Salt Lake City-based Intermountain Health reported $395 million in operating income (4.1% operating margin) for the six months ended June 30, down from $494 million (5.4% margin) during the same period in 2025, according to financial documents published Aug. 25.
Seven things to know:
1. Revenue increased 5% year over year to $9.6 billion, compared with $9.2 billion during the first half of 2025. Patient service revenue increased 3.7% to $5.7 billion while premium and capitation revenue grew 7.2% to $3.4 billion.
2. Expenses rose 6.6% to $8.8 billion, up from $8.3 billion a year earlier. Employee compensation and benefits increased 6.3% to $4 billion. Supply costs rose 1.6% to $1.6 billion, medical claims increased 0.9% to $1.6 billion and other expenses climbed 19.6% to $1.7 billion.
3. Operating income declined 20% year over year to $395 million, compared with $494 million in the first half of 2025. The system’s operating margin narrowed to 4.1% from 5.4%. Earnings before interest, depreciation and amortization was $800 million, down from $887 million.
4. Investment income helped lift Intermountain’s bottom line. The system reported $1.2 billion in investment income, up from $993 million a year earlier. Excess revenue over expenses totaled $1.6 billion, compared with $1.5 billion in the first half of 2025.
5. Patient volumes increased across several areas. Inpatient admissions rose 3.4% to 120,476, emergency room visits increased 1.7% to 456,222 and outpatient visits grew 5.7% to 2.14 million. Clinic visits increased 2.7% to 3.16 million. Intermountain reported $35 billion in total assets as of June 30, up from $33.53 billion at the end of 2025.
6. Intermountain generated $638 million in operating cash flow, up 26.1% from $506 million during the same period last year. The system spent $444 million on property and equipment and $242 million on an acquisition during the six-month period. The report did not identify the acquisition, but Intermountain in January completed its acquisition of Steinberg Diagnostic Medical Imaging, a Las Vegas-based outpatient radiology group with 12 locations .
7. Intermountain is pursuing two other major transactions. The health system plans to acquire Surgery Partners’ ownership interest in two Idaho hospitals for about $795 million. Intermountain is also pursuing a joint venture with Altamonte Springs, Fla.-based AdventHealth to combine the health systems’ greater Denver-area hospitals and care sites.
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