TENET HEALTHCARE CORP

For the period ended Dec 31, 2024. Filed Feb 18, 2025.

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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2024 · Filed Feb 18, 2025

THC$290.27+0.4%Stored close · as of Nov 10, 2026

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Contents

Item 8. Consolidated Financial Statements

CONSOLIDATED BALANCE SHEETS

Dollars in Millions, Share Amounts in Thousands

	December 31,	December 31,
	2024	2023
ASSETS
Current assets:
Cash and cash equivalents	$3,019	$1,228
Accounts receivable	2,536	2,914
Inventories of supplies, at cost	346	411
Assets held for sale	21	775
Other current assets	1,760	1,839
Total current assets	7,682	7,167
Investments and other assets	3,037	3,157
Deferred income taxes	80	77
Property and equipment, at cost, less accumulated depreciation and amortization($5,809 at December 31, 2024 and $6,478 at December 31, 2023)	6,049	6,236
Goodwill	10,691	10,307
Other intangible assets, at cost, less accumulated amortization ($1,288 at December 31, 2024 and $1,447 at December 31, 2023)	1,397	1,368
Total assets	$28,936	$28,312
LIABILITIES AND EQUITY
Current liabilities:
Current portion of long-term debt	$92	$120
Accounts payable	1,294	1,408
Accrued compensation and benefits	899	930
Professional and general liability reserves	238	254
Accrued interest payable	149	200
Liabilities held for sale	13	69
Income tax payable	18	23
Other current liabilities	1,607	1,756
Total current liabilities	4,310	4,760
Long-term debt, net of current portion	13,081	14,882
Professional and general liability reserves	900	792
Defined benefit plan obligations	298	335
Deferred income taxes	227	326
Other long-term liabilities	1,573	1,709
Total liabilities	20,389	22,804
Commitments and contingencies
Redeemable noncontrolling interests in equity of consolidated subsidiaries	2,727	2,391
Equity:
Shareholders’ equity:
Common stock, $0.05 par value; authorized 262,500 shares; 158,001 sharesissued at December 31, 2024 and 157,271 shares issued at December 31, 2023	8	8
Additional paid-in capital	4,873	4,834
Accumulated other comprehensive loss	(180)	(181)
Retained earnings (accumulated deficit)	3,008	(192)
Common stock in treasury, at cost, 62,892 shares at December 31, 2024 and 57,321 shares at December 31, 2023	(3,538)	(2,861)
Total shareholders’ equity	4,171	1,608
Noncontrolling interests	1,649	1,509
Total equity	5,820	3,117
Total liabilities and equity	$28,936	$28,312

CONSOLIDATED STATEMENTS OF OPERATIONS

Dollars in Millions, Except Per-Share Amounts

	Years Ended December 31,
	2024	2023	2022
Net operating revenues	$20,665	$20,548	$19,174
Grant income	10	16	194
Equity in earnings of unconsolidated affiliates	260	228	216
Operating expenses:
Salaries, wages and benefits	8,801	9,146	8,844
Supplies	3,647	3,590	3,273
Other operating expenses, net	4,492	4,515	3,998
Depreciation and amortization	818	870	841
Impairment and restructuring charges, and acquisition-related costs	102	137	226
Litigation and investigation costs	35	47	70
Net gains on sales, consolidation and deconsolidation of facilities	(2,916)	(23)	(1)
Operating income	5,956	2,510	2,333
Interest expense	(826)	(901)	(890)
Other non-operating income, net	126	19	11
Loss from early extinguishment of debt	(8)	(11)	(109)
Income before income taxes	5,248	1,617	1,345
Income tax expense	(1,184)	(306)	(344)
Net income	4,064	1,311	1,001
Less: Net income available to noncontrolling interests	864	700	590
Net income available to Tenet Healthcare Corporation common shareholders	$3,200	$611	$411
Earnings available to Tenet Healthcare Corporation common shareholders:
Basic earnings per share	$33.02	$6.01	$3.84
Diluted earnings per share	$32.70	$5.71	$3.79
Weighted average shares and dilutive securities outstanding (in thousands):
Basic	96,904	101,639	106,929
Diluted	97,881	104,800	110,516

CONSOLIDATED STATEMENTS OF OTHER COMPREHENSIVE INCOME

Dollars in Millions

	Years Ended December 31,
	2024	2023	2022
Net income	$4,064	$1,311	$1,001
Other comprehensive income:
Adjustments for defined benefit plans	(9)	(9)	63
Amortization of net actuarial loss included in other non-operating income, net	8	7	9
Unrealized gain (loss) on debt securities held as available-for-sale	1	2	(4)
Foreign currency translation adjustments and other	1	—	1
Other comprehensive income before income taxes	1	—	69
Income tax expense related to items of other comprehensive income	—	—	(17)
Total other comprehensive income, net of tax	1	—	52
Comprehensive net income	4,065	1,311	1,053
Less: Comprehensive income available to noncontrolling interests	864	700	590
Comprehensive income available to Tenet Healthcare Corporation common shareholders	$3,201	$611	$463

