TENET HEALTHCARE CORP, 10-Q filed on 10/28/2025
Quarterly Report
v3.25.3
COVER - shares
shares in Thousands
 9 Months Ended
Sep. 30, 2025
Oct. 22, 2025
Document Information [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Sep. 30, 2025  
Document Transition Report false  
Entity File Number 1-7293  
Entity Registrant Name TENET HEALTHCARE CORP  
Entity Incorporation, State or Country Code NV  
Entity Tax Identification Number 95-2557091  
Entity Address, Address Line One 14201 Dallas Parkway  
Entity Address, City or Town Dallas  
Entity Address, State or Province TX  
Entity Address, Postal Zip Code 75254  
City Area Code 469  
Local Phone Number 893-2200  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding (in shares)   87,885
Entity Central Index Key 0000070318  
Current Fiscal Year End Date --12-31  
Document Fiscal Year Focus 2025  
Document Fiscal Period Focus Q3  
Amendment Flag false  
Common stock, $0.05 par value | New York Stock Exchange    
Document Information [Line Items]    
Title of 12(b) Security Common stock, $0.05 par value  
Trading Symbol THC  
Security Exchange Name NYSE  
6.875% Senior Notes due 2031 | New York Stock Exchange    
Document Information [Line Items]    
Title of 12(b) Security 6.875% Senior Notes due 2031  
Trading Symbol THC31  
Security Exchange Name NYSE  
v3.25.3
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions
Sep. 30, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 2,975 $ 3,019
Accounts receivable 2,518 2,536
Inventories of supplies, at cost 346 346
Assets held for sale 82 21
Other current assets 1,889 1,760
Total current assets  7,810 7,682
Investments and other assets 2,939 3,037
Deferred income taxes 72 80
Property and equipment, at cost, less accumulated depreciation and amortization ($6,196 at September 30, 2025 and $5,809 at December 31, 2024) 6,091 6,049
Goodwill 11,158 10,691
Other intangible assets, at cost, less accumulated amortization ($1,357 at September 30, 2025 and $1,288 at December 31, 2024) 1,348 1,397
Total assets  29,418 28,936
Current liabilities:    
Current portion of long-term debt 85 92
Accounts payable 1,356 1,294
Accrued compensation and benefits 857 899
Professional and general liability reserves 287 238
Accrued interest payable 248 149
Liabilities held for sale 12 13
Income tax payable 28 18
Other current liabilities 1,687 1,607
Total current liabilities  4,560 4,310
Long-term debt, net of current portion 13,102 13,081
Professional and general liability reserves 891 900
Defined benefit plan obligations 296 298
Deferred income taxes 269 227
Other long-term liabilities 1,600 1,573
Total liabilities  20,718 20,389
Commitments and contingencies
Redeemable noncontrolling interests in equity of consolidated subsidiaries 2,917 2,727
Shareholders’ equity:    
Common stock, $0.05 par value; authorized 262,500 shares; 158,585 shares issued at September 30, 2025 and 158,001 shares issued at December 31, 2024 8 8
Additional paid-in capital 4,872 4,873
Accumulated other comprehensive loss (174) (180)
Retained earnings 4,044 3,008
Common stock in treasury, at cost, 70,718 shares at September 30, 2025 and 62,892 shares at December 31, 2024 (4,736) (3,538)
Total shareholders’ equity 4,014 4,171
Noncontrolling interests  1,769 1,649
Total equity  5,783 5,820
Total liabilities and equity  $ 29,418 $ 28,936
v3.25.3
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)
shares in Thousands, $ in Millions
Sep. 30, 2025
Dec. 31, 2024
Statement of Financial Position [Abstract]    
Property and equipment, accumulated depreciation and amortization $ 6,196 $ 5,809
Intangible assets, accumulated amortization $ 1,357 $ 1,288
Common stock, par value (in dollars per share) $ 0.05 $ 0.05
Common stock, authorized shares (in shares) 262,500 262,500
Common stock, shares issued (in shares) 158,585 158,001
Common stock in treasury (in shares) 70,718 62,892
v3.25.3
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Income Statement [Abstract]        
Net operating revenues  $ 5,289 $ 5,126 $ 15,783 $ 15,602
Equity in earnings of unconsolidated affiliates 64 62 181 182
Operating expenses:        
Salaries, wages and benefits 2,204 2,218 6,483 6,707
Supplies 931 881 2,770 2,717
Other operating expenses, net 1,119 1,111 3,328 3,413
Depreciation and amortization 218 209 632 625
Impairment and restructuring charges, and acquisition-related costs 23 19 66 75
Litigation and investigation costs (benefit) (11) 9 34 18
Net gains on sales, consolidation and deconsolidation of facilities (20) (348) (4) (2,906)
Operating income 889 1,089 2,655 5,135
Interest expense (206) (202) (616) (623)
Other non-operating income, net 29 35 80 89
Loss from early extinguishment of debt 0 0 0 (8)
Income before income taxes 712 922 2,119 4,593
Income tax expense (133) (241) (396) (1,101)
Net income 579 681 1,723 3,492
Less: Net income available to noncontrolling interests 237 209 687 610
Net income available to Tenet Healthcare Corporation common shareholders $ 342 $ 472 $ 1,036 $ 2,882
Earnings available to Tenet Healthcare Corporation common shareholders:        
Basic earnings per share ((in dollars per share) $ 3.89 $ 4.93 $ 11.37 $ 29.56
Diluted earnings per share (in dollars per share) $ 3.86 $ 4.89 $ 11.28 $ 29.27
Weighted average shares and dilutive securities outstanding (in thousands):        
Basic (in shares) 87,951 95,665 91,109 97,505
Diluted (in shares) 88,610 96,652 91,805 98,518
v3.25.3
CONDENSED CONSOLIDATED STATEMENTS OF OTHER COMPREHENSIVE INCOME - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Statement of Comprehensive Income [Abstract]        
Net income $ 579 $ 681 $ 1,723 $ 3,492
Other comprehensive income:        
Amortization of net actuarial loss included in other non-operating income, net 2 2 6 6
Unrealized gain on debt securities held as available-for-sale 0 2 1 2
Foreign currency translation adjustments and other 1 (1) 0 0
Other comprehensive income before income taxes 3 3 7 8
Income tax expense related to items of other comprehensive income 0 (1) (1) (2)
Total other comprehensive income, net of tax 3 2 6 6
Comprehensive net income 582 683 1,729 3,498
Less: Comprehensive income available to noncontrolling interests 237 209 687 610
Comprehensive income available to Tenet Healthcare Corporation common shareholders $ 345 $ 474 $ 1,042 $ 2,888
v3.25.3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Statement of Cash Flows [Abstract]    
Net income $ 1,723 $ 3,492
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 632 625
Deferred income tax expense (benefit) 51 (29)
Stock-based compensation expense 79 52
Impairment and restructuring charges, and acquisition-related costs 66 75
Litigation and investigation costs 34 18
Net gains on sales, consolidation and deconsolidation of facilities (4) (2,906)
Loss from early extinguishment of debt 0 8
Equity in earnings of unconsolidated affiliates, net of distributions received (13) (9)
Amortization of debt discount and debt issuance costs 18 21
Net gains from the sale of investments and long-lived assets (2) (2)
Other items, net (3) (3)
Changes in cash from operating assets and liabilities:    
Accounts receivable 68 183
Inventories and other current assets (58) 10
Income taxes 15 821
Accounts payable, accrued expenses and other current liabilities 237 123
Other long-term liabilities 50 18
Payments for restructuring charges, acquisition-related costs, and litigation costs and settlements (84) (119)
Net cash provided by operating activities 2,809 2,378
Cash flows from investing activities:    
Purchases of property and equipment (646) (601)
Purchases of businesses or joint venture interests, net of cash acquired (266) (524)
Proceeds from sales of facilities and other assets 18 4,965
Proceeds from sales of marketable securities and long-term investments 74 25
Purchases of marketable securities and long-term investments (69) (46)
Other items, net 3 (18)
Net cash provided by (used in) investing activities (886) 3,801
Cash flows from financing activities:    
Repayments of borrowings (90) (2,212)
Proceeds from borrowings 21 16
Repurchases of common stock (1,188) (672)
Distributions paid to noncontrolling interests (585) (496)
Proceeds from the sale of noncontrolling interests 27 13
Purchases of noncontrolling interests (88) (127)
Advances from managed care payers 0 342
Repayments of advances from managed care payers (33) (160)
Taxes paid related to net share settlement, net of proceeds from shares issued under stock-based compensation plans (47) (14)
Other items, net 16 (3)
Net cash used in financing activities (1,967) (3,313)
Net increase (decrease) in cash and cash equivalents (44) 2,866
Cash and cash equivalents at beginning of period 3,019 1,228
Cash and cash equivalents at end of period 2,975 4,094
Supplemental disclosures:    
Interest paid, net of capitalized interest (499) (555)
Income tax payments, net $ (329) $ (308)
v3.25.3
BASIS OF PRESENTATION
 9 Months Ended
Sep. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
BASIS OF PRESENTATION BASIS OF PRESENTATION
Description of Business and Basis of Presentation
Tenet Healthcare Corporation (together with our subsidiaries, referred to herein as “Tenet,” “we” or “us”) is a diversified healthcare services company headquartered in Dallas, Texas. Our expansive, nationwide care delivery network consists of our Hospital Operations and Services (“Hospital Operations”) and Ambulatory Care segments. As of September 30, 2025, our Hospital Operations segment was comprised of 50 acute care and specialty hospitals, a network of employed physicians and 135 outpatient facilities, including urgent care centers, imaging centers, off-campus hospital emergency departments and micro‑hospitals. Our Ambulatory Care segment is comprised of the operations of our subsidiary USPI Holding Company, Inc. (“USPI”), which held indirect ownership interests in 530 ambulatory surgery centers and 26 surgical hospitals at September 30, 2025. USPI held noncontrolling interests in 150 of these facilities, which are recorded using the equity method of accounting. In addition, we operate a Global Business Center (“GBC”) in the Philippines.
This quarterly report supplements our Annual Report on Form 10‑K for the year ended December 31, 2024 (“Annual Report”). As permitted by the Securities and Exchange Commission for interim reporting, we have omitted certain notes and disclosures that substantially duplicate those in our Annual Report. For further information, refer to the audited Consolidated Financial Statements and notes included in our Annual Report. Unless otherwise indicated, all dollar amounts presented in our Condensed Consolidated Financial Statements and these accompanying notes are expressed in millions (except per‑share amounts), and all share amounts are expressed in thousands.
Certain prior-year amounts have been reclassified to conform to the current-year presentation. Grant income is no longer significant enough to be presented separately and is now included in net operating revenues in the accompanying Condensed Consolidated Statements of Operations. In addition, taxes paid in connection with the net share settlement of our stock compensation awards, net of proceeds from the exercise of stock options, are now presented separately in the accompanying Condensed Consolidated Statements of Cash Flows to reflect their increased significance.
Although our Condensed Consolidated Financial Statements and these related notes are unaudited, we believe all adjustments considered necessary for a fair presentation have been included and are of a normal recurring nature. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires us to make estimates and assumptions that affect the amounts reported in our Condensed Consolidated Financial Statements and these accompanying notes. We regularly evaluate the accounting policies and estimates we use. In general, we base the estimates on historical experience and on assumptions that we believe to be reasonable given the particular circumstances in which we operate. Actual results may vary from those estimates. The financial and statistical information we report to other regulatory agencies may be prepared on a basis other than GAAP or using different assumptions or reporting periods and, therefore, may vary from the amounts presented herein. Although we make every effort to ensure that the information we report to those agencies is accurate, complete and consistent with applicable reporting guidelines, we cannot be responsible for the accuracy of the information they make available to the public.
Operating results for the three and nine-month periods ended September 30, 2025 are not necessarily indicative of the results that may be expected for the full year. Reasons for this include, but are not limited to: the impact of the demand for, and availability of, qualified medical personnel on compensation costs; overall revenue and cost trends, particularly the timing and magnitude of price changes; fluctuations in contractual allowances and cost report settlements and valuation allowances; managed care contract negotiations, settlements or terminations and payer consolidations; trends in patient accounts receivable collectability and associated implicit price concessions; the impact of cybersecurity incidents on our operations; fluctuations in interest rates; levels of malpractice insurance expense and settlement trends; impairment of long‑lived assets and goodwill; restructuring charges; losses, costs and insurance recoveries related to cybersecurity incidents, natural disasters and weather‑related occurrences; the potential emergence and effects of future pandemics, epidemics or outbreaks of infectious diseases on our operations, financial condition and liquidity; litigation and investigation costs; fluctuations in the costs associated with our defined contribution retirement plans; acquisitions and dispositions of facilities and other assets; gains (losses) on sales, consolidation and deconsolidation of facilities; income tax rates and deferred tax asset valuation allowance activity; changes in estimates of accruals for annual incentive compensation; the timing and amounts of stock option and restricted stock unit grants to employees and directors; gains (losses) from early extinguishment of debt; and changes in occupancy levels and patient volumes.
Our hospitals and outpatient facilities are subject to various factors that affect our service mix, revenue mix and patient volumes and, thereby, impact our net patient service revenues and results of operations. These factors include, among others:
changes in federal and state statutes, regulations and executive orders that effect the healthcare industry directly or indirectly, particularly those impacting government healthcare funding; changes in general economic conditions, including inflation, whether due to geopolitical conflicts, trade tensions, export control rules, tariffs or other factors; the number of uninsured and underinsured individuals in local communities treated at our facilities; cybersecurity incidents, including those targeting our vendors, and other unanticipated information technology outages; disease hotspots and seasonal cycles of illness; climate and weather conditions; physician recruitment, satisfaction, retention and attrition; advances in technology and treatments that reduce length of stay or permit procedures to be performed in an outpatient rather than inpatient setting; local healthcare competitors; utilization pressure by managed care organizations, as well as managed care contract negotiations or terminations; performance data on quality measures and patient satisfaction, as well as pricing for services; any unfavorable publicity about us, or our joint venture partners, that impacts our relationships with physicians and patients; and changing consumer behavior, including with respect to the timing of elective procedures. These considerations apply to year‑to‑year comparisons as well.
Cash and Cash Equivalents
We treat highly liquid investments with original maturities of three months or less as cash equivalents. Cash and cash equivalents were $2.975 billion and $3.019 billion at September 30, 2025 and December 31, 2024, respectively. At September 30, 2025 and December 31, 2024, our book overdrafts were $131 million and $143 million, respectively, which were classified as accounts payable. Also at September 30, 2025 and December 31, 2024, $119 million and $110 million, respectively, of total cash and cash equivalents in the accompanying Condensed Consolidated Balance Sheets were intended for the operations of our insurance‑related subsidiaries.
At September 30, 2025 and December 31, 2024, we had $81 million and $127 million, respectively, of property and equipment purchases accrued for items received but not yet paid. Of these amounts, $67 million and $109 million, respectively, were included in accounts payable.
During the nine months ended September 30, 2025 and 2024, we recorded right‑of‑use assets related to non‑cancellable finance leases of $45 million and $51 million, respectively, and related to non‑cancellable operating leases of $268 million and $187 million, respectively.
Goodwill
The following tables provide information on changes in the carrying amount of goodwill for each of our segments:
Nine Months Ended
September 30,
 20252024
Hospital Operations:  
Goodwill at beginning of period, net of accumulated impairment losses$2,697 $3,119 
Goodwill acquired during the year, net of purchase price allocation adjustments— 42 
Goodwill related to assets held for sale and disposed— (464)
Goodwill at end of period, net of accumulated impairment losses2,697 2,697 
Ambulatory Care:
Goodwill at beginning of period7,994 7,188 
Goodwill acquired during the year, net of purchase price allocation adjustments467 824 
Goodwill related to assets held for sale and disposed or deconsolidated facilities— (121)
Goodwill at end of period8,461 7,891 
Total Goodwill, net of accumulated impairment losses$11,158 $10,588 
Other Intangible Assets
The following tables present information regarding other intangible assets, which were included in the accompanying Condensed Consolidated Balance Sheets:
Gross
Carrying Amount		Accumulated
Amortization
Net Book Value
At September 30, 2025:
Other intangible assets with finite useful lives:
Capitalized software costs$1,479 $(1,136)$343 
Contracts241 (144)97 
Other99 (77)22 
Other intangible assets with finite lives1,819 (1,357)462 
Other intangible assets with indefinite useful lives:
Trade names105 — 105 
Contracts777 — 777 
Other4 — 4 
Other intangible assets with indefinite lives886 — 886 
Total other intangible assets, net$2,705 $(1,357)$1,348 
At December 31, 2024:
Other intangible assets with finite useful lives:
Capitalized software costs$1,469 $(1,075)$394 
Contracts241 (135)106 
Other96 (78)18 
Other intangible assets with finite lives1,806 (1,288)518 
Other intangible assets with indefinite useful lives:
Trade names105 — 105 
Contracts769 — 769 
Other5 — 5 
Other intangible assets with indefinite lives879 — 879 
Total other intangible assets, net$2,685 $(1,288)$1,397 
The table below presents our estimated future amortization of intangible assets with finite useful lives at September 30, 2025:
Three
Months
 Ending
Years Ending

Later Years
December 31,
 Total20252026202720282029
Amortization of intangible assets$462 $50 $106 $92 $71 $51 $92 
We recognized amortization expense of $122 million and $136 million in the accompanying Condensed Consolidated Statements of Operations during the nine months ended September 30, 2025 and 2024, respectively.
