TENET HEALTHCARE CORP, 10-Q filed on 4/30/2026
Quarterly Report
v3.26.1
COVER - shares
shares in Thousands
 3 Months Ended
Mar. 31, 2026
Apr. 22, 2026
Document Information [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Mar. 31, 2026  
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)   86,137
Entity Central Index Key 0000070318  
Current Fiscal Year End Date --12-31  
Document Fiscal Year Focus 2026  
Document Fiscal Period Focus Q1  
Amendment Flag false  
Common stock, $0.05 par value | New York Stock Exchange    
Document Information [Line Items]    
Title of 12(b) Security Common stock, $0.05 par value  
Trading Symbol THC  
Security Exchange Name NYSE  
6.875% Senior Notes due 2031 | New York Stock Exchange    
Document Information [Line Items]    
Title of 12(b) Security 6.875% Senior Notes due 2031  
Trading Symbol THC31  
Security Exchange Name NYSE  
v3.26.1
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents $ 2,967 $ 2,883
Accounts receivable 2,605 2,565
Inventories of supplies, at cost 343 348
Assets held for sale 62 62
Other current assets 2,379 1,991
Total current assets  8,356 7,849
Investments and other assets 3,809 2,883
Deferred income taxes 84 84
Property and equipment, at cost, less accumulated depreciation and amortization ($6,814 at March 31, 2026 and $6,680 at December 31, 2025) 6,251 6,315
Goodwill 11,387 11,198
Other intangible assets, at cost, less accumulated amortization ($1,378 at March 31, 2026 and $1,328 at December 31, 2025) 1,316 1,348
Total assets  31,203 29,677
Current liabilities:    
Current portion of long-term debt 81 79
Accounts payable 1,339 1,360
Accrued compensation and benefits 854 858
Professional and general liability reserves 303 276
Accrued interest payable 256 81
Income tax payable 236 0
Other current liabilities 3,083 1,809
Total current liabilities  6,152 4,463
Long-term debt, net of current portion 13,128 13,092
Professional and general liability reserves 938 951
Defined benefit plan obligations 243 245
Deferred income taxes 199 240
Other long-term liabilities 1,693 1,713
Total liabilities  22,353 20,704
Commitments and contingencies
Redeemable noncontrolling interests in equity of consolidated subsidiaries 2,137 2,956
Shareholders’ equity:    
Common stock, $0.05 par value; authorized 262,500 shares; 159,129 shares issued at March 31, 2026 and 158,612 shares issued at December 31, 2025 8 8
Additional paid-in capital 5,124 4,914
Accumulated other comprehensive loss (179) (181)
Retained earnings 5,117 4,415
Common stock in treasury, at cost, 73,005 shares at March 31, 2026 and 71,660 shares at December 31, 2025 (5,256) (4,936)
Total shareholders’ equity 4,814 4,220
Noncontrolling interests  1,899 1,797
Total equity  6,713 6,017
Total liabilities and equity  $ 31,203 $ 29,677
v3.26.1
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)
shares in Thousands, $ in Millions
Mar. 31, 2026
Dec. 31, 2025
Statement of Financial Position [Abstract]    
Property and equipment, accumulated depreciation and amortization $ 6,814 $ 6,680
Intangible assets, accumulated amortization $ 1,378 $ 1,328
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) 159,129 158,612
Common stock in treasury (in shares) 73,005 71,660
v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Income Statement [Abstract]    
Net operating revenues  $ 5,368 $ 5,223
Revenue from contract termination 413 0
Equity in earnings of unconsolidated affiliates 51 56
Operating expenses:    
Salaries, wages and benefits 2,174 2,119
Supplies 961 907
Other operating expenses, net 1,122 1,090
Depreciation and amortization 229 206
Impairment and restructuring charges, and acquisition-related costs 24 19
Litigation and investigation costs 27 17
Net gains on sales, consolidation and deconsolidation of facilities (1) (22)
Operating income 1,296 943
Interest expense (205) (204)
Other non-operating income, net 41 26
Income before income taxes 1,132 765
Income tax expense (226) (143)
Net income 906 622
Less: Net income available to noncontrolling interests 204 216
Net income available to Tenet Healthcare Corporation common shareholders $ 702 $ 406
Earnings available to Tenet Healthcare Corporation common shareholders:    
Basic earnings per share ((in dollars per share) $ 8.09 $ 4.31
Diluted earnings per share (in dollars per share) $ 8.01 $ 4.27
Weighted average shares and dilutive securities outstanding (in thousands):    
Basic (in shares) 86,801 94,242
Diluted (in shares) 87,596 95,019
v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF OTHER COMPREHENSIVE INCOME - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Statement of Comprehensive Income [Abstract]    
Net income $ 906 $ 622
Other comprehensive income:    
Amortization of net actuarial loss included in other non-operating income, net 2 2
Unrealized loss on debt securities held as available-for-sale (1) 0
Foreign currency translation adjustments and other 1 0
Other comprehensive income before income taxes 2 2
Income tax expense related to items of other comprehensive income 0 0
Total other comprehensive income, net of tax 2 2
Comprehensive net income 908 624
Less: Comprehensive income available to noncontrolling interests 204 216
Comprehensive income available to Tenet Healthcare Corporation common shareholders $ 704 $ 408
v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Statement of Cash Flows [Abstract]    
Net income $ 906 $ 622
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 229 206
Deferred income tax expense (benefit) (40) 4
Stock-based compensation expense 25 21
Impairment and restructuring charges, and acquisition-related costs 24 19
Litigation and investigation costs 27 17
Net gains on sales, consolidation and deconsolidation of facilities (1) (22)
Equity in earnings of unconsolidated affiliates, net of distributions received 29 5
Amortization of debt discount and debt issuance costs 5 6
Net gains from the sale of investments and long-lived assets (1) 0
Other items, net 2 2
Changes in cash from operating assets and liabilities:    
Accounts receivable (28) (69)
Inventories and other current assets 407 (108)
Income taxes 259 132
Accounts payable, accrued expenses and other current liabilities (145) 24
Other long-term liabilities 0 (8)
Payments for restructuring charges, acquisition-related costs, and litigation costs and settlements (57) (36)
Net cash provided by operating activities 1,641 815
Cash flows from investing activities:    
Purchases of property and equipment (180) (173)
Purchases of businesses or joint venture interests, net of cash acquired (121) (27)
Proceeds from sales of facilities and other assets 2 11
Proceeds from sales of marketable securities and long-term investments 22 14
Purchases of marketable securities and long-term investments (26) (17)
Other items, net (14) 5
Net cash used in investing activities (317) (187)
Cash flows from financing activities:    
Repayments of borrowings (33) (32)
Proceeds from borrowings 14 1
Repurchases of common stock (318) (348)
Distributions paid to noncontrolling interests (197) (189)
Proceeds from the sale of noncontrolling interests 6 11
Purchases of noncontrolling interests (549) (41)
Repayments of advances from managed care payers 0 (11)
Taxes paid related to net share settlement, net of proceeds from shares issued under stock-based compensation plans (86) (32)
Other items, net (77) (7)
Net cash used in financing activities (1,240) (648)
Net increase (decrease) in cash and cash equivalents 84 (20)
Cash and cash equivalents at beginning of period 2,883 3,019
Cash and cash equivalents at end of period 2,967 2,999
Supplemental disclosures:    
Interest paid, net of capitalized interest (24) (99)
Income tax payments, net $ (8) $ (7)
v3.26.1
BASIS OF PRESENTATION
 3 Months Ended
Mar. 31, 2026
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 March 31, 2026, our Hospital Operations segment was comprised of 50 acute care and specialty hospitals, a network of employed physicians and 132 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 USPI Holding Company, Inc. (together with its subsidiaries, “USPI”), which held ownership interests in 541 ambulatory surgery centers and 26 surgical hospitals at March 31, 2026. USPI held noncontrolling interests in 152 of these facilities, which are recorded using the equity method of accounting. In addition, we operate a Global Business Center (“GBC”) in the Philippines.
Our Hospital Operations segment also provides revenue cycle management and value-based care services to hospitals and other healthcare facilities, health systems, physician practices, employers and other clients through Conifer Health Solutions, LLC (“Conifer”), which was a wholly owned subsidiary at March 31, 2026. We owned 76.2% of Conifer at December 31, 2025, and the remaining 23.8% was held by Catholic Health Initiatives (“CHI”), now known as CommonSpirit Health. Prior to January 2026, Conifer provided services to certain CHI facilities under an amended and restated master services agreement (the “RCM Agreement”), which was scheduled to end on December 31, 2032. On January 27, 2026, we entered into certain agreements with CHI relating to Conifer (collectively, the “Omnibus Agreement”). Subject to the terms of the Omnibus Agreement, the parties agreed to, among other things: (1) conclude the RCM Agreement by December 31, 2026; (2) CHI’s payment to us of an aggregate amount equal to $1.900 billion in annual installments over the next three years; provided that, of such amount, $540 million was satisfied on January 27, 2026 by offsetting the $540 million due to CHI from Conifer as described in the next clause; and (3) the reduction of our redeemable noncontrolling interest balance, and an increase in our additional paid-in capital balance associated with the redemption by Conifer of CHI’s minority equity interest in Conifer, in exchange for a payment by Conifer of $540 million, which redemption was effective January 1, 2026.
This quarterly report supplements our Annual Report on Form 10‑K for the year ended December 31, 2025 (“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, 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.
We adopted the Financial Accounting Standards Board’s Accounting Standards Update (“ASU”) 2025‑10, “Government Grants” (“ASU 2025-10”), effective as of January 1, 2026, using the modified prospective approach. We have elected to apply the cost accumulation approach for grants related to assets. Under this method, we will initially measure the subject asset on the basis of the cost incurred to acquire or construct the asset, less the monetary grant received or expected to be received when the grant meets recognition criteria. The adoption of ASU 2025-10 did not result in a change in our method of accounting for grants related to income, and we will continue to reflect the earnings impact of these grants in other income in our condensed consolidated statements of operations. The adoption of this standard did not have a material impact on our financial statements.
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-month period ended March 31, 2026 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, shortages and outages, 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; weather‑related conditions and natural disasters; 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 $2.967 billion and $2.883 billion at March 31, 2026 and December 31, 2025, respectively. At March 31, 2026 and December 31, 2025, our book overdrafts were $139 million and $161 million, respectively, which were classified as accounts payable. Also at March 31, 2026 and December 31, 2025, $107 million and $108 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 March 31, 2026 and December 31, 2025, we had $44 million and $111 million, respectively, of property and equipment purchases accrued for items received but not yet paid. Of these amounts, $36 million and $102 million, respectively, were included in accounts payable.
Leases
During the three months ended March 31, 2026 and 2025, we recorded right‑of‑use assets related to non‑cancellable finance leases of $14 million and $18 million, respectively, and related to non‑cancellable operating leases of $77 million and $62 million, respectively.
