HCA Healthcare vs Tenet Healthcare: Revenue, Profit and Business Model
HCA Healthcare reported $75.6B of revenue in FY2025 and $6.8B of net income. Tenet Healthcare reported $21.3B of revenue in FY2025 and $2.4B of net income.
Latest financial snapshot
HCA Healthcare
- Latest revenue
- $75.6B (FY2025)
- Net income
- $6.8B
- Net margin
- 9.0%
- Revenue growth
- +6.9% a year, FY2016–FY2025
Tenet Healthcare
- Latest revenue
- $21.3B (FY2025)
- Net income
- $2.4B
- Net margin
- 11.1%
- Revenue growth
- +0.9% a year, FY2016–FY2025
Financial summary
HCA Healthcare
HCA's revenue rose from $41.5 billion in 2016 to $75.6 billion in 2025, and net income attributable to HCA reached $6.784 billion in 2025, up from $5.76 billion in 2024. Growth comes from admissions, outpatient volume, pricing and acuity, plus Medicaid supplemental payment programs in some states. In Q2 2026 revenue rose 8.7% to $20.23 billion, net income attributable to HCA rose 2.8% to $1.70 billion and diluted EPS rose 11.6% to $7.62. In July 2026 HCA narrowed full-year revenue guidance to $77.0-$79.5 billion and cut net income guidance to $6.3-$6.7 billion, citing more uninsured patients after enhanced ACA exchange subsidies expired.
Tenet Healthcare
Tenet Healthcare reported 2025 net operating revenues of $21.31 billion, up 3.1% from $20.675 billion in 2024, with consolidated adjusted EBITDA of $4.566 billion (21.4% margin). Net income available to common shareholders was $1.407 billion ($15.49 per diluted share), versus $3.2 billion in 2024, when results were inflated by gains on hospital divestitures. Momentum continued in 2026: second-quarter revenue rose 6.8% to $5.628 billion, adjusted EBITDA grew 16.3% to $1.304 billion (23.2% margin), and hospital-segment EBITDA margin improved to 18.0%. Management raised 2026 guidance to $21.9-$22.5 billion of revenue and $4.83-$5.03 billion of adjusted EBITDA, and the board added $2.0 billion to the share buyback authorization.
Revenue and profit by year
HCA Healthcare
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $75.6B | $6.8B | 9.0% | +7.1% | Source |
| FY2024 | $70.6B | $5.8B | 8.2% | +8.7% | Source |
| FY2023 | $65B | $5.2B | 8.1% | +7.9% | Source |
| FY2022 | $60.2B | $5.6B | 9.4% | +2.5% | Source |
| FY2021 | $58.8B | $7B | 11.8% | +14.0% | Source |
| FY2020 | $51.5B | $3.8B | 7.3% | +0.4% | Source |
| FY2019 | $51.3B | $3.5B | 6.8% | +10.0% | Source |
| FY2018 | $46.7B | $3.8B | 8.1% | +7.0% | Source |
| FY2017 | $43.6B | $2.2B | 5.1% | +5.1% | Source |
| FY2016 | $41.5B | $2.9B | 7.0% | — | Source |
Tenet Healthcare
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $21.3B | $2.4B | 11.1% | +3.1% | Source |
| FY2024 | $20.7B | $4.1B | 19.7% | +0.5% | Source |
| FY2023 | $20.6B | $1.3B | 6.4% | +7.2% | Source |
| FY2022 | $19.2B | $1B | 5.2% | -1.6% | Source |
| FY2021 | $19.5B | $1.5B | 7.6% | +10.5% | Source |
| FY2020 | $17.6B | $768M | 4.4% | -4.5% | Source |
| FY2019 | $18.5B | $171M | 0.9% | +0.9% | Source |
| FY2018 | $18.3B | $459M | 2.5% | -4.5% | Source |
| FY2017 | $19.2B | -$320M | -1.7% | -2.3% | Source |
| FY2016 | $19.6B | $176M | 0.9% | — | Source |
Where the revenue comes from
HCA Healthcare
- Managed Care and Other Insurers48.9%
Commercial payer revenue from managed care plans and other private insurers.
- Medicare and Managed Medicare32.7%
Revenue from traditional Medicare and Medicare Advantage or managed Medicare plans.
- Medicaid and Managed Medicaid12.7%
Revenue from state and managed Medicaid programs.
- International and Other5.7%
Revenue from HCA's England operations, self-pay, and other payer categories.
Tenet Healthcare
- Hospital Operations (Inpatient & Outpatient Acute Care)~85%
Revenue generated from inpatient admissions, emergency room visits, and outpatient diagnostic services across Tenet's about 50 acute care hospitals, driven by patient volume, case mix index, and negotiated commercial reimbursement rates.
