Direct Answer
Universal Health Services reports revenue across 3 business segments in its fiscal 2025 Form 10-K. Acute Care Hospital Services is the largest, with $9.9 billion of revenue (57% of the total), followed by Behavioral Health Services at $7.4 billion (43%).
How Does Universal Health Services Make Money?
No single line supplies a majority of revenue: the largest, Acute Care Hospital Services, is 57%, which spreads Universal Health Services's exposure across several demand drivers. Between fiscal 2024 and 2025, All Other grew fastest (+27.1%) and Behavioral Health Services slowest (+8.0%), so the revenue mix tilts toward All Other while that gap lasts.
| Segment | FY2025 revenue | FY2024 revenue | Share of revenue | Change |
|---|---|---|---|---|
| Acute Care Hospital Services | $9.9 billion | $8.9 billion | 57.2% | 11.0% |
| Behavioral Health Services | $7.4 billion | $6.9 billion | 42.8% | 8.0% |
| All Other | $13 million | $11 million | 0.1% | 27.1% |
What Does Universal Health Services Sell?
Universal Health Services also breaks revenue down by product and service line, which shows what customers pay for rather than how management organizes the business.
| Product or service | FY2025 revenue | FY2024 revenue | Share of revenue | Change |
|---|---|---|---|---|
| Managed Care | $4.9 billion | $4.5 billion | 28.2% | 9.0% |
| Medicaid | $2.7 billion | $2.3 billion | 15.5% | 19.3% |
| Managed Medicaid | $2.5 billion | $2.3 billion | 14.3% | 7.8% |
| Managed Medicare | $2.1 billion | $1.9 billion | 12.0% | 10.4% |
| Medicare | $1.9 billion | $1.7 billion | 10.7% | 11.2% |
| Other Patient Revenue and Adjustments Net | $1.2 billion | $1.1 billion | 7.1% | 11.5% |
| Other Non Patient Revenue | $1.1 billion | $1.2 billion | 6.4% | -9.3% |
| UK Revenue | $1.0 billion | $880 million | 5.8% | 13.8% |
What the Segment Figures Do Not Show
The rows above add up to 100% of Universal Health Services's reported revenue for fiscal 2025; the difference is intersegment eliminations, corporate revenue or items the company reports outside its segments. Segment definitions are management's choice and change when a company reorganizes, in which case it restates prior years in the next filing, so a multi-year comparison should use the figures from a single filing. Revenue shows where sales come from, not where profit or cash is earned: a small segment can carry most of the margin.
Where These Numbers Come From
Every figure on this page is a value Universal Health Services reported in the segment note and revenue disclosures of its Form 10-K filed February 25, 2026 (accession 0001193125-26-071676), read from the SEC's Financial Statement Data Sets. The prior-year column is the comparative figure from that same filing, so it reflects any restatement for a change in segments. Category names are the company's own XBRL labels, lightly reformatted for reading.
Rows that only total other rows (for example a "Products" line beside the individual products) are left out so nothing is counted twice. This page is educational and describes reported history for fiscal 2025; it is not a forecast or a recommendation.
Frequently Asked Questions
What are Universal Health Services's business segments?
In its fiscal 2025 Form 10-K, Universal Health Services reports revenue for Acute Care Hospital Services, Behavioral Health Services and All Other.
Which part of Universal Health Services brings in the most revenue?
Acute Care Hospital Services, with $9.9 billion of revenue in fiscal 2025, or 57% of the total.
Where does Universal Health Services report its segment results?
In the segment note to the financial statements in its Form 10-K, most recently filed February 25, 2026, alongside management's discussion of each segment's results.