New York City-based NYU Langone reported $686.2 million in operating income for the year ended Aug. 31, an 11% increase from the $619.2 million it reported in the previous year, according to financial documents published Jan. 23.
Revenue increased 13% year over year to $8.3 billion while expenses rose by 13% to $7.7 billion. Under expenses, salaries and wages increased 10.5% to $2.3 billion and employee benefits rose 11.2% to $767 million.
After including the performance of its investment portfolio and other nonoperating items, NYU Langone ended the 12-month period with an overall gain of $1.2 billion, compared to $227 million in the prior year.
The financial results were reported shortly after Moody's Investor Service upgraded the health system's revenue bonds from "A2" to "A1" due to "expected continuation of very strong and consistent operating performance and revenue growth relative to peers."