TENET HEALTHCARE CORP

Overview

Tenet Healthcare Corporation is a U.S. healthcare services company whose businesses span hospital-based care and ambulatory services. Its Hospital Operations segment includes acute-care and specialty hospitals, physicians and outpatient facilities, while its Ambulatory Care business, operated through USPI, focuses on ambulatory surgery centers and surgical hospitals. Tenet also provides revenue-cycle-management and value-based-care services through Conifer. The company’s stated mission is “to provide quality, compassionate care in the communities we serve.” [1]+2

As of June 30, 2026, Tenet operated 50 hospitals in eight states and had 135 Hospital Operations outpatient facilities; USPI had ownership interests in 538 ambulatory surgery centers and 26 surgical hospitals. Tenet also operated a Global Business Center in the Philippines.[1][2] The company reported $21.310 billion in net operating revenue for 2025 and approximately 99,000 employees as of December 31, 2025.[4][5] [1]+6

Products & services

Tenet Healthcare’s hospital-based services include acute and specialty care, with operating and recovery rooms, radiology, respiratory therapy, clinical laboratories and pharmacies. Depending on the facility, services also include critical and coronary care, cardiovascular and digestive-disease care, neuroscience, musculoskeletal and obstetric services, and outpatient physical therapy. Selected hospitals offer more specialized capabilities, including complex spinal and cardiothoracic surgery, neonatal intensive care, transplants, Level I trauma care, advanced imaging, surgical robotics and telemedicine.[6] Hospital-affiliated outpatient offerings include urgent care, imaging, off-campus emergency departments and micro-hospitals.[7][2]

Through USPI, Tenet provides ambulatory surgical services at surgery centers and surgical hospitals. Its reported procedure and specialty areas include orthopedics and total joint replacement, spinal and other musculoskeletal procedures, gastroenterology, pain management, otolaryngology, ophthalmology and urology.[8] Conifer Health Solutions provides revenue-cycle management and value-based-care services to healthcare organizations and other clients.[9][2] For fiscal 2025, Hospital Operations generated $16.138 billion and Ambulatory Care $5.172 billion in net operating revenue—approximately 75.7% and 24.3%, respectively, of their combined segment revenue; the filings do not provide revenue shares by individual specialty or procedure.[10] [6]+5

Geographic presence

As of the second quarter of 2026, Tenet Healthcare operated 50 hospitals across eight U.S. states: Arizona, California, Florida, Massachusetts, Michigan, South Carolina, Tennessee, and Texas. Its ambulatory-care footprint included interests in 538 ambulatory surgery centers and 26 surgical hospitals across 37 U.S. states; the sources do not provide a state-by-state breakdown of these facilities.[2]+2

Tenet is headquartered in Dallas, Texas, and also identifies a Global Business Center in the Philippines.[1] Its reported revenue and employee figures are presented by business segment rather than geography, with no state- or country-level revenue or employee distribution identified in the available disclosures.[13][14] [2]+6

Business segments

For FY2025, Tenet Healthcare reported two business segments: Hospital Operations and Services (“Hospital Operations”) and Ambulatory Care. Hospital Operations generated $16.138 billion, approximately 75.7% of consolidated net operating revenues of $21.310 billion. It includes acute-care and specialty hospitals, an employed-physician network, outpatient facilities, and Conifer’s revenue-cycle-management and value-based-care services.[9][10]

Ambulatory Care generated $5.172 billion, approximately 24.3% of consolidated net operating revenues. It consists of USPI’s ambulatory surgery center and surgical hospital operations. At year-end 2025, Tenet reported ownership interests in 533 ambulatory surgery centers and 26 surgical hospitals.[9][10]

Tenet also reports segment operating income: $1.730 billion for Hospital Operations and $1.778 billion for Ambulatory Care in 2025. Conifer is included within Hospital Operations, not presented as a separate reportable segment. The company’s Q2 2026 filing continued to report these same two segments.[10][16] [9]+3

Company history

Tenet Healthcare traces its origins to National Medical Enterprises (NME), incorporated in 1968; NME went public in 1969 and used the proceeds to expand its hospital operations. In 1995, NME acquired American Medical International and adopted the name Tenet Healthcare Corporation.[17][18]

A major expansion followed in 2013, when Tenet completed its acquisition of Vanguard Health Systems. In 2015, it expanded into outpatient surgery and imaging by combining those assets with United Surgical Partners International (USPI); in 2018, Tenet increased its USPI ownership to 95%.[19]+2

In 2024, Tenet completed the sale of its 70% interest in Brookwood Baptist Health, including five hospitals in the Birmingham area, to Orlando Health.[22] [17]+5

Sources

• TENET HEALTHCARE CORP — Full financial report (2026 Q 2)
  3 citations

  [1][2][12]
• www.tenethealth.com[3]
• TENET HEALTHCARE CORP — Press release (2025 Y)[4]
• www.publicnow.com[5]
• TENET HEALTHCARE CORP — Full financial report (2025 Y)
  8 citations

  [6][7][8][9][10][11][13][14]
• investor.tenethealth.com[15]
• www.sec.gov[16]
• www.encyclopedia.com[17]
• www.tenethealth.com[18]
• investor.tenethealth.com[19]
• investor.tenethealth.com[20]
• investor.tenethealth.com[21]
• investor.tenethealth.com[22]