Portland-based Oregon Health & Science University reported an operating income of $135 million (2.2% margin) in fiscal year 2026, up from an operating loss of $118 million (-2.1% margin) in fiscal year 2025, according to the system’s Oct. 21 financial report.
Here are seven things to know:
1. OHSU’s net income was $512 million in fiscal year 2026, up from $74 million in fiscal year 2025.
2. The health system’s operating revenue was $6.3 billion, up from $5.5 billion the previous year. Operating expenses were $6.2 billion, up from $5.6 billion.
3. The health system’s net patient revenue rose 20.3% year over year. This was driven by 10.2% volume growth and 10.1% from acuity, collections and rates. Clinical revenue growth of 18.5% outpaced expense growth of 9.4%, cancer services increased 30% and case-mix index increased 3.5%. Supply chain and revenue cycle initiatives also contributed to the system’s improvement, and full-time equivalent growth was held to 2%.
4. Gains outside of operations added to the bottom line. OHSU saw $203 million in investment returns and $148 million in gains from its interest in the OHSU Foundation.
5. OHSU had 139 days cash on hand as of June 30, 2026, up from 133 a year earlier. Cash and investments also saw an increase of $140 million. The system’s long-term debt was relatively flat year over year at $1.3 billion.
6. OHSU also saw approximately $22 million in costs tied to ending its integrated health system affiliation with Roseville, Calif.-based Adventist Health. The two systems signed a termination agreement Nov. 7, 2025, and OHSU agreed to pay Adventist $23 million in two installments of $11.5 million due on June 30, 2026, and June 30, 2027.
7. The health system provided $15 million in operating support to Hillsboro (Ore.) Medical Center in fiscal year 2026 and recorded a full reserve against a $19.6 million capital loan to the hospital.
