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Tenet Healthcare
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Latest analysis
Updated Oct 29, 2026
Tenet Healthcare Q3 2026: Volume Growth and CHI Contract Termination Windfall Drive 97% Operating Income Surge
Tenet Healthcare's Q3 2026 results are defined by two distinct dynamics: genuine operational momentum — same-hospital admissions up 2.8%, adjusted admissions up 3.2%, and Ambulatory Care net revenue up 7.5% — and a $646 million one-time revenue recognition from the early completion of the CommonSpirit Health (CHI) revenue cycle management contract termination. Payer mix is deteriorating materially, with charity and uninsured admissions surging 25.6% on a same-hospital basis and managed care's share of admissions falling 160 basis points to 68.7%, the direct consequence of ACA exchange subsidy expiration. The OBBBA, with Medicaid work requirements and state-directed payment caps taking effect from 2027, represents the most consequential forward risk to both volume and supplemental payment revenue.
Tone: mixedRevenue
$21.3B
THC 10-K · FY 2025
Employees
99,000
Revenue FY2024
$20.7B
Headquarters
Dallas, TX
Profile
THC 10-K Item 1 · Feb 17, 2026Tenet Healthcare Corporation is a diversified healthcare services company operating a nationwide network of acute care hospitals, ambulatory surgery centers, surgical hospitals, and outpatient facilities. The company operates through two reporting segments — Hospital Operations and Services, and Ambulatory Care — with additional revenue cycle management and value-based care services delivered through its Conifer Health Solutions subsidiary. Tenet serves primarily urban and suburban communities across eight states.
Read filing description ↓ Collapse description ↑
Tenet Healthcare Corporation is a diversified healthcare services company headquartered in Dallas, Texas, with a Global Business Center in the Philippines that supports enterprise-wide administrative functions. The company operates through two reporting segments: Hospital Operations and Services and Ambulatory Care. At December 31, 2025, the Hospital Operations segment comprised 50 acute care and specialty hospitals, a network of employed physicians, and 132 outpatient facilities including urgent care centers, imaging centers, off-campus hospital emergency departments and micro-hospitals, serving primarily urban and suburban communities in eight states. The Hospital Operations segment also includes revenue cycle management and value-based care services delivered through Conifer Health Solutions, LLC, which at December 31, 2025 served approximately 600 Tenet and non-Tenet hospitals and other clients nationwide. The Ambulatory Care segment is operated through USPI Holding Company, Inc., which held ownership interests in 533 ambulatory surgery centers and 26 surgical hospitals across 37 states at December 31, 2025. USPI facilities offer orthopedics, total joint replacement, spinal and musculoskeletal procedures, gastroenterology, pain management, otolaryngology, ophthalmology and urology, among other specialties. Tenet employs nearly 100,000 people and acquires and develops ambulatory facilities primarily through joint ventures with physicians and health system partners.
Primary products
- Acute care hospital services
- Specialty hospital services
- Ambulatory surgery centers (ASCs)
- Surgical hospitals
- Urgent care centers (UCCs)
- Imaging centers
Business segments
End markets
Geographies
Named customers
Our top 10 managed care payers generated 69% of our managed care net patient service revenues for the year ended December 31, 2025.
“We believe our hospitals and outpatient facilities compete within local areas and regions on the basis of many factors, including: quality of care; location and ease of access; the scope and breadth of services offered; reputation; and the caliber of the facilities, equipment and employees.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Total net operating revenues increased from $20,675 million in 2024 to $21,310 million in 2025, driven primarily by growth in the Ambulatory Care segment, which rose from $4,534 million to $5,172 million, while Hospital Operations revenues were essentially flat.
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