Other Current Assets
The table below presents the principal components of other current assets in the accompanying Condensed Consolidated Balance Sheets:
 September 30, 2025December 31, 2024
Prepaid expenses$373 $368 
Contract assets178 190 
California provider fee program receivables482 334 
Receivables from other government programs318 326 
Guarantees141 194 
Non-patient receivables282 229 
Other115 119 
Total other current assets$1,889 $1,760 
Investments in Unconsolidated Affiliates
As of September 30, 2025, we controlled 406 of the facilities in our Ambulatory Care segment and, therefore, consolidated their results. We account for many of the facilities in which our Ambulatory Care segment holds ownership interests (150 of 556 at September 30, 2025), as well as additional companies in which our Hospital Operations segment holds ownership interests, under the equity method as investments in unconsolidated affiliates and report only our share of net income as equity in earnings of unconsolidated affiliates in our condensed consolidated statements of operations.
Summarized financial information for equity method investees is included in the following table. For investments acquired during the reported periods, amounts in the table include 100% of the investee’s results beginning on the date of our acquisition of the investment.
 Three Months Ended
September 30,		Nine Months Ended
September 30,
 2025202420252024
Net operating revenues$924 $845 $2,700 $2,573 
Net income$247 $212 $692 $677 
Net income available to the investees$133 $112 $382 $388 
v3.25.3
ACCOUNTS RECEIVABLE
 9 Months Ended
Sep. 30, 2025
Accounts Receivable Additional Disclosures [Abstract]  
ACCOUNTS RECEIVABLE ACCOUNTS RECEIVABLE
The principal components of accounts receivable are presented in the table below:
 September 30, 2025December 31, 2024
Patient accounts receivable$2,360 $2,386 
Estimated future recoveries153 144 
Cost report settlements receivable, net of payables and valuation allowances5 6 
Accounts receivable, net$2,518 $2,536 
Uninsured and Charity Patient Costs
The following table presents our estimated costs (based on selected operating expenses, which include salaries, wages and benefits, supplies and other operating expenses) of caring for our uninsured and charity patients:
 Three Months Ended
September 30,		Nine Months Ended
September 30,
 2025202420252024
Estimated costs for:    
Uninsured patients$99 $135 $317 $406 
Charity care patients45 22 104 68 
Total
$144 $157 $421 $474 
v3.25.3
DISPOSITION OF ASSETS AND LIABILITIES
 9 Months Ended
Sep. 30, 2025
Discontinued Operation, Additional Disclosures [Abstract]  
DISPOSITION OF ASSETS AND LIABILITIES DISPOSITION OF ASSETS AND LIABILITIES
During the three months ended September 30, 2025, a building we own in West Palm Beach, Florida met the criteria to be classified as held for sale. As a result, the building was classified as held for sale at September 30, 2025 in the accompanying Condensed Consolidated Balance Sheet. At September 30, 2025, assets related to this building totaled $62 million.
In January 2024, we completed the sale of three hospitals located in South Carolina and certain related operations (together, the “SC Hospitals”), all of which were held by our Hospital Operations segment. This transaction resulted in the recognition of a pre-tax gain on sale of $1.677 billion in the nine months ended September 30, 2024. During the three and nine months ended September 30, 2024, the SC Hospitals contributed a net pre‑tax loss of $2 million and net pre‑tax income of $1.687 billion (inclusive of the gain discussed above), respectively, to income before income taxes in the accompanying Condensed Consolidated Statement of Operations.
We also completed the following additional sales during the nine months ended September 30, 2024:
•four hospitals and certain related operations located in Orange County and Los Angeles County, California, including facilities from both our Hospital Operations and Ambulatory Care segments, which resulted in the recognition of a pre‑tax gain on sale of $527 million in the nine months ended September 30, 2024;
•two hospitals and certain related operations located in San Luis Obispo County, California, all of which were held by our Hospital Operations segment, resulting in the recognition of a pre‑tax gain on sale of $271 million in the nine months ended September 30, 2024;
•our majority ownership interests in several entities that owned or leased five hospitals and certain related operations, all located in Alabama (collectively, the “AL Hospitals”), including facilities from both our Hospital Operations and Ambulatory Care segments, which resulted in the recognition of a pre‑tax gain on sale of $357 million in the nine months ended September 30, 2024; and
•three ambulatory surgery centers located in South Carolina and held by our Ambulatory Care segment, which resulted in the recognition of a pre‑tax gain of $43 million in the nine months ended September 30, 2024.
Gains recognized from the dispositions described above were included in net gains on sales, consolidation and deconsolidation of facilities in the accompanying Condensed Consolidated Statement of Operations for the nine months ended September 30, 2024.
Assets and liabilities classified as held for sale at September 30, 2025 are presented in the table below:
Other current assets$4 
Property and equipment62 
Other intangible assets16 
Current liabilities(12)
Net assets held for sale$70 
v3.25.3
IMPAIRMENT AND RESTRUCTURING CHARGES, AND ACQUISITION-RELATED COSTS
 9 Months Ended
Sep. 30, 2025
Restructuring Costs and Asset Impairment Charges [Abstract]  
IMPAIRMENT AND RESTRUCTURING CHARGES, AND ACQUISITION-RELATED COSTS IMPAIRMENT AND RESTRUCTURING CHARGES, AND ACQUISITION‑RELATED COSTS
Our impairment tests presume stable, improving or, in some cases, declining operating results in our facilities, which are based on programs and initiatives being implemented that are designed to achieve each facility’s most recent projections. If these projections are not met, or negative trends occur that impact our future outlook, future impairments of long‑lived assets and goodwill may occur, and we may incur additional restructuring charges, which could be material.
We periodically incur costs to implement restructuring efforts for specific operations, which are recorded in our statement of operations as they are incurred. Our restructuring plans focus on various aspects of operations, including their alignment in the most strategic and cost‑effective structure, such as the establishment of support operations at our GBC, among other things. Certain restructuring and acquisition‑related costs are based on estimates. Changes in estimates are recognized as they occur.
During the nine months ended September 30, 2025, we recorded impairment and restructuring charges and acquisition‑related costs of $66 million, consisting of $33 million of restructuring charges, $20 million of acquisition‑related transaction costs and impairment charges totaling $13 million. Restructuring charges during this period included $12 million of contract and lease termination fees, $10 million related to the transition of various administrative functions to our GBC, $5 million of employee severance costs, $4 million of legal costs related to the sale of certain businesses and $2 million of other
restructuring costs. Impairment charges recognized during the nine months ended September 30, 2025 primarily related to the write-down of our investment in an unconsolidated affiliate.
During the nine months ended September 30, 2024, we recorded impairment and restructuring charges and acquisition‑related costs of $75 million, consisting of $42 million of restructuring charges, $31 million of acquisition‑related transaction costs and $2 million of impairment charges. Restructuring charges consisted of $15 million of legal costs related to the sale of certain businesses, $9 million of employee severance costs, $8 million related to the transition of various administrative functions to our GBC and $10 million of other restructuring costs.
v3.25.3
LONG-TERM DEBT
 9 Months Ended
Sep. 30, 2025
Long-Term Debt and Lease Obligation [Abstract]  
LONG-TERM DEBT LONG-TERM DEBT
The table below presents our long‑term debt included in the accompanying Condensed Consolidated Balance Sheets:
 September 30, 2025December 31, 2024
Senior unsecured notes:  
6.125% due 2028
$2,500 $2,500 
6.875% due 2031
362 362 
Senior secured first lien notes:  
5.125% due 2027
1,500 1,500 
4.625% due 2028
600 600 
4.250% due 2029
1,400 1,400 
4.375% due 2030
1,450 1,450 
6.125% due 2030
2,000 2,000 
6.750% due 2031
1,350 1,350 
Senior secured second lien notes:
6.250% due 2027
1,500 1,500 
Finance leases, mortgages and other notes604 605 
Unamortized issue costs and note discounts(79)(94)
Total long-term debt13,187 13,173 
Less: Current portion85 92 
Long-term debt, net of current portion$13,102 $13,081 
Senior Unsecured Notes and Senior Secured Notes
At September 30, 2025, we had senior unsecured notes and senior secured notes with aggregate principal amounts outstanding of $12.662 billion. These notes have fixed interest rates ranging from 4.250% to 6.875% and require semi‑annual interest payments in arrears. A payment of the principal and any accrued but unpaid interest is due upon the maturity date of the respective notes, which dates are staggered from February 2027 through November 2031.
Credit Agreement
We have a senior secured revolving credit facility (as amended, the “Credit Agreement”) that provides for revolving loans in an aggregate principal amount of up to $1.500 billion with a $200 million subfacility for standby letters of credit. Our borrowing availability, which is based on a specified percentage of eligible inventory and accounts receivable, was $1.500 billion at September 30, 2025. On that date, we had no cash borrowings outstanding under the Credit Agreement, and we had less than $1 million of standby letters of credit outstanding.
Letter of Credit Facility
We have a letter of credit facility (as amended to date, the “LC Facility”) that provides for the issuance, from time to time, of standby and documentary letters of credit in an aggregate principal amount of up to $200 million. At September 30, 2025, we had $104 million of standby letters of credit outstanding under the LC Facility.
v3.25.3
GUARANTEES
 9 Months Ended
Sep. 30, 2025
Guarantees [Abstract]  
GUARANTEES GUARANTEES
At September 30, 2025, the maximum potential amount of future payments under our income guarantees to certain physicians who agree to relocate and revenue collection guarantees to hospital‑based physician groups providing certain
services at our hospitals was $176 million. We had a total liability of $141 million recorded for these guarantees included in other current liabilities in the accompanying Condensed Consolidated Balance Sheet at September 30, 2025.
We have also issued guarantees of the indebtedness and other obligations of our investees to third parties, the maximum potential amount of future payments under which was approximately $59 million
v3.25.3
EMPLOYEE BENEFIT PLANS
 9 Months Ended
Sep. 30, 2025
Share-Based Payment Arrangement [Abstract]  
EMPLOYEE BENEFIT PLANS EMPLOYEE BENEFIT PLANS
The accompanying Condensed Consolidated Statements of Operations for the nine months ended September 30, 2025 and 2024 include $79 million and $52 million, respectively, of pre-tax compensation costs related to our stock‑based compensation arrangements.
Stock Options
As of September 30, 2025, there were 163,881 stock options outstanding under our share-based compensation plans, which had a weighted average exercise price per share of $24.19. During the nine months ended September 30, 2025 and 2024, 22,616 and 185,943 stock options, respectively, were exercised with an aggregate intrinsic value of $4 million and $17 million, respectively. Other than the exercise of these options, there was no activity related to our stock options during either of the nine-month periods ended September 30, 2025 or 2024. All outstanding options were vested and exercisable at September 30, 2025, and the options collectively had an aggregate intrinsic value of $29 million.
Restricted Stock Units
The following table presents information about our restricted stock unit (“RSU”) activity during the nine months ended September 30, 2025:
Number of RSUs
Weighted Average
Grant Date Fair 
Value Per RSU
Unvested at December 31, 20241,481,999 $83.84 
Granted596,923 $138.06 
Performance-based adjustment255,386 $80.85 
Vested(854,205)$80.61 
Forfeited(13,571)$95.83 
Unvested at September 30, 20251,466,532 $111.16 
During the nine months ended September 30, 2025, we granted 317,154 RSUs that will vest over periods ranging from one to four years. In addition, we granted 279,769 performance-based RSUs, the vesting of which is contingent on our achievement of specified performance goals for the years 2025 to 2028. Provided the goals are achieved, the performance‑based RSUs that could vest will range from 0% to 250% of the 279,769 units granted, depending on our level of achievement with respect to the performance goals. During the same period, we issued an additional 255,386 RSUs that vested immediately as a result of our level of achievement with respect to previously awarded performance-based RSUs.
During the nine months ended September 30, 2024, we granted 274,716 RSUs that vest over periods ranging from one to three years. In addition, we granted 297,339 performance-based RSUs, the vesting of which is contingent on our achievement of specified performance goals for the years 2024 to 2026. Provided the goals are achieved, the performance‑based RSUs that could vest will range from 0% to 250% of the 297,339 units granted, depending on our level of achievement with respect to the performance goals. During the same period, we issued an additional 205,075 RSUs that vested immediately as a result of our level of achievement with respect to previously awarded performance-based RSUs.
The fair value of an RSU is based on our share price on the grant date. The fair value of an RSU with a market‑based condition is estimated through the use of a Monte Carlo simulation. Significant inputs used in our valuation of these RSUs included the following:
Nine Months Ended September 30,
20252024
Expected volatility
36.6% - 48.0%
34.9% - 52.1%
Risk-free interest rate
4.1% - 4.3%
4.4% - 4.9%
v3.25.3
EQUITY
 9 Months Ended
Sep. 30, 2025
Stockholders' Equity Note [Abstract]  
EQUITY EQUITY
The following tables present the changes in consolidated equity (dollars in millions, share amounts in thousands):
Common StockAdditional
Paid-In
Capital		Accumulated
Other
Comprehensive
Loss		Retained EarningsTreasury
Stock		Noncontrolling
Interests		Total Equity
Shares
Outstanding		Issued Par
Amount
Balances at December 31, 202495,109 $8 $4,873 $(180)$3,008 $(3,538)$1,649 $5,820 
Net income— — — — 406 — 95 501 
Distributions paid to noncontrolling interests— — — — — — (89)(89)
Other comprehensive income— — — 2 — — — 2 
Net purchases (sales) of businesses and noncontrolling interests— — (35)— — — 41 6 
Repurchases of common stock(2,629)— — — — (351)— (351)
Stock-based compensation expense, tax benefit and issuance of common stock405 — (12)— — — — (12)
Balances at March 31, 202592,885 8 4,826 (178)3,414 (3,889)1,696 5,877 
Net income— — — — 288 — 105 393 
Distributions paid to noncontrolling interests— — — — — — (83)(83)
Other comprehensive income— — — 1 — — — 1 
Net purchases of businesses and noncontrolling interests— — 10 — — — 9 19 
Repurchases of common stock(4,601)— — — — (753)— (753)
Stock-based compensation expense, tax benefit and issuance of common stock60 — 22 — — — — 22 
Balances at June 30, 202588,344 8 4,858 (177)3,702 (4,642)1,727 5,476 
Net income— — — — 342 — 106 448 
Distributions paid to noncontrolling interests— — — — — — (102)(102)
Other comprehensive income— — — 3 — — — 3 
Purchases (sales) of businesses and noncontrolling interests, net— — (9)— — — 38 29 
Repurchases of common stock(598)— — — — (94)— (94)
Stock-based compensation expense, tax benefit and issuance of common stock121 — 23 — — — — 23 
Balances at September 30, 202587,867 $8 $4,872 $(174)$4,044 $(4,736)$1,769 $5,783 
Common StockAdditional
Paid-In
Capital		Accumulated
Other
Comprehensive
Loss		Retained Earnings
(Accumulated
Deficit)		Treasury
Stock		Noncontrolling
Interests		Total Equity
Shares
Outstanding		Issued Par
Amount
Balances at December 31, 202399,950 $8 $4,834 $(181)$(192)$(2,861)$1,509 $3,117 
Net income— — — — 2,151 — 82 2,233 
Distributions paid to noncontrolling interests— — — — — — (78)(78)
Other comprehensive income— — — 2 — — — 2 
Net sales of businesses and noncontrolling interests— — (5)— — — (23)(28)
Repurchases of common stock(2,811)— — — — (280)— (280)
Stock-based compensation expense, tax benefit and issuance of common stock534 — (23)— — — — (23)
Balances at March 31, 202497,673 8 4,806 (179)1,959 (3,141)1,490 4,943 
Net income— — — — 259 — 97 356 
Distributions paid to noncontrolling interests— — — — — — (70)(70)
Other comprehensive income— — — 2 — — — 2 
Net purchases of businesses and noncontrolling interests— — 12 — — — 64 76 
Repurchases of common stock(1,990)— — — — (273)— (273)
Stock-based compensation expense, tax benefit and issuance of common stock136 — 22 — — — — 22 
Balances at June 30, 202495,819 8 4,840 (177)2,218 (3,414)1,581 5,056 
Net income— — — — 472 — 95 567 
Distributions paid to noncontrolling interests— — — — — — (79)(79)
Other comprehensive income— — — 2 — — — 2 
Accretion of redeemable noncontrolling interests— — (5)— — — — (5)
Net sales of businesses and noncontrolling interests— — (3)— — — (5)(8)
Repurchases of common stock(795)— — — — (124)— (124)
Stock-based compensation expense, tax benefit and issuance of common stock59 — 17 — — — — 17 
Balances at September 30, 202495,083 $8 $4,849 $(175)$2,690 $(3,538)$1,592 $5,426 
Nonredeemable Noncontrolling Interests
The table below presents our nonredeemable noncontrolling interests balances by segment:
 September 30, 2025December 31, 2024
Hospital Operations$204 $205 
Ambulatory Care1,565 1,444 
Total nonredeemable noncontrolling interests$1,769 $1,649 
The table below presents our income available to nonredeemable noncontrolling interests by segment:
 Three Months Ended
September 30,		Nine Months Ended
September 30,
 2025202420252024
Hospital Operations$9 $14 $33 $35 
Ambulatory Care97 81 273 239 
Total net income available to nonredeemable noncontrolling interests
$106 $95 $306 $274 
Share Repurchase Program Activity
In October 2022, our board of directors authorized the repurchase of up to $1.000 billion of our common stock through a share repurchase program (the “2022 share repurchase program”). This program allowed for share repurchases to be made in open‑market or privately negotiated transactions, at management’s discretion subject to market conditions and other factors, and in a manner consistent with applicable securities laws and regulations. The program did not require us to acquire any particular amount of common stock and could be suspended for periods or discontinued at any time. In July 2024, our board authorized a new share repurchase program (the “2024 share repurchase program”) of up to an additional $1.500 billion of our common stock with no expiration date, under terms substantially similar to the 2022 share repurchase program. We did not make any additional repurchases under the 2022 share repurchase program following the approval of the 2024 share repurchase program. In July 2025, our board of directors authorized a $1.500 billion increase to the 2024 share repurchase program.
