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.

PeriodRangeOrderChangeYoYQoQFiguresAs-reported fiscal years.

Line item	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 YoY+3.1%	20.7B YoY+0.5%	20.6B YoY+7.2%	19.2B YoY-1.6%	19.5B YoY+10.5%
Amortization of intangibles	166M YoY-3.5%	172M YoY-1.1%	174M YoY+1.2%	172M YoY-8.5%	188M YoY+9.3%
Operating income	3.51B YoY-41.1%	5.96B YoY+137.3%	2.51B YoY+7.6%	2.33B YoY-18.7%	2.87B YoY+44.3%
Interest expense	821M YoY-0.6%	826M YoY-8.3%	901M YoY+1.2%	890M YoY-3.6%	923M YoY-8.0%
Other non-operating income	117M YoY-7.1%	126M YoY+563.2%	19.0M YoY+72.7%	11.0M YoY-21.4%	14.0M YoY+1300.0%
Equity-method income	264M YoY+1.5%	260M YoY+14.0%	228M YoY+5.6%	216M YoY-0.9%	218M YoY+29.0%
Pre-tax income	2.80B YoY-46.6%	5.25B YoY+224.6%	1.62B YoY+20.2%	1.34B YoY-28.8%	1.89B YoY+181.4%
Income tax	433M YoY-63.4%	1.18B YoY+286.9%	306M YoY-11.0%	344M YoY-16.3%	411M YoY+523.7%
	1.41B YoY-56.0%	3.20B YoY+423.7%	611M YoY+48.7%	411M YoY-55.0%	914M YoY+19.0%
Income from continuing operations	1.41B YoY-56.0%	3.20B YoY+423.7%	611M YoY+49.0%	410M YoY-55.2%	915M YoY+129.3%
Discontinued operations	—	—	0.00 YoY-100.0%	1.00M YoY+200.0%	-1.00M
Net income to non-controlling interest	960M YoY+11.1%	864M YoY+23.4%	700M YoY+18.6%	590M YoY+5.0%	562M YoY+52.3%
Net income to common	1.41B YoY-56.0%	3.20B YoY+423.7%	611M YoY+48.7%	411M YoY-55.0%	914M YoY+129.1%
	$15.49 YoY-52.6%	$32.70 YoY+472.7%	$5.71 YoY+50.7%	$3.79 YoY-55.0%	$8.42 YoY+124.5%
EPS (basic)	$15.61 YoY-52.7%	$33.02 YoY+449.4%	$6.01 YoY+56.5%	$3.84 YoY-55.1%	$8.55 YoY+125.0%
	90.2M YoY-7.0%	96.9M YoY-4.7%	102M YoY-4.9%	107M YoY+0.1%	107M YoY+1.7%
	90.8M YoY-7.2%	97.9M YoY-6.6%	105M YoY-5.2%	111M YoY+1.8%	109M YoY+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 YoY+2.2%	7.68B YoY+7.2%	7.17B YoY+19.8%	5.98B YoY-15.5%	7.08B YoY-1.0%
Cash & equivalents	2.88B YoY-4.5%	3.02B YoY+145.8%	1.23B YoY+43.1%	858M YoY-63.7%	2.36B YoY-3.4%
Accounts receivable	2.56B YoY+1.1%	2.54B YoY-13.0%	2.91B YoY-1.0%	2.94B YoY+6.2%	2.77B YoY+3.0%
Inventory	348M YoY+0.6%	346M YoY-15.8%	411M YoY+1.5%	405M YoY+5.5%	384M YoY+4.3%
Prepaid expenses	423M YoY+14.9%	368M YoY-5.9%	391M YoY-2.3%	400M YoY+58.7%	252M
Other current assets	1.99B YoY+13.1%	1.76B YoY-4.3%	1.84B YoY+3.6%	1.77B YoY+14.0%	1.56B YoY+3.6%
	29.7B YoY+2.6%	28.9B YoY+2.2%	28.3B YoY+4.3%	27.2B YoY-1.5%	27.6B YoY+1.7%
Operating lease right-of-use	1.13B YoY+9.4%	1.04B YoY-4.2%	1.08B YoY-4.1%	1.13B YoY+12.7%	1.00B YoY-5.6%
Goodwill	11.2B YoY+4.7%	10.7B YoY+3.7%	10.3B YoY+1.8%	10.1B YoY+9.3%	9.26B YoY+5.1%
Intangible assets	1.35B YoY-3.5%	1.40B YoY+2.1%	1.37B YoY-3.9%	1.42B YoY-4.9%	1.50B YoY-6.4%
Long-term investments	1.44B YoY-5.9%	1.53B YoY-1.8%	1.56B YoY-4.2%	1.63B YoY-10.2%	1.81B YoY+76.7%
