TENET HEALTHCARE CORP

Tenet Healthcare Corporation (NYSE: THC) operates as a diversified healthcare services company providing acute care hospital services, ambulatory surgery centers, and revenue cycle management solutions across the United States. The company maintains its primary business operations through two reportable segments: Hospital Operations and Services, and Ambulatory Care.

The Hospital Operations segment comprises fifty acute care and specialty hospitals with approximately 12,494 licensed beds, primarily serving urban and suburban communities across eight states including Arizona, California, Florida, Massachusetts, Michigan, South Carolina, Tennessee, and Texas. This segment also operates 132 outpatient facilities including urgent care centers, imaging centers, off-campus emergency departments, and micro-hospitals. Additionally, the company provides revenue cycle management and value-based care services through Conifer Health Solutions, which serves approximately 600 hospitals and healthcare clients nationwide. The Ambulatory Care segment, operated through USPI Holding Company, Inc., holds ownership interests in 533 ambulatory surgery centers and 26 surgical hospitals across 37 states, offering specialized procedures in orthopedics, gastroenterology, pain management, ophthalmology, and urology.

As of December 31, 2025, Tenet employed approximately 99,000 people across its operations, with roughly 31 percent of the workforce comprising nurses. The company maintains a Global Business Center in the Philippines supporting enterprise-wide administrative functions. Tenet operates facilities in all 50 U.S. states and the District of Columbia, with significant geographic concentrations in Arizona and Texas representing approximately 74 percent of outpatient centers.

The company's business model emphasizes quality, safety, and operational excellence while pursuing growth through acquisitions, organic development, and strategic partnerships. Tenet competes on the basis of care quality, facility location and accessibility, service breadth, reputation, physician caliber, and managed care contract terms. The company maintains accreditation through The Joint Commission and participates in Medicare, Medicaid, and other government-sponsored provider programs. More information is available at www.tenethealth.com.