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Tenet HealthcareTHC

Legal name
Tenet Healthcare Corp.
Sector
Healthcare
Industry
Services-General Medical & Surgical Hospitals, NEC
Exchange
NYSE

Stock Price $THC

Latest filings

You are here#53 of 54 in Healthcare by market cap

Filing record · 2016–202610-K1110-Q338-K176

THC filed 11 annual reports (10-K), 33 quarterly reports (10-Q) and 176 current reports (8-K) between 2016 and 2026.

  1. Deal closed8-K · Jan ’18Jan ’18
  2. Material agreement8-K · Sep ’19Sep ’19
  3. Leadership change8-K · Feb ’22Feb ’22
  4. Leadership change8-K · Nov ’25Nov ’25

01—Key figures

Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025

Revenue Trend

Year-over-year comparison from 10-K annual reports

  10. $21.31B
YoY changeLargest recent move+10.5%in FY21Latest +3.1%

Latest bar from 10-KFY2025Click a bar to open its SEC filing

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All THC Financial Metrics54 metrics

Income Statement10

Balance Sheet26

Cash Flow14

Per Share4

02—Overview

Tenet Healthcare Financial Overview 2021–2025

Updated Nov 4, 2026

Tenet's FY2024 diluted EPS of $32.70a was nearly six times the $5.71 earned in FY2023, yet $2.916 billion of pre-tax gains from hospital sales drove that jump, not operations. That matters because the real story is quieter. Tenet is shrinking its slow-growing hospital base and leaning on a faster, higher-margin ambulatory business. EPS then settled at $15.49 in FY2025, still about 2.7 times the FY2023 level.

Revenue grew from $19.485 billion in FY2021 to $21.31 billionb in FY2025, a modest climb. The growth engine was Ambulatory Care, which rose 14.1% to $5.172 billion in FY2025, while Hospital Operations stayed roughly flat at $16.138 billion. Adjusted EBITDA margin widened to 19.3% in FY2024 from 17.2% in FY2023. Long-term debt fell from $15.646 billion at the end of FY2021 to $13.171 billion at the end of FY2025. Operating cash flow reached $3.540 billion in FY2025, and Tenet repurchased $1.386 billion of stock.

At the FY2025 close on December 30, 2025, shares traded at $198.72c, or 12.8x earnings. That is a low multiple for a business with rising margins and falling leverage. The offset is policy risk: enhanced ACA premium credits expired at the end of 2025, and the Medicaid provisions of the One Big Beautiful Bill Act take effect in 2027.

Recent Developments (Q2 and Q3 2026)

Tenet's Q3 2026 diluted EPS reached $12.41d, versus $3.86 a year earlier, but contract termination revenue of $646 million inflated it. That included a $233 million catch-up tied to the CommonSpirit Conifer exit. Adjusted diluted EPS was $6.64, up 79.5%. Adjusted EBITDA hit $1.355 billion at a 24.1% margin. Management raised the FY 2026 Adjusted EBITDA outlook twice, to $5.05–$5.20 billion. In Q2 2026, revenue rose to $5.628 billion from $5.271 billion. In September, Tenet issued $2.0 billion of 6.250% notes due 2034 to retire 2027 and 2028 debt. Net debt to Adjusted EBITDA fell to 2.11x.

Bull case: core growth is real, with same-hospital admissions up 2.8% and Ambulatory Adjusted EBITDA up 9.1%. At 17.5x earnings as of the Q3 2026 report date (October 28, 2026), the stock is pricier than at year-end but still modest. Bear case: that multiple uses FY2025 EPS, and the termination revenue will not recur. Exchange admissions are also falling.

