Tenet Healthcare Corporation
Financial Performance
Tenet Healthcare Revenue & Financials
Revenue
$21.3B (FY2025)
Market Cap
$17.2B
Net Income
$2.4B
Employees
99,000
What is Tenet Healthcare's revenue?
Tenet Healthcare had $21.3B in revenue for fiscal year 2025, up 3.1% from 2024. Net income was $2.4B.
- Latest revenue
- $21.3B (FY2025)
- Year-over-year
- +3.1%
- Growth rate (CAGR)
- 0.9% over 9 years
- Peak revenue
- $21.3B (FY2025)
- Years of data
- 10
- Employees
- 99,000
- What is Tenet Healthcare's operating income?
- Tenet Healthcare reported operating income of $3.5B for fiscal year 2025. sec.gov
- How much profit does Tenet Healthcare make?
- Tenet Healthcare reported net income of $2.4B for fiscal year 2025. sec.gov
- How many employees does Tenet Healthcare have?
- Tenet Healthcare has about 99,000 employees.
Financial Analysis
Tenet Healthcare reported 2025 net operating revenues of $21.31 billion, up 3.1% from $20.675 billion in 2024, with consolidated adjusted EBITDA of $4.566 billion (21.4% margin). Net income available to common shareholders was $1.407 billion ($15.49 per diluted share), versus $3.2 billion in 2024, when results were inflated by gains on hospital divestitures. Momentum continued in 2026: second-quarter revenue rose 6.8% to $5.628 billion, adjusted EBITDA grew 16.3% to $1.304 billion (23.2% margin), and hospital-segment EBITDA margin improved to 18.0%. Management raised 2026 guidance to $21.9-$22.5 billion of revenue and $4.83-$5.03 billion of adjusted EBITDA, and the board added $2.0 billion to the share buyback authorization.
Revenue Trend Analysis
YoY Change
+3.1%
9-Year CAGR
+0.9%
Peak Year
2025
Trend
Mostly Growing
Tenet Healthcare Corporation has 10 full fiscal year figures on this page, compounding at +0.9% annually over 9 years. The most recent year saw a 3.1% increase versus the prior year. Annual revenue peaked in fiscal year 2025 at $21.3B. Of 9 comparable year-over-year steps, 5 showed growth and 4 showed a decline.
Annual revenue history
Click any row to see year details.
Tenet Healthcare Corporation balance sheet and cash flow
Balance-sheet figures are as of each fiscal year end; cash-flow figures cover the fiscal year. Taken from the company's annual report on Form 10-K, linked on each row. Free cash flow here is operating cash flow less capital expenditures, calculated by CorpDigest. In some years total assets exceed liabilities plus shareholders' equity because the company reported redeemable preferred stock or non-controlling interests outside both.
| Fiscal Year | Operating cash flow | Capital expenditures | Total assets | Total liabilities | Shareholders' equity | Free cash flow | Source |
|---|---|---|---|---|---|---|---|
| FY2025ended Dec 31, 2025 | $3.5B | $1B | $29.7B | $20.7B | $4.2B | $2.5B | Form 10-K |
| FY2024ended Dec 31, 2024 | $2B | $931M | $28.9B | $20.4B | $4.2B | $1.1B | Form 10-K |
| FY2023ended Dec 31, 2023 | $2.4B | $751M | $28.3B | $22.8B | $1.6B | $1.6B | Form 10-K |
| FY2022ended Dec 31, 2022 | $1.1B | $762M | $27.2B | $22.5B | $1.1B | $321M | Form 10-K |
| FY2021ended Dec 31, 2021 | $1.6B | $658M | $27.6B | $23.3B | $1B | $910M | Form 10-K |
| FY2020ended Dec 31, 2020 | $3.4B | $540M | $27.1B | $24.2B | $28M | $2.9B | Form 10-K |
| FY2019ended Dec 31, 2019 | $1.2B | $670M | $23.4B | $21.4B | -$417M | $563M | Form 10-K |
| FY2018ended Dec 31, 2018 | $1B | $617M | $22.4B | $20.3B | -$119M | $432M | Form 10-K |
| FY2017ended Dec 31, 2017 | $1.2B | $707M | $23.4B | $21B | -$147M | $493M | Form 10-K |
| FY2016ended Dec 31, 2016 | $558M | $875M | $24.7B | $21.2B | $417M | -$317M | Form 10-K |
Keep researching Tenet Healthcare
Tenet Healthcare Revenue and Financial FAQ
What were Tenet Healthcare's full-year 2025 financial results?
