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Tenet Healthcare THC Managed care — Net operating revenues

Other product segments

Total
$3.67B+6.2%
Other revenues
$572M+4.4%
Medicare
$534M+0.8%
Medicaid
$505M+33.2%
Indemnity and other
$159M+31.4%
Uninsured
$0

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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

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

Returns & leverage

See full
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
Net patient service revenues from hospitals and related outpatient facilities:
Medicare$534$530$1,099$1,078
Medicaid505379861759
Managed care2,4702,4234,8644,823
Uninsured935
Indemnity and other159121309238
Total3,6683,4537,1426,933
Other revenues(1)5725481,1461,097

Item 1. Financial Statements (Unaudited)

FAQ

What is Tenet Healthcare's managed care — net operating revenues?
Tenet Healthcare (THC) reported managed care — net operating revenues of $2.47B in Q2 2026.
How has Tenet Healthcare's managed care — net operating revenues changed year-over-year?
Tenet Healthcare's managed care — net operating revenues increased by 1.9% year-over-year, from $2.42B to $2.47B.
What is the long-term trend for Tenet Healthcare's managed care — net operating revenues?
Over 4 years (2021 to 2025), Tenet Healthcare's managed care — net operating revenues has grown at a -0.7% compound annual growth rate (CAGR), from $9.99B to $9.7B.
What does managed care — net operating revenues mean?
This metric represents the total revenue generated from healthcare services provided to patients covered under managed care arrangements, such as HMOs, PPOs, and other health insurance plans. It reflects the financial performance of the segment responsible for delivering patient care within contracted network structures. This figure is a primary indicator of the scale and market penetration of the organization's managed care service offerings.

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