What to watch: Hospital margins once Conifer termination revenue ends; Medicaid impact from the One Big Beautiful Bill Act in 2027

03—Filings

Recent SEC Filings

  1. 8-KTenet Healthcare 8-K Report, Financial Results (Oct 29, 2026)Tenet Healthcare Corporation (NYSE: THC) reported third quarter 2026 results for the quarter ended September 30, 2026, furnished under Item 2.02 via Exhibit 99.1. Net income available to Tenet common shareholders was $1.000 billion, or $12.41 per diluted share, versus $342 million, or $3.86 per diluted share, in the third quarter of 2025. Adjusted diluted earnings per share rose 79.5% to $6.64 from $3.70, and Consolidated Adjusted EBITDA increased 23.3% to $1.355 billion, with an Adjusted EBITDA margin of 24.1%. The results include a $233 million contract termination catch-up and a $97 million net operating revenue timing adjustment tied to the revised CommonSpirit/Conifer revenue cycle management agreements, plus about $50 million of transition benefits, for a net favorable $147 million impact on Adjusted EBITDA. The company raised its FY 2026 outlook: Adjusted EBITDA is now expected at $5.05 billion to $5.20 billion, a $195 million increase at the midpoint, and Adjusted Free Cash Flow is expected at $2.825 billion to $3.125 billion, a $100 million increase. Ambulatory Care Adjusted EBITDA was $537 million, up 9.1%, with same-facility system-wide net patient service revenues up 4.5% and surgical cases down 1.5%. Hospital Operations and Services Adjusted EBITDA was $818 million versus $607 million a year earlier, with same-hospital admissions up 2.8%. Balance sheet and cash flow items include nine-month operating cash flow of $3.507 billion, nine-month adjusted free cash flow of $2.524 billion, share repurchases of $1.615 billion year to date, and a net debt to Adjusted EBITDA ratio of 2.11x at September 30, 2026. In September 2026 the company issued $2.0 billion of 6.250% senior notes due 2034 and used the proceeds, with cash on hand, to redeem $1.5 billion of 5.125% senior secured first lien notes due 2027 and partially redeem $500 million of 6.125% senior notes due 2028.
  2. 8-KTenet Healthcare 8-K Report, Material Agreement (Sep 22, 2026)On September 22, 2026, Tenet Healthcare Corporation issued $2.0 billion in aggregate principal amount of 6.250% senior notes due 2034 under a 2001 base indenture with The Bank of New York Mellon Trust Company, N.A., as trustee, supplemented by a forty-third supplemental indenture dated the same day. The company intends to use the net proceeds, after fees and expenses, together with cash on hand, to redeem all $1.5 billion outstanding of its 5.125% senior secured first lien notes due November 2027 and to partially redeem $0.5 billion outstanding of its 6.125% senior notes due October 2028. The filing describes this as a refinancing of existing debt. The indenture's covenants are limited. They restrict the company and its subsidiaries from incurring liens, entering into sale and lease-back transactions, or consolidating, merging, or selling all or substantially all of their assets, subject to a number of exceptions. The filing states there are no restrictions on incurring additional indebtedness, making restricted payments, paying dividends or distributions, repurchasing capital stock, or entering into affiliate transactions or investments. The notes may be redeemed before September 15, 2029 at 100% of principal plus a make-whole premium, plus accrued and unpaid interest. On and after September 15, 2029, they may be redeemed at specified redemption prices, plus accrued and unpaid interest. The notes may also become subject to redemption upon a change of control, as defined in the indenture. The base indenture and the supplemental indenture are filed as Exhibits 4.1 and 4.2.
