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%
At the Becker's 11th Annual IT + Revenue Cycle Conference: The Future of AI & Digital Health, taking place September 14–17 in Chicago, healthcare executives and digital leaders from across the country will come together to explore how AI, interoperability, cybersecurity, and revenue cycle innovation are transforming care delivery, strengthening financial performance, and driving the next era of digital health. Apply for complimentary registration now.