Revenue growth remains highly erratic, fluctuating between a 5.7% contraction in 2024Q4 and a 9.0% expansion in 2025Q4, while gross margins have swung wildly from 15.7% to 82.3% due to inconsistent cost classification.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | May'02 | May'00 | May'99 | May'98 | May'97 | May'96 | May'95 |
|---|
| Sales/Revenue | 21.45B | 21.31B | 20.66B | 20.55B | 19.17B | 19.48B | 17.64B | 18.48B | 18.31B | 19.18B | 19.62B | 18.63B | 16.6B | 11.09B | 9.12B | 8.65B | 8.27B | 9.01B | 8.59B | 8.08B | 8.45B | 8.33B | 8.77B | 10.05B | 13.91B | 12.05B | 11.41B | 10.88B | 9.89B | 8.69B | 7.71B |
| Revenue Growth % | 4.56% | 3.12% | 0.57% | 7.17% | -1.6% | 10.46% | -4.54% | 0.91% | -4.52% | -2.25% | 5.3% | 12.23% | 49.75% | 21.58% | 5.37% | 4.71% | -8.31% | 5% | 6.21% | -4.38% | 1.53% | -5.04% | -12.77% | -27.75% | 15.43% | 5.6% | 4.91% | 9.95% | 13.85% | 12.78% | 132.25% |
| Cost of Goods Sold | 12.28B | 3.78B | 12.46B | 12.74B | 12.13B | 12.22B | 11.41B | 11.77B | 11.65B | 12.38B | 12.48B | 11.95B | 10.65B | 7.16B | 5.81B | 1.55B | 1.54B | 5.43B | 5.29B | 5.02B | 5.31B | 5.32B | 5.34B | 0 | 0 | 4.28B | 4.12B | 3.87B | 3.45B | 7.83B | 6.35B |
| COGS % of Revenue | - | 17.74% | 60.28% | 62.02% | 63.24% | 62.7% | 64.68% | 63.67% | 63.63% | 64.58% | 63.61% | 64.15% | 64.16% | 64.53% | 63.7% | 17.89% | 18.66% | 60.2% | 61.62% | 62.08% | 62.78% | 63.93% | 60.96% | - | - | 35.51% | 36.1% | 35.54% | 34.83% | 90.14% | 82.39% |
| Gross Profit | 9.18B | 17.53B | 8.21B | 7.8B | 7.05B | 7.27B | 6.23B | 6.71B | 6.66B | 6.79B | 7.14B | 6.68B | 5.95B | 3.93B | 3.31B | 7.11B | 6.72B | 3.59B | 3.29B | 3.06B | 3.15B | 3B | 3.42B | 0 | 0 | 7.77B | 7.29B | 7.01B | 6.45B | 857M | 1.36B |
| Gross Margin % | 42.76% | 82.26% | 39.72% | 37.98% | 36.76% | 37.3% | 35.32% | 36.33% | 36.37% | 35.42% | 36.39% | 35.85% | 35.84% | 35.47% | 36.3% | 82.11% | 81.34% | 39.8% | 38.38% | 37.92% | 37.22% | 36.07% | 39.04% | - | - | 64.49% | 63.9% | 64.46% | 65.17% | 9.86% | 17.61% |
| Gross Profit Growth % | - | 113.55% | 5.18% | 10.74% | -3.03% | 16.64% | -7.19% | 0.81% | -1.97% | -4.86% | 6.89% | 12.29% | 51.32% | 18.79% | -53.42% | 5.7% | 87.37% | 8.89% | 7.5% | -2.57% | 4.76% | -12.27% | - | - | -100% | 6.57% | 4.01% | 8.75% | 652.51% | -36.85% | 117.82% |
| Operating Expenses | 5.71B | 14.09B | 2.25B | 5.29B | 4.71B | 4.4B | 4.24B | 5.18B | 5.02B | 5.68B | 5.89B | 5.6B | 5.03B | 3.27B | 2.56B | 6.45B | 6.09B | 3.59B | 3.29B | 3.06B | 3.15B | 3B | 3.42B | 10.05B | 13.91B | 7.77B | 7.29B | 7.01B | 6.45B | 857M | 1.36B |
| OpEx % of Revenue | - | 66.12% | 10.9% | 25.77% | 24.59% | 22.57% | 24.05% | 28.02% | 27.43% | 29.62% | 30.04% | 30.07% | 30.27% | 29.48% | 28.13% | 74.57% | 73.67% | 39.8% | 38.38% | 37.92% | 37.22% | 36.07% | 39.04% | 100% | 100% | 64.49% | 63.9% | 64.46% | 65.17% | 9.86% | 17.61% |