The table below presents repurchase activity under both the 2022 and 2024 share repurchase programs:
PeriodTotal Number of Shares PurchasedAverage Price Paid per ShareTotal Number of Shares Purchased as Part of Publicly Announced ProgramMaximum Dollar Value of Shares That May Yet Be Purchased Under the Program
 (In Thousands)(In Thousands)(In Millions)
Nine Months Ended September 30, 2025:
January 1 through January 31, 2025—$— —$1,376 
February 1 through February 28, 20251,800$134.98 1,800$1,133 
March 1 through March 31, 2025829$126.67 829$1,028 
April 1 through April 30, 2025—$— —$1,028 
May 1 through May 31, 20252,456$157.57 2,456$641 
June 1 through June 30, 20252,145$167.83 2,145$281 
July 1 through July 31, 2025598$155.43 598$1,688 
August 1 through August 31, 2025—$— —$1,688 
September 1 through September 30, 2025—$— —$1,688 
January 1 through September 30, 20257,828$151.75 7,828
Nine Months Ended September 30, 2024:
January 1 through January 31, 2024—$— —$550 
February 1 through February 29, 2024—$— —$550 
March 1 through March 31, 20242,811$98.86 2,811$272 
April 1 through April 30, 2024—$— —$272 
May 1 through May 31, 2024—$— —$272 
June 1 through June 30, 20241,990$135.85 1,990$2 
July 1 through July 31, 2024—$— —$1,500 
August 1 through August 31, 2024—$— —$1,500 
September 1 through September 30, 2024795$155.95 795$1,376 
January 1 through September 30, 20245,596$120.07 5,596
v3.25.3
NET OPERATING REVENUES
 9 Months Ended
Sep. 30, 2025
Revenue from Contract with Customer [Abstract]  
NET OPERATING REVENUES NET OPERATING REVENUES
Net operating revenues for our Hospital Operations and Ambulatory Care segments primarily consist of net patient service revenues, principally for patients covered by Medicare, Medicaid, and managed care and other health plans, as well as certain uninsured patients under our Compact with Uninsured Patients and other uninsured discount and charity programs. Net operating revenues for our Hospital Operations segment also include revenues from providing revenue cycle management and value‑based care services to hospitals, health systems, physician practices, employers and other clients, as well as income recognized under grant programs.
The table below presents our sources of net operating revenues:
Three Months Ended
September 30,		Nine Months Ended
September 30,
2025202420252024
Hospital Operations:  
Net patient service revenues from hospitals and related outpatient facilities:
Medicare$512 $504 $1,590 $1,632 
Medicaid404 342 1,163 1,123 
Managed care2,374 2,425 7,197 7,464 
Uninsured15 10 50 40 
Indemnity and other157 148 395 439 
Total3,462 3,429 10,395 10,698 
Other revenues(1)
552 558 1,649 1,629 
Total Hospital Operations4,014 3,987 12,044 12,327 
Ambulatory Care1,275 1,139 3,739 3,275 
Net operating revenues$5,289 $5,126 $15,783 $15,602 
(1)Primarily revenue from physician practices and revenue cycle management.
Adjustments for prior‑year cost reports and related valuation allowances, principally related to Medicare and Medicaid, increased revenues in the nine months ended September 30, 2025 by $24 million, but did not result in a change in revenues during the nine months ended September 30, 2024. Estimated cost report settlements receivable, net of payables and valuation allowances, were included in accounts receivable in the accompanying Condensed Consolidated Balance Sheets (see Note 2). We believe that we have made adequate provision for any adjustments that may result from the final determination of amounts earned under all the above arrangements with Medicare and Medicaid.
The table below presents the composition of net operating revenues for our Ambulatory Care segment:
Three Months Ended
September 30,		Nine Months Ended
September 30,
2025202420252024
Net patient service revenues
$1,222 $1,098 $3,579 $3,152 
Other revenues(1)
53 41 160 123 
Net operating revenues$1,275 $1,139 $3,739 $3,275 
(1)Primarily revenue from management fees and other sources.
Performance Obligations
The following table presents revenue from revenue cycle management services that is expected to be recognized in the future related to performance obligations that are unsatisfied, or partially unsatisfied, at the end of the reporting period:
  Three
Months
 Ending		Years EndingLater Years
December 31,
 Total20252026202720282029
Performance obligations$5,128 $180 $720 $719 $718 $718 $2,073 
The amounts in the table primarily consist of revenue cycle management fixed fees, which are typically recognized ratably as the performance obligation is satisfied. The estimated revenue does not include volume‑ or contingency‑based contracts, variable‑based escalators, performance incentives, penalties or other variable consideration that is considered constrained. Our contract with Catholic Health Initiatives (“CHI”), now known as CommonSpirit Health and the minority interest holder in our Conifer Health Solutions, LLC joint venture, represents the majority of the fixed‑fee revenue related to remaining performance obligations. Our contract term with CHI is scheduled to end on December 31, 2032.
v3.25.3
INSURANCE
 9 Months Ended
Sep. 30, 2025
Property and Professional and General Liablity Insurance [Abstract]  
INSURANCE INSURANCE
Property Insurance
We have property, business interruption and related insurance coverage to mitigate the financial impact of catastrophic events or perils that is subject to deductible provisions based on the terms of the policies. These policies are issued on an occurrence basis. For both the policy periods of April 1, 2024 through March 31, 2025 and April 1, 2025 through March 31, 2026, we have coverage totaling $850 million per occurrence, after deductibles and exclusions, with annual aggregate sub‑limits of $100 million for floods, $200 million for earthquakes in California, $200 million for all other earthquakes and a per‑occurrence sub‑limit of $200 million per named windstorm with no annual aggregate. With respect to fires and other perils, excluding floods, earthquakes and named windstorms, the total $850 million limit of coverage per occurrence applies. Deductibles are 5% of insured values for earthquakes in California and named windstorms, and 2% of insured values for earthquakes in the New Madrid fault zone, each with a maximum deductible per claim of $25 million. All other covered losses are subject to a minimum deductible of $5 million per occurrence.
Professional and General Liability Reserves
We are self‑insured for the majority of our professional and general liability claims, and we purchase insurance from third parties to cover catastrophic claims. At September 30, 2025 and December 31, 2024, the aggregate current and long‑term professional and general liability reserves in the accompanying Condensed Consolidated Balance Sheets were $1.178 billion and $1.138 billion, respectively. These accruals include the reserves recorded by our captive insurance subsidiaries and our self‑insured retention reserves recorded based on modeled estimates for the portion of our professional and general liability risks, including incurred but not reported claims, for which we do not have insurance coverage. Malpractice expense of $243 million and $245 million was included in other operating expenses, net, in the accompanying Condensed Consolidated Statements of Operations for the nine months ended September 30, 2025 and 2024, respectively.
v3.25.3
CLAIMS AND LAWSUITS
 9 Months Ended
Sep. 30, 2025
Commitments and Contingencies Disclosure [Abstract]  
CLAIMS AND LAWSUITS CLAIMS AND LAWSUITS
We operate in a highly regulated and litigious industry. Healthcare companies are subject to numerous investigations by various governmental agencies. Further, private parties have the right to bring qui tam or “whistleblower” lawsuits against companies that allegedly submit false claims for payments to, or improperly retain overpayments from, the government and, in some states, private payers. We and our subsidiaries have received inquiries in recent years from government agencies, and we may receive similar inquiries in future periods. We are also subject to class action lawsuits, employment‑related claims, commercial litigation and other legal actions in the ordinary course of business, including potential claims related to, among other things, the care and treatment provided at our hospitals and outpatient facilities, the application of various federal and state labor and privacy laws, tax audits and other matters. Some of these actions may involve large demands, as well as substantial defense costs. We cannot predict the outcome of current or future legal actions against us or the effect that judgments or settlements in such matters may have on us; however, we believe that the ultimate resolution of our existing ordinary‑course claims and lawsuits will not have a material effect on our business or financial condition.
New claims or inquiries may be initiated against us from time to time. These matters could, among other things: (1) require us to pay substantial damages or amounts in judgments or settlements, which, individually or in the aggregate, may exceed amounts, if any, that may be recovered under our insurance policies where coverage applies and is available; (2) cause us to incur substantial expenses; (3) require significant time and attention from our management; and (4) cause us to close or sell hospitals or outpatient facilities or otherwise modify the way we conduct business.
We record accruals for estimated losses relating to claims and lawsuits when available information indicates that a loss is probable and we can reasonably estimate the amount of the loss or a range of loss. Significant judgment is required in both the determination of the probability of a loss and the determination as to whether a loss is reasonably estimable. These determinations are updated at least quarterly and are adjusted to reflect the effects of negotiations, settlements, rulings, advice of legal counsel and technical experts, and other information and events pertaining to a particular matter, but are subject to significant uncertainty regarding numerous factors that could affect the ultimate loss levels. If a loss on a material matter is reasonably possible and estimable, we disclose an estimate of the loss or a range of loss. We do not disclose an estimate when we have concluded that a loss is either not reasonably possible or a loss, or a range of loss, is not reasonably estimable, based on available information. Given the inherent uncertainties associated with material legal matters, especially those involving governmental agencies, and the indeterminate damages sought in some cases, we are unable to predict the ultimate liability we may incur from such matters, and an adverse outcome in one or more of these matters may be material to our results of operations or cash flows for any particular reporting period.
The following table presents reconciliations of the beginning and ending liability balances in connection with legal settlements and related costs:
Balances at
Beginning
of Period		Litigation and
Investigation
Costs
Cash
Payments

Other		Balances at
End of
Period
Nine Months Ended September 30, 2025$20 $34 $(29)$2 $27 
Nine Months Ended September 30, 2024$40 $18 $(45)$1 $14 
v3.25.3
REDEEMABLE NONCONTROLLING INTERESTS IN EQUITY OF CONSOLIDATED SUBSIDIARIES
 9 Months Ended
Sep. 30, 2025
Noncontrolling Interest [Abstract]  
REDEEMABLE NONCONTROLLING INTERESTS IN EQUITY OF CONSOLIDATED SUBSIDIARIES REDEEMABLE NONCONTROLLING INTERESTS IN EQUITY OF CONSOLIDATED SUBSIDIARIES
Certain of our investees’ partnership and operating agreements contain terms that, upon the occurrence of specified events, could obligate us to purchase some or all of the noncontrolling interests related to our consolidated subsidiaries. The noncontrolling interests subject to these provisions, and the income available to those interests, are not included as part of our equity and are presented as redeemable noncontrolling interests in the accompanying Condensed Consolidated Balance Sheets at September 30, 2025 and December 31, 2024.
The following table presents the changes in redeemable noncontrolling interests in equity of consolidated subsidiaries:
 Nine Months Ended September 30,
 20252024
Balances at beginning of period $2,727 $2,391 
Net income381 336 
Distributions paid to noncontrolling interests(311)(269)
Accretion of redeemable noncontrolling interests— 5 
Purchases and sales of businesses and noncontrolling interests, net120 186 
Balances at end of period $2,917 $2,649 
The divestiture of the AL Hospitals during the three months ended September 30, 2024 resulted in a decrease of $175 million in our redeemable noncontrolling interest balance during the same period.
The following tables present the composition by segment of our redeemable noncontrolling interests balances, as well as our net income available to redeemable noncontrolling interests:
 September 30, 2025December 31, 2024
Hospital Operations$879 $800 
Ambulatory Care2,038 1,927 
Redeemable noncontrolling interests$2,917 $2,727 
 Nine Months Ended September 30,
 20252024
Hospital Operations$82 $74 
Ambulatory Care299 262 
Net income available to redeemable noncontrolling interests$381 $336 
In June 2022, we entered into a share purchase agreement to acquire the 5% ownership interest then-held by Baylor University Medical Center in USPI for $406 million. Under the share purchase agreement, we were obligated to make non‑interest-bearing monthly payments through June 2025. We repaid the outstanding balance under the share purchase agreement in full during the three months ended June 30, 2025. At December 31, 2024, the remaining obligation under the share purchase agreement of $68 million was included in other current liabilities in the accompanying Condensed Consolidated Balance Sheet.
v3.25.3
INCOME TAXES
 9 Months Ended
Sep. 30, 2025
Income Tax Disclosure [Abstract]  
INCOME TAXES INCOME TAXES
A reconciliation between the amount of reported income tax expense and the amount computed by multiplying income before income taxes by the statutory federal tax rate is presented below:
Three Months Ended
September 30,		Nine Months Ended
September 30,
2025202420252024
Tax expense at statutory federal rate of 21%$149 $194 $445 $965 
State income taxes, net of federal income tax benefit23 66 78 291 
Tax benefit attributable to noncontrolling interests(50)(44)(144)(128)
Nondeductible goodwill— 33 — 161 
Stock-based compensation tax benefit(1)(1)(6)(7)
Changes in valuation allowance6 2 — (176)
Other items6 (9)23 (5)
Income tax expense$133 $241 $396 $1,101 
The One Big Beautiful Bill Act (OBBBA) was enacted on July 4, 2025, resulting in significant changes to the U.S. federal tax code. We do not believe it will have a material impact on current year tax expense. Taxable income and current tax liability will be reduced due to the reinstatement of 100% bonus depreciation and changes to business interest deduction limitations. Under section 740 of the Accounting Standards Codification, the effects of the tax law changes are recognized in the period of enactment, which is the three months ending September 30, 2025.
Income before income taxes for the three months ended September 30, 2025 and 2024 was $712 million and $922 million, respectively, and $2.119 billion and $4.593 billion for the nine months ended September 30, 2025 and 2024, respectively. Our provision for income taxes during interim reporting periods is calculated by applying an estimate of the annual effective tax rate to “ordinary” income or loss (pre-tax income or loss excluding unusual or infrequently occurring discrete items) for the reporting period. In calculating “ordinary” income, non‑taxable income available to noncontrolling interests was deducted from pre-tax income. During the nine months ended September 30, 2025, we recorded an increase of $1 million related to state interest expense carryforwards and a $1 million decrease related to a change in the realizability of deferred tax assets. During the nine months ended September 30, 2024, we recorded an income tax benefit of $176 million to decrease the valuation allowance, including a decrease of $193 million for utilization of interest expense carryforwards primarily due to gains from sales of facilities, and an increase of $17 million related to state interest expense carryforwards.
