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Edge14 Nov 2025
Ball: The King of Cans
From a 19th-century glass-jar legacy to a global plant network, Ball is now a pure-play aluminum can partner to the world's biggest beverage brands.
Tenet Healthcare (THC) investor relations material
Tenet Healthcare Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary28 Oct, 2025
Executive summary
Q3 2025 net operating revenues reached $5.29 billion, up 3.2% year-over-year, with consolidated adjusted EBITDA of $1.1 billion, a 12% increase and a 20.8% margin.
Adjusted diluted EPS grew 26% year-over-year to $3.70, while net income attributable to common shareholders was $342 million, down from $472 million in Q3 2024 due to lower asset sale gains.
Ambulatory segment delivered 12% adjusted EBITDA growth, 8.3% same-facility revenue growth, and a 38.6% margin, with 11 centers acquired and two new centers opened in Q3.
Hospital segment adjusted EBITDA grew 13% to $607 million (15.1% margin), with same-hospital revenues up 6.8% and revenue per adjusted admission up 5.9%.
Strategic focus on high-acuity service lines, disciplined expense management, and robust M&A activity supported growth.
Financial highlights
Q3 2025 adjusted EBITDA margin was 20.8%, up 170 basis points year-over-year.
Free cash flow for Q3 was $778 million, totaling $2.16 billion year-to-date, up 22% over the prior year nine-month period.
Cash and cash equivalents at September 30, 2025, were $2.98 billion, with no borrowings under the $1.5 billion credit facility.
7.8 million shares repurchased year-to-date for $1.19 billion; $1.69 billion remains authorized.
Q3 2025 net income was $342 million ($3.86 per diluted share), down from $472 million ($4.89 per share) in Q3 2024 due to prior-year one-time gains.
Outlook and guidance
FY 2025 adjusted EBITDA guidance raised to $4.47–$4.57 billion, with a margin of 21.1%–21.4%.
Net operating revenue guidance for 2025 increased to $21.15–$21.35 billion.
Free cash flow after NCI for 2025 now expected at $1.495–$1.695 billion, up $250 million at the midpoint from previous guidance.
Capital expenditures for 2025 projected at $875–$975 million, a $150 million increase at the midpoint.
Management expects continued growth in Ambulatory Care through acquisitions and organic expansion, with 2026 planning assuming healthy demand and stable operations.
Q3 GAAP net income vs. adjusted EPS divergence?
Can revenue per case/admission growth be sustained?
What is the strategy behind share repurchases?
USPI M&A spend increase drivers?
2026 expense management initiatives?
Conifer's role if exchange subsidies expire?
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Next Tenet Healthcare earnings date
Q4 202511 Feb, 2026
Next Tenet Healthcare earnings date
Q4 202511 Feb, 2026
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Frequently asked questions
The Health Care Providers segment includes hospitals, ambulatory surgery centers and imaging centers. The Health Plan segment includes investments in health plans and related businesses. The Other segment includes investments in other businesses, and centralized services provided to or on behalf of the company. As of December 31, 2018, it owned or operated 88 general acute care hospitals comprising 12,717 licensed beds; 36 behavioral health centers with 957 licensed beds; 22 surgical hospitals with 1,705 licensed beds; four long-term acute care hospital (LTACH) with 687 licensed beds; and 11 rehabilitation hospitals with 271 licensed beds. The company was founded in 1967 and is headquartered in Dallas, Texas
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