TENET HEALTHCARE (THC) Company Report

Tenet Healthcare Corporation entered into a new Credit Agreement dated November 4, 2025, with JPMorgan Chase Bank, N.A. serving as the Administrative Agent.
This new Credit Agreement provides Aggregate Revolving Credit Commitments totaling $1,900,000,000.00 from a syndicate of lenders.
Concurrently, Amendment No. 7 was executed on November 4, 2025, modifying the existing Letter of Credit Facility Agreement, which was originally dated March 7, 2014, and has Barclays Bank PLC as its administrative agent.

Nov 5, 2025, 9:05 PM

8-K

Tenet Healthcare Reports Strong Q3 2025 Results and Raises FY 2025 Outlook

THC

Earnings

Guidance Update

Share Buyback

Tenet Healthcare reported strong third quarter 2025 results, with Consolidated Adjusted EBITDA reaching $1.099 billion, representing 12% growth, and Adjusted Diluted EPS growing 26%. The Consolidated Adjusted EBITDA Margin for the quarter was 20.8%.
The company increased its FY 2025 Adjusted EBITDA Outlook by $50 million to a new range of $4.47 to $4.57 billion and raised its Free Cash Flow – NCI Outlook by $250 million to $1.495 to $1.695 billion.
As of September 30, 2025, the EBITDA Leverage Ratio was 2.30x (2.93x EBITDA-NCI). During Q3 2025, Tenet repurchased approximately 0.6 million shares for $93 million and acquired 11 ambulatory centers while opening 2 de novo centers.

Oct 28, 2025, 2:30 PM

Presentation

Tenet Healthcare Reports Strong Q3 2025 Results and Raises Full-Year Guidance

THC

Earnings

Guidance Update

Share Buyback

Tenet Healthcare reported strong Q3 2025 net operating revenues of $5.3 billion and consolidated adjusted EBITDA of $1.1 billion, representing a 12% increase over Q3 2024 and an adjusted EBITDA margin of 20.8%.
The company raised its full-year 2025 adjusted EBITDA guidance to a range of $4.47 billion-$4.57 billion, an increase of $445 million at the midpoint from initial guidance, and increased full-year 2025 free cash flow minus NCI guidance to $1.495 billion-$1.695 billion.
Both USPI and the hospital segment showed strong performance in Q3 2025, with USPI's adjusted EBITDA growing 12% year-over-year and same-facility revenues up 8.3%, while the hospital segment's adjusted EBITDA grew 13% with same-store adjusted admissions increasing 1.4%.
The company repurchased 598,000 shares for $93 million in Q3 2025, bringing year-to-date repurchases to 7.8 million shares for $1.2 billion through September 30, 2025.

Oct 28, 2025, 2:30 PM

Transcript

THC Reports Strong Q3 2025 Results and Raises Full-Year Guidance

THC

Earnings

Guidance Update

Share Buyback

THC reported strong Q3 2025 financial results, with net operating revenues of $5.3 billion and consolidated adjusted EBITDA of $1.1 billion, representing a 12% year-over-year growth. The adjusted EBITDA margin improved to 20.8%.
The company raised its full-year 2025 guidance for several key metrics, including adjusted EBITDA to a range of $4.47 to $4.57 billion , capital expenditures to $875 to $975 million , and free cash flow after non-controlling interest to $1.495 to $1.695 billion.
Both segments demonstrated strong performance, with USPI's adjusted EBITDA growing 12% to $492 million and same-facility revenues increasing 8.3%. The hospital segment's adjusted EBITDA grew 13% to $607 million.
THC continued its share repurchase program, buying back 598,000 shares for $93 million in Q3 2025, bringing the year-to-date total to 7.8 million shares for $1.2 billion through September 30, 2025.
The company maintained a strong financial position with $2.98 billion in cash on hand and a leverage ratio of 2.3 times EBITDA as of September 30, 2025.

Oct 28, 2025, 2:30 PM

Transcript

Tenet Healthcare Reports Strong Q3 2025 Results and Raises Full-Year Guidance

THC

Earnings

Guidance Update

M&A

Tenet Healthcare reported net operating revenues of $5.3 billion and consolidated adjusted EBITDA of $1.1 billion for Q3 2025, representing 12% growth over Q3 2024 and an adjusted EBITDA margin of 20.8%.
The company raised its full-year 2025 adjusted EBITDA guidance to a range of $4.47 billion to $4.57 billion, an increase of $445 million at the midpoint from its initial guidance.
USPI delivered strong results, with adjusted EBITDA growing 12% year over year to $492 million in Q3 2025, and the company acquired 11 centers and opened two de novo centers during the quarter.
Full-year 2025 guidance for free cash flow after non-controlling interest (NCI) was increased to a range of $1.495 billion to $1.695 billion, an increase of $250 million at the midpoint from previous guidance, driven by EBITDA growth and strong cash collection performance by Conifer.
Tenet repurchased 598,000 shares for $93 million in Q3 2025, bringing year-to-date repurchases through September 30, 2025, to 7.8 million shares for $1.2 billion.

