Banner reports $282.8M operating income, 2% margin

Phoenix-based Banner Health posted an operating income of $282.8 million (2% margin) in 2023, a substantial mprovement on the $16.6 million operating gain (0.1% margin) reported the previous year.

Revenue increased 11.2% year over year to $14.1 billion while expenses grew by 8% to $13.8 billion, according to financial documents published March 20. 

Salaries, benefits and contract labor increased 6.4% year over year to $6 billion and supply costs increased 12.8% to $2.3 billion. 

After factoring in nonoperating items, such as investment income, Banner reported a net income of $895.5 million in 2023, compared with a net loss of $447.5 million in 2022. 

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