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Tenet Healthcare (THC) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Oct 29, 2026 · Tenet Healthcare (THC) Q3 2026 earnings results →
Q3 2026 Revenue up 6% year over year to $5.6B · 18¢ of every $1 of revenue kept as net profit · operating margin 31.1%
Tenet Healthcare made $5.6B in Q3 2026 (+6% Y/Y). Operating margin 31.1%, net earnings $1.0B. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Oct 29, 2026.
Drawing the Sankey…
Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
What changed this quarter
Revenue was $5.6B in Q3 2026, up 6% year over year and roughly flat from the previous quarter.
Operating profit was $1.8B, a 31.1% margin (up 14.3 points year over year). Of the extra revenue versus Q3 2025, 252% reached operating profit, above the 17% margin then. Total costs fell 12% while revenue rose 6%. Net earnings were $1.0B, up 192% year over year. The effective tax rate was 22.8%.
Operating cash flow was $1.3B (up 21% year over year), 105% of net income including minority interests. Non-cash charges added back $0.22B of depreciation and amortization and $0.04B of share-based compensation. Working capital and other items used $0.19B. After purchases of property and equipment ($0.20B), free cash flow as the company reports it was $1.1B.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Oct 29, 2026 | $5.6B | +6% | 31.1% | $1.0B | $1.3B |
| Q2 2026 | 10-Q | Jul 29, 2026 | $5.6B | +7% | 26.7% | $826M | $585M |
| Q1 2026 | 10-Q | Apr 30, 2026 | $5.4B | +3% | 24.1% | $702M | $1.6B |
| Q4 2025 | 10-K | Feb 17, 2026 | $5.5B | +9% | 15.4% | $371M | $731M |
| Q3 2025 | 10-Q | Oct 28, 2025 | $5.3B | +3% | 16.8% | $342M | $1.1B |
| Q2 2025 | 10-Q | Jul 30, 2025 | $5.3B | +3% | 15.6% | $288M | $936M |
| Q1 2025 | 10-Q | Apr 29, 2025 | $5.2B | -3% | 18.1% | $406M | $815M |
Charts
Interactive views
The same charts as the app — open one to draw it.
💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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🔍Earnings qualityinteractive
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⚖️Fair value by methodinteractive
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🔭Outlook & guidanceinteractive
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📈Investments: gains and what it boughtinteractive
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🏭Its industry’s money flow (input-output)interactive
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About Tenet Healthcare
Tenet Healthcare Corporation (“Tenet”) is a diversified healthcare services company with its headquarters in Dallas, Texas, and a Global Business Center (“GBC”) in the Philippines that supports various enterprise-wide administrative functions. We operate our expansive, nationwide care delivery network through direct and indirect subsidiaries, as well as downstream partnerships and joint ventures; the terms “we,” “our” and “us,” as used in this report and unless otherwise stated or indicated by the context, refer to Tenet and these entities. Our business is organized into two separate reporting segments – Hospital Operations and Services (“Hospital Operations”) and Ambulatory Care.
In its own words, from its 10-K, filed Feb 17, 2026.
Tenet Healthcare against its Services-General Medical & Surgical Hospitals, NEC peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +6% against the peers' median +4%. Operating margin: 31.1% against the peers' median 11.9%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| THC Tenet Healthcare | Q3 2026 | $5.6B | +6% | 31.1% |
| HCA HCA Healthcare | Q3 2026 | $19.8B | +4% | 11.9% |
| UHS Universal Health Services | Q3 2026 | $4.7B | +5% | 9.6% |
| CYH Community Health Systems | Q3 2026 | $2.8B | -11% | 5.3% |
| ARDT Ardent Health | Q3 2026 | $1.6B | +3% | 5.0% |
| SGRY Surgery Partners | Q2 2026 | $849M | +3% | 12.0% |
Source: Tenet Healthcare 10-Q on SEC EDGAR · CIK 70318 · Services-General Medical & Surgical Hospitals, NEC
Guidance and outlook
13F: who owns THC and who is buying
More on THC
- How Tenet Healthcare makes money: revenue by segment
- Tenet Healthcare next earnings date and what analysts expect
- Tenet Healthcare stock forecast, price target and fair value
- Who owns Tenet Healthcare stock: holders, funds and Congress trades
- Tenet Healthcare guidance and outlook
- Is Tenet Healthcare a takeover target? LBO and rumors
History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results