THC
Tenet Healthcare CorporationStock · Health CareRussell 1000 0.02% · Russell 3000 0.02% · US Stock Market 0.02%$261.99+0.03%
as of Sep 21, 9:35 AM ET
☾ AH — —
THC financial statements
The full income statement, balance sheet, and cash-flow statement for Tenet Healthcare Corporation (THC), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.
Shares outstanding (point-in-time)
2024-06 95.8M2024-09 95.1M2024-12 95.1M2025-03 92.9M2025-06 88.4M2025-09 87.9M2025-12 87.0M2026-03 86.1M2026-06 80.5M-16.0% over 8 periods
SEC-filed end-of-period counts (cover pages and balance sheets, split-adjusted) — the series realized buyback yield is computed from. The weighted-average share lines in the statements below lag these by design: an average over the year sits near the midpoint of an ongoing buyback.
As-reported fiscal years.
| Line item | Trend | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Income Statement | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| Revenue | 21.3B+3.1% | 20.7B+0.5% | 20.6B+7.2% | 19.2B-1.6% | 19.5B+10.5% | |
| Amortization of intangibles | 166M-3.5% | 172M-1.1% | 174M+1.2% | 172M-8.5% | 188M+9.3% | |
| Operating income | 3.51B-41.1% | 5.96B+137.3% | 2.51B+7.6% | 2.33B-18.7% | 2.87B+44.3% | |
| Interest expense | 821M-0.6% | 826M-8.3% | 901M+1.2% | 890M-3.6% | 923M-8.0% | |
| Other non-operating income | 117M-7.1% | 126M+563.2% | 19.0M+72.7% | 11.0M-21.4% | 14.0M+1300.0% | |
| Equity-method income | 264M+1.5% | 260M+14.0% | 228M+5.6% | 216M-0.9% | 218M+29.0% | |
| Pre-tax income | 2.80B-46.6% | 5.25B+224.6% | 1.62B+20.2% | 1.34B-28.8% | 1.89B+181.4% | |
| Income tax | 433M-63.4% | 1.18B+286.9% | 306M-11.0% | 344M-16.3% | 411M+523.7% | |
| 1.41B-56.0% | 3.20B+423.7% | 611M+48.7% | 411M-55.0% | 914M+19.0% | ||
| Income from continuing operations | 1.41B-56.0% | 3.20B+423.7% | 611M+49.0% | 410M-55.2% | 915M+129.3% | |
| Discontinued operations | — | — | 0.00-100.0% | 1.00M+200.0% | -1.00M | |
| Net income to non-controlling interest | 960M+11.1% | 864M+23.4% | 700M+18.6% | 590M+5.0% | 562M+52.3% | |
| Net income to common | 1.41B-56.0% | 3.20B+423.7% | 611M+48.7% | 411M-55.0% | 914M+129.1% | |
| $15.49-52.6% | $32.70+472.7% | $5.71+50.7% | $3.79-55.0% | $8.42+124.5% | ||
| EPS (basic) | $15.61-52.7% | $33.02+449.4% | $6.01+56.5% | $3.84-55.1% | $8.55+125.0% | |
| Weighted-avg shares (basic) | 90.2M-7.0% | 96.9M-4.7% | 102M-4.9% | 107M+0.1% | 107M+1.7% | |
| Weighted-avg shares (diluted) | 90.8M-7.2% | 97.9M-6.6% | 105M-5.2% | 111M+1.8% | 109M+2.2% | |
| Balance Sheet | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| 7.85B+2.2% | 7.68B+7.2% | 7.17B+19.8% | 5.98B-15.5% | 7.08B-1.0% | ||
| Cash & equivalents | 2.88B-4.5% | 3.02B+145.8% | 1.23B+43.1% | 858M-63.7% | 2.36B-3.4% | |
| Accounts receivable | 2.56B+1.1% | 2.54B-13.0% | 2.91B-1.0% | 2.94B+6.2% | 2.77B+3.0% | |
| Inventory | 348M+0.6% | 346M-15.8% | 411M+1.5% | 405M+5.5% | 384M+4.3% | |
| Prepaid expenses | 423M+14.9% | 368M-5.9% | 391M-2.3% | 400M+58.7% | 252M | |
| Other current assets | 1.99B+13.1% | 1.76B-4.3% | 1.84B+3.6% | 1.77B+14.0% | 1.56B+3.6% | |
