Tenet Healthcare Corp income statement
In fiscal 2025, Tenet Healthcare Corp reported revenue of $21.31bn, up 3.1% on the year before, operating income of $3.51bn (a 16.5% margin) and net income of $1.41bn, or $15.49 per diluted share. Every line below comes from the company's 10-K and 10-Q filings; column headings link to the filing.
Income statement
| Fiscal year | 2016Dec 2016 | 2017Dec 2017 | 2018Dec 2018 | 2019Dec 2019 | 2020Dec 2020 | 2021Dec 2021 | 2022Dec 2022 | 2023Dec 2023 | 2024Dec 2024 | 2025Dec 2025 | LTMSept 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 19.6 | 19.2 | 18.3 | 18.5 | 17.6 | 19.5 | 19.2 | 20.6 | 20.7 | 21.3 | 22.2 |
| Operating income | 1.2 | 1.1 | 1.6 | 1.5 | 2.0 | 2.9 | 2.3 | 2.5 | 6.0 | 3.5 | 5.4 |
| Interest expense | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 0.9 | 0.9 | 0.9 | 0.8 | 0.8 | 0.8 |
| Income before tax | 0.2 | −0.1 | 0.6 | 0.3 | 0.7 | 1.9 | 1.3 | 1.6 | 5.2 | 2.8 | — |
| Income tax | 0.1 | 0.2 | 0.2 | 0.2 | −0.1 | 0.4 | 0.3 | 0.3 | 1.2 | 0.4 | 0.9 |
| Net income | −0.2 | −0.7 | 0.1 | −0.2 | 0.4 | 0.9 | 0.4 | 0.6 | 3.2 | 1.4 | 2.9 |
| Diluted EPS | −$1.93 | −$7.00 | $1.00 | −$2.08 | $3.75 | $8.42 | $3.79 | $5.71 | $32.70 | $15.49 | $34.10 |
| Diluted shares (average) | 99m | 101m | 104m | 103m | 106m | 109m | 111m | 105m | 98m | 91m | 85m |
| EBITDA | 2.1 | 2.0 | 2.4 | 2.4 | 2.8 | 3.7 | 3.2 | 3.4 | 6.8 | 4.4 | 6.3 |
| Quarter | 2024 Q4Dec 2024 | 2025 Q1Mar 2025 | 2025 Q2Jun 2025 | 2025 Q3Sept 2025 | 2025 Q4Dec 2025 | 2026 Q1Mar 2026 | 2026 Q2Jun 2026 | 2026 Q3Sept 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 5,073 | 5,223 | 5,271 | 5,289 | 5,527 | 5,368 | 5,628 | 5,631 |
| Operating income | 821 | 943 | 823 | 889 | 853 | 1,296 | 1,501 | 1,750 |
| Interest expense | 203 | 204 | 206 | 206 | 205 | 205 | 204 | 203 |
| Income before tax | 655 | 765 | 642 | 712 | 681 | 1,132 | 1,340 | — |
| Income tax | 83 | 143 | 120 | 133 | 37 | 226 | 295 | 360 |
| Net income | 318 | 406 | 288 | 342 | 371 | 702 | 826 | 1,000 |
| Diluted EPS | $3.43 | $4.27 | $3.14 | $3.86 | $4.21 | $8.01 | $9.84 | $12.41 |
| EBITDA | 1,014 | 1,149 | 1,031 | 1,107 | 1,084 | 1,525 | 1,716 | 1,967 |
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