From naming its first COO to opening a new hospital in Florida, here are eight things to know about Dallas-based Tenet Healthcare in 2025:
1. Through the first three quarters of 2025, Tenet recorded a net operating revenue of $5.3 billion and a net income of $1 billion.
2. As of Sept. 30, Tenet operated 50 hospitals in eight states. Its hospital segment also includes 135 outpatient facilities as well as Conifer Health Solutions, which provides revenue cycle management and value-based care services. 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.
3. Lisa Foo was named Tenet’s first-ever COO on June 5. She previously served as the system’s executive vice president of commercial operations, leading several enterprise functions, including strategy, business development, marketing, data and analytics and procurement.
4. Tenet’s stock reached a record-high price of $218 on Nov. 25. Investors have expressed optimism around Tenet’s long-term strategy to transform into a value-based care enterprise anchored by UPSI.
5. Dallas-based Tenet Healthcare opened a new 54-bed hospital in Port St. Lucie, Fla., on Sept. 4. Florida Coast Medical Center is the sixth standalone hospital in the Palm Beach Health Network, a subsidiary of Tenet.
6. Tenet continued to focus on ambulatory care growth in 2025. As of Sept. 30, the system invested nearly $300 million in mergers and acquisitions within its ambulatory care business this year.
7. Fitch upgraded Tenet’s credit rating to “BB-” from B+” in March. Fitch said the upgrade reflected an improving competitive position, with its ambulatory care segment “durably delivering robust EBITDA growth” and divestitures funding significant debt reduction and enhancing liquidity. In November, Fitch revised Tenet’s outlook to positive from stable.
8. Tenet was named as a defendant in a lawsuit filed July 15 by Steward Health Care regarding Steward’s purchase of five Tenet hospitals in Florida for around $1.1 billion in August 2022. The lawsuit claimed Tenet’s facilities were initially valued at $895 million by Steward, but a higher price was paid due to former Steward CEO Ralph de la Torre, MD’s “personal desire to build a hospital empire in the Miami area, rather than on any independent financial analysis.”
Steward claimed Tenet received a fraudulent transfer in connection with the deal, which included almost $209 million in cash that Steward contributed. It argued that Steward did not receive reasonably equivalent value for the payment and was left with an “unreasonably small capital in relation to its business both before and after making such payment.”
