May 9, 2025
Kaiser Permanente and Risant Health Q1 2025 financial update
Mission-focused health care system provides high-quality, affordable care to members and patients.
Financial results
Kaiser Foundation Health Plan, Inc., Kaiser Foundation Hospitals, Risant Health, Inc., and their respective subsidiaries and affiliates (KFHP/H & Risant Health) reported consolidated operating revenues of $31.8 billion and operating expenses of $30.9 billion in the first quarter of 2025. Operating revenues were $27.4 billion and operating expenses were $26.5 billion for the same period in 2024. Year-over-year overall performance reflected a continued focus on affordability for members and customers and the addition of Risant Health revenues. Operating income was $932 million in the first quarter compared to $935 million in the first quarter of 2024.
Historically, operating income is strongest in the first quarter due to the timing of the open enrollment cycle for Kaiser Permanente’s health plan. Operating income is typically lower in the subsequent quarters as expenses tend to increase throughout the year, while revenue stays relatively flat.
Investment market conditions drove other nonoperating income of $1.0 billion in the first quarter compared to $1.8 billion for the first quarter of 2024. Net income in the first quarter was $2.0 billion. Net income in the first quarter of 2024 was $7.4 billion, which included a one-time nonoperating gain of $4.6 billion due to Risant Health’s acquisition of Geisinger.
“As the industry continues to face increasing demand for care amid rising costs, I am extremely proud of our work to keep high-quality care both accessible and affordable,” said chair and chief executive officer Greg A. Adams. “Our teams have been resilient in navigating industry dynamics while embracing the opportunity to bring value-based care to more people.”
Membership
Membership across Kaiser Permanente and Risant Health affiliates was more than 13.1 million as of March 31, 2025.
Capital spending
Capital spending was $1.0 billion in the first quarter compared to $808 million in the first quarter of the prior year, demonstrating a continued commitment to investing in facilities and technology to meet member and patient care needs and expectations.
“Our first-quarter financial results reflect our sharp focus on delivering access to high-quality care and continually becoming more effective in our operations,” said executive vice president and chief financial officer Kathy Lancaster. “We are investing in our facilities, services, and capabilities to meet the evolving needs of our members and patients.”
Q1 2025 and Q1 2024 KFHP/H & Risant Health financial summary
*Net income not including the Geisinger acquisition was $2,746.
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 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.
