Dallas-based Tenet Healthcare acquired 11 ASCs and opened two de novo facilities in the third quarter of 2025, Chairman and CEO Saum Sutaria, MD, said during the for-profit system’s Oct. 28 earnings call.
To date, Tenet has invested nearly $300 million in mergers and acquisitions within its ambulatory care business in 2025. Dr. Sutaria said the system intends to add more centers in the fourth quarter. As of Sept. 30, Tenet’s ambulatory business segment, United Surgical Partners International, has interests in 530 ASCs (398 consolidated) and 26 surgical hospitals (eight consolidated) in 37 states.
“The M&A and de novo pipelines remain strong,” Dr. Sutaria said.
Overall, the system now expects to invest between $875 million and $975 million in capital expenditures this year, a $50 million increase at the midpoint of its prior forecast.
Tenet Executive Vice President and CFO Sun Park said the system’s capital deployment strategies remain unchanged.
“First, we will continue to prioritize capital investments to grow USPI through M&A,” Mr. Park said on the call.
The system also plans to continue investing in key hospital growth opportunities to “fuel organic growth, including our focus on higher-acuity service offerings. In September, Tenet opened a new 54-bed hospital in Port St. Lucie, Fla.
“This facility expands capacity in one of the fastest growing areas of the country,” Dr. Sutaria said.
Mr. Park said the other priorities are to evaluate opportunities to retire and/or refinance debt and continue to have a balanced approach to share repurchasing depending on market conditions and other investment opportunities.
“We continue to deliver consistent growth and have disciplined operations, which has translated into outstanding financial results,” Mr. Park said. “We are confident in our ability to deliver on our increased outlook for 2025 as we continue to provide high quality care for our patients.”
Tenet reported an operating income of $889 million (16.8% operating margin) in the third quarter of 2025 and a net income of $342 million.
