Filing Flows › Tenet Healthcare (THC) › Q3 2025
Tenet Healthcare (THC) Q3 2025 earnings results (third quarter 2025)
10-Q filed Oct 28, 2025
Tenet Healthcare (THC) reported revenue of $5.3B for the third quarter 2025 (Q3 2025), +3% from a year earlier and +0.3% from the quarter before. Operating margin was 16.8%, net earnings $342M (6.5% of revenue).
Tenet Healthcare, Q3 2025: revenue $5.3B (+3% year over year), operating margin 16.8%, net earnings $342M, operating cash flow $1.1B. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $5.3B | +0.3% | +3% |
| Operating profit | $889M | +8% | -18% |
| Net earnings | $342M | +19% | -28% |
| Operating cash flow | $1.1B | +13% | +1% |
| Free cash flow | $778M | — | — |
What changed
Revenue was $5.3B in Q3 2025, up 3% year over year and roughly flat from the previous quarter.
Operating profit was $0.89B, a 16.8% margin (down 4.4 points year over year). Operating profit fell $0.20B even though revenue rose $0.16B versus a year earlier, so costs grew faster than sales. Total costs grew 9% against revenue growth of 3%. Net earnings were $0.34B, down 28% year over year. The effective tax rate was 18.7%.
Operating cash flow was $1.1B (up 1% year over year), 183% 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 added $0.22B. After purchases of property and equipment ($0.28B), free cash flow as the company reports it was $0.78B.
Questions
What was Tenet Healthcare's revenue in the third quarter 2025?
Tenet Healthcare (THC) reported revenue of $5.3B for the third quarter 2025 (Q3 2025), +3% from a year earlier and +0.3% from the quarter before.
Was Tenet Healthcare profitable in the third quarter 2025?
Operating profit was $889M (16.8% of revenue) and net earnings $342M.
Source: Tenet Healthcare 10-Q on SEC EDGAR.