Deferred tax assets	84.0M YoY+5.0%	80.0M YoY+3.9%	77.0M YoY+305.3%	19.0M YoY-70.8%	65.0M YoY-80.0%
	4.46B YoY+3.5%	4.31B YoY-9.5%	4.76B YoY+6.3%	4.48B YoY-12.4%	5.11B YoY+5.4%
Accounts payable	1.36B YoY+5.1%	1.29B YoY-8.1%	1.41B YoY-6.4%	1.50B YoY+15.7%	1.30B YoY+7.7%
Deferred revenue	—	0.00	0.00 YoY-100.0%	110M YoY-88.5%	959M YoY+45.5%
Short-term & current debt	79.0M YoY-14.1%	92.0M YoY-23.3%	120M YoY-17.2%	145M YoY+7.4%	135M YoY-6.9%
Current lease liability	214M YoY+4.9%	204M YoY+0.0%	204M YoY-1.4%	207M YoY+3.0%	201M YoY+6.9%
Other current liabilities	1.81B YoY+12.6%	1.61B YoY-8.5%	1.76B YoY+11.1%	1.58B YoY+16.1%	1.36B YoY+2.2%
Finance lease liability (current)	45.0M YoY-16.7%	54.0M YoY-35.7%	84.0M YoY-15.2%	99.0M YoY-6.6%	106M YoY-13.1%
	20.7B YoY+1.5%	20.4B YoY-10.6%	22.8B YoY+1.1%	22.5B YoY-3.3%	23.3B YoY-3.7%
Long-term debt	13.1B YoY+0.1%	13.1B YoY-12.1%	14.9B YoY-0.3%	14.9B YoY-3.7%	15.5B YoY-0.4%
Deferred revenue (non-current)	—	—	—	13.0M YoY-13.3%	15.0M YoY-98.4%
Non-current lease liability	1.04B YoY+9.8%	950M YoY-5.7%	1.01B YoY-3.7%	1.05B YoY+13.2%	924M YoY-7.5%
Operating lease liability (total)	1.26B YoY+8.9%	1.15B YoY-4.7%	1.21B YoY-3.4%	1.25B YoY+11.4%	1.13B YoY-5.2%
Finance lease liability (total)	452M YoY+1.8%	444M YoY+117.6%	204M YoY-22.7%	264M YoY-6.4%	282M YoY+3.3%
Finance lease liability	407M YoY+4.4%	390M YoY+225.0%	120M YoY-27.3%	165M YoY-6.3%	176M YoY+16.6%
Deferred tax liabilities	240M YoY+5.7%	227M YoY-30.4%	326M YoY+50.2%	217M YoY+502.8%	36.0M YoY+24.1%
Other non-current liabilities	1.71B YoY+8.9%	1.57B YoY-8.0%	1.71B YoY-5.1%	1.80B YoY+25.1%	1.44B YoY-11.0%
	4.22B YoY+1.2%	4.17B YoY+159.4%	1.61B YoY+40.8%	1.14B YoY+11.1%	1.03B YoY+3571.4%
Common stock	8.00M YoY+0.0%	8.00M YoY+0.0%	8.00M YoY+0.0%	8.00M YoY+0.0%	8.00M YoY+14.3%
Additional paid-in capital	4.91B YoY+0.8%	4.87B YoY+0.8%	4.83B YoY+1.2%	4.78B YoY-2.0%	4.88B YoY+0.7%
Retained earnings	4.42B YoY+46.8%	3.01B YoY+1666.7%	-192M YoY+76.1%	-803M YoY+33.9%	-1.21B YoY+43.0%
Treasury stock	4.94B YoY+39.5%	3.54B YoY+23.7%	2.86B YoY+7.6%	2.66B YoY+10.4%	2.41B YoY-0.2%
Accumulated other comprehensive income	-181M YoY-0.6%	-180M YoY+0.6%	-181M YoY+0.0%	-181M YoY+22.3%	-233M YoY+17.1%
Non-controlling interest	1.80B YoY+9.0%	1.65B YoY+9.3%	1.51B YoY+14.6%	1.32B YoY+28.4%	1.03B YoY+12.9%
Total equity incl. non-controlling	6.02B YoY+3.4%	5.82B YoY+86.7%	3.12B YoY+26.8%	2.46B YoY+19.7%	2.05B YoY+119.2%
Total liabilities & equity	29.7B YoY+2.6%	28.9B YoY+2.2%	28.3B YoY+4.3%	27.2B YoY-1.5%	27.6B YoY+1.7%
	159M YoY+0.4%	158M YoY+0.5%	157M YoY+0.5%	156M YoY+0.6%	156M YoY+0.7%
	87.0M YoY-8.6%	95.1M YoY-4.8%	100.0M YoY-2.2%	102M YoY-4.6%	107M YoY+1.1%
