TENET HEALTHCARE CORP

Listed Company

THCCIK 0000070318NYSELarge AcceleratedServices-General Medical & Surgical Hospitals, NecNevadaFY ends Dec 31

Period

FY 2025

Revenue

$21.31B

Net Income

$2.37B

Total Assets

$29.68B

Equity

$4.22B

Shares Out

86.14M

Op. Cash Flow

$3.54B

Business

TENET HEALTHCARE CORP is a diversified healthcare services company that operates an extensive network of acute care and specialty hospitals, outpatient facilities and affiliated physician practices. It offers acute inpatient care, tertiary and specialty services, outpatient urgent care, imaging and ambulatory surgery services, revenue cycle management, clinical documentation and value‑based care solutions. The company reports through two segments: Hospital Operations and Services and Ambulatory Care (USPI), and includes joint ventures and management services arrangements. Tenet distributes services nationwide in the U.S. through wholly owned subsidiaries, joint ventures and downstream partnerships, supported by centralized enterprise administrative functions.

Summary from filing dated 2025-02-18

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net operating revenues	21,310	20,675	20,564	19,174	19,485
Equity in earnings of unconsolidated affiliates	264	260	228	216	218
Salaries, wages and benefits	8,705	8,801	9,146	8,844	8,878
Supplies	3,780	3,647	3,590	3,273	3,328
Other operating expenses, net	4,523	4,492	4,515	3,998	4,206
Depreciation and amortization	863	818	870	841	855
Impairment and restructuring charges, and acquisition-related costs	130	102	137	226	85
Litigation and investigation costs	64	35	47	—	—
Net losses (gains) on sales, consolidation and deconsolidation of facilities	1	−2,916	−23	−1	−445
Operating income	3,508	5,956	2,510	2,333	2,871
Interest expense	−821	−826	−901	−890	—
Other non-operating income, net	117	126	19	11	14
Loss from early extinguishment of debt	−4	−8	−11	−109	−74
Income before income taxes	2,800	5,248	1,617	1,345	—
Income tax expense	−433	−1,184	−306	−344	−411
Net income	2,367	4,064	1,311	1,001	1,476
Less: Net income available to noncontrolling interests	960	864	700	590	562
Net income available to Tenet Healthcare Corporation common shareholders	1,407	3,200	611	411	914
Basic earnings per share (in dollars per share)	15.61	33.02	6.01	3.84	8.55
Diluted earnings per share (in dollars per share)	15.49	32.7	5.71	3.79	8.42
Basic (in shares)	90	97	102	107	107
Diluted (in shares)	91	98	105	111	109

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	2,883	3,019	1,228	858	2,364
Accounts receivable	2,565	2,536	2,914	2,943	2,770
Inventories of supplies, at cost	348	346	411	405	384
Assets held for sale	62	21	775	0	0
Other current assets	1,991	1,760	1,839	1,775	1,557
Total current assets	7,849	7,682	7,167	5,981	7,075
Investments and other assets	2,883	3,037	3,157	3,147	3,254
Deferred income taxes	84	80	77	19	65
Property and equipment, at cost, less accumulated depreciation and amortization ($6,680 at December 31, 2025 and $5,809 at December 31, 2024)	6,315	6,049	6,236	6,462	6,427
Goodwill	11,198	10,691	10,307	10,123	9,261
Other intangible assets, at cost, less accumulated amortization ($1,328 at December 31, 2025 and $1,288 at December 31, 2024)	1,348	1,397	1,368	1,424	1,497
Total assets	29,677	28,936	28,312	27,156	27,579
Current portion of long-term debt	79	92	120	145	135
Accounts payable	1,360	1,294	1,408	1,504	1,300
Accrued compensation and benefits	858	899	930	778	896
Professional and general liability reserves	276	238	254	255	254
Accrued interest payable	81	149	200	213	203
Liabilities held for sale	0	13	69	0	0
Income tax payable	0	18	23	—	—
Other current liabilities	1,809	1,607	1,756	1,581	1,362
Total current liabilities	4,463	4,310	4,760	4,476	5,109
Long-term debt, net of current portion	13,092	13,081	14,882	14,934	15,511
Professional and general liability reserves	951	900	792	790	791
Defined benefit plan obligations	245	298	335	331	421
Deferred income taxes	240	227	326	217	36
Other long-term liabilities	1,713	1,573	1,709	1,800	1,439
Total liabilities	20,704	20,389	22,804	22,548	23,322
Commitments and contingencies	—	—	—	—	—
Redeemable noncontrolling interests in equity of consolidated subsidiaries	2,956	2,727	2,391	2,149	2,203
Common stock, $0.05 par value; authorized 262,500 shares; 158,612 shares issued at December 31, 2025 and 158,001 shares issued at December 31, 2024	8	8	8	8	8
Additional paid-in capital	4,914	4,873	4,834	4,778	4,877
Accumulated other comprehensive loss	−181	−180	−181	−181	−233
Retained earnings	4,415	3,008	−192	−803	−1,214
Common stock in treasury, at cost, 71,660 shares at December 31, 2025 and 62,892 shares at December 31, 2024	−4,936	−3,538	−2,861	−2,660	−2,410
Total shareholders equity	4,220	4,171	1,608	1,142	1,028
Noncontrolling interests	1,797	1,649	1,509	1,317	1,026
Total equity	6,017	5,820	3,117	2,459	2,054
Total liabilities and equity	29,677	28,936	28,312	27,156	27,579

