NYSE: THC
TENET HEALTHCARE CORPCIK 0000070318 · SIC 8062 · General Medical & Surgical Hospitals
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Tenet Healthcare reports Q2 net income of $826M, raises FY guidance, authorizes $2B buyback
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Tenet Healthcare shareholders approve all proposals at 2026 Annual Meeting
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Tenet Healthcare reports Q1 2026 earnings in April 30 press release
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revenue $5.37B, net income $906.0M. Tenet Q1 boosted by contract exit; subsidy loss, Medicaid caps cloud 2027 outlook
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Tenet Healthcare CIO Paola Arbour to retire Dec 2026, transition through April 2028
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Tenet Healthcare names J. Michael Grooms as Principal Accounting Officer
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Latest financial statements
From 10-Q filed Jul 29, 2026 (period ending Jun 30, 2026). As printed on the EDGAR/iXBRL face — not generated by the model.
Condensed Consolidated Statements of Operations (Unaudited)
Dollars in Millions
| Description | Three months ended June 30, 2026 | Three months ended June 30, 2025 | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
|---|---|---|---|---|
| Net operating revenues | 5,628 | 5,271 | 10,996 | 10,494 |
| Revenue from contract termination | 413 | — | 826 | — |
| 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 | 9.89 | 3.16 | 17.94 | 7.49 |
| Diluted earnings per share | 9.84 | 3.14 | 17.81 | 7.43 |
| Weighted average shares and dilutive securities outstanding (in thousands): | ||||
| Basic | 83,524 | 91,135 | 85,162 | 92,688 |
| Diluted | 83,964 | 91,791 | 85,780 | 93,408 |
Condensed Consolidated Balance Sheets (Unaudited)
Dollars in Millions
| Description | June 30, 2026 | December 31, 2025 |
|---|---|---|
| ASSETS | ||
| 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 |
| LIABILITIES AND EQUITY | ||
| 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 | — |
| 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 |
| Equity: | ||
| 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 |
Condensed Consolidated Statements of Cash Flows (Unaudited)
Dollars in Millions
| Description | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
|---|---|---|
| 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 | — | (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) |
Amounts as printed on the EDGAR/iXBRL face — Dollars in Millions. Labels, columns, and figures are the filing face, not a GAAP stencil. Interactive statements & notes on EDGAR ↗