5M | −$110.8M | $210.9M | −$26.3M | $65.3M | −$134.2M |
| Other non-cash items | $5.6M | −$12.1M | −$49.7M | −$78.2M | −$61.2M | −$20.7M | $278.5M | $9.0M | $5.2M | $308,000 | $3.3M | −$32.0M |
| Cash from operating activities | $443.3M | $401.6M | $574.7M | $380.7M | $549.0M | $360.0M | $658.4M | $333.0M | $679.3M | $396.4M | $452.4M | $161.7M |
| Investing activities | ||||||||||||
| Capital expenditures | −$227.6M | −$217.2M | −$281.2M | −$247.6M | −$266.0M | −$239.0M | −$245.9M | −$247.9M | −$241.4M | −$208.5M | −$206.4M | −$200.0M |
| Investments (net) | −$2.7M | $14.7M | $50.4M | −$269.4M | −$305.9M | −$271.3M | −$208.0M | −$265.6M | −$242.8M | −$194.6M | −$238.8M | −$176.4M |
| Acquisitions & other investing | −$3.9M | $4.9M | $6.9M | $247.6M | $266.0M | $239.0M | $245.9M | $247.9M | $241.4M | $208.5M | $206.4M | −$148.0M |
| Cash from investing activities | −$234.2M | −$197.6M | −$224.0M | −$269.4M | −$305.9M | −$271.3M | −$208.0M | −$265.6M | −$242.8M | −$194.6M | −$238.8M | −$524.4M |
| Financing activities | ||||||||||||
| Dividends paid | −$11.8M | −$13.0M | −$12.4M | −$12.5M | −$12.9M | −$13.5M | −$13.0M | −$13.3M | −$13.4M | −$13.6M | −$13.5M | −$13.7M |
| Share repurchases & issuance (net) | −$320.8M | −$163.8M | −$352.0M | −$237.4M | −$155.2M | −$223.4M | −$250.2M | −$182.6M | −$95.9M | −$142.1M | −$162.0M | −$175.6M |
| Net borrowing (repayment) | $143.0M | −$44.7M | $60.8M | $105.1M | −$67.3M | $143.3M | −$168.5M | $109.4M | — | — | — | $204.5M |
| Shares issued | $4.9M | $3.8M | $4.6M | $4.0M | $4.5M | $3.7M | $4.2M | $3.6M | $4.0M | $3.2M | $3.8M | $3.2M |
| Other financing | −$4.8M | −$4.2M | $2.8M | $6.2M | $3.2M | −$1.5M | $730,000 | −$6.8M | −$314.2M | −$56.5M | −$10.6M | −$537,000 |
| Cash from financing activities | −$189.5M | −$221.9M | −$296.1M | −$134.5M | −$227.7M | −$91.4M | −$426.8M | −$89.7M | −$419.5M | −$208.9M | −$182.3M | $18.0M |
| Summary | ||||||||||||
| Net change in cash | $19.8M | −$18.8M | $24.9M | −$24.8M | $17.7M | −$1.0M | $20.2M | −$19.2M | $17.0M | −$7.7M | $33.8M | $1.3M |
| Cash at end of period | $138.8M | $252.6M | $137.8M | $216.6M | $241.4M | $223.7M | $224.8M | $204.6M | $128.8M | $206.8M | $214.5M | $180.6M |
| Free cash flow | $215.7M | $184.5M | $293.5M | $133.1M | $283.0M | $121.0M | $412.5M | $85.0M | $437.9M | $187.9M | $246.0M | −$38.3M |
| Free cash flow margin | 4.7% | 4.1% | 6.5% | 3.0% | 6.6% | 3.0% | 10.0% | 2.1% | 11.2% | 4.9% | 6.6% | −1.1% |
| Capex / revenue | 4.9% | 4.8% | 6.3% | 5.5% | 6.2% | 5.8% | 6.0% | 6.3% | 6.2% | 5.4% | 5.6% | 5.6% |
| Operating cash flow / net income | 1.24 | 1.12 | 1.33 | 1.00 | 1.51 | 1.12 | 1.95 | 1.29 | 2.35 | 1.51 | 2.09 | 0.96 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
UHS cash generation
In fiscal 2025 (ended December 31, 2025), Universal Health generated $1.9 billion of cash from operations (down 9.8%) and spent $1.0 billion on capital expenditures, leaving free cash flow of $849.2 million, 4.9% of revenue. It returned $1.0 billion to shareholders through dividends ($51.3 million) and net share buybacks ($968.0 million). Cash and equivalents rose by $46.6 million over the year.
Related: UHS income statement, UHS balance sheet, UHS dividend history. See the UHS stock overview for the latest quote and news.
UHS cash flow FAQ
What is Universal Health's free cash flow?
Universal Health's free cash flow was $849.2 million in fiscal 2025: $1.9 billion of operating cash flow minus $1.0 billion of capital expenditures It was $1.1 billion a year earlier..
How much cash does Universal Health generate from operations?
Universal Health generated $1.9 billion of cash from operating activities in fiscal 2025, 1.23 times its net income of $1.5 billion.
How much does Universal Health spend on capital expenditures?
Universal Health spent $1.0 billion on capital expenditures in fiscal 2025, 5.8% of revenue, compared with $943.8 million the year before.
How much stock does Universal Health buy back?
Universal Health spent $968.0 million on net share repurchases in fiscal 2025.
How much does Universal Health pay in dividends?
Universal Health paid $51.3 million in dividends in fiscal 2025, 6.0% of free cash flow.