| 29.7B+2.6% | 28.9B+2.2% | 28.3B+4.3% | 27.2B-1.5% | 27.6B+1.7% | ||
| Operating lease right-of-use | 1.13B+9.4% | 1.04B-4.2% | 1.08B-4.1% | 1.13B+12.7% | 1.00B-5.6% | |
| Goodwill | 11.2B+4.7% | 10.7B+3.7% | 10.3B+1.8% | 10.1B+9.3% | 9.26B+5.1% | |
| Intangible assets | 1.35B-3.5% | 1.40B+2.1% | 1.37B-3.9% | 1.42B-4.9% | 1.50B-6.4% | |
| Long-term investments | 1.44B-5.9% | 1.53B-1.8% | 1.56B-4.2% | 1.63B-10.2% | 1.81B+76.7% | |
| Deferred tax assets | 84.0M+5.0% | 80.0M+3.9% | 77.0M+305.3% | 19.0M-70.8% | 65.0M-80.0% | |
| 4.46B+3.5% | 4.31B-9.5% | 4.76B+6.3% | 4.48B-12.4% | 5.11B+5.4% | ||
| Accounts payable | 1.36B+5.1% | 1.29B-8.1% | 1.41B-6.4% | 1.50B+15.7% | 1.30B+7.7% | |
| Deferred revenue | — | 0.00 | 0.00-100.0% | 110M-88.5% | 959M+45.5% | |
| Short-term & current debt | 79.0M-14.1% | 92.0M-23.3% | 120M-17.2% | 145M+7.4% | 135M-6.9% | |
| Current lease liability | 214M+4.9% | 204M+0.0% | 204M-1.4% | 207M+3.0% | 201M+6.9% | |
| Other current liabilities | 1.81B+12.6% | 1.61B-8.5% | 1.76B+11.1% | 1.58B+16.1% | 1.36B+2.2% | |
| Finance lease liability (current) | 45.0M-16.7% | 54.0M-35.7% | 84.0M-15.2% | 99.0M-6.6% | 106M-13.1% | |
| 20.7B+1.5% | 20.4B-10.6% | 22.8B+1.1% | 22.5B-3.3% | 23.3B-3.7% | ||
| Long-term debt | 13.1B+0.1% | 13.1B-12.1% | 14.9B-0.3% | 14.9B-3.7% | 15.5B-0.4% | |
| Deferred revenue (non-current) | — | — | — | 13.0M-13.3% | 15.0M-98.4% | |
| Non-current lease liability | 1.04B+9.8% | 950M-5.7% | 1.01B-3.7% | 1.05B+13.2% | 924M-7.5% | |
| Operating lease liability (total) | 1.26B+8.9% | 1.15B-4.7% | 1.21B-3.4% | 1.25B+11.4% | 1.13B-5.2% | |
| Finance lease liability (total) | 452M+1.8% | 444M+117.6% | 204M-22.7% | 264M-6.4% | 282M+3.3% | |
| Finance lease liability | 407M+4.4% | 390M+225.0% | 120M-27.3% | 165M-6.3% | 176M+16.6% | |
| Deferred tax liabilities | 240M+5.7% | 227M-30.4% | 326M+50.2% | 217M+502.8% | 36.0M+24.1% | |
| Other non-current liabilities | 1.71B+8.9% | 1.57B-8.0% | 1.71B-5.1% | 1.80B+25.1% | 1.44B-11.0% | |
| 4.22B+1.2% | 4.17B+159.4% | 1.61B+40.8% | 1.14B+11.1% | 1.03B+3571.4% | ||
| Common stock | 8.00M+0.0% | 8.00M+0.0% | 8.00M+0.0% | 8.00M+0.0% | 8.00M+14.3% | |
| Additional paid-in capital | 4.91B+0.8% | 4.87B+0.8% | 4.83B+1.2% | 4.78B-2.0% | 4.88B+0.7% | |
| Retained earnings | 4.42B+46.8% | 3.01B+1666.7% | -192M+76.1% | -803M+33.9% | -1.21B+43.0% | |
| Treasury stock | 4.94B+39.5% | 3.54B+23.7% | 2.86B+7.6% | 2.66B+10.4% | 2.41B-0.2% | |
| Accumulated other comprehensive income | -181M-0.6% | -180M+0.6% | -181M+0.0% | -181M+22.3% | -233M+17.1% | |
| Non-controlling interest | 1.80B+9.0% | 1.65B+9.3% | 1.51B+14.6% | 1.32B+28.4% | 1.03B+12.9% | |
| Total equity incl. non-controlling | 6.02B+3.4% | 5.82B+86.7% | 3.12B+26.8% | 2.46B+19.7% | 2.05B+119.2% | |
| Total liabilities & equity | 29.7B+2.6% | 28.9B+2.2% | 28.3B+4.3% | 27.2B-1.5% | 27.6B+1.7% | |
| Common shares issued | 159M+0.4% | 158M+0.5% | 157M+0.5% | 156M+0.6% | 156M+0.7% | |
| Common shares outstanding | 87.0M-8.6% | 95.1M-4.8% | 100.0M-2.2% | 102M-4.6% | 107M+1.1% | |
