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Tenet Healthcare THC Medicare — Net operating revenues

Other product segments

Total
$3.67B+6.2%
Managed care
$2.47B+1.9%
Other revenues
$572M+4.4%
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/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
Hospital Operations:
Net patient service revenues from hospitals and related outpatient facilities:
Medicare$534$530$1,099$1,078
Medicaid505379861759
Managed care2,4702,4234,8644,823
Uninsured——935
Indemnity and other159121309238
Total3,6683,4537,1426,933

Item 1. Financial Statements (Unaudited)

FAQ

What is Tenet Healthcare's medicare — net operating revenues?
Tenet Healthcare (THC) reported medicare — net operating revenues of $534M in Q2 2026.
How has Tenet Healthcare's medicare — net operating revenues changed year-over-year?
Tenet Healthcare's medicare — net operating revenues increased by 0.8% year-over-year, from $530M to $534M.
What is the long-term trend for Tenet Healthcare's medicare — net operating revenues?
Over 4 years (2021 to 2025), Tenet Healthcare's medicare — net operating revenues has grown at a -5.1% compound annual growth rate (CAGR), from $2.62B to $2.12B.
What does medicare — net operating revenues mean?
This metric represents the total revenue generated from healthcare services provided to patients covered under the Medicare program. It reflects the financial contribution of government-sponsored insurance programs to the company's overall top-line performance within a specific business segment. Monitoring this figure helps assess the company's exposure to federal reimbursement rates and patient volume trends within the aging population demographic.

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