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    Tenet Reports Strong First Quarter 2025 Results

    4/29/25 6:45:00 AM ET
    $THC
    Hospital/Nursing Management
    Health Care
    Get the next $THC alert in real time by email
    • Net income available to common shareholders in first quarter 2025 was $406 million, or $4.27 per diluted share
    • Adjusted diluted earnings per share1 increased 35.4% to $4.36 in first quarter 2025 compared to $3.22 in first quarter 2024
    • Consolidated Adjusted EBITDA1 in first quarter 2025 increased 13.6% to $1.163 billion compared to first quarter 2024; First quarter 2025 Adjusted EBITDA margin was 22.3%
    • First quarter 2025 Ambulatory Care Adjusted EBITDA of $456 million increased 15.7% over first quarter 2024
    • FY 2025 Adjusted EBITDA Outlook is expected to be in the range of $3.975 billion to $4.175 billion

    Tenet Healthcare Corporation (Tenet) (NYSE:THC) today announced its results for the quarter ended March 31, 2025.

    "We had an excellent start to the year driven by strong same-store revenue growth and operational discipline, resulting in earnings and cash flows well ahead of our expectations," said Saum Sutaria, M.D., Chairman and Chief Executive Officer of Tenet. "We continue to expand access to high-quality specialty care as we effectively execute on our mission to deliver quality, compassionate care in the communities we serve."

    Tenet's results for first quarter 2025 versus first quarter 2024 are as follows:

     

    Three Months Ended

    March 31,

    ($ in millions, except per share results)

    2025

    2024

    Net operating revenues

    $5,223

    $5,368

    Net income available to Tenet common shareholders

    $406

    $2,151

    Net income available to Tenet common shareholders per diluted share

    $4.27

    $21.38

    Adjusted EBITDA1

    $1,163

    $1,024

    Adjusted diluted earnings per share1

    $4.36

    $3.22

    • Net income available to the Company's common shareholders in first quarter 2025 was $406 million, or $4.27 per diluted share, versus $2.151 billion, or $21.38 per diluted share, in first quarter 2024. First quarter 2024 results included a pre-tax gain of $2.5 billion ($1.856 billion after-tax, or $18.45 per diluted share) primarily associated with the divestiture of three hospitals in South Carolina and six hospitals in California.
    • Adjusted EBITDA1 in first quarter 2025 was $1.163 billion compared to $1.024 billion in first quarter 2024, reflecting strong growth in same-hospital admissions and ambulatory net revenue per case, favorable payer mix, and disciplined expense management, partially offset by the impact of hospital divestitures.
    • In the first quarter of 2025, the Company recognized a $40 million favorable pre-tax impact associated with additional Medicaid supplemental revenues related to prior years. First quarter 2024 results included a $44 million favorable pre-tax impact for additional Medicaid supplemental revenues related to the last three months of 2023.

    Balance Sheet and Cash Flows

    • Cash flows provided by operating activities for the three months ended March 31, 2025 were $815 million versus $586 million for the three months ended March 31, 2024.
    • The Company produced free cash flow1 of $642 million for the three months ended March 31, 2025 versus $346 million for the three months ended March 31, 2024.
    • In the three months ended March 31, 2025, the Company repurchased 2,629,195 shares of common stock for $348 million.
    • The Company's ratio of net debt to Adjusted EBITDA1 was 2.46x at March 31, 2025 compared to 2.54x at December 31, 2024.

    Ambulatory Care (Ambulatory) Segment

    Tenet's Ambulatory business segment is comprised of the operations of United Surgical Partners International (USPI). As of March 31, 2025, USPI had interests in 520 ambulatory surgery centers (380 consolidated) and 25 surgical hospitals (seven consolidated) in 37 states.

     

    Three Months Ended

    March 31,

    Ambulatory segment results ($ in millions)

    2025

    2024

    Revenues

     

     

    Net operating revenues

    $1,194

    $995

    Same-facility system-wide net patient service revenues2

    $1,945

    $1,821

    Changes versus the Prior-Year Period

     

     

    Same-facility system-wide net patient service revenues

    6.8 %

    6.4 %

    Same-facility system-wide net patient service revenue per case

    9.1 %

    6.8 %

    Same-facility system-wide surgical cases2

    (2.1) %

    (0.4) %

    Same-facility system-wide surgical cases on same-business day basis2

    (0.6) %

    (0.4) %

    Adjusted EBITDA, Margins and NCI

     

     

    Adjusted EBITDA

    $456

    $394

    Adjusted EBITDA margin

    38.2%

    39.6%

    Adjusted EBITDA less NCI

    $279

    $241

    • First quarter 2025 net operating revenues increased 20.0% compared to first quarter 2024 driven by strong net revenue per case growth, acquisitions of facilities, and increased service lines.
    • Surgical business same-facility system-wide net patient service revenues increased 6.8% in first quarter 2025 compared to first quarter 2024, with cases down 2.1% and net revenue per case up 9.1%. Net revenue per case growth was driven by favorable case mix, increases in higher acuity volumes over the prior year, as well as favorable payer mix.
    • First quarter 2025 Adjusted EBITDA increased 15.7% compared to first quarter 2024, due to strong net revenue per case growth, disciplined expense management, and contributions from acquisitions.

    Hospital Operations and Services (Hospital) Segment

    Tenet's Hospital business segment is primarily comprised of acute care and specialty hospitals, imaging centers, ancillary outpatient facilities, micro-hospitals and physician practices. It also provides comprehensive end-to-end and focused point services, including hospital and physician revenue cycle management, patient communications and engagement support and value-based care solutions.

     

    Three Months Ended

    March 31,

    Hospital segment results ($ in millions)

    2025

    2024

    Revenues

     

     

    Net operating revenues

    $4,029

    $4,373

    Same-hospital net patient service revenues3

    $3,460

    $3,271

    Same-Hospital Volume Changes versus the Prior-Year Period

     

     

    Admissions

    4.4%

    4.2%

    Adjusted admissions4

    2.9%

    1.8%

    Outpatient visits (including outpatient ER visits)

    0.7%

    (0.8)%

    Emergency Room visits (inpatient and outpatient)

    1.4%

    3.9%

    Hospital surgeries

    (1.4)%

    (2.0)%

    Adjusted EBITDA

     

     

    Adjusted EBITDA

    $707

    $630

    Adjusted EBITDA margin

    17.5%

    14.4%

    • First quarter 2025 net operating revenues declined 7.9% from first quarter 2024 primarily due to the impact of hospital divestitures in 2024, partially offset by strong same hospital admissions growth, and favorable payer mix.
    • Same-hospital net patient service revenue per adjusted admission increased 2.8% year-over-year for first quarter 2025 primarily due to favorable payer mix, and our focus on growing higher acuity services.
    • Adjusted EBITDA in first quarter 2025 was $707 million compared to $630 million in first quarter 2024, reflecting strong same-hospital admissions growth and revenue per adjusted admission, favorable payer mix, and disciplined expense management, partially offset by the impact of hospital divestitures.
    • In the first quarter of 2025, the Company recognized a $40 million favorable pre-tax impact associated with additional Medicaid supplemental revenues related to prior years. First quarter 2024 results included a $44 million favorable pre-tax impact for additional Medicaid supplemental revenues related to the last three months of 2023.

