“2024 was an outstanding year for Tenet characterized by robust revenue growth, efficient operations, high levels of patient satisfaction and clinical quality, and a portfolio transformation that drove substantial balance sheet deleveraging,” Saum Sutaria, MD, chair and CEO of Tenet. “Our focused strategy, disciplined operating management, and the strong demand for acute care and ambulatory surgical services provide us with momentum as we begin the year and confidence to achieve our full year 2025 expectations.”
Six notes:
1. Net income for Tenet was $4.1 billion in 2024, up 210% from $1.3 billion in 2023.
2. Total revenue for the health system was $20.7 billion in 2024, up from $20.5 billion during the previous year. Total expenses for Tenet were $17.9 billion in 2024.
3. In 2024, Tenet saw a $2.9 billion net gain on the sales, consolidation and deconsolidation of facilities.
4. Long-term debt for Tenet was $13.1 billion in 2024, down from $14.9 billion in 2023.
5. For the three months ended Dec. 31, 2024, operating income for Tenet was $821 million (16.2% margin), up from $735 million (13.7% margin) during the same time period in 2023. Tenet’s fourth quarter also saw a net income of $572 million, up from $456 million over the same period in 2023. Revenue was down from $5.4 billion in the fourth quarter of 2023 to $5.1 billion.
6. Tenet sold 14 hospitals in 2024 for more than $4.8 billion across California, South Carolina and Alabama. Operating cash flows in 2024 included $855 million in income tax payments related to gains from selling the hospitals and their operations.