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Tenet Healthcare
Tenet Healthcare (THC) investor relations material
Tenet Healthcare Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary11 Feb, 2026
Executive summary
Net operating revenues reached $21.31 billion in 2025, with consolidated Adjusted EBITDA of $4.57 billion, up 14% year-over-year.
Q4 2025 Adjusted EBITDA was $1.183 billion, up 13% year-over-year, with Adjusted Diluted EPS up 37%.
Free cash flow for 2025 totaled $2.53 billion, supporting growth and deleveraging, with a leverage ratio of 2.25x EBITDA.
Strong performance was driven by same-store revenue growth, high acuity, and disciplined cost control.
Major transactions, including the CommonSpirit/Conifer deal, will impact 2026 results with $1.65 billion contract termination revenue and $500 million tax expense.
Financial highlights
Q4 2025 net operating revenues were $5.53 billion, up 8.9% year-over-year; Adjusted EBITDA margin was 21.4%.
Full-year 2025 Adjusted EBITDA margin was 21.4%, up 210 basis points from 2024.
Free cash flow for 2025 was $2.53 billion; $2.8–$2.9 billion cash on hand at year-end.
Leverage ratio at year-end was 2.25x EBITDA, improved from 2.54x in 2024.
Repurchased 8.8 million shares for $1.386 billion in 2025.
Outlook and guidance
FY 2026 Adjusted EBITDA guidance: $4.485–$4.785 billion; net operating revenues: $21.5–$22.3 billion.
Adjusted free cash flow for 2026 projected at $2.5–$3.29 billion.
FY 2026 net income available to common shareholders forecast at $2.605–$2.84 billion; adjusted diluted EPS expected at $16.19–$18.47.
Guidance assumes 1%-2% same hospital admission growth and 3%-6% USPI same-facility revenue growth.
$250 million EBITDA headwind expected from expiration of enhanced premium tax credits.
Conifer deal revenue exclusion impact on outlook
Hospital segment volume declines vs revenue growth
Ambulatory Care Q4 EBITDA margin decline drivers
Detail structural expense management initiatives
EAPTCs: what's the mitigation strategy?
Conifer deal: strategic control benefits?
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Next Tenet Healthcare earnings date
Q1 202628 Apr, 2026
Tenet Healthcare
Next Tenet Healthcare earnings date
Q1 202628 Apr, 2026
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Frequently asked questions
The Health Care Providers segment includes hospitals, ambulatory surgery centers and imaging centers. The Health Plan segment includes investments in health plans and related businesses. The Other segment includes investments in other businesses, and centralized services provided to or on behalf of the company. As of December 31, 2018, it owned or operated 88 general acute care hospitals comprising 12,717 licensed beds; 36 behavioral health centers with 957 licensed beds; 22 surgical hospitals with 1,705 licensed beds; four long-term acute care hospital (LTACH) with 687 licensed beds; and 11 rehabilitation hospitals with 271 licensed beds. The company was founded in 1967 and is headquartered in Dallas, Texas
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