Tenet Healthcare Corporation (Tenet) (NYSE: THC) today announced its results for the quarter ended June 30, 2025.

"Our strong second quarter results extend our track record of attractive same store revenue growth, operational performance driven by fundamentals, and robust free cash flow generation," said Saum Sutaria, M.D., Chairman and Chief Executive Officer of Tenet. "We continue to make investments both organically and inorganically to expand our capabilities and innovate to better serve our patients."

Tenet’s results for second quarter 2025 versus second quarter 2024 are as follows:

Three Months Ended
June 30,

Six Months Ended
June 30,

($ in millions, except per share results)

2025

2024

2025

2024

Net operating revenues

$5,271

$5,108

$10,494

$10,476

Net income available to Tenet common shareholders

$288

$259

$694

$2,410

Net income available to Tenet common shareholders per diluted share

$3.14

$2.64

$7.43

$24.22

Adjusted EBITDA1

$1,121

$945

$2,284

$1,969

Adjusted diluted earnings per share1

$4.02

$2.31

$8.38

$5.53

  • Net income available to the Company’s common shareholders in second quarter 2025 was $288 million, or $3.14 per diluted share, versus $259 million, or $2.64 per diluted share, in second quarter 2024.
  • Adjusted EBITDA1 in second quarter 2025 was $1.121 billion compared to $945 million in second quarter 2024, reflecting strong growth in same facility revenue, higher acuity, favorable payer mix, and disciplined expense management.
  • In the second quarter of 2025, the Hospital segment recognized a $79 million favorable pre-tax impact associated with additional Medicaid supplemental revenues related to prior periods, including the recently approved program in Tennessee. Second quarter 2024 results included a $30 million favorable pre-tax impact associated with additional Medicaid supplemental revenues related to prior years.

Balance Sheet and Cash Flows

  • Cash flows provided by operating activities for the six months ended June 30, 2025 were $1.751 billion versus $1.333 billion for the six months ended June 30, 2024.
  • The Company produced free cash flow1 of $1.385 billion for the six months ended June 30, 2025 versus $948 million for the six months ended June 30, 2024.
  • In the three months ended June 30, 2025, the Company repurchased 4.6 million shares of common stock for $747 million. In the six months ended June 30, 2025, the Company repurchased 7.2 million shares of common stock for $1.095 billion.
  • The Company's Board of Directors authorized a $1.5 billion increase to the share repurchase program. With this new authorization, the Company has $1.781 billion remaining under its repurchase authorization as of July 22, 2025. Repurchases will be made at management's discretion from time to time in the open market or through privately negotiated transactions, subject to market conditions and other relevant factors.
  • The Company’s ratio of net debt to Adjusted EBITDA1 was 2.45x at June 30, 2025 compared to 2.46x at March 31, 2025 and 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 June 30, 2025, USPI had interests in 521 ambulatory surgery centers (385 consolidated) and 26 surgical hospitals (eight consolidated) in 37 states.

Three Months Ended
June 30,

Six Months Ended
June 30,

Ambulatory segment results ($ in millions)

2025

2024

2025

2024

Revenues

Net operating revenues

$1,270

$1,141

$2,464

$2,136

Same-facility system-wide net patient service revenues2

$2,067

$1,920

$3,999

$3,735

Changes versus the Prior-Year Period

Same-facility system-wide net patient service revenues

7.7 %

7.1 %

7.1 %

6.8 %

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

8.3 %

6.8 %

8.6 %

6.8 %

Same-facility system-wide surgical cases2

(0.6) %

0.2 %

(1.4) %

— %

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

(0.6) %

0.2 %

(0.6) %

— %

Adjusted EBITDA, Margins and NCI

Adjusted EBITDA

$498

$447

$954

$841

Adjusted EBITDA margin

39.2%

39.2%

38.7%

39.4%

Adjusted EBITDA less NCI

$303

$273

$582

$514

  • Second quarter 2025 net operating revenues increased 11.3% compared to second 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 7.7% in second quarter 2025 compared to second quarter 2024, with cases down 0.6% and net revenue per case up 8.3%. 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.
  • Second quarter 2025 Adjusted EBITDA increased 11.4% compared to second 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
June 30,

