Tenet Healthcare (THC) Financials

$196.35 +4.67 (+2.44%)

As of 01:07 PM Eastern

Annual Income Statements for Tenet Healthcare

This table shows Tenet Healthcare's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-140	-192	-704	104	-215	399	914	411	611	3,200	1,407
Consolidated Net Income / (Loss)	78	176	-320	459	171	768	1,476	1,001	1,311	4,064	2,367
Net Income / (Loss) Continuing Operations	76	181	-320	456	160	768	1,477	1,001	1,311	4,064	2,367
Total Pre-Tax Income	144	248	-101	629	320	671	1,888	1,345	1,617	5,248	2,800
Total Operating Income	1,077	1,116	969	1,487	1,537	1,820	2,653	2,333	2,510	5,956	3,508
Total Gross Profit	6,681	7,169	6,820	6,676	9,781	7,122	7,470	10,524	11,418	11,874	12,605
Total Revenue	20,111	21,070	20,613	18,313	18,479	18,522	191	19,368	20,564	20,675	21,310
Operating Revenue	20,111	21,070	20,613	18,313	18,479	18,522	191	19,368	20,564	20,675	21,310
Total Cost of Revenue	13,430	13,901	13,793	11,637	8,698	11,400	-7,279	8,844	9,146	8,801	8,705
Operating Cost of Revenue	11,953	12,452	12,359	11,637	8,698	11,400	-7,279	8,844	9,146	8,801	8,705
Total Operating Expenses	5,703	6,053	5,851	5,189	8,244	5,302	4,817	8,191	8,908	5,918	9,097
Selling, General & Admin Expense	4,555	4,891	4,561	4,267	4,171	4,125	4,206	7,271	8,105	8,139	8,303
Depreciation Expense	797	850	870	802	850	857	855	841	870	818	863
Other Operating Expenses / (Income)	-72	-32	-	-	2,882	-	-	-216	-228	-260	-264
Impairment Charge	318	202	541	209	185	290	85	226	137	102	130
Other Special Charges / (Income)	105	142	-121	-89	156	30	-329	69	24	-2,881	65
Total Other Income / (Expense), net	-834	-868	-1,070	-858	-1,217	-1,149	-765	-988	-893	-708	-708
Interest Expense	913	979	1,192	1,003	1,212	1,319	997	999	912	834	825
Other Income / (Expense), net	-20	-20	-22	-5.00	-5.00	1.00	14	11	19	126	117
Income Tax Expense	68	67	219	173	160	-97	411	344	306	1,184	433
Net Income / (Loss) Attributable to Noncontrolling Interest	218	368	384	355	386	369	562	590	700	864	960
Basic Earnings per Share	($1.41)	($1.93)	($7.00)	$1.02	($2.08)	$3.80	$8.55	$3.84	$6.01	$33.02	$15.61
Weighted Average Basic Shares Outstanding	99.17M	99.32M	100.59M	102.11M	103.40M	105.01M	106.83M	106.93M	101.64M	96.90M	90.15M
Diluted Earnings per Share	($1.41)	($1.93)	($7.00)	$1.00	($2.08)	$3.75	$8.42	$3.79	$5.71	$32.70	$15.49
Weighted Average Diluted Shares Outstanding	99.17M	99.32M	100.59M	103.88M	103.40M	106.26M	108.57M	110.52M	104.80M	97.88M	90.83M
Weighted Average Basic & Diluted Shares Outstanding	99.30M	99.50M	100.60M	101.80M	104.29M	106.20M	107.42M	102.27M	100.00M	95.12M	86.96M

This table shows Tenet Healthcare's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	101	244	2,151	259	472	318	406	288	342	371	702
Consolidated Net Income / (Loss)	266	456	2,334	477	681	572	622	522	579	644	906
Net Income / (Loss) Continuing Operations	266	456	2,334	477	681	572	622	522	579	644	906
Total Pre-Tax Income	345	519	3,084	587	922	655	765	642	712	681	1,132
Total Operating Income	568	789	3,285	761	1,089	882	943	823	889	853	1,296
Total Gross Profit	2,781	4,848	3,047	2,940	2,908	4,815	3,104	3,111	3,085	3,305	3,194
Total Revenue	5,069	5,381	5,368	5,108	5,126	5,073	5,223	5,271	5,289	5,527	5,368
Operating Revenue	5,066	5,384	5,368	5,108	5,126	5,077	5,223	5,271	5,289	5,527	5,368
Total Cost of Revenue	2,288	533	2,321	2,168	2,218	258	2,119	2,160	2,204	2,222	2,174
Operating Cost of Revenue	2,288	533	2,321	2,168	2,218	258	2,119	2,160	2,204	2,222	2,174
Total Operating Expenses	2,213	4,059	-234	2,179	1,819	3,933	2,161	2,288	2,196	2,452	1,898
Selling, General & Admin Expense	-	-	2,082	2,056	1,992	-	1,997	2,051	2,050	-	2,083
Depreciation Expense	224	216	208	208	209	193	206	208	218	231	229
Other Operating Expenses / (Income)	1,927	-	-59	-61	-62	-	-56	-61	-64	-2,080	-51
Impairment Charge	47	53	27	29	19	27	19	24	23	64	24
Other Special Charges / (Income)	15	8.00	-2,492	-53	-339	7.00	-5.00	66	-31	35	-387
Total Other Income / (Expense), net	-223	-270	-201	-174	-167	-227	-178	-181	-177	-172	-164
Interest Expense	227	227	226	203	202	203	204	206	206	209	205
Other Income / (Expense), net	4.00	11	25	29	35	37	26	25	29	37	41
Income Tax Expense	79	63	750	110	241	83	143	120	133	37	226
Net Income / (Loss) Attributable to Noncontrolling Interest	165	212	183	218	209	254	216	234	237	273	204
Basic Earnings per Share	$0.99	$2.41	$21.60	$2.66	$4.93	$3.83	$4.31	$3.16	$3.89	$4.25	$8.09
Weighted Average Basic Shares Outstanding	101.54M	101.64M	99.58M	97.27M	95.67M	96.90M	94.24M	91.14M	87.95M	90.15M	86.80M
Diluted Earnings per Share	$0.94	$2.30	$21.38	$2.64	$4.89	$3.79	$4.27	$3.14	$3.86	$4.22	$8.01
Weighted Average Diluted Shares Outstanding	104.43M	104.80M	100.60M	98.44M	96.65M	97.88M	95.02M	91.79M	88.61M	90.83M	87.60M
Weighted Average Basic & Diluted Shares Outstanding	101.55M	100.00M	97.68M	95.82M	95.10M	95.12M	92.89M	88.35M	87.89M	86.96M	86.14M

