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Tenet Healthcare Corporation (THC) Financial History

20 years of revenue, earnings, cash-flow and balance-sheet history from public filings.

HEALTHCARE · MEDICAL CARE FACILITIES · DATA UPDATED 2026-09-19

Tenet Healthcare Corporation (THC) operates in the MEDICAL CARE FACILITIES industry and is headquartered in Dallas, United States with about 77,000 employees. Its market capitalization is roughly $21 billion. In the fiscal year ended 2025-12-31, THC reported $21.3B in revenue and $1.4B in net income.

Tenet Healthcare Corporation operates as a diversified healthcare services company in the United States. The company operates through two segments: Hospital Operations and Services, and Ambulatory Care.

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THC Revenue & Earnings History — Annual Income Statement

Income statement	TTM → 2026-06-30	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Total Revenue	$22.2B	$21.3B	$20.7B	$20.5B	$19.2B	$19.5B	$17.6B	$18.5B	$18.3B	$19.2B	$19.6B	$18.6B	$16.6B	$11.1B	$9.1B	$8.7B	$8.3B	$9.0B	$8.6B	$8.1B	$8.5B
Gross Profit	—	$17.5B	$8.2B	$7.8B	$7.0B	$7.3B	$6.2B	$6.7B	$6.7B	$6.8B	$7.1B	$6.7B	$6.0B	$3.9B	$3.3B	$7.1B	$6.7B	$3.6B	$3.3B	$3.1B	$3.1B
Gross Margin %	—	82.3%	39.7%	38.0%	36.8%	37.3%	35.3%	36.3%	36.4%	35.4%	36.4%	35.9%	35.8%	35.5%	36.3%	82.1%	81.3%	39.8%	38.4%	37.9%	37.2%
Operating Income (EBIT)	—	$3.4B	$6.0B	$2.5B	$2.3B	$2.9B	$2.0B	$1.5B	$1.6B	$1.1B	$1.2B	$1.1B	$925M	$663M	$749M	$653M	$634M	$596M	$2.3B	$2.2B	($732M)
Operating Margin %	—	16.1%	28.8%	12.2%	12.2%	14.7%	11.3%	8.3%	8.9%	5.8%	6.4%	5.8%	5.6%	6.0%	8.2%	7.5%	7.7%	6.6%	26.7%	26.9%	-8.7%
Net Income	$2.2B	$1.4B	$3.2B	$611M	$411M	$914M	$399M	($215M)	$104M	($704M)	($192M)	($140M)	$12M	($134M)	$152M	$82M	$1.1B	$187M	$25M	($89M)	($803M)
Net Margin %	10.1%	6.6%	15.5%	3.0%	2.1%	4.7%	2.3%	-1.2%	0.6%	-3.7%	-1.0%	-0.8%	0.1%	-1.2%	1.7%	0.9%	13.8%	2.1%	0.3%	-1.1%	-9.5%
EBITDA	—	$4.5B	$6.9B	$3.4B	$3.1B	$3.7B	$2.5B	$2.2B	$2.4B	$1.8B	$2.1B	$1.9B	$1.8B	$861M	$1.2B	$937M	$962M	$1.1B	$843M	$659M	($395M)
Earnings Per Share (EPS)	$25.93	$15.49	$32.69	$5.83	$3.72	$8.42	$3.75	$-2.08	$1.00	$-7.00	$-1.93	$-1.41	$0.12	$-1.32	$1.40	$0.68	$8.16	$1.47	$0.21	$-0.75	$-6.82
Shares Outstanding (M)	—	91M	98M	105M	111M	109M	106M	103M	104M	101M	99M	99M	100M	102M	109M	121M	140M	127M	120M	118M	118M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

THC Quarterly Revenue & Earnings — Last 8 Quarters

Quarterly income statement	2026-06-30	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30
Total Revenue	$6.0B	$5.4B	$5.5B	$5.3B	$5.3B	$5.2B	$5.1B	$5.1B	$5.1B
Gross Profit	—	$882M	$869M	$3.1B	$4.3B	$4.3B	$2.0B	$2.0B	$2.0B
Gross Margin %	—	16.4%	15.7%	58.3%	82.3%	82.6%	40.3%	39.5%	39.7%
Operating Income (EBIT)	—	$882M	$869M	$889M	$823M	$901M	$821M	$1.1B	$761M
Operating Margin %	—	16.4%	15.7%	16.8%	15.6%	17.2%	16.2%	21.3%	14.9%
Net Income	$826M	$702M	$371M	$342M	$288M	$406M	$318M	$472M	$259M
Net Margin %	13.7%	13.1%	6.7%	6.5%	5.5%	7.8%	6.3%	9.2%	5.1%
EBITDA	—	$1.6B	$1.1B	$1.1B	$1.1B	$1.2B	$1.1B	$1.3B	$998M
Earnings Per Share (EPS)	$9.84	$8.01	$4.22	$3.86	$3.14	$4.27	$3.32	$4.88	$2.63
Shares Outstanding (M)	—	88M	88M	89M	92M	95M	96M	97M	98M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

