Detroit-based Henry Ford Health recorded an operating income of $133.8 million (1% operating margin) in 2025, down from $294.2 million (3.1% margin) in 2024, according to its March 18 financial report.
Eight things to know:
1. In October 2024, Henry Ford Health launched a joint venture with Ascension Michigan, which brought Ascension’s southeast Michigan and Genesys Healthcare facilities and assets together with Henry Ford.
2. The system reported total operating revenue of $13.1 billion for the 12 months ended Dec. 31, up from $9.6 billion in 2024. Net patient service revenue was $9.3 billion, up from $6.5 billion. Henry Ford Health attributed the majority of the increase to the joint venture. Healthcare premium revenue totaled $2.8 billion, up from $2.4 billion. Other revenue totaled $974 million, up from $690 million. This increase was attributed primarily to the joint venture and increased pharmacy volumes.
3. Total operating expenses were $12.9 billion in 2025, up from $9.3 billion in 2024. Salaries, wages and benefits rose to $5.4 billion from $3.9 billion, with $1.2 billion of the increase tied to the joint venture. Supply expenses climbed to $2.7 billion from $1.9 billion, reflecting $489 million in joint venture impact and higher patient and pharmacy volumes. Healthcare provider expenses increased to $1.7 billion from $1.4 billion, and other expenses rose to $3.2 billion from $2 billion, largely due to the joint venture.
4. “Our financial report for 2025 — the first full year of our joint venture — reflects a period of deliberate investment, execution on crucial initiatives, and continued growth,” the health system said in a statement shared with Becker’s. “During this year, we launched an extensive electronic medical record integration in our former Ascension sites to enhance patient care, experience and efficiency, while also supporting our health insurance arm Health Alliance Plan (HAP) as it reached its largest member enrollment in recent history. At the same time, we expanded our community benefit impact to $1.6 billion, with $1.1 billion in uncompensated care alone. And as our $2.2 billion Henry Ford Hospital expansion moves closer to reality, it underscores the strength of our financial foundation and our commitment to Michigan families for generations to come.”
5. On a pro forma basis, Henry Ford Health would have reported $12 billion in operating revenue in 2024 had the joint venture been in place Jan. 1.
6. As of Dec. 31, Henry Ford Health had 121 days cash on hand, up from 115 on the same date in 2024.
7. Henry Ford Health includes 13 acute care hospitals, three behavioral health hospitals and more than 550 other sites of care across southeast and central Michigan. The system employs about 50,000 people, including more than 15,000 registered nurses and nearly 10,000 affiliated physicians, researchers and advanced practice providers.
8. The system reported a net income of $543.5 million in 2025, up from $542.4 million in 2024.
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