Fundies.
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TENET HEALTHCARE CORP

EDGAR
THC Quarterly report (10-Q) · filed 2026-10-29

Annual consolidated revenue for 2025: about USD 21.31B, using the latest reported figures. The previous period, 2024, was about USD 20.68B.

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Watchlist

Latest quarter

Revenue

5.63 billion USD

2026 Q3 · USD

Exact inputs and evidence
  • Revenue: 5631000000 USD Source

Operating margin

31.08%

2026 Q3 · %

Exact inputs and evidence
  • Operating Income: 1750000000 USD Source
  • Revenue: 5631000000 USD Source

Operating cash flow

1.28 billion USD

2026 Q3 · USD

Exact inputs and evidence
  • Operating Cash Flow: 3507000000 USD Source
  • Operating Cash Flow: 2226000000 USD Source

Free cash flow

1.08 billion USD

2026 Q3 · USD

Exact inputs and evidence
  • Operating Cash Flow: 3507000000 USD Source
  • Operating Cash Flow: 2226000000 USD Source
  • Capital Expenditure: 546000000 USD Source
  • Capital Expenditure: 348000000 USD Source
Cash and cash equivalents
2.67 billion USD Source
Exact value

2674000000 USD

Long-term debt including current maturities
Not available
Shares outstanding
Not available

Trailing twelve months

The four most recent complete quarters added together. This gives a full-year view that includes the latest quarterly results.

Revenue

22.2 billion USD

2025-10-01 – 2026-09-30

Exact inputs and evidence
  • Revenue: 21310000000 USD · 2025-01-01 – 2025-12-31 Source
  • Revenue: 15783000000 USD · 2025-01-01 – 2025-09-30 Source
  • Revenue: 5368000000 USD · 2026-01-01 – 2026-03-31 Source
  • Revenue: 5628000000 USD · 2026-04-01 – 2026-06-30 Source
  • Revenue: 5631000000 USD · 2026-07-01 – 2026-09-30 Source

Company performance

Up to ten complete financial years · consolidated figures

Includes later revisions to earlier periods. Annual charts exclude incomplete years.

Latest filing recorded: 2026-10-29.

Financial data available through: 2025-12-31.

Coverage by financial measure
  • Revenue: 10 of 11 periods available· newest 2025-12-31
  • Operating income: 11 of 11 periods available· newest 2025-12-31
  • net income: No compatible figures in this window
  • Operating cash flow: 11 of 11 periods available· newest 2025-12-31
  • Capital expenditure: 11 of 11 periods available· newest 2025-12-31
  • Total assets: 10 of 11 periods available· newest 2025-12-31
  • Total liabilities: 10 of 11 periods available· newest 2025-12-31
  • Current assets: 10 of 11 periods available· newest 2025-12-31
  • Current liabilities: 10 of 11 periods available· newest 2025-12-31
  • Cash and cash equivalents: 10 of 11 periods available· newest 2025-12-31
  • long term debt: No compatible figures in this window
  • shares outstanding: No compatible figures in this window

Coverage describes values retained in this snapshot. Missing values are not zero; loading limits are reported separately.

What changed year over year

Latest complete year compared with the corresponding period one year earlier. These are measured changes; they do not establish their business causes.

  • Revenue

    +3.1%

    Prior period

    USD 20.68 billion

    –

    Current period

    USD 21.31 billion

    –

    Exact inputs and evidence

    21310000000 − 20675000000 = 635000000 USD

    20675000000 USD · 2024-01-01 – 2024-12-31

    Inspect prior input Prior source

    21310000000 USD · 2025-01-01 – 2025-12-31

    Inspect current input Current source
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  • Operating cash flow

    +72.9%

    Prior period

    USD 2.05 billion

    –

    Current period

    USD 3.54 billion

    –

    Exact inputs and evidence

    3540000000 − 2047000000 = 1493000000 USD

    2047000000 USD · 2024-01-01 – 2024-12-31

    Inspect prior input Prior source

    3540000000 USD · 2025-01-01 – 2025-12-31

    Inspect current input Current source
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  • Capital expenditure

    +8.5%

    Prior period

    USD 931 million

    –

    Current period

    USD 1.01 billion

    –

    Exact inputs and evidence

    1010000000 − 931000000 = 79000000 USD

    931000000 USD · 2024-01-01 – 2024-12-31

    Inspect prior input Prior source

    1010000000 USD · 2025-01-01 – 2025-12-31

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Comparable inputs unavailable for: Net income.

