2025 Outlook1
Tenet's Outlook for full year 2025 (consolidated and by segment) follows.
| CONSOLIDATED ($ in millions, except per share amounts) | FY 2025 Outlook |
| Net operating revenues | $20,600 to $21,000 |
| Net income available to Tenet common stockholders | $1,040 to $1,185 |
| Adjusted EBITDA | $3,975 to $4,175 |
| Adjusted EBITDA margin | 19.3% to 19.9% |
| Diluted income per common share | $10.95 to $12.47 |
| Adjusted net income | $1,115 to $1,220 |
| Adjusted diluted earnings per share | $11.74 to $12.84 |
| Equity in earnings of unconsolidated affiliates | $265 to $275 |
| Depreciation and amortization | $805 to $835 |
| Interest expense | $795 to $805 |
| Income tax expense5 | $420 to $465 |
| Net income available to NCI | $910 to $960 |
| Weighted average diluted common shares | ~95 million |
| Net cash provided by operating activities | $2,500 to $2,850 |
| Adjusted net cash provided by operating activities | $2,600 to $2,900 |
| Capital expenditures | $700 to $800 |
| Free cash flow | $1,800 to $2,050 |
| Adjusted free cash flow | $1,900 to $2,100 |
| NCI cash distributions | $750 to $800 |
| Ambulatory Segment($ in millions) | FY 2025 Outlook |
| Net operating revenues | $4,850 to $5,000 |
| Adjusted EBITDA | $1,915 to $1,985 |
| NCI | $760 to $790 |
| Adjusted EBITDA less NCI | $1,155 to $1,195 |
| Changes versus prior year6: | |
| Same-facility system-wide revenue | Up 3.0% to 6.0% |
| Hospital Segment ($ in millions) | FY 2025 Outlook |
| Net operating revenues | $15,750 to $16,000 |
| Adjusted EBITDA | $2,060 to $2,190 |
| NCI | $150 to $170 |
| Changes versus prior year6: | |
| Inpatient admissions | Up 2.0% to 3.0% |
| Adjusted admissions | Up 2.0% to 3.0% |
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