This table details how cash moves in and out of Tenet Healthcare's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	163	360	-105	-200	-149	2,184	-82	-1,506	370	1,791	-136
Net Cash From Operating Activities	1,026	558	1,200	1,049	1,233	3,407	1,568	1,083	2,374	2,047	3,540
Net Cash From Continuing Operating Activities	1,047	564	1,205	1,054	1,238	3,408	1,568	1,083	2,374	2,047	3,540
Net Income / (Loss) Continuing Operations	75	182	-320	455	156	768	1,477	1,001	1,311	4,064	2,367
Consolidated Net Income / (Loss)	78	176	-320	459	171	768	1,476	1,001	1,311	4,064	2,367
Depreciation Expense	797	850	870	802	850	857	855	841	870	818	863
Amortization Expense	41	41	44	45	35	38	33	33	32	26	23
Non-Cash Adjustments To Reconcile Net Income	1,730	1,156	1,916	-31	371	281	-310	142	38	-2,894	138
Changes in Operating Assets and Liabilities, net	-1,596	-1,665	-1,305	-217	-174	1,464	-487	-934	123	33	149
Net Cash From Investing Activities	-1,317	-430	21	-115	-619	-1,608	-714	-808	-969	3,429	-1,275
Net Cash From Continuing Investing Activities	-1,317	-430	21	-115	-636	-1,608	-714	-808	-969	3,429	-1,275
Purchase of Property, Plant & Equipment	-842	-875	-707	-617	-670	-540	-658	-762	-751	-931	-1,010
Acquisitions	-1,074	-156	-50	-113	-25	-1,177	-1,220	-234	-224	-571	-308
Purchase of Investments	-	-	-81	-148	-62	-44	-108	-92	-104	-94	-90
Divestitures	549	573	827	543	63	77	1,248	210	71	4,981	38
Sale and/or Maturity of Investments	60	62	36	199	82	59	31	76	50	63	93
Other Investing Activities, net	-6.00	-3.00	6.00	6.00	-24	17	-7.00	-6.00	-11	-19	2.00
Net Cash From Financing Activities	454	232	-1,326	-1,134	-763	385	-936	-1,781	-1,035	-3,685	-2,401
Net Cash From Continuing Financing Activities	454	232	-1,326	-1,134	-763	385	-936	-1,781	-1,035	-3,685	-2,401
Repayment of Debt	-4,907	-2,045	-5,142	-1,208	-8,825	-4,048	-3,316	-2,921	-1,558	-2,243	-2,404
Repurchase of Common Equity	-40	-	-	-	-	0.00	0.00	-250	-200	-672	-1,386
Payment of Dividends	-378	-404	-987	-935	-318	-326	-450	-660	-761	-881	-901
Issuance of Debt	5,753	2,655	4,765	973	8,359	4,558	2,872	2,023	1,453	81	2,331
Other Financing Activities, net	11	22	31	20	21	201	-42	27	31	30	-41
Cash Interest Paid	859	932	939	976	946	962	937	848	882	851	865
Cash Income Taxes Paid	7.00	33	56	25	12	12	92	161	243	1,271	450

This table details how cash moves in and out of Tenet Healthcare's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	120	174	1,253	399	1,214	-1,075	-20	-374	350	-92	84
Net Cash From Operating Activities	503	824	586	747	1,045	-331	815	936	1,058	731	1,641
Net Cash From Continuing Operating Activities	503	824	586	747	1,045	-331	815	936	1,058	731	1,641
Net Income / (Loss) Continuing Operations	266	456	2,334	477	681	572	622	522	579	644	906
Consolidated Net Income / (Loss)	266	456	2,334	477	681	572	622	522	579	644	906
Depreciation Expense	224	216	208	208	209	193	206	208	218	231	229
Amortization Expense	7.00	7.00	8.00	6.00	7.00	5.00	6.00	6.00	6.00	5.00	5.00
Non-Cash Adjustments To Reconcile Net Income	40	5.00	-2,471	-49	-366	-8.00	6.00	49	18	65	48
Changes in Operating Assets and Liabilities, net	-34	140	507	105	514	-1,093	-25	151	237	-214	453
Net Cash From Investing Activities	-169	-333	3,328	-194	667	-372	-187	-314	-385	-389	-317
Net Cash From Continuing Investing Activities	-169	-333	3,328	-194	667	-372	-187	-314	-385	-389	-317
Purchase of Property, Plant & Equipment	-176	-208	-240	-145	-216	-330	-173	-193	-280	-364	-180
Acquisitions	-14	-114	-449	-61	-14	-47	-27	-120	-119	-42	-121
Purchase of Investments	-17	-50	-10	-16	-20	-48	-17	-21	-31	-21	-26
Divestitures	22	33	4,030	18	917	16	11	3.00	4.00	20	2.00
Sale and/or Maturity of Investments	14	10	7.00	10	8.00	38	14	23	37	19	22
Other Investing Activities, net	2.00	-4.00	-10	-	-8.00	-1.00	5.00	-6.00	4.00	-1.00	-14
Net Cash From Financing Activities	-214	-317	-2,661	-154	-498	-372	-648	-996	-323	-434	-1,240
Net Cash From Continuing Financing Activities	-214	-317	-2,661	-154	-498	-372	-648	-996	-323	-434	-1,240
Repayment of Debt	-29	-77	-2,176	-40	-173	-131	-32	-47	39	-2,314	-110
Repurchase of Common Equity	-	-110	-278	-270	-124	-	-348	-747	-93	-198	-318
Payment of Dividends	-203	-209	-214	-197	-212	-258	-230	-223	-220	-228	-746
Issuance of Debt	11	73	2.00	6.00	8.00	7.00	-6.00	14	22	2,294	14
Other Financing Activities, net	7.00	6.00	5.00	347	3.00	10	-32	7.00	-71	12	-80
Cash Interest Paid	144	293	162	297	96	296	99	300	100	366	24
Cash Income Taxes Paid	54	31	5.00	235	68	963	7.00	235	87	121	8.00

This table presents Tenet Healthcare's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	23,682	24,701	23,385	22,409	23,365	27,106	27,579	27,156	28,312	28,936	29,677
Total Current Assets	5,171	5,257	5,573	4,636	5,081	7,147	7,075	5,981	7,167	7,682	7,849
Cash & Equivalents	356	716	611	411	262	2,446	2,364	858	1,228	3,019	2,883
Accounts Receivable	2,704	2,897	2,616	2,595	2,743	2,690	2,770	2,943	2,914	2,536	2,565
Inventories, net	309	326	289	305	310	368	384	405	411	346	348
Other Current Assets	1,245	1,285	1,035	1,197	1,369	1,503	1,557	1,775	1,839	1,760	1,991
Other Current Nonoperating Assets	550	29	1,017	107	387	140	-	0.00	775	21	62
Plant, Property, & Equipment, net	7,915	8,053	7,030	6,993	6,878	6,692	6,427	6,462	6,236	6,049	6,315
Total Noncurrent Assets	10,596	11,391	10,782	10,780	11,406	13,267	14,077	14,713	14,909	15,205	15,513
Long-Term Investments	1,175	1,250	1,543	1,456	2,369	2,534	3,254	3,147	3,157	3,037	2,883
Goodwill	6,970	7,425	7,018	7,281	7,252	8,808	9,261	10,123	10,307	10,691	11,198
Intangible Assets	1,675	1,845	1,766	1,731	1,602	1,600	1,497	1,424	1,368	1,397	1,348
Noncurrent Deferred & Refundable Income Taxes	776	871	455	312	183	325	65	19	77	80	84
Total Liabilities & Shareholders' Equity	23,682	24,701	23,385	22,409	23,365	27,106	27,579	27,156	28,312	28,936	29,677
Total Liabilities	20,458	21,226	20,980	20,302	21,422	24,217	23,322	22,548	22,804	20,389	20,704
Total Current Liabilities	4,308	4,034	4,332	3,857	4,205	4,847	5,109	4,476	4,760	4,310	4,463
Short-Term Debt	127	191	146	182	171	145	135	145	120	92	79
Accounts Payable	1,380	1,329	1,175	1,207	1,204	1,207	1,300	1,504	1,408	1,294	1,360
Current Deferred & Payable Income Tax Liabilities	-	-	-	-	-	-	-	-	23	18	0.00
Current Employee Benefit Liabilities	880	872	848	838	877	942	896	778	930	899	858
Other Current Liabilities	1,615	1,423	1,427	1,347	1,664	2,235	2,575	1,836	2,010	1,845	2,085
Other Current Nonoperating Liabilities	306	219	736	283	289	318	203	213	269	162	81
Total Noncurrent Liabilities	16,150	17,192	16,648	16,445	17,217	19,370	18,213	18,072	18,044	16,079	16,241
Long-Term Debt	14,383	15,064	14,791	14,644	14,580	15,574	15,511	14,934	14,882	13,081	13,092
Asset Retirement Reserve & Litigation Obligation	578	613	654	666	635	735	791	790	792	900	951
Noncurrent Deferred & Payable Income Tax Liabilities	37	279	36	36	27	29	36	217	326	227	240
Noncurrent Employee Benefit Liabilities	595	626	536	521	560	497	421	331	335	298	245
Other Noncurrent Operating Liabilities	557	610	631	578	1,415	2,535	1,454	1,800	1,709	1,573	1,713
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	2,266	2,393	1,866	1,420	1,506	1,952	2,203	2,149	2,391	2,727	2,956
Total Equity & Noncontrolling Interests	958	1,082	539	687	437	937	2,054	2,459	3,117	5,820	6,017
Total Preferred & Common Equity	691	417	-147	-119	-417	28	1,028	1,142	1,608	4,171	4,220
Total Common Equity	691	417	-147	-119	-417	28	1,028	1,142	1,608	4,171	4,220
Common Stock	4,822	4,834	4,866	4,754	4,767	4,851	4,885	4,786	4,842	4,881	4,922
Retained Earnings	-1,550	-1,742	-2,390	-2,236	-2,513	-2,128	-1,214	-803	-192	3,008	4,415
Treasury Stock	-2,417	-2,417	-2,419	-2,414	-2,414	-2,414	-2,410	-2,660	-2,861	-3,538	-4,936
Accumulated Other Comprehensive Income / (Loss)	-164	-258	-204	-223	-257	-281	-233	-181	-181	-180	-181
Noncontrolling Interest	267	665	686	806	854	909	1,026	1,317	1,509	1,649	1,797

