THC · Tenet Healthcare Corp - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $5.37B | - | $5.29B | $5.27B | $5.22B | - | $5.12B | $5.10B | $5.37B | - |
| Cost of Revenue | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | - | - | - | - | - | - | - | - | - | - |
| R&D | - | - | - | - | - | - | - | - | - | - |
| SG&A | - | - | - | - | - | - | - | - | - | - |
| Total Operating Expenses | - | - | - | - | - | - | - | - | - | - |
| D&A | $229.00M | - | $218.00M | $208.00M | $206.00M | - | $209.00M | $208.00M | $208.00M | - |
| Operating Income | $1.30B | - | $889.00M | $823.00M | $943.00M | - | $1.09B | $761.00M | $3.29B | - |
| Interest Expense | $205.00M | - | $206.00M | $206.00M | $218.00M | - | $227.00M | $226.00M | $218.00M | - |
| Income Tax | $226.00M | - | $133.00M | $120.00M | $143.00M | - | $241.00M | $110.00M | $750.00M | - |
| Net Income | $702.00M | - | $342.00M | $288.00M | $406.00M | - | $472.00M | $259.00M | $2.15B | - |
| EPS - Basic | $8.09 | - | $3.89 | $3.16 | $4.31 | - | $4.93 | $2.66 | $21.60 | - |
| EPS - Diluted | $8.01 | - | $3.86 | $3.14 | $4.27 | - | $4.89 | $2.64 | $21.38 | - |
Balance Sheet
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $2.97B | $2.88B | $2.98B | $2.63B | $3.00B | $3.02B | $4.09B | $2.88B | $2.48B | $1.23B |
| Accounts Receivable | $2.60B | $2.56B | $2.52B | $2.53B | $2.62B | $2.54B | $2.60B | $2.82B | $3.15B | $2.91B |
| Inventory | $343.00M | $348.00M | $346.00M | $338.00M | $344.00M | $346.00M | $356.00M | $382.00M | $395.00M | $411.00M |
| Accounts Payable | $1.34B | $1.36B | $1.36B | $1.36B | $1.33B | $1.29B | $1.26B | $1.27B | $1.33B | $1.41B |
| Current Assets | $8.36B | $7.85B | $7.81B | $7.30B | $7.91B | $7.68B | $8.76B | $7.96B | $7.82B | $7.17B |
| Total Assets | $31.20B | $29.68B | $29.42B | $28.70B | $29.24B | $28.94B | $29.37B | $29.27B | $28.91B | $28.31B |
| Current Liabilities | $6.15B | $4.46B | $4.56B | $4.27B | $4.45B | $4.31B | $5.54B | $5.49B | $5.42B | $4.76B |
| Long-term Debt | - | - | - | - | - | - | - | - | - | - |
| Total Liabilities | $22.35B | $20.70B | $20.72B | $20.40B | $20.58B | $20.39B | $21.30B | $21.40B | $21.24B | $22.80B |
| Stockholders' Equity | $4.81B | $4.22B | $4.01B | $3.75B | $4.18B | $4.17B | $3.83B | $3.48B | $3.45B | $1.61B |
| Retained Earnings | $5.12B | $4.42B | $4.04B | $3.70B | $3.41B | $3.01B | $2.69B | $2.22B | $1.96B | ($192.00M) |
Cash Flow
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $1.64B | - | - | - | $815.00M | - | - | - | $586.00M | - |
| Investing Cash Flow | ($317.00M) | - | - | - | ($187.00M) | - | - | - | $3.33B | - |
| Financing Cash Flow | ($1.24B) | - | - | - | ($648.00M) | - | - | - | ($2.66B) | - |
| CapEx | $180.00M | - | - | - | $173.00M | - | - | - | $240.00M | - |
| Free Cash Flow | $1.46B | - | - | - | $642.00M | - | - | - | $346.00M | - |
Ratios
| Metric | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Profitability | ||||||||||
| Gross margin | - | - | - | - | - | - | - | - | - | - |
| Operating margin | 24.1% | - | 16.8% | 15.6% | 18.1% | - | 21.3% | 14.9% | 61.2% | - |
| EBITDA margin | 28.4% | - | 20.9% | 19.6% | 22.0% | - | 25.3% | 19.0% | 65.1% | - |
| Net margin | 13.1% | - | 6.5% | 5.5% | 7.8% | - | 9.2% | 5.1% | 40.1% | - |
| Free cash flow margin | 27.2% | - | - | - | 12.3% | - | - | - | 6.4% | - |
| FCF / Net income | 2.08 | - | - | - | 1.58 | - | - | - | 0.16 | - |
| R&D / Revenue | - | - | - | - | - | - | - | - | - | - |
| SG&A / Revenue | - | - | - | - | - | - | - | - | - | - |
| Effective tax rate | 24.4% | - | 28.0% | 29.4% | 26.0% | - | 33.8% | 29.8% | 25.9% | - |
| Return on assets | 2.2% | - | 1.2% | 1.0% | 1.4% | - | 1.6% | 0.9% | 7.4% | - |
