Tenet Healthcare
THC · NYSEServices-General Medical & Surgical Hospitals, NEC · Fiscal year ends Dec 31
Tenet Healthcare reported revenue of $21.3B in the fiscal year ended Dec 2025, up 3.1% from the year before. Operating income was $3.5B, an operating margin of 16.5%, and net income was $2.4B. Operating cash flow of $3.5B less capital expenditure of $1B left free cash flow of $2.5B. Net debt was $10.2B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $19.5B | $19.2B | $20.6B | $20.7B | $21.3B |
| Operating income | $2.9B | $2.3B | $2.5B | $6B | $3.5B |
| Interest expense | $923M | $890M | $901M | $826M | $821M |
| Pre-tax income | $1.9B | $1.3B | $1.6B | $5.2B | $2.8B |
| Income tax | $411M | $344M | $306M | $1.2B | $433M |
| Net income | $1.5B | $1B | $1.3B | $4.1B | $2.4B |
| Diluted EPS | 8.42 | 3.79 | 5.71 | 32.70 | 15.49 |
| Diluted shares | 109M | 111M | 105M | 98M | 91M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $2.4B | $858M | $1.2B | $3B | $2.9B |
| Receivables | $2.8B | $2.9B | $2.9B | $2.5B | $2.6B |
| Inventory | $384M | $405M | $411M | $346M | $348M |
| Current assets | $7.1B | $6B | $7.2B | $7.7B | $7.8B |
| Goodwill | $9.3B | $10.1B | $10.3B | $10.7B | $11.2B |
| Total assets | $27.6B | $27.2B | $28.3B | $28.9B | $29.7B |
| Payables | $1.3B | $1.5B | $1.4B | $1.3B | $1.4B |
| Deferred revenue | $959M | $110M | $0 | $0 | – |
| Current liabilities | $5.1B | $4.5B | $4.8B | $4.3B | $4.5B |
| Long-term debt | $15.5B | $14.9B | $14.9B | $13.1B | $13.1B |
| Total liabilities | $23.3B | $22.5B | $22.8B | $20.4B | $20.7B |
| Shareholders' equity | $1B | $1.1B | $1.6B | $4.2B | $4.2B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $1.6B | $1.1B | $2.4B | $2B | $3.5B |
| Capital expenditure | $658M | $762M | $751M | $931M | $1B |
| Free cash flow | $910M | $321M | $1.6B | $1.1B | $2.5B |
| Depreciation & amortisation | $855M | $841M | $870M | $818M | $863M |
| Stock-based compensation | $56M | $56M | $66M | $67M | $104M |
| Acquisitions | $1.2B | $234M | $224M | $571M | $308M |
| Share buybacks | $0 | $250M | $200M | $672M | $1.4B |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | −1.6% | 7.2% | 0.5% | 3.1% |
| Operating income growth (YoY) | – | −18.7% | 7.6% | 137.3% | −41.1% |
| EPS growth (YoY) | – | −55.0% | 50.7% | 472.7% | −52.6% |
| Operating margin | 14.7% | 12.2% | 12.2% | 28.8% | 16.5% |
| Net margin | 7.6% | 5.2% | 6.4% | 19.7% | 11.1% |
| Return on equityBlank when equity is negative | 143.6% | 87.7% | 81.5% | 97.4% | 56.1% |
| ROCEEBIT ÷ (assets − current liabilities) | 12.8% | 10.3% | 10.7% | 24.2% | 13.9% |
| Free cash flow margin | 4.7% | 1.7% | 7.9% | 5.4% | 11.9% |
| Cash conversion (CFO ÷ net income) | 1.06x | 1.08x | 1.81x | 0.50x | 1.50x |
| Receivable days | 52 | 56 | 52 | 45 | 44 |
| Interest cover | 3.11x | 2.62x | 2.79x | 7.21x | 4.27x |
| Debt ÷ equity | 15.1x | 13.1x | 9.25x | 3.14x | 3.10x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $13.1B | $14.1B | $13.7B | $10.1B | $10.2B |
| Current ratio | 1.38x | 1.34x | 1.51x | 1.78x | 1.76x |
Recent filings
More in Services-General Medical & Surgical Hospitals, Nec
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.