Hospital Operations was Tenet Healthcare’s largest segment in fiscal 2025, bringing in $16.14B of $21.31B (76%).
| Segment | FY 2010 | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Hospital Operations | $15.93B | $16.70B | $16.14B | $16.14B | |||||
| Healthcareorganizationrevenue | — | — | — | — | |||||
| Ambulatory Care | $3.25B | $3.87B | $4.53B | $5.17B | |||||
| Conifer | — | — | — | — | |||||
| Inter-Segment Eliminations | — | — | — | — | |||||
| Total | $19.17B | $20.56B | $20.68B | $21.31B |
Tenet Healthcare brought in $21.31B from its two segments in fiscal 2025, the year ended December 31, 2025. That was up 3.1% from $20.68B in fiscal 2024. Hospital Operations was the largest at $16.14B (75.7%), ahead of Ambulatory Care at $5.17B (24.3%).
Compared with fiscal 2024, Ambulatory Care grew 14.1% to $5.17B, while Hospital Operations fell 0.0% to $16.14B. From fiscal 2022 to 2025, combined revenue from these segments grew from $19.17B to $21.31B, a compound annual growth rate of 3.6%. Hospital Operations' share of the total fell from 83.1% to 75.7%.
Net Patient Revenues was Tenet Healthcare’s largest revenue line in fiscal 2017, bringing in $16.92B of $20.61B (82%).
| Health Care Organization Revenue Sources | FY 2012 | FY 2013 | FY 2014 | FY 2017 |
|---|---|---|---|---|
| Net Patient Revenues | — | $16.92B | ||
| Managed Care | $9.03B | — | ||
| Medicare | $3.40B | — | ||
| Indemnity, Self-Pay & Other | $1.56B | $1.74B | ||
| Revenue From Other Sources | — | $629.00M | ||
| Other Operations | $2.39B | — | ||
| Medicaid | $1.48B | $1.33B | ||
| Acute Care Hospitals - Other Revenue | $53.00M | — | ||
| Total | $17.91B | $20.61B |
Tenet Healthcare brought in $20.61B from its four revenue lines in fiscal 2017, the year ended December 31, 2017. Tenet Healthcare regrouped these revenue lines after fiscal 2014, so the total does not compare directly with that year's $17.91B. Net Patient Revenues was the largest at $16.92B (82.1%), ahead of Indemnity, Self-Pay & Other at $1.74B (8.4%) and Medicaid at $1.33B (6.4%). The remaining revenue line, Revenue From Other Sources, brought in $629.00M.
Compared with fiscal 2014, the previous year with figures, Indemnity, Self-Pay & Other grew 11.5% to $1.74B, while Medicaid fell 10.6% to $1.33B.
Tenet Healthcare began breaking out Net Patient Revenues in fiscal 2017 and Revenue From Other Sources in fiscal 2017. Tenet Healthcare stopped reporting Managed Care ($9.03B in fiscal 2014), Medicare ($3.40B in fiscal 2014), Other Operations ($2.39B in fiscal 2014) and one other as separate revenue lines.
Total was Tenet Healthcare’s largest product and service line in fiscal 2021, bringing in $14.76B of $19.53B (76%).
| Product and Service | FY 2021 |
|---|---|
| Total | $14.76B |
| Medicare | $2.62B |
| Health Care, Patient Service - Medicaid | $1.25B |
| Indemnity & Other | $706.00M |
| Uninsured | $199.00M |
| Total | $19.53B |
Tenet Healthcare brought in $19.53B from its five product and service lines in fiscal 2021, the year ended December 31, 2021. Total was the largest at $14.76B (75.6%), ahead of Medicare at $2.62B (13.4%) and Health Care, Patient Service - Medicaid at $1.25B (6.4%). The other two lines brought in $905.00M combined.
Tenet Healthcare (THC) reports its revenue by segment, by health care organization revenue sources and by product and service. In fiscal 2025, Hospital Operations was its largest segment, bringing in $16.14B (75.7% of the total), followed by Ambulatory Care at $5.17B (24.3%).
Hospital Operations was Tenet Healthcare's largest segment in fiscal 2025, bringing in $16.14B, or 75.7% of the $21.31B total across its two segments.
Net Patient Revenues was Tenet Healthcare's largest revenue line in fiscal 2017, bringing in $16.92B, or 82.1% of the $20.61B total across its four revenue lines.
Total was Tenet Healthcare's largest product and service line in fiscal 2021, bringing in $14.76B, or 75.6% of the $19.53B total across its five product and service lines.
Ambulatory Care grew faster than Hospital Operations in fiscal 2025, up 14.1% from $4.53B to $5.17B. Hospital Operations fell 0.0% to $16.14B.
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 2010, 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.