TENET HEALTHCARE CORP

For the period ended Mar 31, 2025. Filed Apr 29, 2025.

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Mar 31, 2025 · Filed Apr 29, 2025

THC$289.00+2.0%Stored close · as of Nov 9, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

See the whole filing, with its images and exhibits

Contents

Condensed Consolidated Financial Statements

CONDENSED CONSOLIDATED BALANCE SHEETS

Dollars in Millions, Share Amounts in Thousands

	March 31,	December 31,
	2025	2024
ASSETS
Current assets:
Cash and cash equivalents	$2,999	$3,019
Accounts receivable	2,619	2,536
Inventories of supplies, at cost	344	346
Assets held for sale	21	21
Other current assets	1,930	1,760
Total current assets	7,913	7,682
Investments and other assets	3,069	3,037
Deferred income taxes	78	80
Property and equipment, at cost, less accumulated depreciation and amortization ($5,944 at March 31, 2025 and $5,809 at December 31, 2024)	5,991	6,049
Goodwill	10,786	10,691
Other intangible assets, at cost, less accumulated amortization ($1,312 at March 31, 2025 and $1,288 at December 31, 2024)	1,400	1,397
Total assets	$29,237	$28,936
LIABILITIES AND EQUITY
Current liabilities:
Current portion of long-term debt	$88	$92
Accounts payable	1,327	1,294
Accrued compensation and benefits	710	899
Professional and general liability reserves	268	238
Accrued interest payable	248	149
Liabilities held for sale	12	13
Income tax payable	149	18
Other current liabilities	1,649	1,607
Total current liabilities	4,451	4,310
Long-term debt, net of current portion	13,082	13,081
Professional and general liability reserves	877	900
Defined benefit plan obligations	297	298
Deferred income taxes	226	227
Other long-term liabilities	1,651	1,573
Total liabilities	20,584	20,389
Commitments and contingencies
Redeemable noncontrolling interests in equity of consolidated subsidiaries	2,776	2,727
Equity:
Shareholders’ equity:
Common stock, $0.05 par value; authorized 262,500 shares; 158,405 shares issued at March 31, 2025 and 158,001 shares issued at December 31, 2024	8	8
Additional paid-in capital	4,826	4,873
Accumulated other comprehensive loss	(178)	(180)
Retained earnings	3,414	3,008
Common stock in treasury, at cost, 65,520 shares at March 31, 2025 and 62,892 shares at December 31, 2024	(3,889)	(3,538)
Total shareholders’ equity	4,181	4,171
Noncontrolling interests	1,696	1,649
Total equity	5,877	5,820
Total liabilities and equity	$29,237	$28,936

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

Dollars in Millions, Except Per-Share Amounts

	Three Months Ended March 31,
	2025	2024
Net operating revenues	$5,223	$5,368
Equity in earnings of unconsolidated affiliates	56	59
Operating expenses:
Salaries, wages and benefits	2,119	2,321
Supplies	907	928
Other operating expenses, net	1,090	1,154
Depreciation and amortization	206	208
Impairment and restructuring charges, and acquisition-related costs	19	27
Litigation and investigation costs	17	4
Net gains on sales, consolidation and deconsolidation of facilities	(22)	(2,500)
Operating income	943	3,285
Interest expense	(204)	(218)
Other non-operating income, net	26	25
Loss from early extinguishment of debt	—	(8)
Income before income taxes	765	3,084
Income tax expense	(143)	(750)
Net income	622	2,334
Less: Net income available to noncontrolling interests	216	183
Net income available to Tenet Healthcare Corporation common shareholders	$406	$2,151
Earnings available to Tenet Healthcare Corporation common shareholders:
Basic earnings per share	$4.31	$21.60
Diluted earnings per share	$4.27	$21.38
Weighted average shares and dilutive securities outstanding (in thousands):
Basic	94,242	99,581
Diluted	95,019	100,598

CONDENSED CONSOLIDATED STATEMENTS OF OTHER COMPREHENSIVE INCOME

Dollars in Millions

	Three Months Ended March 31,
	2025	2024
Net income	$622	$2,334
Other comprehensive income:
Amortization of net actuarial loss included in other non-operating income, net	2	2
Foreign currency translation adjustments and other	—	1
Other comprehensive income before income taxes	2	3
Income tax expense related to items of other comprehensive income	—	(1)
Total other comprehensive income, net of tax	2	2
Comprehensive net income	624	2,336
Less: Comprehensive income available to noncontrolling interests	216	183
Comprehensive income available to Tenet Healthcare Corporation common shareholders	$408	$2,153

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

Dollars in Millions

	Three Months Ended March 31,
	2025	2024
Net income	$622	$2,334
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	206	208
Deferred income tax expense (benefit)	4	(38)
Stock-based compensation expense	21	17
Impairment and restructuring charges, and acquisition-related costs	19	27
Litigation and investigation costs	17	4
Net gains on sales, consolidation and deconsolidation of facilities	(22)	(2,500)
Loss from early extinguishment of debt	—	8
Equity in earnings of unconsolidated affiliates, net of distributions received	5	3
Amortization of debt discount and debt issuance costs	6	8
Other items, net	2	(5)
Changes in cash from operating assets and liabilities:
Accounts receivable	(69)	(263)
Inventories and other current assets	(108)	(18)
Income taxes	132	783
Accounts payable, accrued expenses and other current liabilities	24	19
Other long-term liabilities	(8)	24
Payments for restructuring charges, acquisition-related costs, and litigation costs and settlements	(36)	(25)
Net cash provided by operating activities	815	586
Cash flows from investing activities:
Purchases of property and equipment	(173)	(240)
Purchases of businesses or joint venture interests, net of cash acquired	(27)	(449)
Proceeds from sales of facilities and other assets	11	4,030
Proceeds from sales of marketable securities and long-term investments	14	7
Purchases of marketable securities and long-term investments	(17)	(10)
Other items, net	5	(10)
Net cash provided by (used in) investing activities	(187)	3,328
Cash flows from financing activities:
Repayments of borrowings	(32)	(2,141)
Proceeds from borrowings	1	2
Repurchases of common stock	(348)	(278)
Distributions paid to noncontrolling interests	(189)	(162)
Proceeds from the sale of noncontrolling interests	11	5
Purchases of noncontrolling interests	(41)	(52)
Repayments of advances from managed care payers	(11)	—
Other items, net	(39)	(35)
Net cash used in financing activities	(648)	(2,661)
Net increase (decrease) in cash and cash equivalents	(20)	1,253
Cash and cash equivalents at beginning of period	3,019	1,228
Cash and cash equivalents at end of period	$2,999	$2,481
Supplemental disclosures:
Interest paid, net of capitalized interest	$(99)	$(162)
Income tax payments, net	$(7)	$(5)

ContentsView on SEC.gov

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