This page shows Tenet Healthcare Corp (THC) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 18 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Financial Health Signals
Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores
Tenet Healthcare Corp has an operating margin of 16.5%, meaning the company retains $16 of operating profit per $100 of revenue. This strong profitability earns a score of 82/100, reflecting efficient cost management and pricing power. This is down from 28.8% the prior year.
Tenet Healthcare Corp's revenue grew a modest 3.1% year-over-year to $21.3B. This slow but positive growth earns a score of 37/100.
Tenet Healthcare Corp has elevated debt relative to equity (D/E of 3.10), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 0/100, reflecting increased financial risk.
Tenet Healthcare Corp's current ratio of 1.76 indicates adequate short-term liquidity, earning a score of 50/100. The company can meet its near-term obligations, though with limited headroom.
Tenet Healthcare Corp has a free cash flow margin of 11.9%, earning a moderate score of 59/100. The company generates positive cash flow after capital investments, but with room for improvement.
Tenet Healthcare Corp earns a strong 56.1% return on equity (ROE), meaning it generates $56 of profit for every $100 of shareholders' equity. This efficient capital use earns a returns score of 100/100. This is down from 97.4% the prior year.
Tenet Healthcare Corp scores 2.03, placing it in the grey zone between 1.81 and 2.99. This signals moderate financial risk that warrants monitoring.
Tenet Healthcare Corp passes 6 of 9 financial strength tests. 3 of 4 profitability signals pass, 2 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.
For every $1 of reported earnings, Tenet Healthcare Corp generates $1.50 in operating cash flow ($3.5B OCF vs $2.4B net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Tenet Healthcare Corp earns $4.3 in operating income for every $1 of interest expense ($3.5B vs $821.0M). This adequate coverage means the company can meet its interest obligations, but has limited cushion if earnings fall.
Key Financial Metrics
Tenet Healthcare Corp generated $21.3B in revenue in fiscal year 2025. This represents an increase of 3.1% from the prior year.
Tenet Healthcare Corp's EBITDA was $4.4B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 35.5% from the prior year.
Tenet Healthcare Corp generated $2.5B in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 126.7% from the prior year.
Tenet Healthcare Corp reported $2.4B in net income in fiscal year 2025. This represents a decrease of 41.8% from the prior year.
Tenet Healthcare Corp earned $15.49 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 52.6% from the prior year.
Tenet Healthcare Corp held $2.9B in cash against $13.1B in long-term debt as of fiscal year 2025.
Tenet Healthcare Corp had 87M shares outstanding in fiscal year 2025. This represents a decrease of 8.6% from the prior year.
Tenet Healthcare Corp's operating margin was 16.5% in fiscal year 2025, reflecting core business profitability. This is down 12.4 percentage points from the prior year.
Tenet Healthcare Corp's net profit margin was 11.1% in fiscal year 2025, showing the share of revenue converted to profit. This is down 8.5 percentage points from the prior year.
Tenet Healthcare Corp's ROE was 56.1% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 41.3 percentage points from the prior year.
Tenet Healthcare Corp spent $1.4B on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents an increase of 106.3% from the prior year.
Tenet Healthcare Corp invested $1.0B in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 8.5% from the prior year.
THC Income Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q4'23 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $5.5B+4.5% | $5.3B+0.3% | $5.3B+0.9% | $5.2B+3.0% | $5.1B-6.0% | $5.4B+6.5% | $5.1B-0.3% | $5.1B |
| Cost of Revenue | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Gross Profit | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Income | $853.0M-4.0% | $889.0M+8.0% | $823.0M-12.7% | $943.0M+14.9% | $821.0M+11.7% | $735.0M+29.4% | $568.0M-6.0% | $604.0M |
