Tenet Healthcare Corporation (THC) reported $22.15B of revenue for the twelve months ended Sep 30, 2026. That is up 6.2% from the year before. Revenue for fiscal 2025 was $21.31B.

Yes. Tenet Healthcare Corporation earned $2.90B in net income for the twelve months ended Sep 30, 2026, a net margin of 13.1%.

How much cash and debt does THC have?

Tenet Healthcare Corporation reported $2.67B in cash and cash equivalents and $13.08B of debt on its most recent balance sheet in SEC filings.

How fast is THC revenue growing?

Tenet Healthcare Corporation's revenue changed +3.1% in fiscal 2025, to $21.31B. Its compound annual growth rate was +3.9% over 5 years and +0.6% over 10 years.

What is THC free cash flow?

Tenet Healthcare Corporation generated $3.33B of free cash flow for the twelve months ended Sep 30, 2026, which is operating cash flow of $4.24B less capital expenditures.

What is THC earnings per share?

Diluted earnings per share were $34.48 for the twelve months ended Sep 30, 2026, from SEC filings, restated for any stock split those filings show.

When did THC last report financial results?

The latest statements here come from Tenet Healthcare Corporation's 10-Q filed on Oct 29, 2026, covering the period ended Sep 30, 2026.

Financials · THC

Tenet Healthcare Corporation (THC) financials

For the twelve months ended Sep 30, 2026, Tenet Healthcare Corporation reported $22.15B of revenue and $2.90B of net income.

Revenue, TTM: $22.15B
Revenue growth, YoY: +6.2%
Net income, TTM: $2.90B
Net income growth, YoY: +114.1%
Net margin: 13.1%
Free cash flow, TTM: $3.33B
EPS, diluted, TTM: $34.48
EPS growth, YoY: +129.0%
Cash: $2.67B
Total debt: $13.08B
P/E: 7.78
P/S: 1.02
Market cap: $22.55B

Annual revenue$21.31B

FY2016FY2025

Annual net income$1.41B

FY2016FY2025

Annual free cash flow$2.53B

FY2016FY2025

THC revenue and earnings growth

THC revenueQ3 2026$5.63B

Quarter YoY: +6.5%
QoQ: +0.1%
FY YoY: +3.1%
5Y CAGR: +3.9%
10Y CAGR: +0.6%

THC revenue was $5.63B in fiscal Q3 2026 (ended Sep 30, 2026), up 6.5% from a year earlier and up 0.1% from the prior quarter. For the full fiscal 2025 it was $21.31B, up 3.1% from fiscal 2024. Compound annual growth was +3.9% over 5 years and +0.6% over 10 years. It rose in 6 of the last 10 fiscal years. Fiscal 2025 is the highest of the 15 fiscal years on file.

THC net incomeQ3 2026$1.00B

Quarter YoY: +192.4%
QoQ: +21.1%
FY YoY: -56.0%
5Y CAGR: +28.7%

THC net income was $1.00B in fiscal Q3 2026 (ended Sep 30, 2026), up 192.4% from a year earlier and up 21.1% from the prior quarter. For the full fiscal 2025 it was $1.41B, down 56.0% from fiscal 2024. Compound annual growth was +28.7% over 5 years. It rose in 3 of the last 5 fiscal years.

THC EPSQ3 2026$12.41

Quarter YoY: +221.5%
QoQ: +26.1%
FY YoY: -52.6%
5Y CAGR: +32.8%

THC diluted EPS was $12.41 in fiscal Q3 2026 (ended Sep 30, 2026), up 221.5% from a year earlier and up 26.1% from the prior quarter. For the full fiscal 2025 it was $15.49, down 52.6% from fiscal 2024. Compound annual growth was +32.8% over 5 years.

THC free cash flowQ3 2026$1.08B

Quarter YoY: +39.2%
QoQ: +159.7%
FY YoY: +126.7%
5Y CAGR: -2.5%
10Y CAGR: +30.0%

THC free cash flow was $1.08B in fiscal Q3 2026 (ended Sep 30, 2026), up 39.2% from a year earlier and up 159.7% from the prior quarter. For the full fiscal 2025 it was $2.53B, up 126.7% from fiscal 2024. Compound annual growth was -2.5% over 5 years and +30.0% over 10 years. It rose in 4 of the last 8 fiscal years.

