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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

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

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
10B20B
2008201120142017202020232025
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%
3 yrs
5 yrs
10 yrs
15 yrs

Revenue compounded at +3.9% a year over the five years to FY2025 — 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%
200820162025
ROE
FY2010 · ROE 92.8%
50%
200820162025
Three returns, three denominators.
Return on equityNot available: we don't have a clean profit figure for this period.

Return on equity has no reading this year — return on capital employed, just below, still does: 14%.

Cash & shareholders

USD 1.4B
returned in FY2025 · dividends + net buybacks
Free cash flow $B
FY2025 · FCF 2.5
2B3B
200820162025
Net buybacks $B Dividends $B
FY2025 · Dividends · · Net buybacks 1.4
0.5B1.0B
20092011201320162020202220242025

USD 1.4B in buybacks — Not available: we don't have a clean profit figure for this period.

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—not applicable◌not available in our data
THC, 18-year financial record
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 % — not applicable: no dividend——————————————————
ROE %◌◌◌◌◌————◌◌◌◌◌◌92.845.617.0

Slide the table for earlier years. "—" not applicable · "◌" not available in our data.

Compare

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Provenance

Company facts, as filed

How we verify · 0 failures in 70 reconciliationsAUDITED

Reconciled in 18 of the 18 fiscal years we could check. Four checks were skipped: the balance sheet is not tagged before 2009. One check was skipped: EPS is not tagged before 2008.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquidityCurrency consistency0 failures
ActivityServices-General Medical & Surgical Hospitals, NEC
Listed onNYSE
Incorporated inNevada
Fiscal year endsDecember 31
Data on record since2008

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