THC · Tenet Healthcare Corp

Key customers — 70% of revenue (the year ended December 31, 2025)

“For the year ended December 31, 2025, approximately 70%, or $9.696 billion, of our net patient service revenues for the hospitals and related outpatient facilities in our Hospital Operations segment was attributable to managed care payers, including Medicare and Medicaid managed care programs.”

10 customers — 69% of revenue (the year ended December 31, 2025)

“our top 10 managed care payers generated 69% of our managed care net patient service revenues for the year ended December 31, 2025.”

Key customers — 67% of receivables (At December 31, 2025)

“At December 31, 2025, 67% of our Hospital Operations segment’s net accounts receivable was due from managed care payers.”