TENET HEALTHCARE Business Summary

Tenet Healthcare Corporation (NYSE: THC) operates as a diversified healthcare services company, generating the majority of its revenue through net patient service fees across two primary business segments: Hospital Operations and Services and Ambulatory Care. The Hospital segment encompasses a network of acute care and specialty hospitals, imaging centers, and physician practices, while the Ambulatory Care segment is anchored by United Surgical Partners International (USPI), the nation’s largest ambulatory platform. Tenet’s revenue model is increasingly driven by high-acuity surgical procedures and a strategic shift toward outpatient services, supported by its revenue cycle management subsidiary, Conifer Health Solutions, which returned to 100% Tenet ownership in early 2026. Positioned as a leading for-profit health system, Tenet competes directly with HCA Healthcare, Universal Health Services (UHS), and Community Health Systems (CHS), maintaining a competitive edge through its dominant market share in the ambulatory surgery center (ASC) space via USPI. Originally founded in 1967 as National Medical Enterprises by Richard Eamer, John Bedrosian, and Leonard Cohen, the company is currently led by Chairman and CEO Saumya (Saum) Sutaria, M.D., who previously served as a leader in McKinsey & Company’s healthcare practice. The executive leadership team includes Sun Park as Executive Vice President and CFO, Lisa Foo as Executive Vice President and COO, and Paola Arbour as Executive Vice President and CIO. The company’s strategic direction is overseen by a board of directors featuring notable figures such as Lead Independent Director Joseph Kerrey and former Southwest Airlines CFO Tammy Romo. Tenet maintains a high level of institutional backing, with major shareholders including The Vanguard Group, BlackRock, and T. Rowe Price holding significant equity stakes as of early 2026.