Welcome to our dedicated page for Tenet Healthcare SEC filings (Ticker: THC), a comprehensive resource for investors and traders seeking official regulatory documents including 10-K annual reports, 10-Q quarterly earnings, 8-K material events, and insider trading forms.
Tenet Healthcare Corporation filings document the regulatory record of a healthcare services company with hospital operations, an ambulatory surgery platform and Conifer revenue cycle management services. Its 8-K reports disclose operating results, financial outlook updates, Regulation FD information, material agreements involving Conifer, and debt financing matters tied to senior secured first lien notes and senior notes.
Tenet's proxy and current reports also cover board composition, shareholder voting matters, executive compensation, officer transition agreements, controller and principal accounting officer appointments, equity-award terms, common stock, senior-note securities and related governance disclosures. These filings connect THC's capital structure and management oversight to its Ambulatory, Hospital and Conifer business activities.
Tenet Healthcare reported strong fourth quarter and full-year 2025 results and issued a detailed 2026 outlook. Q4 2025 net income available to common shareholders was $371 million, or $4.22 per diluted share, with adjusted diluted EPS up 36.6% to $4.70. Q4 Adjusted EBITDA rose 12.9% to $1.183 billion, for a 21.4% margin.
For 2025, net operating revenues were $21.31 billion, Adjusted EBITDA was $4.566 billion, and free cash flow reached $2.53 billion, up from $1.116 billion in 2024. The Ambulatory segment delivered 2025 Adjusted EBITDA of $2.026 billion, while the Hospital segment generated $2.54 billion, both with margin expansion.
Tenet highlighted a major Conifer transaction with CommonSpirit, including $1.9 billion of payments to Tenet over three years and approximately $1.65 billion of 2026 revenue from contract termination, alongside about $500 million of tax expense and roughly $150 million of related tax payments. In 2025 the company repurchased 8.8 million shares for $1.386 billion, refinanced debt, and reduced its net debt-to-Adjusted EBITDA ratio to 2.25x from 2.54x.
Tenet Healthcare Corporation expects its Adjusted EBITDA for the year ended December 31, 2025 to be at the upper end of its current guidance range of $4.47 billion to $4.57 billion, signaling stronger-than-planned operating performance.
The company also entered into an Omnibus Agreement with its Conifer subsidiaries and CommonSpirit Health (formerly Catholic Health Initiatives). CHI will pay an aggregate $1.9 billion to Tenet in annual installments over three years, with $540 million satisfied on January 27, 2026 by offsetting an equal amount owed by Conifer Health. Conifer Health is redeeming CHI’s 23.8% equity interest for $540 million, effective January 1, 2026, and the transaction is expected to reduce Tenet’s redeemable non‑controlling interest and other liabilities by about $885 million and increase additional paid‑in capital by about $305 million.
Tenet Healthcare Corp reported an insider equity transaction by CEO and director Saumya Sutaria. On December 31, 2025, 13,016 restricted stock units converted into common stock on a one-for-one basis, increasing his directly held stake.
On the same date, 6,610 shares of common stock were withheld to cover taxes at a price of $198.72 per share. After these transactions, Sutaria directly owned 375,089 shares of Tenet common stock and held 39,049 time-based restricted stock units that continue to vest annually through 2028 under a January 23, 2025 grant.
Tenet Healthcare Corp director Nadja West reported selling 2,178 shares of the company’s common stock on 12/15/2025. The shares were sold at a weighted average price of $197.47 per share in multiple transactions, with prices ranging from $197.47 to $197.57. Following this sale, West beneficially owned 28,480 shares of Tenet Healthcare common stock directly.
THC reports that a holder of its common stock plans to sell 2,178 shares under Rule 144. The sale is expected to be executed through Fidelity Brokerage Services on the NYSE around 12/15/2025, with an aggregate market value of 430,097.46 based on the figures provided.
The shares were acquired on 05/07/2024 through restricted stock vesting from the issuer as compensation. The same table lists 87,885,000 common shares outstanding. By signing the notice, the seller represents they are not aware of any undisclosed material adverse information about the issuer and, if using a Rule 10b5-1 trading plan, that this representation applied when the plan or trading instructions were adopted.
Tenet Healthcare Corporation reported that Stephen H. Rusckowski has resigned from its board of directors, effective immediately, as of November 21, 2025. Following his departure, the board reduced its size from thirteen to twelve directors. The filing does not describe any changes to management roles or the company’s strategic direction beyond this board adjustment.
Tenet Healthcare Corporation issued new senior notes to refinance existing debt. The company sold $1,500,000,000 of 5.500% senior secured first lien notes due 2032 and $750,000,000 of 6.000% senior notes due 2033. Tenet plans to use the net proceeds, together with cash on hand, to redeem all $1.5 billion of its 6.250% senior secured second lien notes due February 2027 and to partially redeem $0.75 billion of its 6.125% senior notes due October 2028.
The new indentures include covenants that limit certain activities like incurring liens, entering sale and lease-back transactions, and major asset sales, but they allow Tenet and its subsidiaries to incur additional indebtedness and make dividends or other distributions. The notes may be redeemed by Tenet before or after November 15, 2028 at specified prices, including make-whole premiums if redeemed early.
Tenet Healthcare (THC): Insider stock sale disclosed. Principal Accounting Officer R. Scott Ramsey reported open-market sales of common stock on 11/06/2025. Transactions included 8,056 shares at a weighted average price of $204.75 (sold across $204.21–$205.13) and 5,066 shares at a weighted average price of $205.62 (sold across $205.21–$206.14), plus 200 shares at $206.51. After these sales, the table shows beneficial ownership of common stock at 0 shares. The filing lists transaction code “S” for sales and notes weighted-average pricing with details available upon request.
Tenet Healthcare (THC) director Tammy Romo reported an open market sale of company stock. On 11/05/2025, she sold 645 shares of common stock at $205.20 per share, according to a Form 4 insider filing. After this transaction, she directly owns 34,866 shares of Tenet Healthcare common stock.
Tenet Healthcare (THC) filed a Form 144 indicating an intended sale of 13,322 shares of common stock through Fidelity Brokerage Services LLC on or about 11/06/2025, to be sold on the NYSE. The filing lists an aggregate market value of $2,732,412.25 for the proposed sale.
The shares reflect restricted stock that vested on multiple dates and were received as compensation from the issuer. Shares outstanding were 87,885,000; this is a baseline figure, not the amount being sold.