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Tenet Healthcare THC Total — Net operating revenues

Other product segments

Managed care
$2.47B+1.9%
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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EHCManaged care — Net operating revenues
$167.7M+15.1%

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
Managed care2,4702,4234,8644,823
Uninsured——935
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
Net operating revenues$5,628$5,271$10,996$10,494

Item 1. Financial Statements (Unaudited)

FAQ

What is Tenet Healthcare's total — net operating revenues?
Tenet Healthcare (THC) reported total — net operating revenues of $3.67B in Q2 2026.
How has Tenet Healthcare's total — net operating revenues changed year-over-year?
Tenet Healthcare's total — net operating revenues increased by 6.2% year-over-year, from $3.45B to $3.67B.
What is the long-term trend for Tenet Healthcare's total — net operating revenues?
Over 4 years (2021 to 2025), Tenet Healthcare's total — net operating revenues has grown at a -1.4% compound annual growth rate (CAGR), from $14.76B to $13.94B.
What does total — net operating revenues mean?
This metric represents the total gross revenue generated from patient care services and related healthcare operations after accounting for contractual allowances, discounts, and charity care. It serves as the primary indicator of the organization's scale and market reach within its hospital and outpatient facility network. By excluding non-core activities, it provides a focused view of the top-line performance of the company's core clinical service delivery.

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