Company: THC
Filing Date: 2025-10-28
Form Type: 10-Q
Source: 0000070318-25-000046
Chunk: 28

Company: TENET HEALTHCARE CORP
Filing Date: 2025-10-28
Form: 10-Q
Item: Part I, Item 2
Chunk 28
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 million increase from our recent acquisitions, net of the impact of the closure and sale of certain facilities, and a $13 million increase in same‑facility other operating expenses. Other operating expenses as a percentage of net operating revenues increased to 15.1% for the three months ended September 30, 2025 from 14.8% for the same period in 2024.

Other operating expenses increased by $75 million, or 15.6%, during the nine months ended September 30, 2025 compared to the same period in 2024. The change was driven by a $53 million increase from our recent acquisitions, net of the impact of the closure and sale of certain facilities, and a $22 million increase in same‑facility other operating expenses. Other operating expenses as a percentage of net operating revenues increased to 14.9% for the nine months ended September 30, 2025 from 14.6% for the nine months ended September 30, 2024.

Facility Growth

The following table presents the year-over-year changes in our revenue and cases on a same‑facility systemwide basis:

Three Months EndedSeptember 30, 2025Nine Months EndedSeptember 30, 2025Net revenues8.3 %7.5 %Cases2.1 %(0.2)%Net revenue per case6.1 %7.7 %

Facility Acquisitions and Investment

During the nine months ended September 30, 2025, we commenced operations at four de novo ASCs. In the same period, we paid an aggregate of $257 million to acquire controlling ownership interests in 21 ASCs and one surgical hospital in which we previously held no investment, as well as eight facilities that were previously unconsolidated. We also acquired a non-controlling ownership interest in an ASC located in New Jersey and ceased operations or disposed of 14 ASCs during the period.

39

Consolidated

Impairment and Restructuring Charges, and Acquisition-Related Costs

The following table presents our impairment and restructuring charges, and acquisition‑related costs:

Three Months EndedSeptember 30,Nine Months EndedSeptember 30,2025202420252024Consolidated:  Impairment charges$10 $— $13 $2 Restructuring charges8 10 33 42 Acquisition-related costs5 9 20 31 Total impairment and