Company: THC
Filing Date: 2025-10-28
Form Type: 10-Q
Source: 0000070318-25-000046
Chunk: 33

Company: TENET HEALTHCARE CORP
Filing Date: 2025-10-28
Form: 10-Q
Item: Part I, Item 2
Chunk 33
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 levels of cash collections, as well as levels of implicit price concessions, due to shifts in payer mix and other factors. Our Credit Agreement provides additional liquidity to manage fluctuations in operating cash caused by these factors.

Net cash provided by operating activities was $2.809 billion in the nine months ended September 30, 2025 compared to $2.378 billion in the nine months ended September 30, 2024. Key factors contributing to the change between the 2025 and 2024 periods included the following:

•An increase in net income before interest; taxes; depreciation and amortization; and losses from early extinguishment of debt of and other non-operating income, net of $436 million;

•Interest payments that were $56 million lower in the 2025 period;

•An increase in income tax payments of $21 million; and

•The timing of working capital items.

Net cash used in investing activities was $886 million during the nine months ended September 30, 2025 compared to net cash provided by investing activities of $3.801 billion during the nine months ended September 30, 2024. The primary factors contributing to the change between the 2025 and 2024 periods were: (1) the 2024 period included proceeds of $4.965 billion, primarily from the sales of the Divested Hospitals during 2024; (2) a $258 million decrease in purchases of businesses or joint venture interests in the 2025 period; and (3) capital expenditures that were $45 million higher during the nine months ended September 30, 2025 compared to the same period in 2024.

Net cash used in financing activities was $1.967 billion and $3.313 billion during the nine months ended September 30, 2025 and 2024, respectively. The primary factors contributing to the change between the 2025 and 2024 periods were: (1) the nine‑month period in 2024 included our redemption of all $2.100 billion aggregate principal amount then‑outstanding of our 4.875% senior secured first lien notes due 2026 in advance of their maturity date; (2) we made payments totaling $1.188 billion to repurchase 7,829 thousand shares of our common stock under our share repurchase program during 2025, an increase of $516