Despite rising operational costs and an evolving healthcare landscape, several health systems rebounded with strong financial performances in the third quarter.
Below are 15 systems that achieved operating gains during the three-month period, with many reversing prior losses and demonstrating resilience through cost management and revenue growth.
Editor's note: This is not an exhaustive list.
1. Nashville, Tenn.-based HCA Healthcare reported an operating income of $1.9 billion (10.9% margin) in the third quarter, up from $1.6 billion (10.1% margin) during the same quarter last year. Third-quarter revenue hit $17.5 billion, up from $16.2 billion last year. Expenses were $15.6 billion in the quarter, up from $14.6 billion. Net income for the 187-hospital system was $4.3 billion, compared to $3.6 billion in the same period in 2023.
2. Livonia, Mich.-based Trinity Health posted $36.7 million in operating income (0.6% operating margin) in the first quarter of fiscal 2025 — the three months ending Sept. 30, 2024 — up from a $58.6 million loss (-1% margin) during the same quarter last year. Revenue for the period increased 10.2% year over year to $6.2 billion and expenses rose 8.4% to $6.2 billion. Net income for the period was $586.9 million, up from a $211.5 million net loss in the prior-year period.
3. Dallas-based Tenet Healthcare reported an operating income of $1.1 billion (21.3% margin) in the third quarter, nearly double the $568 million operating income (11.2% margin) posted in the third quarter of 2023. Third-quarter revenue increased 1.1% year over year to $5.12 billion while expenses decreased 2.3% to $4.45 billion. Tenet ended the third quarter with $472 million in net income, compared to $101 million in the same quarter in 2023.
4. Rochester, Minn.-based Mayo Clinic reported $55 million in operating income (1.1% margin) in the third quarter, down from $90 million in the same quarter in 2023. Total revenue increased 9% year over year to $4.86 billion while expenses grew by 11.4% to $4.62 billion. Mayo reported a net income of $839 million in the third quarter, compared to $295 million in the same quarter in 2023.
5. Cleveland Clinic reported an operating income of $43.4 million (1.1% margin) in the third quarter, reversing a $14.9 million operating loss (-0.4% margin) in the same period last year. Third-quarter revenue increased 9.3% year over year to $3.98 billion while expenses grew by 7.7% to $3.74 billion. Cleveland Clinic posted a net income of $374,823 in the third quarter, compared to a net loss of $127.4 million in the same period last year.
6. New Hyde Park, N.Y.-based Northwell Health reported an operating income of $77.5 million (1.7% margin) in the third quarter, up from an operating loss of $11.6 million (-0.3% margin) during the same period in 2023. Revenue was $4.6 billion for the three months ended Sept. 30, up 10.7% year over year. Expenses were $4.5 billion in the third quarter, up 8.5% year over year. Northwell reported a net income of $333.2 million in the third quarter, up from a net loss of $157.1 million over the same period last year.
7. Danbury, Conn.-based Nuvance Health reported a $11.4 million operating income (1.5% margin) for the three months ended Sept. 30, reversing a $13.2 million operating loss (-2% margin) for the same period in 2023. Revenue in the quarter increased 12% year over year to $741.4 million while expenses rose 8% to $726.4 million. Net income for the period was $38.6 million, up from an $18.5 million loss in the same quarter in 2023.
8. King of Prussia, Pa.-based Universal Health Services posted an operating income of $384.2 million (9.7% margin) in the third quarter, up from the $285.4 million (8% margin) in the same quarter last year. Third-quarter revenue increased 11.2% year over year to $3.96 billion while expenses rose 9.2% to $3.58 billion. Net income for the quarter hit $258.7 million, up from $167 million in the third quarter last year.
9. Irving, Texas-based Christus Health recorded an operating income of $49 million (2.1% operating margin) for the three months ending Sept. 30, down from an operating income of $96.1 million (4.5% margin) during the same period in 2023. Revenue in the quarter hit $2.3 billion, up from $2.2 billion in the prior-year period. Expenses grew to $2.3 billion from $2.1 billion. Net income for the three months ending Sept. 30, 2024, was $100.9 million, up from $84.5 million in the same period last year.
10. Toledo, Ohio-based ProMedica reported operating income of $32.4 million (4% margin) in the third quarter, up from a $31 million loss (-4.2% margin) in the same period in 2023. Third-quarter revenue increased 10.4% year over year to $801.4 million while expenses grew by 1.4% to $731.8 million. ProMedica reported a net income of $39.9 million in the third quarter, compared to a net loss of $78.9 million in the same period last year.
11. Minneapolis-based Allina Health posted $154.4 million in operating income (9.6% operating margin) in the third quarter, a substantial increase from the $109.9 million operating loss (-8.8% margin) recorded in the same period last year. Revenue was $1.6 billion for the three-month period, up 28.7% year over year. Expenses reached $1.4 billion in the third quarter, a 6.9% increase year over year. Allina reported a net income of $237.3 million in the third quarter, up from a net loss of $135.7 million over the same period last year.
12. Scottsdale, Ariz.-based HonorHealth saw a $19.5 million operating income (2.3% margin) in the third quarter, up from a $27 million operating loss (-3.7% margin) during the same period in 2023. Third-quarter revenue increased 18% year over year to $867.2 million and expenses increased 11% to $847.7 million. HonorHealth's net income for the period was $83.6 million, up from a $54 million loss in the same quarter last year.
13. Louisville, Ky.-based Norton Healthcare reported $65 million in operating income (5.4% margin) in the third quarter, up from $14.5 million in operating income (1.5% margin) during the same quarter last year. Third-quarter revenue increased 20% year over year to $1.2 billion and expenses grew by 16% to $1.1 billion. Net income for the quarter was $139.4 million, up from a $14 million net loss in the prior-year period.
14. Lebanon, N.H.-based Dartmouth Health reported an operating income of $40.7 million (4.1% margin) during the three months ended Sept. 30, 2024, up from an $8.2 million loss (-1% margin) in the same quarter last year. Quarterly revenue for the system was $1 billion, up from $836.4 million the previous year. Expenses were $961.3 million, up from $844.4 million. Dartmouth's net income was $125.6 million for the three-month period, up from $89.6 million in the same quarter in 2023.
15. Kansas City-based University of Kansas Health System reported an operating income of $26.8 million (2.2% margin) in the first quarter of fiscal 2025 (the three months ended Sept. 30), reversing a $15.4 million loss (-1.5% margin) in the same period last year. Revenue for the quarter increased 15.4% year over year to $1.22 billion while expenses grew by 11.2% to $1.19 billion. KU Health reported a net income of $93.7 million for the quarter, compared to a $36.9 million loss in the same period in FY 2024.