Kaiser Permanente and Risant Health report 2025 financial results

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 million as of December 31, 2025.

Capital spending

Capital spending totaled $4.8 billion compared to $3.7 billion the prior year and included preparing to meet California's hospital mandates for earthquake safety, and advancing other facility and technology improvements that support members and clinical staff. As of December 31, 2025, Kaiser Permanente and the health systems that are part of Risant Health had 847 medical offices and 55 hospitals.

"Our investment and other income in 2025 support our capital program, including seismic hospital replacements, facility improvements, and advanced technology. These enhancements support the evolving needs of our members, patients, and staff and help us continue delivering high-quality, affordable care and service," said Kaiser Permanente executive vice president and chief financial officer Kathy Lancaster. "In recent years, we have relied on our investment returns and the balance sheet to bridge the gap in our operating performance to support our capital needs without interruption and keep care affordable. Additionally, although our cash reserves are sufficient for daily operations, our days cash on hand is still below the industry average for organizations with similar creditworthiness."

Improving community health

In 2025, KFHP/H & Risant Health supported the health of its communities with a wide range of programs, such as expanding access to healthy food, ensuring stable and affordable housing, and expanding the mental health workforce, with a combined contribution of $5.3 billion, compared to $4.6 billion the year prior. The contribution included more than $192 million in grant funding, of which nearly $14 million went to programs designed to improve the health and well-being of students and teachers across its markets and more than $5 million went to medical respite and recuperative care organizations. In response to the destructive wildfires in Southern California, KFHP/H donated nearly $7 million to aid recovery. In addition to grant funding, KFHP/H & Risant Health's medical financial assistance programs provided more than 1.3 million low-income and uninsured patients with nearly $1.6 billion in assistance to cover part or all of their medical expenses.

KFHP/H & Risant Health annual financial summary

Note: Certain statements included in this document may constitute "forward-looking statements." Such statements are generally identifiable by the terminology used, such as "plan," "project," "forecast," "expect," "estimate," "budget," or other similar words. The achievement of certain results or other expectations contained in such forward-looking statements involves known and unknown risks, uncertainties, and other factors, which may cause actual results, performance, or achievements described to be materially different from any future results, performance, or achievements expressed or implied by such forward-looking statements. Accordingly, actual results will vary and the variations may be material. None of the KFHP/H or Risant Health organizations plan to issue any updates or revisions to those forward-looking statements if or when expectations change, or events, conditions, or circumstances on which such statements are based occur.

About Risant Health

Risant Health is a nonprofit, charitable organization headquartered in Washington, D.C., with a transformative vision to improve the health of millions of people by increasing access to value-based care and coverage. Risant Health is dedicated to bringing together like-minded, nonprofit community-based health systems from across the country in order to deliver better health outcomes through value-based care approaches. Risant Health's value-based platform will support its health systems with a set of technology, services, and capabilities designed to deliver superior health outcomes and a lower total cost of care in diverse business models. Risant Health was created by Kaiser Foundation Hospitals in 2023.

About Kaiser Permanente

Kaiser Permanente is committed to helping shape the future of health care. We are recognized as one of America's leading health care providers and not-for-profit health plans. Founded in 1945, Kaiser Permanente has a mission to provide high-quality, affordable health care services and to improve the health of our members and the communities we serve. We currently serve 12.6 million members in 9 states and the District of Columbia. Care for members and patients is focused on their total health and guided by their personal Permanente Medical Group physicians, specialists, and team of caregivers. Our expert and caring medical teams are empowered and supported by industry-leading technology advances and tools for health promotion, disease prevention, state-of-the-art care delivery, and world-class chronic disease management. Kaiser Permanente is dedicated to care innovations, clinical research, health education, and the support of community health.

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SOURCE Kaiser Permanente