Tenet results, outlook

 Tenet’s Outlook for full year 2025 (consolidated and by segment) follows.

CONSOLIDATED ($ in millions, except per share amounts)	FY 2025 Outlook
Net operating revenues	$20,600 to $21,000
Net income available to Tenet common stockholders	$1,040 to $1,185
Adjusted EBITDA	$3,975 to $4,175
Adjusted EBITDA margin	19.3% to 19.9%
Diluted income per common share	$10.95 to $12.47
Adjusted net income	$1,115 to $1,220
Adjusted diluted earnings per share	$11.74 to $12.84
Equity in earnings of unconsolidated affiliates	$265 to $275
Depreciation and amortization	$805 to $835
Interest expense	$795 to $805
Income tax expense5	$420 to $465
Net income available to NCI	$910 to $960
Weighted average diluted common shares	~95 million
Net cash provided by operating activities	$2,500 to $2,850
Adjusted net cash provided by operating activities	$2,600 to $2,900
Capital expenditures	$700 to $800
Free cash flow	$1,800 to $2,050
Adjusted free cash flow	$1,900 to $2,100
NCI cash distributions	$750 to $800

Ambulatory Segment ($ in millions)	FY 2025 Outlook
Net operating revenues	$4,850 to $5,000
Adjusted EBITDA	$1,915 to $1,985
NCI	$760 to $790
Adjusted EBITDA less NCI	$1,155 to $1,195
Changes versus prior year6:
Same-facility system-wide revenue	Up 3.0% to 6.0%
Hospital Segment ($ in millions)	FY 2025 Outlook
Net operating revenues	$15,750 to $16,000
Adjusted EBITDA	$2,060 to $2,190
NCI	$150 to $170
Changes versus prior year6:
Inpatient admissions	Up 2.0% to 3.0%
Adjusted admissions	Up 2.0% to 3.0%

Management’s Webcast Discussion of Results

Tenet management will discuss the Company’s fourth quarter 2024 results in a webcast scheduled for 10:00 a.m. Eastern Time (9:00 a.m. Central Time) on February 12, 2025. Investors can access the webcast through the Company’s website at www.tenethealth.com/investors.

The slide presentation associated with the webcast referenced above, a copy of this earnings press release, and a related supplemental financial disclosures document will be available on the Company’s Investor Relations website on February 12, 2025.

https://www.businesswire.com/news/home/20250212977320/en