Goodwill
The following table presents information on changes in the carrying amount of goodwill for each of our segments:
Three Months Ended March 31,
 20262025
Hospital Operations:  
Goodwill at beginning of period, net of accumulated impairment losses$2,697 $2,697 
Goodwill acquired during the period, net of purchase price allocation adjustments— — 
Goodwill at end of period, net of accumulated impairment losses2,697 2,697 
Ambulatory Care:
Goodwill at beginning of period8,501 7,994 
Goodwill acquired during the period, including purchase price allocation adjustments189 95 
Goodwill at end of period8,690 8,089 
Total goodwill, net of accumulated impairment losses$11,387 $10,786 
Other Intangible Assets
The following table presents information regarding other intangible assets, which were included in the accompanying Condensed Consolidated Balance Sheets:
Gross
Carrying Amount		Accumulated
Amortization
Net Book Value
At March 31, 2026:
Other intangible assets with finite useful lives:
Capitalized software costs$1,525 $(1,192)$333 
Contracts242 (171)71 
Other43 (15)28 
Other intangible assets with finite lives1,810 (1,378)432 
Other intangible assets with indefinite useful lives:
Trade names105 — 105 
Contracts774 — 774 
Other5 — 5 
Other intangible assets with indefinite lives884 — 884 
Total other intangible assets, net$2,694 $(1,378)$1,316 
At December 31, 2025:
Other intangible assets with finite useful lives:
Capitalized software costs$1,511 $(1,166)$345 
Contracts241 (148)93 
Other42 (14)28 
Other intangible assets with finite lives1,794 (1,328)466 
Other intangible assets with indefinite useful lives:
Trade names105 — 105 
Contracts773 — 773 
Other4 — 4 
Other intangible assets with indefinite lives882 — 882 
Total other intangible assets, net$2,676 $(1,328)$1,348 
The table below presents our estimated future amortization of intangible assets with finite useful lives at March 31, 2026:
Nine
Months
 Ending
Years Ending

Later Years
December 31,
 Total20262027202820292030
Amortization of intangible assets$432 $165 $87 $67 $45 $25 $43 
We recognized amortization expense of $40 million in the accompanying Condensed Consolidated Statements of Operations during each of the three months ended March 31, 2026 and 2025.
Other Current Assets
The principal components of other current assets in the accompanying Condensed Consolidated Balance Sheets are presented below:
 March 31, 2026December 31, 2025
Prepaid expenses$351 $423 
Contract assets201 188 
California provider fee program receivables401 493 
Receivables from other government programs468 385 
Guarantees162 138 
Non-patient receivables292 224 
Current portion of note receivable395 — 
Other109 140 
Total other current assets$2,379 $1,991 
Under the terms of the Omnibus Agreement, in January 2026, CHI executed and delivered a $1.360 billion non‑interest‑bearing promissory note in connection with the early conclusion of the RCM Agreement between Conifer and CHI (the “CHI Note Receivable”). The CHI Note Receivable requires three annual payments of approximately $453 million, with the first two payments due in January 2027 and January 2028 and the final payment, together with any unpaid principal, due in January 2029. Of the CHI Note Receivable’s carrying amount, which is recorded at present value, $395 million was included in other current assets and $828 million was included in investments and other assets in the accompanying Condensed Consolidated Balance Sheet at March 31, 2026.
Investments in Unconsolidated Affiliates
As of March 31, 2026, we controlled 415 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 (152 of 567 at March 31, 2026), 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 presented 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 March 31,
 20262025
Net operating revenues$882 $859 
Net income$213 $215 
Net income available to the investees$122 $125 
v3.26.1
ACCOUNTS RECEIVABLE AND CONTRACT BALANCES
 3 Months Ended
Mar. 31, 2026
Accounts Receivable Additional Disclosures [Abstract]  
ACCOUNTS RECEIVABLE AND CONTRACT BALANCES ACCOUNTS RECEIVABLE AND CONTRACT BALANCES
Accounts Receivable
The principal components of accounts receivable are presented in the table below:
 March 31, 2026December 31, 2025
Patient accounts receivable$2,470 $2,418 
Estimated future recoveries135 148 
Cost reports and settlements payable and valuation allowances— (1)
Accounts receivable, net$2,605 $2,565 
Contract Balances
Our Hospital Operations segment’s contract assets and liabilities primarily derive from: (1) patients receiving ongoing inpatient care from one of our facilities at the end of the reporting period; and (2) timing differences between our performance of revenue cycle management and other contract-based services and the invoicing or receipt of payment for these services. Our Hospital Operations segment’s contract assets were included in other current assets or investments and other assets, and its contract liabilities were included in other current liabilities or other long‑term liabilities in the accompanying Condensed Consolidated Balance Sheets. The following table presents the opening and closing balances of our Hospital Operations segment’s contract assets, current and long‑term receivables, and current and long‑term contract liabilities:
Current
Receivables		Contract Assets –
Unbilled Revenue		Long-Term ReceivablesContract Liabilities –
Current
Deferred Revenue		Contract Liabilities –
Long-Term
Deferred Revenue
December 31, 2025$26 $188 $— $88 $13 
March 31, 2026480 201 828 1,406 5 
Increase (decrease)$454 $13 $828 $1,318 $(8)
December 31, 2024$28 $190 $— $80 $13 
March 31, 202516 202 — 105 13 
Increase (decrease)$(12)$12 $— $25 $— 
The differences between the balances of our contract assets and liabilities at March 31, 2026 and December 31, 2025 were primarily attributable to the effect of the provisions in the Omnibus Agreement. Our contract balances during this period were also impacted by patients who were receiving inpatient acute care and specialty hospital services as of December 31, 2025, but who were discharged during the three months ended March 31, 2026. The differences between the balances of our contract assets and liabilities at March 31, 2025 and December 31, 2024 primarily related to patients who were receiving inpatient acute care and specialty hospital services as of December 31, 2024, but who were discharged during the three months ended March 31, 2025.
During the three months ended March 31, 2026 and 2025, we recognized revenue totaling $68 million and $54 million, respectively, from our revenue cycle management services that was included in the opening current deferred revenue liability. This revenue consists primarily of prepayments for those contract clients who were billed in advance, changes in estimates related to metric‑based services and up‑front integration services that are recognized over the service period.
Contract Costs—We recognized amortization expense related to deferred contract setup costs of $3 million and $1 million during the three months ended March 31, 2026 and 2025, respectively. At March 31, 2026 and December 31, 2025, unamortized client contract setup costs were $10 million and $13 million, respectively, and were presented as part of investments and other assets in the accompanying Condensed Consolidated Balance Sheets.
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 March 31,
 20262025
Estimated costs for:  
Uninsured patients$108 $114 
Charity care patients34 17 
Total
$142 $131 
v3.26.1
DISPOSITION OF ASSETS AND LIABILITIES
 3 Months Ended
Mar. 31, 2026
Discontinued Operation, Additional Disclosures [Abstract]  
DISPOSITION OF ASSETS AND LIABILITIES DISPOSITION OF ASSETS AND LIABILITIES
At both March 31, 2026 and December 31, 2025, our assets classified as held for sale consisted of a building we own in West Palm Beach, Florida. The carrying value of the assets related to this building was $62 million at March 31, 2026 and December 31, 2025.
v3.26.1
IMPAIRMENT AND RESTRUCTURING CHARGES, AND ACQUISITION-RELATED COSTS
 3 Months Ended
Mar. 31, 2026
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 aligning our operations 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 three months ended March 31, 2026, we recorded impairment and restructuring charges and acquisition‑related costs of $24 million, consisting of $14 million of restructuring charges, $7 million of impairment charges and $3 million of acquisition‑related transaction costs. Restructuring charges during this period included $6 million of employee severance costs, $4 million of contract and lease termination fees, $3 million related to the transition of various administrative functions to our GBC and $1 million of other restructuring costs. Impairment charges recognized during the three months ended March 31, 2026 primarily related to the write-down of assets associated with Ambulatory Care segment facilities closed during the period.
During the three months ended March 31, 2025, we recorded impairment and restructuring charges and acquisition‑related costs of $19 million, consisting of $15 million of restructuring charges and $4 million of acquisition‑related transaction costs. Restructuring charges during this period included $7 million of contract and lease termination fees, $3 million of legal costs related to the sale of certain businesses, $3 million related to the transition of various administrative functions to our GBC and $2 million of employee severance costs.
v3.26.1
LONG-TERM DEBT
 3 Months Ended
Mar. 31, 2026
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:
 March 31, 2026December 31, 2025
Senior unsecured notes:  
6.125% due 2028
$1,750 $1,750 
6.875% due 2031
362 362 
6.000% due 2033
750 750 
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 
5.500% due 2032
1,500 1,500 
Finance leases, mortgages and other notes636 603 
Unamortized issue costs and note discounts(89)(94)
Total long-term debt13,209 13,171 
Less: Current portion81 79 
Long-term debt, net of current portion$13,128 $13,092 
Senior Unsecured Notes and Senior Secured Notes
At March 31, 2026, 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 November 2027 through November 2033.
Credit Agreement
We have a senior secured revolving credit facility (the “Credit Agreement”) that provides for revolving loans in an aggregate principal amount of up to $1.900 billion with a $200 million subfacility for standby letters of credit. Our borrowing availability, which is calculated by reference to a borrowing base that is determined by specified percentages of eligible accounts receivable, eligible inventory and Medicaid supplemental payments, was $1.900 billion at March 31, 2026. On that date, we had no cash borrowings and less than $1 million of standby letters of credit outstanding under the Credit Agreement.
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 March 31, 2026, we had $104 million of standby letters of credit outstanding under the LC Facility.
v3.26.1
GUARANTEES
 3 Months Ended
Mar. 31, 2026
Guarantees [Abstract]  
GUARANTEES GUARANTEES
At March 31, 2026, the maximum potential amount of future payments under our revenue guarantees to certain physicians who agree to relocate and revenue collection guarantees to hospital‑based physician groups providing certain services at our hospitals was $221 million. We had a total liability of $162 million recorded for these guarantees included in other current liabilities in the accompanying Condensed Consolidated Balance Sheet at March 31, 2026.
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 $51 million at March 31, 2026.
v3.26.1
EMPLOYEE BENEFIT PLANS
 3 Months Ended
Mar. 31, 2026
Share-Based Payment Arrangement [Abstract]  
EMPLOYEE BENEFIT PLANS EMPLOYEE BENEFIT PLANS
The accompanying Condensed Consolidated Statements of Operations for the three months ended March 31, 2026 and 2025 include $25 million and $21 million, respectively, of pre-tax compensation costs related to our stock‑based compensation arrangements.
Stock Options
As of March 31, 2026, there were 144,681 stock options outstanding under our share-based compensation plans, which had a weighted average exercise price per share of $24.16. There was no activity related to our stock options during either of the three-month periods ended March 31, 2026 or 2025. All outstanding options were vested and exercisable at March 31, 2026, and the options collectively had an aggregate intrinsic value of $24 million.
