[PART I. FINANCIAL INFORMATION](index=4&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) This section presents the unaudited condensed consolidated financial statements, management's discussion and analysis, and market risk disclosures [Item 1. Financial Statements (Unaudited)](index=4&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) This section presents the unaudited condensed consolidated financial statements, including balance sheets, statements of operations, and cash flows, with accompanying notes [Condensed Consolidated Financial Statements](index=4&type=section&id=Condensed%20Consolidated%20Financial%20Statements) This section provides key financial statements, including balance sheets, statements of operations, and cash flows for the specified periods Condensed Consolidated Balance Sheets (June 30, 2025 vs. December 31, 2024) | Metric | June 30, 2025 ($M) | December 31, 2024 ($M) | | :-------------------------------- | :------------------- | :--------------------- | | Total Assets | 28,699 | 28,936 | | Total Liabilities | 20,397 | 20,389 | | Total Equity | 5,476 | 5,820 | | Cash and Cash Equivalents | 2,625 | 3,019 | | Goodwill | 10,935 | 10,691 | | Long-term debt, net of current portion | 13,091 | 13,081 | Condensed Consolidated Statements of Operations (Three Months Ended June 30, 2025 vs. 2024) | Metric | 3 Months Ended June 30, 2025 ($M) | 3 Months Ended June 30, 2024 ($M) | Change ($M) | Change (%) | | :--------------------------------------- | :-------------------------------- | :-------------------------------- | :---------- | :--------- | | Net operating revenues | 5,271 | 5,108 | 163 | 3.19% | | Operating income | 823 | 761 | 62 | 8.15% | | Net income | 522 | 477 | 45 | 9.43% | | Net income available to common shareholders | 288 | 259 | 29 | 11.20% | | Diluted EPS | 3.14 | 2.64 | 0.50 | 18.94% | Condensed Consolidated Statements of Operations (Six Months Ended June 30, 2025 vs. 2024) | Metric | 6 Months Ended June 30, 2025 ($M) | 6 Months Ended June 30, 2024 ($M) | Change ($M) | Change (%) | | :--------------------------------------- | :-------------------------------- | :-------------------------------- | :---------- | :--------- | | Net operating revenues | 10,494 | 10,476 | 18 | 0.17% | | Operating income | 1,766 | 4,046 | (2,280) | (56.35)% | | Net income | 1,144 | 2,811 | (1,667) | (59.30)% | | Net income available to common shareholders | 694 | 2,410 | (1,716) | (71.20)% | | Diluted EPS | 7.43 | 24.22 | (16.79) | (69.32)% | Condensed Consolidated Statements of Cash Flows (Six Months Ended June 30, 2025 vs. 2024) | Metric | 6 Months Ended June 30, 2025 ($M) | 6 Months Ended June 30, 2024 ($M) | Change ($M) | Change (%) | | :--------------------------------------- | :-------------------------------- | :-------------------------------- | :---------- | :--------- | | Net cash provided by operating activities | 1,751 | 1,333 | 418 | 31.36% | | Net cash provided by (used in) investing activities | (501) | 3,134 | (3,635) | (116.00)% | | Net cash used in financing activities | (1,644) | (2,815) | 1,171 | 41.60% | | Net increase (decrease) in cash and cash equivalents | (394) | 1,652 | (2,046) | (123.85)% | [Notes to Condensed Consolidated Financial Statements](index=10&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) This section provides detailed explanations and supplementary information for the condensed consolidated financial statements [NOTE 1. BASIS OF PRESENTATION](index=10&type=section&id=NOTE%201.