	87.0M YoY-8.6%	95.1M YoY-4.9%	100.0M YoY-2.2%	102M YoY-4.8%	107M YoY+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 YoY+72.9%	2.05B YoY-13.8%	2.37B YoY+119.2%	1.08B YoY-30.9%	1.57B YoY-54.0%
Depreciation & amortization	863M YoY+5.5%	818M YoY-6.0%	870M YoY+3.4%	841M YoY-1.6%	855M YoY-0.2%
Intangible amortization	166M YoY-3.5%	172M YoY-1.1%	174M YoY+1.2%	172M YoY-8.5%	188M YoY+9.3%
Share-based compensation	104M YoY+55.2%	67.0M YoY+1.5%	66.0M YoY+17.9%	56.0M YoY+0.0%	56.0M YoY+27.3%
Deferred income taxes	9.00M YoY+108.7%	-103M YoY-298.1%	52.0M YoY-75.1%	209M YoY-16.4%	250M YoY+295.3%
Change in receivables	-20.0M YoY+91.8%	-245M YoY-944.8%	29.0M YoY-79.3%	140M YoY-28.9%	197M YoY+201.0%
	-1.27B YoY-137.2%	3.43B YoY+453.9%	-969M YoY-19.9%	-808M YoY-13.2%	-714M YoY+55.6%
Capital expenditure	1.01B YoY+8.5%	931M YoY+24.0%	751M YoY-1.4%	762M YoY+15.8%	658M YoY+21.9%
Free cash flow	2.53B YoY+126.7%	1.12B YoY-31.2%	1.62B YoY+405.6%	321M YoY-64.7%	910M YoY-68.3%
Acquisitions	308M YoY-46.1%	571M YoY+154.9%	224M YoY-4.3%	234M YoY-80.8%	1.22B YoY+3.7%
Purchases of investments	90.0M YoY-4.3%	94.0M YoY-9.6%	104M YoY+13.0%	92.0M YoY-14.8%	108M YoY+145.5%
Sales/maturities of investments	—	—	50.0M YoY-34.2%	76.0M YoY+145.2%	31.0M
Other investing activities	-2.00M YoY-110.5%	19.0M YoY+72.7%	11.0M YoY+83.3%	6.00M YoY-14.3%	7.00M YoY+141.2%
	-2.40B YoY+34.8%	-3.69B YoY-256.0%	-1.03B YoY+41.9%	-1.78B YoY-90.3%	-936M YoY-343.1%
Long-term debt issued	2.28B YoY+9795.7%	23.0M YoY-98.3%	1.37B YoY-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 YoY+106.3%	672M YoY+236.0%	200M YoY-20.0%	250M	0.00
Dividends paid	0.00	0.00	0.00	0.00	0.00
Other financing activities	55.0M YoY-5.2%	58.0M YoY-30.1%	83.0M YoY+280.4%	-46.0M YoY+28.1%	-64.0M YoY-293.9%
Net change in cash	-136M YoY-107.6%	1.79B YoY+384.1%	370M YoY+124.6%	-1.51B YoY-1736.6%	-82.0M YoY-103.8%
Interest paid	865M YoY+1.6%	851M YoY-3.5%	882M YoY+4.0%	848M YoY-9.5%	937M YoY-2.6%
Income taxes paid	450M YoY-64.6%	1.27B YoY+423.0%	243M YoY+50.9%	161M YoY+75.0%	92.0M YoY+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 YoY+43.9%	12.0B YoY+56.5%	7.67B YoY+45.5%	5.28B YoY-39.9%	8.77B YoY+106.9%
P/E	12.3× YoY+227.3%	3.8× YoY-77.1%	16.4× YoY+73.1%	9.5× YoY-1.5%	9.6× YoY+73.9%
P/S	0.8× YoY+39.6%	0.6× YoY+52.6%	0.4× YoY+37.4%	0.3× YoY-38.5%	0.5× YoY+87.3%
P/B	4.1× YoY+42.3%	2.9× YoY-45.1%	5.2× YoY+22.7%	4.3× YoY-50.0%	8.5× YoY-94.4%
P/FCF	6.8× YoY-36.5%	10.8× YoY+59.5%	6.7× YoY-68.9%	21.7× YoY+125.1%	9.6× YoY+552.0%
	8.1% YoY-69.5%	26.7% YoY+336.1%	6.1% YoY-42.2%	10.6% YoY+1.5%	10.4% YoY-42.5%
	14.6% YoY+57.5%	9.3% YoY-37.3%	14.8% YoY+221.9%	4.6% YoY-55.6%	10.4% YoY-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.