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Deferred income tax expense (benefit)	9	−103	52	209	250
Stock-based compensation expense	104	67	66	56	56
Litigation and investigation costs	64	35	47	—	—
Net losses (gains) on sales, consolidation and deconsolidation of facilities	1	−2,916	−23	—	—
Equity in earnings of unconsolidated affiliates, net of distributions received	−34	−29	−13	2	−10
Amortization of debt discount and debt issuance costs	23	26	32	33	33
Net gains from the sale of investments and long-lived assets	−4	−4	−29	−117	−23
Other items, net	−6	−4	−4	11	−10
Accounts receivable	20	245	−29	−140	−197
Inventories and other current assets	−73	−86	−139	−64	−52
Income taxes	−25	16	10	−26	68
Accounts payable, accrued expenses and other current liabilities	209	−30	215	−898	−584
Other long-term liabilities	9	−9	14	−15	28
Payments for restructuring charges, acquisition-related costs, and litigation costs and settlements	−121	−153	−154	−214	−153
Net cash provided by operating activities	3,540	2,047	2,374	1,083	1,568
Purchases of property and equipment	−1,010	−931	−751	−762	−658
Purchases of businesses or joint venture interests, net of cash acquired	−308	−571	−224	−234	−1,220
Proceeds from sales of facilities and other assets	38	4,981	71	210	1,248
Proceeds from sales of marketable securities and long-term investments	93	63	50	76	31
Purchases of marketable securities and long-term investments	−90	−94	−104	−92	−108
Other items, net	2	−19	−11	−6	−7
Net cash provided by (used in) investing activities	−1,275	3,429	−969	−808	−714
Repayments of borrowings	−2,372	−2,243	−1,542	−2,851	—
Proceeds from borrowings	2,276	23	1,370	2,023	—
Repurchases of common stock	−1,386	−672	−200	−250	0
Debt issuance costs	−32	0	−16	−24	−31
Distributions paid to noncontrolling interests	−809	−681	−594	−560	−423
Proceeds from the sale of noncontrolling interests	42	23	43	27	25
Purchases of noncontrolling interests	−92	−200	−167	−100	−27
Advances from managed care payers	0	342	0	0	—
Repayments of advances from managed care payers	−32	−310	0	0	—
Taxes paid related to net share settlement, net of proceeds from shares issued under stock-based compensation plans	−51	−25	−12	—	—
Other items, net	55	58	83	−46	−64
Net cash used in financing activities	−2,401	−3,685	−1,035	−1,781	−936
Net increase (decrease) in cash and cash equivalents	−136	1,791	370	−1,506	−82
Interest paid, net of capitalized interest	−865	−851	−882	−848	−937
Income tax payments, net	−450	−1,271	−243	−161	−92

Filings

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