Company: THC
Filing Date: 2025-10-28
Form Type: 10-Q
Source: 0000070318-25-000046
Chunk: 94

Company: TENET HEALTHCARE CORP
Filing Date: 2025-10-28
Form: 10-Q
Item: Part I, Item 1
Chunk 94
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0252024Net operating revenues$1,275 $1,139 11.9 %$3,739 $3,275 14.2 %Equity in earnings of unconsolidated affiliates$63 $61 3.3 %$176 $175 0.6 %Salaries, wages and benefits$316 $310 1.9 %$925 $831 11.3 %Supplies$337 $284 18.7 %$987 $857 15.2 %Other operating expenses, net$193 $167 15.6 %$557 $482 15.6 %

Revenues

Our Ambulatory Care segment’s net operating revenues increased by $136 million, or 11.9%, during the three months ended September 30, 2025 compared to the same period in 2024. The change was driven by a $72 million increase in same‑facility net operating revenues, due primarily to growth in our case volumes and higher net revenue per case, as well as a $64 million increase from our recent acquisitions, net of the impact of the closure and sale of certain facilities.

Net operating revenues increased by $464 million, or 14.2%, during the nine months ended September 30, 2025 compared to the same period in 2024. The change was driven by a $241 million increase in same‑facility net operating revenues, reflecting higher net revenue per case, as well as a $223 million increase from our recent acquisitions, net of the impact of the closure and sale of certain facilities.

Salaries, Wages and Benefits

Salaries, wages and benefits expense increased by $6 million, or 1.9%, during the three months ended September 30, 2025 compared to the same period in 2024. This change was driven by a $14 million increase from our recent acquisitions, net of the impact of the closure and sale of certain facilities, and a decrease of $8 million in same‑facility salaries, wages and benefits expense. As a percentage of net operating revenues, salaries, wages and benefits expense decreased to 24.8% for the three months ended September 30, 2025 from 27.2% for the same period in 2024.

Salaries, wages and benefits expense increased by $94 million, or 11.3%, during the