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EQUITY | 9 Months Ended
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Sep. 30, 2025
Stockholders' Equity Note [Abstract] |
EQUITY | EQUITY The following tables present the changes in consolidated equity (dollars in millions, share amounts in thousands):
|  | Common Stock |  | Additional Paid-In Capital |  | Accumulated Other Comprehensive Loss |  | Retained Earnings |  | Treasury Stock |  | Noncontrolling Interests |  | Total Equity |  |  |  |
|  | Shares Outstanding |  | Issued Par Amount |  |  |  |  |  |  |  |  |  |
Balances at December 31, 2024 |  | 95,109 |  |  | $ | 8 |  |  | $ | 4,873 |  |  | $ | (180) |  |  | $ | 3,008 |  |  | $ | (3,538) |  |  | $ | 1,649 |  |  | $ | 5,820 |  |  |  |  |
Net income |  | — |  |  | — |  |  | — |  |  | — |  |  | 406 |  |  | — |  |  | 95 |  |  | 501 |  |  |  |  |
Distributions paid to noncontrolling interests |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (89) |  |  | (89) |  |  |  |  |
Other comprehensive income |  | — |  |  | — |  |  | — |  |  | 2 |  |  | — |  |  | — |  |  | — |  |  | 2 |  |  |  |  |
Net purchases (sales) of businesses and noncontrolling interests |  | — |  |  | — |  |  | (35) |  |  | — |  |  | — |  |  | — |  |  | 41 |  |  | 6 |  |  |  |  |
Repurchases of common stock |  | (2,629) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (351) |  |  | — |  |  | (351) |  |  |  |  |
Stock-based compensation expense, tax benefit and issuance of common stock |  | 405 |  |  | — |  |  | (12) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (12) |  |  |  |  |
Balances at March 31, 2025 |  | 92,885 |  |  | 8 |  |  | 4,826 |  |  | (178) |  |  | 3,414 |  |  | (3,889) |  |  | 1,696 |  |  | 5,877 |  |  |  |  |
Net income |  | — |  |  | — |  |  | — |  |  | — |  |  | 288 |  |  | — |  |  | 105 |  |  | 393 |  |  |  |  |
Distributions paid to noncontrolling interests |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (83) |  |  | (83) |  |  |  |  |
Other comprehensive income |  | — |  |  | — |  |  | — |  |  | 1 |  |  | — |  |  | — |  |  | — |  |  | 1 |  |  |  |  |
Net purchases of businesses and noncontrolling interests |  | — |  |  | — |  |  | 10 |  |  | — |  |  | — |  |  | — |  |  | 9 |  |  | 19 |  |  |  |  |
Repurchases of common stock |  | (4,601) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (753) |  |  | — |  |  | (753) |  |  |  |  |
Stock-based compensation expense, tax benefit and issuance of common stock |  | 60 |  |  | — |  |  | 22 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 22 |  |  |  |  |
Balances at June 30, 2025 |  | 88,344 |  |  | 8 |  |  | 4,858 |  |  | (177) |  |  | 3,702 |  |  | (4,642) |  |  | 1,727 |  |  | 5,476 |  |  |  |  |
Net income |  | — |  |  | — |  |  | — |  |  | — |  |  | 342 |  |  | — |  |  | 106 |  |  | 448 |  |  |  |  |
Distributions paid to noncontrolling interests |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (102) |  |  | (102) |  |  |  |  |
Other comprehensive income |  | — |  |  | — |  |  | — |  |  | 3 |  |  | — |  |  | — |  |  | — |  |  | 3 |  |  |  |  |
Purchases (sales) of businesses and noncontrolling interests, net |  | — |  |  | — |  |  | (9) |  |  | — |  |  | — |  |  | — |  |  | 38 |  |  | 29 |  |  |  |  |
Repurchases of common stock |  | (598) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (94) |  |  | — |  |  | (94) |  |  |  |  |
Stock-based compensation expense, tax benefit and issuance of common stock |  | 121 |  |  | — |  |  | 23 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 23 |  |  |  |  |
Balances at September 30, 2025 |  | 87,867 |  |  | $ | 8 |  |  | $ | 4,872 |  |  | $ | (174) |  |  | $ | 4,044 |  |  | $ | (4,736) |  |  | $ | 1,769 |  |  | $ | 5,783 |  |  |  |  |
