Skip to content
MARKETS / NYSE / THC
NYSE · SERVICES-GENERAL MEDICAL & SURGICAL HOSPITALS, NEC · LARGE CAP

Tenet Healthcare Corp. THC

18 fiscal years on record · USD · FY2025 reported · SEC filings only
$21.3B
▲ 3.1% YoY
$2.4B
▼ 41.8% YoY
$2.5B
▲ 126.7% YoY
In brief

What this company does

Tenet Healthcare Corporation operates a nationwide care delivery network through direct and indirect subsidiaries, partnerships and joint ventures. At December 31, 2025, it employed nearly 100,000 people across its two reporting segments, including employees in all 50 U.S. states and the District of Columbia. Its business is organized into two reporting segments, Hospital Operations and Services and Ambulatory Care. At December 31, 2025, its Hospital Operations segment comprised 50 acute care and specialty hospitals, a network of employed physicians, and 132 outpatient facilities, including urgent care centers, imaging centers, off-campus hospital emergency departments and micro-hospitals, along with revenue cycle management and value-based care services provided through Conifer Health Solutions, LLC. Its Ambulatory Care segment consists of the operations of USPI Holding Company, Inc., which held ownership interests in 533 ambulatory surgery centers and 26 surgical hospitals at December 31, 2025.

Written from the business description in TENET HEALTHCARE CORP's annual report to the U.S. Securities and Exchange Commission, filed 17 February 2026. Every sentence was checked against that document before publication.

Growth
USD 21.3B
Revenue, FY2025 · full 18-year series below
Revenue $B Net income $B
FY2025 · Revenue 21.3 · Net income 2.4
8B16B2008201120142017202020232025
Compound annual growth
+3.6%
+3.9%
+0.6%
+6.5%
+33.2%
+25.2%
+40.7%
+4.9%
+59.9%
+32.8%
+4.4%
+77.0%
+49.4%
3 yrs
5 yrs
10 yrs
15 yrs

Revenue compounded at +3.9% a year over five years — but profit grew faster: net income at +25.2%, earnings per share at +32.8%.

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability
11 cents
of every revenue dollar became profit
Operating margin Net margin
FY2025 · Operating 16.5% · Net 11.1%
10%20%2008201120142017202020232025
ROE
FY2010 · ROE 92.8%
50%2008201120142017202020232025

Cash & shareholders
USD 1.4B
returned in FY2025 · dividends + net buybacks
Free cash flow $B
FY2025 · FCF 2.5
1B2B2008201120142017202020232025
Net buybacks $B Dividends $B
FY2025 · Dividends — · Net buybacks 1.4
0.5B1.0B20092011201320162020202220242025

USD 1.4B in buybacks went back to shareholders.

Total assetsUSD 29.7B
EquityUSD 4.2B
CashUSD 2.9B
Gross debtUSD 13.1B
Net debtUSD 10.2B
Current ratio1.76×

Net debt stands at 242% of equity.

The 18-year record
18 fiscal years
Every figure from documents filed with the SEC · USD

EPS, diluted, dividend per share and shares outstanding are shown without shading, and a vertical line marks the year the share count changed — the series crosses a large, unexplained change in share count, so the years on either side are not on a comparable scale.

row low → row highnegative
Metric 202520242023202220212020201920182017201620152014201320122011201020092008
Revenue $B21.320.720.619.219.517.618.518.320.621.120.117.912.19.98.78.38.38.6
Operating income $B3.56.02.52.32.92.01.51.61.11.21.10.90.70.70.70.60.50.3
EBITDA $B4.46.83.43.23.72.82.42.42.02.11.91.8······
Income tax $B0.41.20.30.30.4−0.10.20.20.20.10.10.0−0.10.10.1−1.0−0.0−0.0
Net income $B2.44.11.31.01.50.80.20.5−0.30.20.10.1−0.10.10.11.20.20.0
Free cash flow $B2.51.11.60.30.92.90.60.40.5−0.30.2−0.2−0.10.10.0···
EPS, diluted $15.4932.705.713.798.423.75−2.081.00−7.00−1.93−1.410.12−1.321.300.488.160.370.05
Dividend / sh $··················
Payout %··················
ROE %···············92.828.0·

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

Compare

This company against its peers

Provenance
Company facts, as filed
How we verify · 0 failures in 70 reconciliationsAUDITED

Reconciled in 18 of 19 fiscal years. 6 checks could not be computed.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquiditymoeda_consistente0 failures
ActivityServices-General Medical & Surgical Hospitals, NEC
Listed onNYSE
Incorporated inNevada
Fiscal year endsDecember 31
Data on record since2008

Share this section

Download image