Restricted Stock Units
The following table presents information about our restricted stock unit (“RSU”) activity during the three months ended March 31, 2026:
Number of RSUs
Weighted Average
Grant Date Fair 
Value Per RSU
Unvested at December 31, 20251,440,379 $111.02 
Granted239,518 $252.66 
Performance-based adjustment350,583 $110.83 
Vested(851,433)$104.79 
Forfeited(2,074)$151.62 
Unvested at March 31, 20261,176,973 $171.09 
During the three months ended March 31, 2026, we granted 110,736 RSUs that will vest ratably over a three‑year period. In addition, we granted 128,782 performance-based RSUs, the vesting of which is contingent on our achievement of specified performance goals for the years 2026 to 2028. Provided the goals are achieved, the performance‑based RSUs that could vest will range from 0% to 250% of the 128,782 units granted, depending on our level of achievement with respect to the performance goals. During the same period, we issued an additional 350,583 RSUs that vested immediately as a result of our level of achievement with respect to previously awarded performance-based RSUs.
During the three months ended March 31, 2025, we granted 284,502 RSUs that will vest ratably over periods ranging from three 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 202,045 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:
Three Months Ended March 31,
20262025
Expected volatility
39.0% - 43.8%
36.6% - 48.0%
Risk-free interest rate
3.4% - 3.5%
4.1% - 4.3%
v3.26.1
EQUITY
 3 Months Ended
Mar. 31, 2026
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, 202586,952 $8 $4,914 $(181)$4,415 $(4,936)$1,797 $6,017 
Net income— — — — 702 — 93 795 
Distributions paid to noncontrolling interests— — — — — — (75)(75)
Other comprehensive income— — — 2 — — — 2 
Purchases (sales) of businesses and noncontrolling interests, net— — 270 — — — 84 354 
Repurchases of common stock(1,346)— — — — (320)— (320)
Stock-based compensation expense, tax benefit and issuance of common stock518 — (60)— — — — (60)
Balances at March 31, 202686,124 $8 $5,124 $(179)$5,117 $(5,256)$1,899 $6,713 
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 
Purchases (sales) of businesses and noncontrolling interests, net— — (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 
Nonredeemable Noncontrolling Interests
The table below presents our nonredeemable noncontrolling interests balances by segment:
 March 31, 2026December 31, 2025
Hospital Operations$216 $211 
Ambulatory Care1,683 1,586 
Total nonredeemable noncontrolling interests$1,899 $1,797 
The table below presents our net income available to nonredeemable noncontrolling interests by segment:
 Three Months Ended March 31,
 20262025
Hospital Operations$10 $12 
Ambulatory Care83 83 
Total net income available to nonredeemable noncontrolling interests$93 $95 
Share Repurchase Program Activity
In July 2024, our board of directors authorized the repurchase of up to $1.500 billion of our common stock through a share repurchase program that has no expiration date. In July 2025, the board authorized a $1.500 billion increase to the program. The share repurchase program does not obligate us to acquire any particular amount of common stock, and it may be suspended for periods or discontinued at any time. Share repurchases may be made in open‑market or privately negotiated transactions, at management’s discretion subject to market conditions and other factors, in a manner consistent with applicable securities laws and regulations.
The table below presents repurchase activity under our share repurchase program:
PeriodTotal Number of Shares PurchasedAverage Price Paid per ShareTotal Number of Shares Purchased as Part of Publicly Announced ProgramMaximum Dollar Value of Shares That May Yet Be Purchased Under the Program
 (In Thousands)(In Thousands)(In Millions)
January 1 through March 31, 2026
January 1 through January 31, 2026—$— —$1,490 
February 1 through February 28, 2026—$— —$1,490 
March 1 through March 31, 20261,346$236.30 1,346$1,172 
January 1 through March 31, 2025
January 1 through January 31, 2025—$— —$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 
v3.26.1
NET OPERATING REVENUES
 3 Months Ended
Mar. 31, 2026
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 and other healthcare facilities, 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 March 31,
20262025
Hospital Operations:
Net patient service revenues from hospitals and related outpatient facilities:
Medicare$565 $548 
Medicaid356 380 
Managed care2,394 2,400 
Uninsured9 35 
Indemnity and other150 117 
Total3,474 3,480 
Other revenues(1)
574 549 
Total Hospital Operations4,048 4,029 
Ambulatory Care1,320 1,194 
Net operating revenues$5,368 $5,223 
(1)Primarily revenue from physician practices and revenue cycle management.
During the three months ended March 31, 2026, we recognized $413 million of revenue related to the Omnibus Agreement, which revenue is included in revenue from contract termination in the accompanying Condensed Consolidated Statement of Operations for that period. See Note 1 for additional information regarding this transaction.
The table below presents the composition of net operating revenues for our Ambulatory Care segment:
Three Months Ended March 31,
20262025
Net patient service revenues
$1,266 $1,143 
Revenue from other sources54 51 
Net operating revenues$1,320 $1,194 
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:
  Nine
Months
 Ending		Years EndingLater Years
December 31,
 Total20262027202820292030
Performance obligations$2,262 $1,823 $91 $91 $91 $91 $75 
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. The majority of the fixed-fee revenue for the year ending December 31, 2026 in the table above relates to revenue cycle management services provided to CHI, as further discussed in Note 1.
v3.26.1
INSURANCE
 3 Months Ended
Mar. 31, 2026
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 April 30, 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 March 31, 2026 and December 31, 2025, the aggregate current and long‑term professional and general liability reserves in the accompanying Condensed Consolidated Balance Sheets were $1.241 billion and $1.227 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 $83 million and $87 million was included in other operating expenses, net, in the accompanying Condensed Consolidated Statements of Operations for the three months ended March 31, 2026 and 2025, respectively.
v3.26.1
CLAIMS AND LAWSUITS
 3 Months Ended
Mar. 31, 2026
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, commercial 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, private 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, rules and regulations; antitrust claims; tax audits; contract disputes (including disagreements with joint venture partners); 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, could 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 could 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
Three months ended March 31, 2026$38 $27 $(40)$5 $30 
Three months ended March 31, 2025$20 $17 $(15)$— $22 
v3.26.1
REDEEMABLE NONCONTROLLING INTERESTS IN EQUITY OF CONSOLIDATED SUBSIDIARIES
 3 Months Ended
Mar. 31, 2026
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 March 31, 2026 and December 31, 2025.
The following table presents the changes in redeemable noncontrolling interests in equity of consolidated subsidiaries:
 Three Months Ended March 31,
 20262025
Balances at beginning of period $2,956 $2,727 
Net income111 121 
Distributions paid to noncontrolling interests(122)(100)
Purchases and sales of businesses and noncontrolling interests, net(808)28 
Balances at end of period $2,137 $2,776 
As previously discussed, we redeemed CHI’s minority equity interest in Conifer effective January 1, 2026. This redemption resulted in an $846 million decrease in our redeemable noncontrolling interests balance and a $306 million increase in our additional paid-in capital balance. See Note 1 for additional information regarding this transaction.
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:
 March 31, 2026December 31, 2025
Hospital Operations$58 $905 
Ambulatory Care2,079 2,051 
Redeemable noncontrolling interests$2,137 $2,956 
 Three Months Ended March 31,
 20262025
Hospital Operations$1 $27 
Ambulatory Care110 94 
Net income available to redeemable noncontrolling interests$111 $121 
v3.26.1
INCOME TAXES
 3 Months Ended
Mar. 31, 2026
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 March 31,
 20262025
AmountPercentAmountPercent
Tax expense at statutory federal rate$238 21.0 %$161 21.0 %
Domestic federal tax:
Nontaxable or nondeductible items:
Tax benefit attributable to noncontrolling interests(43)(3.8)%(44)(5.7)%
Other6 0.6 %1 0.1 %
Stock-based compensation tax benefit(14)(1.2)%(4)(0.5)%
State and local income taxes, net of federal income tax effect41 3.6 %31 4.1 %
Changes in valuation allowances(3)(0.3)%(2)(0.3)%
Changes in prior year unrecognized tax benefits1 0.1 %— — %
Income tax expense$226 20.0 %$143 18.7 %
Income before income taxes for the three months ended March 31, 2026 and 2025 was $1.132 billion and $765 million, 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 three months ended March 31, 2026, we recorded an income tax benefit of $3 million to decrease the valuation allowance, including an increase of $1 million related to interest expense carryforwards and a $4 million decrease related to a change in the realizability of deferred tax assets. During the three months ended March 31, 2025, we recorded an income tax benefit of $1 million to decrease the valuation allowance, including an increase of $3 million related to interest expense carryforwards and a decrease of $4 million related to a change in the realizability of deferred tax assets.
There were no adjustments to our estimated liabilities for uncertain tax positions during the three months ended March 31, 2026. The total amount of unrecognized tax benefits as of March 31, 2026 was $69 million, all of which, 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 $1 million of interest and penalties related to accrued liabilities for uncertain tax positions are included in the accompanying Condensed Consolidated Statement of Operations for the three months ended March 31, 2026. Total accrued interest and penalties on unrecognized tax benefits at March 31, 2026 were $11 million.
v3.26.1
EARNINGS PER COMMON SHARE
 3 Months Ended
Mar. 31, 2026
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 March 31, 2026   
Net income available to Tenet Healthcare Corporation common shareholders for basic earnings per share
$702 86,801 $8.09 
Effect of dilutive instruments— 795 (0.08)
Net income available to Tenet Healthcare Corporation common shareholders for diluted earnings per share
$702 87,596 $8.01 
Three Months Ended March 31, 2025   
Net income available to Tenet Healthcare Corporation common shareholders for basic earnings per share
$406 94,242 $4.31 
Effect of dilutive instruments— 777 (0.04)
Net income available to Tenet Healthcare Corporation common shareholders for diluted earnings per share
$406 95,019 $4.27 
Dilutive instruments during the three months ended March 31, 2026 and 2025 consisted of stock options, RSUs, convertible long‑term incentive awards, deferred compensation units and dividends on subsidiary preferred stock.
v3.26.1
FAIR VALUE MEASUREMENTS
 3 Months Ended
Mar. 31, 2026
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 at December 31, 2025. There were no significant non-recurring fair value measurements at March 31, 2026.
TotalQuoted Prices
in Active
Markets for
Identical Assets
(Level 1)		Significant Other
Observable Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)
December 31, 2025
Long-lived assets held for sale$62 $— $62 $— 
Financial Instruments
The fair value of our long‑term debt (except for any borrowings under the Credit Agreement) is based on quoted market prices (Level 1). The inputs used to establish the fair value of borrowings outstanding under the Credit Agreement are considered to be Level 2 inputs. At March 31, 2026 and December 31, 2025, the estimated fair value of our long‑term debt was approximately 99.6% and 100.9%, respectively, of the carrying value of the debt. The inputs used to estimate the fair value of the CHI Note Receivable are considered to be Level 3 inputs. At March 31, 2026, the estimated fair value of the CHI Note Receivable was approximately 100.0% of its carrying value.
v3.26.1
ACQUISITIONS
 3 Months Ended
Mar. 31, 2026
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
ACQUISITIONS ACQUISITIONS
During the three months ended March 31, 2026, we used $121 million of cash for acquisition-related activity, of which $120 million related to acquisitions completed during that period and $1 million related to measurement‑period adjustments for acquisitions completed during 2025. During the three months ended March 31, 2025, we used $27 million of cash for acquisition-related activity, of which $17 million related to acquisitions and consolidations completed during that period and $10 million related to measurement‑period adjustments for acquisitions completed during 2024.
