TENET HEALTHCARE CORP (THC) SEC Filings, Feb 11-27, 2026

Tenet Healthcare’s Principal Accounting Officer, Ramsey R. Scott, reported acquiring shares through the vesting of restricted stock units. On February 24, 2026, 443 restricted stock units converted into 443 shares of common stock at a price of $0.00 per share. Following this derivative exercise, Scott directly owned 9,891 shares of common stock and 888 restricted stock units. The units were granted under the 2019 Stock Incentive Plan, vesting in three equal annual installments, with the first third vesting on February 24, 2026 and settled in common stock.

Tenet Healthcare director Nadja West reported a charitable stock gift. On the reported date, she transferred 1,515 shares of Tenet Healthcare common stock as a bona fide gift to a charitable donor-advised fund, with no sale proceeds received. After this donation, she directly owned 26,965 shares.

Tenet Healthcare EVP and COO Lisa Y. Foo acquired 28,339 shares of common stock through a grant of performance-based restricted stock on February 13, 2026. The award was earned when the Human Resources Committee certified achievement of performance goals for the period from January 1, 2023 to December 31, 2025.

The shares were granted at no cash cost, with a reported price of $0.0000 per share, and increased her directly held common stock to 49,217 shares after the transaction.

TENET HEALTHCARE CORP executive Paola M. Arbour, EVP and Chief Information Officer, reported acquiring 18,894 shares of common stock through a grant or award on February 13, 2026. The shares were issued at a stated price of $0.0000 per share, bringing her directly held total to 39,004 shares.

According to the disclosure, this grant represents performance-based restricted stock that was earned when the company’s Human Resources Committee certified that applicable performance targets were achieved for the performance period from January 1, 2023 to December 31, 2025.

Tenet Healthcare CEO Saumya Sutaria reported an equity award under the company’s incentive plan. He acquired 245,592 shares of common stock at no cost through a grant of performance-based restricted stock that was earned when the Human Resources Committee certified achievement of performance goals for the period from January 1, 2023 to December 31, 2025. Following this award, his directly held common stock position increased to 620,681 shares.

Tenet Healthcare’s principal accounting officer, Ramsey R. Scott, received an equity award. On the reported date, he acquired 9,448 shares of Tenet Healthcare common stock as a grant of performance-based restricted stock at a price of $0 per share.

Following this grant, his directly held common stock totaled 9,448 shares. The award was earned when the company’s Human Resources Committee certified that performance targets were achieved for the performance period from January 1, 2023 to December 31, 2025, based on the extent to which the applicable performance goals were attained.

Tenet Healthcare Corp executive Thomas W. Arnst reported an equity award of 37,785 shares of common stock. The Form 4 shows these shares were acquired at a price of $0.00 per share as a grant or award, bringing his directly held common stock to 37,785 shares.

According to the footnote, this represents performance-based restricted stock that was earned when the Human Resources Committee certified achievement of performance targets tied to goals measured over the period from January 1, 2023 to December 31, 2025.

Tenet Healthcare Corporation files its annual report describing a large, diversified U.S. healthcare network centered on 50 acute and specialty hospitals and 533 ambulatory surgery centers, plus revenue‑cycle and value‑based care services through Conifer. The company highlights continued investments in higher‑acuity hospital services, new facilities like the 54‑bed Florida Coast Medical Center, and growth in outpatient surgery via USPI joint ventures.

Tenet reports nearly 99,000 employees, significant nurse and physician recruitment challenges, and rising labor costs, including minimum‑wage increases and union activity at 27 hospitals. Management details heavy reliance on managed care, Medicare and Medicaid, noting that policy shifts such as Affordable Care Act subsidy expirations and the new One Big Beautiful Bill Act could reduce coverage, lower supplemental payments and delay government reimbursements. Extensive discussion covers regulatory, antitrust, privacy and cybersecurity obligations, and a formal compliance program aimed at managing fraud‑and‑abuse, HIPAA, and consumer‑protection risks.

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.