Tenet Healthcare (THC) financial statements
Tenet Healthcare reported revenue of $21.3B in fiscal 2025, up 0.1% a year over 9 years.
Net income was $1.4B and the operating margin 16.5%, against 5.9% in 2016.
Free cash flow was $2.5B, and the company returned $1.4B in net buybacks.
The diluted share count fell 9% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Tenet Healthcare's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $21.1B | $20.6B | $18.3B | $18.5B | $17.6B | $19.5B | $19.2B | $20.6B | $20.7B | $21.3B |
| Operating income | $1.2B | $1.1B | $1.6B | $1.5B | $2.0B | $2.9B | $2.3B | $2.5B | $6.0B | $3.5B |
| Interest expense | $979M | $1.0B | $1.0B | $985M | $1.0B | $923M | $890M | $901M | $826M | $821M |
| Pre-tax income | $248M | -$101M | $629M | $320M | $671M | $1.9B | $1.3B | $1.6B | $5.2B | $2.8B |
| Income tax | $67M | $219M | $173M | $160M | -$97M | $411M | $344M | $306M | $1.2B | $433M |
| Net income | -$192M | -$704M | $104M | -$215M | $399M | $914M | $411M | $611M | $3.2B | $1.4B |
| EPS (diluted) | -$1.93 | -$7.00 | $1.00 | -$2.08 | $3.75 | $8.42 | $3.79 | $5.71 | $32.70 | $15.49 |
| Diluted shares | 99M | 101M | 104M | 103M | 106M | 109M | 111M | 105M | 98M | 91M |
| Operating margin | 5.9% | 5.4% | 8.9% | 8.3% | 11.3% | 14.7% | 12.2% | 12.2% | 28.8% | 16.5% |
| Net margin | -0.9% | -3.4% | 0.6% | -1.2% | 2.3% | 4.7% | 2.1% | 3.0% | 15.5% | 6.6% |
Balance sheet
Fiscal years, from Tenet Healthcare's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $716M | $611M | $411M | $262M | $2.4B | $2.4B | $858M | $1.2B | $3.0B | $2.9B |
| Receivables | $2.9B | $2.6B | $2.6B | $2.7B | $2.7B | $2.8B | $2.9B | $2.9B | $2.5B | $2.6B |
| Inventory | $326M | $289M | $305M | $310M | $368M | $384M | $405M | $411M | $346M | $348M |
| Total current assets | $5.3B | $5.6B | $4.6B | $5.1B | $7.1B | $7.1B | $6.0B | $7.2B | $7.7B | $7.8B |
| Property, plant and equipment | $8.1B | $7.0B | $7.0B | $6.9B | $6.7B | $6.4B | $6.5B | $6.2B | $6.0B | $6.3B |
| Goodwill | $7.4B | $7.0B | $7.3B | $7.3B | $8.8B | $9.3B | $10.1B | $10.3B | $10.7B | $11.2B |
| Total assets | $24.7B | $23.4B | $22.4B | $23.4B | $27.1B | $27.6B | $27.2B | $28.3B | $28.9B | $29.7B |
| Total current liabilities | $4.0B | $4.3B | $3.9B | $4.2B | $4.8B | $5.1B | $4.5B | $4.8B | $4.3B | $4.5B |
| Long-term debt | $15.1B | $14.8B | $14.6B | $14.6B | $15.6B | $15.5B | $14.9B | $14.9B | $13.1B | $13.1B |
| Total liabilities | $21.2B | $21.0B | $20.3B | $21.4B | $24.2B | $23.3B | $22.5B | $22.8B | $20.4B | $20.7B |
| Shareholders' equity | $417M | -$147M | -$119M | -$417M | $28M | $1.0B | $1.1B | $1.6B | $4.2B | $4.2B |
| Net debt | $14.3B | $14.2B | $14.2B | $14.3B | $13.1B | $13.1B | $14.1B | $13.7B | $10.1B | $10.2B |
Cash flow
Fiscal years, from Tenet Healthcare's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $558M | $1.2B | $1.0B | $1.2B | $3.4B | $1.6B | $1.1B | $2.4B | $2.0B | $3.5B |
| Capital spending | $875M | $707M | $617M | $670M | $540M | $658M | $762M | $751M | $931M | $1.0B |
| Free cash flow | -$317M | $493M | $432M | $563M | $2.9B | $910M | $321M | $1.6B | $1.1B | $2.5B |
| Stock-based compensation | $68M | $59M | $46M | $42M | $44M | $56M | $56M | $66M | $67M | $104M |
| Share buybacks (net) | $0 | $0 | — | — | $0 | $0 | -$250M | -$200M | -$672M | -$1.4B |
| Net borrowing | — | — | — | — | — | — | -$828M | -$172M | -$2.2B | -$96M |
| Free cash flow margin | -1.5% | 2.4% | 2.4% | 3.0% | 16.3% | 4.7% | 1.7% | 7.9% | 5.4% | 11.9% |
Questions
What was Tenet Healthcare's revenue in 2025?
$21.3B in fiscal 2025, from its 10-K filing.
How much free cash flow does Tenet Healthcare generate?
$2.5B in fiscal 2025 (operating cash flow minus capital spending).
From Tenet Healthcare's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.