Universal Health Services (UHS) Operating Expenses (2009 - 2026)
Universal Health Services' Operating Expenses came in at $4.12 billion for Q2 2026, up 8.9% from $3.78 billion a year earlier and up 3.2% from the prior quarter.
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Analysis
Universal Health Services (UHS) Operating Expenses (2009 - 2026) Analysis & Trends
Over the trailing twelve months to Jun 30, 2026, Universal Health Services reported Operating Expenses of $16.06 billion, up 9.6% year-over-year; for FY2025, it came in at $15.37 billion, up 8.7% from FY2024.
- Operating Expenses has increased in each of the last 15 years, with a five-year compound annual growth rate of 8.5% (FY2020 to FY2025).
- Going back by year, Operating Expenses was $14.15 billion in FY2024 (+7.9%), $13.11 billion in FY2023 (+5.7%), $12.4 billion in FY2022 (+9.9%) and $11.28 billion in FY2021 (+10.6%).
- The Q2 2026 figure represents the highest quarterly Operating Expenses in data going back to Q2 2009.
- Year-over-year, Operating Expenses has increased for 23 consecutive quarters, with growth averaging 8.8% over the last eight quarters.
- Across the past five years, year-over-year growth in Operating Expenses ran from 4.2% in Q1 2023 to 12.6% in Q1 2022.
- Business Quant data shows UHS's Operating Expenses at $3.99 billion (Q1 2026), $3.97 billion (Q4 2025) and $3.97 billion (Q3 2025) in the three quarters before Q2 2026.
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Opex (Qtr) |
|---|---|---|---|---|---|
| 1 | HCA Healthcare | 94.29 Bn | 93.74 Bn | - | 17.74 Bn |
| 2 | Natera | 59.14 Bn | 54.82 Bn | 485.19 Mn | 828.54 Mn |
| 3 | Quest Diagnostics | 26.23 Bn | 24.66 Bn | 1.03 Bn | 2.58 Bn |
| 4 | Labcorp Holdings | 25.04 Bn | 22.81 Bn | 1.11 Bn | 582.30 Mn |
| 5 | Guardant Health | 23.69 Bn | 19.76 Bn | 219.03 Mn | 464.10 Mn |
| 6 | Tenet Healthcare | 20.77 Bn | 11.92 Bn | - | - |
| 7 | Tempus AI | 14.91 Bn | 11.94 Bn | 246.50 Mn | 458.40 Mn |
| 8 | Encompass Health | 12.24 Bn | 12.70 Bn | - | 1.31 Bn |
| 9 | Davita | 11.39 Bn | 10.15 Bn | 1.16 Bn | 2.98 Bn |
| 10 | Universal Health Services | 9.17 Bn | 8.74 Bn | - | 4.12 Bn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 4.12 Bn |
| Mar 31, 2026 | 3.99 Bn |
| Dec 31, 2025 | 3.97 Bn |
| Sep 30, 2025 | 3.97 Bn |
| Jun 30, 2025 | 3.78 Bn |
| Mar 31, 2025 | 3.64 Bn |
| Dec 31, 2024 | 3.64 Bn |
| Sep 30, 2024 | 3.58 Bn |
| Jun 30, 2024 | 3.47 Bn |
| Mar 31, 2024 | 3.45 Bn |
| Dec 31, 2023 | 3.37 Bn |
| Sep 30, 2023 | 3.28 Bn |
| Jun 30, 2023 | 3.27 Bn |
| Mar 31, 2023 | 3.19 Bn |
| Dec 31, 2022 | 3.19 Bn |
| Sep 30, 2022 | 3.06 Bn |
| Jun 30, 2022 | 3.09 Bn |
| Mar 31, 2022 | 3.06 Bn |
| Dec 31, 2021 | 2.96 Bn |
| Sep 30, 2021 | 2.84 Bn |
API Access
Universal Health Services Operating Expenses API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=operating-expenses&ticker=UHS&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "operating-expenses", "ticker": "UHS", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=operating-expenses&ticker=UHS&period=max&api_key=YOUR_API_KEY");
const data = await res.json();