THC Free Cash Flow History

Cash flow	TTM → 2026-06-30	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Cash from Operations (CFO)	$4.0B	$3.5B	$2.0B	$2.4B	$1.1B	$1.6B	$3.4B	$1.2B	$1.0B	$1.2B	$558M	$1.0B	$687M	$589M	$593M	$497M	$472M	$425M	$208M	$326M	($462M)
Capital Expenditures (CapEx)	$992M	$1.0B	$931M	$751M	$762M	$658M	$540M	$670M	$617M	$707M	$875M	$842M	$933M	$691M	$508M	$475M	$476M	$456M	$547M	$729M	$643M
Free Cash Flow (FCF)	$3.0B	$2.5B	$1.1B	$1.6B	$321M	$910M	$2.9B	$563M	$432M	$493M	($317M)	$184M	($246M)	($102M)	$85M	$22M	($4M)	($31M)	($339M)	($403M)	($1.1B)
FCF Margin %	13.6%	11.9%	5.4%	7.9%	1.7%	4.7%	16.2%	3.0%	2.4%	2.6%	-1.6%	1.0%	-1.5%	-0.9%	0.9%	0.2%	-0.1%	-0.3%	-4.0%	-5.0%	-13.1%
Dividends Paid	—	—	—	—	$560M	$423M	$287M	$307M	$288M	$987M	$218M	$110M	$45M	$27M	$14M	$24M	$32M	—	—	—	—

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

THC Quarterly Free Cash Flow — Last 8 Quarters

Quarterly cash flow	2026-06-30	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30
Cash from Operations (CFO)	$585M	$1.6B	$731M	$1.1B	$936M	$815M	($331M)	$1.0B	$747M
Capital Expenditures (CapEx)	$168M	$180M	$364M	$280M	$193M	$173M	$330M	$206M	$145M
Free Cash Flow (FCF)	$417M	$1.5B	$367M	$778M	$743M	$642M	($661M)	$839M	$602M
FCF Margin %	6.9%	27.2%	6.6%	14.7%	14.1%	12.3%	-13.0%	16.4%	11.8%

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

THC Balance Sheet History

Balance sheet	2026-06-30	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Total Assets	$30.7B	$29.7B	$28.9B	$28.3B	$27.2B	$27.6B	$27.1B	$23.4B	$22.4B	$23.4B	$24.7B	$23.7B	$18.1B	$16.1B	$9.0B	$8.5B	$8.5B	$8.0B	$8.2B	$8.4B	$8.5B
Cash & Cash Equivalents	$2.2B	$2.9B	$3.0B	$1.2B	$858M	$2.4B	$2.4B	$262M	$411M	$611M	$716M	$356M	$193M	$113M	$364M	$113M	$405M	$690M	$507M	$572M	$784M
Total Liabilities	$22.0B	$20.7B	$20.4B	$22.8B	$22.5B	$23.3B	$24.2B	$21.4B	$20.3B	$21.0B	$21.2B	$20.5B	$17.0B	$15.0B	$7.8B	$7.0B	$6.7B	$7.3B	$8.1B	$8.3B	$8.3B
Total Debt (Short + Long-Term)	$13.2B	$13.2B	$13.4B	$15.0B	$15.1B	$15.6B	$15.7B	$14.8B	$14.8B	$14.9B	$15.3B	$13.7B	$11.8B	$10.8B	$5.3B	$4.4B	$4.1B	$4.3B	$4.8B	$4.8B	$4.8B
Total Shareholders' Equity	$4.7B	$4.2B	$4.2B	$1.6B	$1.1B	$1.0B	$28M	($371M)	($119M)	($147M)	$417M	$691M	$651M	$755M	$1.1B	$1.4B	$1.8B	$646M	$103M	$54M	$264M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

Quarterly statements, profitability ratios, price history, insider activity and institutional holders are in the interactive THC viewer.

THC Metric Deep Dives

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