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 prices allocated over those fair values is recorded as goodwill. The purchase price allocations for certain acquisitions completed in 2026 and 2025 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. During the three months ended March 31, 2026, we adjusted the preliminary purchase price allocations of certain Ambulatory Care segment acquisitions completed in 2025 based on the results of completed valuations and post‑closing working capital adjustments. These adjustments resulted in a decrease of $2 million in goodwill recognized.
The table below presents the preliminary or final purchase price allocations for acquisitions made during the three months ended March 31, 2026 and 2025:
Three Months Ended March 31,
20262025
Current assets$19 $9 
Property and equipment10 7 
Other intangible assets2 — 
Goodwill191 95 
Long-term operating lease assets12 11 
Other long-term assets2 6 
Previously held investments in unconsolidated affiliates— (9)
Current liabilities(4)(8)
Current portion of long-term lease liabilities(1)— 
Long-term operating lease liabilities(11)(11)
Other long-term liabilities(9)(11)
Redeemable noncontrolling interests in equity of consolidated subsidiaries(47)(36)
Noncontrolling interests(44)(27)
Cash paid, net of cash acquired(120)(17)
Gains on consolidations$— $9 
The goodwill generated from our 2026 acquisitions, the majority of which we believe will 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 three months ended March 31, 2026 was entirely attributable to our Ambulatory Care segment.
v3.26.1
SEGMENT INFORMATION
 3 Months Ended
Mar. 31, 2026
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.
March 31, 2026December 31, 2025
Assets:  
Hospital Operations$17,930 $16,586 
Ambulatory Care13,273 13,091 
Total $31,203 $29,677 
Three Months Ended March 31,
20262025
Capital expenditures:  
Hospital Operations$148 $148 
Ambulatory Care32 25 
Total $180 $173 
Depreciation and amortization:  
Hospital Operations$188 $167 
Ambulatory Care41 39 
Total $229 $206 
Three Months Ended March 31, 2026
 Hospital OperationsAmbulatory CareTotal
Net operating revenues$4,048 $1,320 $5,368 
Equity in earnings of unconsolidated affiliates— 51 51 
Less:
Salaries, wages and benefits1,844 330 2,174 
Supplies604 357 961 
Other operating expenses, net922 200 1,122 
Adjusted EBITDA$678 $484 1,162 
Reconciliation of Adjusted EBITDA:
Revenue from contract termination413 
Depreciation and amortization(229)
Impairment and restructuring charges, and acquisition-related costs(24)
Litigation and investigation costs(27)
Interest expense(205)
Other non-operating income, net41 
Net gains on sales, consolidation and deconsolidation of facilities1 
Income before income taxes$1,132 
Three Months Ended March 31, 2025
 Hospital OperationsAmbulatory CareTotal
Net operating revenues$4,029 $1,194 $5,223 
Equity in earnings of unconsolidated affiliates2 54 56 
Less:
Salaries, wages and benefits1,824 295 2,119 
Supplies589 318 907 
Other operating expenses, net911 179 1,090 
Adjusted EBITDA$707 $456 1,163 
Reconciliation of Adjusted EBITDA:
Depreciation and amortization(206)
Impairment and restructuring charges, and acquisition-related costs(19)
Litigation and investigation costs(17)
Interest expense(204)
Other non-operating income, net26 
Net gains on sales, consolidation and deconsolidation of facilities22 
Income before income taxes$765 
v3.26.1
Insider Trading Arrangements
 3 Months Ended
Mar. 31, 2026
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
v3.26.1
BASIS OF PRESENTATION (Policies)
 3 Months Ended
Mar. 31, 2026
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, 2025 (“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, 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.
We adopted the Financial Accounting Standards Board’s Accounting Standards Update (“ASU”) 2025‑10, “Government Grants” (“ASU 2025-10”), effective as of January 1, 2026, using the modified prospective approach. We have elected to apply the cost accumulation approach for grants related to assets. Under this method, we will initially measure the subject asset on the basis of the cost incurred to acquire or construct the asset, less the monetary grant received or expected to be received when the grant meets recognition criteria. The adoption of ASU 2025-10 did not result in a change in our method of accounting for grants related to income, and we will continue to reflect the earnings impact of these grants in other income in our condensed consolidated statements of operations. The adoption of this standard did not have a material impact on our financial statements.
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-month period ended March 31, 2026 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 $2.967 billion and $2.883 billion at March 31, 2026 and December 31, 2025, respectively. At March 31, 2026 and December 31, 2025, our book overdrafts were $139 million and $161 million, respectively, which were classified as accounts payable. Also at March 31, 2026 and December 31, 2025, $107 million and $108 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 March 31, 2026 and December 31, 2025, we had $44 million and $111 million, respectively, of property and equipment purchases accrued for items received but not yet paid. Of these amounts, $36 million and $102 million, respectively, were included in accounts payable.
Investments in Unconsolidated Affiliates As of March 31, 2026, we controlled 415 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 (152 of 567 at March 31, 2026), 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.
v3.26.1
BASIS OF PRESENTATION (Tables)
 3 Months Ended
Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Changes in the Carrying Amount of Goodwill
The following table presents information on changes in the carrying amount of goodwill for each of our segments:
Three Months Ended March 31,
 20262025
Hospital Operations:  
Goodwill at beginning of period, net of accumulated impairment losses$2,697 $2,697 
Goodwill acquired during the period, net of purchase price allocation adjustments— — 
Goodwill at end of period, net of accumulated impairment losses2,697 2,697 
Ambulatory Care:
Goodwill at beginning of period8,501 7,994 
Goodwill acquired during the period, including purchase price allocation adjustments189 95 
Goodwill at end of period8,690 8,089 
Total goodwill, net of accumulated impairment losses$11,387 $10,786 
Schedule of Other Intangible Assets
The following table presents information regarding other intangible assets, which were included in the accompanying Condensed Consolidated Balance Sheets:
Gross
Carrying Amount		Accumulated
Amortization
Net Book Value
At March 31, 2026:
Other intangible assets with finite useful lives:
Capitalized software costs$1,525 $(1,192)$333 
Contracts242 (171)71 
Other43 (15)28 
Other intangible assets with finite lives1,810 (1,378)432 
Other intangible assets with indefinite useful lives:
Trade names105 — 105 
Contracts774 — 774 
Other5 — 5 
Other intangible assets with indefinite lives884 — 884 
Total other intangible assets, net$2,694 $(1,378)$1,316 
At December 31, 2025:
Other intangible assets with finite useful lives:
Capitalized software costs$1,511 $(1,166)$345 
Contracts241 (148)93 
Other42 (14)28 
Other intangible assets with finite lives1,794 (1,328)466 
Other intangible assets with indefinite useful lives:
Trade names105 — 105 
Contracts773 — 773 
Other4 — 4 
Other intangible assets with indefinite lives882 — 882 
Total other intangible assets, net$2,676 $(1,328)$1,348 
Schedule of Indefinite-Lived Intangible Assets
The following table presents information regarding other intangible assets, which were included in the accompanying Condensed Consolidated Balance Sheets:
Gross
Carrying Amount		Accumulated
Amortization
Net Book Value
At March 31, 2026:
Other intangible assets with finite useful lives:
Capitalized software costs$1,525 $(1,192)$333 
Contracts242 (171)71 
Other43 (15)28 
Other intangible assets with finite lives1,810 (1,378)432 
Other intangible assets with indefinite useful lives:
Trade names105 — 105 
Contracts774 — 774 
Other5 — 5 
Other intangible assets with indefinite lives884 — 884 
Total other intangible assets, net$2,694 $(1,378)$1,316 
At December 31, 2025:
Other intangible assets with finite useful lives:
Capitalized software costs$1,511 $(1,166)$345 
Contracts241 (148)93 
Other42 (14)28 
Other intangible assets with finite lives1,794 (1,328)466 
Other intangible assets with indefinite useful lives:
Trade names105 — 105 
Contracts773 — 773 
Other4 — 4 
Other intangible assets with indefinite lives882 — 882 
Total other intangible assets, net$2,676 $(1,328)$1,348 
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 March 31, 2026:
Nine
Months
 Ending
Years Ending

Later Years
December 31,
 Total20262027202820292030
Amortization of intangible assets$432 $165 $87 $67 $45 $25 $43 
Schedule of Other Current Assets
The principal components of other current assets in the accompanying Condensed Consolidated Balance Sheets are presented below:
 March 31, 2026December 31, 2025
Prepaid expenses$351 $423 
Contract assets201 188 
California provider fee program receivables401 493 
Receivables from other government programs468 385 
Guarantees162 138 
Non-patient receivables292 224 
Current portion of note receivable395 — 
Other109 140 
Total other current assets$2,379 $1,991 
Schedule of Equity Method Investments Summarized financial information for equity method investees is presented 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 March 31,
