What Universal Health Services, Inc. told the SEC could break it.

UHS's revenue depends heavily on Medicare/Medicaid and state directed/supplemental payment programs (New Mexico SDP, Tennessee DPP, Nevada SDP, Florida DPP, Ohio DPP, Texas DSH); fiscal pressure on federal/state budgets could reduce these funds and increase uncompensated care, materially hurting results.

“In addition, the uncertainty and fiscal pressures placed upon federal and state governments as a result of, among other things, deterioration in general economic conditions and the funding requirements from the federal healthcare reform legislation, may affect the availability of taxpayer funds for Medicare and Medicaid programs. All of these changes may be expected to reduce our revenue and likely increase the level of uncompensated care provided by our facilities which will have a material adverse effect on us.”

UHS's UK behavioral-health facilities generated ~$1.001 billion of net revenues in 2025, the vast majority derived from governmental (NHS/public) payers — concentrating a significant revenue stream on a single national payer system and UK budget/policy.

“In addition, the vast majority of the net revenues generated at our behavioral health facilities located in the United Kingdom are derived from governmental payers.”

Many of UHS's hospital communities depend economically on a small number of large employers that provide income and health insurance to local residents; a large employer's failure or major layoffs could erode patient volumes and insurance coverage in those markets.

“The economies in the communities in which our hospitals operate are often dependent on a small number of large employers. Those employers often provide income and health insurance for a disproportionately large number of community residents who may depend on our hospitals and other health care facilities for their care.”