|  | Common Stock |  | Additional Paid-In Capital |  | Accumulated Other Comprehensive Loss |  | Retained Earnings (Accumulated Deficit) |  | Treasury Stock |  | Noncontrolling Interests |  | Total Equity
|  | Shares Outstanding |  | Issued Par Amount |  |  |  |  |  |
Balances at December 31, 2023 |  | 99,950 |  |  | $ | 8 |  |  | $ | 4,834 |  |  | $ | (181) |  |  | $ | (192) |  |  | $ | (2,861) |  |  | $ | 1,509 |  |  | $ | 3,117 |
Net income |  | — |  |  | — |  |  | — |  |  | — |  |  | 2,151 |  |  | — |  |  | 82 |  |  | 2,233 |
Distributions paid to noncontrolling interests |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (78) |  |  | (78) |
Other comprehensive income |  | — |  |  | — |  |  | — |  |  | 2 |  |  | — |  |  | — |  |  | — |  |  | 2 |
Net sales of businesses and noncontrolling interests |  | — |  |  | — |  |  | (5) |  |  | — |  |  | — |  |  | — |  |  | (23) |  |  | (28) |
Repurchases of common stock |  | (2,811) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (280) |  |  | — |  |  | (280) |
Stock-based compensation expense, tax benefit and issuance of common stock |  | 534 |  |  | — |  |  | (23) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (23) |
Balances at March 31, 2024 |  | 97,673 |  |  | 8 |  |  | 4,806 |  |  | (179) |  |  | 1,959 |  |  | (3,141) |  |  | 1,490 |  |  | 4,943 |
Net income |  | — |  |  | — |  |  | — |  |  | — |  |  | 259 |  |  | — |  |  | 97 |  |  | 356 |
Distributions paid to noncontrolling interests |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (70) |  |  | (70) |
Other comprehensive income |  | — |  |  | — |  |  | — |  |  | 2 |  |  | — |  |  | — |  |  | — |  |  | 2 |
Net purchases of businesses and noncontrolling interests |  | — |  |  | — |  |  | 12 |  |  | — |  |  | — |  |  | — |  |  | 64 |  |  | 76 |
Repurchases of common stock |  | (1,990) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (273) |  |  | — |  |  | (273) |
Stock-based compensation expense, tax benefit and issuance of common stock |  | 136 |  |  | — |  |  | 22 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 22 |
Balances at June 30, 2024 |  | 95,819 |  |  | 8 |  |  | 4,840 |  |  | (177) |  |  | 2,218 |  |  | (3,414) |  |  | 1,581 |  |  | 5,056 |
Net income |  | — |  |  | — |  |  | — |  |  | — |  |  | 472 |  |  | — |  |  | 95 |  |  | 567 |
Distributions paid to noncontrolling interests |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (79) |  |  | (79) |
Other comprehensive income |  | — |  |  | — |  |  | — |  |  | 2 |  |  | — |  |  | — |  |  | — |  |  | 2 |
Accretion of redeemable noncontrolling interests |  | — |  |  | — |  |  | (5) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (5) |
Net sales of businesses and noncontrolling interests |  | — |  |  | — |  |  | (3) |  |  | — |  |  | — |  |  | — |  |  | (5) |  |  | (8) |
Repurchases of common stock |  | (795) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (124) |  |  | — |  |  | (124) |
Stock-based compensation expense, tax benefit and issuance of common stock |  | 59 |  |  | — |  |  | 17 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 17 |
Balances at September 30, 2024 |  | 95,083 |  |  | $ | 8 |  |  | $ | 4,849 |  |  | $ | (175) |  |  | $ | 2,690 |  |  | $ | (3,538) |  |  | $ | 1,592 |  |  | $ | 5,426 |
Nonredeemable Noncontrolling Interests The table below presents our nonredeemable noncontrolling interests balances by segment:
|  | September 30, 2025 |  | December 31, 2024
Hospital Operations |  | $ | 204 |  |  | $ | 205 |
Ambulatory Care |  | 1,565 |  |  | 1,444 |
Total nonredeemable noncontrolling interests |  | $ | 1,769 |  |  | $ | 1,649 |
The table below presents our income available to nonredeemable noncontrolling interests by segment:
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
|  | 2025 |  | 2024 |  | 2025 |  | 2024