This table presents Tenet Healthcare's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	27,076	27,067	27,157	27,590	28,907	29,265	29,372	29,237	28,699	29,418	31,203
Total Current Assets	5,998	5,869	5,995	6,359	7,821	7,955	8,759	7,913	7,298	7,810	8,356
Cash & Equivalents	1,208	766	934	1,054	2,481	2,880	4,094	2,999	2,625	2,975	2,967
Accounts Receivable	2,826	2,883	2,914	2,897	3,148	2,817	2,598	2,619	2,533	2,518	2,605
Inventories, net	394	407	404	413	395	382	356	344	338	346	343
Other Current Assets	1,566	1,671	1,602	1,855	1,775	1,855	1,691	1,930	1,781	1,889	2,379
Other Current Nonoperating Assets	-	142	141	140	22	21	20	21	21	82	62
Plant, Property, & Equipment, net	6,291	6,319	6,268	6,260	5,855	5,857	5,552	5,991	6,024	6,091	6,251
Total Noncurrent Assets	14,787	14,879	14,894	14,971	15,231	15,453	15,061	15,333	15,377	15,517	16,596
Long-Term Investments	3,312	3,175	3,130	3,152	3,244	3,156	3,064	3,069	2,994	2,939	3,809
Goodwill	9,979	10,258	10,350	10,415	10,568	10,799	10,588	10,786	10,935	11,158	11,387
Intangible Assets	1,441	1,432	1,406	1,400	1,399	1,413	1,373	1,400	1,372	1,348	1,316
Noncurrent Deferred & Refundable Income Taxes	55	14	8.00	4.00	20	85	36	78	76	72	84
Total Liabilities & Shareholders' Equity	27,076	27,067	27,157	27,590	28,907	29,265	29,372	29,237	28,699	29,418	31,203
Total Liabilities	22,501	22,262	22,156	22,409	21,236	21,396	21,297	20,584	20,397	20,718	22,353
Total Current Liabilities	4,276	4,219	4,152	4,432	5,416	5,493	5,538	4,451	4,271	4,560	6,152
Short-Term Debt	131	148	141	141	107	102	95	88	84	85	81
Accounts Payable	1,240	1,192	1,246	1,202	1,335	1,270	1,265	1,327	1,360	1,356	1,339
Current Deferred & Payable Income Tax Liabilities	-	-	-	-	805	715	826	149	25	28	236
Current Employee Benefit Liabilities	781	602	718	787	775	788	879	710	793	857	854
Other Current Liabilities	1,875	2,006	1,831	2,012	2,134	2,458	2,213	1,917	1,849	1,974	3,386
Other Current Nonoperating Liabilities	249	271	216	290	260	160	260	260	160	260	256
Total Noncurrent Liabilities	18,225	18,043	18,004	17,977	15,820	15,903	15,759	16,133	16,126	16,158	16,201
Long-Term Debt	14,962	14,935	14,907	14,901	12,772	12,769	12,776	13,082	13,091	13,102	13,128
Asset Retirement Reserve & Litigation Obligation	804	810	793	787	794	844	855	877	873	891	938
Noncurrent Deferred & Payable Income Tax Liabilities	235	220	243	278	231	245	260	226	230	269	199
Noncurrent Employee Benefit Liabilities	400	330	329	327	334	334	308	297	297	296	243
Other Noncurrent Operating Liabilities	1,824	1,748	1,732	1,684	1,689	1,711	1,560	1,651	1,635	1,600	1,693
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	2,068	2,225	2,277	2,303	2,728	2,813	2,649	2,776	2,826	2,917	2,137
Total Equity & Noncontrolling Interests	2,507	2,580	2,724	2,878	4,943	5,056	5,426	5,877	5,476	5,783	6,713
Total Preferred & Common Equity	1,235	1,233	1,343	1,464	3,453	3,475	3,834	4,181	3,749	4,014	4,814
Total Common Equity	1,235	1,233	1,343	1,464	3,453	3,475	3,834	4,181	3,749	4,014	4,814
Common Stock	4,779	4,782	4,808	4,826	4,814	4,848	4,857	4,834	4,866	4,880	5,132
Retained Earnings	-905	-660	-537	-436	1,959	2,218	2,690	3,414	3,702	4,044	5,117
Treasury Stock	-2,410	-2,710	-2,750	-2,750	-3,141	-3,414	-3,538	-3,889	-4,642	-4,736	-5,256
Accumulated Other Comprehensive Income / (Loss)	-229	-179	-178	-176	-179	-177	-175	-178	-177	-174	-179
Noncontrolling Interest	1,272	1,347	1,381	1,414	1,490	1,581	1,592	1,696	1,727	1,769	1,899

