# Tenet Healthcare Corp: overview

THC · NYSE · CIK 70318 · [Healthcare](/sectors/healthcare.md) · fiscal year ends Dec 31

Pages: [Overview](/companies/thc.md) · [Financials](/companies/thc/financials.md) · [Filings](/companies/thc/filings.md) · [Insiders](/companies/thc/insiders.md)

Latest reported revenue: [$5.63bn](/filings/0000070318-26-000050.md) for Q3 FY2026, three months to 2026-09-30, from the 10-Q filed Oct 29, 2026 (XBRL us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax, accession 0000070318-26-000050).

## Last eight quarters

| Line item | Unit | Q4 FY2024 (2024-12-31) | Q1 FY2025 (2025-03-31) | Q2 FY2025 (2025-06-30) | Q3 FY2025 (2025-09-30) | Q4 FY2025 (2025-12-31) | Q1 FY2026 (2026-03-31) | Q2 FY2026 (2026-06-30) | Q3 FY2026 (2026-09-30) |
| --- | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue | $m | [5,073 d](/filings/0000070318-26-000012.md) | [5,223](/filings/0000070318-26-000026.md) | [5,271](/filings/0000070318-26-000037.md) | [5,289](/filings/0000070318-26-000050.md) | [5,527 d](/filings/0000070318-26-000012.md) | [5,368](/filings/0000070318-26-000026.md) | [5,628](/filings/0000070318-26-000037.md) | [5,631](/filings/0000070318-26-000050.md) |
| Gross margin | % | not reported | not reported | not reported | not reported | not reported | not reported | not reported | not reported |
| Operating margin | % | [16.2% d](/filings/0000070318-26-000012.md) | [18.1%](/filings/0000070318-26-000026.md) | [15.6%](/filings/0000070318-26-000037.md) | [16.8%](/filings/0000070318-26-000050.md) | [15.4% d](/filings/0000070318-26-000012.md) | [24.1%](/filings/0000070318-26-000026.md) | [26.7%](/filings/0000070318-26-000037.md) | [31.1%](/filings/0000070318-26-000050.md) |
| Net margin | % | [11.3% d](/filings/0000070318-26-000012.md) | [11.9%](/filings/0000070318-26-000026.md) | [9.9%](/filings/0000070318-26-000037.md) | [10.9%](/filings/0000070318-26-000050.md) | [11.7% d](/filings/0000070318-26-000012.md) | [16.9%](/filings/0000070318-26-000026.md) | [18.6%](/filings/0000070318-26-000037.md) | [21.6%](/filings/0000070318-26-000050.md) |
| Diluted EPS | $ per share | not reported | [4.27](/filings/0000070318-26-000026.md) | [3.14](/filings/0000070318-26-000037.md) | [3.86](/filings/0000070318-26-000050.md) | not reported | [8.01](/filings/0000070318-26-000026.md) | [9.84](/filings/0000070318-26-000037.md) | [12.41](/filings/0000070318-26-000050.md) |
| Free cash flow | $m | [(661) d](/filings/0000070318-26-000012.md) | [642](/filings/0000070318-26-000026.md) | [743 d](/filings/0000070318-26-000037.md) | [778 d](/filings/0000070318-26-000050.md) | [367 d](/filings/0000070318-26-000012.md) | [1,461](/filings/0000070318-26-000026.md) | [417 d](/filings/0000070318-26-000037.md) | [1,083 d](/filings/0000070318-26-000050.md) |

- Revenue. XBRL Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax. Derived values: 12-month figure less the 9-month figure.
- Gross margin (gross profit / revenue). XBRL Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax. Derived values: 12-month figure less the 9-month figure.
- Operating margin (operating income / revenue). XBRL Operating income: us-gaap:OperatingIncomeLoss; Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax. Derived values: 12-month figure less the 9-month figure.
- Net margin (net income / revenue). XBRL Net income: us-gaap:ProfitLoss; Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax. Derived values: 12-month figure less the 9-month figure.
- Diluted EPS. XBRL Diluted EPS: us-gaap:EarningsPerShareDiluted.
- Free cash flow (operating cash flow − capital expenditure). XBRL Operating cash flow: us-gaap:NetCashProvidedByUsedInOperatingActivities; Capital expenditure: us-gaap:PaymentsToAcquirePropertyPlantAndEquipment. Derived values: 12-month figure less the 9-month figure; 6-month figure less the 3-month figure; 9-month figure less the 6-month figure.