Oct 28, 2025, 2:30 PM

Transcript

Tenet Reports Strong Q3 2025 Results and Raises Full-Year Outlook

THC

Earnings

Guidance Update

Share Buyback

Tenet reported strong third quarter 2025 results, with net income available to common shareholders of $342 million, or $3.86 per diluted share, and Adjusted diluted earnings per share increasing 26.3% to $3.70 compared to Q3 2024.
Consolidated Adjusted EBITDA for Q3 2025 increased 12.4% to $1.099 billion, with the Ambulatory Care segment's Adjusted EBITDA growing 12.1% to $492 million over Q3 2024.
The company raised its FY 2025 Adjusted EBITDA Outlook to a range of $4.47 billion to $4.57 billion, representing a $50 million increase at the midpoint.
For the nine months ended September 30, 2025, Tenet repurchased 7.8 million shares of common stock for $1.188 billion.

Oct 28, 2025, 10:45 AM

Press Release

Tenet Healthcare Reiterates FY 2025 Guidance and Discusses Strategic Priorities

THC

Guidance Update

New Projects/Investments

Share Buyback

Tenet Healthcare reiterated its earnings guidance for FY 2025, including a raise in EBITDA, free cash flow, and USPI M&A guidance, primarily driven by core operating performance and strong volumes/acuity, with about $100 million from out-of-period Medicaid supplemental payments.
The company maintains a strong balance sheet with leverage just above three times EBITDA minus NCI and is actively investing in its business, with CapEx increasing and a high interest in USPI M&A. Excess cash flow generation beyond these commitments is expected to accrue to share repurchases.
Operationally, Tenet is pleased with its high-acuity strategy in hospitals, which contributes to consistent earnings and improved margins. The USPI business exceeded expectations in the first half of FY 2025 with over 7% same-store revenue growth, and the Conifer Health Solutions business is also growing with stable margins.
The most important near-term policy topic is the potential extension of enhanced exchange premium tax credits, which the company believes has building momentum due to its importance to individuals and small businesses.

Sep 3, 2025, 2:34 PM

Tenet Healthcare Corp Reports Strong Q2 2025 Results and Raises Full-Year Guidance

THC

Earnings

Guidance Update

Share Buyback

Tenet Healthcare Corp reported strong Q2 2025 financial results, with net operating revenues of $5.3 billion and consolidated adjusted EBITDA of $1.121 billion, representing 19% growth over Q2 2024. The adjusted EBITDA margin improved by 280 basis points to 21.3%.
The company raised its full-year 2025 consolidated adjusted EBITDA guidance to a range of $4.4 billion to $4.54 billion, an increase of $395 million at the midpoint, and full-year net operating revenues to $20.95 billion to $21.25 billion. Free cash flow guidance for 2025 was also increased to a range of $2.025 billion to $2.275 billion.
In the first half of 2025, Tenet Healthcare Corp repurchased 7.2 million shares for $1.1 billion, and the Board of Directors authorized a $1.5 billion increase to the share repurchase program.
Segment performance in Q2 2025 was strong, with USPI's adjusted EBITDA growing 11% to $498 million and the Hospital segment's adjusted EBITDA growing 25% to $623 million.

Jul 22, 2025, 6:35 PM

Tenet Healthcare Corp Conference Call Overview

THC

Revenue Acceleration/Inflection

M&A

Share Buyback

Ambulatory surgery centers were highlighted as a key growth area, with the company focusing on shifting from low-acuity to higher-acuity procedures and expanding its robotic surgical capabilities.
The Q1 performance was described as strong, with double-digit revenue gains driven by a higher acuity mix despite flat same-store volumes, supporting consistent 3%-6% topline growth.
Executives emphasized a disciplined approach to managing capacity and costs within their hospital business, maintaining strong margins even amid policy uncertainty.
The company reaffirmed its robust free cash flow generation, supporting further share repurchases, CapEx, and M&A investments for growth.

May 13, 2025, 5:41 PM

Transcript

Tenet Healthcare Reports Q1 2025 Earnings Beat

THC

Earnings

Share Buyback

M&A

Guidance Update

Revenue Acceleration/Inflection

Q1 2025 highlights: Consolidated adjusted EBITDA reached $1.163 billion (up ~14% YoY) with net income of $406 million ($4.27 per diluted share) and adjusted diluted EPS up 35.4% to $4.36
Operating revenues hit $5.2 billion, underpinning the robust quarterly performance
Strong segment results: The USPI segment achieved 16% growth in adjusted EBITDA while the hospital segment delivered $707 million in adjusted EBITDA with improved margins
Healthy liquidity was demonstrated with operating cash flow of $815 million and free cash flow of $642 million
Full-year guidance was provided with Adjusted EBITDA between $3.975 and $4.175 billion and net operating revenues projected between $20.6 and $21.0 billion
Strategic capital actions included a share repurchase of approximately 2.6 million shares and maintained a deleveraged balance sheet with a net debt to EBITDA ratio of 3.1

Apr 29, 2025, 2:01 PM

Transcript Presentation 8-K

Earnings Transcripts

Quarterly earnings call transcripts for TENET HEALTHCARE.

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