PROVIDENCE – Brown University Health reported a $41.2 million operating income in fiscal 2025, according to unaudited financial documents released on Monday.
The yearly income represents a $3.47 million decrease from the $44.7 million operating income the health system reported at the end of fiscal 2024.
The loss also narrowed from the third quarter of 2025, when Brown Health recorded a $3.8M operating loss.
With an $18.5 million income for the fourth quarter of fiscal 2025, which ended Sept. 30, quarterly finances rebounded year-over-year, with Brown Health ending the the fourth quarter of 2024 with a $26.8 million loss.
Brown University Health, previously Lifespan Corp., is the state's largest health system and own hospitals in Rhode Island and Massachusetts. It includes Rhode Island Hospital and Affiliates; The Miriam Hospital; Emma Pendleton Bradley Hospital; Newport Hospital; Saint Anne’s Hospital; Morton Hospital; the Rhode Island Hospital Foundation; and the Miriam Hospital Foundation.
Overall, operating expenses totaled $1.08 billion for the quarter and $4.3 billion for the year, up from $875.1 million and $3.45 billion, respectively, in 2024.
The system's net income totaled $159.23 billion for the year, up from $14.76 billion in fiscal 2024, and $91.82 million for the quarter, up from 148.73 million year-over-year.
Revenue and other support without donor restrictions, which totaled $1.09 billion in the fourth quarter and $4.37 billion for the year in 2025, mostly came from patient service revenue.
Patient service revenue amounted to $902.4 million in fiscal 2025, and $703.3 million for the quarter. Both figures rose year-over-year, with patient service revenue amounting to $3.67 billion in fiscal 2025 and $2.9 billion in fiscal 2024.
Compensation and benefit expenses led the operating expenses, and rose from $508.77 million in the fourth quarter of 2024 to $609.37 million in the fourth quarter of 2025. For the year, these expenses increased from $2.02 billion in 2024 to $2.46 billion in 2025.
Trailing operating expenses, the second largest contributors to operating expenses were supplies and other expenses. This spending totaled $328.37 million in the fourth quarter of 2025, compared to $251.36 million in the fourth quarter of 2024. For the year, supplies and expenses rose from $962.39 million in 2024 to $1.3 billion in 2025.
The health system ended the 2025 fiscal year with $4.59 million in total assets, compared to $3.71 million in 2024.
Jacquelyn Voghel is a PBN staff writer. You may reach her at Voghel@PBN.com.