%20BASIS%20OF%20PRESENTATION) This note describes Tenet's diversified healthcare services business segments and the basis for financial statement preparation - Tenet is a diversified healthcare services company with Hospital Operations (**49 acute care/specialty hospitals**, **134 outpatient facilities**) and Ambulatory Care (**521 ambulatory surgery centers**, **26 surgical hospitals** via USPI) segments, also operating a Global Business Center (GBC) in the Philippines[20](index=20&type=chunk) Cash and Cash Equivalents | Date | Amount ($M) | | :--------------- | :---------- | | June 30, 2025 | 2,625 | | December 31, 2024 | 3,019 | * **Change:** Decreased by **$394 million** (13.05%) from December 31, 2024 Goodwill Changes (Six Months Ended June 30, 2025 vs. 2024) | Segment | 2025 ($M) | 2024 ($M) | | :------------------ | :-------- | :-------- | | Hospital Operations | 2,697 | 2,869 | | Ambulatory Care | 8,238 | 7,930 | | **Total Goodwill** | **10,935** | **10,799** | - Total other intangible assets, net, decreased to **$1,372 million** at June 30, 2025, from **$1,397 million** at December 31, 2024. Amortization expense for finite-lived intangible assets was **$79 million** for the six months ended June 30, 2025, down from **$89 million** in the prior year period[31](index=31&type=chunk) [NOTE 2. ACCOUNTS RECEIVABLE](index=14&type=section&id=NOTE%202.%20ACCOUNTS%20RECEIVABLE) This note details accounts receivable components, primarily patient accounts, and estimated costs for uninsured and charity patients Accounts Receivable Composition (June 30, 2025 vs. December 31, 2024) | Component | June 30, 2025 ($M) | December 31, 2024 ($M) | | :------------------------------------------ | :------------------- | :--------------------- | | Patient accounts receivable | 2,377 | 2,386 | | Estimated future recoveries | 151 | 144 | | Cost report settlements receivable, net | 5 | 6 | | **Accounts receivable, net** | **2,533** | **2,536** | Estimated Costs for Uninsured and Charity Patients (Six Months Ended June 30, 2025 vs. 2024) | Patient Type | 6 Months Ended June 30, 2025 ($M) | 6 Months Ended June 30, 2024 ($M) | Change ($M) | Change (%) | | :----------------- | :-------------------------------- | :-------------------------------- | :---------- | :--------- | | Uninsured patients | 218 | 271 | (53) | (19.56)% | | Charity care patients | 59 | 46 | 13 | 28.26% | | **Total** | **277** | **317** | **(40)** | **(12.62)%** | [NOTE 3. DISPOSITION OF ASSETS AND LIABILITIES](index=16&type=section&id=NOTE%203.%20DISPOSITION%20OF%20ASSETS%20AND%20LIABILITIES) This note details significant asset dispositions completed in 2024, including hospital sales, which resulted in substantial pre-tax gains - In January 2024, the company completed the sale of three South Carolina hospitals, recognizing a pre-tax gain of **$1.677 billion** in the six months ended June 30, 2024[38](index=38&type=chunk) - In March 2024, the company sold four hospitals in Orange County and Los Angeles County, California, for a pre-tax gain of **$526 million**, and two hospitals in San Luis Obispo County, California, for a pre-tax gain of **$275 million**[44](index=44&type=chunk) - In March 2024, the company also sold three ambulatory surgery centers in South Carolina, resulting in a pre-tax gain of **$43 million**[44](index=44&type=chunk) [NOTE 4. IMPAIRMENT AND RESTRUCTURING CHARGES, AND ACQUISITION‑RELATED COSTS](index=16&type=section&id=NOTE%204.%20IMPAIRMENT%20AND%20RESTRUCTURING%20CHARGES%2C%20AND%20ACQUISITION%E2%80%91RELATED%20COSTS) This note outlines impairment, restructuring, and acquisition-related costs for the six-month periods ended June 30, 2025 and 2024 Impairment and Restructuring Charges, and Acquisition-Related Costs (Six Months Ended June 30, 2025 vs. 2024) | Charge Type | 6 Months Ended June 30, 2025 ($M) | 6 Months Ended June 30, 2024 ($M) | Change ($M) | Change (%) | | :------------------------------------------ | :-------------------------------- | :-------------------------------- | :---------- | :--------- |