| Selling, General & Admin | 6.54B | 8.71B | 8.8B | 418M | 412M | 412M | 403M | 344M | 0 | 0 | 315M | 248M | 234M | 186M | 156M | 0 | 0 | 0 | 0 | 2.61B | 2.54B | 2.88B | 3.44B | 12.15B | 5.53B | 5.36B | 5.16B | 4.64B | 0 | 0 | 0 |
| SG&A % of Revenue | - | 40.85% | 42.59% | 2.03% | 2.15% | 2.11% | 2.28% | 1.86% | - | - | 1.61% | 1.33% | 1.41% | 1.68% | 1.71% | - | - | - | - | 32.34% | 30.1% | 34.6% | 39.19% | 120.88% | 39.74% | 44.46% | 45.16% | 42.65% | - | - | - |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | -1000K | 5.39B | -6.55B | 4.88B | 4.3B | 3.98B | 3.84B | 4.83B | 5.02B | 5.68B | 5.58B | 5.36B | 4.79B | 3.08B | 0 | 2.44B | 2.26B | 3.59B | 3.29B | 451M | 695M | 588M | 426M | 949M | 2.8B | 2.24B | 1.94B | 1.86B | 1.81B | 857M | 1.36B |
| Operating Income | 3.46B | 3.44B | 5.96B | 2.51B | 2.33B | 2.87B | 1.99B | 1.54B | 1.64B | 1.11B | 1.25B | 1.08B | 925M | 663M | 749M | 653M | 634M | 596M | 2.3B | 2.17B | -732M | -16M | -1.2B | -991M | 2.09B | 1.55B | 1.4B | 1.3B | 1.35B | 414M | 938M |
| Operating Margin % | 16.14% | 16.14% | 28.82% | 12.22% | 12.17% | 14.73% | 11.28% | 8.32% | 8.94% | 5.8% | 6.36% | 5.78% | 5.57% | 5.98% | 8.21% | 7.55% | 7.67% | 6.61% | 26.74% | 26.9% | -8.66% | -0.19% | -13.71% | -9.86% | 15.05% | 12.83% | 12.28% | 11.97% | 13.63% | 4.76% | 12.17% |
| Operating Income Growth % | - | -42.26% | 137.29% | 7.59% | -18.74% | 44.34% | 29.41% | -6.11% | 47.08% | -10.75% | 15.78% | 16.43% | 39.52% | -11.48% | 14.7% | 3% | 6.38% | -74.04% | 5.61% | 396.99% | -4475% | 98.67% | -21.29% | -147.33% | 35.36% | 10.34% | 7.68% | -3.48% | 225.85% | -55.86% | 119.16% |
| EBITDA | 4.35B | 4.3B | 6.77B | 3.38B | 3.17B | 3.73B | 2.85B | 2.39B | 2.44B | 1.98B | 2.1B | 1.87B | 1.77B | 1.21B | 1.18B | 1.07B | 1.06B | 982M | 2.67B | 2.54B | -390M | 366M | -814M | -520M | 2.65B | 2.08B | 1.96B | 1.76B | 1.79B | 735M | 1.13B |
| EBITDA Margin % | 20.27% | 20.19% | 32.78% | 16.45% | 16.55% | 19.12% | 16.13% | 12.92% | 13.32% | 10.34% | 10.69% | 10.06% | 10.68% | 10.9% | 12.93% | 12.32% | 12.81% | 10.89% | 31.09% | 31.37% | -4.61% | 4.4% | -9.28% | -5.17% | 19.03% | 17.26% | 17.15% | 16.19% | 18.11% | 8.46% | 14.7% |
| EBITDA Growth % | -0.89% | -36.49% | 100.41% | 6.49% | -14.81% | 30.92% | 19.23% | -2.13% | 23% | -5.44% | 11.9% | 5.64% | 46.85% | 2.46% | 10.6% | 0.66% | 7.84% | -63.21% | 5.24% | 750.26% | -206.56% | 144.96% | -56.54% | -119.64% | 27.31% | 6.23% | 11.12% | -1.67% | 143.81% | -35.13% | 80.99% |
| D&A (Non-Cash Add-back) | 886M | 863M | 818M | 870M | 841M | 855M | 857M | 850M | 802M | 870M | 850M | 797M | 849M | 545M | 430M | 413M | 425M | 386M | 373M | 362M | 342M | 382M | 388M | 471M | 554M | 533M | 556M | 460M | 443M | 321M | 195M |
