Publicly traded for-profit health systems posted double-digit operating margins in the second quarter of 2025, while many nonprofit systems hovered closer to break-even.
Below is a ranking of 25 health systems based on their operating margins for the most recent quarter.
Editor’s note: This is not an exhaustive list. The following financial results are for the three months ending June 30.
1. Community Health Systems (Franklin, Tenn.)
- Revenue: $3.13 billion
- Expenses: $2.6 billion
- Operating income: $512 million
- Operating margin: 16.3%
2. Tenet Healthcare (Dallas)
- Revenue: $5.3 billion
- Expenses: $4.5 billion
- Operating income: $823 million
- Operating margin: 15.6%
3. HCA Healthcare (Nashville, Tenn.)
- Revenue: $18.6 billion
- Expenses: $16.2 billion
- Operating income: $2.4 billion
- Operating margin: 13%
4. Universal Health Services (King of Prussia, Pa.)
- Revenue: $4.3 billion
- Expenses: $3.8 billion
- Operating income: $500.3 million
- Operating margin: 11.7%
5. Mayo Clinic (Rochester, Minn.)
- Revenue: $5.3 billion
- Expenses: $5 billion
- Operating income: $380 million
- Operating margin: 7.1%
6. Cleveland Clinic
- Revenue: $4.5 billion
- Expenses: $4.1 billion
- Operating income: $255.3 million
- Operating margin: 5.6%
7. IU Health (Indianapolis)
- Revenue: $2.5 billion
- Expenses: $2.3 billion
- Operating income: $132.7 million
- Operating margin: 5.4%
8. Allegheny Health Network (Pittsburgh)
- Revenue: $1.4 billion
- Expenses: $1.4 billion
- Operating income: $64 million
- Operating margin: 4.5%
9. Beth Israel Lahey Health (Cambridge, Mass.)
- Revenue: $2.5 billion
- Expenses: $2.4 billion
- Operating income: $88.2 million
- Operating margin: 3.5%
10. Kaiser Permanente (Oakland, Calif.)
- Revenue: $32.1 billion
- Expenses: $31.1 billion
- Operating income: $1 billion
- Operating margin: 3.2%
11. Northwell Health (New Hyde Park, N.Y.)
- Revenue: $5 billion
- Expenses: $4.9 billion
- Operating income: $100.3 million
- Operating margin: 2.3%
12. Bon Secours Mercy Health (Cincinnati)
- Revenue: $3.5 billion
- Expenses: $3.4 billion
- Operating income: $75.6 million
- Operating margin: 2.2%
13. Orlando (Fla.) Health
- Revenue: $2.5 billion
- Expenses: $2.5 billion
- Operating income: $56.3 million
- Operating margin: 2.2%
14. Scripps Health (San Diego)
- Revenue: $1.2 billion
- Expenses: $1.2 billion
- Operating income: $24.4 million
- Operating margin: 2.1%
15. Essentia Health (Duluth, Minn.)
- Revenue: $847.3 million
- Expenses: $833.7 million
- Operating income: $13.5 million
- Operating margin: 1.6%
16. Mass General Brigham (Somerville, Mass.)
- Revenue: $5.8 billion
- Expenses: $5.8 billion
- Operating income: $74.4 million
- Operating margin: 1.3%
17. UPMC (Pittsburgh)
- Revenue: $8.3 billion
- Expenses: $8.2 billion
- Operating income: $111.2 million
- Operating margin: 1.3%
18. Norton Healthcare (Louisville, Ky.)
- Revenue: $1.2 billion
- Expenses: $1.2 billion
- Operating income: $12.4 million
- Operating margin: 1%
19. SSM Health (St. Louis)
- Revenue: $3.1 billion
- Expenses: $3.1 billion
- Operating income: $21.2 million
- Operating margin: 0.7%
20. Legacy Health (Portland, Ore.)
- Revenue: $805.3 million
- Expenses: $800.9 million
- Operating income: $4.4 million
- Operating margin: 0.5%
21. Brown Health (Providence, R.I.)
- Revenue: $1.1 billion
- Expenses: $1.1 billion
- Operating loss: $3.8 million
- Operating margin: -0.3%
22. Providence (Renton, Wash.)
- Revenue: $7.9 billion
- Expenses: $7.9 billion
- Operating loss: $21 million
- Operating margin: -0.3%
23. UnityPoint Health (West Des Moines, Iowa)
- Revenue: $1.4 billion
- Expenses: $1.4 billion
- Operating loss: $9.5 million
- Operating margin: -0.7%
24. Tufts Medicine (Burlington, Mass.)
- Revenue: $753.2 million
- Expenses: $759 million
- Operating loss: $5.9 million
- Operating margin: -0.8%
25. Allina Health (Minneapolis)
- Revenue: $1.5 billion
- Expenses: $1.5 billion
- Operating loss: $50.9 million
- Operating margin: -3.4%