Export CSV

Income statement

Income statement
Line item	FY2025 Dec 31, 2025	FY2024 Dec 31, 2024	FY2023 Dec 31, 2023	FY2022 Dec 31, 2022	FY2021 Dec 31, 2021	FY2020 Dec 31, 2020	FY2019 Dec 31, 2019	FY2018 Dec 31, 2018	FY2017 Dec 31, 2017	FY2016 Dec 31, 2016
Revenue	$21.31B	$20.68B	$20.56B	$19.17B	$19.48B	$17.64B	$18.48B	$18.31B	$20.61B	$21.07B
Operating income	$3.51B	$5.96B	$2.51B	$2.33B	$2.87B	$1.99B	$1.54B	$1.64B	$1.11B	$1.25B
Interest expense	$821.00M	$826.00M	$901.00M	$890.00M	$923.00M	$1.00B	$985.00M	$1.00B	$1.03B	$979.00M
Pre-tax income	$2.80B	$5.25B	$1.62B	$1.34B	$1.89B	$671.00M	$320.00M	$629.00M	-$101.00M	$248.00M
Income tax	$433.00M	$1.18B	$306.00M	$344.00M	$411.00M	-$97.00M	$160.00M	$173.00M	$219.00M	$67.00M
Net income	$1.41B	$3.20B	$611.00M	$411.00M	$914.00M	$399.00M	-$215.00M	$104.00M	-$704.00M	-$192.00M
EPS, basic	$15.61	$33.02	$6.01	$3.84	$8.55	$3.80	-$2.08	$1.02	-$7.00	-$1.93
EPS, diluted	$15.49	$32.70	$5.71	$3.79	$8.42	$3.75	-$2.08	$1.00	-$7.00	-$1.93
Diluted shares	90.8M	97.9M	104.8M	110.5M	108.6M	106.3M	103.4M	103.9M	100.6M	99.3M

Balance sheet

Balance sheet
Line item	FY2025 Dec 31, 2025	FY2024 Dec 31, 2024	FY2023 Dec 31, 2023	FY2022 Dec 31, 2022	FY2021 Dec 31, 2021	FY2020 Dec 31, 2020	FY2019 Dec 31, 2019	FY2018 Dec 31, 2018	FY2017 Dec 31, 2017	FY2016 Dec 31, 2016
Cash and equivalents	$2.88B	$3.02B	$1.23B	$858.00M	$2.36B	$2.45B	$262.00M	$411.00M	$611.00M	$716.00M
Receivables	$2.56B	$2.54B	$2.91B	$2.94B	$2.77B	$2.69B	$2.74B	$2.60B	$2.62B	$2.90B
Inventory	$348.00M	$346.00M	$411.00M	$405.00M	$384.00M	$368.00M	$310.00M	$305.00M	$289.00M	$326.00M
Current assets	$7.85B	$7.68B	$7.17B	$5.98B	$7.08B	$7.15B	$5.08B	$4.64B	$5.57B	$5.26B
Goodwill	$11.20B	$10.69B	$10.31B	$10.12B	$9.26B	$8.81B	$7.25B	$7.28B	$7.02B	$7.42B
Total assets	$29.68B	$28.94B	$28.31B	$27.16B	$27.58B	$27.11B	$23.36B	$22.43B	$23.39B	$24.70B
Current liabilities	$4.46B	$4.31B	$4.76B	$4.48B	$5.11B	$4.85B	$4.21B	$3.86B	$4.33B	$4.03B
Long-term debt	$13.09B	$13.08B	$14.88B	$14.93B	$15.51B	$15.57B	$14.58B	$14.64B	$14.79B	$15.06B
Total debt	$13.09B	$13.08B	$14.88B	$14.93B	$15.51B	$15.57B	$14.58B	$14.64B	$14.79B	$15.06B
Total liabilities	$20.70B	$20.39B	$22.80B	$22.55B	$23.32B	$24.22B	$21.42B	$20.30B	$20.98B	$21.23B
Shareholders' equity	$4.22B	$5.82B	$3.12B	$2.46B	$2.05B	$937.00M	$437.00M	$624.00M	$483.00M	$1.08B