Hospital Operations |  | $ | 9 |  |  | $ | 14 |  |  | $ | 33 |  |  | $ | 35 |
Ambulatory Care |  | 97 |  |  | 81 |  |  | 273 |  |  | 239 |
Total net income available to nonredeemable noncontrolling interests |  | $ | 106 |  |  | $ | 95 |  |  | $ | 306 |  |  | $ | 274 |
Share Repurchase Program Activity In October 2022, our board of directors authorized the repurchase of up to $1.000 billion of our common stock through a share repurchase program (the “2022 share repurchase program”). This program allowed for share repurchases to be made in open‑market or privately negotiated transactions, at management’s discretion subject to market conditions and other factors, and in a manner consistent with applicable securities laws and regulations. The program did not require us to acquire any particular amount of common stock and could be suspended for periods or discontinued at any time. In July 2024, our board authorized a new share repurchase program (the “2024 share repurchase program”) of up to an additional $1.500 billion of our common stock with no expiration date, under terms substantially similar to the 2022 share repurchase program. We did not make any additional repurchases under the 2022 share repurchase program following the approval of the 2024 share repurchase program. In July 2025, our board of directors authorized a $1.500 billion increase to the 2024 share repurchase program. The table below presents repurchase activity under both the 2022 and 2024 share repurchase programs:
Period |  |  |  | Total Number of Shares Purchased |  | Average Price Paid per Share |  | Total Number of Shares Purchased as Part of Publicly Announced Program |  | Maximum Dollar Value of Shares That May Yet Be Purchased Under the Program
|  |  |  | (In Thousands) |  |  |  | (In Thousands) |  | (In Millions)
Nine Months Ended September 30, 2025: |  |  |  |  |  |  |  |  |  |
January 1 through January 31, 2025 |  |  |  | — |  | $ | — |  |  | — |  | $ | 1,376 |
February 1 through February 28, 2025 |  |  |  | 1,800 |  | $ | 134.98 |  |  | 1,800 |  | $ | 1,133 |
March 1 through March 31, 2025 |  |  |  | 829 |  | $ | 126.67 |  |  | 829 |  | $ | 1,028 |
April 1 through April 30, 2025 |  |  |  | — |  | $ | — |  |  | — |  | $ | 1,028 |
May 1 through May 31, 2025 |  |  |  | 2,456 |  | $ | 157.57 |  |  | 2,456 |  | $ | 641 |
June 1 through June 30, 2025 |  |  |  | 2,145 |  | $ | 167.83 |  |  | 2,145 |  | $ | 281 |
July 1 through July 31, 2025 |  |  |  | 598 |  | $ | 155.43 |  |  | 598 |  | $ | 1,688 |
August 1 through August 31, 2025 |  |  |  | — |  | $ | — |  |  | — |  | $ | 1,688 |
September 1 through September 30, 2025 |  |  |  | — |  | $ | — |  |  | — |  | $ | 1,688 |
January 1 through September 30, 2025 |  |  |  | 7,828 |  | $ | 151.75 |  |  | 7,828 |  |
Nine Months Ended September 30, 2024: |  |  |  |  |  |  |  |  |  |
January 1 through January 31, 2024 |  |  |  | — |  | $ | — |  |  | — |  | $ | 550 |
February 1 through February 29, 2024 |  |  |  | — |  | $ | — |  |  | — |  | $ | 550 |
March 1 through March 31, 2024 |  |  |  | 2,811 |  | $ | 98.86 |  |  | 2,811 |  | $ | 272 |
April 1 through April 30, 2024 |  |  |  | — |  | $ | — |  |  | — |  | $ | 272 |
May 1 through May 31, 2024 |  |  |  | — |  | $ | — |  |  | — |  | $ | 272 |
June 1 through June 30, 2024 |  |  |  | 1,990 |  | $ | 135.85 |  |  | 1,990 |  | $ | 2 |
July 1 through July 31, 2024 |  |  |  | — |  | $ | — |  |  | — |  | $ | 1,500 |
August 1 through August 31, 2024 |  |  |  | — |  | $ | — |  |  | — |  | $ | 1,500 |
September 1 through September 30, 2024 |  |  |  | 795 |  | $ | 155.95 |  |  | 795 |  | $ | 1,376 |
January 1 through September 30, 2024 |  |  |  | 5,596 |  | $ | 120.07 |  |  | 5,596 |  |

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