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Tenet Healthcare THC Medicare — Net operating revenues

Other product segments

Total
$3.47B-0.2%
Managed care
$2.39B-0.3%
Other revenues
$574M+4.6%
Medicaid
$356M-6.3%
Indemnity and other
$150M+28.2%
Uninsured
$9M-74.3%

Similar metrics at other companies

HCA Healthcare logo
HCAMedicare — Revenues From Third Party Payers
$3.06B+5.6%
HCA Healthcare logo
HCAManaged Medicare — Revenues From Third Party Payers
$3.51B+6.3%
HCA Healthcare logo
HCAMedicaid — Revenues From Third Party Payers
$1.44B+21.3%
Centene logo
CNCMedicare — Total revenues
$10.33B+17.9%
Centene logo
CNCMedicare — Revenue from Contract with Customer, Including Assessed Tax
$10.33B+17.9%
HCA Healthcare logo
HCAManaged Medicaid — Revenues From Third Party Payers
$939M+6.8%

Other financials

Income statement

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Revenue$5.4B+2.8%
Operating income$1.3B+37.4%
Net income$906.0M+45.7%
EPS (diluted)$8.01+87.6%

Balance sheet

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Cash & equivalents$3.0B-1.1%
Total debt$13.3B+0.2%
Total equity$4.8B+15.1%
Total assets$31.2B+6.7%

Cash flow

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Operating cash flow$1.6B+101%
CapEx$180.0M+4.0%
Free cash flow$1.5B+128%

Valuation

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Market cap$14.86B
Enterprise value$25.19B
P/E5.6×
P/S0.7×

Profitability

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Operating margin18%+0.4pp
Net margin12.4%+0.9pp
FCF margin15.6%

Returns & leverage

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Return on equity58.9%-2.7pp
Debt / equity2.8×-0.4×
Current ratio1.4×-0.4×

Where this comes from

Reported directly by Tenet Healthcare in its filing.

Tagged under the XBRL concept us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax.

The official record: Tenet Healthcare’s 10-Q, filed April 30, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Tenet Healthcare's medicare — net operating revenues?
Tenet Healthcare (THC) reported medicare — net operating revenues of $565M in Q1 2026.
How has Tenet Healthcare's medicare — net operating revenues changed year-over-year?
Tenet Healthcare's medicare — net operating revenues increased by 3.1% year-over-year, from $548M to $565M.
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?
The total revenue earned from providing medical services to patients enrolled in the Medicare program.
How do you interpret medicare — net operating revenues?
An increase suggests higher patient volume or favorable changes in reimbursement rates, while a decrease may indicate reduced service utilization or shifts in government payment policies.
How does medicare — net operating revenues compare across companies?
Most large hospital systems report Medicare revenue as a primary component of net patient service revenue, allowing for benchmarking against peers based on payer mix and government reimbursement reliance.