Core Viewpoint - Tenet Healthcare (THC) has experienced a significant decline of 14% over the past four weeks, but it is now in oversold territory, indicating a potential trend reversal supported by analyst consensus for better-than-expected earnings [1]. Group 1: Technical Analysis - The Relative Strength Index (RSI) is a momentum oscillator that indicates whether a stock is oversold, with readings below 30 typically signaling this condition [2]. - THC's current RSI reading is 28.5, suggesting that the heavy selling pressure may be exhausting itself, leading to a potential reversal towards the previous equilibrium of supply and demand [5]. Group 2: Fundamental Analysis - Over the last 30 days, the consensus EPS estimate for THC has increased by 25.3%, indicating a strong agreement among analysts regarding improved earnings for the current year [7]. - An upward trend in earnings estimate revisions is generally associated with price appreciation in the near term, further supporting the potential for a rebound in THC's stock price [7]. Group 3: Analyst Ratings - THC holds a Zacks Rank 1 (Strong Buy), placing it in the top 5% of over 4,000 ranked stocks based on earnings estimate revisions and EPS surprises, which is a strong indicator of the stock's potential for a turnaround [8].

Group 1: Edenred SE (EDNMY) - Edenred is a digital platform for services and payments for companies, employees, and merchants [1] - The company has a Zacks Rank of 1 and a Value Score of B [1] - The Zacks Consensus Estimate for its current year earnings has increased by 2.9% over the last 60 days [1] - Edenred has a price-to-earnings ratio (P/E) of 11.12, significantly lower than the industry average of 32.80 [1] Group 2: Tenet Healthcare Corporation (THC) - Tenet Healthcare is a diversified healthcare services company [2] - The company holds a Zacks Rank of 1 and a Value Score of A [2] - The Zacks Consensus Estimate for its current year earnings has increased nearly 3% over the last 60 days [2] - Tenet Healthcare has a price-to-earnings ratio (P/E) of 12.11, compared to 23.85 for the S&P 500 [2] Group 3: Mercantile Bank Corporation (MBWM) - Mercantile Bank is a bank holding company for Mercantile Bank of Michigan [3] - The company carries a Zacks Rank of 1 and a Value Score of B [3] - The Zacks Consensus Estimate for its current year earnings has increased by 2.9% over the last 60 days [3] - Mercantile Bank has a price-to-earnings ratio (P/E) of 9.81, which is lower than the S&P 500 average of 23.85 [3]

Investors in Tenet Healthcare Corporation (THC) need to pay close attention to the stock based on moves in the options market lately. That is because the Aug 15, 2025 $60 Call had some of the highest implied volatility of all equity options today.What is Implied Volatility?Implied volatility shows how much movement the market is expecting in the future. Options with high levels of implied volatility suggest that investors in the underlying stocks are expecting a big move in one direction or the other. It co ...

Core Viewpoint - Tenet Healthcare Corporation reported better-than-expected earnings for the second quarter, with significant increases in both earnings per share and sales compared to analyst estimates [1][2]. Financial Performance - The company reported quarterly earnings of $4.02 per share, surpassing the analyst consensus estimate of $2.87 per share [1]. - Quarterly sales reached $5.271 billion, exceeding the analyst consensus estimate of $5.161 billion [1]. Guidance Update - Tenet raised its FY2025 adjusted EPS guidance from a range of $11.99-$13.12 to $15.55-$16.21 [2]. - The sales guidance was also increased from $20.600 billion-$21.000 billion to $20.950 billion-$21.250 billion [2]. Management Commentary - The CEO highlighted strong second quarter results, emphasizing same-store revenue growth, operational performance, and robust free cash flow generation [3]. - The company is focused on both organic and inorganic investments to enhance capabilities and innovate for better patient service [3]. Stock Performance - Following the earnings announcement, Tenet Healthcare shares rose by 1% to trade at $157.49 [3]. Analyst Ratings - Guggenheim analyst Jason Cassorla maintained a Buy rating on Tenet Healthcare and raised the price target from $180 to $188 [6]. - Raymond James analyst John Ransom reiterated an Outperform rating and increased the price target from $185 to $200 [6].

