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Tenet Healthcare THC Indemnity and other — Net operating revenues

Other product segments

Total
$3.67B+6.2%
Managed care
$2.47B+1.9%
Other revenues
$572M+4.4%
Medicare
$534M+0.8%
Medicaid
$505M+33.2%
Uninsured
$0

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EHCInpatient — Net operating revenues
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EHCMedicaid — Net operating revenues
$46.1M+9.8%
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EHCMedicare — Net operating revenues
$1.04B+6.5%

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: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
Medicaid505379861759
Managed care2,4702,4234,8644,823
Uninsured935
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

Item 1. Financial Statements (Unaudited)

FAQ

What is Tenet Healthcare's indemnity and other — net operating revenues?
Tenet Healthcare (THC) reported indemnity and other — net operating revenues of $159M in Q2 2026.
How has Tenet Healthcare's indemnity and other — net operating revenues changed year-over-year?
Tenet Healthcare's indemnity and other — net operating revenues increased by 31.4% year-over-year, from $121M to $159M.
What is the long-term trend for Tenet Healthcare's indemnity and other — net operating revenues?
Over 4 years (2021 to 2025), Tenet Healthcare's indemnity and other — net operating revenues has grown at a -6.0% compound annual growth rate (CAGR), from $706M to $551M.
What does indemnity and other — net operating revenues mean?
This metric represents the total revenue generated by the company's indemnity insurance and miscellaneous healthcare service operations after accounting for contractual allowances and discounts. It captures the financial performance of non-core or legacy insurance-related business lines that operate outside of the primary hospital and ambulatory surgery center segments. Monitoring this revenue stream helps investors assess the contribution of secondary business units to the overall top-line performance.

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