Below are 15 systems that achieved operating gains during the three-month period, with many reversing prior losses and demonstrating resilience through cost management and revenue growth.
Editor’s note: This is not an exhaustive list.
1. Nashville, Tenn.-based HCA Healthcare reported an operating income of $1.9 billion (10.9% margin) in the third quarter, up from $1.6 billion (10.1% margin) during the same quarter last year. Third-quarter revenue hit $17.5 billion, up from $16.2 billion last year. Expenses were $15.6 billion in the quarter, up from $14.6 billion. Net income for the 187-hospital system was $4.3 billion, compared to $3.6 billion in the same period in 2023.
2. Livonia, Mich.-based Trinity Health posted $36.7 million in operating income (0.6% operating margin) in the first quarter of fiscal 2025 — the three months ending Sept. 30, 2024 — up from a $58.6 million loss (-1% margin) during the same quarter last year. Revenue for the period increased 10.2% year over year to $6.2 billion and expenses rose 8.4% to $6.2 billion. Net income for the period was $586.9 million, up from a $211.5 million net loss in the prior-year period.
3. Dallas-based Tenet Healthcare reported an operating income of $1.1 billion (21.3% margin) in the third quarter, nearly double the $568 million operating income (11.2% margin) posted in the third quarter of 2023. Third-quarter revenue increased 1.1% year over year to $5.12 billion while expenses decreased 2.3% to $4.45 billion. Tenet ended the third quarter with $472 million in net income, compared to $101 million in the same quarter in 2023.
4. Rochester, Minn.-based Mayo Clinic reported $55 million in operating income (1.1% margin) in the third quarter, down from $90 million in the same quarter in 2023. Total revenue increased 9% year over year to $4.86 billion while expenses grew by 11.4% to $4.62 billion. Mayo reported a net income of $839 million in the third quarter, compared to $295 million in the same quarter in 2023.
5. Cleveland Clinic reported an operating income of $43.4 million (1.1% margin) in the third quarter, reversing a $14.9 million operating loss (-0.4% margin) in the same period last year. Third-quarter revenue increased 9.3% year over year to $3.98 billion while expenses grew by 7.7% to $3.74 billion. Cleveland Clinic posted a net income of $374,823 in the third quarter, compared to a net loss of $127.4 million in the same period last year.
6. New Hyde Park, N.Y.-based Northwell Health reported an operating income of $77.5 million (1.7% margin) in the third quarter, up from an operating loss of $11.6 million (-0.3% margin) during the same period in 2023. Revenue was $4.6 billion for the three months ended Sept. 30, up 10.7% year over year. Expenses were $4.5 billion in the third quarter, up 8.5% year over year. Northwell reported a net income of $333.2 million in the third quarter, up from a net loss of $157.1 million over the same period last year.
7. Danbury, Conn.-based Nuvance Health reported a $11.4 million operating income (1.5% margin) for the three months ended Sept. 30, reversing a $13.2 million operating loss (-2% margin) for the same period in 2023. Revenue in the quarter increased 12% year over year to $741.4 million while expenses rose 8% to $726.4 million. Net income for the period was $38.6 million, up from an $18.5 million loss in the same quarter in 2023.
8. King of Prussia, Pa.-based Universal Health Services posted an operating income of $384.2 million (9.7% margin) in the third quarter, up from the $285.4 million (8% margin) in the same quarter last year. Third-quarter revenue increased 11.2% year over year to $3.96 billion while expenses rose 9.2% to $3.58 billion. Net income for the quarter hit $258.7 million, up from $167 million in the third quarter last year.
9. Irving, Texas-based Christus Health recorded an operating income of $49 million (2.1% operating margin) for the three months ending Sept. 30, down from an operating income of $96.1 million (4.5% margin) during the same period in 2023. Revenue in the quarter hit $2.3 billion, up from $2.2 billion in the prior-year period. Expenses grew to $2.3 billion from $2.1 billion. Net income for the three months ending Sept. 30, 2024, was $100.9 million, up from $84.5 million in the same period last year.
10. Toledo, Ohio-based ProMedica reported operating income of $32.4 million (4% margin) in the third quarter, up from a $31 million loss (-4.2% margin) in the same period in 2023. Third-quarter revenue increased 10.4% year over year to $801.4 million while expenses grew by 1.4% to $731.8 million. ProMedica reported a net income of $39.9 million in the third quarter, compared to a net loss of $78.9 million in the same period last year.
11. Minneapolis-based Allina Health posted $154.4 million in operating income (9.6% operating margin) in the third quarter, a substantial increase from the $109.9 million operating loss (-8.8% margin) recorded in the same period last year. Revenue was $1.6 billion for the three-month period, up 28.7% year over year. Expenses reached $1.4 billion in the third quarter, a 6.9% increase year over year. Allina reported a net income of $237.3 million in the third quarter, up from a net loss of $135.7 million over the same period last year.
12. Scottsdale, Ariz.-based HonorHealth saw a $19.5 million operating income (2.3% margin) in the third quarter, up from a $27 million operating loss (-3.7% margin) during the same period in 2023. Third-quarter revenue increased 18% year over year to $867.2 million and expenses increased 11% to $847.7 million. HonorHealth’s net income for the period was $83.6 million, up from a $54 million loss in the same quarter last year.
13. Louisville, Ky.-based Norton Healthcare reported $65 million in operating income (5.4% margin) in the third quarter, up from $14.5 million in operating income (1.5% margin) during the same quarter last year. Third-quarter revenue increased 20% year over year to $1.2 billion and expenses grew by 16% to $1.1 billion. Net income for the quarter was $139.4 million, up from a $14 million net loss in the prior-year period.
14. Lebanon, N.H.-based Dartmouth Health reported an operating income of $40.7 million (4.1% margin) during the three months ended Sept. 30, 2024, up from an $8.2 million loss (-1% margin) in the same quarter last year. Quarterly revenue for the system was $1 billion, up from $836.4 million the previous year. Expenses were $961.3 million, up from $844.4 million. Dartmouth’s net income was $125.6 million for the three-month period, up from $89.6 million in the same quarter in 2023.
15. Kansas City-based University of Kansas Health System reported an operating income of $26.8 million (2.2% margin) in the first quarter of fiscal 2025 (the three months ended Sept. 30), reversing a $15.4 million loss (-1.5% margin) in the same period last year. Revenue for the quarter increased 15.4% year over year to $1.22 billion while expenses grew by 11.2% to $1.19 billion. KU Health reported a net income of $93.7 million for the quarter, compared to a $36.9 million loss in the same period in FY 2024.
