Tenet Healthcare Corp (THC) Financial Statements
Industry: General Medical & Surgical Hospitals (Other) (Services)
In fiscal 2025, Tenet Healthcare reported revenue of $21.31B, up 3.1% from $20.66B the year before. Net income was $1.41B (a 6.6% net margin), or $15.49 per diluted share. Gross margin was 100.0% and operating margin was 16.5%. Operating activities generated $3.54B of cash, leaving $2.53B of free cash flow. At fiscal year end, Tenet Healthcare held $29.68B in total assets against $20.70B in total liabilities, including $2.88B of cash and equivalents.
Open the full interactive Tenet Healthcare financials → Quarterly statements, key ratios, valuation history and price charts.
Tenet Healthcare Key Stats
| Share Price | $266.91 |
|---|---|
| Market Cap | $22.41B |
| P/E Ratio | 17.2 |
| Revenue YoY Growth | +3.1% |
| 52-Week Range | $161.37 – $280.77 |
| Shares Outstanding | 83.5 million (basic, 2026 Q2) |
Tenet Healthcare Income Statement
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Revenue | $17.64B | $19.48B | $19.17B | $20.55B | $20.66B | $21.31B |
| Cost of Goods Sold | $0 | $0 | $0 | $0 | $0 | $0 |
| Gross Profit | $17.64B | $19.48B | $19.17B | $20.55B | $20.66B | $21.31B |
| Operating Income | $1.99B | $2.87B | $2.33B | $2.51B | $5.96B | $3.51B |
| Pre-Tax Income | $671.0M | $1.89B | $1.34B | $1.62B | $5.25B | $2.80B |
| Income Tax | -$97.0M | $411.0M | $344.0M | $306.0M | $1.18B | $433.0M |
| Net Income | $399.0M | $914.0M | $411.0M | $611.0M | $3.20B | $1.41B |
| Diluted EPS | $3.75 | $8.42 | $3.79 | $5.71 | $32.70 | $15.49 |
Tenet Healthcare Quarterly Results
| 2025 Q3 | 2025 Q4 | 2026 Q1 | 2026 Q2 | |
|---|---|---|---|---|
| Revenue | $5.29B | $5.53B | $5.37B | $5.63B |
| Net Income | $342.0M | $371.0M | $702.0M | $826.0M |
| Diluted EPS | $3.86 | $4.08 | $8.01 | $9.84 |
Tenet Healthcare Balance Sheet
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $2.45B | $2.36B | $858.0M | $1.23B | $3.02B | $2.88B |
| Current Assets | $7.15B | $7.08B | $5.98B | $7.17B | $7.68B | $7.85B |
| Total Assets | $27.11B | $27.58B | $27.16B | $28.31B | $28.94B | $29.68B |
| Current Liabilities | $4.85B | $5.11B | $4.48B | $4.76B | $4.31B | $4.46B |
| Total Long-Term Debt | $15.72B | $15.65B | $15.08B | $15.00B | $13.17B | $13.17B |
| Total Liabilities | $24.22B | $23.32B | $22.55B | $22.80B | $20.39B | $20.70B |
| Shareholders' Equity | $28.0M | $1.03B | $1.14B | $1.61B | $4.17B | $4.22B |
Tenet Healthcare Cash Flow Statement
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Cash From Operations | $3.41B | $1.57B | $1.08B | $2.37B | $2.05B | $3.54B |
| Cash From Investing | -$1.61B | -$714.0M | -$808.0M | -$969.0M | $3.43B | -$1.27B |
| Cash From Financing | $385.0M | -$936.0M | -$1.78B | -$1.03B | -$3.69B | -$2.40B |
| Free Cash Flow | $2.87B | $910.0M | $321.0M | $1.62B | $1.12B | $2.53B |
Figures from Tenet Healthcare's 10-K and 10-Q filings with the SEC, as of 2026-10-14. Fiscal years follow the company's own reporting calendar. EPS and share counts are adjusted for later stock splits. See the full Tenet Healthcare financials page for every line item.
Tenet Healthcare Company Profile
| Ticker | THC |
|---|---|
| Exchange | NYSE |
| Industry | General Medical & Surgical Hospitals (Other) (Services) |
| Headquarters | Dallas, Texas |
| Incorporated in | Nevada |
| Fiscal Year End | December 31 |
| SEC Filer Category | Large accelerated filer |
| SEC CIK | 0000070318 |
Frequently Asked Questions
What was Tenet Healthcare's revenue in fiscal 2025?
Tenet Healthcare (THC) reported revenue of $21.31B for fiscal 2025.
What is Tenet Healthcare's annual revenue history?
Tenet Healthcare's annual revenue by fiscal year: 2020: $17.64B; 2021: $19.48B; 2022: $19.17B; 2023: $20.55B; 2024: $20.66B; 2025: $21.31B.
What was Tenet Healthcare's net income in fiscal 2025?
Tenet Healthcare reported net income of $1.41B for fiscal 2025.
What was Tenet Healthcare's earnings per share (EPS) in fiscal 2025?
Tenet Healthcare's diluted EPS was $15.49 for fiscal 2025 (adjusted for any later stock splits).
How much free cash flow did Tenet Healthcare generate in fiscal 2025?
Tenet Healthcare generated $2.53B of free cash flow in fiscal 2025.
What was Tenet Healthcare's revenue last quarter?
In its most recent reported quarter (2026 Q2), Tenet Healthcare reported revenue of $5.63B.
How much debt does Tenet Healthcare have?
Tenet Healthcare reported $13.17B of long-term debt, including the current portion, at the end of fiscal 2025.
How many shares of Tenet Healthcare are outstanding?
Tenet Healthcare reported a weighted average of 83.5 million basic shares outstanding in 2026 Q2.
What is Tenet Healthcare's market cap?
Based on its latest closing price, Tenet Healthcare (THC) has a market capitalization of about $22.41B.
When does Tenet Healthcare's fiscal year end?
Tenet Healthcare's fiscal year end, as registered with the SEC, is December 31.
Where is Tenet Healthcare headquartered?
Tenet Healthcare lists its business address in Dallas, Texas in its SEC filings.