Six Months Ended
June 30,

Hospital segment results($ in millions)

2025

2024

2025

2024

Revenues

Net operating revenues

$4,001

$3,967

$8,030

$8,340

Same-hospital net patient service revenues3

$3,414

$3,233

$6,874

$6,504

Same-Hospital Volume Changes versus the Prior-Year Period

Admissions

1.6%

5.2%

3.0%

4.7%

Adjusted admissions4

0.4%

2.4%

1.6%

2.1%

Outpatient visits (including outpatient ER visits)

(3.2)%

0.6%

(1.3)%

(0.1)%

Emergency Room visits (inpatient and outpatient)

(4.7)%

1.7%

(1.6)%

2.8%

Hospital surgeries

(1.7)%

1.5%

(1.6)%

(0.3)%

Adjusted EBITDA

Adjusted EBITDA

$623

$498

$1,330

$1,128

Adjusted EBITDA margin

15.6%

12.6%

16.6%

13.5%

  • Second quarter 2025 net operating revenues increased 0.9% from second quarter 2024 primarily due to growth in same hospital admissions, favorable payer mix and higher acuity, partially offset by the impact of hospital divestitures in 2024.
  • Same-hospital net patient service revenue per adjusted admission increased 5.2% year-over-year for second quarter 2025 primarily due to favorable payer mix, and our focus on growing higher acuity services.
  • Adjusted EBITDA in second quarter 2025 was $623 million compared to $498 million in second quarter 2024, reflecting strong same-hospital revenue growth, favorable payer mix, and disciplined expense management.
  • In the second quarter of 2025, the Hospital segment recognized a $79 million favorable pre-tax impact associated with additional Medicaid supplemental revenues related to prior periods, including the recently approved program in Tennessee. Second quarter 2024 results included a $30 million favorable pre-tax impact associated with additional Medicaid supplemental revenues related to prior years.

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

$20,950 to $21,250

Net income available to Tenet common stockholders

$1,279 to $1,379

Adjusted EBITDA

$4,400 to $4,540

Adjusted EBITDA margin

21.0% to 21.4%

Diluted income per common share

$14.05 to $15.15

Adjusted net income

$1,415 to $1,475

Adjusted diluted earnings per share

$15.55 to $16.21

Equity in earnings of unconsolidated affiliates

$255 to $265

Depreciation and amortization

$805 to $835

Interest expense

$815 to $825

Income tax expense5

$475 to $505

Net income available to NCI

$940 to $990

Weighted average diluted common shares

~91 million

Net cash provided by operating activities

$2,750 to $3,100

Adjusted net cash provided by operating activities

$2,900 to $3,200

Capital expenditures

$725 to $825

Free cash flow

$2,025 to $2,275

Adjusted free cash flow

$2,175 to $2,375

NCI cash distributions

$780 to $830

Ambulatory Segment($ in millions)

FY 2025 Outlook

Net operating revenues

$5,000 to $5,150

Adjusted EBITDA

$1,990 to $2,050

NCI

$790 to $820

Adjusted EBITDA less NCI

$1,200 to $1,230

Changes versus prior year6:

Same-facility system-wide revenue

Up 4.0% to 7.0%

Hospital Segment ($ in millions)

FY 2025 Outlook

Net operating revenues

$15,950 to $16,100

Adjusted EBITDA

$2,410 to $2,490

NCI

$150 to $170

Changes versus prior year6:

Inpatient admissions

Up 2.0% to 3.0%

Adjusted admissions

Up 1.5% to 2.5%

Management’s Webcast Discussion of Results

Tenet management will discuss the Company’s second quarter 2025 results in a webcast scheduled for 10:00 a.m. Eastern Time (9:00 a.m. Central Time) on July 22, 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 July 22, 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 June 30, 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 Flowis 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

Second Quarter Earnings Release

Table of Contents

Description

Page

Consolidated Statements of Operations

12

Consolidated Balance Sheets

14

Consolidated Statements of Cash Flows

15

Segment Reporting

16

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

17

Table #2 – Reconciliations of Net Income to Adjusted EBITDA

18

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

19

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

20

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

21

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

22

TENET HEALTHCARE CORPORATION

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

(Dollars in millions, except per share amounts)