| EBIT | 3.52B | 3.62B | 6.07B | 2.52B | 2.23B | 2.81B | 1.67B | 1.3B | 1.63B | 927M | 1.23B | 1.06B | 901M | 316M | 746M | 539M | 582M | 650M | 472M | 323M | -732M | -16M | -1.2B | -991M | 2.09B | 1.55B | 1.4B | 1.3B | 1.35B | 414M | 938M |
| Net Interest Income | -822M | -821M | -826M | -901M | -890M | -923M | -1B | -985M | -1B | -1.03B | -979M | -912M | -754M | -474M | -412M | -375M | -424M | -445M | -418M | -419M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 822M | 821M | 826M | 901M | 890M | 923M | 1B | 985M | 1B | 1.03B | 979M | 912M | 754M | 474M | 412M | 375M | 424M | 445M | 418M | 439M | 1.35B | 932M | 2.51B | 2.49B | 518M | 1.11B | 1.16B | 1.03B | 607M | 0 | 62M |
| Other Income/Expense | -296M | -639M | -708M | -893M | -988M | -983M | -1.32B | -1.22B | -1.01B | -1.21B | -999M | -933M | -778M | -821M | -415M | -489M | -476M | -391M | -2.24B | -2.27B | -345M | -344M | -357M | -403M | -333M | -405M | -784M | -828M | -702M | -435M | -57M |
| Pretax Income | 3.17B | 2.8B | 5.25B | 1.62B | 1.34B | 1.89B | 671M | 320M | 629M | -101M | 248M | 144M | 147M | -158M | 334M | 164M | 158M | 205M | 54M | -96M | -1.08B | -360M | -1.56B | -1.39B | 1.76B | 1.14B | 618M | 474M | 647M | -21M | 881M |
| Pretax Margin % | 14.76% | 13.14% | 25.4% | 7.87% | 7.01% | 9.69% | 3.8% | 1.73% | 3.43% | -0.53% | 1.26% | 0.77% | 0.89% | -1.43% | 3.66% | 1.9% | 1.91% | 2.27% | 0.63% | -1.19% | -12.74% | -4.32% | -17.78% | -13.87% | 12.66% | 9.47% | 5.41% | 4.36% | 6.54% | -0.24% | 11.43% |
| Income Tax | 516M | 433M | 1.18B | 306M | 344M | 411M | -97M | 160M | 173M | 219M | 67M | 68M | 49M | -65M | 125M | 61M | -977M | -23M | -25M | -61M | -262M | -88M | 295M | -274M | 736M | 464M | 278M | 225M | 269M | 52M | 383M |
| Effective Tax Rate % | 16.29% | 15.46% | 22.56% | 18.92% | 25.58% | 21.77% | -14.46% | 50% | 27.5% | -216.83% | 27.02% | 47.22% | 33.33% | 41.14% | 37.43% | 37.2% | -618.35% | -11.22% | -46.3% | 63.54% | 24.33% | 24.44% | -18.92% | 19.66% | 41.79% | 40.63% | 44.98% | 47.47% | 41.58% | -247.62% | 43.47% |
| Net Income | 1.7B | 1.41B | 3.2B | 611M | 411M | 914M | 399M | -215M | 104M | -704M | -192M | -140M | 12M | -134M | 152M | 82M | 1.14B | 187M | 25M | -89M | -803M | -724M | -2.81B | -1.56B | 785M | 643M | 302M | 249M | 261M | -254M | 450M |
| Net Margin % | 7.94% | 6.6% | 15.49% | 2.97% | 2.14% | 4.69% | 2.26% | -1.16% | 0.57% | -3.67% | -0.98% | -0.75% | 0.07% | -1.21% | 1.67% | 0.95% | 13.83% | 2.07% | 0.29% | -1.1% | -9.5% | -8.7% | -32% | -15.56% | 5.64% | 5.33% | 2.65% | 2.29% | 2.64% | -2.92% | 5.84% |
| Net Income Growth % | 17.04% | -56.03% | 423.73% | 48.66% | -55.03% | 129.07% | 285.58% | -306.73% | 114.77% | -266.67% | -37.14% | -1266.67% | 108.96% | -188.16% | 85.37% | -92.83% | 511.23% | 648% | 128.09% | 88.92% | -10.91% | 74.2% | -79.41% | -299.24% | 22.08% | 112.91% | 21.29% | -4.6% | 202.76% | -156.44% | 145.9% |