There were no adjustments to our estimated liabilities for uncertain tax positions during the nine months ended September 30, 2025. The total amount of unrecognized tax benefits as of September 30, 2025 was $71 million, of which $69 million, if recognized, would affect our effective tax rate and income tax benefit.
Our practice is to recognize interest and penalties related to income tax matters in income tax expense in our condensed consolidated statements of operations. Approximately $3 million of interest and penalties related to accrued liabilities for uncertain tax positions are included for the nine months ended September 30, 2025. Total accrued interest and penalties on unrecognized tax benefits at September 30, 2025 were $10 million.
v3.25.3
EARNINGS PER COMMON SHARE
 9 Months Ended
Sep. 30, 2025
Earnings Per Share [Abstract]  
EARNINGS PER COMMON SHARE EARNINGS PER COMMON SHARE
The following table reconciles the numerators and denominators of our basic and diluted earnings per common share calculations. Net income available to our common shareholders is expressed in millions and weighted average shares are expressed in thousands.
 
Net Income Available
to Common
Shareholders
(Numerator)
Weighted Average Shares
(Denominator)
Per-Share Amount
Three Months Ended September 30, 2025   
Net income available to Tenet Healthcare Corporation common shareholders for basic earnings per share
$342 87,951 $3.89 
Effect of dilutive instruments— 659 (0.03)
Net income available to Tenet Healthcare Corporation common shareholders for diluted earnings per share
$342 88,610 $3.86 
Three Months Ended September 30, 2024   
Net income available to Tenet Healthcare Corporation common shareholders for basic earnings per share
$472 95,665 $4.93 
Effect of dilutive instruments1 987 (0.04)
Net income available to Tenet Healthcare Corporation common shareholders for diluted earnings per share
$473 96,652 $4.89 
Nine Months Ended September 30, 2025   
Net income available to Tenet Healthcare Corporation common shareholders for basic earnings per share
$1,036 91,109 $11.37 
Effect of dilutive instruments— 696 (0.09)
Net income available to Tenet Healthcare Corporation common shareholders for diluted earnings per share
$1,036 91,805 $11.28 
Nine Months Ended September 30, 2024   
Net income available to Tenet Healthcare Corporation common shareholders for basic earnings per share
$2,882 97,505 $29.56 
Effect of dilutive instruments2 1,013 (0.29)
Net income available to Tenet Healthcare Corporation common shareholders for diluted earnings per share
$2,884 98,518 $29.27 
Dilutive instruments during the three and nine months ended September 30, 2025 and 2024 consisted of stock options, RSUs, convertible long‑term incentive awards, deferred compensation units and dividends on subsidiary preferred stock. During the nine-month period in 2024, our dilutive instruments also included RSUs issued under USPI’s restricted stock plan.
v3.25.3
FAIR VALUE MEASUREMENTS
 9 Months Ended
Sep. 30, 2025
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENTS FAIR VALUE MEASUREMENTS 
We are required to provide additional disclosures about fair value measurements as part of our financial statements for each major category of assets and liabilities measured at fair value. In general, fair values determined by Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities, which generally are not applicable to non‑financial assets and liabilities. Fair values determined by Level 2 inputs utilize data points that are observable, such as definitive sales agreements, appraisals or established market values of comparable assets. Fair values determined by Level 3 inputs utilize unobservable data points for the asset or liability and include situations where there is little, if any, market activity for the asset or liability, such as internal estimates of future cash flows.
Non-Recurring Fair Value Measurements
Our non‑financial assets and liabilities not permitted or required to be measured at fair value on a recurring basis typically relate to long-lived assets held and used, long-lived assets held for sale and goodwill. The following table presents information about assets measured at fair value on a non-recurring basis and indicates the fair value hierarchy of the valuation techniques we utilized to determine such fair values:
TotalQuoted Prices
in Active
Markets for
Identical Assets
(Level 1)		Significant Other
Observable Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)
September 30, 2025
Long-lived assets held for sale$82 $— $82 $— 
December 31, 2024
Long-lived assets held for sale$21 $— $21 $— 
Financial Instruments
The fair value of our long‑term debt (except for borrowings under the Credit Agreement) is based on quoted market prices (Level 1). The inputs used to establish the fair value of the borrowings outstanding under the Credit Agreement are considered to be Level 2 inputs. At September 30, 2025 and December 31, 2024, the estimated fair value of our long‑term debt was approximately 100.1% and 97.8%, respectively, of the carrying value of the debt.
v3.25.3
ACQUISITIONS
 9 Months Ended
Sep. 30, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
ACQUISITIONS ACQUISITIONS
We are required to allocate the purchase prices of acquired businesses to assets acquired or liabilities assumed and, if applicable, noncontrolling interests based on their fair values. The excess of the purchase price allocated over those fair values is recorded as goodwill. The purchase price allocations for certain acquisitions completed in 2025 and 2024 are preliminary. We are in the process of assessing working capital balances and lease and other agreements assumed, as well as obtaining and evaluating valuations of the acquired property and equipment, management contracts and other intangible assets, and noncontrolling interests. Therefore, those purchase price allocations, including goodwill, recorded in the accompanying Condensed Consolidated Financial Statements are subject to adjustment once the assessments and valuation work are completed and evaluated. Such adjustments will be recorded as soon as practical and within the measurement period as defined by the accounting literature.
Preliminary purchase price allocations (representing the fair value of the consideration conveyed) for all acquisitions made during the nine months ended September 30, 2025 and 2024 were as follows:
Nine Months Ended September 30,
20252024
Current assets$49 $67 
Property and equipment39 60 
Other intangible assets13 133 
Goodwill477 847 
Long-term operating lease assets86 101 
Other long-term assets— 1 
Previously held investments in unconsolidated affiliates(80)(34)
Current liabilities(35)(55)
Current portion of long-term lease liabilities(6)(14)
Long-term operating lease liabilities(81)(12)
Other long-term liabilities(12)(101)
Redeemable noncontrolling interests in equity of consolidated subsidiaries(135)(393)
Noncontrolling interests(70)(59)
Cash paid, net of cash acquired(257)(514)
Gains (losses) on consolidations$(12)$27 
The goodwill generated from our 2025 acquisitions, the majority of which we believe will not be deductible for income tax purposes, can be attributed to the benefits that we expect to realize from operating efficiencies and growth strategies. Goodwill recognized related to our acquisition activity during the nine months ended September 30, 2025 was entirely attributable to our Ambulatory Care segment.
During the nine months ended September 30, 2025, we adjusted the preliminary purchase price allocations of certain acquisitions completed by our Ambulatory Care segment in 2024 based on the results of completed valuations and post-closing working capital adjustments. These adjustments resulted in an increase in cash paid for the acquired entities of $9 million and a decrease of $10 million in goodwill recognized
v3.25.3
SEGMENT INFORMATION
 9 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
SEGMENT INFORMATION SEGMENT INFORMATION
The following tables present amounts for each of our reportable segments and the reconciling items necessary to agree to amounts reported in the accompanying Condensed Consolidated Balance Sheets and Condensed Consolidated Statements of Operations, as applicable.
September 30, 2025December 31, 2024
Assets:  
Hospital Operations$16,530 $16,722 
Ambulatory Care12,888 12,214 
Total $29,418 $28,936 
Three Months Ended
September 30,		Nine Months Ended
September 30,
2025202420252024
Capital expenditures:    
Hospital Operations$242 $188 $556 $536 
Ambulatory Care38 28 90 65 
Total $280 $216 $646 $601 
Depreciation and amortization:    
Hospital Operations$182 $171 $522 $523 
Ambulatory Care36 38 110 102 
Total $218 $209 $632 $625 
Three Months Ended September 30, 2025Nine Months Ended September 30, 2025
 Hospital OperationsAmbulatory CareTotalHospital OperationsAmbulatory CareTotal
Net operating revenues$4,014 $1,275 $5,289 $12,044 $3,739 $15,783 
Equity in earnings of unconsolidated affiliates1 63 64 5 176 181 
Less:
Salaries, wages and benefits1,888 316 2,204 5,558 925 6,483 
Supplies594 337 931 1,783 987 2,770 
Other operating expenses, net926 193 1,119 2,771 557 3,328 
Adjusted EBITDA$607 $492 1,099 $1,937 $1,446 3,383 
Reconciliation of Adjusted EBITDA:
Depreciation and amortization(218)(632)
Impairment and restructuring charges, and acquisition-related costs(23)(66)
Litigation and investigation benefit (costs)11 (34)
Interest expense(206)(616)
Other non-operating income, net29 80 
Net gains on sales, consolidation and deconsolidation of facilities20 4 
Income before income taxes$712 $2,119 
Three Months Ended September 30, 2024Nine Months Ended September 30, 2024
 Hospital OperationsAmbulatory CareTotalHospital OperationsAmbulatory CareTotal
Net operating revenues$3,987 $1,139 $5,126 $12,327 $3,275 $15,602 
Equity in earnings of unconsolidated affiliates1 61 62 7 175 182 
Less:
Salaries, wages and benefits1,908 310 2,218 5,876 831 6,707 
Supplies597 284 881 1,860 857 2,717 
Other operating expenses, net944 167 1,111 2,931 482 3,413 
Adjusted EBITDA$539 $439 978 $1,667 $1,280 2,947 
Reconciliation of Adjusted EBITDA:
Depreciation and amortization(209)(625)
Impairment and restructuring charges, and acquisition-related costs(19)(75)
Litigation and investigation costs(9)(18)
Interest expense(202)(623)
Loss from early extinguishment of debt— (8)
Other non-operating income, net35 89 
Net gains on sales, consolidation and deconsolidation of facilities348 2,906 
Income before income taxes$922 $4,593 
    Other operating expenses, net consists of various general and administrative expenses that are integral to supporting our operations. These expenses include, but are not limited to, medical fees, malpractice expense, information technology and software expenses, as well as gains or losses incurred from the disposition of long-lived assets.
v3.25.3
RECENT ACCOUNTING STANDARDS
 9 Months Ended
Sep. 30, 2025
Accounting Standards Update and Change in Accounting Principle [Abstract]  
RECENT ACCOUNTING STANDARDS RECENT ACCOUNTING STANDARDS
Recently Issued Accounting Standards
In July 2025, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) 2025-05, “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets for Private Companies and Certain Not-for-Profit Entities” (“ASU 2025-05”). The amendments in ASU 2025-05 provide all entities with a practical expedient to simplify the estimation of expected credit losses on current accounts receivable and current contract assets that arise from transactions accounted for under Accounting Standards Codification Topic 606, “Revenue from Contracts with Customers.” This practical expedient allows an entity to assume that current conditions as of the balance sheet date will not change during the remaining life of the asset. ASU 2025-05 is effective for annual reporting periods beginning after December 15, 2025, including interim periods within those fiscal years, though early adoption is permitted. We are currently evaluating the timing of adoption and impact of this ASU on our condensed consolidated financial statements and related disclosures.
v3.25.3
Insider Trading Arrangements
 3 Months Ended
Sep. 30, 2025
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.3
BASIS OF PRESENTATION (Policies)
 9 Months Ended
Sep. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Description of Business and Basis of Presentation
This quarterly report supplements our Annual Report on Form 10‑K for the year ended December 31, 2024 (“Annual Report”). As permitted by the Securities and Exchange Commission for interim reporting, we have omitted certain notes and disclosures that substantially duplicate those in our Annual Report. For further information, refer to the audited Consolidated Financial Statements and notes included in our Annual Report. Unless otherwise indicated, all dollar amounts presented in our Condensed Consolidated Financial Statements and these accompanying notes are expressed in millions (except per‑share amounts), and all share amounts are expressed in thousands.
Certain prior-year amounts have been reclassified to conform to the current-year presentation. Grant income is no longer significant enough to be presented separately and is now included in net operating revenues in the accompanying Condensed Consolidated Statements of Operations. In addition, taxes paid in connection with the net share settlement of our stock compensation awards, net of proceeds from the exercise of stock options, are now presented separately in the accompanying Condensed Consolidated Statements of Cash Flows to reflect their increased significance.
Although our Condensed Consolidated Financial Statements and these related notes are unaudited, we believe all adjustments considered necessary for a fair presentation have been included and are of a normal recurring nature. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires us to make estimates and assumptions that affect the amounts reported in our Condensed Consolidated Financial Statements and these accompanying notes. We regularly evaluate the accounting policies and estimates we use. In general, we base the estimates on historical experience and on assumptions that we believe to be reasonable given the particular circumstances in which we operate. Actual results may vary from those estimates. The financial and statistical information we report to other regulatory agencies may be prepared on a basis other than GAAP or using different assumptions or reporting periods and, therefore, may vary from the amounts presented herein. Although we make every effort to ensure that the information we report to those agencies is accurate, complete and consistent with applicable reporting guidelines, we cannot be responsible for the accuracy of the information they make available to the public.
Operating results for the three and nine-month periods ended September 30, 2025 are not necessarily indicative of the results that may be expected for the full year. Reasons for this include, but are not limited to: the impact of the demand for, and availability of, qualified medical personnel on compensation costs; overall revenue and cost trends, particularly the timing and magnitude of price changes; fluctuations in contractual allowances and cost report settlements and valuation allowances; managed care contract negotiations, settlements or terminations and payer consolidations; trends in patient accounts receivable collectability and associated implicit price concessions; the impact of cybersecurity incidents on our operations; fluctuations in interest rates; levels of malpractice insurance expense and settlement trends; impairment of long‑lived assets and goodwill; restructuring charges; losses, costs and insurance recoveries related to cybersecurity incidents, natural disasters and weather‑related occurrences; the potential emergence and effects of future pandemics, epidemics or outbreaks of infectious diseases on our operations, financial condition and liquidity; litigation and investigation costs; fluctuations in the costs associated with our defined contribution retirement plans; acquisitions and dispositions of facilities and other assets; gains (losses) on sales, consolidation and deconsolidation of facilities; income tax rates and deferred tax asset valuation allowance activity; changes in estimates of accruals for annual incentive compensation; the timing and amounts of stock option and restricted stock unit grants to employees and directors; gains (losses) from early extinguishment of debt; and changes in occupancy levels and patient volumes.
Cash and Cash Equivalents
We treat highly liquid investments with original maturities of three months or less as cash equivalents. Cash and cash equivalents were $2.975 billion and $3.019 billion at September 30, 2025 and December 31, 2024, respectively. At September 30, 2025 and December 31, 2024, our book overdrafts were $131 million and $143 million, respectively, which were classified as accounts payable. Also at September 30, 2025 and December 31, 2024, $119 million and $110 million, respectively, of total cash and cash equivalents in the accompanying Condensed Consolidated Balance Sheets were intended for the operations of our insurance‑related subsidiaries.
At September 30, 2025 and December 31, 2024, we had $81 million and $127 million, respectively, of property and equipment purchases accrued for items received but not yet paid. Of these amounts, $67 million and $109 million, respectively, were included in accounts payable.
During the nine months ended September 30, 2025 and 2024, we recorded right‑of‑use assets related to non‑cancellable finance leases of $45 million and $51 million, respectively, and related to non‑cancellable operating leases of $268 million and $187 million, respectively.
