TENET HEALTHCARE CORPTHCEarnings & Financial Report
Tenet Healthcare Corporation is an American for-profit multinational healthcare services company based in Dallas. Through its brands, subsidiaries, joint ventures, and partnerships including United Surgical Partners International (USPI), the company operates 65 hospitals and over 450 healthcare facilities. Tenet also runs Conifer Health Solutions, which provides healthcare support services to health systems and other clients.
THC Q4 FY2025 Key Financial Metrics
Revenue
$5.5B
Gross Profit
N/A
Operating Profit
$853.0M
Net Profit
$644.0M
Gross Margin
N/A
Operating Margin
15.4%
Net Margin
11.7%
YoY Growth
9.0%
EPS
$4.22
TENET HEALTHCARE CORP Q4 FY2025 Financial Summary
TENET HEALTHCARE CORP reported revenue of $5.5B (up 9.0% YoY) for Q4 FY2025, with a net profit of $644.0M (up 12.6% YoY) (11.7% margin).
Key Financial Metrics
| Total Revenue | $5.5B |
|---|---|
| Net Profit | $644.0M |
| Gross Margin | N/A |
| Operating Margin | 15.4% |
| Report Period | Q4 FY2025 |
Revenue Breakdown
TENET HEALTHCARE CORP Q4 FY2025 revenue of $5.5B breaks down across 4 segments, led by Other at $2.9B (52.3% of total).
| Segment | Revenue | % of Total |
|---|---|---|
| Other | $2.9B | 52.3% |
| Health Care Patient Service | $1.4B | 24.9% |
| Equity Method Investment Nonconsolidated Investee Or Group Of Investees | $1.2B | 21.7% |
| Health Care Other Sources | $56.0M | 1.0% |
TENET HEALTHCARE CORP Revenue by Segment — Quarterly Trend
TENET HEALTHCARE CORP revenue by segment across the last 4 reported quarters, showing how each business line (such as Other and Health Care Patient Service) has evolved quarter over quarter.
| Segment | Q4 FY2025 | Q3 FY2025 | Q2 FY2025 | Q1 FY2025 |
|---|---|---|---|---|
| Other | $2.9B | — | — | — |
| Health Care Patient Service | $1.4B | $1.2B | $1.2B | $1.1B |
| Equity Method Investment Nonconsolidated Investee Or Group Of Investees | $1.2B | — | — | — |
| Health Care Other Sources | $56.0M | $53.0M | $56.0M | $51.0M |
TENET HEALTHCARE CORP Annual Revenue by Year
TENET HEALTHCARE CORP annual revenue history includes year-by-year totals (for example, 2025 revenue was $21.3B).
TENET HEALTHCARE CORP Quarterly Revenue & Net Profit History
TENET HEALTHCARE CORP results over the last 8 reported quarters, including revenue, net profit and year-over-year growth.
| Quarter | Revenue | Revenue YoY | Net Profit | Net Margin |
|---|---|---|---|---|
| Q4 FY2025 | $5.5B | +9.0% | $644.0M | 11.7% |
| Q3 FY2025 | $5.3B | +3.3% | $579.0M | 10.9% |
| Q2 FY2025 | $5.3B | +3.3% | $522.0M | 9.9% |
| Q1 FY2025 | $5.2B | -2.7% | $622.0M | 11.9% |
| Q4 FY2024 | $5.1B | -5.7% | $572.0M | 11.3% |
| Q3 FY2024 | $5.1B | +1.1% | $681.0M | 13.3% |
| Q2 FY2024 | $5.1B | +0.4% | $477.0M | 9.3% |
| Q1 FY2024 | $5.4B | +6.9% | $2.3B | 43.5% |
Income Statement
| Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $5.37B | $5.10B | $5.12B | $5.07B | $5.22B | $5.27B | $5.29B | $5.53B |
| YoY Growth | 6.9% | 0.4% | 1.1% | -5.7% | -2.7% | 3.3% | 3.3% | 9.0% |
Balance Sheet
| Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | |
|---|---|---|---|---|---|---|---|---|
| Assets | $28.91B | $29.27B | $29.37B | $28.94B | $29.24B | $28.70B | $29.42B | $29.68B |
| Liabilities | $21.24B | $21.40B | $21.30B | $20.39B | $20.58B | $20.40B | $20.72B | $20.70B |
| Equity | $3.45B | $3.48B | $3.83B | $4.17B | $4.18B | $3.75B | $4.01B | $4.22B |
Cash Flow
| Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | |
|---|---|---|---|---|---|---|---|---|
| Operating CF | $586.0M | $747.0M | $1.04B | $-331.0M | $815.0M | $936.0M | $1.06B | $731.0M |