Three Months Ended June 30,

2025

%

2024

%

Change

Net operating revenues

$

5,271

100.0

%

$

5,108

100.0

%

3.2

%

Equity in earnings of unconsolidated affiliates

61

1.2

%

61

1.2

%

—

%

Operating expenses:

Salaries, wages and benefits

2,160

41.0

%

2,168

42.4

%

(0.4

)%

Supplies

932

17.7

%

908

17.8

%

2.6

%

Other operating expenses, net

1,119

21.3

%

1,148

22.4

%

(2.5

)%

Depreciation and amortization

208

3.9

%

208

4.1

%

Impairment and restructuring charges, and acquisition-related costs

24

0.5

%

29

0.6

%

Litigation and investigation costs

28

0.5

%

5

0.1

%

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

38

0.7

%

(58

)

(1.1

)%

Operating income

823

15.6

%

761

14.9

%

Interest expense

(206

)

(203

)

Other non-operating income, net

25

29

Income before income taxes

642

587

Income tax expense

(120

)

(110

)

Net income

522

477

Less: Net income available to noncontrolling interests

234

218

Net income available to Tenet Healthcare Corporation common shareholders

$

288

$

259

Earnings per share available to Tenet Healthcare Corporation common shareholders:

Basic

$

3.16

$

2.66

Diluted

$

3.14

$

2.64

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

Basic

91,135

97,267

Diluted

91,791

98,444

TENET HEALTHCARE CORPORATION

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

(Dollars in millions, except per share amounts)

Six Months Ended June 30,

2025

%

2024

%

Change

Net operating revenues

$

10,494

100.0

%

$

10,476

100.0

%

0.2

%

Equity in earnings of unconsolidated affiliates

117

1.1

%

120

1.1

%

(2.5

)%

Operating expenses:

Salaries, wages and benefits

4,279

40.8

%

4,489

42.9

%

(4.7

)%

Supplies

1,839

17.5

%

1,836

17.5

%

0.2

%

Other operating expenses, net

2,209

21.1

%

2,302

21.9

%

(4.0

)%

Depreciation and amortization

414

3.9

%

416

4.0

%

Impairment and restructuring charges, and acquisition-related costs

43

0.4

%

56

0.5

%

Litigation and investigation costs

45

0.4

%

9

0.1

%

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

16

0.2

%

(2,558

)

(24.4

)%

Operating income

1,766

16.8

%

4,046

38.6

%

Interest expense

(410

)

(421

)

Other non-operating income, net

51

54

Loss from early extinguishment of debt

—

(8

)

Income before income taxes

1,407

3,671

Income tax expense

(263

)

(860

)

Net income

1,144

2,811

Less: Net income available to noncontrolling interests

450

401

Net income available to Tenet Healthcare Corporation common shareholders

$

694

$

2,410

Earnings per share available to Tenet Healthcare Corporation common shareholders:

Basic

$

7.49

$

24.49

Diluted

$

7.43

$

24.22

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

Basic

92,688

98,424

Diluted

93,408

99,557

TENET HEALTHCARE CORPORATION

CONSOLIDATED BALANCE SHEETS

(Unaudited)

(Dollars in millions)

June 30,

December 31,

2025

2024

ASSETS

Current assets:

Cash and cash equivalents

$

2,625

$

3,019

Accounts receivable

2,533

2,536

Inventories of supplies, at cost

338

346

Assets held for sale

21

21

Other current assets

1,781

1,760

Total current assets

7,298

7,682

Investments and other assets

2,994

3,037

Deferred income taxes

76

80

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

6,024

6,049

Goodwill

10,935

10,691

Other intangible assets, at cost, less accumulated amortization

1,372

1,397

Total assets

$

28,699

$

28,936

LIABILITIES AND EQUITY

Current liabilities:

Current portion of long-term debt

$

84

$

92

Accounts payable

1,360

1,294

Accrued compensation and benefits

793

899

Professional and general liability reserves

275

238

Accrued interest payable

148

149

Liabilities held for sale

12

13

Income tax payable

25

18

Other current liabilities

1,574

1,607

Total current liabilities

4,271

4,310

Long-term debt, net of current portion

13,091

13,081

Professional and general liability reserves

873

900

Defined benefit plan obligations

297

298

Deferred income taxes

230

227

Other long-term liabilities

1,635

1,573

Total liabilities

20,397

20,389

Commitments and contingencies

Redeemable noncontrolling interests in equity of consolidated subsidiaries

2,826

2,727

Equity:

Shareholders’ equity:

Common stock

8

8

Additional paid-in capital

4,858

4,873

Accumulated other comprehensive loss

(177

)

(180

)

Retained earnings

3,702

3,008

Common stock in treasury, at cost

(4,642

)

(3,538

)

Total shareholders’ equity

3,749

4,171

Noncontrolling interests

1,727

1,649

Total equity

5,476

5,820

Total liabilities and equity

$

28,699

$

28,936

TENET HEALTHCARE CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

(Dollars in millions)

Six Months Ended

June 30,

2025

2024

Net income

$

1,144

$

2,811

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

Depreciation and amortization

414

416

Deferred income tax expense (benefit)

11

(93

)

Stock-based compensation expense

41

36

Impairment and restructuring charges, and acquisition-related costs

43

56

Litigation and investigation costs

45

9

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

16

(2,558

)

Loss from early extinguishment of debt

—

8

Equity in earnings of unconsolidated affiliates, net of distributions received

(8

)

(3

)

Amortization of debt discount and debt issuance costs

12

14

Net gains from the sale of investments and long-lived assets

—

(1

)

Other items, net

(1

)

(3

)

Changes in cash from operating assets and liabilities:

Accounts receivable

40

77

Inventories and other current assets

9

16

Income taxes

10

713

Accounts payable, accrued expenses and other current liabilities

24

(124

)

Other long-term liabilities

32

23

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

(81

)

(64

)

Net cash provided by operating activities

1,751

1,333

Cash flows from investing activities:

Purchases of property and equipment

(366

)

(385

)

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

(147

)

(510

)

Proceeds from sales of facilities and other assets

14

4,048

Proceeds from sales of marketable securities and long-term investments

37

17

Purchases of marketable securities and long-term investments

(38

)

(26

)

Other items, net

(1

)

(10

)

Net cash provided by (used in) investing activities

(501

)

3,134

Cash flows from financing activities:

Repayments of borrowings

(62

)

(2,179

)

Proceeds from borrowings

15

8

Repurchases of common stock

(1,095

)

(548

)

Distributions paid to noncontrolling interests

(374

)

(323

)

Proceeds from the sale of noncontrolling interests

18

10

Purchases of noncontrolling interests

(79

)

(88

)

Advances from managed care payers

—

342

Repayments of advances from managed care payers

(12

)

—

Other items, net

(55

)

(37

)

Net cash used in financing activities

(1,644

)

(2,815

)

Net increase (decrease) in cash and cash equivalents

(394

)

1,652

Cash and cash equivalents at beginning of period

3,019

1,228

Cash and cash equivalents at end of period

$

2,625

$

2,880

Supplemental disclosures:

Interest paid, net of capitalized interest

$

(399

)

$

(459

)

Income tax payments, net

$

(242

)

$

(240

)

TENET HEALTHCARE CORPORATION

SEGMENT REPORTING

(Unaudited)

Three Months Ended

Six Months Ended

June 30,

June 30,

(Dollars in millions)

2025

2024

2025

2024

Net operating revenues:

Ambulatory Care

$

1,270

$

1,141

$

2,464

$

2,136

Hospital Operations and Services

4,001

3,967

8,030

8,340

Total

$

5,271

$

5,108

$

10,494

$

10,476

Equity in earnings of unconsolidated affiliates:

Ambulatory Care

$

59

$

58

$

113

$

114

Hospital Operations and Services

2

3

4

6

Total

$

61

$

61

$

117

$

120

Adjusted EBITDA:

Ambulatory Care

$

498

$

447

$

954

$

841

Hospital Operations and Services

623

498

1,330

1,128

Total

$

1,121

$

945

$

2,284

$

1,969

Adjusted EBITDA margins:

Ambulatory Care

39.2

%

39.2

%

38.7

%

39.4

%

Hospital Operations and Services

15.6

%

12.6

%

16.6

%

13.5

%

Total

21.3

%

18.5

%

21.8

%

18.8

%

Capital expenditures:

Ambulatory Care

$

27

$

19

$

52

$

37

Hospital Operations and Services

166

126

314

348

Total

$

193

$

145

$

366

$

385

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

Six Months Ended

June 30,

June 30,

(Dollars in millions, except per share amounts)

2025

2024

2025

2024

Net income available to Tenet Healthcare Corporation common shareholders

$

288

$

259

$

694

$

2,410

Less:

Impairment and restructuring charges, and acquisition-related costs

(24

)

(29

)

(43

)

(56

)

Litigation and investigation costs

(28

)

(5

)

(45

)

(9

)

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

(38

)

58

(16

)

2,558

Loss from early extinguishment of debt

—

—

—

(8

)

Tax and noncontrolling interests impact of above items

9

9

15

(625

)

Adjusted net income available to common shareholders

$

369

$

226

$

783

$

550

Diluted earnings per share

$

3.14

$

2.64

$

7.43

$

24.22

Less:

Impairment and restructuring charges, and acquisition-related costs

(0.26

)

(0.30

)

(0.46

)

(0.56

)

Litigation and investigation costs

(0.31

)

(0.05

)

(0.48

)

(0.09

)

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

(0.41

)

0.59

(0.17

)

25.70

Loss from early extinguishment of debt

—

—

—

(0.08

)

Tax and noncontrolling interests impact of above items

0.10

0.09

0.16

(6.28

)

Adjusted diluted earnings per share

$

4.02

$

2.31

$

8.38

$

5.53

Weighted average basic shares outstanding (in thousands)

91,135

97,267

92,688

98,424

Weighted average dilutive shares outstanding (in thousands)

91,791

98,444

93,408

99,557

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

Six Months Ended

June 30,

June 30,

(Dollars in millions)

2025

2024

2025

2024

Net income available to Tenet Healthcare Corporation common shareholders

$

288

$

259

$

694

$

2,410

Less:

Net income available to noncontrolling interests

(234

)

(218

)

(450

)

(401

)

Net income

522

477

1,144

2,811

Income tax expense

(120

)

(110

)

(263

)

(860

)

Loss from early extinguishment of debt

—

—

—

(8

)

Other non-operating income, net

25

29

51

54

Interest expense

(206

)

(203

)

(410

)

(421

)

Operating income

823

761

1,766

4,046

Litigation and investigation costs

(28

)

(5

)

(45

)

(9

)

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

(38

)

58

(16

)

2,558

Impairment and restructuring charges, and acquisition-related costs

(24

)

(29

)

(43

)

(56

)

Depreciation and amortization

(208

)

(208

)

(414

)

(416

)

Adjusted EBITDA

$

1,121

$

945

$

2,284

$

1,969

Net operating revenues

$

5,271

$

5,108

$

10,494

$

10,476

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

5.5

%

5.1

%

6.6

%

23.0

%

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

21.3

%

18.5

%

21.8

%

18.8

%

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)

2025

(Dollars in millions)

Q2

YTD

Net cash provided by operating activities

$

936

$

1,751

Purchases of property and equipment

(193

)

(366

)

Free cash flow

$

743

$

1,385

Net cash used in investing activities

$

(314

)

$

(501

)

Net cash used in financing activities

$

(996

)

$

(1,644

)

Net cash provided by operating activities

$

936

$

1,751

Less:

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

(45

)

(81

)

Adjusted net cash provided by operating activities

981

1,832

Purchases of property and equipment

(193

)

(366

)

Adjusted free cash flow

$

788

$

1,466

2024

(Dollars in millions)

Q2

YTD

Net cash provided by operating activities

$

747

$

1,333

Purchases of property and equipment

(145

)

(385

)

Free cash flow

$

602

$

948

Net cash provided by (used in) investing activities

$

(194

)