    2025 Outlook1

    Tenet's Outlook for full year 2025 (consolidated and by segment) follows.

    CONSOLIDATED ($ in millions, except per share amounts)

    FY 2025 Outlook

    Net operating revenues

    $20,600 to $21,000

    Net income available to Tenet common stockholders

    $1,057 to $1,202

    Adjusted EBITDA

    $3,975 to $4,175

    Adjusted EBITDA margin

    19.3% to 19.9%

    Diluted income per common share

    $11.37 to $12.92

    Adjusted net income

    $1,115 to $1,220

    Adjusted diluted earnings per share

    $11.99 to $13.12

    Equity in earnings of unconsolidated affiliates

    $265 to $275

    Depreciation and amortization

    $805 to $835

    Interest expense

    $795 to $805

    Income tax expense5

    $425 to $470

    Net income available to NCI

    $910 to $960

    Weighted average diluted common shares

    ~93 million

    Net cash provided by operating activities

    $2,500 to $2,850

    Adjusted net cash provided by operating activities

    $2,600 to $2,900

    Capital expenditures

    $700 to $800

    Free cash flow

    $1,800 to $2,050

    Adjusted free cash flow

    $1,900 to $2,100

    NCI cash distributions

    $750 to $800

    Ambulatory Segment ($ in millions)

    FY 2025 Outlook

    Net operating revenues

    $4,850 to $5,000

    Adjusted EBITDA

    $1,915 to $1,985

    NCI

    $760 to $790

    Adjusted EBITDA less NCI

    $1,155 to $1,195

    Changes versus prior year6:

     

    Same-facility system-wide revenue

    Up 3.0% to 6.0%

    Hospital Segment ($ in millions)

    FY 2025 Outlook

    Net operating revenues

    $15,750 to $16,000

    Adjusted EBITDA

    $2,060 to $2,190

    NCI

    $150 to $170

    Changes versus prior year6:

     

    Inpatient admissions

    Up 2.0% to 3.0%

    Adjusted admissions

    Up 2.0% to 3.0%

    Management's Webcast Discussion of Results

    Tenet management will discuss the Company's first quarter 2025 results in a webcast scheduled for 10:00 a.m. Eastern Time (9:00 a.m. Central Time) on April 29, 2025. Investors can access the webcast through the Company's website at www.tenethealth.com/investors.

    The slide presentation associated with the webcast referenced above, a copy of this earnings press release, and a related supplemental financial disclosures document will be available on the Company's Investor Relations website on April 29, 2025.

    Cautionary Statement

    This release contains "forward-looking statements" - that is, statements that relate to future, not past, events. In this context, forward-looking statements often address the Company's expected future business and financial performance and financial condition, and often contain words such as "expect," "anticipate," "assume," "believe," "budget," "estimate," "forecast," "intend," "plan," "predict," "project," "seek," "see," "target," or "will." Forward-looking statements by their nature address matters that are, to different degrees, uncertain. Particular uncertainties that could cause the Company's actual results to be materially different than those expressed in the Company's forward-looking statements include, but are not limited to the factors disclosed under "Forward-Looking Statements" and "Risk Factors" in our Form 10-K for the year ended December 31, 2024 and other filings with the Securities and Exchange Commission.

    Footnotes

    1. Tables and discussions throughout this earnings release include certain financial measures, including those related to our full year 2025 Outlook, that are not in accordance with accounting principles generally accepted in the United States of America (GAAP). Reconciliations of GAAP measures to the Adjusted (non-GAAP) measures used are detailed in Tables #1-6 included at the end of this earnings release. Management's reasoning for the use of these non-GAAP measures and descriptions of the various non-GAAP measures are included in the Non-GAAP Financial Measures section of this earnings release.
    2. Same-facility system-wide revenues and statistical information include the results of the facilities in which the Ambulatory segment has an investment that are not consolidated by Tenet. To help analyze the segment's results of operations, management uses system-wide measures, which include revenues and cases of both consolidated and unconsolidated facilities.
    3. For 2025, same-hospital revenues and statistical data include those for hospitals and hospital-affiliated outpatient centers operated by the Company's Hospital segment continuously from January 1, 2024 through March 31, 2025. Amounts associated with physician practices are excluded.
    4. Adjusted admissions represent actual patient admissions adjusted to include outpatient services provided by facilities in our Hospital segment by multiplying actual patient admissions by the sum of gross inpatient revenues and outpatient revenues, then dividing that result by gross inpatient revenues.
    5. Income tax expense is calculated by multiplying 24% (the federal corporate tax rate of 21% plus an estimate of state taxes) by the sum of: pretax income less GAAP facility level NCI expense plus permanent differences, and non-deductible interest expense.
    6. Change versus prior year is presented on a same-facility system-wide basis for USPI Ambulatory surgical cases and on a same-hospital basis for hospital statistics.

    About Tenet Healthcare

    Tenet Healthcare Corporation (NYSE:THC) is a diversified healthcare services company headquartered in Dallas. Our care delivery network includes United Surgical Partners International, the largest ambulatory platform in the country, which operates ambulatory surgery centers and surgical hospitals. We also operate a national portfolio of acute care and specialty hospitals, other outpatient facilities, a network of leading employed physicians and a global business center in Manila, Philippines. Our Conifer Health Solutions subsidiary provides revenue cycle management and value-based care services to hospitals, health systems, physician practices, employers and other clients. Across the Tenet enterprise, we are united by our mission to deliver quality, compassionate care in the communities we serve. For more information, please visit www.tenethealth.com.

    Non-GAAP Financial Measures

    The Company believes the non-GAAP measures described below are useful to investors and analysts because they present additional information on the Company's financial performance. Investors, analysts, Company management and the Company's Board of Directors utilize these non-GAAP measures, in addition to GAAP measures, to track the Company's financial and operating performance and compare the Company's performance to its peer companies, which use similar non-GAAP financial measures in their presentations and earnings releases. The Human Resources Committee of the Company's Board of Directors also uses certain of these measures to evaluate management's performance for the purpose of determining incentive compensation. Additional information regarding the purpose and utility of specific non-GAAP measures used in this release is set forth below.

