Kaiser Permanente and its subsidiaries wrapped 2025 with a 10.3% bump in operating revenues and more than $9.3 billion of total gains.
The integrated care organization said its health plan, hospitals, Risant Health subsidiary and other business under its umbrella combined for $127.7 billion in revenues. The prior year’s $115.8 billion—a particularly large year-to-year jump due to Risant’s acquisitions of Geisinger Health and Cone Health—had already extended Kaiser Permanente’s title as the country’s largest nonprofit health system.
The organization’s operating expenses also grew last year, though at a slower pace of 9.6%. This allowed Kaiser to expand its operating margin to $1.4 billion (1.1% operating margin), as opposed to 2024’s $569 million (0.5% operating margin).
"In 2025, we navigated another year of increasing complexity for health care organizations while continuing to make operational improvements to begin building back to necessary operating margins," Greg Adams, chair and CEO of Kaiser Permanente, said in a release.
In a release announcing the top-line results, Kaiser said the expense increases stemmed from greater demand, more complex cases and costly prescription medications. It offset those “by advancing operational efficiencies and reducing outside medical expenses while continuing to provide high-quality care,” it said.
Net income for the organization reached $9.3 billion, buoyed by strengthened financial markets providing $7.9 billion of investment and other income. In 2024, Kaiser’s net income was $12.9 billion, though the bottom line that year was boosted by a $6.8 billion one-time gain from Risant’s Geisinger and Cone acquisitions.
Kaiser and the Risant health systems comprised 55 hospitals and 847 medical offices as of the end of the 2025 calendar year. Membership across the organization was nearly 13.1 million at the same cutoff, a slight drop from the third-quarter tally but still above Dec. 31, 2024.
Kaiser’s press release highlighted $5.3 billion of combined community benefit in 2025, up from $4.6 billion, with this year’s contributions including nearly $1.6 billion in financial assistance to 1.3 million low-income and underinsured patients.
