Despite rising operational costs and an evolving healthcare landscape, several health systems rebounded with strong financial performances in the first quarter of 2025.
Below are 15 health systems that achieved operating gains during the three months ended March 31.
Editor’s note: This is not an exhaustive list.
1. Nashville, Tenn.-based HCA Healthcare reported an operating income of $2.3 billion (12.7% margin) in the first quarter, compared to a $2.2 billion operating gain (13% margin) during the same period last year. Total operating revenues were $18.3 billion, up from $17.3 billion. Total operating expenses were $15.4 billion, up from $14.8 billion.
2. Dallas-based Tenet Healthcare recorded an operating income of $943 million (18.1% margin) in the first quarter of 2025, down from $3.3 billion during the same period last year. Tenet recorded net operating revenues of $5.2 billion, down from $5.4 billion. Total operating expenses were $4.3 billion, up from $2.1 billion.
3. Oakland, Calif.-based Kaiser Permanente recorded an operating income of $932 million (2.9% margin) in the first quarter of 2025, compared to $935 million (3.4% margin) in the first quarter of 2024. Kaiser posted total operating revenue of $31.8 billion, up from $27.4 billion. Total operating expenses were $30.9 billion, up from $26.5 billion.
4. King of Prussia, Pa.-based Universal Health Services recorded an operating income of $454.8 million (11.1% margin) in the first quarter of 2025, up from $388.8 million (10.1% margin) in the same quarter last year. The system reported net revenue of $4.1 billion, up from $3.8 billion. Total operating expenses were $3.6 billion, up from $3.5 billion.
5. Rochester, Minn.-based Mayo Clinic recorded income from current activities of $373 million (7.3% margin) in the first quarter of 2025, compared to $363 million (7.7% margin) during the same period last year. The health system posted total revenue of $5.1 billion, up from $4.7 billion. Operating expenses totaled $4.7 billion, up from $4.4 billion.
6. Charlotte, N.C.-based Advocate Health recorded an operating income of $329.1 million (3.6% margin) in the first quarter of 2025, up from $103.7 million (1.3% margin) during the same period last year. The system reported total operating revenue of $9.2 billion, up from $8.1 billion. Total operating expenses were $8.8 billion, up from $8 billion.
7. Salt Lake City-based Intermountain Health reported a $297 million operating income (6.5% margin) in the first quarter, up from $134 million (3.2% margin) in the first quarter of 2024. Total operating revenue was $4.6 billion, up from $4.3 billion. Total operating expenses were $4.1 billion, up from $3.9 billion.
8. Pittsburgh-based UPMC posted an operating income of $237 million (2.9% margin) in the first quarter of 2025, up from an operating loss of $103 million (-1.4% margin) during the same period last year. The system reported total operating revenues of $8.2 billion, up from $7.1 billion. Operating expenses totaled $8 billion, up from $7.2 billion.
9. Phoenix-based Banner Health reported an operating income of $142.4 million (3.6% margin) in the first quarter, up from $89.3 million (2.4% margin) in the first quarter of 2024. Total operating revenue was $3.9 billion, up from $3.7 billion. Total operating expenses were $3.8 billion, up from $3.6 billion.
10. Cincinnati-based Bon Secours Mercy Health posted an operating income of $96.5 million (2.8% margin) in the first quarter of 2025, up from $29.5 million (0.9% margin) during the same period last year. The system reported total operating revenue of $3.4 billion, up from $3.3 billion. Total operating expenses were $3.3 billion, up from $3.26 billion.
11. Orlando (Fla.) Health recorded an operating income of $94.7 million (3.9% margin) in the quarter, down from $126.9 million (7.2% margin) during the same period last year. The system reported total operating revenue of $2.4 billion, up from $1.7 billion. Total operating expenses were $2.3 billion, up from $1.6 billion.
12. Detroit-based Henry Ford Health recorded an operating income of $77.5 million (2.4% margin) in the first quarter of 2025, down from $98.5 million (4.5% margin) during the same quarter in 2024. The system reported total operating revenue of $3.2 billion, up from $2.2 billion. Total operating expenses were $3.1 billion, up from $2.1 billion.
13. Cleveland Clinic reported an operating income of $52.8 million (1.3% margin) in the first quarter, up slightly from $50.2 million (1.3% margin) in the same period last year. The system reported total operating revenue of $4.2 billion, up from $3.9 billion. Total operating expenses were $4 billion, up from $3.6 billion.
14. New Hyde Park, N.Y.-based Northwell Health recorded $31 million in operating income (0.6% margin) during the first quarter of 2025, down from $72.9 million (1.6% margin) during the same period last year. Total operating revenue was $4.8 billion, up from $4.5 billion. Total operating expenses were $4.8 billion, up from $4.4 billion.
15. Pittsburgh-based Allegheny Health Network recorded an operating income of $7.7 million (0.6% margin) in the first quarter of 2025, up from an operating loss of $31.3 million (-2.5% margin) during the same period last year. The system reported total operating revenue of $1.4 billion, up from $1.2 billion. Total operating expenses were $1.4 billion, up from $1.3 billion.