    • Adjusted EBITDA is defined by the Company as net income available (loss attributable) to Tenet common shareholders before (1) the cumulative effect of changes in accounting principles, (2) net loss attributable (income available) to noncontrolling interests, (3) income (loss) from discontinued operations, net of tax, (4) income tax benefit (expense), (5) gain (loss) from early extinguishment of debt, (6) other non-operating income (expense), net, (7) interest expense, (8) litigation and investigation benefit (costs), net of insurance recoveries, (9) net gains (losses) on sales, consolidation and deconsolidation of facilities, (10) impairment and restructuring charges and acquisition-related costs, (11) depreciation and amortization and (12) income (loss) from divested and closed businesses (i.e., health plan businesses). Litigation and investigation costs excluded do not include ordinary course of business malpractice and other litigation and related expenses.
    • Adjusted diluted earnings (loss) per share is defined by the Company as Adjusted net income available (loss attributable) to Tenet common shareholders, divided by the weighted average diluted shares outstanding in the reporting period.
    • Adjusted net income available (loss attributable) to Tenet common shareholders is defined by the Company as net income available (loss attributable) to Tenet common shareholders before (1) income (loss) from discontinued operations, net of tax, (2) gain (loss) from early extinguishment of debt, (3) litigation and investigation benefit (costs), net of insurance recoveries, (4) net gains (losses) on sales, consolidation and deconsolidation of facilities, (5) impairment and restructuring charges and acquisition-related costs, (6) income (loss) from divested and closed businesses (i.e., health plan businesses) and (7) the associated impact of these items on taxes and noncontrolling interests. Litigation and investigation costs excluded do not include ordinary course of business malpractice and other litigation and related expenses.
    • Free Cash Flow is defined by the Company as (1) net cash provided by (used in) operating activities, less (2) purchases of property and equipment.
    • Adjusted Free Cash Flow is defined by the Company as (1) Adjusted net cash provided by (used in) operating activities, less (2) purchases of property and equipment.
    • Adjusted net cash provided by (used in) operating activities is defined by the Company as cash provided by (used in) operating activities prior to (1) payments for restructuring charges, acquisition-related costs and litigation costs and settlements, and (2) net cash provided by (used in) operating activities from discontinued operations.

    The Company believes that Adjusted EBITDA is a useful measure, in part, because certain investors and analysts use both historical and projected Adjusted EBITDA, in addition to other GAAP and non-GAAP measures, as factors in determining the estimated fair value of shares of the Company's common stock. Company management also regularly reviews the Adjusted EBITDA performance for each operating segment. The Company does not use Adjusted EBITDA to measure liquidity, but instead to measure operating performance.

    The Company uses, and believes investors use, Free Cash Flow and Adjusted Free Cash Flow as supplemental non-GAAP measures to analyze cash flows generated from the Company's operations. The Company believes these measures are useful to investors in evaluating its ability to fund distributions paid to noncontrolling interests or for acquisitions, purchasing equity interests in joint ventures or repaying debt.

    These non-GAAP measures may not be comparable to similarly titled measures reported by other companies. Because these measures exclude many items that are included in the Company's financial statements, they do not provide a complete measure of the Company's operating performance. For example, the Company's definitions of Free Cash Flow and Adjusted Free Cash Flow do not include other important uses of cash including (1) cash used to purchase businesses or joint venture interests, or (2) any items that are classified as Cash Flows from Financing Activities on the Company's Consolidated Statement of Cash Flows, including items such as (i) cash used to repay borrowings, or (ii) distributions paid to noncontrolling interests. Accordingly, investors are encouraged to use GAAP measures when evaluating the Company's financial performance.

    See corresponding reconciliations of the non-GAAP financial measures referred to above to the most comparable GAAP financial measures in Tables #1 - 6 below.

    Tenet Healthcare Corporation

    Financial Statements and Reconciliations

    First Quarter Earnings Release

     

    Table of Contents

    Description

    Page

    Consolidated Statements of Operations

    12

    Consolidated Balance Sheets

    13

    Consolidated Statements of Cash Flows

    14

    Segment Reporting

    15

    Table #1 – Reconciliations of Net Income to Adjusted Net Income

    16

    Table #2 – Reconciliations of Net Income to Adjusted EBITDA

    17

    Table #3 – Reconciliations of Net Cash Provided by Operating Activities to Free Cash Flow and Adjusted Free Cash Flow

    18

    Table #4 – Reconciliations of Outlook Net Income to Outlook Adjusted Net Income

    19

    Table #5 – Reconciliations of Outlook Net Income to Outlook Adjusted EBITDA

    20

    Table #6 – Reconciliations of Outlook Net Cash Provided by Operating Activities to Outlook Free Cash Flow and Outlook Adjusted Free Cash Flow

    21

    TENET HEALTHCARE CORPORATION

    CONSOLIDATED STATEMENTS OF OPERATIONS

    (Unaudited)

     

    (Dollars in millions, except per share amounts)

     

    Three Months Ended March 31,

     

     

    2025

     

     

    %

     

     

    2024

     

     

    %

     

    Change

    Net operating revenues

     

    $

    5,223

     

     

    100.0

    %

     

    $

    5,368

     

     

    100.0

    %

     

    (2.7

    )%

    Equity in earnings of unconsolidated affiliates

     

     

    56

     

     

    1.1

    %

     

     

    59

     

     

    1.1

    %

     

    (5.1

    )%

    Operating expenses:

     

     

     

     

     

     

     

     

     

     

    Salaries, wages and benefits

     

     

    2,119

     

     

    40.6

    %

     

     

    2,321

     

     

    43.2

    %

     

    (8.7

    )%

    Supplies

     

     

    907

     

     

    17.4

    %

     

     

    928

     

     

    17.3

    %

     

    (2.3

    )%

    Other operating expenses, net

     

     

    1,090

     

     

    20.9

    %

     

     

    1,154

     

     

    21.5

    %

     

    (5.5

    )%

    Depreciation and amortization

     

     

    206

     

     

    3.9

    %

     

     

    208

     

     

    3.9

    %

     

     

    Impairment and restructuring charges, and acquisition-related costs

     

     

    19

     

     

    0.3

    %

     

     

    27

     

     

    0.5

    %

     

     

    Litigation and investigation costs

     

     

    17

     

     

    0.3

    %

     

     

    4

     

     

    0.1

    %

     

     

    Net gains on sales, consolidation and deconsolidation of facilities

     

     

    (22

    )

     

    (0.4

    )%

     

     

    (2,500

    )

     

    (46.6

    )%

     

     

    Operating income

     

     

    943

     

     

    18.1

    %

     

     

    3,285

     

     

    61.2

    %

     

     

    Interest expense

     

     

    (204

    )

     

     

     

     

    (218

    )

     

     

     

     

    Other non-operating income, net

     

     

    26

     

     

     

     

     

    25

     

     

     

     

     

    Loss from early extinguishment of debt

     

     

    —

     

     

     

     

     

    (8

    )

     

     

     

     

    Income before income taxes

     

     

    765

     

     

     

     

     

