TENET HEALTHCARE CORP

For the period ended Sep 30, 2026. Filed Oct 29, 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.

Sep 30, 2026 · Filed Oct 29, 2026

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

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Contents

Condensed Consolidated Financial Statements

CONDENSED CONSOLIDATED BALANCE SHEETS

Dollars in Millions, Share Amounts in Thousands

	September 30,2026	December 31,2025
ASSETS
Current assets:
Cash and cash equivalents	$2,674	$2,883
Accounts receivable	2,595	2,565
Inventories of supplies, at cost	340	348
Assets held for sale	62	62
Other current assets	2,757	1,991
Total current assets	8,428	7,849
Investments and other assets	3,958	2,883
Deferred income taxes	49	84
Property and equipment, at cost, less accumulated depreciation and amortization ($7,061 at September 30, 2026 and $6,680 at December 31, 2025)	6,290	6,315
Goodwill	11,641	11,198
Other intangible assets, at cost, less accumulated amortization ($1,498 at September 30, 2026 and $1,328 at December 31, 2025)	1,226	1,348
Total assets	$31,592	$29,677
LIABILITIES AND EQUITY
Current liabilities:
Current portion of long-term debt	$164	$79
Accounts payable	1,387	1,360
Accrued compensation and benefits	873	858
Professional and general liability reserves	317	276
Accrued interest payable	213	81
Income tax payable	22	—
Other current liabilities	2,342	1,809
Total current liabilities	5,318	4,463
Long-term debt, net of current portion	13,079	13,092
Professional and general liability reserves	979	951
Defined benefit plan obligations	238	245
Deferred income taxes	529	240
Other long-term liabilities	1,855	1,713
Total liabilities	21,998	20,704
Commitments and contingencies
Redeemable noncontrolling interests in equity of consolidated subsidiaries	2,179	2,956
Equity:
Shareholders’ equity:
Common stock, $0.05 par value; authorized 262,500 shares; 159,234 shares issued at September 30, 2026 and 158,612 shares issued at December 31, 2025	8	8
Additional paid-in capital	5,236	4,914
Accumulated other comprehensive loss	(178)	(181)
Retained earnings	6,943	4,415
Common stock in treasury, at cost, 79,650 shares at September 30, 2026 and 71,660 shares at December 31, 2025	(6,565)	(4,936)
Total shareholders’ equity	5,444	4,220
Noncontrolling interests	1,971	1,797
Total equity	7,415	6,017
Total liabilities and equity	$31,592	$29,677

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

Dollars in Millions, Except Per-Share Amounts

	Three Months Ended September 30,		Nine Months EndedSeptember 30,
	2026	2025	2026	2025
Net operating revenues	$5,631	$5,289	$16,627	$15,783
Revenue from contract termination	646	—	1,472	—
Equity in earnings of unconsolidated affiliates	64	64	180	181
Operating expenses:
Salaries, wages and benefits	2,173	2,204	6,578	6,483
Supplies	983	931	2,928	2,770
Other operating expenses, net	1,184	1,119	3,480	3,328
Depreciation and amortization	217	218	661	632
Impairment and restructuring charges, and acquisition-related costs	37	23	92	66
Litigation and investigation costs (benefit)	6	(11)	36	34
Net gains on sales, consolidation and deconsolidation of facilities	(9)	(20)	(43)	(4)
Operating income	1,750	889	4,547	2,655
Interest expense	(203)	(206)	(612)	(616)
Other non-operating income, net	37	29	121	80
Loss from early extinguishment of debt	(5)	—	(5)	—
Income before income taxes	1,579	712	4,051	2,119
Income tax expense	(360)	(133)	(881)	(396)
Net income	1,219	579	3,170	1,723
Less: Net income available to noncontrolling interests	219	237	642	687
Net income available to Tenet Healthcare Corporation common shareholders	$1,000	$342	$2,528	$1,036
Earnings available to Tenet Healthcare Corporation common shareholders:
Basic earnings per share	$12.48	$3.89	$30.28	$11.37
Diluted earnings per share	$12.41	$3.86	$30.08	$11.28
Weighted average shares and dilutive securities outstanding (in thousands):
Basic	80,134	87,951	83,486	91,109
Diluted	80,600	88,610	84,053	91,805

CONDENSED CONSOLIDATED STATEMENTS OF OTHER COMPREHENSIVE INCOME

Dollars in Millions

	Three Months Ended September 30,		Nine Months EndedSeptember 30,
	2026	2025	2026	2025
Net income	$1,219	$579	$3,170	$1,723
Other comprehensive income:
Amortization of net actuarial loss included in other non-operating income, net	2	2	6	6
Unrealized gain (loss) on debt securities held as available-for-sale	(3)	—	(4)	1
Foreign currency translation adjustments and other	1	1	2	—
Other comprehensive income before income taxes	—	3	4	7
Income tax expense related to items of other comprehensive income	(1)	—	(1)	(1)
Total other comprehensive income (loss), net of tax	(1)	3	3	6
Comprehensive net income	1,218	582	3,173	1,729
Less: Comprehensive income available to noncontrolling interests	219	237	642	687
Comprehensive income available to Tenet Healthcare Corporation common shareholders	$999	$345	$2,531	$1,042

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

Dollars in Millions

	Nine Months EndedSeptember 30,
	2026	2025
Net income	$3,170	$1,723
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	661	632
Deferred income tax expense	324	51
Stock-based compensation expense	104	79
Impairment and restructuring charges, and acquisition-related costs	92	66
Litigation and investigation costs	36	34
Net gains on sales, consolidation and deconsolidation of facilities	(43)	(4)
Loss from early extinguishment of debt	5	—
Equity in earnings of unconsolidated affiliates, net of distributions received	(11)	(13)
Amortization of debt discount and debt issuance costs	16	18
Other items, net	(11)	(5)
Changes in cash from operating assets and liabilities:
Accounts receivable	(11)	68
Inventories and other current assets	211	(58)
Income taxes	63	15
Accounts payable, accrued expenses and other current liabilities	(1,042)	237
Other long-term liabilities	46	50
Payments for restructuring charges, acquisition-related costs, and litigation costs and settlements	(103)	(84)
Net cash provided by operating activities	3,507	2,809
Cash flows from investing activities:
Purchases of property and equipment	(546)	(646)
Purchases of businesses or joint venture interests, net of cash acquired	(201)	(266)
Proceeds from sales of facilities and other assets	11	18
Proceeds from sales of marketable securities and long-term investments	66	74
Purchases of marketable securities and long-term investments	(122)	(69)
Other items, net	(26)	3
Net cash used in investing activities	(818)	(886)
Cash flows from financing activities:
Repayments of borrowings	(2,087)	(90)
Proceeds from borrowings	2,041	21
Repurchases of common stock	(1,615)	(1,188)
Debt issuance costs	(22)	—
Distributions paid to noncontrolling interests	(614)	(585)
Proceeds from the sale of noncontrolling interests	33	27
Purchases of noncontrolling interests	(583)	(88)
Repayments of advances from managed care payers	—	(33)
Taxes paid related to net share settlement, net of proceeds from shares issued under stock-based compensation plans	(84)	(47)
Other items, net	33	16
Net cash used in financing activities	(2,898)	(1,967)
Net decrease in cash and cash equivalents	(209)	(44)
Cash and cash equivalents at beginning of period	2,883	3,019
Cash and cash equivalents at end of period	$2,674	$2,975
Supplemental disclosures:
Interest paid, net of capitalized interest	$(464)	$(499)
Income tax payments, net	$(493)	$(329)

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