TENET HEALTHCARE CORPTHC
TENET HEALTHCARE CORP Segments Disclosure
SEGMENT INFORMATION
Our business consists of our Hospital Operations segment and our Ambulatory Care segment. Our approach to segment identification aligns with how management structures the business to make operational decisions, allocates resources and evaluates performance. Central to this approach is the information routinely reviewed by our Chief Operating Decision Maker (“CODM”) group. For both segments, the CODM group focuses primarily on Adjusted EBITDA as the key metric for performance evaluation and resource allocation. The CODM group’s evaluation of Adjusted EBITDA includes budget‑to‑actual analyses and comparisons across current and historical periods. At December 31, 2025, our CODM group included our Chief Executive Officer and our Chief Financial Officer.
Our Hospital Operations segment is comprised of our acute care and specialty hospitals, physician practices and outpatient facilities. At December 31, 2025, our subsidiaries operated 50 hospitals, serving primarily urban and suburban communities in eight states, as well as 132 outpatient facilities, primarily UCCs, imaging centers, off-campus hospital emergency departments and micro-hospitals. Our Hospital Operations segment also provides revenue cycle management and value‑based care services to hospitals, health systems, physician practices, employers and other clients. Our Hospital Operations segment generated 76%, 78% and 81% of our net operating revenues in the years ended December 31, 2025, 2024 and 2023, respectively.
Our Ambulatory Care segment is comprised of the operations of USPI. At December 31, 2025, USPI had ownership interests in 533 ambulatory surgery centers (401 consolidated) and 26 surgical hospitals (eight consolidated) in 37 states.
The following tables present amounts for each of our reportable segments and the reconciling items necessary to agree to amounts reported in the accompanying Consolidated Balance Sheets and Consolidated Statements of Operations, as applicable.
| December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| Assets: | |||||||||||||||||
| Hospital Operations | $ | 16,586 | $ | 16,722 | $ | 17,268 | |||||||||||
| Ambulatory Care | 13,091 | 12,214 | 11,044 | ||||||||||||||
Total | $ | 29,677 | $ | 28,936 | $ | 28,312 | |||||||||||
| Years Ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| Capital expenditures: | |||||||||||||||||
| Hospital Operations | $ | 886 | $ | 845 | $ | 671 | |||||||||||
| Ambulatory Care | 124 | 86 | 80 | ||||||||||||||
Total | $ | 1,010 | $ | 931 | $ | 751 | |||||||||||
| Depreciation and amortization: | |||||||||||||||||
| Hospital Operations | $ | 711 | $ | 684 | $ | 750 | |||||||||||
| Ambulatory Care | 152 | 134 | 120 | ||||||||||||||
Total | $ | 863 | $ | 818 | $ | 870 | |||||||||||
| Year Ended December 31, 2025 | |||||||||||||||||
| Hospital Operations | Ambulatory Care | Total | |||||||||||||||
| Net operating revenues | $ | 16,138 | $ | 5,172 | $ | 21,310 | |||||||||||
| Equity in earnings of unconsolidated affiliates | 6 | 258 | 264 | ||||||||||||||
| Less: | |||||||||||||||||
| Salaries, wages and benefits | 7,440 | 1,265 | 8,705 | ||||||||||||||
| Supplies | 2,405 | 1,375 | 3,780 | ||||||||||||||
| Other operating expenses, net | 3,759 | 764 | 4,523 | ||||||||||||||
| Adjusted EBITDA | $ | 2,540 | $ | 2,026 | 4,566 | ||||||||||||
| Reconciliation of Adjusted EBITDA: | |||||||||||||||||
| Depreciation and amortization | (863) | ||||||||||||||||
| Impairment and restructuring charges, and acquisition-related costs | (130) | ||||||||||||||||
| Litigation and investigation costs | (64) | ||||||||||||||||
| Interest expense | (821) | ||||||||||||||||
| Loss from early extinguishment of debt | (4) | ||||||||||||||||
| Other non-operating income, net | 117 | ||||||||||||||||
| Net losses on sales, consolidation and deconsolidation of facilities | (1) | ||||||||||||||||
| Income before income taxes | $ | 2,800 | |||||||||||||||
| Year Ended December 31, 2024 | |||||||||||||||||
| Hospital Operations | Ambulatory Care | Total | |||||||||||||||
| Net operating revenues | $ | 16,141 | $ | 4,534 | $ | 20,675 | |||||||||||
| Equity in earnings of unconsolidated affiliates | 10 | 250 | 260 | ||||||||||||||
| Less: | |||||||||||||||||
| Salaries, wages and benefits | 7,664 | 1,137 | 8,801 | ||||||||||||||
| Supplies | 2,460 | 1,187 | 3,647 | ||||||||||||||
| Other operating expenses, net | 3,842 | 650 | 4,492 | ||||||||||||||
| Adjusted EBITDA | $ | 2,185 | $ | 1,810 | 3,995 | ||||||||||||
| Reconciliation of Adjusted EBITDA: | |||||||||||||||||
| Depreciation and amortization | (818) | ||||||||||||||||
| Impairment and restructuring charges, and acquisition-related costs | (102) | ||||||||||||||||
| Litigation and investigation costs | (35) | ||||||||||||||||
| Interest expense | (826) | ||||||||||||||||
| Loss from early extinguishment of debt | (8) | ||||||||||||||||
| Other non-operating income, net | 126 | ||||||||||||||||
| Net gains on sales, consolidation and deconsolidation of facilities | 2,916 | ||||||||||||||||
| Income before income taxes | $ | 5,248 | |||||||||||||||
| Year Ended December 31, 2023 | |||||||||||||||||
| Hospital Operations | Ambulatory Care | Total | |||||||||||||||
| Net operating revenues | $ | 16,698 | $ | 3,866 | $ | 20,564 | |||||||||||
| Equity in earnings of unconsolidated affiliates | 10 | 218 | 228 | ||||||||||||||
| Less: | |||||||||||||||||
| Salaries, wages and benefits | 8,182 | 964 | 9,146 | ||||||||||||||
| Supplies | 2,545 | 1,045 | 3,590 | ||||||||||||||
| Other operating expenses, net | 3,984 | 531 | 4,515 | ||||||||||||||
| Adjusted EBITDA | $ | 1,997 | $ | 1,544 | 3,541 | ||||||||||||
| Reconciliation of Adjusted EBITDA: | |||||||||||||||||
| Depreciation and amortization | (870) | ||||||||||||||||
| Impairment and restructuring charges, and acquisition-related costs | (137) | ||||||||||||||||
| Litigation and investigation costs | (47) | ||||||||||||||||
| Interest expense | (901) | ||||||||||||||||
| Loss from early extinguishment of debt | (11) | ||||||||||||||||
| Other non-operating income, net | 19 | ||||||||||||||||
| Net gains on sales, consolidation and deconsolidation of facilities | 23 | ||||||||||||||||
| Income before income taxes | $ | 1,617 | |||||||||||||||
Other operating expenses, net consists of various general and administrative expenses that are integral to supporting our operations. These expenses include, but are not limited to, medical fees, malpractice expense, information technology and software expenses, as well as gains or losses incurred from the disposition of long-lived assets.
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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 Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.