Where revenue goes

How a period’s revenue divides into costs and what remains as profit. Items marked Derived are calculated by subtraction from reported figures.

2025 2025-01-01 – 2025-12-31

  • Revenue USD 21.31 billion 100% of revenue
  • Operating costs Derived USD 17.8 billion 84% of revenue
  • Operating income USD 3.51 billion 16% of revenue
  • Tax, interest and other Derived Unavailable An input is unavailable.
  • Net income Unavailable An input is unavailable.

Cash

  • Operating cash flow USD 3.54 billion 17% of revenue
  • Capital expenditure USD 1.01 billion 4.7% of revenue
  • Free cash flow Derived USD 2.53 billion 12% of revenue

Share of revenue by period

  • Net income
  • Tax, interest and other
  • Operating costs
  • 2016 Not shown: operating income or net income is not reported.
  • 2017 Not shown: operating income or net income is not reported.
  • 2018 Not shown: operating income or net income is not reported.
  • 2019 Not shown: operating income or net income is not reported.
  • 2020 Not shown: operating income or net income is not reported.
  • 2021 Not shown: operating income or net income is not reported.
  • 2022 Not shown: operating income or net income is not reported.
  • 2023 Not shown: operating income or net income is not reported.
  • 2024 Not shown: operating income or net income is not reported.
  • 2025 Not shown: operating income or net income is not reported.
Values and sources
Revenue breakdown by annual reporting period
PeriodRevenueOperating costsOperating incomeTax, interest and otherNet incomeFree cash flowSource
2016 2016-01-01 – 2016-12-3119621000000 18374000000 Derived 1247000000 UnavailableUnavailable-317000000 Derived
Source
2017 2017-01-01 – 2017-12-3119179000000 18066000000 Derived 1113000000 UnavailableUnavailable493000000 Derived
Source
2018 2018-01-01 – 2018-12-3118313000000 16676000000 Derived 1637000000 UnavailableUnavailable432000000 Derived
Source
2019 2019-01-01 – 2019-12-3118479000000 16942000000 Derived 1537000000 UnavailableUnavailable563000000 Derived
Source
2020 2020-01-01 – 2020-12-3117640000000 15651000000 Derived 1989000000 UnavailableUnavailable2867000000 Derived
Source
2021 2021-01-01 – 2021-12-3119485000000 16614000000 Derived 2871000000 UnavailableUnavailable910000000 Derived
Source
2022 2022-01-01 – 2022-12-3119174000000 16841000000 Derived 2333000000 UnavailableUnavailable321000000 Derived
Source
2023 2023-01-01 – 2023-12-3120564000000 18054000000 Derived 2510000000 UnavailableUnavailable1623000000 Derived
Source
2024 2024-01-01 – 2024-12-3120675000000 14719000000 Derived 5956000000 UnavailableUnavailable1116000000 Derived
Source
2025 2025-01-01 – 2025-12-3121310000000 17802000000 Derived 3508000000 UnavailableUnavailable2530000000 Derived
Source

Amounts are exact, in USD.

Growth

Sales over time and how quickly they are changing.

Revenue

Revenue reported for each complete financial period.

USD 21.3B 2025
Revenue historyRevenue reported for each complete financial period. Values are shown by financial reporting period. Open Values and sources below for the exact observations and evidence.23.0B17.3B11.5B5.8B0.0201620212025
Values and sources
Revenue values and source evidence
PeriodSeriesValue(USD)Source evidence
2016Revenue19621000000
2017Revenue19179000000
2018Revenue18313000000
2019Revenue18479000000
2020Revenue17640000000
2021Revenue19485000000
2022Revenue19174000000
2023Revenue20564000000
2024Revenue20675000000
2025Revenue21310000000

Revenue growth

Change in revenue from the same financial period one year earlier.

