TENET HEALTHCARE CORP

For the period ended Mar 31, 2026. Filed Apr 30, 2026.

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, 2026 · Filed Apr 30, 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

Condensed Consolidated Financial Statements

CONDENSED CONSOLIDATED BALANCE SHEETS

Dollars in Millions, Share Amounts in Thousands

	March 31,	December 31,
	2026	2025
ASSETS
Current assets:
Cash and cash equivalents	$2,967	$2,883
Accounts receivable	2,605	2,565
Inventories of supplies, at cost	343	348
Assets held for sale	62	62
Other current assets	2,379	1,991
Total current assets	8,356	7,849
Investments and other assets	3,809	2,883
Deferred income taxes	84	84
Property and equipment, at cost, less accumulated depreciation and amortization ($6,814 at March 31, 2026 and $6,680 at December 31, 2025)	6,251	6,315
Goodwill	11,387	11,198
Other intangible assets, at cost, less accumulated amortization ($1,378 at March 31, 2026 and $1,328 at December 31, 2025)	1,316	1,348
Total assets	$31,203	$29,677
LIABILITIES AND EQUITY
Current liabilities:
Current portion of long-term debt	$81	$79
Accounts payable	1,339	1,360
Accrued compensation and benefits	854	858
Professional and general liability reserves	303	276
Accrued interest payable	256	81
Income tax payable	236	—
Other current liabilities	3,083	1,809
Total current liabilities	6,152	4,463
Long-term debt, net of current portion	13,128	13,092
Professional and general liability reserves	938	951
Defined benefit plan obligations	243	245
Deferred income taxes	199	240
Other long-term liabilities	1,693	1,713
Total liabilities	22,353	20,704
Commitments and contingencies
Redeemable noncontrolling interests in equity of consolidated subsidiaries	2,137	2,956
Equity:
Shareholders’ equity:
Common stock, $0.05 par value; authorized 262,500 shares; 159,129 shares issued at March 31, 2026 and 158,612 shares issued at December 31, 2025	8	8
Additional paid-in capital	5,124	4,914
Accumulated other comprehensive loss	(179)	(181)
Retained earnings	5,117	4,415
Common stock in treasury, at cost, 73,005 shares at March 31, 2026 and 71,660 shares at December 31, 2025	(5,256)	(4,936)
Total shareholders’ equity	4,814	4,220
Noncontrolling interests	1,899	1,797
Total equity	6,713	6,017
Total liabilities and equity	$31,203	$29,677

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

Dollars in Millions, Except Per-Share Amounts

	Three Months Ended March 31,
	2026	2025
Net operating revenues	$5,368	$5,223
Revenue from contract termination	413	—
Equity in earnings of unconsolidated affiliates	51	56
Operating expenses:
Salaries, wages and benefits	2,174	2,119
Supplies	961	907
Other operating expenses, net	1,122	1,090
Depreciation and amortization	229	206
Impairment and restructuring charges, and acquisition-related costs	24	19
Litigation and investigation costs	27	17
Net gains on sales, consolidation and deconsolidation of facilities	(1)	(22)
Operating income	1,296	943
Interest expense	(205)	(204)
Other non-operating income, net	41	26
Income before income taxes	1,132	765
Income tax expense	(226)	(143)
Net income	906	622
Less: Net income available to noncontrolling interests	204	216
Net income available to Tenet Healthcare Corporation common shareholders	$702	$406
Earnings available to Tenet Healthcare Corporation common shareholders:
Basic earnings per share	$8.09	$4.31
Diluted earnings per share	$8.01	$4.27
Weighted average shares and dilutive securities outstanding (in thousands):
Basic	86,801	94,242
Diluted	87,596	95,019

CONDENSED CONSOLIDATED STATEMENTS OF OTHER COMPREHENSIVE INCOME

Dollars in Millions

	Three Months Ended March 31,
	2026	2025
Net income	$906	$622
Other comprehensive income:
Amortization of net actuarial loss included in other non-operating income, net	2	2
Unrealized loss on debt securities held as available-for-sale	(1)	—
Foreign currency translation adjustments and other	1	—
Other comprehensive income before income taxes	2	2
Income tax expense related to items of other comprehensive income	—	—
Total other comprehensive income, net of tax	2	2
Comprehensive net income	908	624
Less: Comprehensive income available to noncontrolling interests	204	216
Comprehensive income available to Tenet Healthcare Corporation common shareholders	$704	$408

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

Dollars in Millions

	Three Months Ended March 31,
	2026	2025
Net income	$906	$622
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	229	206
Deferred income tax expense (benefit)	(40)	4
Stock-based compensation expense	25	21
Impairment and restructuring charges, and acquisition-related costs	24	19
Litigation and investigation costs	27	17
Net gains on sales, consolidation and deconsolidation of facilities	(1)	(22)
Equity in earnings of unconsolidated affiliates, net of distributions received	29	5
Amortization of debt discount and debt issuance costs	5	6
Net gains from the sale of investments and long-lived assets	(1)	—
Other items, net	2	2
Changes in cash from operating assets and liabilities:
Accounts receivable	(28)	(69)
Inventories and other current assets	407	(108)
Income taxes	259	132
Accounts payable, accrued expenses and other current liabilities	(145)	24
Other long-term liabilities	—	(8)
Payments for restructuring charges, acquisition-related costs, and litigation costs and settlements	(57)	(36)
Net cash provided by operating activities	1,641	815
Cash flows from investing activities:
Purchases of property and equipment	(180)	(173)
Purchases of businesses or joint venture interests, net of cash acquired	(121)	(27)
Proceeds from sales of facilities and other assets	2	11
Proceeds from sales of marketable securities and long-term investments	22	14
Purchases of marketable securities and long-term investments	(26)	(17)
Other items, net	(14)	5
Net cash used in investing activities	(317)	(187)
Cash flows from financing activities:
Repayments of borrowings	(33)	(32)
Proceeds from borrowings	14	1
Repurchases of common stock	(318)	(348)
Distributions paid to noncontrolling interests	(197)	(189)
Proceeds from the sale of noncontrolling interests	6	11
Purchases of noncontrolling interests	(549)	(41)
Repayments of advances from managed care payers	—	(11)
Taxes paid related to net share settlement, net of proceeds from shares issued under stock-based compensation plans	(86)	(32)
Other items, net	(77)	(7)
Net cash used in financing activities	(1,240)	(648)
Net increase (decrease) in cash and cash equivalents	84	(20)
Cash and cash equivalents at beginning of period	2,883	3,019
Cash and cash equivalents at end of period	$2,967	$2,999
Supplemental disclosures:
Interest paid, net of capitalized interest	$(24)	$(99)
Income tax payments, net	$(8)	$(7)

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.