Highmark Health Reports $24.6 Billion in Revenue, $69 Million Net Loss for the Nine Months ended Sept. 30, 2025; Maintains Growth Posture Amid Continuing Industry Challenges

• Allegheny Health Network reports 11% revenue growth, $79 million operating income, a $167 million improvement year over year
• Highmark Health Plans reports 13% revenue growth, $211 million operating loss
• Diversified businesses report 7% revenue growth, $29 million consolidated operating income
• Highmark Inc., AHN announce strategic affiliations expected to take effect in 2026, pending regulatory approvals

PITTSBURGH, Dec. 15, 2025 /PRNewswire/ -- Highmark Health today announced consolidated financial results for the nine months ended Sept. 30, 2025, with $24.6 billion in revenue, a $204 million operating loss, and a $69 million net loss.

Despite sustained insurance claims pressure, the organization maintained a strong balance sheet — with $11.9 billion in cash and investments and net assets of $10 billion as of Sept. 30 — and continues to pursue strategic growth opportunities.

Last week, Highmark Health announced an affiliation agreement between Highmark Inc. and Blue KC (Blue Cross and Blue Shield of Kansas City). With $3.1 billion in annual revenue and 1,200 employees, Blue KC is Missouri's largest nonprofit health insurer.

In October, Highmark Health and its provider organization, Allegheny Health Network (AHN), announced a pending affiliation with Heritage Valley Health System, a two-hospital provider network with annual revenues of $525 million that serves western Allegheny County and Beaver County, near Pittsburgh. Both affiliations are subject to regulatory approval.   

"The financial results for Highmark Health for the nine months ended Sept. 30 reflect the significant challenges impacting our industry. Strong performances by AHN and United Concordia Dental were offset by continued pressure on health plan results from higher-than-anticipated utilization," said Carl Daley, chief financial officer and treasurer of Highmark Health. "Though we expect these challenges to persist, Highmark Health continues to invest in the future, as we seek to achieve greater economies of scale through increased operational efficiency and market share, allowing us to leverage our combined resources and expertise to further enhance the high-value services and care we provide."

AHN reported revenue of $4.2 billion through three quarters, with operating income of $79 million, an improvement of $167 million year-over-year, reflecting overall volume growth within the provider system and the success of the AHN team's operational efficiency efforts. AHN's net earnings before interest, taxes, depreciation and amortization (net EBITDA) were $287 million for the nine-month period, an increase of $167 million compared to the same period last year. These results include the favorable impact of $54 million in FEMA funds associated with prior years' COVID relief settlements.

Through Sept. 30, AHN reported increased year-over-year patient volumes in several categories, including:

• 4% increase in inpatient discharges and observations
• 6% increase in outpatient registrations
• 7% increase in physician visits
• 5% increase in emergency room visits

Highmark Health Plans reported $18.7 billion in operating revenue and a $211 million operating loss for the nine months ended Sept. 30. Elevated utilization and claims trends are expected to persist industry-wide into 2026, impacting the Health Plans' portfolio of businesses in future quarters.

"The resiliency, strength and growth of our diversified organization will allow us to proactively navigate these challenges to ensure sustainable operations and the continuation of our mission to serve our customers, patients and communities," Daley said.

Highmark Health's diversified businesses delivered $2.4 billion in consolidated operating revenue for the nine months ended Sept. 30. United Concordia Dental reported $1.4 billion in operating revenue and $64 million in operating income. HM Insurance Group reported $1 billion in operating revenue and a $35 million operating loss due to an increase in frequency and severity of high-dollar claims, conditions that are expected to persist.

About Highmark Health
Highmark Health, a Pittsburgh-based enterprise that employs 44,000 people who serve millions of Americans across the country, is the parent company of Highmark Inc., Allegheny Health Network, and enGen. Highmark Inc. and its subsidiaries and affiliates provide health insurance to 7.1 million members in Pennsylvania, West Virginia, Delaware, and New York, as well as dental insurance, and related health products through a national network of diversified businesses. Allegheny Health Network is an integrated delivery network in western Pennsylvania composed of 14 hospitals, more than 2,500 affiliated physicians, ambulatory surgery centers, an employed physician organization, home and community-based health services, a research institute, a group purchasing organization, and health and wellness pavilions. enGen is focused on meeting the information technology platform and other business needs of the Highmark Health enterprise as well as unaffiliated health insurance plans by providing proven business processes, expert knowledge, and integrated cloud-based platforms. To learn more, visit www.highmarkhealth.org.   

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SOURCE Highmark Health