## Last five fiscal years

| Line item | Unit | FY2021 (2021-12-31) | FY2022 (2022-12-31) | FY2023 (2023-12-31) | FY2024 (2024-12-31) | FY2025 (2025-12-31) |
| --- | --- | ---: | ---: | ---: | ---: | ---: |
| Revenue | $bn | [19.5](/filings/0000070318-24-000016.md) | [19.2](/filings/0000070318-25-000009.md) | [20.6](/filings/0000070318-26-000012.md) | [20.7](/filings/0000070318-26-000012.md) | [21.3](/filings/0000070318-26-000012.md) |
| Gross margin | % | not reported | not reported | not reported | not reported | not reported |
| Operating margin | % | [14.7%](/filings/0000070318-24-000016.md) | [12.2%](/filings/0000070318-25-000009.md) | [12.2%](/filings/0000070318-26-000012.md) | [28.8%](/filings/0000070318-26-000012.md) | [16.5%](/filings/0000070318-26-000012.md) |
| Net margin | % | [7.6%](/filings/0000070318-24-000016.md) | [5.2%](/filings/0000070318-25-000009.md) | [6.4%](/filings/0000070318-26-000012.md) | [19.7%](/filings/0000070318-26-000012.md) | [11.1%](/filings/0000070318-26-000012.md) |
| Diluted EPS | $ per share | [8.42](/filings/0000070318-24-000016.md) | [3.79](/filings/0000070318-25-000009.md) | [5.71](/filings/0000070318-26-000012.md) | [32.70](/filings/0000070318-26-000012.md) | [15.49](/filings/0000070318-26-000012.md) |
| Free cash flow | $bn | [0.9](/filings/0000070318-24-000016.md) | [0.3](/filings/0000070318-25-000009.md) | [1.6](/filings/0000070318-26-000012.md) | [1.1](/filings/0000070318-26-000012.md) | [2.5](/filings/0000070318-26-000012.md) |

- Revenue. XBRL Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax.
- Gross margin (gross profit / revenue). XBRL Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax.
- Operating margin (operating income / revenue). XBRL Operating income: us-gaap:OperatingIncomeLoss; Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax.
- Net margin (net income / revenue). XBRL Net income: us-gaap:ProfitLoss; Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax.
- Diluted EPS. XBRL Diluted EPS: us-gaap:EarningsPerShareDiluted.
- Free cash flow (operating cash flow − capital expenditure). XBRL Operating cash flow: us-gaap:NetCashProvidedByUsedInOperatingActivities; Capital expenditure: us-gaap:PaymentsToAcquirePropertyPlantAndEquipment.

Each value links to the filing it came from. d marks a derived value. A ratio is not reported when any input is missing.

## Insider purchases and sales

The last 20 open-market transactions on Form 4 (codes P and S). Reported price is as stated on the form, not a market price. [All insider transactions](/companies/thc/insiders.md)

None in coverage.

## Funds that report holding it

From each manager’s latest Form 13F, largest reported value first. Reported value is as filed: filing data, not a price. [All funds](/funds.md)