3.1% 2025
Revenue growth historyChange in revenue from the same financial period one year earlier. Values are shown by financial reporting period. Open Values and sources below for the exact observations and evidence.11.7%7.3%3.0%-1.4%-5.7%201620212025
Values and sources
Revenue growth values and source evidence
PeriodSeriesValueSource evidence
2016Year over yearNo prior comparable period
2017Year over year-2.3%
2018Year over year-4.5%
2019Year over year0.9%
2020Year over year-4.5%
2021Year over year10.5%
2022Year over year-1.6%
2023Year over year7.2%
2024Year over year0.5%
2025Year over year3.1%

Profit and cash

How much revenue becomes profit, and how much cash operations generate.

Profit margins

Operating income, net income and free cash flow as a share of revenue.

Operating margin 16.5% 2025
Free cash flow margin 11.9% 2025
Profit margins historyOperating income, net income and free cash flow as a share of revenue. Values are shown by financial reporting period. Open Values and sources below for the exact observations and evidence.31.2%22.4%13.6%4.8%-4.0%201620212025
  • Operating margin
  • Net margin
  • Free cash flow margin
Values and sources
Profit margins values and source evidence
PeriodSeriesValueSource evidence
2016Operating margin6.4%
2017Operating margin5.8%
2018Operating margin8.9%
2019Operating margin8.3%
2020Operating margin11.3%
2021Operating margin14.7%
2022Operating margin12.2%
2023Operating margin12.2%
2024Operating margin28.8%
2025Operating margin16.5%
2016-12-31Net marginNot reported
2017-12-31Net marginNot reported
2018-12-31Net marginNot reported
2019-12-31Net marginNot reported
2020-12-31Net marginNot reported
2021-12-31Net marginNot reported
2022-12-31Net marginNot reported
2023-12-31Net marginNot reported
2024-12-31Net marginNot reported
2025-12-31Net marginNot reported
2016Free cash flow margin-1.6%
2017Free cash flow margin2.6%
2018Free cash flow margin2.4%
2019Free cash flow margin3%
2020Free cash flow margin16.3%
2021Free cash flow margin4.7%
2022Free cash flow margin1.7%
2023Free cash flow margin7.9%
2024Free cash flow margin5.4%
2025Free cash flow margin11.9%

Operating cash flow

Cash generated by the company’s normal business operations.

USD 3.5B 2025
Operating cash flow historyCash generated by the company’s normal business operations. Values are shown by financial reporting period. Open Values and sources below for the exact observations and evidence.3.8B2.9B1.9B955.8M0.0201620212025
Values and sources
Operating cash flow values and source evidence
PeriodSeriesValue(USD)Source evidence
2016Operating cash flow558000000
2017Operating cash flow1200000000
2018Operating cash flow1049000000
2019Operating cash flow1233000000
2020Operating cash flow3407000000
2021Operating cash flow1568000000
2022Operating cash flow1083000000
2023Operating cash flow2374000000
2024Operating cash flow2047000000
2025Operating cash flow3540000000

Free cash flow

Operating cash flow minus capital expenditure for the same period and unit.

USD 2.5B 2025
Free cash flow historyOperating cash flow minus capital expenditure for the same period and unit. Values are shown by financial reporting period. Open Values and sources below for the exact observations and evidence.3.1B2.2B1.3B351.6M-571.7M201620212025
Values and sources
Free cash flow values and source evidence
PeriodSeriesValue(USD)Source evidence
2016Free cash flow-317000000
2017Free cash flow493000000
2018Free cash flow432000000
2019Free cash flow563000000
2020Free cash flow2867000000
2021Free cash flow910000000
2022Free cash flow321000000
2023Free cash flow1623000000
2024Free cash flow1116000000
2025Free cash flow2530000000

Balance sheet

Liabilities and short-term ability to meet obligations at each period end.