| Interest Expense | $205.0M-0.5% | $206.0M0.0% | $206.0M+1.0% | $204.0M+0.5% | $203.0M-10.6% | $227.0M0.0% | $227.0M+0.4% | $226.0M |
| Income Tax | $37.0M-72.2% | $133.0M+10.8% | $120.0M-16.1% | $143.0M+72.3% | $83.0M+31.7% | $63.0M-20.3% | $79.0M-1.3% | $80.0M |
| Net Income | $644.0M+11.2% | $579.0M+10.9% | $522.0M-16.1% | $622.0M+8.7% | $572.0M+25.4% | $456.0M+71.4% | $266.0M-9.2% | $293.0M |
| EPS (Diluted) | $4.22+9.3% | $3.86+22.9% | $3.14-26.5% | $4.27+12.7% | $3.79+64.8% | $2.30+144.7% | $0.94-18.3% | $1.15 |
THC Balance Sheet
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q4'23 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $29.7B+0.9% | $29.4B+2.5% | $28.7B-1.8% | $29.2B+1.0% | $28.9B+2.2% | $28.3B+2.6% | $27.6B+1.6% | $27.2B |
| Current Assets | $7.8B+0.5% | $7.8B+7.0% | $7.3B-7.8% | $7.9B+3.0% | $7.7B+7.2% | $7.2B+12.7% | $6.4B+6.1% | $6.0B |
| Cash & Equivalents | $2.9B-3.1% | $3.0B+13.3% | $2.6B-12.5% | $3.0B-0.7% | $3.0B+145.8% | $1.2B+16.5% | $1.1B+12.8% | $934.0M |
| Inventory | $348.0M+0.6% | $346.0M+2.4% | $338.0M-1.7% | $344.0M-0.6% | $346.0M-15.8% | $411.0M-0.5% | $413.0M+2.2% | $404.0M |
| Accounts Receivable | $2.6B+1.9% | $2.5B-0.6% | $2.5B-3.3% | $2.6B+3.3% | $2.5B-13.0% | $2.9B+0.6% | $2.9B-0.6% | $2.9B |
| Goodwill | $11.2B+0.4% | $11.2B+2.0% | $10.9B+1.4% | $10.8B+0.9% | $10.7B+3.7% | $10.3B-1.0% | $10.4B+0.6% | $10.3B |
| Total Liabilities | $20.7B-0.1% | $20.7B+1.6% | $20.4B-0.9% | $20.6B+1.0% | $20.4B-10.6% | $22.8B+1.8% | $22.4B+1.1% | $22.2B |
| Current Liabilities | $4.5B-2.1% | $4.6B+6.8% | $4.3B-4.0% | $4.5B+3.3% | $4.3B-9.5% | $4.8B+7.4% | $4.4B+6.7% | $4.2B |
| Long-Term Debt | $13.1B-0.1% | $13.1B+0.1% | $13.1B+0.1% | $13.1B0.0% | $13.1B-12.1% | $14.9B-0.1% | $14.9B0.0% | $14.9B |
| Total Equity | $4.2B+5.1% | $4.0B+7.1% | $3.7B-10.3% | $4.2B+0.2% | $4.2B+159.4% | $1.6B+9.8% | $1.5B+9.0% | $1.3B |
| Retained Earnings | $4.4B+9.2% | $4.0B+9.2% | $3.7B+8.4% | $3.4B+13.5% | $3.0B+1666.7% | -$192.0M+56.0% | -$436.0M+18.8% | -$537.0M |
THC Cash Flow Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q4'23 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $731.0M-30.9% | $1.1B+13.0% | $936.0M+14.8% | $815.0M+346.2% | -$331.0M-140.2% | $824.0M+63.8% | $503.0M-15.9% | $598.0M |
| Capital Expenditures | $364.0M+30.0% | $280.0M+45.1% | $193.0M+11.6% | $173.0M-47.6% | $330.0M+58.7% | $208.0M+18.2% | $176.0M+33.3% | $132.0M |
| Free Cash Flow | $367.0M-52.8% | $778.0M+4.7% | $743.0M+15.7% | $642.0M+197.1% | -$661.0M-207.3% | $616.0M+88.4% | $327.0M-29.8% | $466.0M |
| Investing Cash Flow | -$389.0M-1.0% | -$385.0M-22.6% | -$314.0M-67.9% | -$187.0M+49.7% | -$372.0M-11.7% | -$333.0M-97.0% | -$169.0M+6.6% | -$181.0M |
| Financing Cash Flow | -$434.0M-34.4% | -$323.0M+67.6% | -$996.0M-53.7% | -$648.0M-74.2% | -$372.0M-17.4% | -$317.0M-48.1% | -$214.0M+14.1% | -$249.0M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | $198.0M+112.9% | $93.0M-87.6% | $747.0M+114.7% | $348.0M | $0-100.0% | $110.0M | $0-100.0% | $40.0M |
THC Financial Ratios
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q4'23 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | 15.4%-1.4pp | 16.8%+1.2pp | 15.6%-2.4pp | 18.1%+1.9pp | 16.2%+2.6pp | 13.6%+2.4pp | 11.2%-0.7pp | 11.9% |
| Net Margin | 11.7%+0.7pp | 10.9%+1.0pp | 9.9%-2.0pp | 11.9%+0.6pp | 11.3%+2.8pp | 8.5%+3.2pp | 5.3%-0.5pp | 5.8% |
| Return on Equity | 15.3%+0.8pp | 14.4%+0.5pp | 13.9%-1.0pp | 14.9%+1.2pp | 13.7%-14.7pp | 28.4%+10.2pp | 18.2%-3.7pp | 21.8% |
| Return on Assets | 2.2%+0.2pp | 2.0%+0.1pp | 1.8%-0.3pp | 2.1%+0.1pp | 2.0%+0.4pp | 1.6%+0.7pp | 1.0%-0.1pp | 1.1% |
| Current Ratio | 1.76+0.0 | 1.710.0 | 1.71-0.1 | 1.780.0 | 1.78+0.3 | 1.51+0.1 | 1.430.0 | 1.44 |
| Debt-to-Equity | 3.10-0.2 | 3.26-0.2 | 3.49+0.4 | 3.130.0 | 3.14-6.1 | 9.26-0.9 | 10.18-0.9 | 11.10 |
| FCF Margin | 6.6%-8.1pp | 14.7%+0.6pp | 14.1%+1.8pp | 12.3%+25.3pp | -13.0%-24.4pp | 11.4%+5.0pp | 6.5%-2.7pp | 9.2% |
Similar Companies
Frequently Asked Questions
What is Tenet Healthcare Corp's annual revenue?
