May 8, 2026
Kaiser Permanente and Risant Health Q1 2026 financial update
Kaiser Permanente and Risant Health continued to deliver high-quality, affordable care while expanding access to value-based care in more communities.
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 $34.6 billion and operating expenses of $33.9 billion in the first quarter of 2026 ending March 31. Operating revenues were $31.8 billion and operating expenses were $30.9 billion for the same period in 2025. Operating income was $711 million in the first quarter compared to operating income of $932 million in the first quarter of 2025.
Like others in the health care sector, Kaiser Permanente and Risant Health continue to manage elevated costs in care delivery while taking steps to improve efficiency and maintain affordability. Kaiser Permanente incurred additional one-time costs in the first quarter related to work stoppages. Operating income is typically stronger in the first half of the year due to health plan enrollment cycles and moderates later as care utilization increases while revenue stays relatively flat.
Financial market conditions drove investment and other income of $1.3 billion in the first quarter compared to $1.1 billion in the first quarter of 2025. Net income was $2.0 billion in the first quarter, consistent with net income of $2.0 billion in the first quarter of 2025.
Kaiser Permanente finalized a joint venture in the first quarter with Renown Health to operate a health plan and new outpatient care delivery system in northern Nevada. Under the agreement, Hometown Health — the health plan previously owned by Renown Health — is now jointly owned by Kaiser Permanente and Renown Health.
“As the health care landscape continues to evolve, Kaiser Permanente and Risant Health are expanding access to our value-based care models, which deliver high-quality outcomes while driving affordability,” said Kaiser Permanente chair and chief executive officer Greg A. Adams. “This approach — and the dedication of our physicians and employees — means we can serve more people and communities across the country.”
Membership
Membership across Kaiser Permanente and Risant Health affiliates was nearly 13.5 million as of March 31, 2026.
Capital spending
Capital spending was $1.2 billion in the first quarter compared to $1.0 billion in the first quarter of 2025. This spending included important investments in facilities and technology to ensure members and patients receive the right care, at the right time, in the right setting.
“In the first quarter, we continued to invest in our facilities and technology that support access, quality, and care for our members,” said Kaiser Permanente executive vice president and chief financial officer Kathy Lancaster. “To offset the ongoing cost pressures in care delivery, we are accelerating efficiencies across business functions as part of our continued affordability focus.”
Q1 2026 and Q1 2025 KFHP/H & Risant Health 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 & 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.