Investments in Unconsolidated Affiliates As of September 30, 2025, we controlled 406 of the facilities in our Ambulatory Care segment and, therefore, consolidated their results. We account for many of the facilities in which our Ambulatory Care segment holds ownership interests (150 of 556 at September 30, 2025), as well as additional companies in which our Hospital Operations segment holds ownership interests, under the equity method as investments in unconsolidated affiliates and report only our share of net income as equity in earnings of unconsolidated affiliates in our condensed consolidated statements of operations.
v3.25.3
BASIS OF PRESENTATION (Tables)
 9 Months Ended
Sep. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Changes in the Carrying Amount of Goodwill
The following tables provide information on changes in the carrying amount of goodwill for each of our segments:
Nine Months Ended
September 30,
 20252024
Hospital Operations:  
Goodwill at beginning of period, net of accumulated impairment losses$2,697 $3,119 
Goodwill acquired during the year, net of purchase price allocation adjustments— 42 
Goodwill related to assets held for sale and disposed— (464)
Goodwill at end of period, net of accumulated impairment losses2,697 2,697 
Ambulatory Care:
Goodwill at beginning of period7,994 7,188 
Goodwill acquired during the year, net of purchase price allocation adjustments467 824 
Goodwill related to assets held for sale and disposed or deconsolidated facilities— (121)
Goodwill at end of period8,461 7,891 
Total Goodwill, net of accumulated impairment losses$11,158 $10,588 
Schedule of Other Intangible Assets
The following tables present information regarding other intangible assets, which were included in the accompanying Condensed Consolidated Balance Sheets:
Gross
Carrying Amount		Accumulated
Amortization
Net Book Value
At September 30, 2025:
Other intangible assets with finite useful lives:
Capitalized software costs$1,479 $(1,136)$343 
Contracts241 (144)97 
Other99 (77)22 
Other intangible assets with finite lives1,819 (1,357)462 
Other intangible assets with indefinite useful lives:
Trade names105 — 105 
Contracts777 — 777 
Other4 — 4 
Other intangible assets with indefinite lives886 — 886 
Total other intangible assets, net$2,705 $(1,357)$1,348 
At December 31, 2024:
Other intangible assets with finite useful lives:
Capitalized software costs$1,469 $(1,075)$394 
Contracts241 (135)106 
Other96 (78)18 
Other intangible assets with finite lives1,806 (1,288)518 
Other intangible assets with indefinite useful lives:
Trade names105 — 105 
Contracts769 — 769 
Other5 — 5 
Other intangible assets with indefinite lives879 — 879 
Total other intangible assets, net$2,685 $(1,288)$1,397 
Schedule of Indefinite-Lived Intangible Assets
The following tables present information regarding other intangible assets, which were included in the accompanying Condensed Consolidated Balance Sheets:
Gross
Carrying Amount		Accumulated
Amortization
Net Book Value
At September 30, 2025:
Other intangible assets with finite useful lives:
Capitalized software costs$1,479 $(1,136)$343 
Contracts241 (144)97 
Other99 (77)22 
Other intangible assets with finite lives1,819 (1,357)462 
Other intangible assets with indefinite useful lives:
Trade names105 — 105 
Contracts777 — 777 
Other4 — 4 
Other intangible assets with indefinite lives886 — 886 
Total other intangible assets, net$2,705 $(1,357)$1,348 
At December 31, 2024:
Other intangible assets with finite useful lives:
Capitalized software costs$1,469 $(1,075)$394 
Contracts241 (135)106 
Other96 (78)18 
Other intangible assets with finite lives1,806 (1,288)518 
Other intangible assets with indefinite useful lives:
Trade names105 — 105 
Contracts769 — 769 
Other5 — 5 
Other intangible assets with indefinite lives879 — 879 
Total other intangible assets, net$2,685 $(1,288)$1,397 
Schedule of Estimated Future Amortization of Intangibles with Finite Useful Lives
The table below presents our estimated future amortization of intangible assets with finite useful lives at September 30, 2025:
Three
Months
 Ending
Years Ending

Later Years
December 31,
 Total20252026202720282029
Amortization of intangible assets$462 $50 $106 $92 $71 $51 $92 
Schedule of Other Current Assets
The table below presents the principal components of other current assets in the accompanying Condensed Consolidated Balance Sheets:
 September 30, 2025December 31, 2024
Prepaid expenses$373 $368 
Contract assets178 190 
California provider fee program receivables482 334 
Receivables from other government programs318 326 
Guarantees141 194 
Non-patient receivables282 229 
Other115 119 
Total other current assets$1,889 $1,760 
Schedule of Equity Method Investments
Summarized financial information for equity method investees is included in the following table. For investments acquired during the reported periods, amounts in the table include 100% of the investee’s results beginning on the date of our acquisition of the investment.
 Three Months Ended
September 30,		Nine Months Ended
September 30,
 2025202420252024
Net operating revenues$924 $845 $2,700 $2,573 
Net income$247 $212 $692 $677 
Net income available to the investees$133 $112 $382 $388 
v3.25.3
ACCOUNTS RECEIVABLE (Tables)
 9 Months Ended
Sep. 30, 2025
Accounts Receivable Additional Disclosures [Abstract]  
Schedule of Components of Accounts Receivable
The principal components of accounts receivable are presented in the table below:
 September 30, 2025December 31, 2024
Patient accounts receivable$2,360 $2,386 
Estimated future recoveries153 144 
Cost report settlements receivable, net of payables and valuation allowances5 6 
Accounts receivable, net$2,518 $2,536 
Schedule of Estimated Costs for Charity Care and Self-Pay Patients
The following table presents our estimated costs (based on selected operating expenses, which include salaries, wages and benefits, supplies and other operating expenses) of caring for our uninsured and charity patients:
 Three Months Ended
September 30,		Nine Months Ended
September 30,
 2025202420252024
Estimated costs for:    
Uninsured patients$99 $135 $317 $406 
Charity care patients45 22 104 68 
Total
$144 $157 $421 $474 
v3.25.3
DISPOSITION OF ASSETS AND LIABILITIES (Tables)
 9 Months Ended
Sep. 30, 2025
Discontinued Operation, Additional Disclosures [Abstract]  
Schedule of Assets and Liabilities Classified As Held for Sale
Assets and liabilities classified as held for sale at September 30, 2025 are presented in the table below:
Other current assets$4 
Property and equipment62 
Other intangible assets16 
Current liabilities(12)
Net assets held for sale$70 
v3.25.3
LONG-TERM DEBT (Tables)
 9 Months Ended
Sep. 30, 2025
Long-Term Debt and Lease Obligation [Abstract]  
Schedule of Long-Term Debt
The table below presents our long‑term debt included in the accompanying Condensed Consolidated Balance Sheets:
 September 30, 2025December 31, 2024
Senior unsecured notes:  
6.125% due 2028
$2,500 $2,500 
6.875% due 2031
362 362 
Senior secured first lien notes:  
5.125% due 2027
1,500 1,500 
4.625% due 2028
600 600 
4.250% due 2029
1,400 1,400 
4.375% due 2030
1,450 1,450 
6.125% due 2030
2,000 2,000 
6.750% due 2031
1,350 1,350 
Senior secured second lien notes:
6.250% due 2027
1,500 1,500 
Finance leases, mortgages and other notes604 605 
Unamortized issue costs and note discounts(79)(94)
Total long-term debt13,187 13,173 
Less: Current portion85 92 
Long-term debt, net of current portion$13,102 $13,081 
v3.25.3
EMPLOYEE BENEFIT PLANS (Tables)
 9 Months Ended
Sep. 30, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule of Restricted Stock Unit Activity
The following table presents information about our restricted stock unit (“RSU”) activity during the nine months ended September 30, 2025:
Number of RSUs
Weighted Average
Grant Date Fair 
Value Per RSU
Unvested at December 31, 20241,481,999 $83.84 
Granted596,923 $138.06 
Performance-based adjustment255,386 $80.85 
Vested(854,205)$80.61 
Forfeited(13,571)$95.83 
Unvested at September 30, 20251,466,532 $111.16 
Schedule of Significant Inputs used in Valuation of RSUs Significant inputs used in our valuation of these RSUs included the following:
Nine Months Ended September 30,
20252024
Expected volatility
36.6% - 48.0%
34.9% - 52.1%
Risk-free interest rate
4.1% - 4.3%
4.4% - 4.9%
v3.25.3
EQUITY (Tables)
 9 Months Ended
Sep. 30, 2025
Stockholders' Equity Note [Abstract]  
Schedule of Changes In Consolidated Equity
The following tables present the changes in consolidated equity (dollars in millions, share amounts in thousands):
Common StockAdditional
Paid-In
Capital		Accumulated
Other
Comprehensive
Loss		Retained EarningsTreasury
Stock		Noncontrolling
Interests		Total Equity
Shares
Outstanding		Issued Par
Amount
Balances at December 31, 202495,109 $8 $4,873 $(180)$3,008 $(3,538)$1,649 $5,820 
Net income— — — — 406 — 95 501 
Distributions paid to noncontrolling interests— — — — — — (89)(89)
Other comprehensive income— — — 2 — — — 2 
Net purchases (sales) of businesses and noncontrolling interests— — (35)— — — 41 6 
Repurchases of common stock(2,629)— — — — (351)— (351)
Stock-based compensation expense, tax benefit and issuance of common stock405 — (12)— — — — (12)
Balances at March 31, 202592,885 8 4,826 (178)3,414 (3,889)1,696 5,877 
Net income— — — — 288 — 105 393 
Distributions paid to noncontrolling interests— — — — — — (83)(83)
Other comprehensive income— — — 1 — — — 1 
Net purchases of businesses and noncontrolling interests— — 10 — — — 9 19 
Repurchases of common stock(4,601)— — — — (753)— (753)
Stock-based compensation expense, tax benefit and issuance of common stock60 — 22 — — — — 22 
Balances at June 30, 202588,344 8 4,858 (177)3,702 (4,642)1,727 5,476 
Net income— — — — 342 — 106 448 
Distributions paid to noncontrolling interests— — — — — — (102)(102)
Other comprehensive income— — — 3 — — — 3 
Purchases (sales) of businesses and noncontrolling interests, net— — (9)— — — 38 29 
Repurchases of common stock(598)— — — — (94)— (94)
Stock-based compensation expense, tax benefit and issuance of common stock121 — 23 — — — — 23 
Balances at September 30, 202587,867 $8 $4,872 $(174)$4,044 $(4,736)$1,769 $5,783 
Common StockAdditional
Paid-In
Capital		Accumulated
Other
Comprehensive
Loss		Retained Earnings
(Accumulated
Deficit)		Treasury
Stock		Noncontrolling
Interests		Total Equity
Shares
Outstanding		Issued Par
Amount
Balances at December 31, 202399,950 $8 $4,834 $(181)$(192)$(2,861)$1,509 $3,117 
Net income— — — — 2,151 — 82 2,233 
Distributions paid to noncontrolling interests— — — — — — (78)(78)
Other comprehensive income— — — 2 — — — 2 
Net sales of businesses and noncontrolling interests— — (5)— — — (23)(28)
Repurchases of common stock(2,811)— — — — (280)— (280)
Stock-based compensation expense, tax benefit and issuance of common stock534 — (23)— — — — (23)
Balances at March 31, 202497,673 8 4,806 (179)1,959 (3,141)1,490 4,943 
Net income— — — — 259 — 97 356 
Distributions paid to noncontrolling interests— — — — — — (70)(70)
Other comprehensive income— — — 2 — — — 2 
Net purchases of businesses and noncontrolling interests— — 12 — — — 64 76 
Repurchases of common stock(1,990)— — — — (273)— (273)
Stock-based compensation expense, tax benefit and issuance of common stock136 — 22 — — — — 22 
Balances at June 30, 202495,819 8 4,840 (177)2,218 (3,414)1,581 5,056 
Net income— — — — 472 — 95 567 
Distributions paid to noncontrolling interests— — — — — — (79)(79)
Other comprehensive income— — — 2 — — — 2 
Accretion of redeemable noncontrolling interests— — (5)— — — — (5)
Net sales of businesses and noncontrolling interests— — (3)— — — (5)(8)
Repurchases of common stock(795)— — — — (124)— (124)
Stock-based compensation expense, tax benefit and issuance of common stock59 — 17 — — — — 17 
Balances at September 30, 202495,083 $8 $4,849 $(175)$2,690 $(3,538)$1,592 $5,426 
Schedule of Changes in Redeemable Noncontrolling Interests in Equity of Consolidated Subsidiaries
The table below presents our nonredeemable noncontrolling interests balances by segment:
 September 30, 2025December 31, 2024
Hospital Operations$204 $205 
Ambulatory Care1,565 1,444 
Total nonredeemable noncontrolling interests$1,769 $1,649 
The table below presents our income available to nonredeemable noncontrolling interests by segment:
 Three Months Ended
September 30,		Nine Months Ended
September 30,
 2025202420252024
Hospital Operations$9 $14 $33 $35 
Ambulatory Care97 81 273 239 
Total net income available to nonredeemable noncontrolling interests
$106 $95 $306 $274 
Schedule of Share Repurchase Activity
The table below presents repurchase activity under both the 2022 and 2024 share repurchase programs:
PeriodTotal Number of Shares PurchasedAverage Price Paid per ShareTotal Number of Shares Purchased as Part of Publicly Announced ProgramMaximum Dollar Value of Shares That May Yet Be Purchased Under the Program
 (In Thousands)(In Thousands)(In Millions)
Nine Months Ended September 30, 2025:
January 1 through January 31, 2025—$— —$1,376 
February 1 through February 28, 20251,800$134.98 1,800$1,133 
March 1 through March 31, 2025829$126.67 829$1,028 
April 1 through April 30, 2025—$— —$1,028 
May 1 through May 31, 20252,456$157.57 2,456$641 
June 1 through June 30, 20252,145$167.83 2,145$281 
July 1 through July 31, 2025598$155.43 598$1,688 
August 1 through August 31, 2025—$— —$1,688 
September 1 through September 30, 2025—$— —$1,688 
January 1 through September 30, 20257,828$151.75 7,828
Nine Months Ended September 30, 2024:
January 1 through January 31, 2024—$— —$550 
February 1 through February 29, 2024—$— —$550 
March 1 through March 31, 20242,811$98.86 2,811$272 
April 1 through April 30, 2024—$— —$272 
May 1 through May 31, 2024—$— —$272 
June 1 through June 30, 20241,990$135.85 1,990$2 
July 1 through July 31, 2024—$— —$1,500 
August 1 through August 31, 2024—$— —$1,500 
September 1 through September 30, 2024795$155.95 795$1,376 
January 1 through September 30, 20245,596$120.07 5,596
v3.25.3
NET OPERATING REVENUES (Tables)
 9 Months Ended
Sep. 30, 2025
Revenue from Contract with Customer [Abstract]  
Schedule of Disaggregation of Operating Revenues Less Provision for Doubtful Accounts and Implicit Price Concessions
The table below presents our sources of net operating revenues:
Three Months Ended
September 30,		Nine Months Ended
September 30,
2025202420252024
Hospital Operations:  
Net patient service revenues from hospitals and related outpatient facilities:
Medicare$512 $504 $1,590 $1,632 
Medicaid404 342 1,163 1,123 
Managed care2,374 2,425 7,197 7,464 
Uninsured15 10 50 40 
Indemnity and other157 148 395 439 
Total3,462 3,429 10,395 10,698 
Other revenues(1)
552 558 1,649 1,629 
Total Hospital Operations4,014 3,987 12,044 12,327 
Ambulatory Care1,275 1,139 3,739 3,275 
Net operating revenues$5,289 $5,126 $15,783 $15,602 
(1)Primarily revenue from physician practices and revenue cycle management.
The table below presents the composition of net operating revenues for our Ambulatory Care segment:
Three Months Ended
September 30,		Nine Months Ended
September 30,
2025202420252024
Net patient service revenues
$1,222 $1,098 $3,579 $3,152 
Other revenues(1)
53 41 160 123 
Net operating revenues$1,275 $1,139 $3,739 $3,275 
(1)Primarily revenue from management fees and other sources.
