Scottsdale, Ariz.-based HonorHealth reported a $9.2 million operating loss (-0.2% margin) in 2025, down from a $27.5 million income (0.8% margin) in 2024, according to its March 23 financial report.
Here are five things to know:
1. HonorHealth’s net income was $177.9 million for the year ended Dec. 31, 2025, down from a $193 million net income in 2024.
2. Total revenue for the health system was $4.1 billion in 2025, up from $3.5 billion in 2024. Expenses were $4.1 billion, up from $3.5 billion in 2024.
3. Days of cash on hand for the system were 147 in 2025, down from 175 the previous year, and long-term debt was $956.2 million.
4. HonorHealth acquired three hospitals, one freestanding emergency department, an employed medical group and associated clinics on Oct. 3, 2024, from Dallas-based Steward Health Care for $5.9 million. While the system recorded a $20.4 million gain on the acquisition in 2024, it had to retract $17.5 million of the gain in 2025 as a direct charge to equity because the value of the liabilities assumed were higher than estimated.
5. HonorHealth also acquired 11 Evernorth Care Group locations from Cigna for $22 million in January, which included primary care physicians, staff and related property. The acquisition will be recorded in the system’s 2026 financial reports.
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