As fiscal year 2026 financial reports start rolling in from some of the country’s largest health systems, operating margins span a wide range.
Baylor Scott & White came in with an 8.3% margin while PeaceHealth saw a -2.2% margin. Seven systems finished in the black this year, and several improved on the previous year. Duke Health more than doubled its margin to 5.4% from 2.5% and Ascension narrowed its operating loss by $371 million.
Here are 10 health systems ranked by their fiscal year 2026 margin:
1. Baylor Scott & White (Dallas)
Revenue: $18.5 billion
Expenses: $16.9 billion
Operating income: $1.5 billion
Operating margin: 8.3%
2. OhioHealth (Columbus)
Revenue: $7.4 billion
Expenses: $6.8 billion
Operating income: $610.2 million
Operating margin: 8.2%
3. Moffitt Cancer Center (Tampa, Fla.)
Revenue: $3.4 billion
Expenses: $3.2 billion
Operating income: $238.4 million
Operating margin: 6.9%
4. Duke Health (Durham, N.C.)
Revenue: $8.4 billion
Expenses: $8 billion
Operating income: $453.1 million
Operating margin: 5.4%
5. Cedars-Sinai Health System (Los Angeles)
Revenue: $9.4 billion
Expenses: $9.2 billion
Operating income: $261 million
Operating margin: 2.8%
6. Trinity Health (Livonia, Mich.)
Revenue: $26.8 billion
Expenses: $26.3 billion
Operating income: $281 million
Operating margin: 1.1%
7. ChristianaCare (Wilmington, Del.)
Revenue: $3.6 billion
Expenses: $3.5 billion
Operating income: $17.4 million
Operating margin: 0.5%
8. Ascension (St. Louis)
Revenue: $24.5 billion
Expenses: $24.7 billion
Operating loss: $120 million
Operating margin: -0.2%
9. CommonSpirit (Chicago)
Revenue: $42.4 billion
Expenses: $42.9 billion
Operating loss: $430 million
Operating margin: -1.0%
10. PeaceHealth (Vancouver, Wash.)
Revenue: $4.2 billion
Expenses: $4.3 billion
Operating loss: $92.3 million
Operating margin: -2.2%
Becker’s 3rd Annual Fall Chief Pharmacy Officer Summit is the top tier event that the people leading the future of pharmacy convene. This 3-day event is built specifically for Chief Pharmacy Officers and senior pharmacy leaders. The sessions examine the workforce, financial and clinical priorities shaping pharmacy today. Becker’s is where candid discussions flourish and new ideas thrive. Becker's 3rd Annual Fall Chief Pharmacy Officer Summit