Schedule of Performance Obligation, Expected Timing of Satisfaction
The following table presents revenue from revenue cycle management services that is expected to be recognized in the future related to performance obligations that are unsatisfied, or partially unsatisfied, at the end of the reporting period:
  Three
Months
 Ending		Years EndingLater Years
December 31,
 Total20252026202720282029
Performance obligations$5,128 $180 $720 $719 $718 $718 $2,073 
v3.25.3
CLAIMS AND LAWSUITS (Tables)
 9 Months Ended
Sep. 30, 2025
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Reconciliations of Legal Settlements and Related Costs
The following table presents reconciliations of the beginning and ending liability balances in connection with legal settlements and related costs:
Balances at
Beginning
of Period		Litigation and
Investigation
Costs
Cash
Payments

Other		Balances at
End of
Period
Nine Months Ended September 30, 2025$20 $34 $(29)$2 $27 
Nine Months Ended September 30, 2024$40 $18 $(45)$1 $14 
v3.25.3
REDEEMABLE NONCONTROLLING INTERESTS IN EQUITY OF CONSOLIDATED SUBSIDIARIES (Tables)
 9 Months Ended
Sep. 30, 2025
Noncontrolling Interest [Abstract]  
Schedule of Changes in Redeemable Noncontrolling Interests in Equity of Consolidated Subsidiaries
The following table presents the changes in redeemable noncontrolling interests in equity of consolidated subsidiaries:
 Nine Months Ended September 30,
 20252024
Balances at beginning of period $2,727 $2,391 
Net income381 336 
Distributions paid to noncontrolling interests(311)(269)
Accretion of redeemable noncontrolling interests— 5 
Purchases and sales of businesses and noncontrolling interests, net120 186 
Balances at end of period $2,917 $2,649 
The following tables present the composition by segment of our redeemable noncontrolling interests balances, as well as our net income available to redeemable noncontrolling interests:
 September 30, 2025December 31, 2024
Hospital Operations$879 $800 
Ambulatory Care2,038 1,927 
Redeemable noncontrolling interests$2,917 $2,727 
 Nine Months Ended September 30,
 20252024
Hospital Operations$82 $74 
Ambulatory Care299 262 
Net income available to redeemable noncontrolling interests$381 $336 
v3.25.3
INCOME TAXES (Tables)
 9 Months Ended
Sep. 30, 2025
Income Tax Disclosure [Abstract]  
Schedule of Reconciliation Between Reported Income Tax Expense and Income Taxes Calculated by the Statutory Federal Income Tax Rate
A reconciliation between the amount of reported income tax expense and the amount computed by multiplying income before income taxes by the statutory federal tax rate is presented below:
Three Months Ended
September 30,		Nine Months Ended
September 30,
2025202420252024
Tax expense at statutory federal rate of 21%$149 $194 $445 $965 
State income taxes, net of federal income tax benefit23 66 78 291 
Tax benefit attributable to noncontrolling interests(50)(44)(144)(128)
Nondeductible goodwill— 33 — 161 
Stock-based compensation tax benefit(1)(1)(6)(7)
Changes in valuation allowance6 2 — (176)
Other items6 (9)23 (5)
Income tax expense$133 $241 $396 $1,101 
v3.25.3
EARNINGS PER COMMON SHARE (Tables)
 9 Months Ended
Sep. 30, 2025
Earnings Per Share [Abstract]  
Schedule of Reconcile of Numerators and Denominators of Our Basic and Diluted Earnings Per Common Share
The following table reconciles the numerators and denominators of our basic and diluted earnings per common share calculations. Net income available to our common shareholders is expressed in millions and weighted average shares are expressed in thousands.
 
Net Income Available
to Common
Shareholders
(Numerator)
Weighted Average Shares
(Denominator)
Per-Share Amount
Three Months Ended September 30, 2025   
Net income available to Tenet Healthcare Corporation common shareholders for basic earnings per share
$342 87,951 $3.89 
Effect of dilutive instruments— 659 (0.03)
Net income available to Tenet Healthcare Corporation common shareholders for diluted earnings per share
$342 88,610 $3.86 
Three Months Ended September 30, 2024   
Net income available to Tenet Healthcare Corporation common shareholders for basic earnings per share
$472 95,665 $4.93 
Effect of dilutive instruments1 987 (0.04)
Net income available to Tenet Healthcare Corporation common shareholders for diluted earnings per share
$473 96,652 $4.89 
Nine Months Ended September 30, 2025   
Net income available to Tenet Healthcare Corporation common shareholders for basic earnings per share
$1,036 91,109 $11.37 
Effect of dilutive instruments— 696 (0.09)
Net income available to Tenet Healthcare Corporation common shareholders for diluted earnings per share
$1,036 91,805 $11.28 
Nine Months Ended September 30, 2024   
Net income available to Tenet Healthcare Corporation common shareholders for basic earnings per share
$2,882 97,505 $29.56 
Effect of dilutive instruments2 1,013 (0.29)
Net income available to Tenet Healthcare Corporation common shareholders for diluted earnings per share
$2,884 98,518 $29.27 
v3.25.3
FAIR VALUE MEASUREMENTS (Tables)
 9 Months Ended
Sep. 30, 2025
Fair Value Disclosures [Abstract]  
Schedule of Fair Value Assets on a Nonrecurring Basis The following table presents information about assets measured at fair value on a non-recurring basis and indicates the fair value hierarchy of the valuation techniques we utilized to determine such fair values:
TotalQuoted Prices
in Active
Markets for
Identical Assets
(Level 1)		Significant Other
Observable Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)
September 30, 2025
Long-lived assets held for sale$82 $— $82 $— 
December 31, 2024
Long-lived assets held for sale$21 $— $21 $— 
v3.25.3
ACQUISITIONS (Tables)
 9 Months Ended
Sep. 30, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Schedule of Preliminary Purchase Price Allocation
Preliminary purchase price allocations (representing the fair value of the consideration conveyed) for all acquisitions made during the nine months ended September 30, 2025 and 2024 were as follows:
Nine Months Ended September 30,
20252024
Current assets$49 $67 
Property and equipment39 60 
Other intangible assets13 133 
Goodwill477 847 
Long-term operating lease assets86 101 
Other long-term assets— 1 
Previously held investments in unconsolidated affiliates(80)(34)
Current liabilities(35)(55)
Current portion of long-term lease liabilities(6)(14)
Long-term operating lease liabilities(81)(12)
Other long-term liabilities(12)(101)
Redeemable noncontrolling interests in equity of consolidated subsidiaries(135)(393)
Noncontrolling interests(70)(59)
Cash paid, net of cash acquired(257)(514)
Gains (losses) on consolidations$(12)$27 
v3.25.3
SEGMENT INFORMATION (Tables)
 9 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
Schedule of Reconciliation of Assets by Reportable Segment to Consolidated Assets
The following tables present amounts for each of our reportable segments and the reconciling items necessary to agree to amounts reported in the accompanying Condensed Consolidated Balance Sheets and Condensed Consolidated Statements of Operations, as applicable.
September 30, 2025December 31, 2024
Assets:  
Hospital Operations$16,530 $16,722 
Ambulatory Care12,888 12,214 
Total $29,418 $28,936 
Schedule of Reconciliation of Other Significant Reconciling Items From Segments to Consolidated
Three Months Ended
September 30,		Nine Months Ended
September 30,
2025202420252024
Capital expenditures:    
Hospital Operations$242 $188 $556 $536 
Ambulatory Care38 28 90 65 
Total $280 $216 $646 $601 
Depreciation and amortization:    
Hospital Operations$182 $171 $522 $523 
Ambulatory Care36 38 110 102 
Total $218 $209 $632 $625 
Three Months Ended September 30, 2025Nine Months Ended September 30, 2025
 Hospital OperationsAmbulatory CareTotalHospital OperationsAmbulatory CareTotal
Net operating revenues$4,014 $1,275 $5,289 $12,044 $3,739 $15,783 
Equity in earnings of unconsolidated affiliates1 63 64 5 176 181 
Less:
Salaries, wages and benefits1,888 316 2,204 5,558 925 6,483 
Supplies594 337 931 1,783 987 2,770 
Other operating expenses, net926 193 1,119 2,771 557 3,328 
Adjusted EBITDA$607 $492 1,099 $1,937 $1,446 3,383 
Reconciliation of Adjusted EBITDA:
Depreciation and amortization(218)(632)
Impairment and restructuring charges, and acquisition-related costs(23)(66)
Litigation and investigation benefit (costs)11 (34)
Interest expense(206)(616)
Other non-operating income, net29 80 
Net gains on sales, consolidation and deconsolidation of facilities20 4 
Income before income taxes$712 $2,119 
Three Months Ended September 30, 2024Nine Months Ended September 30, 2024
 Hospital OperationsAmbulatory CareTotalHospital OperationsAmbulatory CareTotal
Net operating revenues$3,987 $1,139 $5,126 $12,327 $3,275 $15,602 
Equity in earnings of unconsolidated affiliates1 61 62 7 175 182 
Less:
Salaries, wages and benefits1,908 310 2,218 5,876 831 6,707 
Supplies597 284 881 1,860 857 2,717 
Other operating expenses, net944 167 1,111 2,931 482 3,413 
Adjusted EBITDA$539 $439 978 $1,667 $1,280 2,947 
Reconciliation of Adjusted EBITDA:
Depreciation and amortization(209)(625)
Impairment and restructuring charges, and acquisition-related costs(19)(75)
Litigation and investigation costs(9)(18)
Interest expense(202)(623)
Loss from early extinguishment of debt— (8)
Other non-operating income, net35 89 
Net gains on sales, consolidation and deconsolidation of facilities348 2,906 
Income before income taxes$922 $4,593 
v3.25.3
BASIS OF PRESENTATION - Description of Business and Basis of Presentation (Details) - 9 months ended Sep. 30, 2025
hospital
healthcare_facility
Hospital Operations    
Business Combination [Line Items]    
Number of acute care and specialty hospitals operated 50  
Number of outpatient facilities operated | healthcare_facility   135
Ambulatory Care | United Surgical Partners International    
Business Combination [Line Items]    
Number of ambulatory surgery centers 530  
Number of surgical hospitals operated by subsidiaries 26  
Number of outpatient centers recorded using equity method 150 150
v3.25.3
BASIS OF PRESENTATION - Cash and Cash Equivalents (Details) - USD ($)
$ in Millions
 9 Months Ended 12 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Dec. 31, 2024
Cash and Cash Equivalents      
Cash and cash equivalents $ 2,975   $ 3,019
Accrued property and equipment purchases for items received but not yet paid 81   127
Accrued property and equipment purchases for items received but not yet paid, accounts payable 67   109
Non-cancellable finance leases entered into 45 $ 51  
Non-cancellable operating leases liability entered into 268 $ 187  
Captive Insurance Subsidiaries      
Cash and Cash Equivalents      
Cash and cash equivalents 119   110
Accounts Payable      
Cash and Cash Equivalents      
Book overdrafts classified as accounts payable $ 131   $ 143
v3.25.3
BASIS OF PRESENTATION - Goodwill (Details) - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Goodwill [Roll Forward]    
Goodwill at beginning of period, net of accumulated impairment losses $ 10,691  
Goodwill at end of period, net of accumulated impairment losses 11,158 $ 10,588
Hospital Operations:    
Goodwill [Roll Forward]    
Goodwill at beginning of period, net of accumulated impairment losses 2,697 3,119
Goodwill acquired during the year, net of purchase price allocation adjustments 0 42
Goodwill related to assets held for sale and disposed or deconsolidated facilities 0 (464)
Goodwill at end of period, net of accumulated impairment losses 2,697 2,697
Ambulatory Care:    
Goodwill [Roll Forward]    
Goodwill at beginning of period, net of accumulated impairment losses 7,994 7,188
Goodwill acquired during the year, net of purchase price allocation adjustments 467 824
Goodwill related to assets held for sale and disposed or deconsolidated facilities 0 (121)
Goodwill at end of period, net of accumulated impairment losses $ 8,461 $ 7,891
v3.25.3
BASIS OF PRESENTATION - Other Intangible Assets (Details) - USD ($)
$ in Millions
Sep. 30, 2025
Dec. 31, 2024
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount $ 1,819 $ 1,806
Accumulated Amortization (1,357) (1,288)
Net Book Value 462 518
Other intangible assets with indefinite lives 886 879
Gross Carrying Amount 2,705 2,685
Net Book Value 1,348 1,397
Trade names    
Finite-Lived Intangible Assets [Line Items]    
Other intangible assets with indefinite lives 105 105
Contracts    
Finite-Lived Intangible Assets [Line Items]    
Other intangible assets with indefinite lives 777 769
Other    
Finite-Lived Intangible Assets [Line Items]    
Other intangible assets with indefinite lives 4 5
Capitalized software costs    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 1,479 1,469
Accumulated Amortization (1,136) (1,075)
Net Book Value 343 394
Contracts    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 241 241
Accumulated Amortization (144) (135)
Net Book Value 97 106
Other    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 99 96
Accumulated Amortization (77) (78)
Net Book Value $ 22 $ 18
v3.25.3
BASIS OF PRESENTATION - Amortization of Intangible Assets (Details) - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Dec. 31, 2024
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]      
Net Book Value $ 462   $ 518
2025 50    
2026 106    
2027 92    
2028 71    
2029 51    
Later Years 92    
Amortization expense $ 122 $ 136  
v3.25.3
BASIS OF PRESENTATION - Other Current Asset (Details) - USD ($)
$ in Millions
Sep. 30, 2025
Dec. 31, 2024
Accounts receivable and allowance for doubtful accounts    
Prepaid expenses $ 373 $ 368
Contract assets 178 190
California provider fee program receivables 2,518 2,536
Receivables from other government programs 318 326
Guarantees 141 194
Non-patient receivables 282 229
Other 115 119
Total other current assets 1,889 1,760
California's Provider Fee Program    
Accounts receivable and allowance for doubtful accounts    
California provider fee program receivables $ 482 $ 334
v3.25.3
BASIS OF PRESENTATION - Investments in Unconsolidated Affiliates (Details)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
USD ($)
Sep. 30, 2024
USD ($)
Sep. 30, 2025
USD ($)
Sep. 30, 2025
healthcare_facility
Sep. 30, 2025
hospital
Sep. 30, 2025
Sep. 30, 2024
USD ($)
Schedule of Equity Method Investments [Line Items]              
Investee results reflected (percent)           1  
Net operating revenues $ 5,289 $ 5,126 $ 15,783       $ 15,602
Net income 579 681 1,723       3,492
Equity Method Investment, Nonconsolidated Investee or Group of Investees              
Schedule of Equity Method Investments [Line Items]              
Net operating revenues 924 845 2,700       2,573
Net income 247 212 692       677
Net income available to the investees 133 112 382       388
Ambulatory Care              
Schedule of Equity Method Investments [Line Items]              
Number of outpatient centers operated | hospital         406    
Number of outpatient centers | hospital         556    
Net operating revenues $ 1,275 $ 1,139 $ 3,739       $ 3,275
Ambulatory Care | United Surgical Partners International              
Schedule of Equity Method Investments [Line Items]              
Number of outpatient centers recorded using equity method       150 150    
v3.25.3
ACCOUNTS RECEIVABLE - Schedule of Components of Accounts Receivable (Details) - USD ($)
$ in Millions
Sep. 30, 2025
Dec. 31, 2024
Accounts Receivable Additional Disclosures [Abstract]    
Patient accounts receivable $ 2,360 $ 2,386
Estimated future recoveries 153 144
Cost report settlements receivable, net of payables and valuation allowances 5 6
Accounts receivable, net $ 2,518 $ 2,536
v3.25.3
ACCOUNTS RECEIVABLE - Schedule of Estimated Costs for Charity Care and Self-Pay Patients (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Accounts receivable and allowance for doubtful accounts        
Estimated costs of caring $ 144 $ 157 $ 421 $ 474
Uninsured patients        
Accounts receivable and allowance for doubtful accounts        
Estimated costs of caring 99 135 317 406
Charity care patients        
Accounts receivable and allowance for doubtful accounts        
Estimated costs of caring $ 45 $ 22 $ 104 $ 68
v3.25.3
DISPOSITION OF ASSETS AND LIABILITIES - Narrative (Details)
$ in Millions
 1 Months Ended 3 Months Ended 9 Months Ended
Jan. 31, 2024
hospital
Sep. 30, 2024
USD ($)
Sep. 30, 2024
USD ($)
hospital
Sep. 30, 2025
USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]        
Asset held-for-sale       $ 62
Disposal Group, Disposed of by Sale, Not Discontinued Operations | SC Hospitals        
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]        
Number of hospitals for sale | hospital 3      
Gain on sale of properties     $ 1,677  
Income from continuing operations, before income taxes   $ (2) 1,687  
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Ambulatory Surgery Centers        