 20262025
Net operating revenues$882 $859 
Net income$213 $215 
Net income available to the investees$122 $125 
v3.26.1
ACCOUNTS RECEIVABLE AND CONTRACT BALANCES (Tables)
 3 Months Ended
Mar. 31, 2026
Accounts Receivable Additional Disclosures [Abstract]  
Schedule of Components of Accounts Receivable
The principal components of accounts receivable are presented in the table below:
 March 31, 2026December 31, 2025
Patient accounts receivable$2,470 $2,418 
Estimated future recoveries135 148 
Cost reports and settlements payable and valuation allowances— (1)
Accounts receivable, net$2,605 $2,565 
Schedule of Opening and Closing Balances of Contracts Assets and Liabilities The following table presents the opening and closing balances of our Hospital Operations segment’s contract assets, current and long‑term receivables, and current and long‑term contract liabilities:
Current
Receivables		Contract Assets –
Unbilled Revenue		Long-Term ReceivablesContract Liabilities –
Current
Deferred Revenue		Contract Liabilities –
Long-Term
Deferred Revenue
December 31, 2025$26 $188 $— $88 $13 
March 31, 2026480 201 828 1,406 5 
Increase (decrease)$454 $13 $828 $1,318 $(8)
December 31, 2024$28 $190 $— $80 $13 
March 31, 202516 202 — 105 13 
Increase (decrease)$(12)$12 $— $25 $— 
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 March 31,
 20262025
Estimated costs for:  
Uninsured patients$108 $114 
Charity care patients34 17 
Total
$142 $131 
v3.26.1
LONG-TERM DEBT (Tables)
 3 Months Ended
Mar. 31, 2026
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:
 March 31, 2026December 31, 2025
Senior unsecured notes:  
6.125% due 2028
$1,750 $1,750 
6.875% due 2031
362 362 
6.000% due 2033
750 750 
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 
5.500% due 2032
1,500 1,500 
Finance leases, mortgages and other notes636 603 
Unamortized issue costs and note discounts(89)(94)
Total long-term debt13,209 13,171 
Less: Current portion81 79 
Long-term debt, net of current portion$13,128 $13,092 
v3.26.1
EMPLOYEE BENEFIT PLANS (Tables)
 3 Months Ended
Mar. 31, 2026
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 three months ended March 31, 2026:
Number of RSUs
Weighted Average
Grant Date Fair 
Value Per RSU
Unvested at December 31, 20251,440,379 $111.02 
Granted239,518 $252.66 
Performance-based adjustment350,583 $110.83 
Vested(851,433)$104.79 
Forfeited(2,074)$151.62 
Unvested at March 31, 20261,176,973 $171.09 
Schedule of Significant Inputs used in Valuation of RSUs Significant inputs used in our valuation of these RSUs included the following:
Three Months Ended March 31,
20262025
Expected volatility
39.0% - 43.8%
36.6% - 48.0%
Risk-free interest rate
3.4% - 3.5%
4.1% - 4.3%
v3.26.1
EQUITY (Tables)
 3 Months Ended
Mar. 31, 2026
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, 202586,952 $8 $4,914 $(181)$4,415 $(4,936)$1,797 $6,017 
Net income— — — — 702 — 93 795 
Distributions paid to noncontrolling interests— — — — — — (75)(75)
Other comprehensive income— — — 2 — — — 2 
Purchases (sales) of businesses and noncontrolling interests, net— — 270 — — — 84 354 
Repurchases of common stock(1,346)— — — — (320)— (320)
Stock-based compensation expense, tax benefit and issuance of common stock518 — (60)— — — — (60)
Balances at March 31, 202686,124 $8 $5,124 $(179)$5,117 $(5,256)$1,899 $6,713 
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 
Purchases (sales) of businesses and noncontrolling interests, net— — (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 
Schedule of Changes in Redeemable Noncontrolling Interests in Equity of Consolidated Subsidiaries
The table below presents our nonredeemable noncontrolling interests balances by segment:
 March 31, 2026December 31, 2025
Hospital Operations$216 $211 
Ambulatory Care1,683 1,586 
Total nonredeemable noncontrolling interests$1,899 $1,797 
The table below presents our net income available to nonredeemable noncontrolling interests by segment:
 Three Months Ended March 31,
 20262025
Hospital Operations$10 $12 
Ambulatory Care83 83 
Total net income available to nonredeemable noncontrolling interests$93 $95 
Schedule of Share Repurchase Activity
The table below presents repurchase activity under our share repurchase program:
PeriodTotal Number of Shares PurchasedAverage Price Paid per ShareTotal Number of Shares Purchased as Part of Publicly Announced ProgramMaximum Dollar Value of Shares That May Yet Be Purchased Under the Program
 (In Thousands)(In Thousands)(In Millions)
January 1 through March 31, 2026
January 1 through January 31, 2026—$— —$1,490 
February 1 through February 28, 2026—$— —$1,490 
March 1 through March 31, 20261,346$236.30 1,346$1,172 
January 1 through March 31, 2025
January 1 through January 31, 2025—$— —$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 
v3.26.1
NET OPERATING REVENUES (Tables)
 3 Months Ended
Mar. 31, 2026
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 March 31,
20262025
Hospital Operations:
Net patient service revenues from hospitals and related outpatient facilities:
Medicare$565 $548 
Medicaid356 380 
Managed care2,394 2,400 
Uninsured9 35 
Indemnity and other150 117 
Total3,474 3,480 
Other revenues(1)
574 549 
Total Hospital Operations4,048 4,029 
Ambulatory Care1,320 1,194 
Net operating revenues$5,368 $5,223 
(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 March 31,
20262025
Net patient service revenues
$1,266 $1,143 
Revenue from other sources54 51 
Net operating revenues$1,320 $1,194 
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:
  Nine
Months
 Ending		Years EndingLater Years
December 31,
 Total20262027202820292030
Performance obligations$2,262 $1,823 $91 $91 $91 $91 $75 
v3.26.1
CLAIMS AND LAWSUITS (Tables)
 3 Months Ended
Mar. 31, 2026
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
Three months ended March 31, 2026$38 $27 $(40)$5 $30 
Three months ended March 31, 2025$20 $17 $(15)$— $22 
v3.26.1
REDEEMABLE NONCONTROLLING INTERESTS IN EQUITY OF CONSOLIDATED SUBSIDIARIES (Tables)
 3 Months Ended
Mar. 31, 2026
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:
 Three Months Ended March 31,
 20262025
Balances at beginning of period $2,956 $2,727 
Net income111 121 
Distributions paid to noncontrolling interests(122)(100)
Purchases and sales of businesses and noncontrolling interests, net(808)28 
Balances at end of period $2,137 $2,776 
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:
 March 31, 2026December 31, 2025
Hospital Operations$58 $905 
Ambulatory Care2,079 2,051 
Redeemable noncontrolling interests$2,137 $2,956 
 Three Months Ended March 31,
 20262025
Hospital Operations$1 $27 
Ambulatory Care110 94 
Net income available to redeemable noncontrolling interests$111 $121 
v3.26.1
INCOME TAXES (Tables)
 3 Months Ended
Mar. 31, 2026
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 March 31,
 20262025
AmountPercentAmountPercent
Tax expense at statutory federal rate$238 21.0 %$161 21.0 %
Domestic federal tax:
Nontaxable or nondeductible items:
Tax benefit attributable to noncontrolling interests(43)(3.8)%(44)(5.7)%
Other6 0.6 %1 0.1 %
Stock-based compensation tax benefit(14)(1.2)%(4)(0.5)%
State and local income taxes, net of federal income tax effect41 3.6 %31 4.1 %
Changes in valuation allowances(3)(0.3)%(2)(0.3)%
Changes in prior year unrecognized tax benefits1 0.1 %— — %
Income tax expense$226 20.0 %$143 18.7 %
v3.26.1
EARNINGS PER COMMON SHARE (Tables)
 3 Months Ended
Mar. 31, 2026
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 March 31, 2026   
Net income available to Tenet Healthcare Corporation common shareholders for basic earnings per share
$702 86,801 $8.09 
Effect of dilutive instruments— 795 (0.08)
Net income available to Tenet Healthcare Corporation common shareholders for diluted earnings per share
$702 87,596 $8.01 
Three Months Ended March 31, 2025   
Net income available to Tenet Healthcare Corporation common shareholders for basic earnings per share
$406 94,242 $4.31 
Effect of dilutive instruments— 777 (0.04)
Net income available to Tenet Healthcare Corporation common shareholders for diluted earnings per share
$406 95,019 $4.27 
v3.26.1
FAIR VALUE MEASUREMENTS (Tables)
 3 Months Ended
Mar. 31, 2026
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 at December 31, 2025. There were no significant non-recurring fair value measurements at March 31, 2026.
TotalQuoted Prices
in Active
Markets for
Identical Assets
(Level 1)		Significant Other
Observable Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)
December 31, 2025
Long-lived assets held for sale$62 $— $62 $— 
v3.26.1
ACQUISITIONS (Tables)
 3 Months Ended
Mar. 31, 2026
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Schedule of Preliminary Purchase Price Allocation
The table below presents the preliminary or final purchase price allocations for acquisitions made during the three months ended March 31, 2026 and 2025:
Three Months Ended March 31,
20262025
Current assets$19 $9 
Property and equipment10 7 
Other intangible assets2 — 
Goodwill191 95 
Long-term operating lease assets12 11 
Other long-term assets2 6 
Previously held investments in unconsolidated affiliates— (9)
Current liabilities(4)(8)
Current portion of long-term lease liabilities(1)— 
Long-term operating lease liabilities(11)(11)
Other long-term liabilities(9)(11)
Redeemable noncontrolling interests in equity of consolidated subsidiaries(47)(36)
Noncontrolling interests(44)(27)
Cash paid, net of cash acquired(120)(17)
Gains on consolidations$— $9 
v3.26.1
SEGMENT INFORMATION (Tables)
 3 Months Ended
Mar. 31, 2026
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.
