Tenet Health(US:THC) Businesswire·2025-10-28 10:45Core Insights - Tenet Healthcare Corporation reported strong financial results for the third quarter of 2025, with a focus on high acuity service lines and operational discipline leading to revenue growth and free cash flow [3][4][11] - The company raised its financial outlook for the full year 2025, reflecting confidence in continued growth across its markets [4][15] Financial Performance - Net operating revenues for Q3 2025 were $5,289 million, a 3.2% increase from $5,126 million in Q3 2024 [4][39] - Net income available to common shareholders decreased to $342 million, or $3.86 per diluted share, compared to $472 million, or $4.89 per diluted share in Q3 2024 [5][39] - Adjusted EBITDA for Q3 2025 was $1,099 million, up 12.4% from $978 million in Q3 2024, with an adjusted EBITDA margin of 20.8% [4][39] Segment Performance - The Ambulatory Care segment generated net operating revenues of $1,275 million in Q3 2025, up from $1,139 million in Q3 2024, with an adjusted EBITDA of $492 million [9][39] - The Hospital Operations and Services segment reported net operating revenues of $4,014 million in Q3 2025, slightly up from $3,987 million in Q3 2024, with an adjusted EBITDA of $607 million [13][39] Cash Flow and Capital Management - Cash flows from operating activities for the nine months ended September 30, 2025, were $2,809 million, compared to $2,378 million for the same period in 2024 [10][37] - Free cash flow for the nine months ended September 30, 2025, was $2,163 million, an increase from $1,777 million in the prior year [10][37] - The company repurchased 0.6 million shares for $93 million in Q3 2025 and 7.8 million shares for $1,188 million in the nine months ended September 30, 2025 [10][37] 2025 Financial Outlook - The full-year 2025 outlook for net operating revenues is projected to be between $21,150 million and $21,350 million, with adjusted EBITDA expected in the range of $4,470 million to $4,570 million [15][17] - The company anticipates adjusted diluted earnings per share to be between $15.93 and $16.26 for the full year 2025 [15][17]