Tenet Health(US:THC)2025-10-28 14:30Financial Performance Highlights - Consolidated Adjusted EBITDA reached $1.099 billion, exceeding the high end of the Q3 outlook[7] - Consolidated Adjusted EBITDA Margin was 20.8%[8] - Adjusted Diluted EPS grew by 26%[8] Segment Performance - Ambulatory Adjusted EBITDA grew by 12% with an 8.3% increase in same-facility revenue and a 38.6% Adjusted EBITDA margin; 13 facilities were added[8] - Hospitals Adjusted EBITDA grew by 13% with 7.5% same-hospital revenue growth and 1.4% same-hospital adjusted admissions growth; Adjusted EBITDA margin was 15.1%[8] Financial Outlook - FY 2025 Adjusted EBITDA outlook increased by $50 million, now expected to be between $4.47 billion and $4.57 billion[9] - FY 2025 Free Cash Flow – NCI outlook increased by $250 million, now expected to be between $1.495 billion and $1.695 billion[9] - Net operating revenues for 2025 are projected to be between $21.15 billion and $21.35 billion[10] USPI Performance - USPI's net revenue for 2025 is estimated at $5.125 billion, reflecting a CAGR of 15.5%[15] - USPI's Adjusted EBITDA for 2025 is estimated at $2.020 billion, reflecting a CAGR of 14.5%[16] - USPI has a consistent track record of approximately 40% Adjusted EBITDA margins[17] Capital Deployment - Approximately 7.8 million shares were repurchased YTD for $1.2 billion[31] - $290 million was spent on M&A YTD, including the acquisition of 11 ambulatory centers and the opening of 2 de novo centers in Q3 2025[32] Cash Flow and Leverage - Q3 2025 Free Cash Flow was $778 million ($567 million Free Cash Flow-NCI)[30] - The EBITDA Leverage Ratio is 2.30x (2.93x EBITDA-NCI)[30]