| Net Income (Continuing) | 2.65B | 2.37B | 4.06B | 1.31B | 1B | 1.48B | 768M | 160M | 456M | -320M | 181M | 76M | 98M | -93M | 0 | 103M | 1.14B | 228M | 79M | -35M | -815M | -272M | -1.85B | -1.12B | 1.02B | 678M | 340M | 249M | 378M | -73M | 498M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 1M | -1M | 0 | 11M | 3M | 0 | 0 | 2M | 0 | 0 | 0 | 0 | 17M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 4.04B | 4.75B | 4.38B | 3.9B | 3.47B | 3.23B | 2.86B | 2.36B | 2.23B | 2.55B | 3.06B | 2.53B | 535M | 370M | 91M | 85M | 53M | 51M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 19.44 | 15.49 | 32.70 | 5.71 | 3.79 | 8.42 | 3.75 | -2.24 | 1.07 | -7.00 | -1.93 | -1.41 | 0.12 | -1.32 | 1.30 | 0.48 | 8.16 | 1.48 | 0.20 | -0.76 | -6.84 | -6.16 | -24.08 | -9.60 | 6.24 | 5.25 | 2.56 | 2.11 | 3.24 | -2.24 | 4.08 |
| EPS Growth % | 27.18% | -52.63% | 472.68% | 50.66% | -54.99% | 124.53% | 267.41% | -309.35% | 115.29% | -262.69% | -36.88% | -1275% | 109.09% | -201.54% | 170.83% | -94.12% | 451.35% | 640% | 126.32% | 88.89% | -11.04% | 74.42% | -150.83% | -253.85% | 18.86% | 105.08% | 21.33% | -34.88% | 244.64% | -154.9% | 67.9% |
| EPS (Basic) | - | 15.61 | 33.02 | 6.01 | 3.84 | 8.55 | 3.80 | -2.24 | 1.09 | -7.00 | -1.93 | -1.41 | 0.12 | -1.32 | 1.35 | 0.49 | 9.24 | 1.52 | 0.20 | -0.76 | -6.84 | -6.16 | -24.08 | -9.60 | 6.40 | 5.36 | 2.59 | 2.13 | 3.28 | -2.24 | 4.16 |
| Diluted Shares Outstanding | 87.6M | 90.83M | 97.88M | 104.8M | 110.52M | 108.57M | 106.26M | 103.4M | 103.88M | 100.59M | 99.32M | 99.17M | 100.29M | 101.65M | 108.93M | 121.3M | 140.16M | 126.82M | 119.65M | 118.35M | 117.71M | 117.22M | 116.56M | 116.6M | 122.68M | 118.09M | 117.52M | 116.8M | 114.06M | 80.09M | 75.41M |
| Basic Shares Outstanding | 86.8M | 90.15M | 96.9M | 101.64M | 106.93M | 106.83M | 105.01M | 103.4M | 102.11M | 100.57M | 99.32M | 99.17M | 97.8M | 101.65M | 104.2M | 117.18M | 121.08M | 120.06M | 119.09M | 118.35M | 117.71M | 117.22M | 116.56M | 116.6M | 119.91M | 116.99M | 116.27M | 115.02M | 113.95M | 77.42M | 66.31M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 0.7% | 3.74% | - | - | - | - | - | - | - | - | - | - | - | - | - |
Labor cost inflation volatility
As reported in recent financial statements, Tenet Healthcare's top-line performance has exhibited significant volatility, with quarterly revenue growth fluctuating between a 5.7% contraction in 2024Q4 and a 9.0% expansion in 2025Q4, suggesting that organic volume trends remain sensitive to shifting service mix and divestiture activity.
The inconsistent revenue trajectory appears to reflect the company's ongoing portfolio optimization strategy, which prioritizes the high-margin ambulatory segment over traditional hospital operations. Investors should monitor whether the recent growth spikes are sustainable or merely artifacts of lumpy supplemental payment recognition and asset disposal timing.
