Tenet Healthcare Corporation Q3 2025 Earnings Recap

Tenet Healthcare reported robust Q3 2025 results, with net operating revenues reaching $5.3 billion and adjusted EBITDA climbing 12% year-over-year to $1.1 billion, driven by strong same-store growth and operational efficiencies.

Key Takeaways

• Adjusted EBITDA margin improved to 20.8%, reflecting operational excellence and effective cost management.
• USPI segment achieved $492 million in adjusted EBITDA, marking 12% growth, supported by an 8.3% increase in same-facility revenues.
• The company raised its full-year 2025 adjusted EBITDA guidance to $4.47 billion to $4.57 billion, a notable increase driven by strong cash collections and operational performance.
• Tenet continues to expand its footprint, acquiring 11 centers and opening 2 de novo facilities in Q3, focusing on high-acuity services.
• The company also improved its free cash flow guidance, now projecting a range of $1.495 billion to $1.695 billion, highlighting ongoing financial strength.