Despite ongoing workforce and financial pressures across the healthcare industry, several large health systems managed to report substantial profits in 2024.
From industry giants like HCA Healthcare and Kaiser Permanente to regional players such as BayCare Health System and Sanford Health, these organizations leveraged strategic growth, operational efficiencies and cost management to bolster their bottom lines.
Here are 13 of the most profitable health systems in 2024, according to their most recent financial results.
Editor’s note: This is not an exhaustive list. Financial results reflect full-year 2024 performance (Jan. 1 – Dec. 31).
1. Nashville, Tenn.-based HCA Healthcare reported an operating income of $8.5 billion (12.1% margin) in 2024, up from $7.7 billion (11.9% margin) in 2023. HCA posted revenues of $70.6 billion, up from $65 billion in 2023. Expenses were $62.1 billion, up from $57.3 billion. The health system saw a net income of $5.8 billion in 2024, up 9.9% from $5.2 billion in 2023.
2. Dallas-based Tenet Healthcare reported an operating income of $6 billion (28.8% margin) in 2024, up from $2.5 billion (12.2% margin) in 2023. Revenue for the health system was $20.7 billion in 2024, up from $20.5 billion the year prior. Expenses were $17.9 billion in 2024. Net income was $4.1 billion, up from $1.3 billion in 2023.
3. King of Prussia, Pa.-based Universal Health Services reported an operating income of $1.7 billion (10.6% margin) in 2024, up from $1.2 billion (8.2% margin) in 2023, UHS posted revenues of $15.8 billion in 2024, a 10.8% increase year over year. Expenses hit $14.1 billion in 2024, up 7.9% year over year. Net income was $1.1 billion, up from $717.8 million in 2023.
4. Rochester, Minn.-based Mayo Clinic reported an operating income of $1.3 billion (6.5% margin) in 2024, up from an operating income of $1.1 billion (6% margin) in 2023. The health system recorded revenue of $19.8 billion in 2024, up from $17.9 billion the previous year. Expenses totaled $18.5 billion, up from $16.9 billion. Net income was $3.8 billion in 2024, up from $1.8 billion in 2023.
5. Clearwater, Fla.-based BayCare Health System saw an operating income of $603.4 million (9.6% margin) in 2024, up from a $330.1 million operating gain (6% margin) in 2023. Revenue increased 13.8% year over year to $6.3 billion and expenses rose 9.4% to $5.7 billion in 2024. Net income for BayCare was $1.2 billion in 2024, up from $1.1 billion in 2023.
6. Oakland, Calif.-based Kaiser Permanente posted an operating income of $569 million (0.5% operating margin) in 2024, up from f $329 million (0.3% margin) in 2023. Revenues hit $115.8 billion 2024, up from $100.8 billion in 2023. Expenses were $115.2 billion, up from $100.5 billion. Kaiser posted a net income of $12.9 billion in 2024, up from $4.1 billion in 2023.
7. Sioux Falls, S.D.-based Sanford Health posted an operating income of $400.3 million (5.2% operating margin) in 2024, compared to $402.2 million (5.6% margin) in 2023. Revenues hit $7.7 billion in 2024, a 6.3% increase year over year, while expenses hit $7.3 billion, a 6.7% increase. Sanford reported a net income of $395 million in 2024, down from $494.8 million in 2023.
8. Salt Lake City-based Intermountain Health reported an operating income of $370 million (2.2% margin) in 2024, up from $137 million (0.9% margin) in 2023. Revenue increased 6.8% year over year to $17.1 billion while expenses climbed 5.7% to $16.1 billion. The 33-hospital system reported a net income of $1.8 billion in 2024, up from $1.6 billion in 2023.
9. Phoenix-based Banner Health reported an operating income of $362.5 million (2.3% margin) in 2024, up from $282.8 million (2% margin) in 2023. Banner reported $15.6 billion in revenue, up from $14.1 billion in 2023. Expenses were $15.2 billion, up from $13.8 billion. Net income was $1.1 billion in 2024, up from $895 million a year prior.
10. St. Louis-based BJC HealthCare reported an operating income of $325.6 million (3% margin) on revenues of $10.7 billion in 2024, compared to $141.6 million (2% margin) on $7 billion in revenue in 2023. The financial results show the first full year of operations since BJC merged with Kansas City, Mo.-based Saint Luke’s Health System. BJC reported a net income of $2.6 billion in 2024, compared to $736.5 million in 2023.
11. Cleveland Clinic reported an operating income of $276 million (1.7% margin) in 2024, up from $64 million (0.4% margin) in 2023. In 2024, revenue increased $1.5 billion (10%) while expenses increased $1.2 billion (8.6%) year over year. Cleveland Clinic reported a net income of $980 million in 2024 compared to $911 million in 2023.
12. Indianapolis-based Indiana University Health posted $257 million in operating income (2.8% margin) in 2024, down from $343 million (4% margin) in 2023. IU Health’s operating revenue increased 6.7% year over year to $9.22 billion while expenses increased 8% to $8.97 billion. The system saw $966 million in net income for 2024, down 17% from $1.1 billion in 2023.
13. Cincinnati-based Bon Secours Mercy Health reported an operating income of $133 million (1% margin) in 2024, a turnaround from the $172 million operating loss (-1.4% margin) recorded in 2023. Revenue rose 8.9% year over year to $13.3 billion and expenses increased 5.6% year over year to $13 billion in 2024. Bon Secours Mercy Health reported a net income of $572 million for 2024, up from $222 million in 2023.