Based on the provided income statement data, Tenet's gross margin has displayed extreme variance, swinging from a low of 15.7% in 2025Q4 to a high of 82.3% in 2025Q2, which indicates significant inconsistency in how the company classifies its core medical supply and labor-related costs.
This wide range of reported gross margins suggests that the underlying cost structure is either highly susceptible to accounting reclassifications or that the company is struggling to maintain consistent cost control across its diverse business segments. Such instability makes it difficult to assess the true pricing power of the USPI ambulatory platform relative to its hospital-based peers.
According to the quarterly income statement data, Tenet's operating income has shown erratic scaling, with operating margins reaching a peak of 61.2% in 2024Q1 before normalizing to 16.4% in 2026Q1, highlighting a lack of predictable efficiency in converting gross profit into core operating earnings.
The dramatic swings in operating margins suggest that SG&A expenses are not scaling linearly with revenue, potentially due to the integration costs of the USPI platform or lumpy administrative overhead. Analysts should investigate whether the recent stabilization in operating margins represents a permanent improvement in cost discipline or a temporary lull in corporate spending.
As indicated by the reported figures, Tenet's net income has experienced extreme fluctuations, including a massive EPS spike to 21.38 in 2024Q1, which suggests that non-operating items and one-time gains are significantly distorting the company's core profitability metrics for the average investor.
The wide variance in net margins, ranging from 4.5% to 40.1% over the last ten quarters, implies that bottom-line results are heavily influenced by factors outside of standard operational performance. Investors should exercise caution when relying on these EPS figures, as they likely do not reflect the underlying cash-generating capability of the business.
Quick answers to the most common questions about buying THC stock.
For fiscal year 2025, Tenet Healthcare Corporation (THC) reported total revenue of $21.31B. This represents a 176.5% increase compared to $7.71B in 1995.
Tenet Healthcare Corporation (THC) is profitable, generating $1.41B in net income for the fiscal year ending 2025 with a net profit margin of 6.6%.
Tenet Healthcare Corporation (THC) reported an operating income of $3.44B, resulting in an operating profit margin of 16.1%. This margin reflects the operational efficiency of the business before interest and taxes.
Tenet Healthcare Corporation (THC) generated $17.53B in gross profit for the year, representing a gross profit margin of 82.3%. This demonstrates the company's core pricing power and production efficiency.