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Tenet Healthcare
Tenet Healthcare (THC) investor relations material
Tenet Healthcare Status update summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Status update summary2 Feb, 2026
Transaction overview
Closed an accretive asset sale involving Conifer's revenue cycle management contract with CommonSpirit, valued at $2.65 billion through cash, liability reduction, and additional equity acquisition.
CommonSpirit will pay $1.9 billion over three years, with an initial $540 million in Q1 2026 and three annual installments of $453 million each in 2027, 2028, and 2029; $540 million is offset by Tenet's redemption payment.
Conifer will continue providing services to CommonSpirit through 2026 under existing financial terms.
The transaction results in Tenet gaining full strategic control of Conifer and an increase of $305 million in additional paid-in capital.
The transaction reduces redeemable non-controlling interest and other liabilities by $885 million.
Financial and operational impacts
2025 adjusted EBITDA is expected at the upper end of the $4.47–$4.57 billion guidance range, driven by strong same-store revenues and disciplined expense management.
NCI expense will decrease by approximately $100 million in 2026 as Tenet recognizes all Conifer economics.
The deal delivers an approximate 14x multiple on impacted 2025 adjusted EBITDA less NCI.
The transaction is expected to strengthen cash flow and support capital deployment priorities, including share repurchases, M&A in ambulatory care, and organic growth investments.
Actual results may differ from preliminary estimates as the financial statement close process is not yet complete.
Strategic rationale and future direction
Full ownership enables Tenet to accelerate investments in automation, AI, and offshoring to enhance Conifer's efficiency and competitiveness.
Conifer's innovation focus includes automating workflows, AI-driven denials management, and advanced analytics to reduce cost to collect and improve yield.
The company plans to redeploy resources and pursue growth opportunities as the CommonSpirit contract winds down.
No constraints were cited from the prior joint venture; future investments and decisions will be solely under Tenet's control.
The transition is structured to be collaborative, supporting CommonSpirit’s insourcing strategy and Conifer’s continued innovation.
Conifer's post-transaction investment strategy
Mitigate Conifer's revenue loss from CHI insourcing
Quantify 2026 incremental earnings from Conifer equity
Conifer's growth strategy post-CommonSpirit exit?
Breakdown of $2.65B Conifer transaction value?
How does deal accelerate capital deployment?
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Next Tenet Healthcare earnings date
Q4 202511 Feb, 2026
Tenet Healthcare
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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