| Return on equity | 14.6% | - | 8.5% | 7.7% | 9.7% | - | 12.3% | 7.5% | 62.3% | - |
| Return on invested capital | - | - | - | - | - | - | - | - | - | - |
| Liquidity | ||||||||||
| Current ratio | 1.36 | 1.76 | 1.71 | 1.71 | 1.78 | 1.78 | 1.58 | 1.45 | 1.44 | 1.51 |
| Quick ratio | 1.30 | 1.68 | 1.64 | 1.63 | 1.70 | 1.70 | 1.52 | 1.38 | 1.37 | 1.42 |
| Cash ratio | 0.48 | 0.65 | 0.65 | 0.61 | 0.67 | 0.70 | 0.74 | 0.52 | 0.46 | 0.26 |
| Leverage | ||||||||||
| Debt / Equity | - | - | - | - | - | - | - | - | - | - |
| Debt / Assets | - | - | - | - | - | - | - | - | - | - |
| Debt / EBITDA | - | - | - | - | - | - | - | - | - | - |
| Interest coverage | 6.3x | - | 4.3x | 4.0x | 4.3x | - | 4.8x | 3.4x | 15.1x | - |
| Equity multiplier | 6.48 | 7.03 | 7.33 | 7.66 | 6.99 | 6.94 | 7.66 | 8.42 | 8.37 | 17.61 |
| Liabilities / Assets | 0.72 | 0.70 | 0.70 | 0.71 | 0.70 | 0.70 | 0.73 | 0.73 | 0.73 | 0.81 |
| Efficiency | ||||||||||
| Asset turnover | 0.17 | - | 0.18 | 0.18 | 0.18 | - | 0.17 | 0.17 | 0.19 | - |
| Inventory turnover | - | - | - | - | - | - | - | - | - | - |
| Days sales outstanding | 177d | - | 174d | 175d | 183d | - | 185d | 201d | 214d | - |
| Days inventory outstanding | - | - | - | - | - | - | - | - | - | - |
| Days payable outstanding | - | - | - | - | - | - | - | - | - | - |
| Cash conversion cycle | - | - | - | - | - | - | - | - | - | - |
| Valuation | ||||||||||
| P / E | 23.6x | - | 52.6x | 56.1x | 31.5x | - | 34.0x | 50.4x | 4.9x | - |
| P / B | 3.4x | - | 4.5x | 4.3x | 3.1x | - | 4.2x | 3.8x | 3.1x | - |
| P / S | 3.1x | - | 3.4x | 3.1x | 2.4x | - | 3.1x | 2.6x | 2.0x | - |
| EV / EBITDA | 8.9x | - | 13.6x | 13.1x | 8.5x | - | 9.2x | 10.5x | 2.3x | - |
| Growth | ||||||||||
| Revenue growth (YoY) | 2.8% | - | 3.3% | 3.3% | -2.7% | - | 1.1% | 0.4% | 6.9% | - |
| Revenue CAGR (3y) | 2.3% | - | 3.3% | 4.4% | 3.3% | - | 1.5% | 1.0% | 3.9% | - |
| Revenue CAGR (5y) | 2.3% | - | 3.0% | 7.6% | 2.9% | - | 2.3% | 2.3% | 3.4% | - |
| Gross profit growth (YoY) | - | - | - | - | - | - | - | - | - | - |
| Operating income growth (YoY) | 37.4% | - | -18.4% | 8.1% | -71.3% | - | 91.7% | 26.0% | 444.8% | - |
| Net income growth (YoY) | 72.9% | - | -27.5% | 11.2% | -81.1% | - | 367.3% | 110.6% | 1404.2% | - |
| EPS growth (YoY) | 87.6% | - | -21.1% | 18.9% | -80.0% | - | 420.2% | 129.6% | 1519.7% | - |
| EPS CAGR (3y) | 82.4% | - | 49.3% | 107.8% | 49.4% | - | 5.8% | 33.9% | 187.5% | - |
| EPS CAGR (5y) | 54.8% | - | - | 30.5% | 37.1% | - | - | 75.2% | - | - |
| FCF growth (YoY) | 127.6% | - | - | - | 85.5% | - | - | - | 61.7% | - |
| FCF CAGR (5y) | 28.7% | - | - | - | - | - | - | - | - | - |
| Book value growth (YoY) | 15.1% | 1.2% | 4.7% | 7.9% | 21.1% | 159.4% | 161.9% | 158.7% | 180.0% | 40.8% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-12-31.
Business segments
$21.31B totalHospital Operations$16.14B · 75.7%
Ambulatory Care$5.17B · 24.3%
Product / service
$35.25B totalHealth Care Patient Service Excluding Physician Practices$13.94B · 39.5%
Health Care Patient Service Managed Care$9.70B · 27.5%
Health Care Patient Service$4.96B · 14.1%
Other Revenues$2.20B · 6.2%
Medicare$2.12B · 6.0%
Health Care Patient Service Medicaid$1.52B · 4.3%
Health Care Patient Service Indemnity And Other$551.00M · 1.6%
Health Care Other Sources$216.00M · 0.6%
Health Care Patient Service Selfpay$52.00M · 0.1%
Peer comparison
Same SIC group: Services-General Medical & Surgical Hospitals, NEC
Comparing TENET HEALTHCARE CORP against the 5 most active filers in the same SIC group.
Dividends
$0.00/share trailing 12 months
| Ex-date | Per share |
|---|---|
| Mar 13, 2000 | $0.0267 |