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Tenet Healthcare THC Hospital Operations — Net operating revenues

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Ambulatory Care
$1.39B+9.3%

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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/S1×+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:RevenueFromContractWithCustomerExcludingAssessedTax.

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, 2026Three Months Ended June 30, 2025Six Months Ended June 30, 2026Six Months Ended June 30, 2025
Managed care2,4702,4234,8644,823
Uninsured——935
Indemnity and other159121309238
Total3,6683,4537,1426,933
Other revenues(1)5725481,1461,097
Total Hospital Operations4,2404,0018,2888,030
Ambulatory Care1,3881,2702,7082,464
Net operating revenues$5,628$5,271$10,996$10,494

Item 1. Financial Statements (Unaudited)

FAQ

What is Tenet Healthcare's hospital operations — net operating revenues?
Tenet Healthcare (THC) reported hospital operations — net operating revenues of $4.24B in Q2 2026.
How has Tenet Healthcare's hospital operations — net operating revenues changed year-over-year?
Tenet Healthcare's hospital operations — net operating revenues increased by 6.0% year-over-year, from $4B to $4.24B.
What is the long-term trend for Tenet Healthcare's hospital operations — net operating revenues?
Over 4 years (2021 to 2025), Tenet Healthcare's hospital operations — net operating revenues has grown at a -1.0% compound annual growth rate (CAGR), from $16.77B to $16.14B.
What does hospital operations — net operating revenues mean?
The total revenue generated by the Hospital Operations segment from patient care services, net of contractual allowances, discounts, and provisions for bad debt. This represents the top-line performance of the core hospital and outpatient facility business.

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