TENET HEALTHCARE CORP

For the period ended Sep 30, 2025. Filed Oct 28, 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.

Sep 30, 2025 · Filed Oct 28, 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

	September 30,	December 31,
	2025	2024
ASSETS
Current assets:
Cash and cash equivalents	$2,975	$3,019
Accounts receivable	2,518	2,536
Inventories of supplies, at cost	346	346
Assets held for sale	82	21
Other current assets	1,889	1,760
Total current assets	7,810	7,682
Investments and other assets	2,939	3,037
Deferred income taxes	72	80
Property and equipment, at cost, less accumulated depreciation and amortization ($6,196 at September 30, 2025 and $5,809 at December 31, 2024)	6,091	6,049
Goodwill	11,158	10,691
Other intangible assets, at cost, less accumulated amortization ($1,357 at September 30, 2025 and $1,288 at December 31, 2024)	1,348	1,397
Total assets	$29,418	$28,936
LIABILITIES AND EQUITY
Current liabilities:
Current portion of long-term debt	$85	$92
Accounts payable	1,356	1,294
Accrued compensation and benefits	857	899
Professional and general liability reserves	287	238
Accrued interest payable	248	149
Liabilities held for sale	12	13
Income tax payable	28	18
Other current liabilities	1,687	1,607
Total current liabilities	4,560	4,310
Long-term debt, net of current portion	13,102	13,081
Professional and general liability reserves	891	900
Defined benefit plan obligations	296	298
Deferred income taxes	269	227
Other long-term liabilities	1,600	1,573
Total liabilities	20,718	20,389
Commitments and contingencies
Redeemable noncontrolling interests in equity of consolidated subsidiaries	2,917	2,727
Equity:
Shareholders’ equity:
Common stock, $0.05 par value; authorized 262,500 shares; 158,585 shares issued at September 30, 2025 and 158,001 shares issued at December 31, 2024	8	8
Additional paid-in capital	4,872	4,873
Accumulated other comprehensive loss	(174)	(180)
Retained earnings	4,044	3,008
Common stock in treasury, at cost, 70,718 shares at September 30, 2025 and 62,892 shares at December 31, 2024	(4,736)	(3,538)
Total shareholders’ equity	4,014	4,171
Noncontrolling interests	1,769	1,649
Total equity	5,783	5,820
Total liabilities and equity	$29,418	$28,936

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

Dollars in Millions, Except Per-Share Amounts

	Three Months EndedSeptember 30,		Nine Months EndedSeptember 30,
	2025	2024	2025	2024
Net operating revenues	$5,289	$5,126	$15,783	$15,602
Equity in earnings of unconsolidated affiliates	64	62	181	182
Operating expenses:
Salaries, wages and benefits	2,204	2,218	6,483	6,707
Supplies	931	881	2,770	2,717
Other operating expenses, net	1,119	1,111	3,328	3,413
Depreciation and amortization	218	209	632	625
Impairment and restructuring charges, and acquisition-related costs	23	19	66	75
Litigation and investigation costs (benefit)	(11)	9	34	18
Net gains on sales, consolidation and deconsolidation of facilities	(20)	(348)	(4)	(2,906)
Operating income	889	1,089	2,655	5,135
Interest expense	(206)	(202)	(616)	(623)
Other non-operating income, net	29	35	80	89
Loss from early extinguishment of debt	—	—	—	(8)
Income before income taxes	712	922	2,119	4,593
Income tax expense	(133)	(241)	(396)	(1,101)
Net income	579	681	1,723	3,492
Less: Net income available to noncontrolling interests	237	209	687	610
Net income available to Tenet Healthcare Corporation common shareholders	$342	$472	$1,036	$2,882
Earnings available to Tenet Healthcare Corporation common shareholders:
Basic earnings per share	$3.89	$4.93	$11.37	$29.56
Diluted earnings per share	$3.86	$4.89	$11.28	$29.27
Weighted average shares and dilutive securities outstanding (in thousands):
Basic	87,951	95,665	91,109	97,505
Diluted	88,610	96,652	91,805	98,518

CONDENSED CONSOLIDATED STATEMENTS OF OTHER COMPREHENSIVE INCOME

Dollars in Millions

	Three Months EndedSeptember 30,		Nine Months EndedSeptember 30,
	2025	2024	2025	2024
Net income	$579	$681	$1,723	$3,492
Other comprehensive income:
Amortization of net actuarial loss included in other non-operating income, net	2	2	6	6
Unrealized gain on debt securities held as available-for-sale	—	2	1	2
Foreign currency translation adjustments and other	1	(1)	—	—
Other comprehensive income before income taxes	3	3	7	8
Income tax expense related to items of other comprehensive income	—	(1)	(1)	(2)
Total other comprehensive income, net of tax	3	2	6	6
Comprehensive net income	582	683	1,729	3,498
Less: Comprehensive income available to noncontrolling interests	237	209	687	610
Comprehensive income available to Tenet Healthcare Corporation common shareholders	$345	$474	$1,042	$2,888

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

Dollars in Millions

	Nine Months EndedSeptember 30,
	2025	2024
Net income	$1,723	$3,492
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	632	625
Deferred income tax expense (benefit)	51	(29)
Stock-based compensation expense	79	52
Impairment and restructuring charges, and acquisition-related costs	66	75
Litigation and investigation costs	34	18
Net gains on sales, consolidation and deconsolidation of facilities	(4)	(2,906)
Loss from early extinguishment of debt	—	8
Equity in earnings of unconsolidated affiliates, net of distributions received	(13)	(9)
Amortization of debt discount and debt issuance costs	18	21
Net gains from the sale of investments and long-lived assets	(2)	(2)
Other items, net	(3)	(3)
Changes in cash from operating assets and liabilities:
Accounts receivable	68	183
Inventories and other current assets	(58)	10
Income taxes	15	821
Accounts payable, accrued expenses and other current liabilities	237	123
Other long-term liabilities	50	18
Payments for restructuring charges, acquisition-related costs, and litigation costs and settlements	(84)	(119)
Net cash provided by operating activities	2,809	2,378
Cash flows from investing activities:
Purchases of property and equipment	(646)	(601)
Purchases of businesses or joint venture interests, net of cash acquired	(266)	(524)
Proceeds from sales of facilities and other assets	18	4,965
Proceeds from sales of marketable securities and long-term investments	74	25
Purchases of marketable securities and long-term investments	(69)	(46)
Other items, net	3	(18)
Net cash provided by (used in) investing activities	(886)	3,801
Cash flows from financing activities:
Repayments of borrowings	(90)	(2,212)
Proceeds from borrowings	21	16
Repurchases of common stock	(1,188)	(672)
Distributions paid to noncontrolling interests	(585)	(496)
Proceeds from the sale of noncontrolling interests	27	13
Purchases of noncontrolling interests	(88)	(127)
Advances from managed care payers	—	342
Repayments of advances from managed care payers	(33)	(160)
Taxes paid related to net share settlement, net of proceeds from shares issued under stock-based compensation plans	(47)	(14)
Other items, net	16	(3)
Net cash used in financing activities	(1,967)	(3,313)
Net increase (decrease) in cash and cash equivalents	(44)	2,866
Cash and cash equivalents at beginning of period	3,019	1,228
Cash and cash equivalents at end of period	$2,975	$4,094
Supplemental disclosures:
Interest paid, net of capitalized interest	$(499)	$(555)
Income tax payments, net	$(329)	$(308)

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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.