This table displays calculated financial ratios and metrics derived from Tenet Healthcare's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	12.30%	4.77%	-2.17%	-11.16%	0.91%	0.23%	-98.97%	10,040.31%	6.18%	0.54%	3.07%
EBITDA Growth	5.16%	4.85%	-6.34%	25.15%	3.78%	12.37%	30.89%	-9.48%	6.62%	101.87%	-34.87%
EBIT Growth	14.27%	3.69%	-13.59%	56.49%	3.37%	18.86%	46.46%	-12.11%	7.89%	140.49%	-40.40%
NOPAT Growth	-7.82%	43.29%	-16.72%	58.93%	-28.71%	171.06%	-0.37%	-16.34%	17.20%	126.65%	-35.70%
Net Income Growth	2.63%	125.64%	-281.82%	243.44%	-62.75%	349.12%	92.19%	-32.18%	30.97%	209.99%	-41.76%
EPS Growth	-1,275.00%	-36.88%	-262.69%	114.29%	-308.00%	280.29%	124.53%	-54.99%	50.66%	472.68%	-52.63%
Operating Cash Flow Growth	49.35%	-45.61%	115.05%	-12.58%	17.54%	176.32%	-53.98%	-30.93%	119.21%	-13.77%	72.94%
Free Cash Flow Firm Growth	-46,835.53%	93.93%	1,609.86%	-72.74%	175.30%	9.61%	-37.85%	-76.37%	601.78%	91.53%	-46.38%
Invested Capital Growth	28.52%	6.23%	-12.07%	2.25%	-8.38%	-1.14%	4.94%	9.71%	-1.74%	1.19%	3.75%
Revenue Q/Q Growth	3.06%	-0.95%	0.43%	-3.60%	1.02%	29.27%	-99.19%	13,012.00%	1,879.21%	-1.47%	2.18%
EBITDA Q/Q Growth	-2.62%	-9.06%	15.16%	-3.84%	12.79%	12.14%	-6.74%	2.52%	10.46%	1.38%	1.58%
EBIT Q/Q Growth	-1.95%	-15.89%	36.26%	-5.48%	19.78%	18.63%	-7.78%	2.85%	14.75%	2.00%	0.89%
NOPAT Q/Q Growth	-27.25%	13.87%	36.29%	84.53%	18.24%	-19.94%	-8.41%	3.29%	16.68%	1.86%	3.12%
Net Income Q/Q Growth	-50.32%	13.55%	-61.62%	73.21%	20.42%	121.97%	-7.92%	-12.65%	16.12%	2.94%	3.14%
EPS Q/Q Growth	-883.33%	8.96%	-27.04%	186.21%	3.70%	2,073.68%	-16.05%	-25.39%	29.48%	4.77%	2.86%
Operating Cash Flow Q/Q Growth	-2.66%	-46.45%	188.46%	-18.68%	28.04%	-2.13%	-5.37%	6.28%	20.45%	-36.07%	42.86%
Free Cash Flow Firm Q/Q Growth	-46.67%	33.81%	127.73%	-20.29%	49.53%	-57.31%	48.57%	166.79%	137.26%	-33.61%	215.30%
Invested Capital Q/Q Growth	4.16%	3.95%	-4.51%	-0.14%	-3.99%	16.07%	9.57%	3.23%	-3.39%	12.67%	1.52%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	33.22%	34.02%	33.09%	36.46%	52.93%	38.45%	3,910.99%	54.34%	55.52%	57.43%	59.15%
EBITDA Margin	9.42%	9.43%	9.03%	12.72%	13.08%	14.66%	1,861.26%	16.62%	16.68%	33.50%	21.17%
Operating Margin	5.36%	5.30%	4.70%	8.12%	8.32%	9.83%	1,389.01%	12.05%	12.21%	28.81%	16.46%
EBIT Margin	5.26%	5.20%	4.59%	8.09%	8.29%	9.83%	1,396.34%	12.10%	12.30%	29.42%	17.01%
Profit (Net Income) Margin	0.39%	0.84%	-1.55%	2.51%	0.93%	4.15%	772.77%	5.17%	6.38%	19.66%	11.11%
Tax Burden Percent	54.17%	70.97%	316.83%	72.97%	53.44%	114.46%	78.18%	74.42%	81.08%	77.44%	84.54%
Interest Burden Percent	13.62%	22.63%	-10.67%	42.44%	20.89%	36.85%	70.79%	57.38%	63.94%	86.29%	77.24%
Effective Tax Rate	47.22%	27.02%	0.00%	27.50%	50.00%	-14.46%	21.77%	25.58%	18.92%	22.56%	15.46%
Return on Invested Capital (ROIC)	4.01%	4.95%	4.26%	7.15%	5.26%	15.00%	14.67%	11.43%	12.92%	29.36%	18.42%
ROIC Less NNEP Spread (ROIC-NNEP)	-0.09%	0.08%	-3.43%	2.32%	0.51%	3.54%	9.00%	4.60%	6.15%	23.04%	10.27%
Return on Net Nonoperating Assets (RNNOA)	-0.47%	0.31%	-15.14%	13.19%	3.18%	16.79%	26.64%	11.15%	13.00%	28.47%	8.60%
Return on Equity (ROE)	3.54%	5.25%	-10.88%	20.35%	8.44%	31.79%	41.31%	22.58%	25.92%	57.83%	27.02%
Cash Return on Invested Capital (CROIC)	-20.95%	-1.10%	17.11%	4.93%	14.01%	16.15%	9.85%	2.17%	14.67%	28.17%	14.74%
Operating Return on Assets (OROA)	5.08%	4.53%	3.94%	6.47%	6.69%	7.22%	9.75%	8.56%	9.12%	21.25%	12.37%
Return on Assets (ROA)	0.37%	0.73%	-1.33%	2.00%	0.75%	3.04%	5.40%	3.66%	4.73%	14.20%	8.08%
Return on Common Equity (ROCE)	1.08%	0.87%	-0.50%	-1.20%	-1.12%	-2.56%	6.10%	5.53%	7.05%	23.78%	12.94%
Return on Equity Simple (ROE_SIMPLE)	11.29%	42.21%	217.69%	-385.71%	-41.01%	2,742.86%	143.58%	87.65%	81.53%	97.43%	0.00%
Net Operating Profit after Tax (NOPAT)	568	815	678	1,078	769	2,083	2,075	1,736	2,035	4,612	2,966
NOPAT Margin	2.83%	3.87%	3.29%	5.89%	4.16%	11.25%	1,086.63%	8.96%	9.90%	22.31%	13.92%
Net Nonoperating Expense Percent (NNEP)	4.09%	4.87%	7.68%	4.83%	4.75%	11.47%	5.67%	6.83%	6.77%	6.31%	8.15%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	9.90%	11.23%	24.28%	15.46%
Cost of Revenue to Revenue	66.78%	65.98%	66.91%	63.55%	47.07%	61.55%	-3,810.99%	45.66%	44.48%	42.57%	40.85%
SG&A Expenses to Revenue	22.65%	23.21%	22.13%	23.30%	22.57%	22.27%	2,202.09%	37.54%	39.41%	39.37%	38.96%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	28.36%	28.73%	28.39%	28.34%	44.61%	28.63%	2,521.99%	42.29%	43.32%	28.62%	42.69%
Earnings before Interest and Taxes (EBIT)	1,057	1,096	947	1,482	1,532	1,821	2,667	2,344	2,529	6,082	3,625
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	1,895	1,987	1,861	2,329	2,417	2,716	3,555	3,218	3,431	6,926	4,511
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	4.37	3.55	0.00	0.00	0.00	150.47	8.51	4.62	4.77	2.88	4.14
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	0.15	0.07	0.07	0.10	0.21	0.23	45.82	0.27	0.37	0.58	0.82
Price to Earnings (P/E)	0.00	0.00	0.00	16.89	0.00	10.56	9.57	12.84	12.56	3.75	12.41
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	5.92%	0.00%	9.47%	10.44%	7.79%	7.96%	26.66%	8.06%
Enterprise Value to Invested Capital (EV/IC)	1.16	1.05	1.13	1.11	1.32	1.29	1.52	1.25	1.42	1.49	1.81
Enterprise Value to Revenue (EV/Rev)	0.92	0.85	0.82	0.93	1.00	0.96	115.23	1.02	1.08	1.14	1.39
Enterprise Value to EBITDA (EV/EBITDA)	9.78	8.97	9.06	7.27	7.63	6.56	6.19	6.16	6.47	3.39	6.57
Enterprise Value to EBIT (EV/EBIT)	17.53	16.26	17.81	11.43	12.03	9.78	8.25	8.45	8.77	3.86	8.17
Enterprise Value to NOPAT (EV/NOPAT)	32.60	21.89	24.86	15.72	23.98	8.55	10.60	11.41	10.90	5.09	9.99
Enterprise Value to Operating Cash Flow (EV/OCF)	18.06	31.95	14.05	16.15	14.95	5.23	14.04	18.30	9.35	11.48	8.37
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	6.19	22.80	9.01	7.94	15.79	60.17	9.60	5.31	12.48
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	4.50	4.39	6.21	7.04	7.59	5.44	3.68	3.27	2.72	1.54	1.47
Long-Term Debt to Equity	4.46	4.34	6.15	6.95	7.50	5.39	3.64	3.24	2.70	1.53	1.46
Financial Leverage	5.43	3.91	4.42	5.68	6.21	4.75	2.96	2.43	2.12	1.24	0.84
Leverage Ratio	9.44	7.22	8.18	10.15	11.30	10.45	7.65	6.17	5.48	4.07	3.35
Compound Leverage Factor	1.29	1.63	-0.87	4.31	2.36	3.85	5.42	3.54	3.51	3.51	2.58
Debt to Total Capital	81.82%	81.45%	86.13%	87.56%	88.36%	84.47%	78.61%	76.59%	73.14%	60.65%	59.48%
