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Tenet Healthcare THC Hospital Operations — Contract Assets

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GHC
GHCAdditional Contract Assets — Contract Asset, Current
$2.8M-9.7%

Other financials

Income statement

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Revenue$5.6B+6.8%
Operating income$1.5B+82.4%
Net income$1.0B+100%
EPS (diluted)$9.84+213%

Balance sheet

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Cash & equivalents$2.2B-17.3%
Total debt$13.4B+1.1%
Total equity$4.7B+24.2%
Total assets$30.7B+6.9%

Cash flow

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Operating cash flow$585.0M-37.5%
CapEx$168.0M-13.0%
Free cash flow$417.0M-43.9%

Valuation

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Market cap$21.08B+49.8%
Enterprise value$32.31B+30.8%
P/E6.6×+0.8×
P/S+0.3×

Profitability

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Operating margin20.8%+3.0pp
Net margin14.6%+3.0pp
FCF margin13.9%

Returns & leverage

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Return on equity75.5%+9.1pp
Debt / equity2.9×-0.7×
Current ratio1.4×-0.3×

Where this comes from

Reported directly by Tenet Healthcare in its filing.

Tagged under the XBRL concept us-gaap:ContractWithCustomerAssetNetCurrent.

The source filing: Tenet Healthcare’s 10-Q, filed July 29, 2026.

Filed
Jul 29, 2026, 4:27 PM EDT
Fiscal quarter
Q4 FY2026
Calendar quarter
Q4 2026
Accession
0000070318-26-000037
Line itemCurrent ReceivablesContract Assets – Unbilled RevenueLong-Term ReceivablesContract Liabilities –Current Deferred RevenueContract Liabilities –Long-Term Deferred Revenue
December 31, 2025$26$188$88$13
June 30, 20264901998289636
Increase (decrease)$464$11$828$875$(7)
December 31, 2024$28$190$80$13
June 30, 20253219111213
Increase$4$1$32

Item 1. Financial Statements (Unaudited)

FAQ

What is Tenet Healthcare's hospital operations — contract assets?
Tenet Healthcare (THC) reported hospital operations — contract assets of $199M in Q2 2026.
How has Tenet Healthcare's hospital operations — contract assets changed year-over-year?
Tenet Healthcare's hospital operations — contract assets increased by 4.2% year-over-year, from $191M to $199M.
What does hospital operations — contract assets mean?
Contract assets represent the segment's right to consideration in exchange for healthcare services that have been transferred to a customer but are not yet billed. This metric is critical for recognizing revenue in long-term or complex service arrangements where billing milestones are not yet met.

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