Winston-Salem, N.C.-based Novant Health recorded an operating income of $576.6 million (4.8% operating margin) in 2025, compared to an operating income of $556.3 million (5.5% margin) during the same period last year, according to its Feb. 27 financial report.
Total operating revenue was $11.9 billion for the 12 months ended Dec. 31, a 16.8% increase year over year. Net patient service revenue increased 9.9% to $9.9 billion. Novant attributed the increase to revenue received for North Carolina’s Healthcare Access and Stabilization Program (HASP), as well as an increase in patient volumes and pharmacy revenue.
Novant’s total operating expenses were $11.3 billion in 2025, a 17.6% increase year over year. Salaries and benefits increased 14.9% to $5.7 billion. Supplies and other operating expenses increased 21.8% to $5.1 billion, primarily due to increases in expenses related to HASP assessments, inflation, increased medical supplies expenses and other costs associated with increased patient volumes.
The health system reported a net income of $1.2 billion in 2025, up from $919.8 million in 2024.
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