Inferra AI / Company / THC
Tenet Healthcare
THC · Health Care
Last earnings Oct 29, 2026
Key results
Revenuequarter
$38 million
In the third quarter of 2025, the Hospital segment recognized a $38 million favorable pre-tax impact associated with additional Medicaid supplemental revenues related to prior years.
SEC original ↗Tenet Healthcare — Earnings release (8-K exhibit)EX-99Oct 28, 2025
Free cash flowytd
$2.163 billion
The Company produced free cash flow 1 of $2.163 billion for the nine months ended September 30, 2025 versus $1.777 billion for the nine months ended September 30, 2024.
SEC original ↗Tenet Healthcare — Earnings release (8-K exhibit)EX-99Oct 28, 2025
revenues increased 11.9% compared to third quarter 2024 driven by strong growth in same-facility net patient services revenues, acquisitions of facilities, and increased service lines.
SEC original ↗Tenet Healthcare — Earnings release (8-K exhibit)EX-99Oct 28, 2025
Surgical business same-facility system-wide net patient service revenues increased 8.3% in third quarter 2025 compared to third quarter 2024, with cases up 2.1% and net revenue per case up 6.1%.
SEC original ↗Tenet Healthcare — Earnings release (8-K exhibit)EX-99Oct 28, 2025
Same-hospital net patient service revenue per adjusted admission increased 5.9% year-over-year for third quarter 2025 primarily due to favorable payer mix, increased Medicaid supplemental revenues, and our focus on growing higher acuity services.
SEC original ↗Tenet Healthcare — Earnings release (8-K exhibit)EX-99Oct 28, 2025
revenues increased 0.7% from third quarter 2024 primarily due to growth in same hospital adjusted admissions, favorable payer mix and higher acuity, partially offset by the impact of hospital divestitures in 2024.
SEC original ↗Tenet Healthcare — Earnings release (8-K exhibit)EX-99Oct 28, 2025
AI analysis
Q3 2025 · reported Oct 28, 2025
Based on: Earnings release + parent 8-K — transcript not held
Guidance · company-stated
“$21,150 to $21,350”
“available to Tenet common stockholders $1,334 to $1,399”
“$4,470 to $4,570”
“$1,450 to $1,480”
“$15.93 to $16.26”
“$875 to $975”
“$2,275 to $2,525”
“Up 5.5% to 7.5%”
Guidance stated in the release's Business Outlook table for full year 2025; no direction stated — figures as stated in the table.
Cash flow & capex
Capital allocation
In the three months ended September 30, 2025, the Company repurchased 0.6 million shares of common stock for $93 million.
In the nine months ended September 30, 2025, the Company repurchased 7.8 million shares of common stock for $1.188 billion.
Event summary
Tenet Healthcare Q3 2025 — In the third quarter of 2025, the Hospital segment recognized a $38 million favorable pre-tax impact associated with additional Medicaid supplemental revenues related to prior years.
Based on: Earnings release + parent 8-K — transcript not held
Guidance & outlook
revenues: “revenues $21,150 to $21,350”
Net income: “Net income available to Tenet common stockholders $1,334 to $1,399”
Adjusted EBITDA: “Adjusted EBITDA $4,470 to $4,570”
Adjusted net income: “Adjusted net income $1,450 to $1,480”
Adjusted diluted earnings per share: “Adjusted diluted earnings per share $15.93 to $16.26”
Capital expenditures: “Capital expenditures $875 to $975”
Free cash flow: “Free cash flow $2,275 to $2,525”
revenue: “revenue Up 5.5% to 7.5%”
revenues (“full year 2025”)
“revenues $21,150 to $21,350”
Net income (“full year 2025”)
“Net income available to Tenet common stockholders $1,334 to $1,399”
Adjusted EBITDA (“full year 2025”)
“Adjusted EBITDA $4,470 to $4,570”
Adjusted net income (“full year 2025”)
“Adjusted net income $1,450 to $1,480”
Adjusted diluted earnings per share (“full year 2025”)
“Adjusted diluted earnings per share $15.93 to $16.26”
Capital expenditures (“full year 2025”)
“Capital expenditures $875 to $975”
Free cash flow (“full year 2025”)
“Free cash flow $2,275 to $2,525”
revenue (“full year 2025”)
“revenue Up 5.5% to 7.5%”
Guidance stated in the release's Business Outlook table for full year 2025; no direction stated — figures as stated in the table.
Capital allocation
In the three months ended September 30, 2025, the Company repurchased 0.6 million shares of common stock for $93 million.
SEC original ↗Tenet Healthcare — Earnings release (8-K exhibit)EX-99Oct 28, 2025
In the nine months ended September 30, 2025, the Company repurchased 7.8 million shares of common stock for $1.188 billion.
SEC original ↗Tenet Healthcare — Earnings release (8-K exhibit)EX-99Oct 28, 2025
The Company s ratio of net debt to Adjusted EBITDA 1 was 2.30x at September 30, 2025 compared to 2.45x at June 30, 2025 and 2.54x at December 31, 2024.
SEC original ↗Tenet Healthcare — Earnings release (8-K exhibit)EX-99Oct 28, 2025
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.
SEC original ↗Tenet Healthcare — Earnings release (8-K exhibit)EX-99Oct 28, 2025
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.
