$THC

TENET HEALTHCARE CORP

CIK:0000070318|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Net operating revenues	$ 5,628	$ 5,271	$ 10,996	$ 10,494
Revenue from contract termination	413	0	826	0
Equity in earnings of unconsolidated affiliates	65	61	116	117
Operating expenses:
Salaries, wages and benefits	2,231	2,160	4,405	4,279
Supplies	984	932	1,945	1,839
Other operating expenses, net	1,174	1,119	2,296	2,209
Depreciation and amortization	215	208	444	414
Impairment and restructuring charges, and acquisition-related costs	31	24	55	43
Litigation and investigation costs	3	28	30	45
Net losses (gains) on sales, consolidation and deconsolidation of facilities	(33)	38	(34)	16
Operating income	1,501	823	2,797	1,766
Interest expense	(204)	(206)	(409)	(410)
Other non-operating income, net	43	25	84	51
Income before income taxes	1,340	642	2,472	1,407
Income tax expense	(295)	(120)	(521)	(263)
Net income	1,045	522	1,951	1,144
Less: Net income available to noncontrolling interests	219	234	423	450
Net income available to Tenet Healthcare Corporation common shareholders	$ 826	$ 288	$ 1,528	$ 694
Earnings available to Tenet Healthcare Corporation common shareholders:
Basic earnings per share ((in dollars per share)	$ 9.89	$ 3.16	$ 17.94	$ 7.49
Diluted earnings per share (in dollars per share)	$ 9.84	$ 3.14	$ 17.81	$ 7.43
Weighted average shares and dilutive securities outstanding (in thousands):
Basic (in shares)	83,524	91,135	85,162	92,688
Diluted (in shares)	83,964	91,791	85,780	93,408

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Statement of Cash Flows [Abstract]
Net income	$ 1,951	$ 1,144
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	444	414
Deferred income tax expense	97	11
Stock-based compensation expense	69	41
Impairment and restructuring charges, and acquisition-related costs	55	43
Litigation and investigation costs	30	45
Net losses (gains) on sales, consolidation and deconsolidation of facilities	(34)	16
Equity in earnings of unconsolidated affiliates, net of distributions received	(11)	(8)
Amortization of debt discount and debt issuance costs	11	12
Other items, net	(10)	(1)
Changes in cash from operating assets and liabilities:
Accounts receivable	(33)	40
Inventories and other current assets	249	9
Income taxes	94	10
Accounts payable, accrued expenses and other current liabilities	(638)	24
Other long-term liabilities	36	32
Payments for restructuring charges, acquisition-related costs, and litigation costs and settlements	(84)	(81)
Net cash provided by operating activities	2,226	1,751
Cash flows from investing activities:
Purchases of property and equipment	(348)	(366)
Purchases of businesses or joint venture interests, net of cash acquired	(130)	(147)
Proceeds from sales of facilities and other assets	6	14
Proceeds from sales of marketable securities and long-term investments	51	37
Purchases of marketable securities and long-term investments	(77)	(38)
Other items, net	(22)	(1)
Net cash used in investing activities	(520)	(501)
Cash flows from financing activities:
Repayments of borrowings	(59)	(62)
Proceeds from borrowings	28	15
Repurchases of common stock	(1,360)	(1,095)
Distributions paid to noncontrolling interests	(398)	(374)
Proceeds from the sale of noncontrolling interests	15	18
Purchases of noncontrolling interests	(558)	(79)
Repayments of advances from managed care payers	0	(12)
Taxes paid related to net share settlement, net of proceeds from shares issued under stock-based compensation plans	(83)	(33)
Other items, net	(4)	(22)
Net cash used in financing activities	(2,419)	(1,644)
Net decrease in cash and cash equivalents	(713)	(394)
Cash and cash equivalents at beginning of period	2,883	3,019
Cash and cash equivalents at end of period	2,170	2,625
Supplemental disclosures:
Interest paid, net of capitalized interest	(365)	(399)
Income tax payments, net	$ (330)	$ (242)

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 2,170	$ 2,883
Accounts receivable	2,608	2,565
Inventories of supplies, at cost	338	348
Assets held for sale	62	62
Other current assets	2,649	1,991
Total current assets	7,827	7,849
Investments and other assets	3,802	2,883
Deferred income taxes	71	84
Property and equipment, at cost, less accumulated depreciation and amortization ($6,924 at June 30, 2026 and $6,680 at December 31, 2025)	6,258	6,315
Goodwill	11,437	11,198
Other intangible assets, at cost, less accumulated amortization ($1,437 at June 30, 2026 and $1,328 at December 31, 2025)	1,281	1,348
Total assets	30,676	29,677
Current liabilities:
Current portion of long-term debt	160	79
Accounts payable	1,371	1,360
Accrued compensation and benefits	864	858
Professional and general liability reserves	292	276
Accrued interest payable	113	81
Income tax payable	69	0
Other current liabilities	2,698	1,809
Total current liabilities	5,567	4,463
Long-term debt, net of current portion	13,088	13,092
Professional and general liability reserves	978	951
Defined benefit plan obligations	241	245
Deferred income taxes	325	240
Other long-term liabilities	1,777	1,713
Total liabilities	21,976	20,704
Commitments and contingencies
Redeemable noncontrolling interests in equity of consolidated subsidiaries	2,143	2,956
Shareholders’ equity:
Common stock, $0.05 par value; authorized 262,500 shares; 159,187 shares issued at June 30, 2026 and 158,612 shares issued at December 31, 2025	8	8
Additional paid-in capital	5,192	4,914
Accumulated other comprehensive loss	(177)	(181)
Retained earnings	5,943	4,415
Common stock in treasury, at cost, 78,680 shares at June 30, 2026 and 71,660 shares at December 31, 2025	(6,308)	(4,936)
Total shareholders’ equity	4,658	4,220
Noncontrolling interests	1,899	1,797
Total equity	6,557	6,017
Total liabilities and equity	$ 30,676	$ 29,677