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]        
Gain on sale of properties     $ 43  
Number of ambulatory surgery centers for sale | hospital     3  
Disposal Group, Disposed of by Sale, Not Discontinued Operations | AL Hospitals        
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]        
Number of hospitals for sale | hospital     5  
Gain on sale of properties     $ 357  
Discontinued Operations, Held-for-sale | OCLA CA Hospitals        
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]        
Number of hospitals for sale | hospital     4  
Gain on sale of properties     $ 527  
Discontinued Operations, Held-for-sale | Central CA Hospitals        
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]        
Number of hospitals for sale | hospital     2  
Gain on sale of properties     $ 271  
v3.25.3
DISPOSITION OF ASSETS AND LIABILITIES - Schedule of Assets and Liabilities Held for Sale (Details) - Disposal Group, Held-for-Sale, Not Discontinued Operations
$ in Millions
Sep. 30, 2025
USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]  
Other current assets $ 4
Property and equipment 62
Other intangible assets 16
Current liabilities (12)
Net assets held for sale $ 70
v3.25.3
IMPAIRMENT AND RESTRUCTURING CHARGES, AND ACQUISITION-RELATED COSTS (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]        
Impairment and restructuring charges, and acquisition-related costs $ 23 $ 19 $ 66 $ 75
Restructuring charges     33 42
Acquisition costs     20 31
Impairment charges     13 2
Other restructuring costs     2 10
Contract Termination        
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]        
Restructuring charges     12  
Global Business Center in the Republic of Philippines        
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]        
Restructuring charges     10 8
Employee Severance        
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]        
Restructuring charges     5 9
Legal Costs Related to the Sale of Certain Facilities        
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]        
Restructuring charges     $ 4 $ 15
v3.25.3
LONG-TERM DEBT - Schedule of Long-Term Debt (Details) - USD ($)
$ in Millions
Sep. 30, 2025
Dec. 31, 2024
LONG-TERM DEBT AND LEASE OBLIGATIONS    
Finance leases, mortgages and other notes $ 604 $ 605
Unamortized issue costs and note discounts (79) (94)
Total long-term debt 13,187 13,173
Less: Current portion 85 92
Long-term debt, net of current portion $ 13,102 13,081
Senior Notes | 6.125% due 2028    
LONG-TERM DEBT AND LEASE OBLIGATIONS    
Stated interest rate, percentage 6.125%  
Carrying amount $ 2,500 2,500
Senior Notes | 6.875% due 2031    
LONG-TERM DEBT AND LEASE OBLIGATIONS    
Stated interest rate, percentage 6.875%  
Carrying amount $ 362 362
Senior Notes | 5.125% due 2027    
LONG-TERM DEBT AND LEASE OBLIGATIONS    
Stated interest rate, percentage 5.125%  
Carrying amount $ 1,500 1,500
Senior Notes | 4.625% due 2028    
LONG-TERM DEBT AND LEASE OBLIGATIONS    
Stated interest rate, percentage 4.625%  
Carrying amount $ 600 600
Senior Notes | 4.250% due 2029    
LONG-TERM DEBT AND LEASE OBLIGATIONS    
Stated interest rate, percentage 4.25%  
Carrying amount $ 1,400 1,400
Senior Notes | 4.375% due 2030    
LONG-TERM DEBT AND LEASE OBLIGATIONS    
Stated interest rate, percentage 4.375%  
Carrying amount $ 1,450 1,450
Senior Notes | 6.125% due 2030    
LONG-TERM DEBT AND LEASE OBLIGATIONS    
Stated interest rate, percentage 6.125%  
Carrying amount $ 2,000 2,000
Senior Notes | 6.750% due 2031    
LONG-TERM DEBT AND LEASE OBLIGATIONS    
Stated interest rate, percentage 6.75%  
Carrying amount $ 1,350 1,350
Senior Notes | 6.250% due 2027    
LONG-TERM DEBT AND LEASE OBLIGATIONS    
Stated interest rate, percentage 6.25%  
Carrying amount $ 1,500 $ 1,500
v3.25.3
LONG-TERM DEBT - Senior Unsecured and Senior Secured Notes (Narrative) (Details) - Senior Notes
$ in Millions
Sep. 30, 2025
USD ($)
LONG-TERM DEBT AND LEASE OBLIGATIONS  
Long term debt, face amount $ 12,662
Minimum  
LONG-TERM DEBT AND LEASE OBLIGATIONS  
Stated interest rate, percentage 4.25%
Maximum  
LONG-TERM DEBT AND LEASE OBLIGATIONS  
Stated interest rate, percentage 6.875%
v3.25.3
LONG-TERM DEBT - Credit Agreement (Narrative) (Details) - Credit Agreement - Credit Agreement
Sep. 30, 2025
USD ($)
LONG-TERM DEBT AND LEASE OBLIGATIONS  
Amount available for borrowing under revolving credit facility $ 1,500,000,000
Carrying amount 0
Standby letters of credit outstanding (less than) 1,000,000
Revolving Credit Facility  
LONG-TERM DEBT AND LEASE OBLIGATIONS  
Revolving credit facility, maximum borrowing capacity (up to) 1,500,000,000
Senior secured credit facility due 2027  
LONG-TERM DEBT AND LEASE OBLIGATIONS  
Revolving credit facility, maximum borrowing capacity (up to) $ 200,000,000
v3.25.3
LONG-TERM DEBT - Letter of Credit Facility (Narrative) (Details) - Senior secured credit facility due 2027 - Letter of Credit Facility - Credit Agreement
Sep. 30, 2025
USD ($)
LONG-TERM DEBT AND LEASE OBLIGATIONS  
Revolving credit facility, maximum borrowing capacity (up to) $ 200,000,000
Standby letters of credit outstanding $ 104,000,000
v3.25.3
GUARANTEES (Details)
$ in Millions
Sep. 30, 2025
USD ($)
Income and Revenue Collection Guarantee  
GUARANTEES  
Maximum potential amount of future payments under guarantees $ 176
Income and Revenue Collection Guarantee | Other Current Liabilities  
GUARANTEES  
Liability for the fair value of guarantees 141
Guaranteed Investees of Third Parties  
GUARANTEES  
Maximum potential amount of future payments under guarantees $ 59
v3.25.3
EMPLOYEE BENEFIT PLANS - Narrative (Details) - USD ($)
$ / shares in Units, $ in Millions
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Stock-based compensation costs, pretax $ 79 $ 52
Stock Options    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Exercisable at the end of the period (in shares) 163,881  
Exercisable at the end of the period (in dollars per share) $ 24.19  
Exercised (in shares) 22,616 185,943
Aggregate intrinsic value of awards exercised $ 4 $ 17
Options, outstanding, intrinsic value $ 29  
Restricted Stock Units    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Awards granted in the period (in shares) 596,923  
Restricted Stock Units | Vest Ratably Over One To Four Years    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Awards granted in the period (in shares) 317,154  
Restricted Stock Units | Vest Ratably Over One To Three Years    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Awards granted in the period (in shares)   274,716
Restricted Stock Units | Minimum | Vest Ratably Over One To Four Years    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Vesting period 1 year  
Restricted Stock Units | Minimum | Vest Ratably Over One To Three Years    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Vesting period   1 year
Restricted Stock Units | Maximum | Vest Ratably Over One To Four Years    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Vesting period 4 years  
Restricted Stock Units | Maximum | Vest Ratably Over One To Three Years    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Vesting period   3 years
Performance Based Restricted Stock Unit    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Awards granted in the period (in shares) 255,386  
Shares issued (in shares)   205,075
Performance Based Restricted Stock Unit | Vesting Contingent On Performance Goals    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Awards granted in the period (in shares) 279,769 297,339
Performance Based Restricted Stock Unit | Minimum | Vesting Contingent On Performance Goals    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Vesting percentage 0.00% 0.00%
Performance Based Restricted Stock Unit | Maximum | Vesting Contingent On Performance Goals    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Vesting percentage 250.00% 250.00%
v3.25.3
EMPLOYEE BENEFIT PLANS - Restricted Stock Units (Details)
 9 Months Ended
Sep. 30, 2025
$ / shares
shares
Restricted Stock Units  
Number of RSUs  
Unvested at the beginning of the period (in shares) | shares 1,481,999
Granted (in shares) | shares 596,923
Vested (in shares) | shares (854,205)
Forfeited (in shares) | shares (13,571)
Unvested at the end of the period (in shares) | shares 1,466,532
Weighted Average Grant Date Fair  Value Per RSU  
Unvested at the beginning of the period (in dollars per share) | $ / shares $ 83.84
Granted (in dollars per share) | $ / shares 138.06
Vested (in dollars per share) | $ / shares 80.61
Forfeited (in dollars per share) | $ / shares 95.83
Unvested at the end of the period (in dollars per share) | $ / shares $ 111.16
Performance Based Restricted Stock Unit  
Number of RSUs  
Granted (in shares) | shares 255,386
Weighted Average Grant Date Fair  Value Per RSU  
Granted (in dollars per share) | $ / shares $ 80.85
v3.25.3
EMPLOYEE BENEFIT PLANS - Schedule of Significant Inputs used in Valuation of RSUs (Details) - Restricted Stock Units
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Expected volatility, minimum 36.60% 34.90%
Expected volatility, maximum 48.00% 52.10%
Risk-free interest rate, minimum 4.10% 4.40%
Risk-free interest rate, maximum 4.30% 4.90%
v3.25.3
EQUITY - Changes in Shareholders' Equity (Details) - USD ($)
shares in Thousands, $ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Jun. 30, 2025
Mar. 31, 2025
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Sep. 30, 2025
Sep. 30, 2024
Changes in Shareholders' Equity                
Balances, beginning of period $ 5,476 $ 5,877 $ 5,820 $ 5,056 $ 4,943 $ 3,117 $ 5,820 $ 3,117
Net income 448 393 501 567 356 2,233    
Distributions paid to noncontrolling interests (102) (83) (89) (79) (70) (78)    
Other comprehensive income 3 1 2 2 2 2 6 6
Accretion of redeemable noncontrolling interests       (5)        
Net purchases (sales) of businesses and noncontrolling interests 29 19 6 (8) 76 (28)    
Repurchases of common stock (94) (753) (351) (124) (273) (280)    
Stock-based compensation expense, tax benefit and issuance of common stock 23 22 (12) 17 22 (23)    
Balances, end of period $ 5,783 $ 5,476 $ 5,877 $ 5,426 $ 5,056 $ 4,943 $ 5,783 $ 5,426
Common Stock                
Changes in Shareholders' Equity                
Balances, beginning of period (in shares) 88,344 92,885 95,109 95,819 97,673 99,950 95,109 99,950
Balances, beginning of period $ 8 $ 8 $ 8 $ 8 $ 8 $ 8 $ 8 $ 8
Repurchases of common stock (in shares) (598) (4,601) (2,629) (795) (1,990) (2,811)    
Stock-based compensation expense, tax benefit and issuance of common stock (in shares) 121 60 405 59 136 534    
Balances, end of period (in shares) 87,867 88,344 92,885 95,083 95,819 97,673 87,867 95,083
Balances, end of period $ 8 $ 8 $ 8 $ 8 $ 8 $ 8 $ 8 $ 8
Additional Paid-In Capital                
Changes in Shareholders' Equity                
Balances, beginning of period 4,858 4,826 4,873 4,840 4,806 4,834 4,873 4,834
Accretion of redeemable noncontrolling interests       (5)        
Net purchases (sales) of businesses and noncontrolling interests (9) 10 (35) (3) 12 (5)    
Stock-based compensation expense, tax benefit and issuance of common stock 23 22 (12) 17 22 (23)    
Balances, end of period 4,872 4,858 4,826 4,849 4,840 4,806 4,872 4,849
Accumulated Other Comprehensive Loss                
Changes in Shareholders' Equity                
Balances, beginning of period (177) (178) (180) (177) (179) (181) (180) (181)
Other comprehensive income 3 1 2 2 2 2    
Balances, end of period (174) (177) (178) (175) (177) (179) (174) (175)
Retained Earnings                
Changes in Shareholders' Equity                
Balances, beginning of period 3,702 3,414 3,008 2,218 1,959 (192) 3,008 (192)
Net income 342 288 406 472 259 2,151    
Balances, end of period 4,044 3,702 3,414 2,690 2,218 1,959 4,044 2,690
Treasury Stock                
Changes in Shareholders' Equity                
Balances, beginning of period (4,642) (3,889) (3,538) (3,414) (3,141) (2,861) (3,538) (2,861)
Repurchases of common stock (94) (753) (351) (124) (273) (280)    
Stock-based compensation expense, tax benefit and issuance of common stock 0     0        
Balances, end of period (4,736) (4,642) (3,889) (3,538) (3,414) (3,141) (4,736) (3,538)
Noncontrolling Interests                
Changes in Shareholders' Equity                
Balances, beginning of period 1,727 1,696 1,649 1,581 1,490 1,509 1,649 1,509
Net income 106 105 95 95 97 82 306 274
Distributions paid to noncontrolling interests (102) (83) (89) (79) (70) (78)    
Net purchases (sales) of businesses and noncontrolling interests 38 9 41 (5) 64 (23)    
Balances, end of period $ 1,769 $ 1,727 $ 1,696 $ 1,592 $ 1,581 $ 1,490 $ 1,769 $ 1,592
v3.25.3
EQUITY - Noncontrolling Interests (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Jun. 30, 2025
Mar. 31, 2025
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Sep. 30, 2025
Sep. 30, 2024
Dec. 31, 2024
Dec. 31, 2023
Noncontrolling Interest [Line Items]                    
Total nonredeemable noncontrolling interests $ 5,783 $ 5,476 $ 5,877 $ 5,426 $ 5,056 $ 4,943 $ 5,783 $ 5,426 $ 5,820 $ 3,117
Total net income available to nonredeemable noncontrolling interests 448 393 501 567 356 2,233        
Noncontrolling Interests                    
Noncontrolling Interest [Line Items]                    
Total nonredeemable noncontrolling interests 1,769 1,727 1,696 1,592 1,581 1,490 1,769 1,592 1,649 $ 1,509
Total net income available to nonredeemable noncontrolling interests 106 $ 105 $ 95 95 $ 97 $ 82 306 274    
Hospital Operations | Noncontrolling Interests                    
Noncontrolling Interest [Line Items]                    
Total nonredeemable noncontrolling interests 204           204   205  
Total net income available to nonredeemable noncontrolling interests 9     14     33 35    
Ambulatory Care | Noncontrolling Interests                    
Noncontrolling Interest [Line Items]                    
Total nonredeemable noncontrolling interests 1,565           1,565   $ 1,444  
Total net income available to nonredeemable noncontrolling interests $ 97     $ 81     $ 273 $ 239    
v3.25.3
EQUITY - Narrative (Details) - USD ($)
$ in Millions
Jul. 31, 2025
Jul. 31, 2024
Oct. 31, 2022
2022 Share Repurchase Program      
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Amount of common stock authorized to be repurchased     $ 1,000
2024 Share Repurchase Program      
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Amount of common stock authorized to be repurchased   $ 1,500  
2024 Repurchase Program      
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Amount of common stock authorized to be repurchased $ 1,500    
v3.25.3
EQUITY - Share Repurchase Programs (Details) - Share Repurchase Program - USD ($)
$ / shares in Units, shares in Thousands, $ in Millions
 1 Months Ended 9 Months Ended
Sep. 30, 2025
Aug. 31, 2025
Jul. 31, 2025
Jun. 30, 2025
May 31, 2025
Apr. 30, 2025
Mar. 31, 2025
Feb. 28, 2025
Jan. 31, 2025
Sep. 30, 2024
Aug. 31, 2024
Jul. 31, 2024
Jun. 30, 2024
May 31, 2024
Apr. 30, 2024
Mar. 31, 2024
Feb. 29, 2024
Jan. 31, 2024
Sep. 30, 2025
Sep. 30, 2024
Equity, Class of Treasury Stock [Line Items]                                        
Total Number of Shares Purchased (in shares) 0 0 598 2,145 2,456 0 829 1,800 0 795 0 0 1,990 0 0 2,811 0 0 7,828 5,596
Average Price Paid per Share (in dollars per shares) $ 0 $ 0 $ 155.43 $ 167.83 $ 157.57 $ 0 $ 126.67 $ 134.98 $ 0 $ 155.95 $ 0 $ 0 $ 135.85 $ 0 $ 0 $ 98.86 $ 0 $ 0 $ 151.75 $ 120.07
Maximum Dollar Value of Shares That May Yet Be Purchased Under the Program $ 1,688 $ 1,688 $ 1,688 $ 281 $ 641 $ 1,028 $ 1,028 $ 1,133 $ 1,376 $ 1,376 $ 1,500 $ 1,500 $ 2 $ 272 $ 272 $ 272 $ 550 $ 550 $ 1,688 $ 1,376
v3.25.3
NET OPERATING REVENUES - Net Operating Revenue By Source (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Disaggregation of Revenue [Line Items]        
Net operating revenues  $ 5,289 $ 5,126 $ 15,783 $ 15,602
Ambulatory Care        
Disaggregation of Revenue [Line Items]        
Net operating revenues  1,275 1,139 3,739 3,275
Operating Segments | Hospital Operations        
Disaggregation of Revenue [Line Items]        
Net operating revenues  4,014 3,987 12,044 12,327
Operating Segments | Ambulatory Care        
Disaggregation of Revenue [Line Items]        
Net operating revenues  1,275 1,139 3,739 3,275
Continuing Operations        
Disaggregation of Revenue [Line Items]        
Net operating revenues  5,289 5,126 15,783 15,602
Continuing Operations | Operating Segments | Hospital Operations        
Disaggregation of Revenue [Line Items]        
Net operating revenues  4,014 3,987 12,044 12,327
Continuing Operations | Operating Segments | Hospital Operations | Other revenues        
