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Tenet Healthcare THC Q4 2025 Annual earnings

Reported February 11, 2026 · Before market open

Revenue$5.5BBeat by $55.1MDiluted EPS$4.70Beat by $0.63
Revenue estimate$5.5B
EPS estimate$4.07

Next report

Jul 24, 2026 (In 2 weeks)
Revenue estimate$5.4B
EPS estimate$4.23

Financials

Q4 2025

Income statement

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Revenue$5.5B+8.9%
Operating income$853.0M+3.9%
Net income$644.0M+12.6%
EPS (diluted)$4.21+22.7%

Balance sheet

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Cash & equivalents$2.9B-4.5%
Total debt$15.0B+0.6%
Total equity$4.2B+1.2%
Total assets$29.7B+2.6%

Cash flow

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Operating cash flow$731.0M—
CapEx$364.0M+10.3%
Free cash flow$367.0M—

Valuation & ratios

Profitability

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Operating margin16.5%-12.3pp
Net margin11.1%-8.5pp
FCF margin11.9%—

Returns & leverage

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Return on equity56.4%-84.2pp
Debt / equity3.5×0.0×
Current ratio1.8×0.0×

Segments

By product

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Total$3.5B+8.5%
Managed care$2.5B+6.6%
Other revenues$547.0M+0.2%
Medicare$529.0M+5.8%
Medicaid$361.0M+14.2%

By segment

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Hospital Operations$4.1B—
Ambulatory Care$1.4B+13.8%

Versus estimates

Revenue

Q1 2026$5.4BMiss by $25.4M
Q4 2025$5.5BBeat by $55.1M
Q3 2025$5.3BBeat by $33.6MQ1 2025$5.2BBeat by $84.8MQ4 2024$5.1BMiss by $95.8MQ3 2024$5.1BBeat by $73.4M

Diluted EPS

Q1 2026$4.82Beat by $0.61
Q4 2025$4.70Beat by $0.63
Q3 2025$3.70Beat by $0.36Q1 2025$4.36Beat by $1.24Q4 2024$3.44Beat by $0.49Q3 2024$2.93Beat by $0.60

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Questions, answered.

When did Tenet Healthcare report Q4 2025 earnings?
Tenet Healthcare (THC) reported Q4 2025 earnings on February 11, 2026 before market open.
What were Tenet Healthcare's Q4 2025 revenue and EPS?
Tenet Healthcare reported revenue of $5.5B and diluted EPS of $4.70 for Q4 2025.
Did Tenet Healthcare beat estimates in Q4 2025?
Revenue beat the consensus estimate of $5.5B by $55.1M. EPS beat the consensus estimate of $4.07 by $0.63.
How did Tenet Healthcare's Q4 2025 results compare year-over-year?
Compared to the same quarter a year prior, revenue grew 9.0% from $5.1B a year earlier and diluted EPS grew 36.6% from $3.44.
Where can I find Tenet Healthcare's Q4 2025 SEC filings?
You can read the 8-K earnings release (0000070318-26-000007) and the 10-K periodic report (0000070318-26-000012) directly on SEC EDGAR. The filing index links above go to sec.gov.