Liabilities to assets

Total liabilities as a share of total assets.

69.8% 2025
Liabilities to assets historyTotal liabilities as a share of total assets. Values are shown by financial reporting period. Open Values and sources below for the exact observations and evidence.99%74%50%25%0%201620212025
Values and sources
Liabilities to assets values and source evidence
PeriodSeriesValueSource evidence
2016Liabilities / assets85.9%
2017Liabilities / assets89.7%
2018Liabilities / assets90.5%
2019Liabilities / assets91.7%
2020Liabilities / assets89.3%
2021Liabilities / assets84.6%
2022Liabilities / assets83%
2023Liabilities / assets80.5%
2024Liabilities / assets70.5%
2025Liabilities / assets69.8%

Current assets to current liabilities

Current assets divided by current liabilities.

1.76× 2025
Current assets to current liabilities historyCurrent assets divided by current liabilities. Values are shown by financial reporting period. Open Values and sources below for the exact observations and evidence.1.92×1.44×0.96×0.48×0.00×201620212025
Values and sources
Current assets to current liabilities values and source evidence
PeriodSeriesValueSource evidence
2016Current assets / current liabilities1.3×
2017Current assets / current liabilities1.29×
2018Current assets / current liabilities1.2×
2019Current assets / current liabilities1.21×
2020Current assets / current liabilities1.47×
2021Current assets / current liabilities1.38×
2022Current assets / current liabilities1.34×
2023Current assets / current liabilities1.51×
2024Current assets / current liabilities1.78×
2025Current assets / current liabilities1.76×

Cash generation

Compare reported profit with operating cash and capital spending. Free cash flow is calculated as operating cash flow minus capital expenditure when both exact, consolidated amounts match the same period and unit.

Cash generation by annual reporting period
PeriodNet incomeOperating cash flowCapital expenditureFree cash flow
2016 2016-01-01 – 2016-12-31
Unavailable Not reported for this period.
USD 558 million
Exact value

Exact value: 558000000 USD

2016-01-01 – 2016-12-31: 558000000 USD Inspect Operating Cash Flow Open source
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USD 875 million
Exact value

Exact value: 875000000 USD

2016-01-01 – 2016-12-31: 875000000 USD Inspect Capital Expenditure Open source
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−USD 317 million
Calculation and evidence

558000000 − 875000000 USD

Exact free cash flow: -317000000 USD

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2017 2017-01-01 – 2017-12-31
Unavailable Not reported for this period.
USD 1.2 billion
Exact value

Exact value: 1200000000 USD

2017-01-01 – 2017-12-31: 1200000000 USD Inspect Operating Cash Flow Open source
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USD 707 million
Exact value

Exact value: 707000000 USD

2017-01-01 – 2017-12-31: 707000000 USD Inspect Capital Expenditure Open source
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USD 493 million
Calculation and evidence

1200000000 − 707000000 USD

Exact free cash flow: 493000000 USD

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2018 2018-01-01 – 2018-12-31
Unavailable Not reported for this period.
USD 1.05 billion
Exact value

Exact value: 1049000000 USD

2018-01-01 – 2018-12-31: 1049000000 USD Inspect Operating Cash Flow Open source
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USD 617 million
Exact value

Exact value: 617000000 USD

2018-01-01 – 2018-12-31: 617000000 USD Inspect Capital Expenditure Open source
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USD 432 million
Calculation and evidence

1049000000 − 617000000 USD

Exact free cash flow: 432000000 USD

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2019 2019-01-01 – 2019-12-31
Unavailable Not reported for this period.
USD 1.23 billion
Exact value

Exact value: 1233000000 USD

2019-01-01 – 2019-12-31: 1233000000 USD Inspect Operating Cash Flow Open source
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USD 670 million
Exact value

Exact value: 670000000 USD

2019-01-01 – 2019-12-31: 670000000 USD Inspect Capital Expenditure Open source
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USD 563 million
Calculation and evidence

