TENET HEALTHCARE CORP Goodwill & Intangibles Disclosure
| December 31, | |||||||||||
| 2025 | 2024 | ||||||||||
| Hospital Operations | |||||||||||
| Goodwill at beginning of period, net of accumulated impairment losses | $ | 2,697 | $ | 3,119 | |||||||
| Goodwill acquired during the year, including purchase price allocation adjustments | — | 42 | |||||||||
| Goodwill related to assets held for sale and disposed | — | (464) | |||||||||
| Goodwill at end of period, net of accumulated impairment losses | $ | 2,697 | $ | 2,697 | |||||||
| Ambulatory Care | |||||||||||
| Goodwill at beginning of period | 7,994 | $ | 7,188 | ||||||||
| Goodwill acquired during the year, including purchase price allocation adjustments | 507 | 927 | |||||||||
| Goodwill related to assets held for sale and disposed or deconsolidated facilities | — | (121) | |||||||||
| Goodwill at end of period | 8,501 | $ | 7,994 | ||||||||
| Total Goodwill | $ | 11,198 | $ | 10,691 | |||||||
| Gross Carrying Amount | Accumulated Amortization | Net Book Value | |||||||||||||||
| At December 31, 2025: | |||||||||||||||||
| Other intangible assets with finite useful lives: | |||||||||||||||||
| Capitalized software costs | $ | 1,511 | $ | (1,166) | $ | 345 | |||||||||||
| Contracts | 241 | (148) | 93 | ||||||||||||||
| Other | 42 | (14) | 28 | ||||||||||||||
| Other intangible assets with finite lives | 1,794 | (1,328) | 466 | ||||||||||||||
| Other intangible assets with indefinite useful lives: | |||||||||||||||||
| Trade names | 105 | — | 105 | ||||||||||||||
| Contracts | 773 | — | 773 | ||||||||||||||
| Other | 4 | — | 4 | ||||||||||||||
| Other intangible assets with indefinite lives | 882 | — | 882 | ||||||||||||||
| Total other intangible assets, net | $ | 2,676 | $ | (1,328) | $ | 1,348 | |||||||||||
| At December 31, 2024: | |||||||||||||||||
| Other intangible assets with finite useful lives: | |||||||||||||||||
| Capitalized software costs | $ | 1,469 | $ | (1,075) | $ | 394 | |||||||||||
| Contracts | 241 | (135) | 106 | ||||||||||||||
| Other | 96 | (78) | 18 | ||||||||||||||
| Other intangible assets with finite lives | 1,806 | (1,288) | 518 | ||||||||||||||
| Other intangible assets with indefinite useful lives: | |||||||||||||||||
| Trade names | 105 | — | 105 | ||||||||||||||
| Contracts | 769 | — | 769 | ||||||||||||||
| Other | 5 | — | 5 | ||||||||||||||
| Other intangible assets with indefinite lives | 879 | — | 879 | ||||||||||||||
| Total other intangible assets, net | $ | 2,685 | $ | (1,288) | $ | 1,397 | |||||||||||
| Total | Years Ending December 31, | Later Years | |||||||||||||||||||||||||||||||||||||||
| 2026 | 2027 | 2028 | 2029 | 2030 | |||||||||||||||||||||||||||||||||||||
| Amortization of intangible assets | $ | 466 | $ | 106 | $ | 114 | $ | 82 | $ | 58 | $ | 43 | $ | 63 | |||||||||||||||||||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 17, 2026 | Showing above |
| 2024 | Feb 18, 2025 | |
| 2023 | Feb 16, 2024 | |
| 2022 | Feb 21, 2023 | |
| 2021 | Feb 18, 2022 | |
| 2020 | Feb 19, 2021 | |
| 2019 | Feb 24, 2020 | |
| 2018 | Feb 25, 2019 | |
| 2017 | Feb 26, 2018 | |
| 2016 | Feb 27, 2017 | |
| 2015 | Feb 22, 2016 | |
About Goodwill & Intangibles Disclosures
Goodwill and intangible asset disclosures reveal the premium paid in acquisitions and how management assesses whether that premium retains its value. Since goodwill is no longer amortized under US GAAP, the annual impairment test is the only mechanism that adjusts carrying values downward — making the assumptions behind that test critically important for investors.
Key signals: a history of goodwill impairments suggests management consistently overpays for acquisitions. Watch the gap between reporting unit fair value and carrying amount — when fair value exceeds carrying amount by less than 10-20%, a small decline in business performance could trigger a write-down. For finite-lived intangibles, examine useful life assumptions across customer relationships, technology, and trade names; aggressive estimates inflate near-term earnings. Compare total intangibles-to-total-assets ratios against peers to assess acquisition dependency. Rising goodwill as a percentage of equity can signal balance sheet fragility.