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

Dollars in Millions, Share Amounts in Thousands

	Tenet Healthcare Corporation Shareholders’ Equity
Common Stock · AdditionalPaid-inCapital · AccumulatedOtherComprehensiveLoss · Retained Earnings (Accumulated Deficit) · TreasuryStock · NoncontrollingInterests · Total Equity
SharesOutstanding · Issued ParAmount
Balances at December 31, 2021	107,189	$8	$4,877	$(233)	$(1,214)	$(2,410)	$1,026	$2,054
Net income	—	—	—	—	411	—	242	653
Distributions paid to noncontrolling interests	—	—	—	—	—	—	(229)	(229)
Other comprehensive income	—	—	—	52	—	—	—	52
Accretion of redeemable noncontrolling interests	—	—	(104)	—	—	—	—	(104)
Purchases (sales) of businesses and noncontrolling interests, net	—	—	(34)	—	—	—	278	244
Repurchases of common stock	(5,889)	—	—	—	—	(250)	—	(250)
Stock-based compensation expense, tax benefit and issuance of common stock	947	—	39	—	—	—	—	39
Balances at December 31, 2022	102,247	8	4,778	(181)	(803)	(2,660)	1,317	2,459
Net income	—	—	—	—	611	—	334	945
Distributions paid to noncontrolling interests	—	—	—	—	—	—	(289)	(289)
Purchases of businesses and noncontrolling interests, net	—	—	5	—	—	—	147	152
Repurchases of common stock	(3,112)	—	—	—	—	(201)	—	(201)
Stock-based compensation expense, tax benefit and issuance of common stock	815	—	51	—	—	—	—	51
Balances at December 31, 2023	99,950	8	4,834	(181)	(192)	(2,861)	1,509	3,117
Net income	—	—	—	—	3,200	—	391	3,591
Distributions paid to noncontrolling interests	—	—	—	—	—	—	(312)	(312)
Other comprehensive income	—	—	—	1	—	—	—	1
Accretion of redeemable noncontrolling interests	—	—	(5)	—	—	—	—	(5)
Purchases (sales) of businesses and noncontrolling interests, net	—	—	12	—	—	—	61	73
Repurchases of common stock	(5,596)	—	—	—	—	(677)	—	(677)
Stock-based compensation expense, tax benefit and issuance of common stock	755	—	32	—	—	—	—	32
Balances at December 31, 2024	95,109	$8	$4,873	$(180)	$3,008	$(3,538)	$1,649	$5,820

CONSOLIDATED STATEMENTS OF CASH FLOWS

Dollars in Millions

	Years Ended December 31,
	2024	2023	2022
Net income	$4,064	$1,311	$1,001
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	818	870	841
Deferred income tax expense (benefit)	(103)	52	209
Stock-based compensation expense	67	66	56
Impairment and restructuring charges, and acquisition-related costs	102	137	226
Litigation and investigation costs	35	47	70
Net gains on sales, consolidation and deconsolidation of facilities	(2,916)	(23)	(1)
Loss from early extinguishment of debt	8	11	109
Equity in earnings of unconsolidated affiliates, net of distributions received	(29)	(13)	2
Amortization of debt discount and debt issuance costs	26	32	33
Net gains from the sale of investments and long-lived assets	(4)	(29)	(117)
Other items, net	(4)	(4)	11
Changes in cash from operating assets and liabilities:
Accounts receivable	245	(29)	(140)
Inventories and other current assets	(86)	(139)	(64)
Income taxes	16	10	(26)
Accounts payable, accrued expenses and other current liabilities	(30)	215	(898)
Other long-term liabilities	(9)	14	(15)
Payments for restructuring charges, acquisition-related costs, and litigation costs and settlements	(153)	(154)	(214)
Net cash provided by operating activities	2,047	2,374	1,083
Cash flows from investing activities:
Purchases of property and equipment	(931)	(751)	(762)
Purchases of businesses or joint venture interests, net of cash acquired	(571)	(224)	(234)
Proceeds from sales of facilities and other assets	4,981	71	210
Proceeds from sales of marketable securities and long-term investments	63	50	76
Purchases of marketable securities and long-term investments	(94)	(104)	(92)
Other items, net	(19)	(11)	(6)
Net cash provided by (used in) investing activities	3,429	(969)	(808)
Cash flows from financing activities:
Repayments of borrowings	(2,243)	(1,542)	(2,851)
Proceeds from borrowings	23	1,370	2,023
Repurchases of common stock	(672)	(200)	(250)
Debt issuance costs	—	(16)	(24)
Distributions paid to noncontrolling interests	(681)	(594)	(560)
Proceeds from the sale of noncontrolling interests	23	43	27
Purchases of noncontrolling interests	(200)	(167)	(100)
Advances from managed care payers	342	—	—
Repayments of advances from managed care payers	(310)	—	—
Other items, net	33	71	(46)
Net cash used in financing activities	(3,685)	(1,035)	(1,781)
Net increase (decrease) in cash and cash equivalents	1,791	370	(1,506)
Cash and cash equivalents at beginning of period	1,228	858	2,364
Cash and cash equivalents at end of period	$3,019	$1,228	$858
Supplemental disclosures:
Interest paid, net of capitalized interest	$(851)	$(882)	$(848)
Income tax payments, net	$(1,271)	$(243)	$(161)

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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.