    3,084

     

     

     

     

     

    Income tax expense

     

     

    (143

    )

     

     

     

     

    (750

    )

     

     

     

     

    Net income

     

     

    622

     

     

     

     

     

    2,334

     

     

     

     

     

    Less: Net income available to noncontrolling interests

     

     

    216

     

     

     

     

     

    183

     

     

     

     

     

    Net income available to Tenet Healthcare Corporation common shareholders

     

    $

    406

     

     

     

     

    $

    2,151

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Earnings available to Tenet Healthcare Corporation common shareholders:

     

     

     

     

     

     

     

     

     

     

    Basic

     

    $

    4.31

     

     

     

     

    $

    21.60

     

     

     

     

     

    Diluted

     

    $

    4.27

     

     

     

     

    $

    21.38

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Weighted average shares and dilutive securities outstanding (in thousands):

     

     

     

     

     

     

     

     

     

     

    Basic

     

     

    94,242

     

     

     

     

     

    99,581

     

     

     

     

     

    Diluted

     

     

    95,019

     

     

     

     

     

    100,598

     

     

     

     

     

    TENET HEALTHCARE CORPORATION

    CONSOLIDATED BALANCE SHEETS

    (Unaudited)

     

    (Dollars in millions)

     

    March 31,

     

    December 31,

     

     

    2025

     

     

     

    2024

     

    ASSETS

     

     

     

     

    Current assets:

     

     

     

     

    Cash and cash equivalents

     

    $

    2,999

     

     

    $

    3,019

     

    Accounts receivable

     

     

    2,619

     

     

     

    2,536

     

    Inventories of supplies, at cost

     

     

    344

     

     

     

    346

     

    Assets held for sale

     

     

    21

     

     

     

    21

     

    Other current assets

     

     

    1,930

     

     

     

    1,760

     

    Total current assets

     

     

    7,913

     

     

     

    7,682

     

    Investments and other assets

     

     

    3,069

     

     

     

    3,037

     

    Deferred income taxes

     

     

    78

     

     

     

    80

     

    Property and equipment, at cost, less accumulated depreciation and amortization

     

     

    5,991

     

     

     

    6,049

     

    Goodwill

     

     

    10,786

     

     

     

    10,691

     

    Other intangible assets, at cost, less accumulated amortization

     

     

    1,400

     

     

     

    1,397

     

    Total assets

     

    $

    29,237

     

     

    $

    28,936

     

     

     

     

     

     

    LIABILITIES AND EQUITY

     

     

     

     

    Current liabilities:

     

     

     

     

    Current portion of long-term debt

     

    $

    88

     

     

    $

    92

     

    Accounts payable

     

     

    1,327

     

     

     

    1,294

     

    Accrued compensation and benefits

     

     

    710

     

     

     

    899

     

    Professional and general liability reserves

     

     

    268

     

     

     

    238

     

    Accrued interest payable

     

     

    248

     

     

     

    149

     

    Liabilities held for sale

     

     

    12

     

     

     

    13

     

    Income tax payable

     

     

    149

     

     

     

    18

     

    Other current liabilities

     

     

    1,649

     

     

     

    1,607

     

    Total current liabilities

     

     

    4,451

     

     

     

    4,310

     

    Long-term debt, net of current portion

     

     

    13,082

     

     

     

    13,081

     

    Professional and general liability reserves

     

     

    877

     

     

     

    900

     

    Defined benefit plan obligations

     

     

    297

     

     

     

    298

     

    Deferred income taxes

     

     

    226

     

     

     

    227

     

    Other long-term liabilities

     

     

    1,651

     

     

     

    1,573

     

    Total liabilities

     

     

    20,584

     

     

     

    20,389

     

    Commitments and contingencies

     

     

     

     

    Redeemable noncontrolling interests in equity of consolidated subsidiaries

     

     

    2,776

     

     

     

    2,727

     

    Equity:

     

     

     

     

    Shareholders' equity:

     

     

     

     

    Common stock

     

     

    8

     

     

     

    8

     

    Additional paid-in capital

     

     

    4,826

     

     

     

    4,873

     

    Accumulated other comprehensive loss

     

     

    (178

    )

     

     

    (180

    )

    Retained earnings

     

     

    3,414

     

     

     

    3,008

     

    Common stock in treasury, at cost

     

     

    (3,889

    )

     

     

    (3,538

    )

    Total shareholders' equity

     

     

    4,181

     

     

     

    4,171

     

    Noncontrolling interests

     

     

    1,696

     

     

     

    1,649

     

    Total equity

     

     

    5,877

     

     

     

    5,820

     

    Total liabilities and equity

     

    $

    29,237

     

     

    $

    28,936

     

    TENET HEALTHCARE CORPORATION

    CONSOLIDATED STATEMENTS OF CASH FLOWS

    (Unaudited)

     

    (Dollars in millions)

     

    Three Months Ended

     

    March 31,

     

     

    2025

     

     

     

    2024

     

    Net income

     

    $

    622

     

     

    $

    2,334

     

    Adjustments to reconcile net income to net cash provided by operating activities:

     

     

     

     

    Depreciation and amortization

     

     

    206

     

     

     

    208

     

    Deferred income tax expense (benefit)

     

     

    4

     

     

     

    (38

    )

    Stock-based compensation expense

     

     

    21

     

     

     

    17

     

    Impairment and restructuring charges, and acquisition-related costs

     

     

    19

     

     

     

    27

     

    Litigation and investigation costs

     

     

    17

     

     

     

    4

     

    Net gains on sales, consolidation and deconsolidation of facilities

     

     

    (22

    )

     

     

    (2,500

    )

    Loss from early extinguishment of debt

     

     

    —

     

     

     

    8

     

    Equity in earnings of unconsolidated affiliates, net of distributions received

     

     

    5

     

     

     

    3

     

    Amortization of debt discount and debt issuance costs

     

     

    6

     

     

     

    8

     

    Other items, net

     

     

    2

     

     

     

    (5

    )

    Changes in cash from operating assets and liabilities:

     

     

     

     

    Accounts receivable

     

     

    (69

    )

     

     

    (263

    )

    Inventories and other current assets

     

     

    (108

    )

     

     

    (18

    )

    Income taxes

     

     

    132

     

     

     

    783

     

    Accounts payable, accrued expenses and other current liabilities

     

     

    24

     

     

     

    19

     

    Other long-term liabilities

     

     

    (8

    )

     

     

    24

     

    Payments for restructuring charges, acquisition-related costs, and litigation costs and settlements

     

     

    (36

    )

     

     

    (25

    )

    Net cash provided by operating activities

     

     

    815

     

     

     

    586

     

    Cash flows from investing activities:

     

     

     

     

    Purchases of property and equipment

     

     

    (173

    )

     

     

    (240

    )

    Purchases of businesses or joint venture interests, net of cash acquired

     

