Managed Care was Tenet Healthcare’s largest segment in fiscal 2025, bringing in $9.70B of $21.31B (45%).
| Segment | FY 2017 | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Managed Care | $9.61B | $10.25B | $9.81B | $9.70B | |||||
| Health Care, Patient Service - Managed Care | — | — | — | — | |||||
| Net Patient Service Revenues | $3.12B | $3.71B | $4.36B | $4.96B | |||||
| Medicare | $2.37B | $2.38B | $2.13B | $2.12B | |||||
| Other Revenues | $2.08B | $2.15B | $2.18B | $2.20B | |||||
| Health Care, Patient Service - Medicaid | $1.07B | $1.23B | $1.44B | $1.52B | |||||
| Medicaid | — | — | — | — | |||||
| Health Care, Patient Service - Medicare | — | — | — | — | |||||
| Health Care - Client Contracts - Revenue Cycle Services | — | — | — | — | |||||
| Revenue Cycle Services – Tenet | — | — | — | — | |||||
| Indemnity & Other | $661.00M | $590.00M | $522.00M | $551.00M | |||||
| Health Care, Patient Service - Indemnity & Other | — | — | — | — | |||||
| Uninsured | $141.00M | $96.00M | $64.00M | $52.00M | |||||
| Health Care, Patient Service - Self-Pay | — | — | — | — | |||||
| Management Fees | $110.00M | — | — | — | |||||
| Health Care - Client Contracts - Other Services | — | — | — | — | |||||
| Revenue From Other Sources | $23.00M | $152.00M | $178.00M | $216.00M | |||||
| Insurance Recoveries | $6.00M | $34.00M | — | — | |||||
| Total | $19.18B | $20.60B | $20.68B | $21.31B |
Tenet Healthcare brought in $21.31B from its eight segments in fiscal 2025, the year ended December 31, 2025. That was up 3.1% from $20.68B in fiscal 2024. Managed Care was the largest at $9.70B (45.5%), ahead of Net Patient Service Revenues at $4.96B (23.3%) and Other Revenues at $2.20B (10.3%). The other five segments brought in $4.46B combined.
Compared with fiscal 2024, Net Patient Service Revenues grew fastest, up 13.8% to $4.96B, while Managed Care fell the most, down 1.2% to $9.70B.
Tenet Healthcare stopped reporting Management Fees ($110.00M in fiscal 2022) and Insurance Recoveries ($34.00M in fiscal 2023) as separate segments.
Hospital Operations was Tenet Healthcare’s largest segment in fiscal 2025, bringing in $9.70B of $14.65B (66%).
| Statement Business Segments | FY 2010 | FY 2011 | FY 2013 | FY 2014 | FY 2015 | FY 2018 | FY 2019 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Hospital Operations & Other | — | — | — | — | ||||||||
| Healthcareorganizationpatientservicerevenuelessprovisionforbaddebts | — | — | — | — | ||||||||
| Healthcareorganizationrevenue | — | — | — | — | ||||||||
| Hospital Operations | $11.69B | $10.25B | $9.81B | $9.70B | ||||||||
| Ambulatory Care | $3.12B | $3.71B | $4.36B | $4.96B | ||||||||
| Conifer | — | — | — | — | ||||||||
| Total | $14.80B | $13.96B | $14.17B | $14.65B |
Tenet Healthcare brought in $14.65B from its two segments in fiscal 2025, the year ended December 31, 2025. That is less than the $21.31B it reports by segment, so these segments do not cover all of its revenue. Hospital Operations was the largest at $9.70B (66.2%), ahead of Ambulatory Care at $4.96B (33.8%).
Compared with fiscal 2024, Ambulatory Care grew 13.8% to $4.96B, while Hospital Operations fell 1.2% to $9.70B.
Net Patient Revenues was Tenet Healthcare’s largest revenue line in fiscal 2017, bringing in $16.92B of $20.72B (82%).
| Operating Activities | FY 2012 | FY 2013 | FY 2014 | FY 2015 | FY 2016 | FY 2017 |
|---|---|---|---|---|---|---|
| Net Patient Revenues | — | — | $17.21B | $16.92B | ||
| Managed Care | $9.03B | $10.58B | — | — | ||
| Medicare | $3.40B | $3.58B | — | — | ||
| Indemnity, Self-Pay & Other | $1.56B | $1.81B | $1.69B | $1.74B | ||
| Medicaid | $1.48B | $1.45B | $1.34B | $1.33B | ||
| Revenue From Other Sources | — | $541.00M | $623.00M | $629.00M | ||
| Other Operations | $2.39B | — | — | — | ||
| Physician Practices | — | $745.00M | — | — | ||
| Health Plans | — | $423.00M | $482.00M | $110.00M | ||
| Acute Care Hospitals - Other Revenue | $53.00M | — | — | — | ||
| Total | $17.91B | $19.13B | $21.35B | $20.72B |
Tenet Healthcare brought in $20.72B from its five revenue lines in fiscal 2017, the year ended December 31, 2017. That was down 3.0% from $21.35B in fiscal 2016. Net Patient Revenues was the largest at $16.92B (81.6%), ahead of Indemnity, Self-Pay & Other at $1.74B (8.4%) and Medicaid at $1.33B (6.4%). The other two revenue lines brought in $739.00M combined.
Compared with fiscal 2016, Indemnity, Self-Pay & Other grew fastest, up 2.7% to $1.74B, while Net Patient Revenues fell the most, down 1.7% to $16.92B.
Tenet Healthcare began breaking out Net Patient Revenues in fiscal 2016, Revenue From Other Sources in fiscal 2015 and Health Plans in fiscal 2015. Tenet Healthcare stopped reporting Managed Care ($10.58B in fiscal 2015), Medicare ($3.58B in fiscal 2015), Other Operations ($2.39B in fiscal 2014) and two others as separate revenue lines.
Tenet Healthcare (THC) reports its revenue by segment, by statement business segments and by operating activities. In fiscal 2025, Managed Care was its largest segment, bringing in $9.70B (45.5% of the total), followed by Net Patient Service Revenues at $4.96B (23.3%).
Managed Care was Tenet Healthcare's largest segment in fiscal 2025, bringing in $9.70B, or 45.5% of the $21.31B total across its eight segments.
Net Patient Revenues was Tenet Healthcare's largest revenue line in fiscal 2017, bringing in $16.92B, or 81.6% of the $20.72B total across its five revenue lines.
Among Tenet Healthcare's segments that make up at least 2% of revenue, Net Patient Service Revenues grew fastest in fiscal 2025, up 13.8% from $4.36B to $4.96B.
Every figure comes from Tenet Healthcare's annual financial filings, as reported. Each line keeps the name Tenet Healthcare gives it, and years follow its fiscal calendar.
Tenet Healthcare's revenue by segment goes back to fiscal 2017, with figures through fiscal 2025. The latest four fiscal years are free to view, and the full history is available with a Business Quant subscription.