In fiscal 2025, Tenet reported net operating revenues of $21.31 billion, up 3.1% year-over-year from $20.68 billion in 2024, and consolidated adjusted EBITDA of $4.566 billion, achieving a strong 21.4% adjusted EBITDA margin.
What was Tenet's net income available to common shareholders in 2025?
Tenet recorded net income of $1.407 billion ($15.49 per diluted share) in 2025, compared to $3.2 billion in 2024 when results included large non-operating pre-tax gains from hospital divestitures.
What were Tenet Healthcare's financial results in Q2 2026?
In the second quarter of 2026, Tenet posted net revenue of $5.628 billion (up 6.8% year-over-year) and adjusted EBITDA of $1.304 billion (up 16.3%), expanding adjusted EBITDA margin to 23.2%.
What is Tenet's full-year 2026 financial guidance?
Following strong Q2 results, management raised FY2026 guidance to net operating revenues of $21.9 billion to $22.5 billion and consolidated adjusted EBITDA of $4.83 billion to $5.03 billion.
What is the margin profile of USPI compared to Hospital Operations?
USPI generates exceptional adjusted EBITDA margins exceeding 38%, while Hospital Operations delivers adjusted EBITDA margins around 16% to 18%, making outpatient surgical expansion the primary driver of corporate margin expansion.
How much debt has Tenet Healthcare retired in recent years?
Tenet has aggressively paid down over $4.5 billion in long-term debt since 2020 using proceeds from hospital divestitures and strong free cash flow, lowering its debt-to-adjusted EBITDA leverage ratio to approximately 2.3x.
What is Tenet Healthcare's share repurchase program?
In 2026, Tenet's board of directors authorized an additional $2.0 billion share repurchase authorization, bringing total buyback capacity to multiple billions to repurchase undervalued common stock.
What was the financial impact of the $2.4 billion South Carolina hospital sale to Novant Health?
In early 2024, Tenet completed the sale of three South Carolina hospitals to Novant Health for approximately $2.4 billion in cash, generating an after-tax gain of approximately $1.6 billion used entirely to redeem senior secured notes.
What are Tenet's annual capital expenditure (CapEx) commitments?
Tenet invests approximately $800 million to $950 million annually in CapEx, allocating funds toward robotic surgical suites, hospital facility renovations, and acquiring equity stakes in independent ambulatory surgery centers.
What was same-facility revenue growth across Tenet's hospital and ASC networks in 2025–2026?
Tenet experienced 5% to 7% same-facility revenue growth driven by high-acuity surgical admissions, favorable commercial payer rate renewals, and rising outpatient orthopedic surgical volumes.
How did Tenet reduce contract labor and travel nurse expense?
Tenet cut contract labor expenses by over 60% from their 2022 pandemic peak by expanding nursing school partnerships, improving retention bonuses, and recruiting full-time employed clinical staff.
What is Tenet Healthcare's operating cash flow generation?
Tenet generates robust operating cash flow exceeding $2.5 billion to $3.0 billion annually, providing substantial liquidity to self-fund ASC bolt-on acquisitions and return capital to shareholders.
Cite or embed this data
Using these figures? Please credit CorpDigest with a link.
CorpDigest. "Tenet Healthcare 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 reported $21.3B in revenue (FY2025).</strong><br>Source: <a href="https://corpdigest.com/company/tenet-healthcare/financials" target="_blank" rel="noopener">CorpDigest — Tenet Healthcare financials</a></div>Related Financial Audits
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