     

    (27

    )

     

     

    (449

    )

    Proceeds from sales of facilities and other assets

     

     

    11

     

     

     

    4,030

     

    Proceeds from sales of marketable securities and long-term investments

     

     

    14

     

     

     

    7

     

    Purchases of marketable securities and long-term investments

     

     

    (17

    )

     

     

    (10

    )

    Other items, net

     

     

    5

     

     

     

    (10

    )

    Net cash provided by (used in) investing activities

     

     

    (187

    )

     

     

    3,328

     

    Cash flows from financing activities:

     

     

     

     

    Repayments of borrowings

     

     

    (32

    )

     

     

    (2,141

    )

    Proceeds from borrowings

     

     

    1

     

     

     

    2

     

    Repurchases of common stock

     

     

    (348

    )

     

     

    (278

    )

    Distributions paid to noncontrolling interests

     

     

    (189

    )

     

     

    (162

    )

    Proceeds from the sale of noncontrolling interests

     

     

    11

     

     

     

    5

     

    Purchases of noncontrolling interests

     

     

    (41

    )

     

     

    (52

    )

    Repayments of advances from managed care payers

     

     

    (11

    )

     

     

    —

     

    Other items, net

     

     

    (39

    )

     

     

    (35

    )

    Net cash used in financing activities

     

     

    (648

    )

     

     

    (2,661

    )

    Net increase (decrease) in cash and cash equivalents

     

     

    (20

    )

     

     

    1,253

     

    Cash and cash equivalents at beginning of period

     

     

    3,019

     

     

     

    1,228

     

    Cash and cash equivalents at end of period

     

    $

    2,999

     

     

    $

    2,481

     

    Supplemental disclosures:

     

     

     

     

    Interest paid, net of capitalized interest

     

    $

    (99

    )

     

    $

    (162

    )

    Income tax payments, net

     

    $

    (7

    )

     

    $

    (5

    )

    TENET HEALTHCARE CORPORATION

    SEGMENT REPORTING

    (Unaudited)

     

     

     

    Three Months Ended

     

     

    March 31,

    (Dollars in millions)

     

     

    2025

     

     

     

    2024

     

    Net operating revenues:

     

     

     

     

    Ambulatory Care

     

    $

    1,194

     

     

    $

    995

     

    Hospital Operations and Services

     

     

    4,029

     

     

     

    4,373

     

    Total

     

    $

    5,223

     

     

    $

    5,368

     

     

     

     

     

     

    Equity in earnings of unconsolidated affiliates:

     

     

     

     

    Ambulatory Care

     

    $

    54

     

     

    $

    56

     

    Hospital Operations and Services

     

     

    2

     

     

     

    3

     

    Total

     

    $

    56

     

     

    $

    59

     

     

     

     

     

     

    Adjusted EBITDA:

     

     

     

     

    Ambulatory Care

     

    $

    456

     

     

    $

    394

     

    Hospital Operations and Services

     

     

    707

     

     

     

    630

     

    Total

     

    $

    1,163

     

     

    $

    1,024

     

     

     

     

     

     

    Adjusted EBITDA margins:

     

     

     

     

    Ambulatory Care

     

     

    38.2

    %

     

     

    39.6

    %

    Hospital Operations and Services

     

     

    17.5

    %

     

     

    14.4

    %

    Total

     

     

    22.3

    %

     

     

    19.1

    %

     

     

     

     

     

    Capital expenditures:

     

     

     

     

    Ambulatory Care

     

    $

    25

     

     

    $

    18

     

    Hospital Operations and Services

     

     

    148

     

     

     

    222

     

    Total

     

    $

    173

     

     

    $

    240

     

     

     

     

     

     

     

     

     

     

     

    TENET HEALTHCARE CORPORATION

    Additional Supplemental Non-GAAP disclosures

    Table #1 – Reconciliations of Net Income Available to Tenet Healthcare Corporation Common Shareholders to Adjusted Net Income Available to Common Shareholders

    (Unaudited)

     

     

     

    Three Months Ended

     

     

    March 31,

    (Dollars in millions, except per share amounts)

     

     

    2025

     

     

     

    2024

     

    Net income available to Tenet Healthcare Corporation common shareholders

     

    $

    406

     

     

    $

    2,151

     

    Less:

     

     

     

     

    Impairment and restructuring charges, and acquisition-related costs

     

     

    (19

    )

     

     

    (27

    )

    Litigation and investigation costs

     

     

    (17

    )

     

     

    (4

    )

    Net gains on sales, consolidation and deconsolidation of facilities

     

     

    22

     

     

     

    2,500

     

    Loss from early extinguishment of debt

     

     

    —

     

     

     

    (8

    )

    Tax and noncontrolling interests impact of above items

     

     

    6

     

     

     

    (634

    )

    Adjusted net income available to common shareholders

     

    $

    414

     

     

    $

    324

     

     

     

     

     

     

    Diluted earnings per share

     

    $

    4.27

     

     

    $

    21.38

     

    Less:

     

     

     

     

    Impairment and restructuring charges, and acquisition-related costs

     

     

    (0.20

    )

     

     

    (0.27

    )

    Litigation and investigation costs

     

     

    (0.18

    )

     

     

    (0.04

    )

    Net gains on sales, consolidation and deconsolidation of facilities

     

     

    0.23

     

     

     

    24.85

     

    Loss from early extinguishment of debt

     

     

    —

     

     

     

    (0.08

    )

    Tax and noncontrolling interests impact of above items

     

     

    0.06

     

     

     

    (6.30

    )

    Adjusted diluted earnings per share

     

    $

    4.36

     

     

    $

    3.22

     

     

     

     

     

     

    Weighted average basic shares outstanding (in thousands)

     

     

    94,242

     

     

     

    99,581

     

    Weighted average dilutive shares outstanding (in thousands)

     

     

    95,019

     

     

     

    100,598

     

    TENET HEALTHCARE CORPORATION

    Additional Supplemental Non-GAAP disclosures

    Table #2 – Reconciliations of Net Income Available to Tenet Healthcare Corporation Common Shareholders to Adjusted EBITDA

    (Unaudited)

     

     

     

    Three Months Ended

     

     

    March 31,

    (Dollars in millions)

     

     

    2025

     

     

     

    2024

     

    Net income available to Tenet Healthcare Corporation common shareholders

     

    $

    406

     

     

    $

    2,151

     

    Less:

     

     

     

     

    Net income available to noncontrolling interests

     

     

    (216

    )

     

     

    (183

    )

    Net income

     

     

    622

     

     

     

    2,334

     

    Income tax expense

     

     

    (143

    )

     

     

    (750

    )

    Loss from early extinguishment of debt

     

     

    —

     

     

     

    (8

    )

    Other non-operating income, net

     

     

    26

     

     

     

    25

     

    Interest expense

     