$

3,134

Net cash used in financing activities

$

(154

)

$

(2,815

)

Net cash provided by operating activities

$

747

$

1,333

Less:

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

(39

)

(64

)

Adjusted net cash provided by operating activities

786

1,397

Purchases of property and equipment

(145

)

(385

)

Adjusted free cash flow

$

641

$

1,012

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

$

1,279

$

1,379

Less:

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

(150

)

(100

)

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

(16

)

(16

)

Tax and noncontrolling interests impact of above items

30

20

Adjusted net income available to common shareholders

$

1,415

$

1,475

Diluted earnings per share

$

14.05

$

15.15

Less:

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

(1.65

)

(1.10

)

Net losses on sales, consolidation and deconsolidation of facilities

(0.18

)

(0.18

)

Tax and noncontrolling interests impact of above items

0.33

0.22

Adjusted diluted earnings per share

$

15.55

$

16.21

Weighted average basic shares outstanding (in thousands)

90,000

90,000

Weighted average dilutive shares outstanding (in thousands)

91,000

91,000

(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 (losses) on sales, consolidation and deconsolidation of facilities 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

$

1,279

$

1,379

Less:

Net income available to noncontrolling interests

(940

)

(990

)

Income tax expense

(475

)

(505

)

Interest expense

(825

)

(815

)

Other non-operating income, net

90

100

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

(16

)

(16

)

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

(150

)

(100

)

Depreciation and amortization

(805

)

(835

)

Adjusted EBITDA

$

4,400

$

4,540

Net income available to Tenet Healthcare Corporation common shareholders

$

1,279

$

1,379

Net operating revenues

$

20,950

$

21,250

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

6.1

%

6.5

%

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

21.0

%

21.4

%

(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 (losses) on sales, consolidation and deconsolidation of facilities 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

$

2,750

$

3,100

Purchases of property and equipment

(725

)

(825

)

Free cash flow

$

2,025

$

2,275

Net cash provided by operating activities

$

2,750

$

3,100

Less:

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

(150

)

(100

)

Adjusted net cash provided by operating activities

2,900

3,200

Purchases of property and equipment

(725

)

(825

)

Adjusted free cash flow(2)

$

2,175

$

2,375

(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.

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Stablecoin i USA godkänns av senaten – kryptochefen: "Det här är superpositivt!"

USA har klubbat sin första lag om stablecoins. Förespråkarna talar om ökad kontroll och snabbare betalningar. Kritiker varnar för finanskaos.

En så kallad "bitcoinval" har gjort flera uppmärksammade transaktioner

15 juli, 16:15

"Bitcoinval" skapar oro – aktiv för första gången på 14 år

En mystisk "bitcoinval" tycks vara på väg att sälja en del av sitt innehav för första gången på 14 år.

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Börsen trader stock

Igår, 10:10

Börsen lyfter efter uppgifter om nytt handelsavtal

Stockholmsbörsen öppnade uppåt på torsdagen i spåren av att Financial Times på onsdagskvällen rapporterat att ett handelsavtal mellan USA och EU kan nås inom kort.

Nasdaq Stockholmsbörsen grön pekar upp grön börs

23 juli, 17:50

Volvo Cars i topp – bred uppgång på Stockholmsbörsen efter rapportflod

Stockholmsbörsen steg tydligt efter starka rapporter och nyhetsdrivna kurslyft. OMXS30 ökade 2,18% med Volvo, Nibe och flera medicinbolag i täten.

Kambi

23 juli, 08:14

Kambi minskar omsättning och vinst

Sportboksleverantören Kambi redovisar en omsättning som var lägre än väntat under andra kvartalet. Även resultatet sjönk.

Stora enso

23 juli, 07:51

Stora Ensos rörelsevinst något högre än väntat

Skogsindustribolaget Stora Enso redovisar en omsättning i linje med förväntat under andra kvartalet. Rörelsevinsten var något högre än väntat.

SSAB:s stålfabrik

23 juli, 07:46

SSAB bommar förväntningarna

Stålbolaget SSAB redovisar en omsättning som var lägre än väntat under andra kvartalet. Rörelseresultatet var också sämre än väntat.