Cash flow

Cash flow
Line item	FY2025 Dec 31, 2025	FY2024 Dec 31, 2024	FY2023 Dec 31, 2023	FY2022 Dec 31, 2022	FY2021 Dec 31, 2021	FY2020 Dec 31, 2020	FY2019 Dec 31, 2019	FY2018 Dec 31, 2018	FY2017 Dec 31, 2017	FY2016 Dec 31, 2016
Operating cash flow	$3.54B	$2.05B	$2.37B	$1.08B	$1.57B	$3.41B	$1.23B	$1.05B	$1.20B	$558.00M
Capital expenditures	$1.01B	$931.00M	$751.00M	$762.00M	$658.00M	$540.00M	$670.00M	$617.00M	$707.00M	$875.00M
Free cash flow	$2.53B	$1.12B	$1.62B	$321.00M	$910.00M	$2.87B	$563.00M	$432.00M	$493.00M	-$317.00M
Investing cash flow	-$1.27B	$3.43B	-$969.00M	-$808.00M	-$714.00M	-$1.61B	-$619.00M	-$115.00M	$21.00M	-$430.00M
Financing cash flow	-$2.40B	-$3.69B	-$1.03B	-$1.78B	-$936.00M	$385.00M	-$763.00M	-$1.13B	-$1.33B	$232.00M
Share repurchases	$1.39B	$672.00M	$200.00M	$250.00M	$0	$0	-	-	$0	$0
Stock-based compensation	$104.00M	$67.00M	$66.00M	$56.00M	$56.00M	$44.00M	$42.00M	$46.00M	$59.00M	$68.00M
Depreciation and amortization	$863.00M	$818.00M	$870.00M	$841.00M	$855.00M	$857.00M	$850.00M	$802.00M	$870.00M	$850.00M

Key ratios

Key ratios
Line item	FY2025 Dec 31, 2025	FY2024 Dec 31, 2024	FY2023 Dec 31, 2023	FY2022 Dec 31, 2022	FY2021 Dec 31, 2021	FY2020 Dec 31, 2020	FY2019 Dec 31, 2019	FY2018 Dec 31, 2018	FY2017 Dec 31, 2017	FY2016 Dec 31, 2016
Revenue growth, YoY	3.1%	0.5%	7.2%	-1.6%	10.5%	-4.5%	0.9%	-11.2%	-2.2%	4.8%
Net income growth, YoY	-56.0%	423.7%	48.7%	-55.0%	129.1%	-	-	-	-	-
EPS growth, YoY	-52.6%	472.7%	50.7%	-55.0%	124.5%	-	-	-	-	-
Operating margin	16.5%	28.8%	12.2%	12.2%	14.7%	11.3%	8.3%	8.9%	5.4%	5.9%
Net margin	6.6%	15.5%	3.0%	2.1%	4.7%	2.3%	-1.2%	0.6%	-3.4%	-0.9%
Free cash flow margin	11.9%	5.4%	7.9%	1.7%	4.7%	16.3%	3.0%	2.4%	2.4%	-1.5%
Return on equity	33.3%	55.0%	19.6%	16.7%	44.5%	42.6%	-49.2%	16.7%	-145.8%	-17.7%
Return on assets	4.7%	11.1%	2.2%	1.5%	3.3%	1.5%	-0.9%	0.5%	-3.0%	-0.8%
Current ratio	1.76	1.78	1.51	1.34	1.38	1.47	1.21	1.20	1.29	1.30
Debt to equity	3.10	2.25	4.77	6.07	7.55	16.62	33.36	23.47	30.62	13.92

