United Surgical Partners International, the ASC arm of Tenet Healthcare, reported $1.3 billion in net operating revenue in the second quarter of 2025, up from $1.1 billion in the same quarter of 2024, according to financial results released July 22.
Here are eight things to know:
1. Net operating revenue rose 11.3% year over year, driven by higher net revenue per case, strategic facility acquisitions and expansion of service lines.
2. USPI’s same-facility system-wide net patient service revenue grew 7.7%, with a 0.6% decline in case volume and an 8.3% increase in net revenue per case, reflecting a favorable case and payer mix and a shift toward higher-acuity procedures.
3. Adjusted EBITDA increased 11.4% year over year, attributed to strong revenue per case growth, disciplined expense management and contributions from acquired facilities.
4. As of June 30, USPI had ownership interests in 521 ASCs (385 consolidated) and 26 surgical hospitals (8 consolidated) across 37 states.
5. Tenet Healthcare reported $832 million in operating income for Q2 2025, up from $761 million in Q2 2024, with an operating margin of 15.6%, up from 14.9%.
6. Net income for the quarter rose to $288 million, compared to $259 million during the same period in 2024.
7. Tenet raised its full-year 2025 financial outlook, now projecting net operating revenue between $20.95 billion and $21.25 billion, up from its previous estimate of $20.6 billion to $21 billion.
8. Adjusted net income guidance was also increased to $1.12 billion to $1.22 billion, from the prior range of $1 billion to $1.2 billion.