  3. 8-KTenet Healthcare 8-K Report, Regulation FD Disclosure (Sep 8, 2026)On September 8, 2026, Tenet Healthcare Corporation (NYSE: THC) announced a private placement of senior notes to refinance existing debt. The company initially launched a $1.5 billion offering of new senior notes due 2034, then upsized and priced the offering at $2.0 billion of 6.250% senior notes due September 15, 2034. The notes are unsecured obligations that rank equally with existing and future senior unsecured obligations, and are effectively and structurally subordinated to secured obligations and subsidiary liabilities, respectively, to the extent of collateral and subsidiary asset values. Closing is expected on September 22, 2026, subject to customary conditions. Net proceeds, after fees and expenses, together with cash on hand, will fund the redemption of all $1.5 billion outstanding of the 5.125% senior secured first lien notes due November 2027 and a partial redemption of $0.5 billion of the 6.125% senior notes due October 2028. On the same date, the company issued conditional notices of full redemption for the 2027 Notes and conditional partial redemption for the 2028 Notes, with redemptions expected on September 23, 2026. For investors, the transaction is primarily a refinancing that replaces $2.0 billion of higher-coupon debt maturing in 2027 and 2028 with new notes maturing in 2034, and the upsizing to $2.0 billion from $1.5 billion indicates the offering was increased in size. The filing does not describe changes to the company's overall debt amount beyond these redemptions and the new issuance.
  4. 8-KTenet Healthcare 8-K Report, Financial Results (Jul 23, 2026)Tenet Healthcare Corporation reported second quarter 2026 results in a press release furnished as Exhibit 99.1 under Item 2.02. Net income available to Tenet common shareholders was $826 million, or $9.84 per diluted share, versus $288 million, or $3.14 per diluted share, in second quarter 2025. Adjusted diluted earnings per share rose 52.2% to $6.12 from $4.02, and Consolidated Adjusted EBITDA was $1.304 billion, compared with $1.121 billion a year earlier, on net operating revenues of $5.628 billion. The results include $413 million of revenue from contract termination, related to the early conclusion of the CommonSpirit contract, which is excluded from net operating revenues and from Adjusted EBITDA reconciliation lines as a non-recurring item. By segment, Ambulatory Care Adjusted EBITDA was $542 million, up 8.8%, with same-facility system-wide net patient service revenues up 5.0% on cases down 1.2%. Hospital Adjusted EBITDA was $762 million, up 22.3%, with Adjusted EBITDA margin rising to 18.0% from 15.6%; the Hospital segment also recognized a $92 million favorable pre-tax impact from prior-year Medicaid supplemental revenues. Operating cash flow for the six months ended June 30, 2026 was $2.226 billion, and the company repurchased $1.042 billion of stock in the quarter. The Board authorized a $2.0 billion increase to the share repurchase program, leaving $2.13 billion remaining as of July 23, 2026. The net debt to Adjusted EBITDA ratio was 2.33x at June 30, 2026. The company raised its full-year 2026 outlook, with Adjusted EBITDA now expected at $4.83 billion to $5.03 billion, a $295 million increase at the midpoint, and Adjusted Free Cash Flow now expected at $2.725 billion to $3.025 billion, a $225 million increase.
  5. 8-KTenet Healthcare 8-K Report, Shareholder Vote Results (May 29, 2026)Tenet Healthcare Corporation held its 2026 Annual Meeting of Shareholders on May 27, 2026, and this Item 5.07 filing reports the final voting results. Shareholders elected all twelve director nominees, each to serve until the next annual meeting or until a successor is duly elected or qualified, or until earlier resignation or removal. Each nominee received more votes FOR than AGAINST, with Saumya Sutaria (72,297,676 FOR; 2,036,933 AGAINST) and J. Robert Kerrey (71,837,362 FOR; 2,539,818 AGAINST) showing the largest AGAINST counts among the directors. Shareholders also approved, on an advisory basis, the company's executive compensation, with 62,554,346 votes FOR, 11,817,273 AGAINST, and 39,895 ABSTAIN, plus 5,510,667 broker non-votes. The say-on-pay vote had considerably more AGAINST votes than the director votes, which is the item most worth attention from investors. Shareholders ratified the selection of Deloitte & Touche LLP as independent registered public accountants for the year ending December 31, 2026, with 79,422,386 votes FOR, 470,477 AGAINST, and 29,318 ABSTAIN.
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04—See also

Related Companies

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