The organizations delivered high-quality, affordable, value-based care for members and patients and worked to improve the health of the communities they serve.
OAKLAND, Calif., Feb. 6, 2026 /PRNewswire/ — Kaiser Foundation Health Plan, Inc., Kaiser Foundation Hospitals, Risant Health, Inc., and their respective subsidiaries and affiliates (KFHP/H & Risant Health) reported consolidated 2025 annual financial results that demonstrate their commitment to high-quality, affordable care and service while navigating a challenging environment of rising care delivery costs.
KFHP/H & Risant Health combined operating revenues for 2025 were $127.7 billion compared to $115.8 billion in 2024. Operating expenses were $126.3 billion compared to $115.2 billion in the prior year. Operating income was $1.4 billion for 2025 compared to operating income of $569 million in 2024.
Similar to the rest of the health care sector, Kaiser Permanente and Risant Health experienced the rising costs of delivering care in 2025. High demand for care, including more complex care, and high costs for prescription medications contributed to expense increases. The organizations worked to mitigate these costs by advancing operational efficiencies and reducing outside medical expenses while continuing to provide high-quality care.
Financial market performance resulted in investment and other income of $7.9 billion in 2025, compared to $5.5 billion the prior year. Net income was $9.3 billion in 2025. Net income in 2024 was $12.9 billion, which included $6.8 billion related to Risant Health acquisitions of Geisinger and Cone Health.
“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,” said Kaiser Permanente chair and chief executive officer Greg A. Adams. “Through our employees’ and physicians’ unwavering focus on quality and affordability, we were able to achieve a 1.1% operating margin while addressing the increased demand for care, higher care acuity, and the rising costs of care.”
Membership
Membership across Kaiser Permanente and Risant Health affiliates was nearly 13.1 …