     

    (204

    )

     

     

    (218

    )

    Operating income

     

     

    943

     

     

     

    3,285

     

    Litigation and investigation costs

     

     

    (17

    )

     

     

    (4

    )

    Net gains on sales, consolidation and deconsolidation of facilities

     

     

    22

     

     

     

    2,500

     

    Impairment and restructuring charges, and acquisition-related costs

     

     

    (19

    )

     

     

    (27

    )

    Depreciation and amortization

     

     

    (206

    )

     

     

    (208

    )

    Adjusted EBITDA

     

    $

    1,163

     

     

    $

    1,024

     

     

     

     

     

     

    Net operating revenues

     

    $

    5,223

     

     

    $

    5,368

     

     

     

     

     

     

    Net income available to Tenet Healthcare Corporation common shareholders as a % of net operating revenues

     

     

    7.8

    %

     

     

    40.1

    %

     

     

     

     

     

    Adjusted EBITDA as a % of net operating revenues (Adjusted EBITDA margin)

     

     

    22.3

    %

     

     

    19.1

    %

    TENET HEALTHCARE CORPORATION

    Additional Supplemental Non-GAAP disclosures

    Table #3 – Reconciliations of Net Cash Provided by Operating Activities to

    Free Cash Flow and Adjusted Free Cash Flow

    (Unaudited)

     

     

     

    Three Months Ended

     

     

    March 31,

    (Dollars in millions)

     

     

    2025

     

     

     

    2024

     

    Net cash provided by operating activities

     

    $

    815

     

     

    $

    586

     

    Purchases of property and equipment

     

     

    (173

    )

     

     

    (240

    )

    Free cash flow

     

    $

    642

     

     

    $

    346

     

     

     

     

     

     

    Net cash provided by (used in) investing activities

     

    $

    (187

    )

     

    $

    3,328

     

    Net cash used in financing activities

     

    $

    (648

    )

     

    $

    (2,661

    )

     

     

     

     

     

    Net cash provided by operating activities

     

    $

    815

     

     

    $

    586

     

    Less:

     

     

     

     

    Payments for restructuring charges, acquisition-related costs, and litigation costs and settlements

     

     

    (36

    )

     

     

    (25

    )

    Adjusted net cash provided by operating activities

     

     

    851

     

     

     

    611

     

    Purchases of property and equipment

     

     

    (173

    )

     

     

    (240

    )

    Adjusted free cash flow

     

    $

    678

     

     

    $

    371

     

    TENET HEALTHCARE CORPORATION

    Additional Supplemental Non-GAAP disclosures

    Table #4 – Reconciliations of Outlook Net Income Available to Tenet Healthcare Corporation Common Shareholders to Outlook Adjusted Net Income Available to Common Shareholders

    (Unaudited)

     

     

     

    FY 2025

    (Dollars in millions, except per share amounts)

     

    Low

     

    High

    Net income available to Tenet Healthcare Corporation common shareholders

     

    $

    1,057

     

     

    $

    1,202

     

    Less:

     

     

     

     

    Impairment and restructuring charges, acquisition-related costs, and litigation costs and settlements(1)

     

     

    (100

    )

     

     

    (50

    )

    Net gains on sales, consolidation and deconsolidation of facilities(2)

     

     

    22

     

     

     

    22

     

    Tax and noncontrolling interests impact of above items

     

     

    20

     

     

     

    10

     

    Adjusted net income available to common shareholders

     

    $

    1,115

     

     

    $

    1,220

     

     

     

     

     

     

    Diluted earnings per share

     

    $

    11.37

     

     

    $

    12.92

     

    Less:

     

     

     

     

    Impairment and restructuring charges, acquisition-related costs, and litigation costs and settlements

     

     

    (1.08

    )

     

     

    (0.55

    )

    Net gains on sales, consolidation and deconsolidation of facilities

     

     

    0.24

     

     

     

    0.24

     

    Tax and noncontrolling interests impact of above items

     

     

    0.22

     

     

     

    0.11

     

    Adjusted diluted earnings per share

     

    $

    11.99

     

     

    $

    13.12

     

     

     

     

     

     

    Weighted average basic shares outstanding (in thousands)

     

     

    92,000

     

     

     

    92,000

     

    Weighted average dilutive shares outstanding (in thousands)

     

     

    93,000

     

     

     

    93,000

    (1)

    The figures shown represent the Company's estimate for restructuring charges plus the actual year-to-date results for impairment and restructuring charges, acquisition-related costs, and litigation costs and settlements. The Company does not generally forecast impairment charges, acquisition-related costs, and litigation costs and settlements because it does not believe that it can forecast these items with sufficient accuracy since some of these items are indeterminable at the time the Company provides its financial Outlook.

     

    (2)

    The Company does not generally forecast net gains on sales, consolidation and deconsolidation of facilities or losses from the early extinguishment of debt because the Company does not believe that it can forecast these items with sufficient accuracy since it is indeterminable at the time the Company provides its financial Outlook. The figures shown relate to transactions that have already occurred in 2025.

    TENET HEALTHCARE CORPORATION

    Additional Supplemental Non-GAAP disclosures

    Table #5 – Reconciliations of Outlook Net Income Available to Tenet Healthcare Corporation Common Shareholders to Outlook Adjusted EBITDA

    (Unaudited)

     

     

     

    FY 2025

    (Dollars in millions)

     

    Low

     

    High

    Net income available to Tenet Healthcare Corporation common shareholders

     

    $

    1,057

     

     

    $

    1,202

     

    Less:

     

     

     

     

    Net income available to noncontrolling interests

     

     

    (910

    )

     

     

    (960

    )

    Income tax expense

     

     

    (425

    )

     

     

    (470

    )

    Interest expense

     

     

    (805

    )

     

     

    (795

    )

    Other non-operating income, net

     

     

    105

     

     

     

    115

     

    Net gains on sales, consolidation and deconsolidation of facilities(2)

     

     

    22

     

     

     

    22

     

    Impairment and restructuring charges, acquisition-related costs, and litigation costs and settlements(1)

     

     

    (100

    )

     

     

    (50

    )

    Depreciation and amortization

     

     

    (805

    )

     

     

    (835

    )

    Adjusted EBITDA

     

    $

    3,975

     

     

    $

    4,175

     

     

     

     

     

     

    Net income available to Tenet Healthcare Corporation common shareholders

     

    $

    1,057

     

     

    $

    1,202

     

    Net operating revenues

     

    $

    20,600

     

     

    $

    21,000

     

    Net income available to Tenet Healthcare Corporation common shareholders as a % of net operating revenues

     

     

    5.1

    %

     

     

    5.7

    %

    Adjusted EBITDA as a % of net operating revenues (Adjusted EBITDA margin)

     

     

    19.3

    %

     

     

    19.9

    %

    (1)

    The figures shown represent the Company's estimate for restructuring charges plus the actual year-to-date results for impairment and restructuring charges, acquisition-related costs, and litigation costs and settlements. The Company does not generally forecast impairment charges, acquisition-related costs, and litigation costs and settlements because it does not believe that it can forecast these items with sufficient accuracy since some of these items are indeterminable at the time the Company provides its financial Outlook.

