Core Insights - Tenet Healthcare Corporation reported strong financial results for the fourth quarter and full year 2025, with a net income of $371 million or $4.22 per diluted share in Q4 2025, reflecting a 16.7% increase from Q4 2024 [1][2] - Adjusted diluted earnings per share rose 36.6% to $4.70 in Q4 2025 compared to $3.44 in Q4 2024, driven by robust revenue growth and disciplined expense management [1][2] - The company anticipates FY 2026 Adjusted EBITDA to be between $4.485 billion and $4.785 billion, indicating continued growth expectations [1][2] Financial Performance - Q4 2025 net operating revenues reached $5.527 billion, up 8.9% from $5.073 billion in Q4 2024, while FY 2025 revenues totaled $21.310 billion, a 3.1% increase from $20.675 billion in FY 2024 [1][5] - Consolidated Adjusted EBITDA for Q4 2025 was $1.183 billion, a 12.9% increase from $1.048 billion in Q4 2024, with an Adjusted EBITDA margin of 21.4% [1][2] - The company generated free cash flow of $2.53 billion in FY 2025, compared to $1.116 billion in FY 2024, highlighting improved cash generation capabilities [1][5] Segment Performance - The Ambulatory Care segment reported Q4 2025 net operating revenues of $1.433 billion, a 13.8% increase from $1.259 billion in Q4 2024, driven by strong same-facility net patient service revenues [2][6] - The Hospital Operations segment saw Q4 2025 net operating revenues of $4.094 billion, a 7.3% increase from $3.814 billion in Q4 2024, attributed to favorable payer mix and higher acuity services [2][6] - Adjusted EBITDA for the Ambulatory segment was $580 million in Q4 2025, up 9.4% from $530 million in Q4 2024, while the Hospital segment's Adjusted EBITDA increased to $603 million from $518 million in the same period [2][6] Balance Sheet and Cash Flow - Cash flows from operating activities for FY 2025 were $3.54 billion, significantly higher than $2.047 billion in FY 2024, reflecting improved operational efficiency [1][5] - The company repurchased 8.8 million shares for $1.386 billion in FY 2025, indicating a commitment to returning value to shareholders [1][5] - As of December 31, 2025, the ratio of net debt to Adjusted EBITDA was 2.25x, down from 2.54x a year earlier, indicating improved leverage [1][5] 2026 Financial Outlook - For FY 2026, Tenet expects net operating revenues to be between $21.500 billion and $22.300 billion, with net income available to common stockholders projected between $2.605 billion and $2.840 billion [2][6] - The company anticipates Adjusted EBITDA margins to range from 20.9% to 21.5% in FY 2026, reflecting continued operational improvements [2][6] - The Ambulatory segment is expected to see net operating revenues of $5.500 billion to $5.700 billion, while the Hospital segment is projected to generate $16.000 billion to $16.600 billion in revenues [2][6]

Core Insights - Tenet Healthcare Corporation has completed a strategic transaction with CommonSpirit Health to regain full ownership of Conifer Health Solutions, which is expected to enhance Tenet's financial position and operational flexibility [1] Group 1: Transaction Details - Conifer Health Solutions will continue to support CommonSpirit Health until the end of 2026, with financial terms consistent with the existing contract [1] - The transaction includes a $540 million redemption payment from Conifer to CommonSpirit, effective retroactively from January 1, 2026, to eliminate CommonSpirit's capital account and redeem its 23.8% equity stake in Conifer [1] - Tenet will receive approximately $1.9 billion in payments from CommonSpirit over the next three years [1] Group 2: Financial Impact - The transaction will reduce Tenet's redeemable non-controlling interest and other liabilities by approximately $885 million and increase its additional paid-in capital by about $305 million [1] - Tenet estimates its Adjusted EBITDA for the year ended December 31, 2025, will be at the upper end of its guidance range of $4.47 billion to $4.57 billion, driven by strong same-store revenue growth and disciplined expense management [1] Group 3: Future Outlook - Conifer Health Solutions plans to expand its investments in artificial intelligence, automation, and global operating capabilities, reinforcing its commitment to innovation in revenue cycle management services [1] - Tenet's management will discuss the transaction in a webcast scheduled for February 2, 2026, providing further insights into the company's performance and strategic direction [1]

This story was originally published on Healthcare Dive. To receive daily news and insights, subscribe to our free daily Healthcare Dive newsletter. Dive Brief: Tenet has regained full ownership of Conifer Health Solutions, acquiring the remaining stake in its revenue cycle management business from CommonSpirit Health. CommonSpirit will pay Tenet almost $1.9 billion over the next three years to get out of its existing services contract, according to the deal announced Monday. That’s offset by $540 milli ...

