Company: THC
Filing Date: 2025-10-28
Form Type: 10-Q
Source: 0000070318-25-000046
Chunk: 24

Company: TENET HEALTHCARE CORP
Filing Date: 2025-10-28
Form: 10-Q
Item: Part I, Item 2
Chunk 24
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1 %$3,372 $3,199 5.4 %$10,022 $9,626 4.1 %

 Same-HospitalSame-HospitalSelected Operating Expenses as a Percentage of Net Operating RevenuesThree Months EndedSeptember 30,Increase(Decrease)(1)Nine Months EndedSeptember 30,Increase(Decrease)(1)2025202420252024Salaries, wages and benefits47.1 %48.2 %(1.1)%46.2 %47.7 %(1.5)%Supplies14.8 %14.7 %0.1 %14.8 %14.8 %— %Other operating expenses, net23.0 %23.1 %(0.1)%22.9 %23.2 %(0.3)%

(1)The change is the difference between the 2025 and 2024 percentages presented.

Revenues

Same‑hospital net operating revenues increased by $254 million, or 6.8%, during the three months ended September 30, 2025 compared to the three months ended September 30, 2024, primarily due to the positive impact of a more favorable payer mix; higher patient admissions and acuity; growth in Medicaid supplemental revenue; and negotiated commercial rate increases in the 2025 period. Same‑hospital net operating revenues increased by $706 million, or 6.3%, during the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024, primarily due to the factors discussed above.

Salaries, Wages and Benefits

Same‑hospital salaries, wages and benefits expense increased by $79 million, or 4.4%, in the three months ended September 30, 2025 compared to the same period in 2024. This change was primarily attributable to higher employee benefit costs and annual merit increases for certain of our employees. These factors were partially offset by lower incentive compensation expense and a decrease in contract labor and premium pay costs in the 2025 period. Same‑hospital salaries, wages and benefits expense as a percentage of net operating revenues decreased by 110 basis points to 47.1% in the three months ended September 30, 2025 compared to the three months ended September 30, 2024.

Same‑hospital salaries, wages and benefits expense increased by $161 million,