Filing Flows › Tenet Healthcare (THC) › Q4 2025
Tenet Healthcare (THC) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 17, 2026
Tenet Healthcare (THC) reported revenue of $5.5B for the fourth quarter 2025 (Q4 2025), +9% from a year earlier and +4% from the quarter before. Operating margin was 15.4%, net earnings $371M (6.7% of revenue).
Tenet Healthcare, Q4 2025: revenue $5.5B (+9% year over year), operating margin 15.4%, net earnings $371M, operating cash flow $731M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $5.5B | +4% | +9% |
| Operating profit | $853M | -4% | +4% |
| Net earnings | $371M | +8% | +17% |
| Operating cash flow | $731M | -31% | — |
| Free cash flow | $367M | — | — |
What changed
Revenue was $5.5B in Q4 2025, up 9% year over year and up 4% from the previous quarter.
Operating profit was $0.85B, a 15.4% margin (down 0.8 points year over year). Of the extra revenue versus a year earlier, 7% reached operating profit, below the 16% margin then. Total costs grew 10% against revenue growth of 9%. Net earnings were $0.37B, up 17% year over year. The effective tax rate was 5.4%.
Operating cash flow was $0.73B, 114% of net income including minority interests. Non-cash charges added back $0.23B of depreciation and amortization and $0.03B of share-based compensation. Working capital and other items used $0.17B. After purchases of property and equipment ($0.36B), free cash flow as the company reports it was $0.37B.
Questions
What was Tenet Healthcare's revenue in the fourth quarter 2025?
Tenet Healthcare (THC) reported revenue of $5.5B for the fourth quarter 2025 (Q4 2025), +9% from a year earlier and +4% from the quarter before.
Was Tenet Healthcare profitable in the fourth quarter 2025?
Operating profit was $853M (15.4% of revenue) and net earnings $371M.
Source: Tenet Healthcare 10-K on SEC EDGAR.