Industry
Becker's Ranks 109 Health Systems by 2025 Annual Revenue
Becker's Hospital Review published a ranking of 109 U.S. health systems by their most recent annual revenue, led by Kaiser Permanente at $127.7 billion, HCA Healthcare at $75.6 billion, and CommonSpirit Health at $40.1 billion. The list, compiled from self-reported financial results for periods ending in 2025, shows uneven growth across the sector: many large systems posted mid- to high-single-digit revenue gains driven by patient volumes, payment rate increases, and ambulatory and pharmacy expansion, while others grew through mergers and acquisitions or saw declines after divesting hospitals. The compilation is ongoing and not exhaustive, with Becker's inviting additional systems to submit data for inclusion.
Why it mattersHealth plans and state Medicaid agencies negotiating managed care network contracts and rate terms can use these revenue benchmarks to gauge hospital system leverage and consolidation trends affecting provider payment negotiations.