SEC original ↗Tenet Healthcare — Earnings release (8-K exhibit)EX-99Oct 28, 2025
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.
SEC original ↗Tenet Healthcare — Earnings release (8-K exhibit)EX-99Oct 28, 2025
Strategy & priorities
We are well positioned for continued growth as we execute on our strategy in each of our markets.
SEC original ↗Tenet Healthcare — Earnings release (8-K exhibit)EX-99Oct 28, 2025
Same-hospital net patient service revenue per adjusted admission increased 5.9% year-over-year for third quarter 2025 primarily due to favorable payer mix, increased Medicaid supplemental revenues, and our focus on growing higher acuity services.
SEC original ↗Tenet Healthcare — Earnings release (8-K exhibit)EX-99Oct 28, 2025
Risks & headwinds
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 .
SEC original ↗Tenet Healthcare — Earnings release (8-K exhibit)EX-99Oct 28, 2025
Litigation and investigation benefit (costs) excluded do not include ordinary course of business malpractice and other litigation and related expenses.
SEC original ↗Tenet Healthcare — Earnings release (8-K exhibit)EX-99Oct 28, 2025
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.
SEC original ↗Tenet Healthcare — Earnings release (8-K exhibit)EX-99Oct 28, 2025
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.
SEC original ↗Tenet Healthcare — Earnings release (8-K exhibit)EX-99Oct 28, 2025
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.
SEC original ↗Tenet Healthcare — Earnings release (8-K exhibit)EX-99Oct 28, 2025
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.
SEC original ↗Tenet Healthcare — Earnings release (8-K exhibit)EX-99Oct 28, 2025
What changed vs prior quarter
Revenue — prior quarter passage and this quarter's passage are both cited.
SEC original ↗Tenet Healthcare — Earnings release (8-K exhibit)EX-99Oct 28, 2025
Free cash flow — prior quarter passage and this quarter's passage are both cited.
SEC original ↗Tenet Healthcare — Earnings release (8-K exhibit)EX-99Oct 28, 2025
Competitors
Competitors & peers
Same GICS sector — classification peers, not declared competitors
Filings
34 documents- Q3 2026
- 8-KTHC
Oct 29, 2026
- Q2 2026
- 8-KTHC
Sep 22, 2026
- 8-KTHC
Sep 8, 2026
- 10-QTHC
Jul 29, 2026
- 8-KTHC
Jul 23, 2026
- Q1 2026
- 8-KTHC
May 29, 2026
- 10-QTHC
Apr 30, 2026
- 8-KTHC
Apr 30, 2026
- 8-KTHC
Apr 10, 2026
- Q4 2025
- 8-KTHC
Mar 30, 2026
- 10-KTHC
Feb 17, 2026
- 8-KTHC
Feb 11, 2026
- 8-KTHC
Feb 2, 2026
- EX-99THC
Feb 2, 2026
- Q3 2025
- 8-KTHC
Nov 24, 2025
- 8-KTHC
Nov 18, 2025
- 8-KTHC
Nov 5, 2025
- 8-KTHC
Nov 3, 2025
- EX-99THC
Nov 3, 2025
- EX-99THC
Nov 3, 2025
- 10-QTHC
Oct 28, 2025
- 8-KTHC
Oct 28, 2025
- Q2 2025
- 10-QTHC
Jul 30, 2025
- 8-KTHC
Jul 22, 2025
- Q1 2025
- 8-KTHC
Jun 5, 2025
- 8-KTHC
May 27, 2025
- 10-QTHC
Apr 29, 2025
- 8-KTHC
Apr 29, 2025
- Q4 2024
- 10-KTHC
Feb 18, 2025
- 8-KTHC
Feb 12, 2025
- 8-KTHC
Jan 24, 2025
- Q3 2024
- 10-QTHC
Oct 29, 2024
- 8-KTHC
Oct 29, 2024
- Q2 2024
- 8-KTHC
Aug 5, 2024
Earnings releases
11 documentsPresentations
0 documentsNo presentations for Tenet Healthcare are held in this edition of the library.
Transcripts
0 documentsNo transcripts for Tenet Healthcare are held in this edition of the library.
Mentioned by
4 companiesOther tracked companies whose held documents mention Tenet Healthcare by name or ticker. A mention is counted once per document, from the document text the library holds.
“business same-facility system-wide net patient… … 288 Earnings per share available to Tenet Healthcare Corporation common shareholders: Basic $ 9.89 $ 3.16 Diluted $ 9.84 $ 3.14 Weighted average shares and dilutive securities ”
“s same-facility system-wide net patient… …406 Earnings per share available to Tenet Healthcare Corporation common shareholders: Basic $ 8.09 $ 4.31 Diluted $ 8.01 $ 4.27 Weighted average shares and dilutive securities…”
Harmony Biosciences Holdings, Inc. (HRMY)
“ative product: 100% purely synthetic, pharmaceutically manufactured cannabidiol devoid of THC, in a patent-protected, permeation-enhanced gel formulation. o Unique mode of transdermal delivery (through the… …clinical trial of ZYN002 in Fragile X sy”
“annabinoid products, including development of guidance on an upper limit on milligrams of THC per serving with considerations on per container limits and … …assets; (ii) realized fair value on inventories sold and other inventory charges; (iii) provi”
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