PITTSBURGH (May 28, 2026) — Highmark Health today announced consolidated financial results for the three months ended March 31, 2026, with $8.3 billion in revenue, $216 million in operating income, and $183 million in net income. Results reflect a significant turnaround in Highmark Health Plans, which reported $249 million in operating income for the first quarter, a $258 million improvement compared to Q1 2025.
Highmark Health’s top-line revenue growth of $238 million represents a 3% increase over the first quarter of 2025. Highmark Health also continues to maintain a strong balance sheet, with $11.4 billion in cash and investments and net assets of $9.9 billion as of March 31.
Starting in the second quarter of 2026, those revenues and balance sheet numbers will capture financial reporting from Highmark Inc.’s newest affiliate, Blue KC — on April 1, 2026, Highmark Inc. and Blue KC (Blue Cross and Blue Shield of Kansas City) closed on their previously announced affiliation agreement. With approximately $3 billion in annual revenue, 1,200 employees and 1 million members, Blue KC is Missouri’s largest nonprofit health insurer.
“We are seeing positive momentum in our core businesses to date, which is translating into stronger financial performance year-over-year,” said Carl Daley, chief financial officer and treasurer of Highmark Health. “The adjustments we made, and our commitment to managing healthcare costs, have put our Health Plans and our HMIG stop-loss business on a recovery trajectory through the first three months of 2026, allowing us to continue delivering on our mission and advancing our Living Health strategy.”
Highmark Health Plans reported $6.3 billion in operating revenue and $249 million in operating income for the three months ended March 31. While elevated claims trends are expected to persist industry-wide, adjustments to pricing and product strategy positioned the health plans for recovery. The impact of the organization’s Living Health strategy also mitigated healthcare cost growth across the Health Plans’ portfolio of businesses, helping to deliver more affordable products to the people we serve.
For the fifth consecutive quarter, AHN demonstrated positive financial performance, with reported revenue of $1.5 billion and operating income of $9 million for the three months ended March 31, 2026. Operating income improved slightly year over year, reflecting favorable quality incentives, favorable infusion and retail pharmacy performance, greater physician visit volumes, and the success of AHN’s operational efficiency efforts.
The results were pressured by lower-than-anticipated inpatient and emergency room visit volumes early in the year, due to weather challenges and a milder respiratory season than expected. AHN’s net earnings before interest, taxes, depreciation and amortization (net EBITDA) were $64 million for the quarter, a decrease of 13% ($10 million), largely due to net unrealized losses in the investment portfolio, compared to last year.
Through March 31, AHN reported decreased inpatient and emergency room visit volumes but increased year-over-year outpatient and physician visit volumes, including:
Highmark Health’s diversified businesses delivered $766 million in consolidated operating revenue for the three months ended March 31. United Concordia Dental reported $468 million in operating revenue and $21 million in operating income.
HM Insurance Group reported $298 million in operating revenue and a $20 million operating loss, which was driven by elevated claims, partially offset by pricing actions.
Bill Toland
Director, Public Relations
Highmark Health & Allegheny Health Network
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Highmark Health is a Pittsburgh, PA-based organization dedicated to improving community health and grounded in its mission to deliver a remarkable health experience, freeing people to be their best. Employing more than 44,000 people who serve millions of Americans across the country, Highmark Health is the parent company of Highmark, Allegheny Health Network, and enGen. Through its Living Health strategy, Highmark Health is setting a new standard for health care by providing better, more accessible experiences that lead to improved health outcomes and lower costs of care. To learn more about how Highmark Health is reinventing health, visit highmarkhealth.org.
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