TENET HEALTHCARE CORP

For the period ended Dec 31, 2025. Filed Feb 17, 2026.

About this filing

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.

FY2025 · Filed Feb 17, 2026

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

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

See the whole filing, with its images and exhibits

Contents

Item 8. Consolidated Financial Statements

CONSOLIDATED BALANCE SHEETS

Dollars in Millions, Share Amounts in Thousands

	December 31,	December 31,
	2025	2024
ASSETS
Current assets:
Cash and cash equivalents	$2,883	$3,019
Accounts receivable	2,565	2,536
Inventories of supplies, at cost	348	346
Assets held for sale	62	21
Other current assets	1,991	1,760
Total current assets	7,849	7,682
Investments and other assets	2,883	3,037
Deferred income taxes	84	80
Property and equipment, at cost, less accumulated depreciation and amortization($6,680 at December 31, 2025 and $5,809 at December 31, 2024)	6,315	6,049
Goodwill	11,198	10,691
Other intangible assets, at cost, less accumulated amortization ($1,328 at December 31, 2025 and $1,288 at December 31, 2024)	1,348	1,397
Total assets	$29,677	$28,936
LIABILITIES AND EQUITY
Current liabilities:
Current portion of long-term debt	$79	$92
Accounts payable	1,360	1,294
Accrued compensation and benefits	858	899
Professional and general liability reserves	276	238
Accrued interest payable	81	149
Liabilities held for sale	—	13
Income tax payable	—	18
Other current liabilities	1,809	1,607
Total current liabilities	4,463	4,310
Long-term debt, net of current portion	13,092	13,081
Professional and general liability reserves	951	900
Defined benefit plan obligations	245	298
Deferred income taxes	240	227
Other long-term liabilities	1,713	1,573
Total liabilities	20,704	20,389
Commitments and contingencies
Redeemable noncontrolling interests in equity of consolidated subsidiaries	2,956	2,727
Equity:
Shareholders’ equity:
Common stock, $0.05 par value; authorized 262,500 shares; 158,612 sharesissued at December 31, 2025 and 158,001 shares issued at December 31, 2024	8	8
Additional paid-in capital	4,914	4,873
Accumulated other comprehensive loss	(181)	(180)
Retained earnings	4,415	3,008
Common stock in treasury, at cost, 71,660 shares at December 31, 2025 and 62,892 shares at December 31, 2024	(4,936)	(3,538)
Total shareholders’ equity	4,220	4,171
Noncontrolling interests	1,797	1,649
Total equity	6,017	5,820
Total liabilities and equity	$29,677	$28,936

CONSOLIDATED STATEMENTS OF OPERATIONS

Dollars in Millions, Except Per-Share Amounts

	Years Ended December 31,
	2025	2024	2023
Net operating revenues	$21,310	$20,675	$20,564
Equity in earnings of unconsolidated affiliates	264	260	228
Operating expenses:
Salaries, wages and benefits	8,705	8,801	9,146
Supplies	3,780	3,647	3,590
Other operating expenses, net	4,523	4,492	4,515
Depreciation and amortization	863	818	870
Impairment and restructuring charges, and acquisition-related costs	130	102	137
Litigation and investigation costs	64	35	47
Net losses (gains) on sales, consolidation and deconsolidation of facilities	1	(2,916)	(23)
Operating income	3,508	5,956	2,510
Interest expense	(821)	(826)	(901)
Other non-operating income, net	117	126	19
Loss from early extinguishment of debt	(4)	(8)	(11)
Income before income taxes	2,800	5,248	1,617
Income tax expense	(433)	(1,184)	(306)
Net income	2,367	4,064	1,311
Less: Net income available to noncontrolling interests	960	864	700
Net income available to Tenet Healthcare Corporation common shareholders	$1,407	$3,200	$611
Earnings available to Tenet Healthcare Corporation common shareholders:
Basic earnings per share	$15.61	$33.02	$6.01
Diluted earnings per share	$15.49	$32.70	$5.71
Weighted average shares and dilutive securities outstanding (in thousands):
Basic	90,150	96,904	101,639
Diluted	90,833	97,881	104,800

CONSOLIDATED STATEMENTS OF OTHER COMPREHENSIVE INCOME (LOSS)

