Burlington, Mass.-based Tufts Medicine recorded an operating loss of $58.6 million (-2% operating margin) in fiscal 2025, an improvement from an operating loss of $250.7 million (-9.5% margin) in 2024, according to its Dec. 14 financial report.
1. Tufts Medicine recorded total operating revenue of $3 billion for the year ended Sept. 30, up from $2.6 billion in 2024. Net patient service revenue was $2.3 billion, up from $2.1 billion. Other operating revenue was $550.2 million, up from $410.8 million. Grant revenue was $69.1 million, down from $123.1 million.
2. Total operating expenses were $3 billion, up from $2.9 billion last year. Salaries, wages and benefits totaled $1.63 billion, up from $1.57 billion last year. Purchased services were $431.2 million, down from $492.9 million. Supplies and other expenses totaled $832.4 million, up from $701.2 million.
3. Tufts Medicine’s 2025 operating performance includes a one-time restructuring cost of $3.5 million and one-time grants totaling $9.8 million from Massachusetts and the federal government. Excluding those items, the system would have recorded an operating loss of $64.9 million. In 2024, the system recognized $57.4 million in one-time state and federal grants, $28.2 million in 340B and other legal settlements, a $62.4 million write-down of aged receivables and other one-time restructuring charges of $27.7 million. Excluding those items, Tufts would have recorded an operating loss of $246.2 million in 2024. Eliminating those items would show an $181.7 million (74%) operating improvement in 2025.
4. The health system reported a net loss of $51.6 million in 2025, an improvement from a net loss of $214 million in 2024.