Short-Term Debt to Total Capital	0.72%	1.02%	0.84%	1.07%	1.02%	0.78%	0.68%	0.74%	0.59%	0.42%	0.36%
Long-Term Debt to Total Capital	81.10%	80.43%	85.29%	86.48%	87.34%	83.70%	77.93%	75.86%	72.56%	60.23%	59.12%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	14.28%	16.33%	14.72%	13.15%	14.14%	15.38%	16.22%	17.61%	19.02%	20.15%	21.46%
Common Equity to Total Capital	3.90%	2.23%	-0.85%	-0.70%	-2.50%	0.15%	5.17%	5.80%	7.84%	19.20%	19.06%
Debt to EBITDA	7.66	7.68	8.03	6.37	6.10	5.79	4.40	4.69	4.37	1.90	2.92
Net Debt to EBITDA	6.85	6.69	6.87	5.56	5.01	3.95	2.82	3.44	3.09	1.03	1.64
Long-Term Debt to EBITDA	7.59	7.58	7.95	6.29	6.03	5.73	4.36	4.64	4.34	1.89	2.90
Debt to NOPAT	25.53	18.73	22.02	13.75	19.19	7.55	7.54	8.68	7.37	2.86	4.44
Net Debt to NOPAT	22.83	16.32	18.85	12.02	15.77	5.16	4.83	6.38	5.22	1.54	2.50
Long-Term Debt to NOPAT	25.30	18.49	21.81	13.58	18.97	7.48	7.47	8.60	7.31	2.84	4.41
Altman Z-Score	1.04	1.00	0.98	0.99	1.01	1.00	0.58	1.16	1.32	2.05	1.97
Noncontrolling Interest Sharing Ratio	69.57%	83.46%	95.41%	105.90%	113.23%	108.05%	85.22%	75.52%	72.82%	58.88%	52.11%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.20	1.30	1.29	1.20	1.21	1.47	1.38	1.34	1.51	1.78	1.76
Quick Ratio	0.71	0.90	0.74	0.78	0.71	1.06	1.00	0.85	0.87	1.29	1.22
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-2,973	-181	2,725	743	2,046	2,242	1,393	329	2,311	4,426	2,374
Operating Cash Flow to CapEx	121.28%	61.59%	167.36%	174.25%	184.03%	630.93%	238.30%	142.13%	316.11%	219.87%	350.50%
Free Cash Flow to Firm to Interest Expense	-3.26	-0.18	2.29	0.74	1.69	1.70	1.40	0.33	2.53	5.31	2.88
Operating Cash Flow to Interest Expense	1.12	0.57	1.01	1.05	1.02	2.58	1.57	1.08	2.60	2.45	4.29
Operating Cash Flow Less CapEx to Interest Expense	0.20	-0.36	0.41	0.45	0.46	2.17	0.91	0.32	1.78	1.34	3.07
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.97	0.87	0.86	0.80	0.81	0.73	0.01	0.71	0.74	0.72	0.73
Accounts Receivable Turnover	7.87	7.52	7.48	7.03	6.92	6.82	0.07	6.78	7.02	7.59	8.36
Inventory Turnover	45.91	43.78	44.86	39.18	28.29	33.63	0.00	22.42	22.42	23.25	25.09
Fixed Asset Turnover	2.57	2.64	2.73	2.61	2.66	2.73	0.03	3.01	3.24	3.37	3.45
Accounts Payable Turnover	10.50	10.26	11.02	9.77	7.22	9.46	0.00	6.31	6.28	6.51	6.56
Days Sales Outstanding (DSO)	46.35	48.51	48.81	51.93	52.72	53.53	5,217.02	53.83	51.98	48.11	43.69
Days Inventory Outstanding (DIO)	7.95	8.34	8.14	9.32	12.90	10.85	0.00	16.28	16.28	15.70	14.55
Days Payable Outstanding (DPO)	34.77	35.57	33.13	37.36	50.59	38.60	0.00	57.86	58.11	56.03	55.64
Cash Conversion Cycle (CCC)	19.53	21.29	23.82	23.89	15.04	25.79	5,217.02	12.25	10.16	7.78	2.59
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	15,959	16,954	14,907	15,242	13,965	13,806	14,488	15,895	15,619	15,805	16,397
Invested Capital Turnover	1.42	1.28	1.29	1.21	1.27	1.33	0.01	1.27	1.31	1.32	1.32
Increase / (Decrease) in Invested Capital	3,541	995	-2,047	335	-1,277	-159	682	1,407	-276	186	592
Enterprise Value (EV)	18,532	17,826	16,865	16,942	18,431	17,813	22,008	19,815	22,191	23,497	29,623
Market Capitalization	3,020	1,479	1,530	1,757	3,951	4,213	8,751	5,275	7,674	12,004	17,465
Book Value per Share	$6.93	$4.19	($1.46)	($1.16)	($4.01)	$0.27	$9.60	$10.56	$15.83	$43.86	$48.02
Tangible Book Value per Share	($79.80)	($88.85)	($88.48)	($89.08)	($89.23)	($98.37)	($90.83)	($96.23)	($99.13)	($83.25)	($94.74)
Total Capital	17,734	18,730	17,342	16,933	16,694	18,608	19,903	19,687	20,510	21,720	22,144
Total Debt	14,510	15,255	14,937	14,826	14,751	15,719	15,646	15,079	15,002	13,173	13,171
Total Long-Term Debt	14,383	15,064	14,791	14,644	14,580	15,574	15,511	14,934	14,882	13,081	13,092
Net Debt	12,979	13,289	12,783	12,959	12,120	10,739	10,028	11,074	10,617	7,117	7,405
Capital Expenditures (CapEx)	846	906	717	602	670	540	658	762	751	931	1,010
Debt-free, Cash-free Net Working Capital (DFCFNWC)	634	698	776	550	785	-1.00	-263	792	1,299	445	582
Debt-free Net Working Capital (DFNWC)	990	1,414	1,387	961	1,047	2,445	2,101	1,650	2,527	3,464	3,465
Net Working Capital (NWC)	863	1,223	1,241	779	876	2,300	1,966	1,505	2,407	3,372	3,386
Net Nonoperating Expense (NNE)	490	639	998	619	598	1,315	599	735	724	548	599
Net Nonoperating Obligations (NNO)	12,735	13,479	12,502	13,135	12,022	10,917	10,231	11,287	10,111	7,258	7,424
Total Depreciation and Amortization (D&A)	838	891	914	847	885	895	888	874	902	844	886
Debt-free, Cash-free Net Working Capital to Revenue	3.15%	3.31%	3.76%	3.00%	4.25%	-0.01%	-137.70%	4.09%	6.32%	2.15%	2.73%
Debt-free Net Working Capital to Revenue	4.92%	6.71%	6.73%	5.25%	5.67%	13.20%	1,100.00%	8.52%	12.29%	16.75%	16.26%
Net Working Capital to Revenue	4.29%	5.80%	6.02%	4.25%	4.74%	12.42%	1,029.32%	7.77%	11.70%	16.31%	15.89%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($1.41)	($1.93)	($7.00)	$1.09	($2.24)	$3.80	$8.55	$3.84	$6.01	$33.02	$15.61
Adjusted Weighted Average Basic Shares Outstanding	99.17M	99.32M	100.59M	102.11M	103.40M	105.01M	106.83M	106.93M	101.64M	96.90M	90.15M
Adjusted Diluted Earnings per Share	($1.41)	($1.93)	($7.00)	$1.07	($2.24)	$3.75	$8.42	$3.79	$5.71	$32.70	$15.49
Adjusted Weighted Average Diluted Shares Outstanding	99.17M	99.32M	100.59M	103.88M	103.40M	106.26M	108.57M	110.52M	104.80M	97.88M	90.83M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	98.53M	99.81M	101.11M	102.67M	104.29M	106.20M	107.42M	102.27M	100.00M	95.12M	86.96M
Normalized Net Operating Profit after Tax (NOPAT)	792	1,066	972	1,165	939	1,498	1,885	1,956	2,166	2,460	3,130
Normalized NOPAT Margin	3.94%	5.06%	4.72%	6.36%	5.08%	8.09%	986.69%	10.10%	10.53%	11.90%	14.69%
Pre Tax Income Margin	0.72%	1.18%	-0.49%	3.43%	1.73%	3.62%	988.48%	6.94%	7.86%	25.38%	13.14%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	1.16	1.12	0.79	1.48	1.26	1.38	2.68	2.35	2.77	7.29	4.39
NOPAT to Interest Expense	0.62	0.83	0.57	1.07	0.63	1.58	2.08	1.74	2.23	5.53	3.59
EBIT Less CapEx to Interest Expense	0.23	0.19	0.19	0.88	0.71	0.97	2.02	1.58	1.95	6.18	3.17
NOPAT Less CapEx to Interest Expense	-0.30	-0.09	-0.03	0.47	0.08	1.17	1.42	0.98	1.41	4.41	2.37
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	484.62%	229.55%	-308.44%	203.70%	185.96%	42.45%	30.49%	65.93%	58.05%	21.68%	38.07%
Augmented Payout Ratio	535.90%	229.55%	-308.44%	203.70%	185.96%	42.45%	30.49%	90.91%	73.30%	38.21%	96.62%