Income statement

Income statement
Line item	Q3 2026 Sep 30, 2026	Q2 2026 Jun 30, 2026	Q1 2026 Mar 31, 2026	Q4 2025* Dec 31, 2025	Q3 2025 Sep 30, 2025	Q2 2025 Jun 30, 2025	Q1 2025 Mar 31, 2025	Q4 2024* Dec 31, 2024	Q3 2024 Sep 30, 2024	Q2 2024 Jun 30, 2024	Q1 2024 Mar 31, 2024	Q4 2023* Dec 31, 2023
Revenue	$5.63B	$5.63B	$5.37B	$5.53B	$5.29B	$5.27B	$5.22B	$5.07B	$5.13B	$5.11B	$5.37B	$5.39B
Operating income	$1.75B	$1.50B	$1.30B	$853.00M	$889.00M	$823.00M	$943.00M	$821.00M	$1.09B	$761.00M	$3.29B	$735.00M
Interest expense	$203.00M	$204.00M	$205.00M	$205.00M	$206.00M	$206.00M	$204.00M	$203.00M	$202.00M	$203.00M	$218.00M	$227.00M
Pre-tax income	-	$1.34B	$1.13B	$681.00M	$712.00M	$642.00M	$765.00M	$655.00M	$922.00M	$587.00M	$3.08B	$519.00M
Income tax	$360.00M	$295.00M	$226.00M	$37.00M	$133.00M	$120.00M	$143.00M	$83.00M	$241.00M	$110.00M	$750.00M	$63.00M
Net income	$1.00B	$826.00M	$702.00M	$371.00M	$342.00M	$288.00M	$406.00M	$318.00M	$472.00M	$259.00M	$2.15B	$244.00M
EPS, basic	$12.48	$9.89	$8.09	$4.25	$3.89	$3.16	$4.31	$3.83	$4.93	$2.66	$21.60	$2.41
EPS, diluted	$12.41	$9.84	$8.01	$4.22	$3.86	$3.14	$4.27	$3.79	$4.89	$2.64	$21.38	$2.30
Diluted shares	80.6M	84.0M	87.6M	-	88.6M	91.8M	95.0M	-	96.7M	98.4M	100.6M	-

Balance sheet

Balance sheet
Line item	Q3 2026 Sep 30, 2026	Q2 2026 Jun 30, 2026	Q1 2026 Mar 31, 2026	Q4 2025* Dec 31, 2025	Q3 2025 Sep 30, 2025	Q2 2025 Jun 30, 2025	Q1 2025 Mar 31, 2025	Q4 2024* Dec 31, 2024	Q3 2024 Sep 30, 2024	Q2 2024 Jun 30, 2024	Q1 2024 Mar 31, 2024	Q4 2023* Dec 31, 2023
Cash and equivalents	$2.67B	$2.17B	$2.97B	$2.88B	$2.98B	$2.63B	$3.00B	$3.02B	$4.09B	$2.88B	$2.48B	$1.23B
Receivables	$2.60B	$2.61B	$2.60B	$2.56B	$2.52B	$2.53B	$2.62B	$2.54B	$2.60B	$2.82B	$3.15B	$2.91B
Inventory	$340.00M	$338.00M	$343.00M	$348.00M	$346.00M	$338.00M	$344.00M	$346.00M	$356.00M	$382.00M	$395.00M	$411.00M
Current assets	$8.43B	$7.83B	$8.36B	$7.85B	$7.81B	$7.30B	$7.91B	$7.68B	$8.76B	$7.96B	$7.82B	$7.17B
Goodwill	$11.64B	$11.44B	$11.39B	$11.20B	$11.16B	$10.94B	$10.79B	$10.69B	$10.59B	$10.80B	$10.57B	$10.31B
Total assets	$31.59B	$30.68B	$31.20B	$29.68B	$29.42B	$28.70B	$29.24B	$28.94B	$29.37B	$29.27B	$28.91B	$28.31B
Current liabilities	$5.32B	$5.57B	$6.15B	$4.46B	$4.56B	$4.27B	$4.45B	$4.31B	$5.54B	$5.49B	$5.42B	$4.76B
Long-term debt	$13.08B	$13.09B	$13.13B	$13.09B	$13.10B	$13.09B	$13.08B	$13.08B	$12.78B	$12.77B	$12.77B	$14.88B
Total debt	$13.08B	$13.09B	$13.13B	$13.09B	$13.10B	$13.09B	$13.08B	$13.08B	$12.78B	$12.77B	$12.77B	$14.88B
Total liabilities	$22.00B	$21.98B	$22.35B	$20.70B	$20.72B	$20.40B	$20.58B	$20.39B	$21.30B	$21.40B	$21.24B	$22.80B
Shareholders' equity	$5.44B	$6.56B	$6.71B	$4.22B	$5.78B	$5.48B	$5.88B	$5.82B	$5.43B	$5.06B	$4.94B	$3.12B