     

    (2)

    The Company does not generally forecast net gains on sales, consolidation and deconsolidation of facilities or losses from the early extinguishment of debt because the Company does not believe that it can forecast these items with sufficient accuracy since it is indeterminable at the time the Company provides its financial Outlook. The figures shown relate to transactions that have already occurred in 2025.

    TENET HEALTHCARE CORPORATION

    Additional Supplemental Non-GAAP disclosures

    Table #6 – Reconciliations of Outlook Net Cash Provided by Operating Activities

    to Outlook Free Cash Flow and Outlook Adjusted Free Cash Flow

    (Unaudited)

     

     

     

    FY 2025

    (Dollars in millions)

     

    Low

     

    High

    Net cash provided by operating activities

     

    $

    2,500

     

     

    $

    2,850

     

    Purchases of property and equipment

     

     

    (700

    )

     

     

    (800

    )

    Free cash flow

     

    $

    1,800

     

     

    $

    2,050

     

     

     

     

     

     

    Net cash provided by operating activities

     

    $

    2,500

     

     

    $

    2,850

     

    Less:

     

     

     

     

    Payments for restructuring charges, acquisition-related costs and litigation costs and settlements(1)

     

     

    (100

    )

     

     

    (50

    )

    Adjusted net cash provided by operating activities

     

     

    2,600

     

     

     

    2,900

     

    Purchases of property and equipment

     

     

    (700

    )

     

     

    (800

    )

    Adjusted free cash flow(2)

     

    $

    1,900

     

     

    $

    2,100

    (1)

    The figures shown represent the Company's estimate for restructuring payments plus the actual year-to-date payments for restructuring charges, acquisition-related costs, and litigation costs or settlements. The Company does not generally forecast payments for acquisition-related costs, and litigation costs and settlements because it does not believe that it can forecast these items with sufficient accuracy since some of these items are indeterminable at the time the Company provides its financial Outlook.

     

    (2)

    The Company's definition of Adjusted Free Cash Flow does not include other important uses of cash including (1) cash used to purchase businesses or joint venture interests, or (2) any items that are classified as Cash Flows From Financing Activities on the Company's Consolidated Statement of Cash Flows, including items such as (i) cash used to repay borrowings, and (ii) distributions paid to noncontrolling interests.

     

    View source version on businesswire.com: https://www.businesswire.com/news/home/20250429008533/en/

    Investor Contact

    Will McDowell

    469-893-2387

    [email protected]

    Media Contact

    Robert Dyer

    469-893-2640

    [email protected]

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    • Tenet to Report Its First Quarter 2025 Results on April 29th

      Tenet Healthcare Corporation (NYSE:THC) will release its first quarter 2025 results before the market opens on Tuesday, April 29, 2025, to be followed by a conference call at 9:00 a.m. CT (10:00 a.m. Eastern Time). A live webcast and audio archive of the call may be accessed through the investor relations section of Tenet's website at www.tenethealth.com/investors. About Tenet Healthcare Tenet Healthcare Corporation (NYSE:THC) is a diversified healthcare services company headquartered in Dallas. Our care delivery network includes United Surgical Partners International, the largest ambulatory platform in the country, which operates ambulatory surgery centers and surgical hospitals. We als

      4/9/25 9:00:00 AM ET
      $THC
      Hospital/Nursing Management
      Health Care
    • Tenet to Report its Fourth Quarter 2024 Results on February 12th

      Tenet Healthcare Corporation (NYSE:THC) will release its fourth quarter 2024 results before the market opens on Wednesday, February 12, 2025, to be followed by a conference call at 9:00 a.m. CT (10:00 a.m. Eastern Time). A live webcast and audio archive of the call may be accessed through the investor relations section of Tenet's website at www.tenethealth.com/investors. About Tenet Healthcare Tenet Healthcare Corporation (NYSE:THC) is a diversified healthcare services company headquartered in Dallas. Our care delivery network includes United Surgical Partners International, the largest ambulatory platform in the country, which operates ambulatory surgery centers and surgical hospital

      1/13/25 9:00:00 AM ET
      $THC
      Hospital/Nursing Management
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    • Tenet to Report its Third Quarter 2024 Results on October 29th

      Tenet Healthcare Corporation (NYSE:THC) will release its third quarter 2024 results before the market opens on Tuesday, October 29, 2024, to be followed by a conference call at 9:00 a.m. CT (10:00 a.m. Eastern Time). A live webcast and audio archive of the call may be accessed through the investor relations section of Tenet's website at www.tenethealth.com/investors. About Tenet Healthcare Tenet Healthcare Corporation (NYSE:THC) is a diversified healthcare services company headquartered in Dallas. Our care delivery network includes United Surgical Partners International, the largest ambulatory platform in the country, which operates ambulatory surgery centers and surgical hospitals. We a

      10/2/24 9:00:00 AM ET
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    $THC
    SEC Filings

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    • SEC Form 10-Q filed by Tenet Healthcare Corporation

      10-Q - TENET HEALTHCARE CORP (0000070318) (Filer)

      4/29/25 4:04:13 PM ET
      $THC
      Hospital/Nursing Management
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    • Tenet Healthcare Corporation filed SEC Form 8-K: Results of Operations and Financial Condition, Financial Statements and Exhibits

      8-K - TENET HEALTHCARE CORP (0000070318) (Filer)

      4/29/25 6:46:27 AM ET
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    • SEC Form PX14A6G filed by Tenet Healthcare Corporation

      PX14A6G - TENET HEALTHCARE CORP (0000070318) (Subject)

      4/17/25 10:54:57 AM ET
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      Hospital/Nursing Management
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    • Tenet Healthcare Appoints Vineeta Agarwala to Board of Directors

      Tenet Healthcare Corporation (NYSE:THC) today announced the appointment of Vineeta Agarwala, M.D., PhD, to its Board of Directors, effective immediately. Dr. Agarwala will serve as a member of the Quality, Compliance, and Ethics Committee, as well as the Human Resources Committee, increasing the size of the Board to 13 directors. "We are pleased to welcome Dr. Vineeta Agarwala to the Tenet Board," said Saum Sutaria, M.D., Chairman and Chief Executive Officer of Tenet. "Vineeta is a leader in healthcare in her own right. Her expertise in innovative technologies, including applications of artificial intelligence will enhance our governance in a rapidly evolving healthcare marketplace." Dr

      12/13/23 4:05:00 PM ET
      $THC
      Hospital/Nursing Management
      Health Care
    • Tenet Healthcare Appoints Senator Roy Blunt to Board of Directors