Dollars in Millions

	Years Ended December 31,
	2025	2024	2023
Net income	$2,367	$4,064	$1,311
Other comprehensive income (loss):
Adjustments for defined benefit plans	(11)	(9)	(9)
Amortization of net actuarial loss included in other non-operating income, net	8	8	7
Unrealized gain on debt securities held as available-for-sale	1	1	2
Foreign currency translation adjustments and other	—	1	—
Other comprehensive income (loss) before income taxes	(2)	1	—
Income tax benefit related to items of other comprehensive income (loss)	1	—	—
Total other comprehensive income (loss), net of tax	(1)	1	—
Comprehensive net income	2,366	4,065	1,311
Less: Comprehensive income available to noncontrolling interests	960	864	700
Comprehensive income available to Tenet Healthcare Corporation common shareholders	$1,406	$3,201	$611

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, 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 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
Net income	—	—	—	—	1,407	—	426	1,833
Distributions paid to noncontrolling interests	—	—	—	—	—	—	(372)	(372)
Other comprehensive loss	—	—	—	(1)	—	—	—	(1)
Purchases (sales) of businesses and noncontrolling interests, net	—	—	(15)	—	—	—	94	79
Repurchases of common stock	(8,771)	—	—	—	—	(1,398)	—	(1,398)
Stock-based compensation expense, tax benefit and issuance of common stock	614	—	56	—	—	—	—	56
Balances at December 31, 2025	86,952	$8	$4,914	$(181)	$4,415	$(4,936)	$1,797	$6,017

CONSOLIDATED STATEMENTS OF CASH FLOWS

Dollars in Millions

	Years Ended December 31,
	2025	2024	2023
Net income	$2,367	$4,064	$1,311
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	863	818	870
Deferred income tax expense (benefit)	9	(103)	52
Stock-based compensation expense	104	67	66
Impairment and restructuring charges, and acquisition-related costs	130	102	137
Litigation and investigation costs	64	35	47
Net losses (gains) on sales, consolidation and deconsolidation of facilities	1	(2,916)	(23)
Loss from early extinguishment of debt	4	8	11
Equity in earnings of unconsolidated affiliates, net of distributions received	(34)	(29)	(13)
Amortization of debt discount and debt issuance costs	23	26	32
Net gains from the sale of investments and long-lived assets	(4)	(4)	(29)
Other items, net	(6)	(4)	(4)
Changes in cash from operating assets and liabilities:
Accounts receivable	20	245	(29)
Inventories and other current assets	(73)	(86)	(139)
Income taxes	(25)	16	10
Accounts payable, accrued expenses and other current liabilities	209	(30)	215
Other long-term liabilities	9	(9)	14
Payments for restructuring charges, acquisition-related costs, and litigation costs and settlements	(121)	(153)	(154)
Net cash provided by operating activities	3,540	2,047	2,374
Cash flows from investing activities:
Purchases of property and equipment	(1,010)	(931)	(751)
Purchases of businesses or joint venture interests, net of cash acquired	(308)	(571)	(224)
Proceeds from sales of facilities and other assets	38	4,981	71
Proceeds from sales of marketable securities and long-term investments	93	63	50
Purchases of marketable securities and long-term investments	(90)	(94)	(104)
Other items, net	2	(19)	(11)
Net cash provided by (used in) investing activities	(1,275)	3,429	(969)
Cash flows from financing activities:
Repayments of borrowings	(2,372)	(2,243)	(1,542)
Proceeds from borrowings	2,276	23	1,370
Repurchases of common stock	(1,386)	(672)	(200)
Debt issuance costs	(32)	—	(16)
Distributions paid to noncontrolling interests	(809)	(681)	(594)
Proceeds from the sale of noncontrolling interests	42	23	43
Purchases of noncontrolling interests	(92)	(200)	(167)
Advances from managed care payers	—	342	—
Repayments of advances from managed care payers	(32)	(310)	—
Taxes paid related to net share settlement, net of proceeds from shares issued under stock-based compensation plans	(51)	(25)	(12)
Other items, net	55	58	83
Net cash used in financing activities	(2,401)	(3,685)	(1,035)
Net increase (decrease) in cash and cash equivalents	(136)	1,791	370
Cash and cash equivalents at beginning of period	3,019	1,228	858
Cash and cash equivalents at end of period	$2,883	$3,019	$1,228
Supplemental disclosures:
Interest paid, net of capitalized interest	$(865)	$(851)	$(882)
Income tax payments, net	$(450)	$(1,271)	$(243)

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.