Cash flow

Cash flow
Line item	Q3 2026 Sep 30, 2026	Q2 2026 Jun 30, 2026	Q1 2026 Mar 31, 2026	Q4 2025* Dec 31, 2025	Q3 2025 Sep 30, 2025	Q2 2025 Jun 30, 2025	Q1 2025 Mar 31, 2025	Q4 2024* Dec 31, 2024	Q3 2024 Sep 30, 2024	Q2 2024 Jun 30, 2024	Q1 2024 Mar 31, 2024	Q4 2023* Dec 31, 2023
Operating cash flow	$1.28B	$585.00M	$1.64B	$731.00M	$1.06B	$936.00M	$815.00M	-$331.00M	$1.04B	$747.00M	$586.00M	$824.00M
Capital expenditures	$198.00M	$168.00M	$180.00M	$364.00M	$280.00M	$193.00M	$173.00M	$330.00M	$216.00M	$145.00M	$240.00M	$208.00M
Free cash flow	$1.08B	$417.00M	$1.46B	$367.00M	$778.00M	$743.00M	$642.00M	-$661.00M	$829.00M	$602.00M	$346.00M	$616.00M
Investing cash flow	-$298.00M	-$203.00M	-$317.00M	-$389.00M	-$385.00M	-$314.00M	-$187.00M	-$372.00M	$667.00M	-$194.00M	$3.33B	-$333.00M
Financing cash flow	-$479.00M	-$1.18B	-$1.24B	-$434.00M	-$323.00M	-$996.00M	-$648.00M	-$372.00M	-$498.00M	-$154.00M	-$2.66B	-$317.00M
Share repurchases	$255.00M	$1.04B	$318.00M	$198.00M	$93.00M	$747.00M	$348.00M	$0	$124.00M	$270.00M	$278.00M	$110.00M
Stock-based compensation	$35.00M	$44.00M	$25.00M	$25.00M	$38.00M	$20.00M	$21.00M	$15.00M	$16.00M	$19.00M	$17.00M	$18.00M
Depreciation and amortization	$217.00M	$215.00M	$229.00M	$231.00M	$218.00M	$208.00M	$206.00M	$193.00M	$209.00M	$208.00M	$208.00M	$216.00M

Key ratios

Key ratios
Line item	Q3 2026 Sep 30, 2026	Q2 2026 Jun 30, 2026	Q1 2026 Mar 31, 2026	Q4 2025* Dec 31, 2025	Q3 2025 Sep 30, 2025	Q2 2025 Jun 30, 2025	Q1 2025 Mar 31, 2025	Q4 2024* Dec 31, 2024	Q3 2024 Sep 30, 2024	Q2 2024 Jun 30, 2024	Q1 2024 Mar 31, 2024	Q4 2023* Dec 31, 2023
Revenue growth, YoY	6.5%	6.8%	2.8%	8.9%	3.2%	3.2%	-2.7%	-6.0%	1.2%	0.5%	6.9%	8.1%
Net income growth, YoY	192.4%	186.8%	72.9%	16.7%	-27.5%	11.2%	-81.1%	30.3%	367.3%	110.6%	1404.2%	139.2%
EPS growth, YoY	221.5%	213.4%	87.6%	11.3%	-21.1%	18.9%	-80.0%	64.8%	420.2%	129.6%	1519.7%	130.0%
Operating margin	31.1%	26.7%	24.1%	15.4%	16.8%	15.6%	18.1%	16.2%	21.2%	14.9%	61.2%	13.6%
Net margin	17.8%	14.7%	13.1%	6.7%	6.5%	5.5%	7.8%	6.3%	9.2%	5.1%	40.1%	4.5%
Free cash flow margin	19.2%	7.4%	27.2%	6.6%	14.7%	14.1%	12.3%	-13.0%	16.2%	11.8%	6.4%	11.4%
Current ratio	1.58	1.41	1.36	1.76	1.71	1.71	1.78	1.78	1.58	1.45	1.44	1.51
Debt to equity	2.40	2.00	1.96	3.10	2.27	2.39	2.23	2.25	2.35	2.53	2.58	4.77