1233000000 − 670000000 USD

Exact free cash flow: 563000000 USD

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2020 2020-01-01 – 2020-12-31
Unavailable Not reported for this period.
USD 3.41 billion
Exact value

Exact value: 3407000000 USD

2020-01-01 – 2020-12-31: 3407000000 USD Inspect Operating Cash Flow Open source
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USD 540 million
Exact value

Exact value: 540000000 USD

2020-01-01 – 2020-12-31: 540000000 USD Inspect Capital Expenditure Open source
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USD 2.87 billion
Calculation and evidence

3407000000 − 540000000 USD

Exact free cash flow: 2867000000 USD

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2021 2021-01-01 – 2021-12-31
Unavailable Not reported for this period.
USD 1.57 billion
Exact value

Exact value: 1568000000 USD

2021-01-01 – 2021-12-31: 1568000000 USD Inspect Operating Cash Flow Open source
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USD 658 million
Exact value

Exact value: 658000000 USD

2021-01-01 – 2021-12-31: 658000000 USD Inspect Capital Expenditure Open source
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USD 910 million
Calculation and evidence

1568000000 − 658000000 USD

Exact free cash flow: 910000000 USD

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2022 2022-01-01 – 2022-12-31
Unavailable Not reported for this period.
USD 1.08 billion
Exact value

Exact value: 1083000000 USD

2022-01-01 – 2022-12-31: 1083000000 USD Inspect Operating Cash Flow Open source
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USD 762 million
Exact value

Exact value: 762000000 USD

2022-01-01 – 2022-12-31: 762000000 USD Inspect Capital Expenditure Open source
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USD 321 million
Calculation and evidence

1083000000 − 762000000 USD

Exact free cash flow: 321000000 USD

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2023 2023-01-01 – 2023-12-31
Unavailable Not reported for this period.
USD 2.37 billion
Exact value

Exact value: 2374000000 USD

2023-01-01 – 2023-12-31: 2374000000 USD Inspect Operating Cash Flow Open source
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USD 751 million
Exact value

Exact value: 751000000 USD

2023-01-01 – 2023-12-31: 751000000 USD Inspect Capital Expenditure Open source
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USD 1.62 billion
Calculation and evidence

2374000000 − 751000000 USD

Exact free cash flow: 1623000000 USD

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2024 2024-01-01 – 2024-12-31
Unavailable Not reported for this period.
USD 2.05 billion
Exact value

Exact value: 2047000000 USD

2024-01-01 – 2024-12-31: 2047000000 USD Inspect Operating Cash Flow Open source
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USD 931 million
Exact value

Exact value: 931000000 USD

2024-01-01 – 2024-12-31: 931000000 USD Inspect Capital Expenditure Open source
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USD 1.12 billion
Calculation and evidence

2047000000 − 931000000 USD

Exact free cash flow: 1116000000 USD

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2025 2025-01-01 – 2025-12-31
Unavailable Not reported for this period.
USD 3.54 billion
Exact value

Exact value: 3540000000 USD

2025-01-01 – 2025-12-31: 3540000000 USD Inspect Operating Cash Flow Open source
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USD 1.01 billion
Exact value

Exact value: 1010000000 USD

2025-01-01 – 2025-12-31: 1010000000 USD Inspect Capital Expenditure Open source
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USD 2.53 billion
Calculation and evidence

3540000000 − 1010000000 USD

Exact free cash flow: 2530000000 USD

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Capital expenditure uses the canonical mapped positive-spending convention. A missing, ambiguous, incompatible, or negative-sign input is left blank. Values use the latest reported version.

Dataset coverage and company identifiers

Coverage reflects filings processed into this Fundies dataset; it does not imply every source filing is loaded.

182 filings · 13,082 latest values · 13,082 originally reported values

Dataset published . Source filing dates and reporting periods are shown separately.

Identifiers: 0000070318, 70318, THC, edgar:70318

Also known as NATIONAL MEDICAL ENTERPRISES INC /NV/, TENET HEALTHCARE CORP, TENET HEALTHCARE CORPORATION