August 14, 2026
Kaiser Permanente and Risant Health Q2 2026 financial update
Kaiser Permanente and Risant Health continued to deliver high-quality, affordable care in an evolving health care environment.
Financial results
Kaiser Foundation Health Plan, Inc., Kaiser Foundation Hospitals, Risant Health, Inc., and their respective subsidiaries and affiliates (Kaiser Permanente & Risant Health) reported consolidated operating revenues of $35.6 billion and operating expenses of $34.0 billion in the second quarter of 2026 ending June 30. Operating revenues were $32.1 billion and operating expenses were $31.1 billion for the same period in 2025. Operating income was $1.7 billion in the second quarter compared to operating income of $1.0 billion in the second quarter of 2025. Operating income is typically stronger in the first half of the year due to health plan enrollment cycles. Later in the year, operating income moderates significantly as care utilization, labor costs, and other expenses increase while revenue stays relatively flat.
Kaiser Permanente & Risant Health continued to drive affordability for members and patients while improving access to high-quality care through disciplined actions in business operations, such as leveraging their size and scale to create back-end efficiencies.
Significant returns in the financial markets resulted in investment and other income of $3.6 billion in the second quarter compared to $2.2 billion in the second quarter of 2025. Net income was $5.3 billion in the second quarter, with investment and other income accounting for nearly 69% of total net income driven by strong financial returns. Net income was $3.3 billion in the second quarter of 2025.
Net income is critical for supporting Kaiser Permanente’s integrated care delivery system, including substantial investments to maintain and expand its hospitals and other medical facilities, pharmacies, technology, and medical equipment. Income also helps the organization advance affordability, meet workforce retirement obligations, prepare for emergencies, and improve member and community health.
Capital spending
Capital spending was $1.3 billion in the second quarter compared to $1.1 billion in the second quarter of 2025. As of June 30, 2026, Kaiser Permanente’s extensive capital plan had more than 60 projects in active design and construction, including 7 major hospital construction projects. California hospital seismic requirements, member expansion into contiguous geographies, and health care advances are increasing the capital Kaiser Permanente needs to serve its members and communities. Risant Health affiliates Geisinger and Cone Health also had construction projects underway in the second quarter.
“In today’s complex health care environment, positive operating performance helps us make care more affordable, invest in our future, and expand access to value-based care,” said Kaiser Permanente chair and chief executive officer Greg A. Adams. “Together, Kaiser Permanente and Risant Health are helping more people benefit from evidence-based, coordinated care that improves quality, enhances the patient experience, and makes high-quality care more accessible and affordable. I’m grateful to our employees and physicians for bringing our mission to life every day.”
Membership
Membership across Kaiser Permanente & Risant Health affiliates was nearly 13.4 million as of June 30, 2026.
Improving community health
Kaiser Permanente & Risant Health contributed more than $800 million to support community health in the second quarter, including nearly $370 million in Medical Financial Assistance and charitable health coverage to help low-income and uninsured patients pay for care, and $54 million in grant funding to community partners. This work reflects a broader strategy to improve the health of individuals and communities, with an emphasis on mental health, vulnerable populations, and older adults. During the second quarter, Risant Health affiliates advanced community health priorities through economic development and partnerships. Additionally, on July 28, Kaiser Permanente announced a commitment of $10 million to expand the work of the Youth Mental Health Corps, which matches teens with young adult peers to create connections and access to care.
“Our second-quarter financial results help us continue investing in the facilities and technology that make Kaiser Permanente a great place to give and receive care,” said Kaiser Permanente executive vice president and chief financial officer Kathy Lancaster. “Through careful planning and deliberate action, we’ve made our business operations more efficient. This has allowed us to continue driving affordability for our members and supporting our skilled workforce to advance our mission of providing high-quality care and service.”
Q2 2026 and Q2 2025 Kaiser Permanente & 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 Kaiser Permanente & 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.
