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Sep 30, 2025
Tenet Healthcare Q3 2025 Earnings Report
Tenet Healthcare reported strong Q3 2025 performance with growth in earnings, revenue, and Adjusted EBITDA, driven by improved operational execution and favorable payer mix.
Key Takeaways
Tenet Healthcare delivered a solid Q3 2025, achieving higher net income, strong adjusted EPS growth, and improved margins. The Ambulatory Care segment led revenue growth, supported by increased surgical case volumes and revenue per case. The Hospital segment also saw gains despite outpatient softness.
Revenue reached $5.289 billion in Q3 2025, up from $5.126 billion in Q3 2024
Net income attributable to shareholders was $342 million, or $3.86 per diluted share
Adjusted EBITDA rose to $1.099 billion, with a margin of 20.8%
Ambulatory Care revenue grew 11.9%, with surgical cases up 2.1% and revenue per case up 6.1%
Revenue by Segment
Forward Guidance
Tenet raised its full-year 2025 guidance, reflecting confidence in operational execution, strong segment performance, and disciplined capital allocation.
Positive Outlook
- Raised FY2025 Adjusted EBITDA outlook to $4.47B–$4.57B
- Strong Ambulatory revenue growth expected (up 5.5% to 7.5%)
- Hospital inpatient admissions projected to grow 2.0% to 3.0%
- Expected free cash flow of $2.275B to $2.525B
- Maintained strong EBITDA margins between 21.1% and 21.4%
Challenges Ahead
- Outpatient visits down 1.5% YoY in Q3
- ER visits declined 2.0% YoY
- Hospital segment growth modest (0.7% revenue growth)
- Capital expenditures projected up to $975M
- Noncontrolling interests expected to exceed $940M in FY25
Historical Earnings Impact
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Avg. Return Before/After Earnings
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