PITTSBURGH (August 24, 2026) — Highmark Health today announced consolidated financial results for the six months ended June 30, 2026, with $17.5 billion in revenue, $805 million in operating income, and $2.0 billion in net income.
Results reflect a significant turnaround in Highmark Health Plans, which reported $672 million in operating income for the first half of 2026, a $612 million improvement compared to the first half of 2025. Net income reflects non-cash gains of $911 million related to the organization’s two recently completed affiliations of Blue Cross and Blue Shield of Kansas City (April 1, 2026) and Heritage Valley Health System (June 30, 2026).
Highmark Health’s top-line revenue growth of $1.0 billion represents a 6% increase over the first half of 2025, including $705 million for Blue KC. Highmark Health also continues to maintain a strong balance sheet, with $13.3 billion in cash and investments and net assets of $11.8 billion as of June 30, including $1.3 billion and $0.9 billion, respectively, from the two recent affiliations.
“Following two years of material losses in our health insurance businesses, we continued to see positive momentum and improved financial results in our Health Plans through the second quarter of 2026,” said Carl Daley, chief financial officer and treasurer of Highmark Health. “The improvements are a result of adjustments we made, our commitment to managing healthcare costs, and industry-wide moderation in claims trend across most lines of business. While claims trends still remain elevated, the moderation together with our cost-reduction efforts further accelerated the recovery trajectory for our Health Plans.”
Highmark Health Plans reported $672 million in operating income for the six months ended June 30, 2026. While elevated claims trends are expected to persist industry-wide, they have moderated and adjustments to pricing and product strategy positioned the health plans for accelerated 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 sixth consecutive quarter, AHN demonstrated positive financial performance, with reported operating income of $160 million for the six months ended June 30, 2026, an $88 million increase over the first half of 2025. The first half of each of 2026 and 2025 were positively impacted by FEMA funding associated with prior years' COVID relief settlements in the amount of $149 million and $52 million, respectively.
AHN’s net earnings before interest, taxes, depreciation and amortization (net EBITDA) were $503 million for the first half of 2026, an increase of $294 million compared to last year largely due to the non-cash gain from the Heritage Valley Hospital System affiliation and FEMA funding.
Through June 30, AHN reported relatively flat inpatient discharges and utilization year-over-year, partially offset by increased volumes in outpatient, physician, and emergency room visits including:
United Concordia Dental reported $948 million in operating revenue and $38 million in operating income, representing continued strong results in this business.
HM Insurance Group reported $597 million in operating revenue and an $18 million operating loss, which was driven by elevated claims, partially offset by pricing actions.
Kristin Ash
Highmark Health
412-731-4056
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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 47,000 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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