- United Surgical Partners International (USPI)~10%
Revenue from high-margin outpatient surgical procedures performed at Tenet's more than 500 ambulatory surgery centers and 31 surgical hospitals, primarily through physician-aligned joint ventures.
- Conifer Health Solutions~5%
Revenue from revenue cycle management, value-based care services, and enterprise resource planning solutions provided to both Tenet's internal facilities and third-party external health systems.
Business model and strategy
HCA Healthcare
How it makes money
HCA earns money by billing for patient care delivered in its hospitals and outpatient facilities. In 2025, managed care and other insurers accounted for 48.9% of revenue, Medicare and managed Medicare 32.7%, Medicaid and managed Medicaid 12.7%, and international and other payers 5.7%. Commercial contracts pay the highest rates, so payer mix drives margins as much as volume does.
Growth strategy
HCA grows by adding capacity inside its existing markets rather than entering many new ones. It builds hospital beds, freestanding ERs, surgery centers and urgent care clinics around its hospitals, and in August 2026 it set up a separate Ambulatory Operations Group led by Charles Gressle.
Competitive advantage
HCA's main edge is market density. It clusters hospitals, outpatient sites and physicians in fast-growing metro areas, particularly in Florida and Texas, which generated 51% of 2025 revenue. That density gives it leverage in payer negotiations, purchasing scale through HealthTrust, and clinical data from about 47 million annual patient encounters that it uses for tools such as its SPOT sepsis-alert system.
Tenet Healthcare
How it makes money
Conifer's business model is scalable, relying on a combination of long-term, multi-year enterprise contracts, performance-based fee structures (where Conifer takes a percentage of the additional revenue it recovers for the client), and the licensing of its proprietary analytics and patient engagement software platforms.
Growth strategy
The company's strategic thesis rests on the premise that the American healthcare system will continue its inexorable shift toward value-based care and outpatient procedures, a transition Tenet is actively engineering through its United Surgical Partners International (USPI) joint ventures, which now account for a rapidly growing percentage of the company's total EBITDA.
Competitive advantage
The sheer scale of Tenet's operational footprint, comprising about 50 acute care hospitals, 275 urgent care and occupational health centers, and more than 500 ambulatory surgery centers, means that on any given day, the company is simultaneously negotiating reimbursement rates with dozens of major commercial insurers, managing the clinical outcomes of hundreds of thousands of acute care patients, and processing milli…
Questions about HCA Healthcare vs Tenet Healthcare
Which company has higher revenue — HCA Healthcare, Inc. or Tenet Healthcare Corporation?
HCA Healthcare, Inc. reported $75.6B (FY2025), while Tenet Healthcare Corporation reported $21.3B (FY2025). By last reported revenue, HCA Healthcare, Inc. is the larger business, with Tenet Healthcare Corporation reporting a smaller revenue base.
What is the market cap of HCA Healthcare, Inc. vs Tenet Healthcare Corporation?
HCA Healthcare, Inc.'s market capitalisation stands at $95.0B, while Tenet Healthcare Corporation's is $17.2B. HCA Healthcare, Inc. carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Tenet Healthcare Corporation.
Which is more financially efficient — HCA Healthcare, Inc. or Tenet Healthcare Corporation?
HCA Healthcare, Inc. generates $236k / employee in revenue per employee, while Tenet Healthcare Corporation generates $215k / employee. HCA Healthcare, Inc. shows higher revenue efficiency per headcount, though this reflects business model differences — capital-light software companies routinely outperform labour-intensive manufacturers on this metric.
How do HCA Healthcare, Inc. and Tenet Healthcare Corporation make money?
HCA Healthcare, Inc. and Tenet Healthcare Corporation generate revenue in fundamentally different ways. HCA Healthcare, Inc.: HCA earns money by billing for patient care delivered in its hospitals and outpatient facilities. Tenet Healthcare Corporation: Conifer's business model is scalable, relying on a combination of long-term, multi-year enterprise contracts, performance-based fee structures (where Conifer takes a percentage of the additional revenue it recovers for the client), and the licensing of its proprietary analytics and patient engagement software platforms.
Which company is valued higher relative to revenue — HCA Healthcare, Inc. or Tenet Healthcare Corporation?
On a price-to-sales (P/S) basis, HCA Healthcare, Inc. trades at 1.3x P/S and Tenet Healthcare Corporation at 0.8x P/S. HCA Healthcare, Inc. commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Tenet Healthcare Corporation. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is HCA Healthcare, Inc. bigger than Tenet Healthcare Corporation?
By last reported revenue, HCA Healthcare, Inc. ($75.6B (FY2025)) is the larger company compared to Tenet Healthcare Corporation ($21.3B (FY2025)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the HCA Healthcare vs Tenet Healthcare overview