Group 1 - The healthcare sector is experiencing significant downturns in 2025, primarily due to impending large Medicaid cuts [1] - Tenet Healthcare (NYSE: THC) is identified as one of the few positive performers within the struggling healthcare sector [1] Group 2 - The article emphasizes the importance of finding underappreciated companies that can deliver value to investors, aligning with a contrarian investment philosophy [1]

Core Insights - Tenet Healthcare reported strong Q2 2025 earnings, with adjusted EPS of $4.02, significantly exceeding Wall Street expectations of $2.87, and revenue of $5.27 billion, surpassing GAAP forecasts of $5.16 billion [1][5][10] Financial Performance - Adjusted EPS increased by 74% year-over-year from $2.31 to $4.02 [2] - Revenue grew by 3.2% from $5.11 billion in Q2 2024 to $5.27 billion in Q2 2025 [2] - Adjusted EBITDA rose 18.6% to $1.12 billion compared to $945 million in Q2 2024 [2] - Free cash flow reached $743 million, a 23.4% increase from $602 million in Q2 2024 [2][8] Segment Performance - Ambulatory Care segment saw net operating revenue increase by 11.3% to $1.27 billion, with adjusted EBITDA rising 11.4% [6] - Hospital Operations revenue grew modestly by 0.9% to $4.00 billion, with adjusted EBITDA up 25% [7] - Same-hospital admissions increased by 1.6%, while outpatient visits and emergency room visits declined by 3.2% and 4.7%, respectively [7] Strategic Focus - Tenet Healthcare is focused on optimizing its portfolio for growth and profitability, emphasizing the expansion of its outpatient services through United Surgical Partners International (USPI) [3][4] - The company is divesting underperforming hospitals and shifting care to outpatient settings, which are seen as more cost-effective [4] Future Guidance - The company raised its full-year FY2025 guidance, projecting adjusted EBITDA between $4.40 and $4.54 billion and adjusted EPS between $15.55 and $16.21 [10] - Revenue is expected to reach between $20.95 and $21.25 billion, with ambulatory net operating revenues projected between $5.0 and $5.15 billion [10]

Core Insights - Tenet Healthcare Corporation (THC) reported strong second-quarter 2025 results with adjusted earnings per share (EPS) of $4.02, exceeding estimates by 41.6% and showing a year-over-year increase of 74% [1][10] - Net operating revenues rose 3.2% year over year to $5.3 billion, surpassing consensus estimates by 2.4% [1][10] Financial Performance - Adjusted net income for the quarter was $369 million, a 63.3% increase year over year [3] - Adjusted EBITDA improved 18.6% year over year to $1.1 billion, exceeding estimates [3] - Adjusted EBITDA margin increased by 280 basis points to 21.3% [3] Segment Performance - Hospital Operations and Services segment generated net operating revenues of $4 billion, a 0.9% year-over-year increase, beating estimates [5] - Ambulatory Care segment saw net operating revenues rise 11.3% year over year to $1.3 billion, also exceeding estimates [7] Cost and Expenses - Total operating costs increased 2.3% year over year to $4.5 billion, primarily due to higher supplies expenses [4] Cash Flow and Financial Position - Cash and cash equivalents stood at $2.6 billion, down 13.1% from the end of 2024 [9] - Net cash from operations for the first half of 2025 was $1.8 billion, a 31.4% increase year over year [12] Share Repurchase and Guidance - THC repurchased shares worth $747 million in Q2 2025 and increased the share repurchase program by $1.5 billion [13] - The company raised its 2025 adjusted EPS guidance to $15.55-$16.21, indicating a 33.7% rise from the previous year [18]

Tenet Healthcare (THC) Q2 2025 Earnings Call July 22, 2025 10:00 AM ET Company ParticipantsWilliam McDowell - VP - IRSaum Sutaria - Chairman & CEOSun Park - EVP & CFOA.J. Rice - Managing DirectorJoshua Raskin - Partner - Managed Care & ProvidersAndrew Mok - DirectorBen Hendrix - Vice PresidentWhit Mayo - Senior Managing DirectorBenjamin Rossi - Equity Research AssociateJohn Ransom - MD & Director - Healthcare ResearchConference Call ParticipantsMatthew Gillmor - Director & Equity Research AnalystJustin Lake ...

Tenet Healthcare (THC) Q2 2025 Earnings Call July 22, 2025 10:00 AM ET Speaker0Good morning. Welcome to Tennant Healthcare's Second Quarter twenty twenty five Earnings Conference Call. After the speakers' remarks, there will be a question and answer session for industry analysts. Each. I'll now turn the call over to your host, Mr.Will McDowell, Vice President of Investor Relations. Mr. McDowell, you may begin.Speaker1Good morning, everyone, and thank you for joining today's call. I am Will McDowell, Vice Pr ...