      Tenet Healthcare Corporation (NYSE:THC) today announced the appointment of Senator Roy Blunt to the Tenet Board of Directors, effective immediately. Senator Blunt will serve as a member of the Audit Committee, Nominating and Corporate Governance Committee, and Environmental, Social, and Governance Committee. This appointment expands the Board to 12 directors, 11 of whom are independent members. "We are pleased to welcome Senator Roy Blunt as a new board member," said Saum Sutaria, M.D., Chief Executive Officer of Tenet. "With more than 25 years of legislative experience, Roy's expertise in public policy and addressing cross-cutting issues will be invaluable to helping Tenet make a lasting

      8/10/23 4:05:00 PM ET
      $THC
      Hospital/Nursing Management
      Health Care
    • Tenet Healthcare Names CEO Saum Sutaria as Chairman of the Board

      Tenet Healthcare Corporation (NYSE:THC) today announced that its Board of Directors has elected Chief Executive Officer, Saum Sutaria, M.D., to assume the additional position of Chairman, effective immediately. Sutaria succeeds Senator J. Robert Kerrey, who will transition to Lead Director of the Board, a role he previously held from 2017- 2022. Sutaria has served as Tenet Healthcare's CEO since September 2021 and a member of the Board of Directors since 2020. Previously, he served as the Company's Chief Operating Officer. "The appointment of Saum to Chairman is a testament to his steadfast leadership and commitment to Tenet Healthcare," said Senator J. Robert Kerrey, Lead Director. "Th

      8/10/23 6:45:00 AM ET
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      Hospital/Nursing Management
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    $THC
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    • Tenet to Participate in BofA Securities 2025 Health Care Conference

      Tenet Healthcare Corporation (NYSE:THC) is scheduled to present at the BofA Securities 2025 Health Care Conference on Tuesday, May 13, 2025, beginning at 1:40 p.m. Eastern time. A live webcast and audio archive of the event may be accessed through the investor relations section of Tenet's website at www.tenethealth.com/investors. The replay will be available for 30 days. About Tenet Healthcare Tenet Healthcare Corporation (NYSE:THC) is a diversified healthcare services company headquartered in Dallas. Our care delivery network includes United Surgical Partners International, the largest ambulatory platform in the country, which operates ambulatory surgery centers and surgical hospitals.

      5/9/25 4:00:00 PM ET
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      Hospital/Nursing Management
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    • Tenet Reports Strong First Quarter 2025 Results

      Net income available to common shareholders in first quarter 2025 was $406 million, or $4.27 per diluted share Adjusted diluted earnings per share1 increased 35.4% to $4.36 in first quarter 2025 compared to $3.22 in first quarter 2024 Consolidated Adjusted EBITDA1 in first quarter 2025 increased 13.6% to $1.163 billion compared to first quarter 2024; First quarter 2025 Adjusted EBITDA margin was 22.3% First quarter 2025 Ambulatory Care Adjusted EBITDA of $456 million increased 15.7% over first quarter 2024 FY 2025 Adjusted EBITDA Outlook is expected to be in the range of $3.975 billion to $4.175 billion Tenet Healthcare Corporation (Tenet) (NYSE:THC) today announced its results f

      4/29/25 6:45:00 AM ET
      $THC
      Hospital/Nursing Management
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    • Tenet to Report Its First Quarter 2025 Results on April 29th

      Tenet Healthcare Corporation (NYSE:THC) will release its first quarter 2025 results before the market opens on Tuesday, April 29, 2025, to be followed by a conference call at 9:00 a.m. CT (10:00 a.m. Eastern Time). A live webcast and audio archive of the call may be accessed through the investor relations section of Tenet's website at www.tenethealth.com/investors. About Tenet Healthcare Tenet Healthcare Corporation (NYSE:THC) is a diversified healthcare services company headquartered in Dallas. Our care delivery network includes United Surgical Partners International, the largest ambulatory platform in the country, which operates ambulatory surgery centers and surgical hospitals. We als

      4/9/25 9:00:00 AM ET
      $THC
      Hospital/Nursing Management
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    $THC
    Analyst Ratings

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    • Tenet Healthcare downgraded by Robert W. Baird with a new price target

      Robert W. Baird downgraded Tenet Healthcare from Outperform to Neutral and set a new price target of $137.00

      4/15/25 9:28:30 AM ET
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      Hospital/Nursing Management
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    • Morgan Stanley initiated coverage on Tenet Healthcare with a new price target

      Morgan Stanley initiated coverage of Tenet Healthcare with a rating of Overweight and set a new price target of $165.00

      3/26/25 7:51:37 AM ET
      $THC
      Hospital/Nursing Management
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    • TD Cowen initiated coverage on Tenet Healthcare with a new price target

      TD Cowen initiated coverage of Tenet Healthcare with a rating of Buy and set a new price target of $175.00

      2/26/25 8:12:37 AM ET
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    Large Ownership Changes

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    • Amendment: SEC Form SC 13G/A filed by Tenet Healthcare Corporation

      SC 13G/A - TENET HEALTHCARE CORP (0000070318) (Subject)

      11/14/24 4:17:18 PM ET
      $THC
      Hospital/Nursing Management
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    • Amendment: SEC Form SC 13G/A filed by Tenet Healthcare Corporation

      SC 13G/A - TENET HEALTHCARE CORP (0000070318) (Subject)

      11/14/24 1:22:34 PM ET
      $THC
      Hospital/Nursing Management
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    • SEC Form SC 13G filed by Tenet Healthcare Corporation

      SC 13G - TENET HEALTHCARE CORP (0000070318) (Subject)

      11/12/24 10:34:15 AM ET
      $THC
      Hospital/Nursing Management
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    $THC
    Insider Trading

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    • EVP, Chief Information Officer Arbour Paola M sold $1,035,052 worth of shares (6,461 units at $160.20), decreasing direct ownership by 19% to 27,848 units (SEC Form 4)

      4 - TENET HEALTHCARE CORP (0000070318) (Issuer)

      5/16/25 8:00:03 PM ET
      $THC
      Hospital/Nursing Management
      Health Care
    • Director Kerrey J Robert sold $742,653 worth of shares (5,001 units at $148.50), decreasing direct ownership by 18% to 22,377 units (SEC Form 4)

      4 - TENET HEALTHCARE CORP (0000070318) (Issuer)

      5/12/25 8:00:06 PM ET
      $THC
      Hospital/Nursing Management
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    • Director Kerrey J Robert sold $1,194,752 worth of shares (9,525 units at $125.43), decreasing direct ownership by 26% to 27,378 units (SEC Form 4)

      4 - TENET HEALTHCARE CORP (0000070318) (Issuer)

      3/12/25 7:00:05 PM ET
      $THC
      Hospital/Nursing Management
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