Friday 6 November 2026 Export THC’s income statement to Excel — free account

Tenet Healthcare Corporation

Tenet Healthcare Corporation’s revenue for fiscal 2025 (year ended December 2025) was $21.3 billion, up 3.07% from fiscal 2024.

Revenue: +6.47%
EPS: +291.1%
Free cash flow: +39.2%
Total debt: +0.42%

Quarter to September 2026, against a year earlier

Revenue growth 3 yrs

282.32 4.14 −1.45%

Follow THC

Alert me

Market cap: $22.8B
P/E: 7.6×
Fwd P/E: 7.5×
Dividend yield: —
F-score: 7/9
Altman Z: 1.91
Beneish M: −2.67
Dividend safety: 57/100

Overview Business Profile Earnings & Analysis Segments Valuation Filings

Tenet Healthcare Corporation (THC) revenue by segment, product and region

Where the money comes from and where it goes

Fiscal 2025: revenue by segment, and margins
Hospital Operations	16,138	75.73%
Ambulatory Care	5,172	24.27%
Gross margin		41.41%
Operating margin		16.46%
Pre-tax margin		13.14%

Revenue by segment $m

Line	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2016
Hospital Operations	16,138 75.73%	16,141 78.07%	16,698 81.20%	15,926 83.06%	16,767 86.05%	14,790 83.84%	15,522 84.00%	15,285 83.47%	1,797 8.53%
Ambulatory Care	5,172 24.27%	4,534 21.93%	3,866 18.80%	3,248 16.94%	2,718 13.95%	2,072 11.75%	2,158 11.68%	2,085 11.39%	1,797 8.53%
Conifer	—	—	—	—	—	1,306 7.40%	1,372 7.42%	1,533 8.37%	1,571 7.46%
Hospital Operations And Other Total Prior To Inter-Segment Eliminations	—	—	—	—	—	—	—	—	16,904 80.23%
Eliminations	—	—	—	—	—	(528) (2.99%)	(573) (3.10%)	(590) (3.22%)	(999) (4.74%)
Revenue	21,310	20,675	20,564	19,174	19,485	17,640	18,479	18,313	21,070

Operating figures as reported in each quarter’s results release or filing

Figure	Quarter	Latest	A year before	Change
Ambulatory surgery centers	Q3 FY2026	535.00	530.00	+0.94%
Consolidated ambulatory surgery centers	Q3 FY2026	406.00	398.00	+2.01%
Remaining performance obligations	Q3 FY2026	$734.0M	$5.1B	−85.69%
Same-facility system-wide net patient service revenue per case change	Q3 FY2026	6.10%	6.10%	—
Same-facility system-wide net patient service revenues change	Q3 FY2026	4.50%	8.30%	—
Same-facility system-wide surgical cases change	Q3 FY2026	−1.50%	2.10%	—
Same-facility system-wide surgical cases on same-business day basis change	Q3 FY2026	−1.50%	2.10%	—
Same-hospital adjusted admissions change	Q3 FY2026	3.20%	1.40%	—
Same-hospital admissions change	Q3 FY2026	2.80%	1.50%	—
Same-hospital emergency room visits change	Q3 FY2026	4.00%	−2.00%	—
Same-hospital net patient service revenue per adjusted admission change	Q3 FY2026	0.20%	5.90%	—
Same-hospital outpatient visits change	Q3 FY2026	0.10%	−1.50%	—
Same-hospital surgeries change	Q3 FY2026	−1.10%	0.70%	—
Surgical hospitals	Q3 FY2026	25.00	26.00	−3.85%

	Q3 FY2026	Q2 FY2026	Q1 FY2026	Q4 FY2025	Q3 FY2025	Q2 FY2025	Q1 FY2025	Q4 FY2024	Q3 FY2024	Q2 FY2024	Q1 FY2024
Ambulatory surgery centers	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Consolidated ambulatory surgery centers	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Remaining performance obligations	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Same-facility system-wide net patient service revenue per case change	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Same-facility system-wide net patient service revenues change	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Same-facility system-wide surgical cases change	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Same-facility system-wide surgical cases on same-business day basis change	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Same-hospital adjusted admissions change	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Same-hospital admissions change	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Same-hospital emergency room visits change	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Same-hospital net patient service revenue per adjusted admission change	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Same-hospital outpatient visits change	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Same-hospital surgeries change	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Surgical hospitals	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡

As each company reports them in its 10-K and 10-Q filings, in US dollars. Where a later filing recast a year's segments, the year is shown as recast; a period whose breakdown does not add up to the company's revenue is left out.