Many Blue Cross Blue Shield plans posted operating or underwriting losses in 2025 as medical and pharmacy costs climbed, but investment income lifted several of them to positive net income for the year.
Combined profit margins across all BCBS plans sank to 1.4% as of third-quarter 2025.
Editor’s note: This is not an exhaustive list of financial earnings
Standalone plans ranked by 2025 profits:
BCBS Tennessee: $168 million net income
Excellus BCBS: $150 million net income
BCBS Minnesota: $83 million net income
BCBS Vermont: $63 million net income
BCBS Rhode Island: $14 million net income
Arkansas BCBS: $5 million net income
BCBS Alabama: $3 million net loss
Hawaii Medical Service Association: $3 million net loss
BCBS Massachusetts: $223 million net loss
BCBS Michigan: $246 million net loss
BCBS Arizona: $335 million net loss
BCBS North Carolina: $497 million net loss
Parent and multistate plans ranked by 2025 profits:
Elevance Health: $5.7 billion net income
Highmark Health: $175 million net loss
Independence Health Group: $423 million net loss
Health Care Service Corp.: $1.9 billion net loss
Regence (Cambia Health Solutions): The four Regence plans reported results by net margin rather than dollar net income, so they are not directly comparable to the dollar figures above. Regence Blue Shield in Washington was hardest hit, with a net loss of 3.1% on $2.38 billion in revenue. Regence BCBS in Oregon posted 1.5% net income on $3.18 billion in revenue, Regence BlueShield of Idaho posted 2.5% net income on $752 million, and Regence BCBS of Utah posted 3.5% net income on $1.45 billion.
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