March 31, 2026December 31, 2025
Assets:  
Hospital Operations$17,930 $16,586 
Ambulatory Care13,273 13,091 
Total $31,203 $29,677 
Schedule of Reconciliation of Other Significant Reconciling Items From Segments to Consolidated
Three Months Ended March 31,
20262025
Capital expenditures:  
Hospital Operations$148 $148 
Ambulatory Care32 25 
Total $180 $173 
Depreciation and amortization:  
Hospital Operations$188 $167 
Ambulatory Care41 39 
Total $229 $206 
Three Months Ended March 31, 2026
 Hospital OperationsAmbulatory CareTotal
Net operating revenues$4,048 $1,320 $5,368 
Equity in earnings of unconsolidated affiliates— 51 51 
Less:
Salaries, wages and benefits1,844 330 2,174 
Supplies604 357 961 
Other operating expenses, net922 200 1,122 
Adjusted EBITDA$678 $484 1,162 
Reconciliation of Adjusted EBITDA:
Revenue from contract termination413 
Depreciation and amortization(229)
Impairment and restructuring charges, and acquisition-related costs(24)
Litigation and investigation costs(27)
Interest expense(205)
Other non-operating income, net41 
Net gains on sales, consolidation and deconsolidation of facilities1 
Income before income taxes$1,132 
Three Months Ended March 31, 2025
 Hospital OperationsAmbulatory CareTotal
Net operating revenues$4,029 $1,194 $5,223 
Equity in earnings of unconsolidated affiliates2 54 56 
Less:
Salaries, wages and benefits1,824 295 2,119 
Supplies589 318 907 
Other operating expenses, net911 179 1,090 
Adjusted EBITDA$707 $456 1,163 
Reconciliation of Adjusted EBITDA:
Depreciation and amortization(206)
Impairment and restructuring charges, and acquisition-related costs(19)
Litigation and investigation costs(17)
Interest expense(204)
Other non-operating income, net26 
Net gains on sales, consolidation and deconsolidation of facilities22 
Income before income taxes$765 
v3.26.1
BASIS OF PRESENTATION - Description of Business and Basis of Presentation (Details)
$ in Millions
 3 Months Ended
Jan. 27, 2026
USD ($)
Mar. 31, 2026
Mar. 31, 2026
hospital
Mar. 31, 2026
healthcare_facility
Dec. 31, 2025
Business Combination [Line Items]          
NumberOfReportableSegmentsDisclosedByDefinitionFlag   segments      
Conifer Health Solutions, LLC | CommonSpirit          
Business Combination [Line Items]          
Ownership percentage of subsidiary         76.20%
Catholic Health Initiatives | CommonSpirit          
Business Combination [Line Items]          
Ownership percentage of subsidiary         23.80%
Catholic Health Initiatives | Conifer Health Solutions, LLC          
Business Combination [Line Items]          
Revenue cycle management services agreement amount to be received | $ $ 1,900        
Revenue cycle management services agreement period for early termination payments 3 years        
Amount received | $ $ 540        
Payments for redemption | $ $ 540        
Hospital Operations          
Business Combination [Line Items]          
Number of acute care and specialty hospitals operated | hospital     50    
Number of outpatient facilities operated | healthcare_facility       132  
Ambulatory Care | United Surgical Partners International          
Business Combination [Line Items]          
Number of ambulatory surgery centers | hospital     541    
Number of surgical hospitals operated by subsidiaries | hospital     26    
Number of outpatient centers recorded using equity method     152 152  
v3.26.1
BASIS OF PRESENTATION - Cash and Cash Equivalents (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Mar. 31, 2026
Dec. 31, 2025
Cash and Cash Equivalents    
Cash and cash equivalents $ 2,967 $ 2,883
Accrued property and equipment purchases for items received but not yet paid 44 111
Accrued property and equipment purchases for items received but not yet paid, accounts payable 36 102
Captive Insurance Subsidiaries    
Cash and Cash Equivalents    
Cash and cash equivalents 107 108
Accounts Payable    
Cash and Cash Equivalents    
Book overdrafts classified as accounts payable $ 139 $ 161
v3.26.1
BASIS OF PRESENTATION - Leases (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Non-cancellable finance leases entered into $ 14 $ 18
Non-cancellable operating leases liability entered into $ 77 $ 62
v3.26.1
BASIS OF PRESENTATION - Goodwill (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Goodwill [Roll Forward]    
Goodwill at beginning of period, net of accumulated impairment losses $ 11,198  
Goodwill at end of period, net of accumulated impairment losses 11,387 $ 10,786
Hospital Operations:    
Goodwill [Roll Forward]    
Goodwill at beginning of period, net of accumulated impairment losses 2,697 2,697
Goodwill acquired during the period, net of purchase price allocation adjustments 0 0
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 8,501 7,994
Goodwill acquired during the period, net of purchase price allocation adjustments 189 95
Goodwill at end of period, net of accumulated impairment losses $ 8,690 $ 8,089
v3.26.1
BASIS OF PRESENTATION - Other Intangible Assets (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount $ 1,810 $ 1,794
Accumulated Amortization (1,378) (1,328)
Net Book Value 432 466
Other intangible assets with indefinite lives 884 882
Gross Carrying Amount 2,694 2,676
Net Book Value 1,316 1,348
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 774 773
Other    
Finite-Lived Intangible Assets [Line Items]    
Other intangible assets with indefinite lives 5 4
Capitalized software costs    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 1,525 1,511
Accumulated Amortization (1,192) (1,166)
Net Book Value 333 345
Contracts    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 242 241
Accumulated Amortization (171) (148)
Net Book Value 71 93
Other    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 43 42
Accumulated Amortization (15) (14)
Net Book Value $ 28 $ 28
v3.26.1
BASIS OF PRESENTATION - Amortization of Intangible Assets (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]      
Net Book Value $ 432   $ 466
2026 165    
2027 87    
2028 67    
2029 45    
2030 25    
Later Years 43    
Amortization expense $ 40 $ 40  
v3.26.1
BASIS OF PRESENTATION - Other Current Asset (Details)
$ in Millions
 1 Months Ended
Jan. 31, 2026
USD ($)
payment
Mar. 31, 2026
USD ($)
Dec. 31, 2025
USD ($)
Accounts receivable and allowance for doubtful accounts      
Prepaid expenses   $ 351 $ 423
Contract assets   201 188
California provider fee program receivables   2,605 2,565
Receivables from other government programs   468 385
Guarantees   162 138
Non-patient receivables   292 224
Current portion of note receivable   395 0
Other   109 140
Total other current assets   2,379 1,991
Catholic Health Initiatives      
Accounts receivable and allowance for doubtful accounts      
Current portion of note receivable $ 1,360 395  
Number of annual payments | payment 3    
Financing receivable, periodic payment $ 453    
Noncurrent portion of note receivable   828  
California's Provider Fee Program      
Accounts receivable and allowance for doubtful accounts      
California provider fee program receivables   $ 401 $ 493
v3.26.1
BASIS OF PRESENTATION - Investments in Unconsolidated Affiliates (Details)
$ in Millions
 3 Months Ended
Mar. 31, 2026
USD ($)
Mar. 31, 2026
healthcare_facility
Mar. 31, 2026
hospital
Mar. 31, 2026
Mar. 31, 2025
USD ($)
Schedule of Equity Method Investments [Line Items]          
Investee results reflected (percent)       1  
Net operating revenues $ 5,368       $ 5,223
Net income 906       622
Equity Method Investment, Nonconsolidated Investee or Group of Investees          
Schedule of Equity Method Investments [Line Items]          
Net operating revenues 882       859
Net income 213       215
Net income available to the investees 122       125
Ambulatory Care          
Schedule of Equity Method Investments [Line Items]          
Number of outpatient centers operated | hospital     415    
Number of outpatient centers | hospital     567    
Net operating revenues $ 1,320       $ 1,194
Ambulatory Care | United Surgical Partners International          
Schedule of Equity Method Investments [Line Items]          
Number of outpatient centers recorded using equity method   152 152    
v3.26.1
ACCOUNTS RECEIVABLE AND CONTRACT BALANCES - Schedule of Components of Accounts Receivable (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Accounts Receivable Additional Disclosures [Abstract]    
Patient accounts receivable $ 2,470 $ 2,418
Estimated future recoveries 135 148
Cost reports and settlements payable and valuation allowances 0 (1)
Accounts receivable, net $ 2,605 $ 2,565
v3.26.1
ACCOUNTS RECEIVABLE AND CONTRACT BALANCES - Schedule of Opening and Closing Balances of Contracts Assets and Liabilities (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Contract Assets – Unbilled Revenue    
Balance at beginning of period $ 188  
Balance at end of period 201  
Hospital Operations    
Current Receivables    
Balance at beginning of period 26 $ 28
Balance at end of period 480 16
Contract Assets – Unbilled Revenue    
Balance at beginning of period 188 190
Balance at end of period 201 202
Increase (decrease) 13 12
Long-Term Receivables    
Balance at beginning of period 0 0
Balance at end of period 828 0
Contract Liabilities – Current Deferred Revenue    
Balance at beginning of period 88 80
Balance at end of period 1,406 105
Contract Liabilities – Long-Term Deferred Revenue    
Balance at beginning of period 13 13
Balance at end of period 5 13
Hospital Operations | Short-term Contract with Customer    
Current Receivables    
Increase (decrease) 454 (12)
Long-Term Receivables    
Increase (decrease) 454 (12)
Contract Liabilities – Current Deferred Revenue    
Increase (decrease) 1,318 25
Contract Liabilities – Long-Term Deferred Revenue    
Increase (decrease) 1,318 25
Hospital Operations | Long-term Contract with Customer    
Current Receivables    
Increase (decrease) 828 0
Long-Term Receivables    
Increase (decrease) 828 0
Contract Liabilities – Current Deferred Revenue    
Increase (decrease) (8) 0
Contract Liabilities – Long-Term Deferred Revenue    
Increase (decrease) $ (8) $ 0
v3.26.1
ACCOUNTS RECEIVABLE AND CONTRACT BALANCES - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Receivables [Abstract]      
Amount of revenue recognized included in current deferred revenue liability $ 68 $ 54  
Amortization expense 3 $ 1  
Unamortized deferred contract setup costs $ 10   $ 13
v3.26.1
ACCOUNTS RECEIVABLE AND CONTRACT BALANCES - Schedule of Estimated Costs for Charity Care and Self-Pay Patients (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Accounts receivable and allowance for doubtful accounts    
Estimated costs of caring $ 142 $ 131
Uninsured patients    
Accounts receivable and allowance for doubtful accounts    
Estimated costs of caring 108 114
Charity care patients    
Accounts receivable and allowance for doubtful accounts    
Estimated costs of caring $ 34 $ 17
v3.26.1
DISPOSITION OF ASSETS AND LIABILITIES (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Discontinued Operation, Additional Disclosures [Abstract]    
Asset held-for-sale $ 62 $ 62
v3.26.1
IMPAIRMENT AND RESTRUCTURING CHARGES, AND ACQUISITION-RELATED COSTS (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]    
Impairment and restructuring charges, and acquisition-related costs $ 24 $ 19
Restructuring charges 14 15
Impairment charges 7  
Acquisition costs 3 4
Other restructuring costs 1  
Employee Severance    
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]    
Restructuring charges 6 2
Contract Termination    
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]    
Restructuring charges 4 7
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 $ 3 3
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   $ 3
v3.26.1
LONG-TERM DEBT - Schedule of Long-Term Debt (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
LONG-TERM DEBT AND LEASE OBLIGATIONS    
Finance leases, mortgages and other notes $ 636 $ 603
Unamortized issue costs and note discounts (89) (94)
Total long-term debt 13,209 13,171
Less: Current portion 81 79
Long-term debt, net of current portion $ 13,128 13,092
Senior Notes | 6.125% due 2028    
