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Tenet Healthcare THC Net patient service revenues — Net operating revenues

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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

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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
Net patient service revenues$1,318$1,214$2,584$2,357
Revenue from other sources7056124107
Net operating revenues$1,388$1,270$2,708$2,464

Item 1. Financial Statements (Unaudited)

FAQ

What is Tenet Healthcare's net patient service revenues — net operating revenues?
Tenet Healthcare (THC) reported net patient service revenues — net operating revenues of $1.32B in Q2 2026.
How has Tenet Healthcare's net patient service revenues — net operating revenues changed year-over-year?
Tenet Healthcare's net patient service revenues — net operating revenues increased by 8.6% year-over-year, from $1.21B to $1.32B.
What is the long-term trend for Tenet Healthcare's net patient service revenues — net operating revenues?
Over 4 years (2021 to 2025), Tenet Healthcare's net patient service revenues — net operating revenues has grown at a 17.5% compound annual growth rate (CAGR), from $2.6B to $4.96B.
What does net patient service revenues — net operating revenues mean?
This metric represents the total revenue generated from core healthcare services provided to patients after accounting for contractual allowances, discounts, and provisions for bad debt. It reflects the primary income stream from hospital and outpatient facility operations, excluding ancillary services or revenue cycle management fees. This figure serves as a key indicator of the scale and utilization of the company's clinical service delivery network.

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