Memorial Sloan Kettering Cancer Center Issues Statement on Third Quarter 2025 Financial Results

Memorial Sloan Kettering Cancer Center (MSK) issued the following statement regarding its financial results for the first three quarters of 2025:

MSK reported a deficiency of operating revenues over expenses totaling ($174.9) million and an operating cash flow margin of 1.4% for the first three quarters of 2025. These results reflect planned one-time investments related to the go-live of the Epic electronic health record (EHR) system alongside higher operating expenses including personnel, medical and surgical supplies, and pharmaceuticals consistent with industrywide increases in drug prices.

Operating expenses rose by 8.7% driven by operating costs as well as personnel growth, including an 8.5% increase in compensation and fringe benefits compared to the same period in 2024. Despite these cost pressures, operating revenues grew 4.6% year-over-year, including a 3.0% increase in patient revenue compared to the same period in 2024. Following the February 1 Epic launch and consistent with EHR go-lives across the industry, MSK experienced a temporary dip in patient activity in February and March. However, patient activity rebounded in Q2 and Q3, with steady gains over Q1 and strong recovery across key service areas.

MSK remains focused on advancing a long-term financial strategy centered on expanding patient access, strengthening operational discipline, and supporting the institution's mission-driven growth.

For more information, please see instructions to access our financial disclosure report available at https://www.dacbond.com/ or https://www.mskcc.org/public-notices/financial-information.