Fitch revised Pittsburgh-based UPMC’s outlook to stable from negative and affirmed its “A” rating.
The revision reflects UPMC’s material operating performance improvement in 2025, Fitch said in a March 5 report. UPMC recorded an operating income of $286 million (0.9% operating margin) in 2025, an improvement from an operating loss of $339 million (-1.1% margin) in 2024.
Fitch said UPMC’s 2025 operating improvement was driven largely by stabilization in its insurance division and was supported by ongoing cost-reduction and revenue-diversification initiatives that should continue to generate incrementally stronger cash flow.
Fitch said that UPMC’s operating improvement is “particularly notable” given that the system is in the midst of one of the largest EHR consolidations in the country, moving its vast network of hospitals and care sites onto a single Epic instance.