Core Insights - Women We Admire has announced The Top 50 Women Leaders of Milwaukee for 2025, highlighting the intersection of enterprise and creativity in the city, which has evolved from a manufacturing heritage to strong sectors like finance, food and beverage, energy, and technology [1] Group 1: Honorees - Amy Foss, Partner Business Development Manager at Cisco, focuses on expanding networking solutions and software revenue while enhancing partner profitability through data-driven insights [2] - Jordan Kush, Director of Strategy Advancement at Humana, is recognized for streamlining operations and improving communication, leading to increased team productivity and audience reach [3] - Meredith Gannon, Chief Strategy and Marketing Officer at GE Healthcare, aims to drive growth and innovation in healthtech, focusing on patient care and health outcomes through innovative solutions [4] Group 2: Additional Honorees - The list includes notable leaders such as Cheryl Carron (JLL), Dr. Jaya Phookan (Advocate Health), and many others, showcasing a diverse range of industries and expertise [6]

This story was originally published on Healthcare Dive. To receive daily news and insights, subscribe to our free daily Healthcare Dive newsletter. CommonSpirit Health’s Trinity Health System and UPMC have signed a non-binding letter intent to pursue integration, the systems announced Wednesday. The proposed deal would merge Trinity’s three-hospital system — as well as its urgent care, behavioral health and physician office facilities — into UPMC’s network. The merger would offer UPMC an entrance into th ...

Core Insights - Michael Browning has been appointed as the new Senior Executive Vice President and Chief Financial Officer of CommonSpirit Health, effective January 2, 2026, succeeding Daniel Morissette who is retiring [1][3]. Group 1: Leadership Transition - Browning will oversee financial operations for CommonSpirit Health's portfolio of 138 hospitals, focusing on financial strategy, planning, accounting, treasury, reimbursement, revenue cycle, and investor relations [2]. - He previously served as Executive Vice President and CFO at OhioHealth and has held leadership roles at ProMedica Health System, WakeMed Health & Hospitals, Parkview Health, and McLeod Health [2]. Group 2: Financial Strategy and Challenges - CommonSpirit Health is looking to improve its financial performance after experiencing years of operating losses [4]. - The organization has initiated Project Impact, a multiyear initiative aimed at reducing expenses and exploring innovative revenue growth opportunities [4].

Group 1: Investment Opportunities - Discount brokerages have eliminated trading fees, making it easier for small investors to participate in the market and achieve similar returns as wealthier investors [1] - Healthpeak Properties and Pfizer are highlighted as attractive investment options, both offering dividend yields above 6% [2] Group 2: Healthpeak Properties - Healthpeak Properties is a healthcare-related real estate investment trust (REIT) that expanded through a merger with Physicians Realty Trust, focusing on laboratories rented to drugmakers [4] - The REIT's portfolio includes medical office buildings, with health systems and physician groups contributing 55% of annualized base rent, while drugmakers account for 34% [5] - HCA Healthcare is the largest tenant, responsible for 10.1% of annualized rent, followed by CommonSpirit Health at 2.9% [6] - Management expects funds from operations (FFO) to be between $1.81 and $1.87 per share, supporting a potential increase in the current annualized dividend payout of $1.22 per share [7] - Most properties are under net leases, allowing for predictable rent increases and steady dividend growth over the long term [8] Group 3: Pfizer - Pfizer's stock has decreased by approximately 60% from its peak in 2021, but it continues to provide a strong dividend yield of 6.9% [10] - Concerns about future cash flows arise from expected revenue losses of $17 billion to $18 billion due to patent expirations starting in 2026 [11] - Total sales reached $62.5 billion in the 12 months ending March, making it challenging to offset revenue losses from patent cliffs [12] - The company has received nine FDA approvals in 2023 and anticipates generating $20 billion in annual revenue from new products by 2030 [13] - Pfizer's $43 billion acquisition of Seagen in 2023 enhances its portfolio with cancer therapies, and in-house manufacturing could improve profit margins [14] - While rapid dividend increases are not expected, steady growth in payouts is likely, making it a smart addition to a diversified portfolio [15]