Disaggregation of Revenue [Line Items]        
Net operating revenues  552 558 1,649 1,629
Continuing Operations | Operating Segments | Ambulatory Care        
Disaggregation of Revenue [Line Items]        
Net operating revenues  1,275 1,139 3,739 3,275
Continuing Operations | Acute Care Hospitals and Related Outpatient Facilities | Operating Segments | Hospital Operations | Medicare        
Disaggregation of Revenue [Line Items]        
Net operating revenues  512 504 1,590 1,632
Continuing Operations | Acute Care Hospitals and Related Outpatient Facilities | Operating Segments | Hospital Operations | Medicaid        
Disaggregation of Revenue [Line Items]        
Net operating revenues  404 342 1,163 1,123
Continuing Operations | Acute Care Hospitals and Related Outpatient Facilities | Operating Segments | Hospital Operations | Managed care        
Disaggregation of Revenue [Line Items]        
Net operating revenues  2,374 2,425 7,197 7,464
Continuing Operations | Acute Care Hospitals and Related Outpatient Facilities | Operating Segments | Hospital Operations | Uninsured        
Disaggregation of Revenue [Line Items]        
Net operating revenues  15 10 50 40
Continuing Operations | Acute Care Hospitals and Related Outpatient Facilities | Operating Segments | Hospital Operations | Indemnity and other        
Disaggregation of Revenue [Line Items]        
Net operating revenues  157 148 395 439
Continuing Operations | Acute Care Hospitals and Related Outpatient Facilities | Operating Segments | Hospital Operations | Total        
Disaggregation of Revenue [Line Items]        
Net operating revenues  $ 3,462 $ 3,429 $ 10,395 $ 10,698
v3.25.3
NET OPERATING REVENUES - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Disaggregation of Revenue [Line Items]        
Net operating revenues  $ 5,289 $ 5,126 $ 15,783 $ 15,602
Restatement Adjustment        
Disaggregation of Revenue [Line Items]        
Net operating revenues      $ 24  
v3.25.3
NET OPERATING REVENUES - Net Operating Revenue Composition, Ambulatory and Conifer Segments (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Disaggregation of Revenue [Line Items]        
Net operating revenues  $ 5,289 $ 5,126 $ 15,783 $ 15,602
Ambulatory Care        
Disaggregation of Revenue [Line Items]        
Net operating revenues  1,275 1,139 3,739 3,275
Ambulatory Care | Net patient service revenues        
Disaggregation of Revenue [Line Items]        
Net operating revenues  1,222 1,098 3,579 3,152
Ambulatory Care | Other revenues        
Disaggregation of Revenue [Line Items]        
Net operating revenues  $ 53 $ 41 $ 160 $ 123
v3.25.3
NET OPERATING REVENUES - Performance Obligations (Details)
$ in Millions
Sep. 30, 2025
USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Performance obligations $ 5,128
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-10-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Performance obligations $ 180
Revenue, remaining performance obligation, expected timing of satisfaction, period 3 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Performance obligations $ 720
Revenue, remaining performance obligation, expected timing of satisfaction, period 1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Performance obligations $ 719
Revenue, remaining performance obligation, expected timing of satisfaction, period 1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Performance obligations $ 718
Revenue, remaining performance obligation, expected timing of satisfaction, period 1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2029-01-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Performance obligations $ 718
Revenue, remaining performance obligation, expected timing of satisfaction, period 1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2030-01-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Performance obligations $ 2,073
Revenue, remaining performance obligation, expected timing of satisfaction, period 1 year
v3.25.3
INSURANCE (Details) - USD ($)
$ in Millions
 9 Months Ended 24 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Mar. 31, 2026
Dec. 31, 2024
Other Operating Expense, Net        
Insurance coverage        
Malpractice expense $ 243 $ 245    
Professional and General Liability Reserves        
Insurance coverage        
Self insurance reserve $ 1,178     $ 1,138
Scenario, Forecast        
Insurance coverage        
Insurance, per occurrence limit     $ 850  
Scenario, Forecast | Floods        
Insurance coverage        
Insurance, annual limit     100  
Scenario, Forecast | Earthquake | California        
Insurance coverage        
Insurance, annual limit     200  
Scenario, Forecast | Earthquake | Other Geographic Areas        
Insurance coverage        
Insurance, annual limit     200  
Scenario, Forecast | Windstorms        
Insurance coverage        
Insurance, annual limit     200  
Scenario, Forecast | Fire and other perils        
Insurance coverage        
Insurance, annual limit     $ 850  
Scenario, Forecast | California Earthquakes And Named Windstorms        
Insurance coverage        
Insurance deductible as a percent     5.00%  
Scenario, Forecast | New Madrid Fault Earthquakes        
Insurance coverage        
Insurance deductible as a percent     2.00%  
Insurance, maximum deductible per incident     $ 25  
Scenario, Forecast | Other Catastrophic Events        
Insurance coverage        
Insurance, deductible     $ 5  
v3.25.3
CLAIMS AND LAWSUITS (Details) - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Loss Contingency Accrual [Roll Forward]    
Litigation and Investigation Costs $ 34 $ 18
Claims, Lawsuits, and Regulatory Proceedings    
Loss Contingency Accrual [Roll Forward]    
Balances at Beginning of Period 20 40
Litigation and Investigation Costs 34 18
Cash Payments (29) (45)
Other 2 1
Balances at End of Period $ 27 $ 14
v3.25.3
REDEEMABLE NONCONTROLLING INTERESTS IN EQUITY OF CONSOLIDATED SUBSIDIARIES - Changes in Redeemable Noncontrolling Interests (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Jun. 30, 2025
Mar. 31, 2025
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Sep. 30, 2025
Sep. 30, 2024
Increase (Decrease) in Temporary Equity [Roll Forward]                
Balances at beginning of period      $ 2,727       $ 2,727  
Net income             381 $ 336
Distributions paid to noncontrolling interests $ (102) $ (83) (89) $ (79) $ (70) $ (78)    
Balances at end of period  2,917           2,917  
Redeemable Noncontrolling Interests                
Increase (Decrease) in Temporary Equity [Roll Forward]                
Balances at beginning of period      $ 2,727     $ 2,391 2,727 2,391
Net income             381 336
Distributions paid to noncontrolling interests             (311) (269)
Accretion of redeemable noncontrolling interests             0 5
Purchases and sales of businesses and noncontrolling interests, net             120 186
Balances at end of period  $ 2,917     $ 2,649     $ 2,917 $ 2,649
v3.25.3
REDEEMABLE NONCONTROLLING INTERESTS IN EQUITY OF CONSOLIDATED SUBSIDIARIES - Narrative (Details) - USD ($)
$ in Millions
 1 Months Ended 3 Months Ended
Jun. 30, 2022
Sep. 30, 2024
Sep. 30, 2025
Dec. 31, 2024
Redeemable Noncontrolling Interest [Line Items]        
Other current liabilities     $ 1,687 $ 1,607
AL Hospitals        
Redeemable Noncontrolling Interest [Line Items]        
Decrease to redeemable noncontrolling interest from sale   $ 175    
United Surgical Partners International        
Redeemable Noncontrolling Interest [Line Items]        
Other current liabilities       $ 68
United Surgical Partners International | Baylor University Medical Center        
Redeemable Noncontrolling Interest [Line Items]        
Share purchase agreement amount of payment $ 406      
United Surgical Partners International | Baylor University Medical Center | Put Option        
Redeemable Noncontrolling Interest [Line Items]        
Ownership percentage 5.00%      
v3.25.3
REDEEMABLE NONCONTROLLING INTERESTS IN EQUITY OF CONSOLIDATED SUBSIDIARIES - Segment Details (Details) - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Dec. 31, 2024
Redeemable Noncontrolling Interest [Line Items]      
Redeemable noncontrolling interests $ 2,917   $ 2,727
Net income available to redeemable noncontrolling interests 381 $ 336  
Hospital Operations      
Redeemable Noncontrolling Interest [Line Items]      
Redeemable noncontrolling interests 879   800
Net income available to redeemable noncontrolling interests 82 74  
Ambulatory Care      
Redeemable Noncontrolling Interest [Line Items]      
Redeemable noncontrolling interests 2,038   $ 1,927
Net income available to redeemable noncontrolling interests $ 299 $ 262  
v3.25.3
INCOME TAXES - Federal Tax Reconciliation (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Reconciliation between reported income tax expense (benefit) and income taxes calculated by the statutory federal income tax rate        
Tax expense at statutory federal rate of 21% $ 149 $ 194 $ 445 $ 965
State income taxes, net of federal income tax benefit 23 66 78 291
Tax benefit attributable to noncontrolling interests (50) (44) (144) (128)
Nondeductible goodwill 0 33 0 161
Stock-based compensation tax benefit (1) (1) (6) (7)
Changes in valuation allowance 6 2 0 (176)
Other items 6 (9) 23 (5)
Income tax expense $ 133 $ 241 $ 396 $ 1,101
v3.25.3
INCOME TAXES - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Effective Income Tax Rate Reconciliation [Line Items]        
Pre-tax income $ 712 $ 922 $ 2,119 $ 4,593
Changes in valuation allowance 6 $ 2 0 (176)
Unrecognized tax benefits 71   71  
Unrecognized tax benefits which, if recognized, would impact effective tax rate 69   69  
Interest and penalties related to accrued liabilities for uncertain tax positions, recognized     3  
Interest and penalties related to accrued liabilities for uncertain tax positions, recognized $ 10   10  
Interest Expense Carryforward Utilization        
Effective Income Tax Rate Reconciliation [Line Items]        
Increase (decrease) in deferred tax asset valuation     1 (193)
Realizability of Deferred Tax Assets        
Effective Income Tax Rate Reconciliation [Line Items]        
Increase (decrease) in deferred tax asset valuation     $ (1)  
State Interest Expense Carryforward        
Effective Income Tax Rate Reconciliation [Line Items]        
Increase (decrease) in deferred tax asset valuation       $ 17
v3.25.3
EARNINGS PER COMMON SHARE (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Net Income Available to Common Shareholders (Numerator)        
Net income available to Tenet Healthcare Corporation common shareholders for basic earnings per share $ 342 $ 472 $ 1,036 $ 2,882
Effect of dilutive instruments 0 1 0 2
Net income available to Tenet Healthcare Corporation common shareholders for diluted earnings per share $ 342 $ 473 $ 1,036 $ 2,884
Weighted Average Shares (Denominator)        
Net income available to Tenet Healthcare Corporation common shareholders for basic earnings per share (in shares) 87,951 95,665 91,109 97,505
Effect of dilutive instruments (in shares) 659 987 696 1,013
Net income available to Tenet Healthcare Corporation common shareholders for diluted earnings per share (in shares) 88,610 96,652 91,805 98,518
Per-Share Amount        
Net income available to Tenet Healthcare Corporation common shareholders for basic earnings per share (in dollars per share) $ 3.89 $ 4.93 $ 11.37 $ 29.56
Effect of dilutive instruments (in dollars per share) (0.03) (0.04) (0.09) (0.29)
Net income available to Tenet Healthcare Corporation common shareholders for diluted earnings per share (in dollars per share) $ 3.86 $ 4.89 $ 11.28 $ 29.27
v3.25.3
FAIR VALUE MEASUREMENTS - Schedule of Fair Value Assets on a Nonrecurring Basis (Details) - Nonrecurring - USD ($)
$ in Millions
Sep. 30, 2025
Dec. 31, 2024
Fair value of assets and liabilities measured on recurring basis    
Long-lived assets held for sale $ 82 $ 21
Quoted Prices in Active Markets for Identical Assets (Level 1)    
Fair value of assets and liabilities measured on recurring basis    
Long-lived assets held for sale 0 0
Significant Other Observable Inputs (Level 2)    
Fair value of assets and liabilities measured on recurring basis    
Long-lived assets held for sale 82 21
Significant Unobservable Inputs (Level 3)    
Fair value of assets and liabilities measured on recurring basis    
Long-lived assets held for sale $ 0 $ 0
v3.25.3
FAIR VALUE MEASUREMENTS - Narrative (Details)
Sep. 30, 2025
Dec. 31, 2024
Recurring | Level 2    
Fair value of assets and liabilities measured on recurring basis    
Estimated fair value of debt instrument as percentage of carrying value (as a percent) 100.10% 97.80%
v3.25.3
ACQUISITIONS - Preliminary Purchase Price Allocations (Details) - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Dec. 31, 2024
Final purchase price allocations      
Goodwill $ 11,158 $ 10,588 $ 10,691
Cash paid, net of cash acquired (266) (524)  
Gains (losses) on consolidations (12) 27  
Series of Individual Business Acquisitions      
Final purchase price allocations      
Current assets 49 67  
Property and equipment 39 60  
Other intangible assets 13 133  
Goodwill 477 847  
Long-term operating lease assets 86 101  
Other long-term assets 0 1  
Previously held investments in unconsolidated affiliates (80) (34)  
Current liabilities (35) (55)  
Current portion of long-term lease liabilities (6) (14)  
Long-term operating lease liabilities (81) (12)  
Other long-term liabilities (12) (101)  
Redeemable noncontrolling interests in equity of consolidated subsidiaries (135) (393)  
Noncontrolling interests (70) (59)  
Cash paid, net of cash acquired $ (257) $ (514)  
v3.25.3
ACQUISITIONS - Narrative (Details)
$ in Millions
 9 Months Ended
Sep. 30, 2025
USD ($)
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Consideration adjustment $ 9
Decrease in goodwill $ (10)
v3.25.3
SEGMENT INFORMATION - Condensed Consolidated Balance Sheets (Details) - USD ($)
$ in Millions
Sep. 30, 2025
Dec. 31, 2024
Segment Reporting Information [Line Items]    
Assets $ 29,418 $ 28,936
Hospital Operations    
Segment Reporting Information [Line Items]    
Assets 16,530 16,722
Ambulatory Care    
Segment Reporting Information [Line Items]    
Assets $ 12,888 $ 12,214
v3.25.3
SEGMENT INFORMATION - Condensed Consolidated Statements of Operations (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Segment Reporting Information [Line Items]        
Depreciation and amortization $ 218 $ 209 $ 632 $ 625
Net operating revenues  5,289 5,126 15,783 15,602
Equity in earnings of unconsolidated affiliates 64 62 181 182
Less:        
Salaries, wages and benefits 2,204 2,218 6,483 6,707
Supplies 931 881 2,770 2,717
Other operating expenses, net 1,119 1,111 3,328 3,413
Adjusted EBITDA 1,099 978 3,383 2,947
Reconciliation of Adjusted EBITDA:        
Depreciation and amortization (218) (209) (632) (625)
Impairment and restructuring charges, and acquisition-related costs (23) (19) (66) (75)
Litigation and investigation benefit (costs) 11 (9) (34) (18)
Interest expense (206) (202) (616) (623)
Loss from early extinguishment of debt 0 0 0 (8)
Other non-operating income, net 29 35 80 89
Net gains on sales, consolidation and deconsolidation of facilities 20 348 4 2,906
Income before income taxes 712 922 2,119 4,593
Ambulatory Care        
Segment Reporting Information [Line Items]        
Net operating revenues  1,275 1,139 3,739 3,275
Operating Segments        
Segment Reporting Information [Line Items]        
Capital expenditures 280 216 646 601
Depreciation and amortization 218 209 632 625
Reconciliation of Adjusted EBITDA:        
Depreciation and amortization (218) (209) (632) (625)
Operating Segments | Hospital Operations        
Segment Reporting Information [Line Items]        
Capital expenditures 242 188 556 536
Depreciation and amortization 182 171 522 523
Net operating revenues  4,014 3,987 12,044 12,327
Equity in earnings of unconsolidated affiliates 1 1 5 7
Less:        
Salaries, wages and benefits 1,888 1,908 5,558 5,876
Supplies 594 597 1,783 1,860
Other operating expenses, net 926 944 2,771 2,931
Adjusted EBITDA 607 539 1,937 1,667
Reconciliation of Adjusted EBITDA:        
Depreciation and amortization (182) (171) (522) (523)
Operating Segments | Ambulatory Care        
Segment Reporting Information [Line Items]        
Capital expenditures 38 28 90 65
Depreciation and amortization 36 38 110 102
Net operating revenues  1,275 1,139 3,739 3,275
Equity in earnings of unconsolidated affiliates 63 61 176 175
Less:        
Salaries, wages and benefits 316 310 925 831
Supplies 337 284 987 857
Other operating expenses, net 193 167 557 482
Adjusted EBITDA 492 439 1,446 1,280
Reconciliation of Adjusted EBITDA:        
Depreciation and amortization $ (36) $ (38) $ (110) $ (102)