Livonia, Mich.-based Trinity Health reported a $12.2 million operating loss (0% margin) in the fiscal year ending June 30, 2025, improving on the $68.4 million loss (-0.3% margin) posted in the previous fiscal year, according to financial documents published Sept. 26.
Eight things to know:
1. Trinity reported operating revenue growth of $1.6 billion (6.6%) year-over-year, reaching $25.4 billion in fiscal 2025. Net patient service revenue increased by $1.1 billion (5.2%), driven primarily by improved payment rates and higher patient care volumes. These gains were partially offset by a one-time $121.5 million CMS 340B remedy lump sum settlement recognized in fiscal 2024.
2. Operating expenses increased by $1.4 billion (6.0%) to $25.2 billion for the year ended June 30, 2025.
3. Trinity reported a net income of $1.3 billion in fiscal 2025, representing a net margin of 4.8%, compared to $475.5 million and a 1.9% net margin in fiscal 2024. This improvement was driven by a $495.1 million increase in investment earnings and a $334.5 million rise in equity in earnings of unconsolidated affiliates, largely due to the BayCare disaffiliation — for which Trinity collected $4 billion in cash — in the fourth quarter of fiscal 2024.
4. Trinity also divested its 49% ownership stake in a joint venture with Emory Healthcare for St. Joseph’s Health System, which includes St. Joseph’s Hospital of Atlanta and John’s Creek Hospital. In exchange for the sale, Trinity received $150 million in cash and a $150 million promissory note, which will be repaid quarterly with interest over two years.
5. Fiscal 2025 operating cash flow before other items grew to $1.3 billion, representing a 5.3% margin, compared to $1.2 billion and a 5.2% margin the previous year.
6. Unrestricted cash and investments reached $15.6 billion as of June 30, 2025, down slightly in days cash on hand — from 238 to 234 days — due to capital expenditures and debt payments.
8. As of June 30, 20205, Trinity’s long term debt was $6.4 billion, net assets were $20.4 billion and total assets were $34.7 billion.
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