Universal Health Services (UHS) owns and operates hospitals and healthcare facilities primarily in the U.S., with additional operations in the U.K. and Puerto Rico. UHS runs two businesses: Acute Care (~57% of revenue) and Behavioral Health (~43% of revenue). The Acute Care segment includes 29 inpatient hospitals concentrated in large markets like Las Vegas and Washington, D.C., offering surgery, emergency care, oncology, and other inpatient services. UHS supplements these hospitals with 35 freestanding emergency departments, which are designed to funnel higher-acuity patients into UHS's inpatient facilities. The Behavioral Health segment operates 346 inpatient and 119 outpatient behavioral facilities treating psychiatric and substance use disorders, with a large U.S. presence and a significant U.K. operation under the Signet brand. UHS bills patients' insurers — commercial managed care plans, Medicare, and Medicaid — and a meaningful portion of revenue comes from Medicaid Supplemental Payments (state-directed programs that top up base Medicaid rates), which contributed roughly $1.3B net in 2025. Labor is the primary cost driver across both segments. UHS's key strategic shift is building out outpatient behavioral care through community-based step-in clinics branded "1,000 Branches," targeting patients who prefer not to start care on a hospital campus. UHS is also expanding acute care capacity through de novo hospital construction. On capital allocation, UHS has been an active buyer of its own stock, repurchasing roughly 36% of shares outstanding since 2019.