| Shares outstanding (cover) | 87.0M-8.6% | 95.1M-4.9% | 100.0M-2.2% | 102M-4.8% | 107M+1.1% | |
| Cash Flow | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| 3.54B+72.9% | 2.05B-13.8% | 2.37B+119.2% | 1.08B-30.9% | 1.57B-54.0% | ||
| Depreciation & amortization | 863M+5.5% | 818M-6.0% | 870M+3.4% | 841M-1.6% | 855M-0.2% | |
| Intangible amortization | 166M-3.5% | 172M-1.1% | 174M+1.2% | 172M-8.5% | 188M+9.3% | |
| Share-based compensation | 104M+55.2% | 67.0M+1.5% | 66.0M+17.9% | 56.0M+0.0% | 56.0M+27.3% | |
| Deferred income taxes | 9.00M+108.7% | -103M-298.1% | 52.0M-75.1% | 209M-16.4% | 250M+295.3% | |
| Change in receivables | -20.0M+91.8% | -245M-944.8% | 29.0M-79.3% | 140M-28.9% | 197M+201.0% | |
| -1.27B-137.2% | 3.43B+453.9% | -969M-19.9% | -808M-13.2% | -714M+55.6% | ||
| Capital expenditure | 1.01B+8.5% | 931M+24.0% | 751M-1.4% | 762M+15.8% | 658M+21.9% | |
| Free cash flow | 2.53B+126.7% | 1.12B-31.2% | 1.62B+405.6% | 321M-64.7% | 910M-68.3% | |
| Acquisitions | 308M-46.1% | 571M+154.9% | 224M-4.3% | 234M-80.8% | 1.22B+3.7% | |
| Purchases of investments | 90.0M-4.3% | 94.0M-9.6% | 104M+13.0% | 92.0M-14.8% | 108M+145.5% | |
| Sales/maturities of investments | — | — | 50.0M-34.2% | 76.0M+145.2% | 31.0M | |
| Other investing activities | -2.00M-110.5% | 19.0M+72.7% | 11.0M+83.3% | 6.00M-14.3% | 7.00M+141.2% | |
| -2.40B+34.8% | -3.69B-256.0% | -1.03B+41.9% | -1.78B-90.3% | -936M-343.1% | ||
| Long-term debt issued | 2.28B+9795.7% | 23.0M-98.3% | 1.37B-32.3% | 2.02B | 0.00 | |
| Long-term debt repaid | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Common stock issued | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Common stock repurchased | 1.39B+106.3% | 672M+236.0% | 200M-20.0% | 250M | 0.00 | |
| Dividends paid | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Other financing activities | 55.0M-5.2% | 58.0M-30.1% | 83.0M+280.4% | -46.0M+28.1% | -64.0M-293.9% | |
| Net change in cash | -136M-107.6% | 1.79B+384.1% | 370M+124.6% | -1.51B-1736.6% | -82.0M-103.8% | |
| Interest paid | 865M+1.6% | 851M-3.5% | 882M+4.0% | 848M-9.5% | 937M-2.6% | |
| Income taxes paid | 450M-64.6% | 1.27B+423.0% | 243M+50.9% | 161M+75.0% | 92.0M+666.7% | |
| Valuation Ratios | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| Market cap | 17.3B+43.9% | 12.0B+56.5% | 7.67B+45.5% | 5.28B-39.9% | 8.77B+106.9% | |
| P/E | 12.3×+227.3% | 3.8×-77.1% | 16.4×+73.1% | 9.5×-1.5% | 9.6×+73.9% | |
| P/S | 0.8×+39.6% | 0.6×+52.6% | 0.4×+37.4% | 0.3×-38.5% | 0.5×+87.3% | |
| P/B | 4.1×+42.3% | 2.9×-45.1% | 5.2×+22.7% | 4.3×-50.0% | 8.5×-94.4% | |
| P/FCF | 6.8×-36.5% | 10.8×+59.5% | 6.7×-68.9% | 21.7×+125.1% | 9.6×+552.0% | |
| Earnings yield | 8.1%-69.5% | 26.7%+336.1% | 6.1%-42.2% | 10.6%+1.5% | 10.4%-42.5% | |
| FCF yield | 14.6%+57.5% | 9.3%-37.3% | 14.8%+221.9% | 4.6%-55.6% | 10.4%-84.7% | |
| Source filing | 10-K | 10-K | 10-K | 10-K | 10-K |
About this data
Source: THC’s SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn’t file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all THC filings on SEC EDGAR → Not investment advice.