Tenet Healthcare Corporation
Explore Tenet Healthcare
Core profile pages, annual revenue records, and related research hubs for this company.
Tenet Healthcare Corporation
Explore Tenet Healthcare
Core profile pages, annual revenue records, and related research hubs for this company.
Financial Performance
Revenue
$21.3B
Market Cap
$13.0B
Net Income
$1.1B
Employees
109,000
Tenet's fiscal 2024 net income of $1.12 billion on $20.33 billion in revenue is a number that would have been almost inconceivable to anyone watching the company in 2006, when a $900 million fraud settlement was consuming cash and management attention simultaneously. The net margin of approximately 5.5% is thin by absolute standards but represents a genuine transformation from the near-insolvency of earlier decades. The USPI ambulatory surgery segment generated $550 million in adjusted EBITDA in fiscal 2024, with same-facility revenue growth of 6.5%. Orthopedics and gastroenterology drove the volume gains — high-acuity procedures that generate better economics than the commodity outpatient visits that fill schedule time but contribute little margin. Ambulatory surgery centers carry inherently better cost structures than acute care hospitals; lower overhead, no emergency department cross-subsidy requirements, and more predictable patient populations. The hospital segment's improvement to 12.8% adjusted EBITDA margin came almost entirely from labor cost management. Contract labor represented a massive expense at the 2022 peak — hospitals across the industry were paying travel nurses three to four times the rates of permanent staff. Tenet cut that dependency by 45% over two years. The fixed cost of training and retaining permanent nurses is high, but it is cheaper and more predictable than the contract market at its worst. The $13 billion market capitalization against $20.33 billion in revenue prices Tenet at roughly 0.64x revenue — a deep discount to the multiples that pure outpatient or technology-adjacent health services companies command. The debt reduction from more than $4 billion since 2020 continues to improve the credit profile, and an investment-grade rating would materially reduce interest expense, adding directly to net income without requiring any operational improvement.
Revenue Trend Analysis
YoY Change
+4.8%
3-Year CAGR
+3.7%
Peak Year
2025
Trend
Consistent Growth
Tenet Healthcare Corporation has reported revenue across 4 fiscal years, compounding at +3.7% annually over 3 years. The most recent year saw a 4.8% increase versus the prior year. Revenue peaked in 2025 at $21.3B. Out of 3 reported periods, 3 showed growth and 0 showed a decline.
| Fiscal Year | Revenue | Net Income | YoY Change |
|---|---|---|---|
| FY2025 | $21.3B | $1.1B | +4.8% |
| FY2024 | $20.3B | — | +3.2% |
| FY2023 | $19.7B | — | +3.1% |
| FY2022 | $19.1B | — | — |
Source: SEC EDGAR filings, annual earnings releases, and verified financial disclosures.
Click any row to see year details.
Tenet Healthcare reported about $21.3B in FY2025 revenue.
Profitability depends on product mix, investment levels, pricing, and market conditions; the financials page adds year-by-year context.
Tenet Healthcare has about 109,000 employees.
The Tenet Healthcare financials page lists annual revenue history and context for growth, margins, and business mix.
Using these figures? Please credit CorpDigest with a link.
CorpDigest. "Tenet Healthcare Corporation Revenue & Financials." CorpDigest, https://corpdigest.com/company/tenet-healthcare/financials.<div style="font-family:system-ui,sans-serif;font-size:14px;line-height:1.5;border:1px solid #e2e8f0;border-radius:8px;padding:12px 16px;max-width:520px"><strong>Tenet Healthcare Corporation reported $21B in revenue (FY2025).</strong><br>Source: <a href="https://corpdigest.com/company/tenet-healthcare/financials" target="_blank" rel="noopener">CorpDigest — Tenet Healthcare Corporation financials</a></div>