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Tenet Healthcare cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$1.1B in Q3 2026 · $3.3B over twelve months

Operating cash flow$1.3B
Capital spending−$198M
Free cash flow+$1.1B
Cash / net income1.1×

Analysis

In Q3 2026, Tenet Healthcare generated $1.3B of operating cash flow and spent $198M on capital projects, leaving free cash flow of $1.1B. That is $305M more than in Q3 2025 ($778M).

Over the twelve months to Sep 30, 2026, operating cash flow was $4.2B; the largest uses were buybacks ($1.8B), partners ($1.4B), capital spending ($910M); besides operations, cash came from other financing ($67.0M), asset & business sales ($31.0M); the cash balance fell by $301M.

Operating cash flow was $1.3B against net income of $1.2B — 1.1× profit, roughly in line with earnings. The largest differences: payables −$404M, deferred taxes +$227M, depreciation & amortization +$217M.

Free cash flow

Tenet Healthcare: free cash flow by quarterTenet Healthcare: free cash flow by quarter−$661MQ4 2024$642MQ1 2025$743MQ2 2025$778MQ3 2025$367MQ4 2025$1.5BQ1 2026$417MQ2 2026$1.1BQ3 2026
Operating cash flow less capital spending.
Tenet Healthcare: operating cash flow against capital spendingTenet Healthcare: operating cash flow against capital spendingOperating cash flowCapital spending−$331M$330MQ4 2024$815M$173MQ1 2025$936M$193MQ2 2025$1.1B$280MQ3 2025$731M$364MQ4 2025$1.6B$180MQ1 2026$585M$168MQ2 2026$1.3B$198MQ3 2026
Latest (Q3 2026): Operating cash flow $1.3B, Capital spending $198M.

Capital allocation, year by year

Tenet Healthcare: where the cash came from (up) and went (down), by fiscal yearTenet Healthcare: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingAsset salesCapital spendingAcquisitionsBuybacksFY2021: Operating cash flow $1.6BFY2021: Net borrowing −$140MFY2021: Asset sales $1.2BFY2021: Capital spending −$658MFY2021: Acquisitions −$1.2B$2.8BFY2021FY2022: Operating cash flow $1.1BFY2022: Net borrowing −$828MFY2022: Asset sales $210MFY2022: Capital spending −$762MFY2022: Acquisitions −$234MFY2022: Buybacks −$250M$1.3BFY2022FY2023: Operating cash flow $2.4BFY2023: Net borrowing −$279MFY2023: Asset sales $71.0MFY2023: Capital spending −$751MFY2023: Acquisitions −$224MFY2023: Buybacks −$200M$2.4BFY2023FY2024: Operating cash flow $2.0BFY2024: Net borrowing −$2.3BFY2024: Asset sales $5.0BFY2024: Capital spending −$931MFY2024: Acquisitions −$571MFY2024: Buybacks −$672M$7.0BFY2024FY2025: Operating cash flow $3.5BFY2025: Net borrowing −$158MFY2025: Asset sales $38.0MFY2025: Capital spending −$1.0BFY2025: Acquisitions −$308MFY2025: Buybacks −$1.4B$3.6BFY2025
Over these 5 years operating cash flow totalled $10.6B; the largest uses were capital spending ($4.1B) and net borrowing ($3.7B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$2.7B
Debt$13.3B
Net debt$10.6B
Due within a year$164M

Tenet Healthcare funds itself: free cash flow was $3.3B over the last twelve months, and $2.7B of cash and investments stands against $13.3B of debt ($164M due within a year, 16.3× covered by cash).

Where the cash came from and went

Tenet Healthcare: sources (+) and uses (−) of cash, Q3 2026Tenet Healthcare: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$1.3BCash drawn (+) / kept (−)−$504MBuybacks−$255MPartners−$241MCapital spending−$198MAcquisitions−$71.0MOther investing−$34.0MOther financing$33.0MNet borrowing (+) / repaid (−)−$15.0MAsset & business sales$5.0MTaxes on employees’ shares−$1.0M
Tenet Healthcare: sources (+) and uses (−) of cash, TTM to Q3 2026Tenet Healthcare: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$4.2BBuybacks−$1.8BPartners−$1.4BCapital spending−$910MCash drawn (+) / kept (−)$301MAcquisitions−$243MTaxes on employees’ shares−$88.0MOther investing−$85.0MNet borrowing (+) / repaid (−)−$73.0MOther financing$67.0MAsset & business sales$31.0M

From profit to cash

Tenet Healthcare: net income to operating cash flow, Q3 2026Tenet Healthcare: net income to operating cash flow, Q3 2026Net income$1.2BDepreciation & amortization$217MStock-based pay$35.0MDeferred taxes$227MImpairments$8.0MOther non-cash−$1.0MReceivables$22.0MPayables−$404MOther liabilities$10.0MOperating cash flow$1.3B
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$1.3B−$198M−$71.0M−$255M−$15.0M−$504M$1.1B
Q2 2026$585M−$168M−$9.0M−$1.0B—$797M$417M
Q1 2026$1.6B−$180M−$121M−$318M−$19.0M−$84.0M$1.5B
Q4 2025$731M−$364M−$42.0M−$198M−$27.0M$92.0M$367M
Q3 2025$1.1B−$280M−$119M−$93.0M−$22.0M−$350M$778M
Q2 2025$936M−$193M−$120M−$747M−$16.0M$374M$743M
Q1 2025$815M−$173M−$27.0M−$348M−$31.0M$20.0M$642M
Q4 2024−$331M−$330M−$47.0M—−$24.0M$1.1B−$661M

Tenet Healthcare: income statement and cash flow

Tenet Healthcare, Q3 2026: revenue $5.6B (+6% year over year), operating margin 31.1%. The chart follows the revenue to costs, profit and cash.

Tenet Healthcare: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.