泰尼特保健 2025年度报告

Form 10-K ýAnnual report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the fiscal year ended December 31, 2025OR¨Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the transition period fromto Commission File Number1-7293 TENET HEALTHCARE CORPORATION(Exact name of Registrant as specified in its charter) Indicate by check mark if the Registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. YesýNo¨ Indicate by check mark if the Registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Exchange Act. Yes¨Noý Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the preceding 12 months, and(2) has been subject to such filing requirements for the past 90 days. YesýNo¨ Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T duringthe preceding 12 months. YesýNo¨ Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growthcompany (each as defined in Exchange Act Rule 12b-2). Large accelerated filerý Accelerated filer¨ Smaller reporting company☐ If an emerging growth company, indicate by check mark if the Registrant has elected not to use the extended transition period for complying with any new or revised financialaccounting standards provided pursuant to Section 13(a) of the Exchange Act.¨ Indicate by check mark whether the Registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financialreporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.ý If securities are registered pursuant to Section 12(b) of the Exchange Act, indicate by check mark whether the financial statements of the Registrant included in the filing reflectthe correction of an error to previously issued financial statements.☐ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of theRegistrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).¨ Indicate by check mark whether the Registrant is a shell company (as defined in Exchange Act Rule 12b-2). Yes¨Noý As of June 30, 2025, the aggregate market value of the shares of common stock held by non-affiliates of the Registrant (treating directors, executive officers who wereSEC reporting persons, and holders of 10% or more of the common stock outstanding as of that date, for this purpose, as affiliates) was approximately $12.2 billion based on theclosing price of the Registrant’s shares on the New York Stock Exchange on that date. As of January 30, 2026, there were 86,963 shares (in thousands) of common stockoutstanding. DOCUMENTS INCORPORATED BY REFERENCE Portions of the Registrant’s definitive proxy statement for the 2026 annual meeting of shareholders are incorporated by reference into Part III of this Form 10-K. TABLE OF CONTENTS PART I. ITEM 1. BUSINESSOVERVIEW Tenet Healthcare Corporation (“Tenet”) is a diversified healthcare services company with its headquarters in Dallas,Texas, and a Global Business Center (“GBC”) in the Philippines that supports various enterprise-wide administrative functions.We operate our expansive, nationwide care delivery network through direct and indirect subsidiaries, as well as downstreampartnerships and joint ventures; the terms “we,” “our” and “us,” as used in this report and unless otherwise stated or indicatedby the context, refer to Tenet and these entities. Our business is organized into two separate reporting segments – HospitalOperations and Services (“Hospital Operations”) and Ambulatory Care. At December 31, 2025, our Hospital Operations segment was comprised of: (1) 50 acute care and specialty hospitals, anetwork of employed physicians, and 132 outpatient facilities, including urgent care centers (each, a “UCC”), imaging centers,off-campus hospital emergency departments (“EDs”) and micro-hospitals; and (2) the revenue cycle management andvalue-based care services we provide to hospitals, health systems, physician practices, employers and other clients throughConifer Health Solutions, LLC. Our Ambulatory Care segment is comprised of the operations of USPI Holding Company, Inc.(together with its subsidiaries, “USPI”), which held ownership interests in 533 ambulatory surgery centers (each, an “ASC”)and 26 surgical hospitals at December 31, 2025. Additional information about our reporting segments is provided below;statistical data for the segments can be found in Item 7, Management’s