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Tenet Healthcare THC Hospital Operations — Equity in earnings of unconsolidated affiliates

Other segment segments

Ambulatory Care
$64M+8.5%

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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:IncomeLossFromEquityMethodInvestments.

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 itemThree Months Ended June 30, 2026 / Hospital OperationsThree Months Ended June 30, 2026 / Ambulatory CareThree Months Ended June 30, 2026 / TotalSix Months Ended June 30, 2026 / Hospital OperationsSix Months Ended June 30, 2026 / Ambulatory CareSix Months Ended June 30, 2026 / Total
Net operating revenues$4,240$1,388$5,628$8,288$2,708$10,996
Equity in earnings of unconsolidated affiliates164651115116
Less:
Salaries, wages and benefits1,8933382,2313,7376684,405
Supplies6153699841,2197261,945
Other operating expenses, net9712031,1741,8934032,296
Adjusted EBITDA$762$5421,304$1,440$1,0262,466
Reconciliation of Adjusted EBITDA:

Item 1. Financial Statements (Unaudited)

FAQ

What is Tenet Healthcare's hospital operations — equity in earnings of unconsolidated affiliates?
Tenet Healthcare (THC) reported hospital operations — equity in earnings of unconsolidated affiliates of $1M in Q2 2026.
How has Tenet Healthcare's hospital operations — equity in earnings of unconsolidated affiliates changed year-over-year?
Tenet Healthcare's hospital operations — equity in earnings of unconsolidated affiliates decreased by 50.0% year-over-year, from $2M to $1M.
What is the long-term trend for Tenet Healthcare's hospital operations — equity in earnings of unconsolidated affiliates?
Over 4 years (2021 to 2025), Tenet Healthcare's hospital operations — equity in earnings of unconsolidated affiliates has grown at a -30.0% compound annual growth rate (CAGR), from $25M to $6M.
What does hospital operations — equity in earnings of unconsolidated affiliates mean?
The segment's share of the net income or loss from investments in entities where the company does not have a controlling interest, such as joint ventures or partnerships. This represents income generated from collaborative healthcare arrangements.

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