Strong Financial Performance
Second quarter 2025 net operating revenues reached $5.3 billion with a consolidated adjusted EBITDA of $1.121 billion, marking a 19% increase over 2024. The adjusted EBITDA margin improved by 280 basis points to 21.3%.
USPI Growth
USPI generated $498 million in adjusted EBITDA, an 11% growth over the previous quarter. Same facility revenues grew by 7.7%, with a 12.6% increase in total joint replacements in ASCs.
Hospital Segment Performance
Hospital segment adjusted EBITDA grew 25% to $623 million with same-store hospital admissions up 1.6%. Revenue per adjusted admission increased by 5.2%.
Share Repurchase Program Expansion
Tenet Healthcare has deployed $1.1 billion to repurchase 7.2 million shares in the first half of 2025. The board authorized a $1.5 billion increase in the share repurchase program.
Raised Full-Year Guidance
The company raised its full-year 2025 adjusted EBITDA guidance to a range of $4.4 to $4.54 billion, an increase of $395 million or 10% at the midpoint.