LONG-TERM DEBT AND LEASE OBLIGATIONS    
Stated interest rate, percentage 6.125%  
Carrying amount $ 1,750 1,750
Senior Notes | 6.875% due 2031    
LONG-TERM DEBT AND LEASE OBLIGATIONS    
Stated interest rate, percentage 6.875%  
Carrying amount $ 362 362
Senior Notes | 6.000% due 2033    
LONG-TERM DEBT AND LEASE OBLIGATIONS    
Stated interest rate, percentage 6.00%  
Carrying amount $ 750 750
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 | 5.500% due 2032    
LONG-TERM DEBT AND LEASE OBLIGATIONS    
Stated interest rate, percentage 5.50%  
Carrying amount $ 1,500 $ 1,500
v3.26.1
LONG-TERM DEBT - Senior Unsecured and Senior Secured Notes (Narrative) (Details) - Senior Notes
$ in Millions
Mar. 31, 2026
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%
v3.26.1
LONG-TERM DEBT - Credit Agreement (Narrative) (Details) - Credit Agreement - Credit Agreement
Mar. 31, 2026
USD ($)
LONG-TERM DEBT AND LEASE OBLIGATIONS  
Amount available for borrowing under revolving credit facility $ 1,900,000,000
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) 1,900,000,000
Senior secured credit facility due 2027  
LONG-TERM DEBT AND LEASE OBLIGATIONS  
Revolving credit facility, maximum borrowing capacity (up to) $ 200,000,000
v3.26.1
LONG-TERM DEBT - Letter of Credit Facility (Narrative) (Details) - Senior secured credit facility due 2027 - Letter of Credit Facility - Credit Agreement
Mar. 31, 2026
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
v3.26.1
GUARANTEES (Details)
$ in Millions
Mar. 31, 2026
USD ($)
Income and Revenue Collection Guarantee  
GUARANTEES  
Maximum potential amount of future payments under guarantees $ 221
Income and Revenue Collection Guarantee | Other Current Liabilities  
GUARANTEES  
Liability for the fair value of guarantees 162
Guaranteed Investees of Third Parties  
GUARANTEES  
Maximum potential amount of future payments under guarantees $ 51
v3.26.1
EMPLOYEE BENEFIT PLANS - Narrative (Details) - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Stock-based compensation costs, pretax $ 25 $ 21
Stock Options    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Exercisable at the end of the period (in shares) 144,681  
Exercisable at the end of the period (in dollars per share) $ 24.16  
Options, outstanding, intrinsic value $ 24  
Restricted Stock Units    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Awards granted in the period (in shares) 239,518  
Restricted Stock Units | Vest Over Three Years    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Awards granted in the period (in shares) 110,736  
Vesting period 3 years  
Restricted Stock Units | Vest Over Period From One To Four Years    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Awards granted in the period (in shares)   284,502
Restricted Stock Units | Minimum | Vest Over Period From One To Four Years    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Vesting period   3 years
Restricted Stock Units | Maximum | Vest Over Period From One To Four Years    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Vesting period   4 years
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) 128,782 279,769
Performance Based Restricted Stock Unit | Vest Immediately    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Awards granted in the period (in shares) 350,583 202,045
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%
v3.26.1
EMPLOYEE BENEFIT PLANS - Schedule of Restricted Stock Units (Details)
 3 Months Ended
Mar. 31, 2026
$ / shares
shares
Restricted Stock Units  
Number of RSUs  
Unvested at the beginning of the period (in shares) | shares 1,440,379
Granted (in shares) | shares 239,518
Vested (in shares) | shares (851,433)
Forfeited (in shares) | shares (2,074)
Unvested at the end of the period (in shares) | shares 1,176,973
Weighted Average Grant Date Fair  Value Per RSU  
Unvested at the beginning of the period (in dollars per share) $ 111.02
Granted (in dollars per share) 252.66
Vested (in dollars per share) 104.79
Forfeited (in dollars per share) 151.62
Unvested at the end of the period (in dollars per share) 171.09
Performance Based Restricted Stock Unit  
Weighted Average Grant Date Fair  Value Per RSU  
Granted (in dollars per share) $ 110.83
v3.26.1
EMPLOYEE BENEFIT PLANS - Schedule of Significant Inputs used in Valuation of RSUs (Details) - Restricted Stock Units
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Expected volatility, minimum 39.00% 36.60%
Expected volatility, maximum 43.80% 48.00%
Risk-free interest rate, minimum 3.40% 4.10%
Risk-free interest rate, maximum 3.50% 4.30%
v3.26.1
EQUITY - Changes in Shareholders' Equity (Details) - USD ($)
shares in Thousands, $ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Changes in Shareholders' Equity    
Balances, beginning of period $ 6,017 $ 5,820
Net income 795 501
Distributions paid to noncontrolling interests (75) (89)
Other comprehensive income 2 2
Purchases (sales) of businesses and noncontrolling interests, net 354 6
Repurchases of common stock (320) (351)
Stock-based compensation expense, tax benefit and issuance of common stock (60) (12)
Balances, end of period $ 6,713 $ 5,877
Common Stock    
Changes in Shareholders' Equity    
Balances, beginning of period (in shares) 86,952 95,109
Balances, beginning of period $ 8 $ 8
Repurchases of common stock (in shares) (1,346) (2,629)
Stock-based compensation expense, tax benefit and issuance of common stock (in shares) 518 405
Balances, end of period (in shares) 86,124 92,885
Balances, end of period $ 8 $ 8
Additional Paid-In Capital    
Changes in Shareholders' Equity    
Balances, beginning of period 4,914 4,873
Purchases (sales) of businesses and noncontrolling interests, net 270 (35)
Stock-based compensation expense, tax benefit and issuance of common stock (60) (12)
Balances, end of period 5,124 4,826
Accumulated Other Comprehensive Loss    
Changes in Shareholders' Equity    
Balances, beginning of period (181) (180)
Other comprehensive income 2 2
Balances, end of period (179) (178)
Retained Earnings    
Changes in Shareholders' Equity    
Balances, beginning of period 4,415 3,008
Net income 702 406
Balances, end of period 5,117 3,414
Treasury Stock    
Changes in Shareholders' Equity    
Balances, beginning of period (4,936) (3,538)
Repurchases of common stock (320) (351)
Balances, end of period (5,256) (3,889)
Noncontrolling Interests    
Changes in Shareholders' Equity    
Balances, beginning of period 1,797 1,649
Net income 93 95
Distributions paid to noncontrolling interests (75) (89)
Purchases (sales) of businesses and noncontrolling interests, net 84 41
Balances, end of period $ 1,899 $ 1,696
v3.26.1
EQUITY - Noncontrolling Interests (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Dec. 31, 2024
Noncontrolling Interest [Line Items]        
Total nonredeemable noncontrolling interests $ 6,713 $ 5,877 $ 6,017 $ 5,820
Total net income available to nonredeemable noncontrolling interests 795 501    
Noncontrolling Interests        
Noncontrolling Interest [Line Items]        
Total nonredeemable noncontrolling interests 1,899 1,696 1,797 $ 1,649
Total net income available to nonredeemable noncontrolling interests 93 95    
Hospital Operations | Noncontrolling Interests        
Noncontrolling Interest [Line Items]        
Total nonredeemable noncontrolling interests 216   211  
Total net income available to nonredeemable noncontrolling interests 10 12    
Ambulatory Care | Noncontrolling Interests        
Noncontrolling Interest [Line Items]        
Total nonredeemable noncontrolling interests 1,683   $ 1,586  
Total net income available to nonredeemable noncontrolling interests $ 83 $ 83    
v3.26.1
EQUITY - Narrative (Details) - USD ($)
$ in Millions
Jul. 31, 2025
Jul. 31, 2024
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  
v3.26.1
EQUITY - Share Repurchase Programs (Details) - Share Repurchase Program - USD ($)
$ / shares in Units, shares in Thousands, $ in Millions
 1 Months Ended
Mar. 31, 2026
Feb. 28, 2026
Jan. 31, 2026
Mar. 31, 2025
Feb. 28, 2025
Jan. 31, 2025
Equity, Class of Treasury Stock [Line Items]            
Total Number of Shares Purchased (in shares) 1,346 0 0 829 1,800 0
Average Price Paid per Share (in dollars per shares) $ 236.30 $ 0 $ 0 $ 126.67 $ 134.98 $ 0
Maximum Dollar Value of Shares That May Yet Be Purchased Under the Program $ 1,172 $ 1,490 $ 1,490 $ 1,028 $ 1,133 $ 1,376
v3.26.1
NET OPERATING REVENUES - Net Operating Revenue By Source (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Disaggregation of Revenue [Line Items]    
Net operating revenues  $ 5,368 $ 5,223
Ambulatory Care    
Disaggregation of Revenue [Line Items]    
Net operating revenues  1,320 1,194
Operating Segments | Hospital Operations    
Disaggregation of Revenue [Line Items]    
Net operating revenues  4,048 4,029
Operating Segments | Ambulatory Care    
Disaggregation of Revenue [Line Items]    
Net operating revenues  1,320 1,194
Continuing Operations    
Disaggregation of Revenue [Line Items]    
Net operating revenues  5,368 5,223
Continuing Operations | Operating Segments | Hospital Operations    
Disaggregation of Revenue [Line Items]    
Net operating revenues  4,048 4,029
Continuing Operations | Operating Segments | Hospital Operations | Other revenues    
Disaggregation of Revenue [Line Items]    
Net operating revenues  574 549
Continuing Operations | Operating Segments | Ambulatory Care    
Disaggregation of Revenue [Line Items]    
Net operating revenues  1,320 1,194
Continuing Operations | Acute Care Hospitals and Related Outpatient Facilities | Operating Segments | Hospital Operations | Medicare    
Disaggregation of Revenue [Line Items]    
Net operating revenues  565 548
Continuing Operations | Acute Care Hospitals and Related Outpatient Facilities | Operating Segments | Hospital Operations | Medicaid    
Disaggregation of Revenue [Line Items]    
Net operating revenues  356 380
Continuing Operations | Acute Care Hospitals and Related Outpatient Facilities | Operating Segments | Hospital Operations | Managed care    
Disaggregation of Revenue [Line Items]    
Net operating revenues  2,394 2,400
Continuing Operations | Acute Care Hospitals and Related Outpatient Facilities | Operating Segments | Hospital Operations | Uninsured    
Disaggregation of Revenue [Line Items]    
Net operating revenues  9 35
Continuing Operations | Acute Care Hospitals and Related Outpatient Facilities | Operating Segments | Hospital Operations | Indemnity and other    
Disaggregation of Revenue [Line Items]    
Net operating revenues  150 117
Continuing Operations | Acute Care Hospitals and Related Outpatient Facilities | Operating Segments | Hospital Operations | Total    
Disaggregation of Revenue [Line Items]    
Net operating revenues  $ 3,474 $ 3,480
v3.26.1
NET OPERATING REVENUES - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Revenue from Contract with Customer [Abstract]    
Revenue from contract termination $ 413 $ 0
v3.26.1
NET OPERATING REVENUES - Net Operating Revenue Composition, Ambulatory and Conifer Segments (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Disaggregation of Revenue [Line Items]    
Net operating revenues  $ 5,368 $ 5,223
Ambulatory Care    
Disaggregation of Revenue [Line Items]    
Net operating revenues  1,320 1,194
Ambulatory Care | Net patient service revenues    
Disaggregation of Revenue [Line Items]    
Net operating revenues  1,266 1,143
Ambulatory Care | Revenue from other sources    
Disaggregation of Revenue [Line Items]    
Net operating revenues  $ 54 $ 51
v3.26.1
NET OPERATING REVENUES - Performance Obligations (Details)
$ in Millions
Mar. 31, 2026
USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Performance obligations $ 2,262
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-04-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Performance obligations $ 1,823
Revenue, remaining performance obligation, expected timing of satisfaction, period 9 months
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 $ 91
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 $ 91
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 $ 91
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 $ 91