| Fund | Quarter ended | Reported value | Shares | Put or call | Change on the quarter before |
| --- | --- | ---: | ---: | --- | --- |
| [BlackRock, Inc.](/funds/2012383.md) | 2026-06-30 | $1.64bn | 8,743,005 |  | Added +38,361 |
| [Boston Partners](/funds/1386060.md) | 2026-06-30 | $829.1m | 4,433,360 |  | Added +598,399 |
| [VANGUARD PORTFOLIO MANAGEMENT LLC](/funds/2100121.md) | 2026-06-30 | $792.9m | 4,238,108 |  | Reduced −78,779 |
| [FMR LLC](/funds/315066.md) | 2026-06-30 | $747.3m | 3,994,545 |  | Reduced −3,782,034 |
| [VANGUARD CAPITAL MANAGEMENT LLC](/funds/2100119.md) | 2026-06-30 | $728.5m | 3,894,189 |  | Reduced −17,219 |
| [PeakShares LLC](/funds/2113507.md) | 2026-06-30 | $515.0m | 2,753 |  | Added +1,060 |
| [STATE STREET CORP](/funds/93751.md) | 2026-06-30 | $514.7m | 2,751,290 |  | Added +35,365 |
| [GLENVIEW CAPITAL MANAGEMENT, LLC](/funds/1138995.md) | 2026-06-30 | $418.2m | 2,235,666 |  | Added +710,812 |
| [GEODE CAPITAL MANAGEMENT, LLC](/funds/1214717.md) | 2026-06-30 | $352.7m | 1,884,982 |  | Reduced −45,465 |
| [CITADEL ADVISORS LLC](/funds/1423053.md) | 2026-06-30 | $330.3m | 1,765,596 |  | Added +1,346,800 |

## Recent filings

[All 1,616 filings](/companies/thc/filings.md)

| Filed | Accepted | Form | What it is | Accession |
| --- | --- | --- | --- | --- |
| 2026-10-29 | 16:06 ET | [10-Q](/filings/0000070318-26-000050.md) | Quarterly report, period 2026-09-30 | 0000070318-26-000050 |
| 2026-10-29 | 06:47 ET | [8-K](/filings/0000070318-26-000045.md) | 2.02 Results of operations; 9.01 Financial statements and exhibits | 0000070318-26-000045 |
| 2026-09-22 | 16:06 ET | [8-K](/filings/0001193125-26-397901.md) | 1.01 Entry into a material agreement; 2.03 New direct financial obligation; 9.01 Financial statements and exhibits | 0001193125-26-397901 |
| 2026-09-08 | 17:01 ET | [8-K](/filings/0000070318-26-000040.md) | 7.01 Regulation FD disclosure; 8.01 Other events; 9.01 Financial statements and exhibits | 0000070318-26-000040 |
| 2026-07-29 | 16:27 ET | [10-Q](/filings/0000070318-26-000037.md) | Quarterly report, period 2026-06-30 | 0000070318-26-000037 |
| 2026-07-23 | 16:07 ET | [8-K](/filings/0000070318-26-000032.md) | 2.02 Results of operations; 9.01 Financial statements and exhibits | 0000070318-26-000032 |
| 2026-05-29 | 16:05 ET | [8-K](/filings/0000070318-26-000028.md) | 5.07 Shareholder vote results | 0000070318-26-000028 |
| 2026-04-30 | 16:02 ET | [10-Q](/filings/0000070318-26-000026.md) | Quarterly report, period 2026-03-31 | 0000070318-26-000026 |
| 2026-04-30 | 06:47 ET | [8-K](/filings/0000070318-26-000023.md) | 2.02 Results of operations; 9.01 Financial statements and exhibits | 0000070318-26-000023 |
| 2026-04-16 | 16:30 ET | [DEF 14A](/filings/0001193125-26-159118.md) | Proxy statement, period 2026-05-27 | 0001193125-26-159118 |

## Latest annual report

[Form 10-K for the fiscal year ended Dec 31, 2025](/filings/0000070318-26-000012.md), filed Feb 17, 2026.

## Forecast league

Q3 FY2026, the quarter ended 2026-09-30, has been scored from the reported figures. [See the target](/leagues/2026q3/targets/fd2f08f8-9ffc-4aea-b192-fa4a2b960580)

## About the filer

- CIK: 70318
- Tickers: THC
- Exchange: NYSE
- SIC code: 8062 Services-General Medical & Surgical Hospitals, NEC
- State of incorporation: NV
- Filer category: Large accelerated filer

Source: SEC EDGAR, XBRL company facts, the filing index and Forms 4. Last ingested by Listed: Oct 29, 2026, 17:13 ET. No prices; not investment advice.