TENET HEALTHCARE CORP

For the period ended Jun 30, 2025. Filed Jul 30, 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.

Jun 30, 2025 · Filed Jul 30, 2025

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

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Contents

Condensed Consolidated Financial Statements

CONDENSED CONSOLIDATED BALANCE SHEETS

Dollars in Millions, Share Amounts in Thousands

	June 30,	December 31,
	2025	2024
ASSETS
Current assets:
Cash and cash equivalents	$2,625	$3,019
Accounts receivable	2,533	2,536
Inventories of supplies, at cost	338	346
Assets held for sale	21	21
Other current assets	1,781	1,760
Total current assets	7,298	7,682
Investments and other assets	2,994	3,037
Deferred income taxes	76	80
Property and equipment, at cost, less accumulated depreciation and amortization ($6,096 at June 30, 2025 and $5,809 at December 31, 2024)	6,024	6,049
Goodwill	10,935	10,691
Other intangible assets, at cost, less accumulated amortization ($1,332 at June 30, 2025 and $1,288 at December 31, 2024)	1,372	1,397
Total assets	$28,699	$28,936
LIABILITIES AND EQUITY
Current liabilities:
Current portion of long-term debt	$84	$92
Accounts payable	1,360	1,294
Accrued compensation and benefits	793	899
Professional and general liability reserves	275	238
Accrued interest payable	148	149
Liabilities held for sale	12	13
Income tax payable	25	18
Other current liabilities	1,574	1,607
Total current liabilities	4,271	4,310
Long-term debt, net of current portion	13,091	13,081
Professional and general liability reserves	873	900
Defined benefit plan obligations	297	298
Deferred income taxes	230	227
Other long-term liabilities	1,635	1,573
Total liabilities	20,397	20,389
Commitments and contingencies
Redeemable noncontrolling interests in equity of consolidated subsidiaries	2,826	2,727
Equity:
Shareholders’ equity:
Common stock, $0.05 par value; authorized 262,500 shares; 158,465 shares issued at June 30, 2025 and 158,001 shares issued at December 31, 2024	8	8
Additional paid-in capital	4,858	4,873
Accumulated other comprehensive loss	(177)	(180)
Retained earnings	3,702	3,008
Common stock in treasury, at cost, 70,121 shares at June 30, 2025 and 62,892 shares at December 31, 2024	(4,642)	(3,538)
Total shareholders’ equity	3,749	4,171
Noncontrolling interests	1,727	1,649
Total equity	5,476	5,820
Total liabilities and equity	$28,699	$28,936

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

Dollars in Millions, Except Per-Share Amounts

	Three Months EndedJune 30,		Six Months EndedJune 30,
	2025	2024	2025	2024
Net operating revenues	$5,271	$5,108	$10,494	$10,476
Equity in earnings of unconsolidated affiliates	61	61	117	120
Operating expenses:
Salaries, wages and benefits	2,160	2,168	4,279	4,489
Supplies	932	908	1,839	1,836
Other operating expenses, net	1,119	1,148	2,209	2,302
Depreciation and amortization	208	208	414	416
Impairment and restructuring charges, and acquisition-related costs	24	29	43	56
Litigation and investigation costs	28	5	45	9
Net losses (gains) on sales, consolidation and deconsolidation of facilities	38	(58)	16	(2,558)
Operating income	823	761	1,766	4,046
Interest expense	(206)	(203)	(410)	(421)
Other non-operating income, net	25	29	51	54
Loss from early extinguishment of debt	—	—	—	(8)
Income before income taxes	642	587	1,407	3,671
Income tax expense	(120)	(110)	(263)	(860)
Net income	522	477	1,144	2,811
Less: Net income available to noncontrolling interests	234	218	450	401
Net income available to Tenet Healthcare Corporation common shareholders	$288	$259	$694	$2,410
Earnings available to Tenet Healthcare Corporation common shareholders:
Basic earnings per share	$3.16	$2.66	$7.49	$24.49
Diluted earnings per share	$3.14	$2.64	$7.43	$24.22
Weighted average shares and dilutive securities outstanding (in thousands):
Basic	91,135	97,267	92,688	98,424
Diluted	91,791	98,444	93,408	99,557

CONDENSED CONSOLIDATED STATEMENTS OF OTHER COMPREHENSIVE INCOME

Dollars in Millions

	Three Months EndedJune 30,		Six Months EndedJune 30,
	2025	2024	2025	2024
Net income	$522	$477	$1,144	$2,811
Other comprehensive income:
Amortization of net actuarial loss included in other non-operating income, net	2	2	4	4
Unrealized gain on debt securities held as available-for-sale	1	—	1	—
Foreign currency translation adjustments and other	(1)	—	(1)	1
Other comprehensive income before income taxes	2	2	4	5
Income tax expense related to items of other comprehensive income	(1)	—	(1)	(1)
Total other comprehensive income, net of tax	1	2	3	4
Comprehensive net income	523	479	1,147	2,815
Less: Comprehensive income available to noncontrolling interests	234	218	450	401
Comprehensive income available to Tenet Healthcare Corporation common shareholders	$289	$261	$697	$2,414

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

Dollars in Millions

	Six Months EndedJune 30,
	2025	2024
Net income	$1,144	$2,811
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	414	416
Deferred income tax expense (benefit)	11	(93)
Stock-based compensation expense	41	36
Impairment and restructuring charges, and acquisition-related costs	43	56
Litigation and investigation costs	45	9
Net losses (gains) on sales, consolidation and deconsolidation of facilities	16	(2,558)
Loss from early extinguishment of debt	—	8
Equity in earnings of unconsolidated affiliates, net of distributions received	(8)	(3)
Amortization of debt discount and debt issuance costs	12	14
Net gains from the sale of investments and long-lived assets	—	(1)
Other items, net	(1)	(3)
Changes in cash from operating assets and liabilities:
Accounts receivable	40	77
Inventories and other current assets	9	16
Income taxes	10	713
Accounts payable, accrued expenses and other current liabilities	24	(124)
Other long-term liabilities	32	23
Payments for restructuring charges, acquisition-related costs, and litigation costs and settlements	(81)	(64)
Net cash provided by operating activities	1,751	1,333
Cash flows from investing activities:
Purchases of property and equipment	(366)	(385)
Purchases of businesses or joint venture interests, net of cash acquired	(147)	(510)
Proceeds from sales of facilities and other assets	14	4,048
Proceeds from sales of marketable securities and long-term investments	37	17
Purchases of marketable securities and long-term investments	(38)	(26)
Other items, net	(1)	(10)
Net cash provided by (used in) investing activities	(501)	3,134
Cash flows from financing activities:
Repayments of borrowings	(62)	(2,179)
Proceeds from borrowings	15	8
Repurchases of common stock	(1,095)	(548)
Distributions paid to noncontrolling interests	(374)	(323)
Proceeds from the sale of noncontrolling interests	18	10
Purchases of noncontrolling interests	(79)	(88)
Advances from managed care payers	—	342
Repayments of advances from managed care payers	(12)	—
Other items, net	(55)	(37)
Net cash used in financing activities	(1,644)	(2,815)
Net increase (decrease) in cash and cash equivalents	(394)	1,652
Cash and cash equivalents at beginning of period	3,019	1,228
Cash and cash equivalents at end of period	$2,625	$2,880
Supplemental disclosures:
Interest paid, net of capitalized interest	$(399)	$(459)
Income tax payments, net	$(242)	$(240)

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