Tenet Healthcare Corp (THC) reported $21.3B in total revenue for fiscal year 2025. This represents a 3.1% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Tenet Healthcare Corp's revenue growing?
Tenet Healthcare Corp (THC) revenue grew by 3.1% year-over-year, from $20.7B to $21.3B in fiscal year 2025.
Is Tenet Healthcare Corp profitable?
Yes, Tenet Healthcare Corp (THC) reported a net income of $2.4B in fiscal year 2025, with a net profit margin of 11.1%.
What is Tenet Healthcare Corp's earnings per share (EPS)?
Tenet Healthcare Corp (THC) reported diluted earnings per share of $15.49 for fiscal year 2025. This represents a -52.6% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.
What is Tenet Healthcare Corp's EBITDA?
Tenet Healthcare Corp (THC) had EBITDA of $4.4B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Tenet Healthcare Corp have?
As of fiscal year 2025, Tenet Healthcare Corp (THC) had $2.9B in cash and equivalents against $13.1B in long-term debt.
What is Tenet Healthcare Corp's operating margin?
Tenet Healthcare Corp (THC) had an operating margin of 16.5% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Tenet Healthcare Corp's net profit margin?
Tenet Healthcare Corp (THC) had a net profit margin of 11.1% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Tenet Healthcare Corp's return on equity (ROE)?
Tenet Healthcare Corp (THC) has a return on equity of 56.1% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Tenet Healthcare Corp's free cash flow?
Tenet Healthcare Corp (THC) generated $2.5B in free cash flow during fiscal year 2025. This represents a 126.7% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Tenet Healthcare Corp's operating cash flow?
Tenet Healthcare Corp (THC) generated $3.5B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Tenet Healthcare Corp's total assets?
Tenet Healthcare Corp (THC) had $29.7B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Tenet Healthcare Corp's capital expenditures?
Tenet Healthcare Corp (THC) invested $1.0B in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
Does Tenet Healthcare Corp buy back shares?
Yes, Tenet Healthcare Corp (THC) spent $1.4B on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.
How many shares does Tenet Healthcare Corp have outstanding?
Tenet Healthcare Corp (THC) had 87M shares outstanding as of fiscal year 2025.
What is Tenet Healthcare Corp's current ratio?
Tenet Healthcare Corp (THC) had a current ratio of 1.76 as of fiscal year 2025, which is generally considered healthy.
What is Tenet Healthcare Corp's debt-to-equity ratio?
Tenet Healthcare Corp (THC) had a debt-to-equity ratio of 3.10 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Tenet Healthcare Corp's return on assets (ROA)?
Tenet Healthcare Corp (THC) had a return on assets of 8.0% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Tenet Healthcare Corp's Altman Z-Score?
Tenet Healthcare Corp (THC) has an Altman Z-Score of 2.03, placing it in the Grey Zone (moderate risk). The Z-Score combines five financial ratios—working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets—to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Tenet Healthcare Corp's Piotroski F-Score?
Tenet Healthcare Corp (THC) has a Piotroski F-Score of 6 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Tenet Healthcare Corp's earnings high quality?
Tenet Healthcare Corp (THC) has an earnings quality ratio of 1.50x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Tenet Healthcare Corp cover its interest payments?
Tenet Healthcare Corp (THC) has an interest coverage ratio of 4.3x, meaning it can adequately cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Tenet Healthcare Corp?
Tenet Healthcare Corp (THC) scores 55 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.