Highmark Health reports $674M operating loss in 2025

PITTSBURGH — The health insurance industry’s woes continued to weigh on Highmark Health, which saw double-digit revenue growth in 2025 but an expanded operating loss of $674 million.

Revenue for the Pittsburgh-based health care organization was $32.4 billion in 2025, up 11% from $29.4 billion in 2024. But another year of pressure from insurance claims and the health care industry’s troubles weighed on Highmark Health’s finances. The $674 million operating loss for the full year was three times as high as the $209 million operating loss in 2024. Highmark Health also reported a $175 million net loss in 2025 compared to a $50 million net gain in 2024.

The pressures include a higher-than-forecasted use of health care coming out of the pandemic and other factors, including changes in Medicaid and other government-funded programs.

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