This table displays calculated financial ratios and metrics derived from Tenet Healthcare's official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	86,963,000.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	86,963,000.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	8.07
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	4.41%	6.98%	6.85%	0.35%	1.12%	-5.72%	-2.70%	3.19%	3.18%	8.95%	2.78%
EBITDA Growth	4.56%	11.80%	326.36%	21.21%	66.87%	9.19%	-66.51%	5.78%	-14.78%	6.63%	33.02%
EBIT Growth	3.81%	15.61%	450.75%	31.12%	96.50%	14.88%	-70.73%	7.34%	-18.33%	3.73%	37.98%
NOPAT Growth	13.94%	18.15%	429.29%	31.66%	83.67%	11.11%	-69.16%	8.21%	-10.12%	12.51%	35.28%
Net Income Growth	-0.75%	66.42%	688.51%	62.80%	156.02%	25.44%	-73.35%	9.43%	-14.98%	12.59%	45.66%
EPS Growth	-18.97%	130.00%	1,519.70%	129.57%	420.21%	64.78%	-80.03%	18.94%	-21.06%	11.35%	87.59%
Operating Cash Flow Growth	59.68%	95.72%	30.51%	24.92%	107.75%	-140.17%	39.08%	25.30%	1.24%	320.85%	101.35%
Free Cash Flow Firm Growth	81.45%	218.16%	490.83%	304.81%	986.38%	-39.72%	-104.69%	-126.42%	-147.57%	-59.57%	1,046.14%
Invested Capital Growth	5.00%	-1.74%	-6.30%	-7.58%	-13.23%	1.19%	6.18%	7.77%	15.13%	3.75%	-3.23%
Revenue Q/Q Growth	-0.41%	6.16%	-0.24%	-4.84%	0.35%	-1.03%	2.96%	0.92%	0.34%	4.50%	-2.88%
EBITDA Q/Q Growth	3.21%	27.40%	228.31%	-73.26%	42.10%	-16.64%	5.73%	-10.08%	7.53%	-1.40%	39.52%
EBIT Q/Q Growth	2.88%	39.86%	288.95%	-77.98%	54.18%	-18.24%	5.44%	-12.49%	8.25%	-3.05%	50.22%
NOPAT Q/Q Growth	1.37%	58.29%	236.86%	-77.12%	41.41%	-4.24%	-0.46%	-12.72%	8.04%	11.58%	28.59%
Net Income Q/Q Growth	-9.22%	71.43%	411.84%	-79.56%	42.77%	-16.01%	8.74%	-16.08%	10.92%	11.23%	40.68%
EPS Q/Q Growth	-18.26%	144.68%	829.57%	-87.65%	85.23%	-22.49%	12.66%	-26.46%	22.93%	9.33%	89.81%
Operating Cash Flow Q/Q Growth	-15.89%	63.82%	-28.88%	27.47%	39.89%	-131.67%	346.22%	14.85%	13.03%	-30.91%	124.49%
Free Cash Flow Firm Q/Q Growth	61.92%	391.88%	245.07%	-48.96%	64.82%	-80.15%	-128.12%	-195.14%	-188.77%	115.33%	624.07%
Invested Capital Q/Q Growth	0.67%	-3.39%	-3.56%	-1.46%	-5.49%	12.67%	1.20%	0.02%	0.96%	1.52%	-5.61%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	54.86%	90.09%	39.47%	39.78%	56.73%	94.91%	59.43%	59.02%	58.33%	59.80%	59.50%
EBITDA Margin	15.84%	19.01%	65.69%	18.46%	26.14%	22.02%	22.61%	20.15%	21.59%	20.37%	29.27%
Operating Margin	11.21%	14.66%	61.20%	13.70%	21.24%	17.39%	18.05%	15.61%	16.81%	15.43%	24.14%
EBIT Margin	11.28%	14.87%	61.66%	14.27%	21.93%	18.12%	18.55%	16.09%	17.36%	16.10%	24.91%
Profit (Net Income) Margin	5.25%	8.47%	43.48%	9.34%	13.29%	11.28%	11.91%	9.90%	10.95%	11.65%	16.88%
Tax Burden Percent	77.10%	87.86%	75.68%	81.26%	73.86%	87.33%	81.31%	81.31%	81.32%	94.57%	80.04%
Interest Burden Percent	60.31%	64.88%	93.17%	80.52%	82.03%	71.27%	78.95%	75.71%	77.56%	76.52%	84.67%
Effective Tax Rate	22.90%	12.14%	24.32%	18.74%	26.14%	12.67%	18.69%	18.69%	18.68%	5.43%	19.96%
Return on Invested Capital (ROIC)	0.57%	16.81%	62.19%	15.08%	21.81%	19.98%	19.41%	17.04%	18.89%	19.32%	26.35%
ROIC Less NNEP Spread (ROIC-NNEP)	-1.01%	14.60%	60.56%	14.06%	20.35%	17.70%	17.44%	15.03%	16.74%	17.10%	24.47%
Return on Net Nonoperating Assets (RNNOA)	-2.25%	30.87%	90.60%	19.70%	26.01%	21.87%	15.74%	13.63%	13.38%	14.33%	19.53%
Return on Equity (ROE)	-1.68%	47.69%	152.79%	34.79%	47.82%	41.85%	35.15%	30.67%	32.27%	33.65%	45.87%
Cash Return on Invested Capital (CROIC)	6.17%	14.67%	32.35%	34.81%	44.16%	28.17%	12.69%	11.67%	4.99%	14.74%	23.82%
Operating Return on Assets (OROA)	0.43%	11.02%	46.07%	10.59%	16.15%	13.08%	13.10%	11.49%	12.31%	11.71%	17.68%
Return on Assets (ROA)	0.20%	6.28%	32.48%	6.93%	9.79%	8.14%	8.41%	7.07%	7.77%	8.47%	11.98%
Return on Common Equity (ROCE)	-0.47%	12.96%	57.39%	13.02%	19.11%	17.21%	16.44%	13.70%	15.10%	16.12%	23.57%
Return on Equity Simple (ROE_SIMPLE)	77.12%	0.00%	96.99%	101.67%	102.97%	0.00%	56.25%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	438	693	2,486	569	804	770	767	669	723	807	1,037
NOPAT Margin	8.64%	12.88%	46.31%	11.14%	15.69%	15.18%	14.68%	12.70%	13.67%	14.59%	19.32%
Net Nonoperating Expense Percent (NNEP)	1.58%	2.22%	1.63%	1.02%	1.46%	2.28%	1.96%	2.01%	2.15%	2.22%	1.88%
Return On Investment Capital (ROIC_SIMPLE)	-	3.83%	-	-	-	4.06%	4.03%	3.59%	3.81%	4.20%	5.21%
Cost of Revenue to Revenue	45.14%	9.91%	60.53%	60.22%	43.27%	5.09%	40.57%	40.98%	41.67%	40.20%	40.50%
SG&A Expenses to Revenue	0.00%	0.00%	21.50%	22.47%	0.00%	0.00%	0.00%	38.91%	38.76%	0.00%	38.80%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	43.66%	75.43%	-21.72%	26.08%	35.49%	77.53%	41.37%	43.41%	41.52%	44.36%	35.36%
Earnings before Interest and Taxes (EBIT)	572	800	3,310	729	1,124	919	969	848	918	890	1,337
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	803	1,023	3,526	943	1,340	1,117	1,181	1,062	1,142	1,126	1,571
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	4.57	4.77	3.09	3.74	4.15	2.88	3.06	4.36	4.47	4.14	3.41
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	6.44	0.37	0.51	0.62	0.76	0.58	0.62	0.79	0.86	0.82	0.76
Price to Earnings (P/E)	14.26	12.56	4.08	4.72	5.09	3.75	8.79	11.02	13.25	12.41	9.64
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	7.01%	7.96%	24.54%	21.20%	19.63%	26.66%	11.37%	9.08%	7.55%	8.06%	10.38%
Enterprise Value to Invested Capital (EV/IC)	1.31	1.42	1.46	1.63	1.84	1.49	1.52	1.78	1.85	1.81	1.74
Enterprise Value to Revenue (EV/Rev)	20.45	1.08	1.05	1.16	1.23	1.14	1.19	1.38	1.43	1.39	1.25
Enterprise Value to EBITDA (EV/EBITDA)	6.84	6.47	3.60	3.85	3.79	3.39	5.32	6.13	6.73	6.57	5.48
Enterprise Value to EBIT (EV/EBIT)	9.64	8.77	4.21	4.48	4.34	3.86	6.51	7.49	8.32	8.17	6.73
Enterprise Value to NOPAT (EV/NOPAT)	12.18	10.90	5.48	5.82	5.72	5.09	8.40	9.64	10.40	9.99	8.32
Enterprise Value to Operating Cash Flow (EV/OCF)	10.78	9.35	8.78	9.11	8.08	11.48	10.71	11.54	12.07	8.37	6.16
Enterprise Value to Free Cash Flow (EV/FCFF)	21.81	9.60	4.38	4.50	3.88	5.31	12.36	15.82	39.72	12.48	7.17
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	2.90	2.72	1.68	1.64	1.59	1.54	1.52	1.59	1.52	1.47	1.49
Long-Term Debt to Equity	2.88	2.70	1.67	1.62	1.58	1.53	1.51	1.58	1.51	1.46	1.48
Financial Leverage	2.24	2.12	1.50	1.40	1.28	1.24	0.90	0.91	0.80	0.84	0.80
Leverage Ratio	5.60	5.48	4.49	4.38	4.30	4.07	3.56	3.58	3.50	3.35	3.45
Compound Leverage Factor	3.38	3.56	4.18	3.53	3.52	2.90	2.81	2.71	2.72	2.56	2.92
