Dallas-based United Surgical Partners International, Tenet Healthcare’s ASC arm, reported $5.2 billion in net operating revenues for 2025, a 14.1% increase from $4.53 billion in 2024, according to Tenet’s earnings release published Feb. 11.
Here are 10 things to know:
1. USPI’s fourth quarter 2025 net operating revenues reached $1.43 billion, a 13.8% increase from $1.26 billion in the fourth quarter of 2024. Growth was driven by strong same-facility net patient service revenue gains, facility acquisitions and expanded service lines.
2. Same-facility system-wide net patient service revenues rose 7.2% year over year in the fourth quarter, with case volume up 1.6% and net revenue per case up 5.5%, reflecting higher acuity and favorable payer mix.
3. USPI’s adjusted EBITDA for the fourth quarter was $580 million, a 9.4% increase from $530 million in Q4 2024.
4. USPI’s full-year adjusted EBITDA climbed to $2 billion, up from $1.81 billion in 2024, while the full-year adjusted EBITDA margin was 39.2%, down from 39.9% the year prior.
5. On a system-wide basis, USPI reported $8.48 billion in same-facility net patient service revenues for 2025, up from $7.89 billion in 2024. For the year, net patient service revenue per case rose 7.1% and same-facility surgical cases increased 0.3%.
6. USPI’s footprint continued to expand. As of Dec. 31, 2025, the company held interests in 533 ASCs (401 consolidated) and 26 surgical hospitals (eight consolidated) across 37 states.
7. Looking ahead, Tenet’s full-year 2026 outlook calls for USPI net operating revenues of $5.5 billion to $5.7 billion and adjusted EBITDA of $2.13 billion to $2.23 billion, with same-facility system-wide revenue expected to rise 3% to 6%.
8. Overall, Tenet reported $21.3 billion in revenue in 2025, up from $20.7 billion in 2024, as the system posted strong fourth-quarter results and outlined a positive outlook for 2026. For the fourth quarter, Tenet reported net operating revenue of $5.5 billion, compared to $5.1 billion during the same period in 2024.
9. Tenet’s net income was $1.4 billion (6.6% margin) in 2025, down from $3.2 billion (15.5% margin) in 2024, which included a pre-tax gain of $2.9 billion ($2.1 billion after tax) primarily associated with the hospital divestitures. Tenet sold 14 hospitals last year.
10. The for-profit system reported an operating income of $3.5 billion (16.5% margin) in 2025, down from $6 billion (28.8% margin) in 2024.
