Tenet Healthcare Corporation

Tenet Healthcare, based in Dallas, Texas, runs hospitals, outpatient surgery centers and a billing services business. Health plans and government programs pay for most of the care it provides. In fiscal 2025, about 70% of net patient service revenue at its hospitals and related outpatient sites came from managed care payers. These are health plans that negotiate set rates with providers, including Medicare and Medicaid managed care plans.

Hospital Operations and Services brought in $16.1 billion in fiscal 2025, about 76% of total revenue of $21.3 billion. At December 31, 2025, it had 50 hospitals with 12,494 licensed beds in eight states. It also had 132 outpatient sites such as urgent care and imaging centers, and about 74% of them were in Arizona and Texas. The segment also includes Conifer Health Solutions, which handles insurance checks, coding, billing and collections for about 600 hospitals and other clients. Tenet returned to full ownership of Conifer effective January 1, 2026.

Ambulatory Care, run by the subsidiary USPI, produced $5.2 billion, about 24% of revenue. USPI held stakes in 533 ambulatory surgery centers, where patients usually go home the same day, and 26 surgical hospitals in 37 states. It builds and acquires these sites mainly through joint ventures with physicians and health systems. Common procedures include orthopedic and joint replacement surgery, digestive tract procedures, pain management, eye surgery and urology.

• In Q3 FY2026 (ended Sep 30, 2026), revenue was $5.63B, up 6.5% from a year earlier, and net income was $1.00B (+192.4%).
• For fiscal 2025, revenue was $21.31B (+3.1% year over year; +3.9% a year from FY2020 to FY2025) with a 6.6% net margin.

• Over FY2021–FY2025: $2.51B in buybacks and $0.00 in dividends.
• The company pays no regular dividend.
• Shares outstanding changed -25.9% from Jan 31, 2022 to Oct 23, 2026.

Rank among 1514 US companies

Market value at each year end

Tenet Healthcare’s market value went from $5.28B at the end of 2022 to $21.37B on Oct 28, 2026, about 4.1 times as much; since the end of 2025 it is up 22%.

Form 4 filings from 2025-10-30 to 2026-10-30 (25 read): 0 open-market purchases and 25 sales ($51.5M).

Large shareholders (13G filings)

ETFs with the most weight in THC

1. Heavy reliance on a few health plans. About 70% of fiscal 2025 hospital patient revenue came from managed care payers, and the top 10 supplied 69% of that. Lower rates, payment denials or a lost contract could hurt results.
2. Concentrated in a few states. Its 50 hospitals were in eight states at the end of 2025, and about 74% of its hospital-segment outpatient centers were in Arizona and Texas. Local downturns, disasters or rule changes there could hurt results.
3. A large debt load. Total debt was about $13.2 billion as of June 30, 2026, against $2.2 billion of cash and investments. Heavy debt can limit flexibility in a downturn, and lender rules called covenants restrict some actions.
4. Dependence on doctors and joint venture partners. USPI builds and acquires surgery centers mainly through joint ventures with physicians and health systems. Losing key partners or failing to attract needed specialists could reduce patient volumes and slow growth.
5. Health policy changes could shrink paying patients. Some expanded Affordable Care Act provisions expired at the end of 2025, and Tenet expects more uninsured people from 2026. Changes or cuts to Medicare and Medicaid could also hurt results.
6. Rising labor costs and staff shortages. Competition for staff, a shortage of experienced nurses and other health workers, and union activity have raised Tenet's labor costs. The company warns this may continue.

• Oct 29, 2026 Quarterly results released
• Sep 22, 2026 Major agreement signed; New debt or financial obligation
• Sep 8, 2026 Investor presentation or announcement; Other company announcement
• Jul 23, 2026 Quarterly results released
• May 29, 2026 Shareholder vote results
• Apr 30, 2026 Quarterly results released
• Apr 10, 2026 Executive or board change
• Mar 30, 2026 Executive or board change
• Feb 11, 2026 Quarterly results released
• Feb 2, 2026 Quarterly results released; Investor presentation or announcement; Other company announcement

Tenet paid no dividends from fiscal 2021 through fiscal 2025 and had no dividend yield as of October 28, 2026. That means the stock offers no regular income, and an income investor would need to sell shares to raise cash. Tenet returns cash through buybacks instead. These totaled about $2.5 billion over those five years, including $1.39 billion in fiscal 2025. The share count fell about 25%, from roughly 107.1 million in October 2021 to 80.5 million in July 2026, so each remaining share gets a bigger slice of profits.

Our price record for Tenet covers about 4.1 years to October 28, 2026. It does not cover the 2008 financial crisis, the 2020 COVID crash or the 2022 bear market. Within that record, the deepest drop from a peak was about 37%. The shares also fell about 34% at one point in the year to that date. Single stocks carry more risk than diversified funds.