Debt to Total Capital	74.38%	73.14%	62.67%	62.06%	61.45%	60.65%	60.35%	61.34%	60.25%	59.48%	59.88%
Short-Term Debt to Total Capital	0.70%	0.59%	0.52%	0.49%	0.45%	0.42%	0.40%	0.39%	0.39%	0.36%	0.37%
Long-Term Debt to Total Capital	73.68%	72.56%	62.15%	61.57%	60.99%	60.23%	59.95%	60.95%	59.86%	59.12%	59.51%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	18.38%	19.02%	20.53%	21.19%	20.25%	20.15%	20.49%	21.20%	21.41%	21.46%	18.30%
Common Equity to Total Capital	7.24%	7.84%	16.80%	16.76%	18.30%	19.20%	19.16%	17.46%	18.34%	19.06%	21.82%
Debt to EBITDA	4.84	4.37	2.10	2.04	1.88	1.90	2.87	2.84	2.97	2.92	2.70
Net Debt to EBITDA	3.49	3.09	1.17	1.09	0.84	1.03	1.55	1.63	1.64	1.64	1.31
Long-Term Debt to EBITDA	4.80	4.34	2.08	2.03	1.87	1.89	2.86	2.82	2.95	2.90	2.68
Debt to NOPAT	8.62	7.37	3.20	3.09	2.84	2.86	4.54	4.46	4.59	4.44	4.09
Net Debt to NOPAT	6.21	5.22	1.78	1.64	1.26	1.54	2.45	2.56	2.53	2.50	1.99
Long-Term Debt to NOPAT	8.54	7.31	3.17	3.07	2.82	2.84	4.51	4.43	4.56	4.41	4.06
Altman Z-Score	0.35	1.11	1.60	1.37	1.55	1.46	1.49	1.61	1.66	1.67	1.58
Noncontrolling Interest Sharing Ratio	72.34%	72.82%	62.44%	62.56%	60.03%	58.88%	53.23%	55.33%	53.22%	52.11%	48.61%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.43	1.51	1.44	1.45	1.58	1.78	1.78	1.71	1.71	1.76	1.36
Quick Ratio	0.89	0.87	1.04	1.04	1.21	1.29	1.26	1.21	1.20	1.22	0.91
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-332	969	3,499	1,786	2,943	584	-164	-485	-1,400	215	1,554
Operating Cash Flow to CapEx	285.80%	396.15%	244.17%	515.17%	483.80%	-100.30%	471.10%	484.97%	377.86%	200.82%	911.67%
Free Cash Flow to Firm to Interest Expense	-1.46	4.27	15.48	8.80	14.57	2.88	-0.81	-2.35	-6.80	1.03	7.58
Operating Cash Flow to Interest Expense	2.22	3.63	2.59	3.68	5.17	-1.63	4.00	4.54	5.14	3.50	8.00
Operating Cash Flow Less CapEx to Interest Expense	1.44	2.71	1.53	2.97	4.10	-3.26	3.15	3.61	3.78	1.76	7.13
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.04	0.74	0.75	0.74	0.74	0.72	0.71	0.71	0.71	0.73	0.71
Accounts Receivable Turnover	0.36	7.02	6.93	7.30	7.64	7.59	7.12	7.74	8.15	8.36	8.21
Inventory Turnover	0.00	22.42	32.01	32.41	32.94	23.25	23.27	23.86	24.44	25.09	25.50
Fixed Asset Turnover	0.17	3.24	3.43	3.45	3.55	3.37	3.47	3.48	3.58	3.45	3.51
Accounts Payable Turnover	0.00	6.28	10.16	10.12	10.27	6.51	6.46	6.53	6.54	6.56	6.57
Days Sales Outstanding (DSO)	1,005.24	51.98	52.64	49.98	47.79	48.11	51.27	47.18	44.77	43.69	44.44
Days Inventory Outstanding (DIO)	0.00	16.28	11.40	11.26	11.08	15.70	15.68	15.30	14.94	14.55	14.31
Days Payable Outstanding (DPO)	0.00	58.11	35.93	36.05	35.55	56.03	56.50	55.87	55.77	55.64	55.54
Cash Conversion Cycle (CCC)	1,005.24	10.16	28.12	25.19	23.33	7.78	10.45	6.61	3.94	2.59	3.21
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	16,167	15,619	15,063	14,843	14,028	15,805	15,994	15,997	16,151	16,397	15,477
Invested Capital Turnover	0.07	1.31	1.34	1.35	1.39	1.32	1.32	1.34	1.38	1.32	1.36
Increase / (Decrease) in Invested Capital	770	-276	-1,013	-1,217	-2,139	186	931	1,154	2,123	592	-517
Enterprise Value (EV)	21,243	22,191	22,046	24,224	25,880	23,497	24,368	28,457	29,898	29,623	26,880
Market Capitalization	6,690	7,674	10,674	12,995	15,926	12,004	12,794	16,348	17,939	17,465	16,411
Book Value per Share	$14.42	$15.83	$34.68	$35.57	$40.01	$43.86	$43.95	$40.36	$45.43	$48.02	$55.36
Tangible Book Value per Share	($101.95)	($99.13)	($85.50)	($89.44)	($84.81)	($83.25)	($84.16)	($92.14)	($96.12)	($94.74)	($90.72)
Total Capital	20,223	20,510	20,550	20,740	20,946	21,720	21,823	21,477	21,887	22,144	22,059
Total Debt	15,042	15,002	12,879	12,871	12,871	13,173	13,170	13,175	13,187	13,171	13,209
Total Long-Term Debt	14,901	14,882	12,772	12,769	12,776	13,081	13,082	13,091	13,102	13,092	13,128
Net Debt	10,836	10,617	7,154	6,835	5,713	7,117	7,102	7,556	7,273	7,405	6,433
Capital Expenditures (CapEx)	176	208	240	145	216	330	173	193	280	364	180
Debt-free, Cash-free Net Working Capital (DFCFNWC)	1,014	1,299	31	-316	-778	445	551	486	360	582	-682
Debt-free Net Working Capital (DFNWC)	2,068	2,527	2,512	2,564	3,316	3,464	3,550	3,111	3,335	3,465	2,285
Net Working Capital (NWC)	1,927	2,407	2,405	2,462	3,221	3,372	3,462	3,027	3,250	3,386	2,204
Net Nonoperating Expense (NNE)	172	237	152	92	123	198	145	147	144	163	131
Net Nonoperating Obligations (NNO)	10,986	10,111	7,392	6,974	5,953	7,258	7,341	7,695	7,451	7,424	6,627
Total Depreciation and Amortization (D&A)	231	223	216	214	216	198	212	214	224	236	234
Debt-free, Cash-free Net Working Capital to Revenue	97.59%	6.32%	0.15%	-1.51%	-3.71%	2.15%	2.68%	2.35%	1.73%	2.73%	-3.18%
Debt-free Net Working Capital to Revenue	199.04%	12.29%	12.01%	12.25%	15.80%	16.75%	17.29%	15.03%	15.99%	16.26%	10.65%
Net Working Capital to Revenue	185.47%	11.70%	11.50%	11.77%	15.35%	16.31%	16.86%	14.63%	15.58%	15.89%	10.27%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.99	$2.41	$21.60	$2.66	$4.93	$3.83	$4.31	$3.16	$3.89	$4.25	$8.09
Adjusted Weighted Average Basic Shares Outstanding	101.54M	101.64M	99.58M	97.27M	95.67M	96.90M	94.24M	91.14M	87.95M	90.15M	86.80M
Adjusted Diluted Earnings per Share	$0.94	$2.30	$21.38	$2.64	$4.89	$3.79	$4.27	$3.14	$3.86	$4.22	$8.01
Adjusted Weighted Average Diluted Shares Outstanding	104.43M	104.80M	100.60M	98.44M	96.65M	97.88M	95.02M	91.79M	88.61M	90.83M	87.60M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	101.55M	100.00M	97.68M	95.82M	95.10M	95.12M	92.89M	88.35M	87.89M	86.96M	86.14M
Normalized Net Operating Profit after Tax (NOPAT)	486	747	618	549	568	800	778	742	716	900	747
Normalized NOPAT Margin	9.58%	13.88%	11.50%	10.75%	11.08%	15.77%	14.90%	14.08%	13.55%	16.29%	13.91%
Pre Tax Income Margin	6.81%	9.65%	57.45%	11.49%	17.99%	12.91%	14.65%	12.18%	13.46%	12.32%	21.09%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	2.52	3.52	14.65	3.59	5.56	4.53	4.75	4.12	4.46	4.26	6.52
NOPAT to Interest Expense	1.93	3.05	11.00	2.80	3.98	3.79	3.76	3.25	3.51	3.86	5.06
EBIT Less CapEx to Interest Expense	1.74	2.61	13.58	2.88	4.50	2.90	3.90	3.18	3.10	2.52	5.64
NOPAT Less CapEx to Interest Expense	1.15	2.14	9.94	2.09	2.91	2.17	2.91	2.31	2.15	2.12	4.18
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	63.68%	58.05%	23.89%	23.29%	21.07%	21.68%	38.14%	38.51%	40.57%	38.07%	53.45%
Augmented Payout Ratio	93.80%	73.30%	36.67%	41.92%	40.88%	38.21%	69.69%	89.36%	92.33%	96.62%	104.60%

