TENET HEALTHCARE CORPTHC

TENET HEALTHCARE CORP Earnings Per Share Disclosure

10-KFiled Feb 17, 20262 min read
EARNINGS PER COMMON SHARE
The following table reconciles the numerators and denominators of our basic and diluted earnings per common share calculations. Net income available to our common shareholders is expressed in millions and weighted average shares are expressed in thousands.
 Net Income Available to Common Shareholders (Numerator)Wtd. Avg. Shares
(Denominator)		Per-Share
Amount
Year Ended December 31, 2025   
Net income available to Tenet Healthcare Corporation common shareholders for basic earnings per share$1,407 90,150 $15.61 
Effect of dilutive instruments— 683 (0.12)
Net income available to Tenet Healthcare Corporation common shareholders for diluted earnings per share$1,407 90,833 $15.49 
Year Ended December 31, 2024   
Net income available to Tenet Healthcare Corporation common shareholders for basic earnings per share$3,200 96,904 $33.02 
Effect of dilutive instruments1 977 (0.32)
Net income available to Tenet Healthcare Corporation common shareholders for diluted earnings per share$3,201 97,881 $32.70 
Year Ended December 31, 2023   
Net income available to Tenet Healthcare Corporation common shareholders for basic earnings per share$611 101,639 $6.01 
Effect of dilutive instruments(13)3,161 (0.30)
Net income available to Tenet Healthcare Corporation common shareholders for diluted earnings per share$598 104,800 $5.71 
Dilutive instruments during the years ended December 31, 2025, 2024 and 2023 consisted of stock options, RSUs, convertible long‑term incentive awards, deferred compensation units and dividends on subsidiary preferred stock. For portions of these years, our dilutive instruments also included certain convertible instruments, including: RSUs issued under the USPI Management Equity Plan until they were repurchased in October 2024 and an agreement related to the ownership interest in a Hospital Operations segment joint venture during 2023

About Earnings Per Share Disclosures

The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.

Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.

Other Available Disclosures

Income TaxesRevenueFair ValuePP&EGoodwill & IntangiblesLeasesSegmentsDebtCommitmentsStock CompensationNew Standards