Revenue, remaining performance obligation, expected timing of satisfaction, period 1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2031-01-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Performance obligations $ 75
Revenue, remaining performance obligation, expected timing of satisfaction, period 1 year
v3.26.1
INSURANCE (Details) - USD ($)
$ in Millions
 3 Months Ended 25 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Apr. 30, 2026
Dec. 31, 2025
Subsequent Event        
Insurance coverage        
Insurance, per occurrence limit     $ 850  
Other Operating Expense, Net        
Insurance coverage        
Malpractice expense $ 83 $ 87    
Professional and General Liability Reserves        
Insurance coverage        
Self insurance reserve $ 1,241     $ 1,227
Floods | Subsequent Event        
Insurance coverage        
Insurance, annual limit     100  
Earthquake | California | Subsequent Event        
Insurance coverage        
Insurance, annual limit     200  
Earthquake | Other Geographic Areas | Subsequent Event        
Insurance coverage        
Insurance, annual limit     200  
Windstorms | Subsequent Event        
Insurance coverage        
Insurance, annual limit     200  
Fire and other perils | Subsequent Event        
Insurance coverage        
Insurance, annual limit     $ 850  
California Earthquakes And Named Windstorms | Subsequent Event        
Insurance coverage        
Insurance deductible as a percent     5.00%  
New Madrid Fault Earthquakes | Subsequent Event        
Insurance coverage        
Insurance deductible as a percent     2.00%  
Insurance, maximum deductible per incident     $ 25  
Other Catastrophic Events | Subsequent Event        
Insurance coverage        
Insurance, deductible     $ 5  
v3.26.1
CLAIMS AND LAWSUITS (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Loss Contingency Accrual [Roll Forward]    
Litigation and Investigation Costs $ 27 $ 17
Claims, Lawsuits, and Regulatory Proceedings    
Loss Contingency Accrual [Roll Forward]    
Balances at Beginning of Period 38 20
Litigation and Investigation Costs 27 17
Cash Payments (40) (15)
Other 5 0
Balances at End of Period $ 30 $ 22
v3.26.1
REDEEMABLE NONCONTROLLING INTERESTS IN EQUITY OF CONSOLIDATED SUBSIDIARIES - Changes in Redeemable Noncontrolling Interests (Details) - USD ($)
$ in Millions
 3 Months Ended
Jan. 27, 2026
Mar. 31, 2026
Mar. 31, 2025
Increase (Decrease) in Temporary Equity [Roll Forward]      
Balances at beginning of period    $ 2,956  
Net income   111 $ 121
Distributions paid to noncontrolling interests   (75) (89)
Balances at end of period    2,137  
Conifer Health Solutions, LLC      
Increase (Decrease) in Temporary Equity [Roll Forward]      
Purchases and sales of businesses and noncontrolling interests, net $ 846    
Redeemable Noncontrolling Interests      
Increase (Decrease) in Temporary Equity [Roll Forward]      
Balances at beginning of period    2,956 2,727
Net income   111 121
Distributions paid to noncontrolling interests   (122) (100)
Purchases and sales of businesses and noncontrolling interests, net   (808) 28
Balances at end of period    $ 2,137 $ 2,776
v3.26.1
REDEEMABLE NONCONTROLLING INTERESTS IN EQUITY OF CONSOLIDATED SUBSIDIARIES - Narrative (Details) - Conifer Health Solutions, LLC
$ in Millions
Jan. 27, 2026
USD ($)
Redeemable Noncontrolling Interest [Line Items]  
Purchases and sales of businesses and noncontrolling interests, net $ 846
Increase in additional paid-in capital balance $ 306
v3.26.1
REDEEMABLE NONCONTROLLING INTERESTS IN EQUITY OF CONSOLIDATED SUBSIDIARIES - Segment Details (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Redeemable Noncontrolling Interest [Line Items]      
Redeemable noncontrolling interests $ 2,137   $ 2,956
Net income available to redeemable noncontrolling interests 111 $ 121  
Hospital Operations      
Redeemable Noncontrolling Interest [Line Items]      
Redeemable noncontrolling interests 58   905
Net income available to redeemable noncontrolling interests 1 27  
Ambulatory Care      
Redeemable Noncontrolling Interest [Line Items]      
Redeemable noncontrolling interests 2,079   $ 2,051
Net income available to redeemable noncontrolling interests $ 110 $ 94  
v3.26.1
INCOME TAXES - Federal Tax Reconciliation (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Amount    
Tax expense at statutory federal rate $ 238 $ 161
Tax benefit attributable to noncontrolling interests (43) (44)
Other 6 1
Stock-based compensation tax benefit (14) (4)
State and local income taxes, net of federal income tax effect 41 31
Changes in valuation allowances (3) (2)
Changes in prior year unrecognized tax benefits 1 0
Income tax expense $ 226 $ 143
Percent    
Tax expense at statutory federal rate 21.00% 21.00%
Tax benefit attributable to noncontrolling interests (3.80%) (5.70%)
Other 0.60% 0.10%
Stock-based compensation tax benefit (1.20%) (0.50%)
State and local income taxes, net of federal income tax effect 3.60% 4.10%
Changes in valuation allowances (0.30%) (0.30%)
Changes in prior year unrecognized tax benefits 0.10% 0.00%
Income tax expense 20.00% 18.70%
v3.26.1
INCOME TAXES - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Effective Income Tax Rate Reconciliation [Line Items]    
Pre-tax income $ 1,132 $ 765
Changes in valuation allowances (3) (2)
Unrecognized tax benefits 69  
Interest and penalties related to accrued liabilities for uncertain tax positions, recognized 1  
Interest and penalties related to accrued liabilities for uncertain tax positions, recognized 11  
United States    
Effective Income Tax Rate Reconciliation [Line Items]    
Changes in valuation allowances   (1)
Interest Expense Carryforward Utilization    
Effective Income Tax Rate Reconciliation [Line Items]    
Increase (decrease) in deferred tax asset valuation 1 3
Realizability of Deferred Tax Assets    
Effective Income Tax Rate Reconciliation [Line Items]    
Increase (decrease) in deferred tax asset valuation $ 4 $ (4)
v3.26.1
EARNINGS PER COMMON SHARE (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Net Income Available to Common Shareholders (Numerator)    
Net income available to Tenet Healthcare Corporation common shareholders for basic earnings per share $ 702 $ 406
Effect of dilutive instruments 0 0
Net income available to Tenet Healthcare Corporation common shareholders for diluted earnings per share $ 702 $ 406
Weighted Average Shares (Denominator)    
Net income available to Tenet Healthcare Corporation common shareholders for basic earnings per share (in shares) 86,801 94,242
Effect of dilutive instruments (in shares) 795 777
Net income available to Tenet Healthcare Corporation common shareholders for diluted earnings per share (in shares) 87,596 95,019
Per-Share Amount    
Net income available to Tenet Healthcare Corporation common shareholders for basic earnings per share (in dollars per share) $ 8.09 $ 4.31
Effect of dilutive instruments (in dollars per share) (0.08) (0.04)
Net income available to Tenet Healthcare Corporation common shareholders for diluted earnings per share (in dollars per share) $ 8.01 $ 4.27
v3.26.1
FAIR VALUE MEASUREMENTS - Narrative (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Jan. 31, 2026
Dec. 31, 2025
Catholic Health Initiatives      
Fair value of assets and liabilities measured on recurring basis      
Estimated fair value of debt instrument as percentage of carrying value (as a percent)   100.00%  
Nonrecurring      
Fair value of assets and liabilities measured on recurring basis      
Long-lived assets held for sale $ 0   $ 62
Nonrecurring | Level 2      
Fair value of assets and liabilities measured on recurring basis      
Long-lived assets held for sale     $ 62
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) 99.60%   100.90%
v3.26.1
FAIR VALUE MEASUREMENTS - Schedule of Fair Value Assets on a Nonrecurring Basis (Details) - Nonrecurring - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Fair value of assets and liabilities measured on recurring basis    
Long-lived assets held for sale $ 0 $ 62
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
Significant Other Observable Inputs (Level 2)    
Fair value of assets and liabilities measured on recurring basis    
Long-lived assets held for sale   62
Significant Unobservable Inputs (Level 3)    
Fair value of assets and liabilities measured on recurring basis    
Long-lived assets held for sale   $ 0
v3.26.1
ACQUISITIONS - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Business Combination [Line Items]    
Cash paid, net of cash acquired $ 121 $ 27
Consideration adjustment 1 10
Decrease in goodwill 2  
Series of Individual Business Acquisitions    
Business Combination [Line Items]    
Cash paid to acquire businesses 121 27
Cash paid, net of cash acquired $ 120 $ 17
v3.26.1
ACQUISITIONS - Preliminary Purchase Price Allocations (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Final purchase price allocations      
Goodwill $ 11,387 $ 10,786 $ 11,198
Cash paid, net of cash acquired (121) (27)  
Gains on consolidations 0 9  
Series of Individual Business Acquisitions      
Final purchase price allocations      
Current assets 19 9  
Property and equipment 10 7  
Other intangible assets 2 0  
Goodwill 191 95  
Long-term operating lease assets 12 11  
Other long-term assets 2 6  
Previously held investments in unconsolidated affiliates 0 (9)  
Current liabilities (4) (8)  
Current portion of long-term lease liabilities (1) 0  
Long-term operating lease liabilities (11) (11)  
Other long-term liabilities (9) (11)  
Redeemable noncontrolling interests in equity of consolidated subsidiaries (47) (36)  
Noncontrolling interests (44) (27)  
Cash paid, net of cash acquired $ (120) $ (17)  
v3.26.1
SEGMENT INFORMATION - Condensed Consolidated Balance Sheets (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Segment Reporting Information [Line Items]    
Assets $ 31,203 $ 29,677
Hospital Operations    
Segment Reporting Information [Line Items]    
Assets 17,930 16,586
Ambulatory Care    
Segment Reporting Information [Line Items]    
Assets $ 13,273 $ 13,091
v3.26.1
SEGMENT INFORMATION - Condensed Consolidated Statements of Operations (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Segment Reporting Information [Line Items]    
Depreciation and amortization $ 229 $ 206
Net operating revenues  5,368 5,223
Equity in earnings of unconsolidated affiliates 51 56
Less:    
Salaries, wages and benefits 2,174 2,119
Supplies 961 907
Other operating expenses, net 1,122 1,090
Adjusted EBITDA 1,162 1,163
Reconciliation of Adjusted EBITDA:    
Revenue from contract termination 413 0
Depreciation and amortization (229) (206)
Impairment and restructuring charges, and acquisition-related costs (24) (19)
Litigation and investigation costs (27) (17)
Interest expense (205) (204)
Other non-operating income, net 41 26
Net gains on sales, consolidation and deconsolidation of facilities 1 22
Income before income taxes 1,132 765
Ambulatory Care    
Segment Reporting Information [Line Items]    
Net operating revenues  1,320 1,194
Operating Segments    
Segment Reporting Information [Line Items]    
Capital expenditures 180 173
Depreciation and amortization 229 206
Reconciliation of Adjusted EBITDA:    
Depreciation and amortization (229) (206)
Operating Segments | Hospital Operations    
Segment Reporting Information [Line Items]    
Capital expenditures 148 148
Depreciation and amortization 188 167
Net operating revenues  4,048 4,029
Equity in earnings of unconsolidated affiliates 0 2
Less:    
Salaries, wages and benefits 1,844 1,824
Supplies 604 589
Other operating expenses, net 922 911
Adjusted EBITDA 678 707
Reconciliation of Adjusted EBITDA:    
Depreciation and amortization (188) (167)
Operating Segments | Ambulatory Care    
Segment Reporting Information [Line Items]    
Capital expenditures 32 25
Depreciation and amortization 41 39
Net operating revenues  1,320 1,194
Equity in earnings of unconsolidated affiliates 51 54
Less:    
Salaries, wages and benefits 330 295
Supplies 357 318
Other operating expenses, net 200 179
Adjusted EBITDA 484 456
Reconciliation of Adjusted EBITDA:    
Depreciation and amortization $ (41) $ (39)