Source: XBRL data Tenet Healthcare Corporation files with the SEC, latest filing dated Oct 29, 2026 (see filings on SEC EDGAR). Provided for information only, not investment advice. Check the filing before relying on a number.

* Worked out from the filings rather than stated in them: Q4 is the full year less the first nine months.

Per-share figures and share counts are restated for stock splits the filings show: 1-for-4, first reported Nov 7, 2012.

EPS growth is left out where the share count moved enough to suggest a split the filings do not show. Growth rates need a positive starting figure. CAGR is compound annual growth between fiscal years. The CSV holds every period on file, in full figures, from the same SEC filings.

THC peers

Company	Revenue	Growth	Net income	Net margin	Market cap
THC	$22.15B	+6.2%	$2.90B	13.1%	$22.55B
HCAHCA Healthcare Inc.	$78.70B	+5.8%	$6.78B	8.6%	$103.40B
EHCEncompass Health Corporation	$6.34B	+9.4%	$644.40M	10.2%	$13.50B
UHSUniversal Health Services Inc.	$18.11B	+10.0%	$1.53B	8.4%	$11.52B
ENSGThe Ensign Group Inc.	$5.67B	+17.5%	$399.12M	7.0%	$10.56B
PACSPACS Group Inc.	$5.71B	+11.0%	$277.58M	4.9%	$7.87B
NHCNational HealthCare Corporation	$1.58B	+5.6%	$115.13M	7.3%	$3.27B
SGRYSurgery Partners Inc.	$3.37B	+4.0%	-$88.60M	-2.6%	$3.04B
MDPediatrix Medical Group Inc.	$1.96B	+1.9%	$150.09M	7.7%	$2.44B

THC FAQ

8 questions

What is THC revenue?
Tenet Healthcare Corporation (THC) reported $22.15B of revenue for the twelve months ended Sep 30, 2026. That is up 6.2% from the year before. Revenue for fiscal 2025 was $21.31B.
Is THC profitable?
Yes. Tenet Healthcare Corporation earned $2.90B in net income for the twelve months ended Sep 30, 2026, a net margin of 13.1%.
How much cash and debt does THC have?
Tenet Healthcare Corporation reported $2.67B in cash and cash equivalents and $13.08B of debt on its most recent balance sheet in SEC filings.
How fast is THC revenue growing?
Tenet Healthcare Corporation's revenue changed +3.1% in fiscal 2025, to $21.31B. Its compound annual growth rate was +3.9% over 5 years and +0.6% over 10 years.
What is THC free cash flow?
Tenet Healthcare Corporation generated $3.33B of free cash flow for the twelve months ended Sep 30, 2026, which is operating cash flow of $4.24B less capital expenditures.
What is THC earnings per share?
Diluted earnings per share were $34.48 for the twelve months ended Sep 30, 2026, from SEC filings, restated for any stock split those filings show.
When did THC last report financial results?
The latest statements here come from Tenet Healthcare Corporation's 10-Q filed on Oct 29, 2026, covering the period ended Sep 30, 2026.
Where does this THC financial data come from?
Quantisnow builds these statements from the structured XBRL data Tenet Healthcare Corporation files with the SEC. It is provided for information only and is not investment advice.