Financials Breakdown Chart

Key Financial Trends

Here is a concise, data-driven look at Tenet Healthcare (THC) using quarterly income statements, cash flow statements, and balance sheets from the last four years. The focus is on trends that may matter to retail investors over multi-quarter horizons.

Revenue rebound in 2025: Q4 2025 revenue reached 5.53B, up from 5.07B in Q4 2024, signaling a rebound after the softness seen in 2024.
Net income attributable to common shareholders rose in Q4 2025: 371M in Q4 2025 vs 318M in Q4 2024, suggesting improved bottom-line performance in the latest quarter.
Q4 2025 earnings per share improved: Diluted EPS at 4.22, reflecting stronger quarterly profitability per share.
Strong operating cash flow in 2025 quarters: Net cash from continuing operating activities fluctuated but remained robust, e.g., 1.058B in Q3 2025, 0.936B in Q2 2025, 0.815B in Q1 2025, and 0.731B in Q4 2025.
Healthy free cash flow (FCF) in Q4 2025: Free cash flow approximated at 367M (net cash from continuing operating activities 731M minus capital expenditures 364M), indicating positive cash generation after capex for the quarter.
Cash on hand and liquidity: Cash and equivalents near 3.0B in early 2025 (e.g., 2.99B in Q1 2025; ~2.98B in Q3 2025), indicating solid liquidity.
Balance sheet size and leverage: Total assets around 29.2B–29.4B and total liabilities around 20.7B–20.9B across 2025, with long-term debt typically in the low-teens billions (roughly 12.9B–13.1B in recent quarters), suggesting stable but meaningful leverage.
Working capital changes show volatility: Changes in operating assets and liabilities have swung quarter-to-quarter (e.g., net changes ranging in the low-to-mid hundreds of millions), indicating working capital movements can meaningfully impact cash flow timing.
Recurring impairment and charges: Impairment charges appear in several quarters (e.g., 64M in Q4 2025; 23M in Q3 2025; similar patterns in other years), which can dampen quarterly profitability even when revenue grows.
Financing activities remain cash outflows: Net cash from financing activities were negative across 2025 quarters (Q4 -434M, Q3 -323M, Q2 -996M, Q1 -648M), reflecting debt activity and distributions that reduce cash reserves.

Overall, THC shows a rebound in revenue and solid quarterly cash generation in 2025, with meaningful free cash flow and a liquidity cushion around 3B. However, impairment charges and persistent financing outflows are notable headwinds to profitability and cash balance growth. The balance sheet illustrates a sizable but manageable leverage profile, with total liabilities exceeding 20B and total assets in the high 29B range, suggesting the company remains heavily funded and exposed to healthcare industry cycles.

05/12/26 10:24 AM ETAI Generated. May Contain Errors.

Tenet Healthcare Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Tenet Healthcare's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Tenet Healthcare's net income appears to be on an upward trend, with a most recent value of $2.37 billion in 2025, rising from $78 million in 2015. The previous period was $4.06 billion in 2024. Find out what analysts predict for Tenet Healthcare in the coming months.

Tenet Healthcare's total operating income in 2025 was $3.51 billion, based on the following breakdown:

Total Gross Profit: $12.61 billion
Total Operating Expenses: $9.10 billion

Over the last 10 years, Tenet Healthcare's total revenue changed from $20.11 billion in 2015 to $21.31 billion in 2025, a change of 6.0%.

Tenet Healthcare's total liabilities were at $20.70 billion at the end of 2025, a 1.5% increase from 2024, and a 1.2% increase since 2015.

In the past 10 years, Tenet Healthcare's cash and equivalents has ranged from $262 million in 2019 to $3.02 billion in 2024, and is currently $2.88 billion as of their latest financial filing in 2025.

Over the last 10 years, Tenet Healthcare's book value per share changed from 6.93 in 2015 to 48.02 in 2025, a change of 592.6%.

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Financial statements for NYSE:THC last updated on 5/2/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Tenet Healthcare (THC) Financials

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Tenet Healthcare (THC) Financials

Annual Income Statements for Tenet Healthcare

Quarterly Income Statements for Tenet Healthcare

Annual Cash Flow Statements for Tenet Healthcare

Quarterly Cash Flow Statements for Tenet Healthcare

Annual Balance Sheets for Tenet Healthcare

Quarterly Balance Sheets for Tenet Healthcare

Annual Metrics And Ratios for Tenet Healthcare

Quarterly Metrics And Ratios for Tenet Healthcare

Financials Breakdown Chart

Key Financial Trends

Tenet Healthcare Financials - Frequently Asked Questions

When does Tenet Healthcare's financial year end?

How has Tenet Healthcare's net income changed over the last 10 years?

What is Tenet Healthcare's operating income?

How has Tenet Healthcare's revenue changed over the last 10 years?

How much debt does Tenet Healthcare have?

How much cash does Tenet Healthcare have?

How has Tenet Healthcare's book value per share changed over the last 10 years?

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